This is the Haven Financial Group radio show. Each week we get together to talk about life, living and planning on living life after retirement. If you're looking for a clearer picture of your retirement plan, the team at Haven Financial Group is here to offer you clear financial guidance and help you realize that planning for retirement can be simple and easy. Have a question for the team connect
now at Havenfinancialgroup dot com. Or we have team members waiting to talk with you off the air at six one two four four one two four four one. Yes, we do just like you. We got folks standing by with a fresh pot of coffee waiting to answer your phone calls. So if you hear someone on the show today, the sparks interest or causes you get to have a question that you think Larry and his team at Haven Financial can answer. Well, they're the that's the number that you want to call. Six
one two four four one two four four one. Good morning, Good morning. I am Bill Seller along with your host Larry Kolvig, the founder and CEO of Haven Financial Group. How are you my friend? Doing well? Great to be with you, Bill. Always a pleasure, always a pleasure, And we've got a lot of stuff going on today that I just bumped the microphone. I don't know if you could hear that. See, I
haven't had enough coffee yet this morning. We gotta get going here. A lot of stuff to talk about as far as your world and your retirement and the things that affect the money that you work so hard to put away. Today we're going to ask a couple of questions like, could the value of your home be holding back your retirement? Interesting question. Also, I don't know if you saw, but the topic of social security hit the last Republican
debate. I'm going to hear a little bit about that. And the founder of Amazon made a move a lot of us can relate to. Also, there's a new list of the best places to retire in the US, and the top five are all in the same state. Can you guess which one? We'll tell you more about that coming up as well. But one thing Larry and I like to talk about on this show is food. We both enjoy a good meal, we do. We both enjoy suites, although I don't know if I would put good and on this topic, Larry, the
folks at Baskin Robbins have a new flavor of the month. For November, it is Turkey Day. Fixin's. Yeah, ice cream that's flavored like sweet potato and autumn spice, mixed with honey, corn bread pieces and swirls of ocean spray cranberry sauce. Yeah, I'm you go first, Bill. I think I'm out on this one. I'll be hot. And if you know me, or if you ever saw me, you'd realize I don't pass up
a whole lot of food. But yeah, that one just doesn't nothing in that right, No, No, that's not that's not on the hit list anytime soon. I can just put it that way, you know, and listen. I like cornbread, but in my ice cream, I don't know. I don't know if I could do that. Yeah with my chili, Yes, ice cream absolutely well. Speaking of stuff that's off the wall, I thought this is a little bit off the wall as well. A well known NFL lineman got very personal in a very public way about his money.
I don't know if you saw, I know you saw this article was Eric Armstead of the forty nine, and he shared his pace stub on social media. He also gave some advice on tax deductions, and like I said, you read the article Aarry, What do you think about his advice? Well, you know, I think it's good advice from a role model. To
some degree. He's a good football player, and you know, you read about athletes and the bad decisions that they make and how they you know, just waste all the dollars that they earn and they make a lot of money.
I think it's a good thing because you need to know where your dollars are going, and that's where he's showing his pace dubs and the breakdown of taxes, and you know, in an era of direct deposit and the electronic records, you know, it's it's really easy to let months pass without reviewing your pay dubs and where's the money going? Do I have enough withholdings? And you know people should monitor their withholdings, and you know, we're big
into tax planning. Every year people say, oh, every year I owe five thousand or six thousand. They're mad and well, have you changed the withholdings? Are you withholding enough? You know, it's a fine line because you know, some people want to withhold plenty so they get a big rebate. Others would argue that that's just giving a loan to the government. I agree. Second of all, others say I don't want to withhold, I'll just pay it. You know, come in tax time and you know,
for most we'd like to get as close to zero as possible. So make sure you're monitoring withholdings. Of course, you know, in the state of Minnesota, they don't withhold on Social Security the state taxes, so you mean me to upset that somewhere else. And you know, if you don't like the results of your tax return, then make adjustments and we help people with that every year. Lance our CPA does an amazing job. And the other thing I would say, and it came out from Eric Armstead's article, is
max out your four oh one K to save on taxes. You know, we're well into the fourth quarter now. If you can increase the amount to max out the four to one K, you're just going to save them and reduce your tax liability. And who wouldn't want to do that, of course, if your disposable income, if you have the ability to do it, And as I mentioned, fourth quarter, we don't want people to miss opportunities. You know, it's why every week I talk about forward thinking tax planning
leads to your tax preparation. And I think of John and Karen from Lakeville just this past week. We're talking about last year and they I go, did you convert irata wroth of about fifty thousand based upon your income last year? And they looked at each other, just like they have almost on a weekly basis, and they said no. Our tax preparer told us after the fact. And by that time it was too late. Folks, we only got three years before these tax laws sunset the beginning of twenty twenty six.
Don't miss out on opportunities just because you're not having a conversation and you don't have a relationship with your tax person or your CPA, and all you do is drop off, pickup. That is not enough tax planning for retirement for most people. Let me ask you, though it is as a tax preparer, they are they capable of giving that kind of advice? Is that part of their job? I don't know. You're right. Some tax preparers are just there to prepare taxes. And you know, I could attest to that.
We've had clients that have retired two weeks later, did it a crash course, and now they're preparing taxes and that's fine. They're just not going to do my taxes. But the reality is the collaboration of the coordination of your tax advice and tax person, with your investment person, with your estate planning people. There should be the coordination of all these retirement puzzle pieces, and so often they're not coordinated, and they're working against each other and we
miss opportunities. As I've said before, retirement is more than a forty five to a one hour meeting once or twice a year to talk about stocks, bonds, and mutual funds. It's part of it, but only one piece to the entire retirement puzzle. Wow. The other thing I thought was interesting about this this article with Eric Armstair was he actually showed his paste up. He had like like to year to date he'd made four million dollars, which is, you know, he's an NFL player, God bless him, go
get it. But he also lives in California, so the taxes were huge, too humongous, you know. But I thought that was rather brave to put that be cause I think they only get paid during the season, right, So I'm not exactly sure. Yes, I think you're right. Yeah, so they get paid for like eighteen weeks for the whole year, and you talk about having to manage your money. Of course, man, wow, and that's where a lot of them go wrong and you read about them
a few years later. So when it comes to retiring and downsizing, we asked the question at the top of the show, can your home's value be too high? Well, according to Barons, the answer could be yes, especially if you plan to sell by a smaller or less expensive home and end up with money in the bank. That just seems a lot more difficult now
than it used to be. Larry, what's going on? Well, these rising interest rates, you know, you know, home prices are generally considered a you know, a real big plus for homeowners, especially long term owners you know that are getting close to retirement that might be looking at downsizing or
one level living. But in addition to boosting home equity, you know, higher prices have made the next step that I just talked about much more expensive because that big house that they're trying to get out of to go to one of these smaller ones, those prices are very very expensive. The interest rates are high, and it's a big difference than it was what it was before. And of course where you live also matters because many states they're not as
pro tax, if you will, as other states. And you know, just the idea of the rising interest rates, the higher mortgage payments, not a lot of houses on the market to fit that. And you know, even the affluent retirees who can afford to pay all cash for their next home are getting frustrated because their money just does not go as far as it did. And you know, be careful with some of those home equity accounts because
a lot of those home equities have been interest rates have gone up. And just this last week I had somebody say, yeah, I've used my home equity line of credit, but it was really low and now it's seven eight nine percent, And I'm like, how many other people are in that same boat? So it's it's challenging. You know, the real estate is a cycle. Everything is a cycle, and this too will pass, but I
think it's going to take some time. Yeah, during the sales boom, what a couple of years ago, right when houses were flying off the shelf. Everybody was way over paying for houses, right, my wife and I
thought about downsizing, but we thought we saw the exact same thing. We were going to sell our home that you know, used to house six people, which so we got a fairly decent sized house, but then to downsize it was going to cost us almost what we paid to get into this house, right, you know, So it just didn't seem to make any sense because we were we weren't going to really save any money that way. And it's tough. So hopefully, hopefully things will will balance out here something to
get on there. And then you get property taxes another component of you know, of housing that you know, property taxes are through the roof, and you know, used to have a little bit more of a savings with the lower prices, but as prices have come up, property taxes have come up. And you know, I thought it was interesting I was reading that some uh, those that are positioned on the on the coasts are in a better
position than elsewhere. But who wants to live on some of those coasts, if you will, with the taxes that are through the roof the left coast anyway, the right coast maybe. Yeah, you're right though, it's tough everywhere and it's tough to think about downsizing, but you know, the one thing you do have to have is a plan, whether it's a plan to downsize a plan. No matter what it is, you've got to have that retirement plan in place. And that's what Larry and his team and Haven Financial
Group specialize in. So this is why it's important that you give them a call and set up your complimentary retirement readiness review. Sixty one two four four one two four four one is the number. Get in there, talk with Larry and his team and see what they can do for your retirement plan. Whether you know you already have one in place, get a second set of eyes on it and that never hurts, or if you're looking to get a
retirement plan together, that's another great reason to call. The first visit, the setup, the review, it's all complementary. Six one two four four one two four four one is the number to get in touch with the Haven Financial Group. We're gonna take a quick break. When we come back, we're gonna tell you one reason that Jeff Bayz is moving his family all the way across the country. Also bringing all your financial puzzle pieces together, and
Larry Ai is in the news again of course, yeah good stuff. Well we got that coming up next on the Haven Financial Group Radio show on Twin Cities News Talk eleven thirty and one oh three point five FM, Investing the state, planning taxes and more. Want your complimentary retirement readiness review? Call now at six one two four four one two four four one. That's six one two four four one two four four one, or connect with us at
Havenfinancialgroup dot com. This is the Haven Financial Group Radio Show. This is the Haven Financial Group Radio Show with Larry Colvig, founder and CEO of the Haven Financial Group. I am bill Seller, and just before the break we mentioned that AI back in the news again, and this time it kind of snuck up and got Julia Louis Dreyfuss. You know Elaine from Seinfeld. Well, she was recently honored at the Wall Street Journal's twenty twenty three Innovator Awards,
and for her speech she used Chad gpt what could go wrong? Right? Well, instead of Innovator of the Year, Chad Gpt had the actress accepting the Investor of the Year award from a Wall Street Journal. Oh man, I'm telling you this stuff seems nice and it seems friendly at the time, right, but you gotta be careful. She later joked that as an entertainment innovator. She was very busy innovating and not investing, so she wanted
to clear that up for everybody. But you know, oh, man, you know, I've got friends who are teachers in high schools, and kids are trying to use this stuff to write papers. Sure, and they're they're not They're just trusting it, right, and so a lot of the stuff is wrong in the paper. Or another friend of mine, the two kids actually turned in identical papers, two different chat GPTs wrote the exact same paper, so that you know they're going to try it. Where does it stop?
What does it end? Well, you know, think about it, man. I mean back in my day. You go back in my day when I rode to school on my big wheeled bicycle. You know what, we had cliff notes, right, that was kind of like getting around stuff. You didn't have to read the whole book. He just read the cliff notes. But that was cliff notes. Yeah, it was man. So Jeff Bezo, she might have heard of him, owns a little company called
Amazon. He's uprooting his family from Seattle and settling all the way across the country in Miami. And market watch. You know what a lot of folks are pulling out of Seattle. I've seen that big companies are shutting down their businesses are it's hard to be safe there right now, apparently if you watch some of this stuff on the news. But apparently market Watch says he's moving partly because he wants to be closer to his parents. So does that make
him part of the Sandwich generation A and B Do we believe that? Or do we believe because Florida doesn't have a state income tax? What do you think he's moving there for there? I think we have a combination of both, which one sounds better than the other. And you know, the Sandwich generation is real. You know the it's defined as twenty three percent of adults who have parents over sixty five and who have kids they're also supporting, and
you know that that can be very complicated. You're caring for older parents, which his parents are getting older and they run his big foundation, and then you're also supporting kids. So there's a lot of emotions that potentially you're going to be carrying. So I'd like to think it's for that, and I'm sure it is partially, But at the end of the day, you know, Bezos has a lot of money. Again, we come back to taxes. You know, how involved do you want, you know, the state
involved with your money. And you know the reality is there's some states if no, if low or no state income tax is important. Well, Washington and Florida are very appealing because there are two of nine states without their own income tax, and you know some states have higher estate tax. You know, Florida is very, very attractive and obviously there's many people moving there for these reasons. Is they don't have any capital gains tax on a certain amount
of money, where Washington has a seven percent capital gains tax. And when you're talking billions of dollars, not just millions with bezos, you're talking about a big, big number. So he's just you know, he's really staying ahead of the game in front of the potential Washington state wealth tax, which you're talking about, which is expansive. It's just another huge tax. So
you know, looking out for your best interests. You know, I think he's doing that, and it just sounds probably a lot better to say it's family oriented. But yeah, the almighty dollar comes into play absolutely. Yeah, you know, I was part of that Sandwich generation for a while. Right, my kids. At one point I gave all four of my kids one move back in free card. Oh and they all took advantage of it.
Now, they didn't get to stay long, but you know, times are a little tougher, and it was like, if you've got to come back, come back for a little bit, get yourself together, but then you must move on. And then my parents also lived with us for a
few years before they passed away. So yeah, I mean, I've I get the whole Sandwich generation thing, and it is it's the way people are having to live these days, and you've got to be ready for that, which is why having having a plan in place for your money for these kinds of things exactly is more of a reason to call the folks that have in financial group. Let me give you their number again. It is six one two four four one two four four one. That's how you get your complimentary
retirement readiness review set up. Just give them a call six one two four four one twenty four forty one. Tell them that you heard about it here on the show and you want to get in there and talk with Larry and his team so you can get your retirement set up and had that plan because a lot of peace of mind comes with that plan. We need is to retirement. It is billing on taxes. As we're talking about this, you know, we're here in Minnesota. You know, Minnesota is a heavily taxed
state. And uh, you know, I hear in my conversations almost weekly folks that are considering moving to a different state. I can think of a couple that he worked for alions and they built a house in South Dakota and Brandon, South Dakota last year. And another couple from originally from Lakeville that moved out through the Rapid City area because of the tax situation and the taxation
of Social Security. However, Minnesota did make a stride this year. Not everybody is going to get their Social Security tax depending upon your incomes that you in Minnesota, so there's a little progress there. But you know, these are the topics that we sit down with folks and weigh their options. Look at the options. You know, people take residency in Florida, and what I'll say to that is make sure you monitor it closely, because the state
of Minnesota is monitoring it closely and they want their tax revenue. So there's the right things to do. But talking through these things and getting familiar with the situation so you can make an educated decision in any of these areas. That's what's so important. Baby steps though here in Minnesota, baby steps. But but Lisa's a few steps, right. So you talk all the time about retirement puzzle pieces, the jigsaw that retirement is, right, I think
wells Fargo has been listening Mary, I think so too. You know, they talk about the fact that it's not unusual to have four oh one k's in different places, right, and they they refer to them as a pile of jigsaw puzzle pieces. I wonder who they've been listening to. You can't see the big picture because you've got so many out there. I mean, you run across this quite a bit, right. When folks come to talk to you, they either forget they had one, or they've got them in
nine different places and need help putting them together. How do you help folks with that kind of thing? Well, we actually see it more often than you think, and we look at it from the holistic approach, because you need to understand how your assets are allocated. Is it time to rebalance? Are you doing things consistent throughout your accounts based upon your situation. People should
know exactly what you own and if you have them spread out everywhere. And you know, it's kind of comical to some degree because you know, I don't understand, but we're all wired differently. And I think of you know, Ed and Maria from rose Mount, and he was an engineer, he still is an engineer. She's retired. She was a medical tech. And you know, a few years ago I started helping them consolidate and simplify. And twice now in the last two years, I've gotten a call from them
to go, Larry, we found some more money. I'm like, which rock did you go under this time? And twice they found and it's between the two old four one k's we call them orphan four one case, it was to the tune of about four hundred thousand dollars and I'm like, how do you not remember that you had an additional four hundred thousand of IRA four
or one K money out there? But again, we all have different interests, and you know, out of sight, out of mind, And I think of a lot of times, consultants it consultants, they contract And I just had Fred and Laura in last week and they had eight different orphan for one k's spread out everywhere. Wow, what did we do? And nobody was watching any of it. If you're not there anymore, it's you know,
nobody's paying attention. Oftentimes you don't know what you're paying. And consolidation, simplification, those are some keywords in terms that our clients really enjoy doing it the right way, you know, saving time, not getting all these statements in the mail, and you know, being able to manage your beneficiary designations. You know you have them all spread out out there, You're probably
not watching it paying attention. And if something happens and you don't have the right designations, money could probably go to somebody you don't want it to go. So these are the very real reasons why people should look at it in the big picture and they should work together. And if they're spread out everywhere, chances are they're going in different directions that you don't want them to go.
Yeah. I always love the story you tell about about the guys that come in and realize that their beneficiary is still their ex wife as the current wife is sitting there with them. It's happened more than a few times, or I talk about the wonderful nurse from me Dinah, her and her husband where for forty one years. This a couple of years ago, forty one years. Who's a nurse? She still is a nurse, takes care of
people, loves people. And I'm looking at her four oh three b stay with the Fairview Southdale Ridges and I'm like, you don't have any beneficiaries on your four oh three B. Yeah, she goes, I never have. I just didn't know who to make as her husband is sitting right next to her and I'm like, what am I missing here? It was just comical, but thankfully we could fix the problem. But she never in forty one years had a beneficiary. Why easy? My goodness. Hey listen, we're
gonna take a quick break when we come back. The GOP presidential candidates talked about social security in the last debate. That was interesting. Also, we're gonna get into the psychology of money. And I don't know we've talked before a little bit about this, but tipping in this country it's getting out of
control. It is, it is out of control. We're going to talk about that next here on the Haven Financial Group radio show on Twin Cities News Talk eleven thirty and one oh three point five FF invest a little time to be sure your investments are working for you. Reach out to the Haven Financial Group now for your complimentary no obligation retirement readiness review. Our team is standing by now to take your call at six one two four four one two four
four one. That's six one two four four one two four four one. Musty his money, suny you want. Welcome back to the Haven Financial Group Radio show Wong with have In Financial Groups Founder and CEO Larry Kalvig. I am bill seller. We appreciate you being here this morning. Just before the break, we're talking about how tipping is just getting out of control. Right.
I saw a story the other day where a guy was ordered he was at a fast food place somewhere, Larry, but he ordered his food on a machine right at a kiosk, right, and then it asked for a tip before he checked out. I couldn't believe it. And now door Dash really wants to make sure you're tip in their drivers, so much so that if you enter zero for the tip amount on your mobile order, you're gonna get a message on your app telling you that orders with no tip might take
longer to be delivered. Wow. Yeah, this has just gotten out a hand. I mean I just had this conversation with clients this past week in my office. This is getting really annoying because going through a drive through coffee, they're getting paid hourly. They hand you a seven dollars cup of coffee and then they want a three dollars tip. It's like for junior job. Yeah, or at this auto tipping it starts at like thirty percent or something like this. I saw on one receipt I had. I'm like, wow,
this is ridiculous. Not only do you get the message saying that it's going to take longer, but then you're asked if you're sure you want to continue. It turns out that they they're now allowing their drivers to select which orders they want to deliver, and disclosed on the app that orders to take longer to be accepted by dashers can result in possible delays and door dash claims. It's a test to help create the best possible experience for all members of
our community. Here's a thought pay the more exactly. Yeah, and let's face it, this cuts into your retirement dollars. Yes, b Yes, it does, and that's what I'm saying. It's it's just crazy. I'm sorry, I'm I'm I didn't mean to go down that road so much. So well, speaking of retirement, a lot of us look at Social Security as a decent part of our retirement plan, and the question always is what to do about it? Right? And the last Republican presidential debate had two
candidates said that they are in favor of raising the retirement age. Question is are you surprised by that? Let's hear what they had to say. The fact is, we need to be realistic about this. There are only three things that go into determining whether Social Security can be solved or not. Retirement age, eligibility for the program in general, and taxes. That's it. We are already over taxed in this country and we should not raise those taxes.
What we need to do is keep our promises. Those that have been promised should keep it. But for like my kids in their twenties, you go and you say we're going to change the rules, You change the retirement age for them. Instead of cost of living increases, we should go to increases based on inflation. That was Christy and Nicki Haley Republican candidates for president this year. What do you think about that? All that stuff, Larry, did they make any sense in anything they said there? Well, you
know, we teach a lot of classes. Just this week we had very four well attended social security and tax classes here in the Metro area. You know, people want to learn. Social security is always in politics, It's
always in the news, has been for years. And you know, I think Jerry, who's retired from the coke refinery in rose Mount and a few years ago, He's like Larry, they've always talked about social security, and he goes, I always said, if you know, I'm not going to rely on social security, I'll rely on my retirement savings, and if it's here when I retire, it'll be icing on the cake. Well, Jerry retired two years ago and I quote him. He goes, well, it's
icing on the cake. It's still here. And you know, not everybody can do that. I get it. SOCI security is a big income stream for retired Americans. Many people rely on it. It's important. Do we have solvency problems with the Social Security Trust Fund? Of course we do. SOCI security was never designed to be a ten twenty or thirty year income stream. He was designed roughly in the day, back in the day to be about a two year income stream. So we got issues, and how do
we solve the issues. Well, there's going to have to be changes, and none of us are going to like the changes. So when I hear them talk about raising the Social Security age, they've already done that a couple times in history. And you know they're talking about raising the retirement the Social Security retirement age to seventy. Well, France raised it from sixty two to
sixty four this summer and there was riding in the streets. So I hope that does not come to America. But you know, we have to have some changes with Social Security, and it could be retirement age, it could be maybe we'll tax all your income. Let's face it, there's issues and it's not going to go away on its own. In fact, the latest ear that I heard was in twenty thirty three. Twenty thirty three, there's going to be a shortfall where they're not going to be able to pay all
the Social Security obligations, so we need to do something. Fear and anxiety is not a good recipe for making good decisions, but at the end of the day, there's going to have to be some changes, and none of us are going to like them. There has to be. There just has to be. No, well, there has to be. I mean, obviously if we want the program to continue. Like I always say, the first change is quit making that the first place you go to when you've got
to pay for other things. Right, great point, Just you know, the money that we've put in there and work so hard for, leave it alone, don't use it for other one whatever. See, I'm in a ranty mood today, Larry, and I'm sorry. That's okay. I don't know what it is, but I can't get this tipping thing off my mind. I was also reading an article recently that said that really the pandemic is
the reason these kind of services took off. Right, we got used to paying fees for food delivery, grocery delivery, streaming services, all that stuff, and now we've become so accustomed to them that we might not even be aware of how much they're really costing us. Well, when it comes to fees for financial services, is there a great way to try to get a handle on that besides doing your own spreadsheet? I mean, what do we need to know? Well, first of all, and I think I've said
it before that pretty much in all our meetings. In my meetings, you know, I'll ask folks, what are you paying whoever you're working with, What are you paying them for a management fee? What are you paying your guy or gal that handles your investments, and so on and so forth? And you know what the response I normally get seventy five to eighty percent of the time. Larry, that's a really good question. We have no idea,
and it just perplexes me because the financial industry is highly competitive. There's nothing free. I don't expect that, but what are you getting in return? And when somebody can't tell me if they're paying one percent or two percent or three percent, don't be shy about asking the questions. And if they tiptoe around the I'd ask more questions. In the world we live and you should know exactly what you're paying and what you're getting. What's the added value
are you getting? Tax discussions and all these other discussions and further education. You know, we encourage education to our existing clients on an ongoing basis because there's always changes. People can learn something, So how are you paying your financial person? What's their management fee? Are they fee based? Do they charge a management fee? Are their wrap fees? Are their sales charges? Are they selling commission products and getting commissioned? And I'm not saying any of
these are bad or right or wrong. You just should know what you're paying and how you're paying it because it's your money. These people are working for you, just like we work for our clients. There should be transparency. Absolutely. Can you deduct any of this stuff in your taxes? Again, that's why we have the tax discussions. How is it being taken out of your accounts in the most tax efficient way possible? These are all valid questions.
One shouldn't be timid and shy to ask the questions. Then oftentimes people don't realize, well, what type of funds are they using? You know, are they high cost mutual funds? What's the expense ratio within the funds? We know higher cost doesn't mean higher returns. All of these things are important because you don't notice fees when the stock market is really rolling necessarily right, But when the markets aregitary like they have been, the fees are coming
out of your money. Make sure you not paying two to three times the going rate in the industry, which I see weekly, and you should know exactly what you're paying with hands down and don't be shy about asking the question. Yeah, and if you got folks that you can't talk to, try talking with the folks that have in financial group. Larry and his team are here to answer the kind of questions that we're talking about right now. The
number is six one two four four one two four four one. We got folks standing by right now to set up your complimentary retirement writing this review. It doesn't have to take long. Just get on the calendar and then go in and sit down and talk with Larry and his team about your retirement plan. Six one two four four one two four four one is the number. Yeah, I do give us a call and then we're going to answer the phone. You know, I think of the calls we got. Last week.
We had a gentleman call in and you know, he goes, I was listening to your show, and he goes, you just hit a nerve. For weeks and months, I've been talking about getting a plan, and he goes, I keep putting it off, and I listened to your show and there was something that you said. That just sparked why I keep putting it off? And he booked an appointment for their retirement readiness review and we'll
be getting together with him to visit. And whether you have a lot, a small, medium or large, Okay, your situation is your situation. You got to start somewhere to get to somewhere. Don't be ashamed sometimes people I don't have enough to worry about. If you have anything, it's yours and you have the right to have a discussion to make sure you're doing the best you can. And Larry won't ask you for a tip. So that's a good night. And listen, I'm gonna take a quick break when we
come back in an argument for reasonable optimism. Also the US News and World Report list of best places to retire in one state, win's the blue ribbon. I'll tell you where that is. Coming up next on the Haven Financial Group Radio Show on twin Cities New Stock eleven thirty and one oh three point five FM with a let a Love and sometime Israh the Miss well A let a be Body was Fame. This is the HAVED Financial Group Radio Show.
Good morning and thank you for being with us. I am bill Seller along with haved Financial Group's founder and CEO, Larry Kolvig and a little uh, little Carl Douglas for you. This morning, just read a story about ah an MMA fight that took place in Poland where a fifty year old woman knocked out her son's nineteen year old ex girlfriend. How about that? Apparently she scored a TKO when the two foes met in this mixed martial arts battle.
They've been at odds ever since the young couple broke up, So apparently she broke her son's heart. Mamma didn't like it, and the promoter of the fight has a really big reputation for sponsoring these outlandish kind of gigs, right, so I guess he found out about the story and decided to let them duke it out in the ring and Mama won. How about that? Wow? The video of the match went viral after being uploaded by her son.
I wonder how many moms are googling MMA right now and thinking about their kids ex girlfriends. So Morgan Housel, who is the author of the Psychology of Money, has a sing and he says, save like a pessimist, invest like an optimist, and well he explains it like this, reasonable optimism is the short term is a constant chain of surprises and setbacks and bear markets and
recessions. But if you can survive and endure those, which is that's the big if, then for those who can stick around, the rewards are incredible. One other way to frame it is save like a pessimist, to invest like an optimist. Yeah, that's part of an interview he did on Yahoo
Finance. What do you think of that approach, Larry No, I think I agree with it wholeheartedly, because you know, there's unforeseen circumstances, unforeseen events, and life happens, and that's why we encourage people to have a plan that's consistent with your core value use, you know, develop a discipline and not deviate that when things get tough, short term market turmoil, white
caps, you know, just volatility, which we have right now. And if you can stay the course and adhere to the plan, and that's not always easy because there's a lot of psychology with investments and money and oh my goodness, I'm gonna jump off the cliff, I can't sleep at night, and all these various terms and things that we hear. If you can hang in there for the long term you will get the rewards and saving cautiously like
a pessimist, while investing ambitiously like an optimist. I think it's a really good phrase. Difficult for a lot of people to do, because not everybody's a saver. We've talked about that on a recent show. A saver rather an investor in the various types of personalities, and you know, at the end of the day, just sticking to the plan, you know, identifying your risk level. You know, we talk about risk, and the problem is most people don't know how much risk they're taking. In fact, just
this week, can we call stress testing your portfolio? And you know, people, oh, we're in our mid sixty investment wise, Larry, we're a little more conservative now. And I think of Frank and Augie from Savage. They were taking two to three times the amount of risk they were comfortable with, and they had no idea why. They were completely dumbfounded. We're not here to create a problem, We're here to identify is there a potential problem? And they go, well, no, wonder we lost so much
money last year. They're doing things inconsistent And they followed up by saying, I knew our guy was not listening to us when we told him we wanted to back off on our risk assessment. And again, having a conversation, having your relationships where somebody is listening to you to put you in a spot where you can endure the storm. When there's a barish market, guess what, you stick to it and it leads to the bullish market and for the long term you're going to be in a good spot. The problem is a
lot of people jump ship. First of all, they don't have a plan, and then they find themselves on the spot where they just don't want to be in, and we want to avoid that for the golden years. Yeah, it sounds like your folks kind of did the old V eight head Slaine
up right, like, ugh, wory. Yes, But you know what, this is another great reason to go talk to Larry and his team, because if you're working with somebody that isn't answering these questions, or somebody that isn't making themselves available to answer these questions, then maybe it's time to look for somebody else. Second, opinions are never a bad thing, especially when it comes to your healthier finances. It's true and Rachelle and I my wife.
You know, we shop out our insurances every two to three years, you know, the cell phone bills and a variety of other things, just to make sure because you know, a lot of times, you know, the new customers get the best deals and those loyal customers don't always get the best deals. And you know, if you've been with somebody a long time,
I come from small town, I'm probably loyal to a fault. But getting a second opinion, making sure you're on track, that you're doing things consistent with where you're at in life, which is now getting close to retirement, or in retirement you're not twenty thirty or forty anymore. These are the things. And again it's not just that it's Medicare, it's the other pieces to the puzzle. You know, annual in Roman is right now and we're just as busy as all get out. We help lots of people in those
areas. So retirement has a lot of pieces to it. Again, people say, oh, I don't want to bother you with questions. Our job description is to answer questions. That's what we're here for and that's what we should be doing, and that's the attention you should be getting as well. So again, the number to call is six one two four four one two four four one. Get on the calendar with Larry and his team for your complimentary retirement readiness review. Could be the smartest call you make today. Sixty
one two four four one two four four one. Well, a lot of times when folks retire, they move could be different reasons. Closer to family, maybe a better location, whatever. US News and World Report has a new list of best places to retire and the top five cities, and this kind of shocked me. They're all in Pennsylvania. Matter of fact, Pennsylvania has six cities in the list, but the top five are in Pencil, Harrisburg, Reading, Lancaster, Scranton, and Allentown. Does this surprise you,
Larry? It does it does? Did they only hand the survey out in those areas? Because, I mean, Pennsylvania has some great parts. I guess I've been there a few times. But I may actually very surprised. You know, this has to do with healthcare affordability, you know, housing affordability. I guess they're weighing a bunch of different options. I'm I'm very surprised. Now. I noticed that there's no no Minnesota cities on this list, not in the top ten. Now very interesting, but john Hilltown,
Ohio. Really, I'm with all the respect to folks from Youngstown, I've been there. That's why I'm so surprised. I mean, now, keep in mind, healthcare is a major expense in retirement. I know they're weighing that a lot, and you know, you want to plan accordingly.
We you know, we talk medicare, we talk long term care, and you know, plan for you know, the early years where you can go and keep going and then the things slow down a little bit, and we talk about the no go years where health care expenses can go up and unfortunately maybe you have you know, some of these Alzhammer dementia, some of these Parkinson's things that run in the family, and how do you prepare long term care wise for those And you know, listeners that have had to deal or
are dealing with, you know, parents that are in this situation, they understand. Those that haven't had to deal with don't understand that can be a major expense that can decimate somebody's hard earned money over all these years. So you know, we talk about you know, asset based long term care and you know, hybrid long term care and things that can help out in those situations. I hope it never happen. But and then a lot of these
states they have, as we've talked about, have tax ramifications. Do they tax those security do they tax you know, capital gains tax? Do they have an estate tax? Some states do, some states don't. And you know, at the end of the day, they're weighing all these options. I just question who they gave the survey to because I'm kind of well, not just at the Pennsylvania cities, but also New York City is on here
housing affordability. I just saw a video short the other day on YouTube with somebody looking for an apartment in New York and it was a six hundred square foot apartment right one bedroom, supposedly seventy three hundred dollars a month. Wow, in the West Village up there. I don't get it. Wow. If you know it's this list, there isn't There isn't anything that's in the western half of the United States. There's nothing out of the Northeast, nothing
at all. That's why I'm wondering. Yeah, I don't know. Yeah, I know, Scranton, PA. Became famous because of the Office, the show the Office was setting. Oh yeah, I was actually born up in that area. Anyway, if you're thinking about retiring, check it out. US News and World Reports. List includes actually seven cities in Pennsylvania, one in Ohio. Anyhow, just thought we'd throw that your way. And before we get out of here, though, I do want to, you
know, take a minute to do our annual survey of Larry. We got Thanksgiving coming up this week. Larry, what do you have to have on your Thanksgiving table? Tell me the thing that would not be Thanksgiving without it. Well, we are actually hosting my side of the family this year, Rochelle and I and that way I can get exactly what I want, which
is and my wife says, Oh, it's just you're so predictable. Well, we like turkey, we like ham, and we have to have some cranberry sauce, and we have to have mashed potatoes, you know, just the good old farming family Thanksgiving Thanksgiving dinner. So we look forward to having family and spending time with family and having all the girls home. And I got to have those things. I'm a meat and potatoes guy more than sweets. Guys. So got to have those things and throw some pie in there,
and why not? Yeah, I do. My three things are turkey. My wife makes an incredible homemade mac and cheese that just that sounds good and I make it. It's an eggnog pumpkin pie. Wow, very tasty. So right there, that's my Thanksgiving dinner. I'm a happy camper. I noticed one difference between you and me. I married somebody that is an amazing cook. I don't do any cooking whatsoever, Thanks mom, because I grew up on a dairy farm. Mom made all the meals and everything every
single day. I do not cook. I do not well, I do. I do. My wife is My wife is not too proud to admit why. I'm better at it so well, literally, I'm not. Rachelle is really good. Oh man. Well listen to everybody listening as well. Larry. I hope you and your family have a wonderful Thanksgiving and we will talk again next week. Yes, happy Thanksgiving. Have a great week and
great to be with you. And thank you so much for listening to the Haven Financial Group radio show here on twin Cities News Talk eleven thirty and one oh three point five fl GESUS Investment advisory services offered through Guardian Wealth Strategies LLC. Haven Financial Group and Guardian Wealth Strategies LLC are not affiliated companies. Investments
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