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. And as always, thank you so much for being here with us as we get up early here on this Sunday morning. Welcome to December. Can't believe we're here already, Larry, goodness, gracious December. Man, that's amazing.
It's crazy. I mean, it's on the calendar. We all know it's coming, but just seems to get here a little quicker than we want sometimes. Oh man, I am Bill Seller. Appreciate you being here along with your host Larry Kylvig. He is the founder and CEO of the Haven Financial Group. And if this is your first time stumbling upon us, welcome in. Go ahead, grab yourself a cup of coffee, Sit back,
and learn some stuff about retirement, because that's what Larry does. He and his team at Haven Financial Group. They they help you not only get to but get through retirement the best way possible with that all important retirement plan, uh, the plan that has to be in place if you are going to get through your retirement years and and kind of battle your way through, especially you know during times like what we're going through right now, and we're going
to talk about some of that today also some other fun things as well. But before we get started again, that phone number is six one two four four one two four four one six one two four four one twenty four forty one. Jot it down because you may, you know, have something that you hear that pops a question into your head, or you just want to
get into our our complimentary retirement readiness review. Well that that can happen for you at the Haven Financial Group by calling that number six one two four one one two four four one on the show today, gonna raise the question is it possible to think ourselves poor? Also some retirement cost cutting measures that may end up costing you even more rut Row. We'll talk to Larry about that and turning your four oh one k into something much like an old retirement staple
that's on the way as well. But I thought this was interesting because you know, this has come up a couple of times, Larry on the show, You and I have talked about this, But I just ran across an article that said college level classes are now being offered in how to chit chat young adults. It seems have not learned the art of small talking. Man. We've talked about that on the show, haven't we. But can you believe it's now a college course to teach people how to talk to each other?
It's pretty sad, Bill, It's I almost thought it was gonna be like one of those articles in the Onion or a parody somewhere, right, But this was out of the Wall Street Journal and college level classes being offered in chitchat. And then I looked it up even more and a lot of the online institutions are offering it as well. Wow. And I saw a book for it was called chitchat one oh one. Uh, you know, early learning level of how to carry on a conversation. My goodness, that's
where we are, my friend. It's amazing. Yep. I just thought i'd throw that out there for you. So, you know. The other thing we talk a lot about in the show is AI, artificial intelligence and whether or not you trust it. The technology is here and it's becoming really big business. Is this something worth looking into as an investment? Well, Forbes says that deciding how to invest in AI right now is well kind of
like the choice that faced investors in the late eighteen hundreds. Right, the new technology back then was the railroad, and they're like, oh, this will never catch on. Well, is this a good ideal? Eric? Do you think it's a good time to get in and does it lead us down that path to timing the market or understanding things? And what do you think about all that? Well? I think AI is scary and there's pros
and cons to it. You and I have talked about it. But you know, do you invest in the technology itself or the businesses that you know tend to benefit from the technology. So you know, that's the that's the big thing. And you know, you draw the comparison to the eighteen hundreds in the railroad, same type of thing. But you know, AI, you know, as it's defined, and I think it's important to define what
our AIS artificial intelligence. You know, it was really the use of computers, machines and software to mimic you know, the problem solving and decision making capabilities of the human mind. And you know, you know, applications to solve problems faster, automate tasks. That's the that's what AI is intended to be used for. Now, do you invest in software and manufacturing companies that run you know, artificial applications or do you invest in companies that are going
to benefit from it, like you know, Microsoft or n Video. And you know, here's what I'd say, look at all investment options. We encourage people to explore, you know, create diversification and efficiency within portfolios. You know, what's the right recipe for your portfolio? Problem is most people don't know, they haven't looked at it. And you know, it isn't one glove fits all. And you know, our focus is retirement planning,
so we see things through the lens of retirement. And I think it's important for people to have a good understanding of what they're doing, why they're doing it, and then ask them three really simple questions. Are you willing to take the amount of risk that you are taking? Do you need to take the risk you're taking and do you have the ability to take risk? And
how do you answer those? And everybody answers them differently. And I just before Thanksgiving, you know, I had two couples back to back, and Joe and Margaret from Lakeville and Todd Nancy from Savage, very similar family, similar situations. One was from Lakeville, the other one was from Savage. And you know, Joe and Margaret absolutely didn't want any risk. They didn't need to take risk. And it's not for us to say you should or
shouldn't. Now Todd and Nancy we're perfectly comfortable with risk in their portfolio. We're all wired differently. Problem is, most people on a weekly basis that we visit with are doing things inconsistent with what they think they're doing. And that is a recipe that can really wreakavoc for retirement. That's what we want people to avoid, and that's what we help people with on a weekly basis.
Yeah, and I wouldn't suggest answering that risk question by typing it into chat GPT because you might not get h Yeah, we're talking about AI. You don't want to go down that road because I've been reading more articles about
how chat GPT is not always coming back with the right information. Yeah, and another thing too, is AI stocks have grown pricier over the last you know, this all started in November I think twenty twenty two when Chat what is a chat GPT or whatever came out and so some of these AI stocks have grown quite expensive, and you know, their evaluations could be less than enticing. But again, look at all the options relative to your situation.
And now the other thing shifting gears a little bit here that Larry talks about all the time and actually teaches classes on. Is social security matter fast one of you more popular classes? And speaking of which, if if you want to find out about the classes at Larry's team at Haven Financial Group teach, just go to Havenfinancialgroup dot com and you can find out where they are and when they are. They're all right here in the local area, So make
sure you do that. But you know, we do talk about social security a lot on the show, and how you know benefits are being subject to federal income tax. I was wondering, Larry, would you go a little deeper into the tax implications of withdrawing funds from various types of retirement savings accounts just in general. Yeah, I'll kind of look at it twofold here social Security specifically, you know, you're right, we teach a lot of classes.
You know, depending upon your age and your full retirement age. There's earnings limits that people can make as it relates to Social Security. So if you're under full retirement age, which is by the way, based in your birthday, you know the twenty twenty three earnings it is twenty one and forty for an individual. You make more than that and there we're going to withhold some of your benefits a dollar for every two dollars above that limit full retimin
age, then that number that limit goes up significantly, significantly. And then beyond that obviously there's no limits when you get beyond your full rettermin age, and that's just a letter. If you make too much, social Security will send you a letter. Now, taxes is a whole different topic. There's different tax thresholds when it comes to as far as how Social Security is taxed federally, and of course we talked to here in recent weeks above Minnesota making
an adjustment to how it's taxed at the state level. You know, taxes is a progressive tax and they take half of your Social Security plus any other income and we get we really dig into the tax discussion a lot. Now take it a step further, and then you have different types of investments. It's why when we visit with folks that are looking at retiring and we come up with an income distribution slash tax plan because brokerage or non qualified monies that's
taxed at different rates than ordinary income tax. And then you have pre tax accounts that it's all going to be taxed because none of it's been taxed. And then you have roth high raise which have already been taxed nolbady be taxed again. So forward thinking tax planning. You know, you retire and all of a sudden, oh my goodness, I don't have a paycheck any longer. Where do I draw from in the most tax efficient way possible. And
you've heard me say this before. Many people are not doing any tax planning at all. They're just getting their taxes prepared and they're missing opportunities or they're creating unforced errors where they're not using the tax code, which has been very favorable in recent years only become not so favorable by twenty twenty six, and it's fourth quarter. We're having these tax discussions with everybody because you work hard for every dollar you have, Yes, you do. You know, don't
give Uncle Sam a tip just because you're not having these discussions. As aid I mentioned many times, retirement is much more than a pie chart that says I have stocks, bonds, and mutual funds. It's all the retirement puzzle pieces that need to go together to finish the puzzle. And that's what Larry and his team can help you do with that complimentary retirement readiness review. We do have people standing by to take your call at six one two four four
one two four four one. Just get on the calendar this morning. It doesn't have to take long. Just set up your appointment. Say hey, listen, I was listening to the radio show. I like what Larry had to say, and I want to come in and either get a plan going, or do you guys mind taking a look at mine and let me know what I have to do better. Heck, you might walk out knowing that you're doing everything right, but what is it hurt? What is it hurt?
So again, the number is six one two four four one two four four one for that complimentary retirement readiness review. That's what the folks that have in financial group coming up here. We're gonna ty a quick break. But on the other side, is there a proper order for estate planning? Do you need it at all? That's one of the questions. Why one a state attorney says she blames poor planning on money dysmorphia, and why not all
cost cutting measures are actually shaving you money. Those things are on the way right here on the hay And Financial Group radio show on Twin Cities News Talk eleven thirty and one oh three point five FM B and stumbled to the kage and boom myself a cup of ambition and your own and stretch and try to come the line, jump in and shower in the b 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 on Twin Cities News Talk eleven thirty and one oh three point five FM. This is the Haven Financial Group Radio Show. 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. 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. Welcome back to the Haven Financial Group Radio Show with Haven Financial Groups Founder and CEO Larry Colbig I and Bill Seller. And uh, you know sometimes, Larry, I read stories and I just shake my head wondering what these companies are
thinking. Honestly, I mean, nobody ever asked me before they make their decisions. But uh, the French fashion folks or facing a backlash right now because they announced the line of skincare products for babies. I mean it sounds like a joke, but the company is introducing scented water for babies with a two hundred and thirty dollars price tag. What next, that's more expensive than
your's most popular fragrance for adults. That's too steam for your for your little baby's budget, Then you could always try the one hundred and fifteen dollars face some body moisturizer. Really, babies, really, you know, I raised my kids to smell like Johnson and Johnson. I got no problem with the with the with the baby, the baby powders and the lotions and all that stuff. My goodness, two hundred and thirty bucks for soap for a baby,
Larry, and people would spend it. They're going to they're going to it, says your face, backlash, But I'm well to bet you somebody's gonna buy that, ah man. So before the break, we we mentioned we were going to talk about estate planning. So whether you call it that or legacy planning or beneficiary planning, really it's about deciding how you want to
handle your assets, your health care, and final wishes. So what is in order to doing this, Larry, Is anything that's more important than the other to do first, well, eighty five percent of Americans do not have a plan whatsoever. That's problematic, but starting somewhere to get to somewhere,
and you know, estate planning is kind of is twofold. You have the living when you're alive and you're you know, incapacity, and God forbid you become incapacitated, but you're still with us, you know, documents that are needed then and then when you're gone to protect your interest, your loved one's interest for you know, what you put together in your lifetime, so you know, starting to put together a power of attorney, a durable power of
attorney so someone can make decisions because there's no automatics. A lot of times people think, well, I've been married for fifty years, my spouse can make all the decisions if I can't, and that's simply not true. You have to have some documentation, so the power of attorney for medical records, health care, you know, the living will, the health care directive. If something happens, you've you've kind of documented what you want as far as
health reasons and all these other things. That's very important. You know, I've created my wife, Rachelle is my power of attorney, and my parents are still back up. Of course, my kids are getting their adults, so probably be making changes here soon. But and then when you're gone, do you have a will? Do you need a revocable trust? Does it transfer on deathdeed appropriate? These are the things you know. Maybe you want to avoid probate, the risks and dangers of probate the publicity, you know,
the contestability of your estate. So all of these things, it sounds very overwhelming, and you know, for some people listening, wow, that's just way too much, and it's not really. Carrie is our estate planning partner. We deal a lot with estate planning. Again, there should be the coordination of your estate plan with your investments and your taxes. All of these things go together. But a lot of times people think, well, I have to have, you know, I have to be rich in order
to need in order to knee eat in a state plan. That is simply not true. It's not about how much you have, It's about what you want to do with it, how do you want to protect of it? And again be careful. You know, costs associated with the state planning. I mean, you can pay x amount of dollars for this or ten x for exactly the same thing. So I always encourage folks, you know,
there's no cost for a consultation to talk about a state planning. We'll map out a plan and carry with her assistance will say here's what's a necessity based on your goals and objectives. Here's how much a potentially could cost. Now I'm all about getting it done and getting it done right. But I will tell you, if you're going to some fancy office in downtown Minneapolis, you could pay ten times the going rate for somebody that's in a more casual atmosphere
that you're not paying for the beautiful office overlooking US Bank Stadium. So don't pay overpaid just to overpay. But work with somebody that's going to hold your hand, and number one, educate you on why you're doing and why it's a necessity based on your family circumstances. So that's a lot that goes into it, but extremely important when I hear eighty five percent of Americans do not
have a competent estate plan. The beneficiaries of those, by the way, is oftentimes the government and taxes and others that aren't part of your overall family. So again, get it done, get it right, Dot the i's, cross the t's. It's really about peace of mind, and peace of mind goes a long way. Yeah, and going to see Larry and his team at Haven's Financial Group could be one of the better moves you make right. Less traffic, a good cup of coffee. It's some important things of
life, exactly the things that matter man. But again, setting up that appointment is very easy. All you've got to do is call six one two four four one two four four one six one two four four one twenty four forty one for your complimentary retirement ready this review. You don't want to get caught in a bad situation come retirement, because you know, once we get there, it's a little late to start making it up. So let Larry and his team look at your plan or get one started for you today six
one two four four one two for one. So a lot of folks because of the situation we're in now with inflation and high prices and you know just everything I know that's kind of redundant. Inflation and high prices, but you know, money worries just have a lot of people rethinking retirement or at least retirement timing. You know, we all know four oh one k's have pretty
much taken the place of the old predictable pension. But Barons did a report that some asset managers are now trying to bring some of that predictability back. What are they talking about there, Larry, I just saw the headline. What was that all about? Well, it's talking about the twenty nineteen Secure
Act, which went into effect in December of nineteen. And ironically, you know, people have heard about the Secure Bill, and I guess in my research, I didn't realize the Secure Act really is defined as setting every community up for retirement enhancement. That's what the Secure Act actually means. Now, there was a variety of different changes that happened in that Secure Act, and
you're right, a lot of people are concerned. They've been hit with you know, all kinds of higher inflationary costs and everything, everything costs more, and you know, there's concern in the retirement arena, you know, as far as income, do I have enough money to retire? When will my
money run out? And by the way, some of these the Secure Act had to do with the required minium distributions that was at seventy and a half now it's at seventy two and it's actually now seventy three going to seventy five and nine years. And there was you can contribute to an IRA past the age of seventy if you have earned income. There were some qualified charitable contribution
rules and regulations that went into the Secure Act. But you know what I say to folks, is you know, as we talk about retirement, you know, let's look at all of your very income streams that you may or may have or might have or wished you had. And social security is a big, big part of people's retirement. In fact, it's why we teach these classes. And you know, how much will that give you in retirement?
And are you fortunate to have pensions? You know, years ago when I got into this industry, everybody, almost everybody had pensions, well ten percent in declining quickly. So do you have a pension, how much will that be? Will that supplement social security? And then a lot of times people look and you know at annuities. I think we've talked once or twice over the time we've been on but you know, annuities A lot of times people are confused by them. You know, they have some of them have
higher fees and their complex investments with low liquidity. And again start with the educational piece. Annuities can be used for retirement income and they can be powerful tools if used properly. They don't have to be nobody has to have an annuity. But again it's why I teach a class on the four types of annuities. Are they appropriate for you? I have no idea. Can they be part of a portfolio, sure they can. Can they offer guaranteed income?
Yes? They can also offer some long term care supplements potentially. But again, don't get caught in some of these where you're surprised they are complicated. The fees. I just had one this week that we're almost five percent. Nothing's for everybody. Start with getting educated and again are they appropriate for you? Whoever you're working with should be talking about all the options, not just minimizing and telling you the options they want to sell. You. Don't
get sold into something. Get educated first. And you know, again, Larry teaches classes about a lot of this stuff and you can find those classes on their website at Haanfinancialgroup dot com. I guess Larry too. The thing about all these things that we're talking about, I guess pensions will never come back. Will they Highly doubtful. There's been talk about it, but I mean they were replaced by the four one case to take the onus, so
you're really off of the employer and put it on the employee. Yeah, So I just don't see that, you know, I don't see it coming back. I really don't wish we'll thinking, I guess but yeah, why not? Yeah, yeah, who knows? But anyway, listen, we're gonna take a quick break. When we come back, we're gonna talk about uh, something to consider when shopping for the grandkids this holiday season. Also d I Y or color pro. You know, sometimes spending more saves more
and keeping it real about your wealth. That's why we're here. We're gonna talk more about that on the Haven Financial Group Radio Show on Twin Cities News Talk eleven thirty and one oh three point five FL. I gotta changing my pocket guards. We'll call you on the telephone. Baby, I give you away, but eats time. What's out? I get the same O, always the good of this? Then I get away my How did I? Baby? Don't break my love bone? 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 or connect with us at Havenfinancial Group dot com. We got It's a bitterer life for me and you. Welcome back. This is the Haven Financial Group Radio Show. I'm Bill Seller along with your host Larry Calvig, founder and CEO of Haven Financial Group and sometimes Larry, I just real life is so funny. You can't make this stuff up.
A cargo plane was headed from New York to Belgium had to turn around in mid flight. Wasn't a mechanical problem. Turns out a horse had escaped at stall and was running loose in the lower deck on a plane. Yeah. Apparently the crew had been unsuccessful and trying to get him back into its stall and he was not having it. So the pilot had to radio back to the tower. Yeah, we gotta lose horse here. Can you cut us down there on runway? Niner? I guess this is kind of common
on these cargo planes. I guess last year a bear busted out of its cage on a flight from Dubai to Baghdad. I'd rather deal with the horse, can't tell you. Man, Man, Well, I just can't make this stuff up. So a lot of us think, and I kind of do too. The cutting expenses and retirement makes a lot of sense, right, But not all frugal measures are going to pay off. Go Banking Rates says there are a bunch of things that rarely do, such as opting for
less than adequate medical coverage. We've got this list chair we're gonna run down. But I mean, do you do you agree with what they're saying, Larry, I do. I do. A lot of times people underestimate the healthcare needs the costs. I mean, I I see people risking. You know, they're getting closer to medicare and age sixty five and then they go
without some insurance for a little while, and that's really really dangerous. You know, health care is a major expense in retirement and we help a lot of people right now, Glenn is one of the top Medicare people in the state. And it's annual enrollment and here December set till the December seventh, and you know, people should be shopping that out, just making sure they're in the best spot for the best price, the best coverage based on your
circumstances. And you know, now's the time and fact we factor in, you know, health care expenses as we build out plans for people, because it is a major expense you have bridging the gap for healthcare early then getting to medicare, and you know, don't don't don't skip on these things now, you know, not everything frugal measures don't always pay off. And on this list it we'll just touch on a couple of them. You know,
sometimes people sell their car prematurely. Well, that could limiting your independence, no doubt about it. And you know, hiring cheap labor. You know, I'm all about doing it yourself, if your experience and know what you're doing. And I'm the oldest of three boys, and my two brothers and my dad can fix anything. I don't even bother trying because I would have
to pay somebody to actually fix what I messed up. So sometimes that could cause more problems than good and hiring cheap labor that does that doesn't doesn't do a good job. And you know, one of these on the hardcore couponing, I thought that was funny because you know, I'm all about coupons, but a lot of times I'll save a buck where I can. But a lot of times coupons will lead to purchasing something you wouldn't normally buy anyways,
just because you think you're getting a good deal. Well exactly. I argue with my wife about that all the time. She's like, well, I got fifty percent off, Well, if you didn't buy it at all, we'd have one hundred percent off. You know, it's like a so true. I never win that argument. The other one on the listen I thought was interesting is giving up your hobbies, not spending on hobbies, because we talk about that all the time right in retirement of having a reason or purpose,
and for a lot of people, that hobby is that reason. Yeah, yes, and I would say, don't give that up. I mean, that is what you might want to be doing in retirement. Now, some hobbies obviously can be costly, and you know, maybe there's a reason why you'd eliminate them. But again, you have to have quality of life, you have to have purpose. You know. Medical we just talked about
that. But medical also is not long term care. You know, we also touch with a lot of folks and educate on long term care options. Just this past week I had somebody in that was literally their parents are in assisted living and looking to go even needing more help. So medicare is not long term care. If that long term care is concerning, get educated on long term care, look at the options that are out there. You know, long term care is another one of those retirement puzzle pieces. I hope
you'll never need. But up to seventy percent of us are going to need some sort of long term care. Not fun, not exciting, but it's just one of those topics. So that was one article I ran across on go Banking rates dot Com. The other one is they did this list of items that might cost more initially but could potentially improve your quality of life now and in the future. There's ten items on here, and I can't agree more with the first one. The first one is a good mattress, and
man, the older I've gotten, the more I appreciate sleep. And secondly, when I go away and don't have one, I really miss mine. I'm with you on that. You know, having a good mattress and a good night's sleep is to me, that's the secrets of success of the next day. But there's some other things on this list that I thought were you know, we're interesting. Did you agree with all these larry like home renovations
or high quality furniture that kind of thing I do. I firmly believe you get what you pay for as far as yous vehicles that type of thing, high quality furniture, home renovations, A lot of these items bring fulfillment. Maybe you have a home gym and that's where you get the discipline for your exercise and that type of thing. And you know, for a lot of people when they retire, they get a little wound up and they just can't spend. Now, some people have no problem spending, don't get me wrong,
But others they pinch pennies, they don't do anything. I don't want to spend. I might run out of money, and a lot of times what happens is the kids or the beneficiaries end up getting And then a lot of times people don't enjoy the retirement. I've said before, do you want to be the richest person in the cemetery? I don't think so, right, things that you wanted to do in your life, you know, membership at the country club, you go on vacations and do fun things. Now
factor them into your planning because all these things cost money. But at the end of the day, enjoy what you can in retirement. You know, a lot of times, you know, people just they just cling on to that almighty dollar. And then there's others that should be clinging onto that almighty dollar and they just spend it all. So again, there's there's different different types of disciplines with different types of people. Yeah, yeah, I thought
the end I thought the list was interesting. Now, things that people spend money on, you know, solar appliances, like you said, home gym equipment. What's that all joke? I had to buy a second treadmill because my first one couldn't hold any more clothes, Right, It's true. It's usually what happens with home gym gear in my house. I can tell you that. Uh. And of course the one on here too, that's pretty big. Is we talked about too? Is that comprehensive health insurance? How
important that is to have in retirement? So it is? It is? I know you guys you teach classes on that as well, right, the important Yeah, we do all that we do. We teach Medicare one oh one classes. Again, it's an hour and a half class at the college and other other venues that we do it at and they're very well attended. Healthcare healthcare in America can be very complicated. You know a lot of times people are like, how in the world do I navigate through this? Healthcare
ite can very complicated. Just when you figured out, they change the rules on you. And there's some law changes that are coming down the pipe here for the upcoming year. We want people to be abreast of these changes, up to date on these changes, to make sure they're not missing out on something. And again it starts with the educational piece. It's extremely important. Yeah, and again we all know, we all know that just because Joe Namath or j J. Walker is telling you about medicare on TV, it's
better you get your advice from somebody like Larry. Yes, that's wisdom right there, Bill, I'm telling you, man, I'm full of it and wisdom. So again, if you want to talk to Larry and his team about any of the things you've heard on the show today, are simply going to set up your complimentary retirement readiness review to have them take a look at your retirement plan and make sure it's solid and good to get you through your
retirement years. Well, you do that by calling six one two four four one twenty four forty one six one two four four one two four four one are online at Haven Financial Group dot com. When we come back from this break, gonna ask you the question, are we setting in possibly high standards for our wealth? Well, some people think there that we are, and there's a name for it and gifts that might help your grandkids learn about managing
their money could be hot stuff this holiday season. And the best part is they won't even know what's happening. Missus The Haven Financial Group Radio Show on Twin Cities Newstalk eleven thirty and one O three point five fl Yeah it. Shiva in the Dog gets a rating in the pup. Meantime, everything have you had your three R checkup? Your complimentary retirement readiness review is just a phone call away. Our team is waiting to talk with you off the air
right now. Six one two four four one two four four one. That's six one two four four one two four four one or online at Havenfinancialgroup dot com. Welcome back to the Haven Financial Group Radio Show with have In Financial Groups Founder and CEO Larry Kolvig. I'm Bill Seller. Appreciate you being here with us, and if you were here at the top of the show. I'm just still kind of shaking my head Larry about the story we had about
colleges are offering courses on how to chit chat. Sorry, I just I know that was like almost an hour ago, but I just keep shaking my head over that didn't you tell me once too that you had to go through quite a few receptionists because they were younger folks who just didn't really don't even know how to answer the phones and talk with people. Oh, I see it all the time, you know, yes we did. And you know, just the idea of picking up the phone and talking on the phone,
and we'll just walk around the malls. Everybody's got their head downes staring at their phones, almost bumping into each other, and you know, just the conversation piece that you know that I take for take for granted, because it's what I've always grown up with. And it's just the again, the younger generation. It's it's just different times, it really is. Yeah, it is, Yeah, it is. I mean to me, like chit chat one on one sounds like, well, we would have called basket weaving right
like it was. Give me course just to get a credit, right, Oh man? So is it possible to mismanage our money because we misjudge our wealth or at least poorly manage our assets. The founder of the Family Wealth Planning Institute says it is, and she calls it money dysmorphia. Never heard that phrase before, but that's what she calls it. Do you think, Larry, that some people set too high a standard for their wealth. Yeah.
I think there's a disconnect and an idea that, oh, I'm not rich enough I have I don't have enough assets to really worry about or have a plan for, you know, I don't have enough to invest. And you know it's you know, estate planning is only for rich people, and that couldn't be further from the truth. Okay, what is your circumstances, what are you what are you trying to accomplish? You know, this idea, if I don't have a couple of million dollars, then I don't need
to do any planning at all. Well, it has nothing to do with it. It's what are your goals, what are your aspirations, what do you want to accomplish? So, yeah, I think people do have a very distorted view on how they view their money and they and ultimately they make poor decisions because of that, and we certainly want people to be aware of
that. And you know, look at all the options that are out there, and here's why you maybe should be doing this, or look at this, and because before you know it, the golden years and retirement years are here and you go, wow, I should have done things a little bit differently, or maybe should should have done things a lot differently. So we
want to live and learn. Yeah, you know, it's funny. I remember when I was younger that I would hear the term estate planning, and I, honestly, goodness, I assumed that meant that you had to have like a physical estate, right, like a big house with a big wall around it, that kind of a state. That's what I thought of state planning was. Is that like a common misconception or does that kind of fall into what you were just saying about people not realizing that everything they own is
their estate. It is a misconception, you know, a state planning. We've made it a senior citizen type of topic, and it was never designed to be a senior topic. It was designed for when you got married, had a spouse, when you had kids. Frequently i'm with folks that are looking at potentially retirement planning, and you know, I asked them, do you have an up to date current will or a trust? Nope? Ever had a will? Nope? You made it. Tell me you had five
kids, they're all adults, and you've never had wills. Thank goodness, you never needed those wills, because otherwise guardianship and conservatorship would have been a part of your kids's lives. So I'm always amazed how many people do not have but when they do get it done, it's a breath of fresh air. While we finally got something accomplished, We finally got a willed done, a trust still, the powers of attorney because ultimately, if we need these
documents, we better have them. And if we need them and don't have them, it's already too late. And again that's where the problems exist. Yeah, and again I always thought it was, you know, you had to have a big house. So the good news is you don't. Whatever you have, it's worth protecting and that's what the folks that have in financial group can help you do. So give them a call six one two four
four one two four four one. Even if you can't call right now, jot the number down and make it something that you get done this week.
Right What a great present that would be for the holidays for you and your family to make sure that your retirement plan is in place and doing everything that it can do to make sure you get through your retirement years and again all those pieces to that puzzle that Larry talks about, not just investing, but estate planning, healthcare, being ready to deal with things like the inflation we're seeing now. All of these things that affect our money and retirement are worth
having a plan for. And that's what that complementary retirement ready this review can do for you. Six one two four four one two four four one. That's how you reach the folks at the Haven Financial Group. Now, a lot of us grew up without a whole lot of financial know how. Most I got was how to do a checkbook. My mom taught me how to do a checkbook. That was it. Not a whole lot about investing or getting ready for the future or anything like that. But but that is changing.
I don't know if you've seen this, but some video games are actually teaching players how to manage money. And since January, the Girl Scouts have offered thirteen new financial literacy badges in partnership with Charles Swab. Now, how
important is it that we learned moneage management early in life? And you know, keep it moving forward, Larry, Oh my goodness, you know this is this is a hot topic because I don't even know what they're teaching in schools and the education these days, you know, as far as balancing a checkbook, like you mentioned, I highly doubt that they even teach that these days. And you know, just the fundamentals, you know, I remember finance one on one. I graduated from Wilmer High School. Finance one on
one classes, just teaching about moneies, you know. You know, a lot of these younger generations, you know, they haven't had the education. And I like this in this background, you know, the daisies and brownies, if you will, you know, the kindergarten through third grade, they're teaching the differences of different types of currency, you know, discretionary expenses compared
to essential, the things you need compared to the things you want. A lot of these people, you know, with the digital age, a lot of these younger generations don't even know the difference of different types of currencies, and just having the fundamentals getting educated, you know, the concepts of saving
and budgeting. You know, I say that, But at the other hand, we have you know, the US government is thirty three trillion dollars in debt, so we're not really learning from them, obviously, think about it, we are not to do it. Good point. Actually, you know, the need for investing how to invest. A lot of the stuff is not being it's not being learned. Because of that, and any education where people can figure out these things at an early age, people are going to
be well ahead. Again, it's just the times have changed again. I'm not big into video games, but anything that can educate I think can be very very important. Yeah, and there's also the banking apps for kids, or financial apps or kids. Oh sure, they teach kids how to handle
their money. In other words, when they're of age to be able to get an allowance, or if they're doing chores around the house, right, you can pay them, put it into their account, and then when they've got enough that they wanted to buy something, they can use their own money, and it teaches them how to get ready for that. Anything that can
teach I think is very very good. And I'm certainly not condoning people spending more times on their phones, but if it can get them ahead and teach them what they need to better their future and better their situation, I'm all for it. Yeah, me too, And I think it's really important because you know, you and I have talked about it before. If I had known in my thirties what I know now, which by the way, is
long way away from my thirties. But if I've known in my thirties what I know now, I would have certainly paid more attention to getting ready for where I am now in life. And so if you are listening today and you're thinking, oh, this is for retired folks, and no, no, no, it's never too early to get started. It's never too early to understand what you need to do to make sure that you're going to be able to get through your retirement years taking care of yourself. And really,
isn't that what it's all about. It is it is having a good understanding of all these retirement puzzle pieces. And I said it earlier, the coordination of these puzzle pieces, you know, the estate plan, to the investments, to the taxes, to the distribution to the income, to the healthcare, to the Medicare long term care. And if this sounds overwhelming, it's
not intended to be. But again, having a good understanding of what you're doing, why you're doing it, being proactive, not reactive, and making good educated decisions. That's what it's all about and a lot of times people are getting forty five minutes to an hour once or twice a year. Retirement has way more moving pieces. You're not getting enough attention. And by the way, how much are you paying for the little attention that you're getting.
Most people are paying too much and not getting enough in return. Yeah, and again, if that's happening, man, maybe you want to shop around a little bit, call Larry and his team and have in financial group. Again. The number is six one two four, four one, twenty four forty one. And as far as that complimentary retirement ready, this review goes. The most important word there is complimentary. Yeah, and I always just summarize that too, Bill. I mean, there's no commitment, there's no
obligation, there's no strings attached. It's very laid back atmosphere. We you know, a smile and a handshake and eyeballs, and we talk through our process of getting to know each other, ask a lot of questions, take a lot of notes in the discovery process, and you know, from there, perhaps coming up some strategy, some suggestions, some recommendations over time and maybe the implementation of how do you accomplish this? And then constantly monitoring an
adjustment because life happens. We get older, wife's calendar doesn't always cooperate with your calendar and whatever it might be. So again, no costs, give us a call, no obligation, just good old conversation, real conversation, not artificial intelligence. Well, Eric, it's they're waving at me through the glassyear. We got to start wrapping this up. I'm always amazing how quickly
these hours go by. But I do enjoy our time together. And thank you everybody for getting up and having that first cup of coffee with us and starting your Sunday morning with us. Here. I got to go get my how to chitchat one on one book see if I can figure out ways to be a little more conversational, always enjoyable. Bill, you have a great week. Thank you you too, my friend, and again, seriously, thank you so much for listening. This is the Haven Financial Group Radio show
on twin Cities Newstock eleven thirty and ZH three point five FM. I gotta exchanging my packing guaging. We'll call you on the telephone. Dat I give you away, please till it out. I get the same othing. Investment advisory service is offered through Guardian Wealth Strategies LLC, Haven Financial Group and Guardian Wealth Strategies LLC are not affiliated companies. Investments involve risk, and, unless
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