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 Haven Financial Group 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. Yeah, we're doing good morning, good morning, good morning. I am Bill Seller, along with Haven Financial Groups Founder and CEO Larry Kalavig. Larry, how are you, buddy, Hey doing good Good morning,
Bill, Good morning, my friend. Well, we invite you to grab a cup of coffee and sit back and find out good stuff about your retirement years. That's what Larry and I talk about every week. We're here to make sure that whatever money you've put away can hopefully get you through your retirement and if you do the right planning, well, odds are pretty good, right Larry, they are with the right planning. You're gonna hear that word a lot on the show today. Let me give you the phone number
real quick, just just out of the gate here. It is six one two four four one two four four one six one two four four one twenty four forty one. You hear something on the show today that uh make you know, makes you have a question, or if it sounds like we're talking about you and you would like more information, well that's the number to call.
We do have folks standing by right now to talk with you, as you just heard in the introduction of the show, but I just wanted to throw that out first and on the way today we're going to talk about a bunch of things, a lot of stuff coming up here, like ways to protect your retirement savings against inflation and recession. That you know, we're not in a recession though, of course not no, no, no. Also, it kind of sounds like a video game villain. But the mega back
door roth could be a big game changer. We're gonna talk to Larry about that and why the nose dive by a beloved brand since my childhood could matter to your portfolio. Oh this one hurts a little bit. Stuff's been around forever. I'll tell you more about that a little bit here in the show. But Larry, do you see this guy out in New Mexico. He's think he actually calls himself a mad scientist. I'm not sure, but he's
come up with a new way to monitor wildlife. You know, for years they've had like, you know, boxes attached to trees that have motion triggered cameras, right, that take pictures of wildlife when they're moving around, and that kind of thing. So it's not interfer will he's using dead birds that he's turned into drones. Oh my goodness. And because everything has a spin in twenty twenty three, he's calling them re engineered birds. What he's doing
is he's taken taxidermy birds of prey. So these aren't birds he's finding dead somewhere. They're stuffed birds like a hawk. Right. Then he gives it robotic flapping wings, attaches a camera and sets it flying, and he and his students are hoping to find out more about the aviation industry with these birds. So I guess if he gets caught up in a plane. The creativity
of some of these people just amazes me. But why does all this weird stuff with funny looking things that you don't really see flying happen out in New Mexico. I'm just saying. I'm just because just like there is no recession, there's no area of fifty one either out somewhere out there, so you can't talk about that. I just thought that was pretty interesting. You talk
about thinking out of the box. Huh, big time. So why don't we start out today, Larry, with a little bit of good news, because you know that's so unlike me, right, Okay, are you okay? Though? Yeah, I'll be fine, thanks, Okay. March marked the ninth straight month of easing consumer prices, however, and there's always However, even with the good news, numbers were still pretty much higher than the Federal Reserves target of two percent. Now, where it really hits US is
at the checkout line, right, the inflation is just control. According to the US Bureau of Labor Statistics, food prices have gone up almost twenty percent since twenty twenty. That's a big number. That's huge. I mean, that really brings it home, doesn't it, Larry? It's sure does. I mean people have to be feeling twenty percent in three years? I mean,
that's that's crazy. And we wonder why consumer debt and credit card debt is you know, skyrocketing, but you know we're probably anticipating another rate increase. You know, it looks like a good possibility come May, just because you know, some of these key drivers of the post pandemic spike and inflation, like things we talked about for months, of supply chain and the elevated food and prices and all those things. You know, a lot of it
stems from the Ukraine and Russia War, which is still going on. I mean, I mean, we can only hope for an end of this sooner or later. So it's really fanning inflation, and you know, we're far from the two percent where we wanted to get it to, kind of the target amount. So it's really it's kind of an unfortunate trade off because you know, workers who feel secure about their jobs, you know, are comfortable spending, you know, which creates demand in the economy that can drive price
surges. By raising interest rates, the federal hopes to make investing and borrowing and ultimately you know, make it difficult for businesses, which isn't a good thing. So it's there's really an imbalance out there between demand and supply, and it's unfortunate trade off and we're just having to fight through it. And it's just a slow, slow process that you know, people are feeling it. And you know the thing I worry about and I wonder about as well,
is now their prices are up where they are. If you're a manufacturer, you're somebody selling this and we're paying for it all, why would you ever lower them again? Right? When you get comfortable with those prices and it's not easy to come back to what they were. So will they ever get back to where they? I doubt it? But well, of course you know the number one rule to that is it depends on demand. Right. If if we stop buying them at that prices, then yes, prices
will come down. But you and I have talked about that before. Folks are just going about their business like nothing's really happening, right, It's like it's happening. If we just ignore it, maybe it'll go away, But that's not really what's happening though. That'd be like avoiding trying to put a retirement plan together, only to think when you retire that your plan is going to work. And that's why we help people fix that problem ahead of time.
Being proactive, not reactive, you know, sometimes there's a comfort level of oh, retirements twenty years out, I don't need to be thinking about it. Well, that's the time you do need to be thinking about it. And it's those folks that are well positioned for retirement, those that started
young. And that's easier said than done for a lot of people. But it's a discipline that we talk people through and again, getting people comfortable with their their situation, have good you know, good awareness and good understanding. It's just extremely important because before you know it, retirement years, the golden years are here and go, oh my goodness, how did that all happen?
Tell me about it. I was just talking to Larry off the air a minute ago about I had a chance to run up to see my fifteen now fifteen year old grandson play some baseball, and I was telling them that it's time doesn't get any slower when your grandkids are growing up. The years are going by just as fast as they did with my kids were growing up. And you're right before you know you're a retirement age. And if you don't have a plan, if you don't have a plan, well that could
put your way behind the eight ball. As a matter of fact, New York Life's latest Wealth Watched survey just released found out that seventy one percent of American adults say they either don't have a financial strategy in place or have one but they need help with it in some way. So that's right up the alley of what you're talking about here, Larry. So let's say that there's a couple five to ten years out from retirement and they realize they're going to
be short of reaching that financial goal. How would you go about assessing their situation and what would you be telling them to do starting now, well, better late than never. The reality is this is the discussion that we have. Would we would walk people through the exact same proprietary process that we always do with getting to know them, Ask a lot of questions, take a lot of notes, listen. Listening is very important, and find out their
situation, their worries, their concerns. Do they have good liquidity, what are their income sources going to to be in retirements? You know, how are they positioned from a risk standpoint? Do they even know? What I find is a lot of people are unaware and they don't understand, and they
trust somebody, which is very important. However, they're doing things the same way they were doing them in their twenties and thirties and now they're in their sixties, and that can be a recipe for a problem as it relates to, you know, loss of investment value, diversification, lacking. You know,
it's really a discipline. You know, the folks that we see come across that are the most well positioned, there's a there's a you know, a discipline and the state of mind where you know, out of sight, out of mind, they've just been doing what they've been doing and they haven't changed. They've just continued to you know, put their head to the grindstone
and work hard. And you know, a comedy nominator we see and retyct with retirees, those that have done a very very good jobs, you know, saving the ability to save and manage expenses, you know, living within
their means, and the work ethic is always seems to be there. It seems like and you know, buffering me and all those expenses and avoiding something like last week, Mark and Vivian from Prior Lake we're in and they've done a good job, but in the last three four years they've really accumulated a lot of credit card debt, and they knew what the answer and solution was, but they needed somebody just to talk to them and communicate to them that
getting away from that credit card debt was priority one and they had to wherewithal to do it. For some reason, just didn't do it. And now I tell you that they have taken care of it, and it was a breath of fresh air. And they called and said, thank you for just affirming what we knew we should have done probably months ago. So be careful with some of those decisions that maybe have come into play in the last two
three years. Yeah, especially the credit card stuff. I mean, that's really how people have to be getting by right now, right, Larry, Absolutely, I mean, and that's going to be such a headache in the
future for a lot of people. So so if you're worried about that kind of thing as you roll towards retirement, if you feel like maybe your credit card debt is piling up, or you've got other issues that are going to hold you back from being able to enjoy your retirement with the money you've put away, now is a great time to call Larry and his team at the Haven Financial Group. Again, that number is six one two four four one two four four one six one two four four one twenty four forty one.
Get on the calendar for your complimentary retirement readiness review. It is complimentary. You go in, you sit down, you talk with Larry and his team and let them look at your retirement plan if you don't have one yet, let them help you get when started. But to sit down and the complic it's all complimentary. It's exactly what it says it is. So again the
number is six one two four four one twenty four forty one. Get on the calendar today to make sure you get in there and make sure that all that that planning that you've been doing for your retirement is going to stand up in your retirement years. Coming up here, we're going to talk to um, talk to you about what you need to know about a mega backdoor ROTH. Also, how important is your credit score in retirement. It's also a
discussion you don't want to miss. It's all on the way with the Haven Financial Group Radio Show here on Twin Cities News Talk eleven thirty and one h three point five ft music. Welcome back to the Haven Financial Group Radio show along with Haven Financial Groups founder and CEO Mary calvig I am bill seller Speaking of feats, A thirteen year old Georgia boy who has size eighteen feet received a little bit of surprise help from the one and only Shaquille O'Neill. It's
a pretty cool story. Actually, Shack heard the story of the family who couldn't afford shoes for their growing boy. His name is Zach Keith and can you imagine thirteen size eighteen feet? Wow? Yeah, So Shack actually went to Atlanta and took the young guy out shoe shopping, treated Zack to ten
pair of shoes, including a special pair for an upcoming school dance. Turns out that the owner of the store had once given Shack one hundred and eighty dollars pair of Henny loafers to wear to his problem, and Shack said he just wanted to return the favors. So he went to the guy's store and, you know, spend some money with him. I'll tell you what's that's an amazing story number one. But do you know any times that he does that without us even knowing about it. Yeah, he's had quite a life.
He is very, very generous, very generous, turned out to be a great businessman and h he's a really interesting guy if you get past some of the goofiness of him. He likes to play, there's no doubt about that. So well, before the break, we were talking about how complex financial planning can be. So here's another example. Um, it's a strategy for contributing to a roth when you earn too much to contribute to a roth directly. Fidelity refers to it Larry as a mega backdoor wroth. Kind of
sounds like a villain in a movie. Can you kind of simplify that for us, man? What are they talking about? Whoa mega back door roth? That's just highlighting something that I don't know if it's needs to be highlighted that much, but it is something that people use because if you make too much money, they don't allow you to contribute. There's income limits on regular
wrath accounts, and make too much, you can't contribute. And that number for an individuals one hundred and fifty three thousand or two hundred and twenty eight for a married filing jointly, those are those numbers. Then how do they affluent those that make more? How do they have roths? Because most of them do. That's this mega backdoor WROTH, which you know it really is.
It's after tax four one K contributions. It's different than a regular ROTH and which is often a default when it comes to a regular four one case. So these are after tax contributions, which allows folks to put more money in than you could in a regular roth I array, But again you have to know what you're doing. It allows some people to save, you know, way more than the regular one, but it's after tax and then converted
to a ROTH, So make sure that the strategy is available. It depends up how specific features of individual plans work with a tax person that can see if you really benefit from this. But it's available and it's it's it's not something that's extremely new. They're trying to with some tax changes that could potentially
coming down the pipe. They're trying to make some changes to the because the megabackdoor roth because you know, you know some numbers like four and if you make more than four hundred thousand, they're gonna put some hindrances on there. And you know, just understand the potential tax implications to what you're doing. Does it make sense? Does it not make sense. And you know, certainly, and we're not against people doing their own taxes. Hey, more
power to you. I do find that they get to a point where they turn on so security, then they all of a sudden required minimum distributions, and you know, maybe I don't want to do my own taxes. Because we do a lot of tax planning with our clients. You know, look at all the options. Do you have pre tax four one K contributions, do you have WRATH four one K contributions? The after tax which is this
backdoor ROTH if you will, and then the employer contributions. Taxes is a very big discussion, and I find people are not having enough conversation about what they're doing from a tax perspective, and they're missing opportunities. You know, we've spoke many times on every fourth quarter we're gonna look, does a ROTH conversion from an IRA makes sense? Every single week almost I see people with unforced errors, missed opportunities because all they're doing is getting their taxes prepared,
which is good, but there's zero tax planning. And you know, we work hard for every dollar. Why just give Uncle Sam a chunk of it just because you don't know work with somebody that can help you. Yeah. Absolutely, And I find it kind of interesting because if I understand this right, the this whole roth Ira thing has actually started because that's where politicians wanted
to put their money because they knew they'd be raising taxes. Of course, it makes sense, doesn't it. The Yeah, you know, but again, if this all sounds like something you're interested in doing, if it sounds a little complicated and you don't quite understand it either way, that's a good reason to call Larry and his team at Haven Financial Group for that sit down in that complimentary retirement readiness review, because they can explain all of this to
you in person. They can show you the numbers. I know. For me, I'm a visual guy, so sometimes seeing it makes it make more sense. But here's the phone number. It's six one two four four one two four four one. Somebody is there right now to answer your phone call. To just get you on the calendar. You don't have to have a long discussion this morning, just give a little buzz get on the calendar.
Then follow that up by going into the Haven Financial Group and sitting down with these great folks and having a cup of coffee and a cookie and then talk about your financial future in retirement six one two four four one two four four one. That's how you get in with Larry and his team, and if you want to find out more about them, of course, they're online at
Haven Financial Group dot com. Now. One of the other things that a lot of us took advantage of before the rates started going up was refinancing our homes. Right, But if you're retired, getting a loan for refinancing your home could be a lot more difficult than you think. As a matter of
fact, our financial reporter Drew Nelson talks more about that. You could have a strong retirement portfolio and plenty of home equity, but the lender is more likely to turn you down when you want to take out some equity or refinance whatever's left of your mortgage, even if you have four times as much equity as the amount you want to finance, even if you have a credit score
of eight hundred, even if you have rental income from another property. The New York Times reports that for somebody over seventy, the rejection rate for refinancing is more than twenty percent. The overall rate is only seventeen and a half percent. It's partly because a lot of retirees just don't have enough income.
There's so immortality risk. Lenders are allowed to consider age in that context, and the bank is also going to be looking at how much of your net worth is comprised of liquid assets, your house, aarpiece, as banks aren't necessarily considering your home equity towards the decision to finance a new home loan because real estate isn't a liquid asset. Well, there you go. This is that anything we can do about that? Larry Well plan accordingly? You know,
I think of I have a client named Gaye. She's built, she's got a new home over in Stillwater here last fall, and we started talking about this probably twelve eighteen months prior to that, as she was working as a Delta flight attend and had been for years, and in recent years she
lost her husband. And she came in with her sister, came out to one of my classes and they came in and visited and got to hear her side of the story, and she wanted to retire, but we needed to map something out and the time frame, and then she wanted to sell her house, and I said, well, you got to maintain the income to qualify for this mortgage, So don't retire from Delta yet. And so we mapped that out and she got she got the mortgage. She closed on the
home, beautiful home over in Stillwater, close to family. But had she retired and those paychecks were not coming, she would not have qualified. So again, plan accordingly. Now, a lot of our clients that we sit down with and visit with, you know, they're downsizing, not necessarily buying megahouses or anything. But again they can turn people down because of age. Mortality risk is the gentleman, and he mentioned that is a factor to consider
income, debt to earnings ratios, all of those are important. And again it comes down to the liquidity. You know, do you have enough money to put down do you want the stress of getting having a mortgage payment? You know, they always say the happiest people in retirement don't have a mortgage. Now, not everybody can succeed at getting to that point, but factor
all these things in and don't quit your job before. If you need a mortgage and are looking at it, please don't quit your job before you get that secured, because you're there's a good chance you're going to regret it. Yeah, and what about I've read strategies before too that say, even if you've paid your house off, it's still a good idea to open a whole
equity line of credit. Is How do you feel about that? I mean, and the reason being that in the article I read was that it just at least it gives you a line to money should you need it for an emergency. Oh, I like that strategy, a whole equity line of credit. Now interest rates aren't as attractive as they were, right, But yeah, we encourage folks have over the years too if they can have that in
their back pocket. It is a form of liquidity. That doesn't mean you have to use it, and if you do use it, pay it off. But again, having that in your back pocket, I think it is very very good thing to do. Yeah, I was reading not that that kind of struck me as a pretty good idea, So I wanted to run that by you. We'll listen, we're gonna take a quick break, but just ahead one of the most orton retirement strategies. We're going to talk about
that. And are you letting your emotions get in the way of smart money decisions? That's never if you aren't, I'm not yelling at you. I'm just saying. And also once again one of the things that Larry talks about all the time, making the case for diversification. It's all coming up on the Haven Financial Group Radio Show right here on Twin Cities News Talk eleven thirty and one oh three point five f Investing, estate 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 Haven Financial Group dot com. This is the Haven Financial Group Radio Show. You can't go on thinking. Welcome back to the Haven Financial Group Radio Show. We appreciate you being with us this morning. And I'm Bill Seller with Haven Financial Groups founder and CEO
Larry Calvig supporting myself. Another cup of coffee. It's a good morning. Hey. Remember Larry, when how excited we were to get our driver's license. Do you remember that? I do, Oh, I do. Of course you were driving early on the farm. I'm sure farm perm ure. Yeah, but you know a lot of us like me. I ran out and took my test as soon as I could on on my sixteenth birthday. Do you know now, though, that according to the Federal Highway Folks,
that less and less sixteen year olds are rushing out to do that? Yeah, I've read that. Yeah crazy, Yeah, I think they did a study back in twenty twenty one and said only twenty five percent of sixteen year olds had a license. Now, lot of states have changed the rules to where you get a permit now at sixteen, and you can't get a license until you're seventeen. But still even at that they're not even applying for that. So if there are fewer gen zers driving on our roads, why is
there still so much traffic? Larry? It's the baby boomers. Yeah, you're absolutely right, they're picking up the slack. About ninety one percent of a boomers age seventy to seventy four are still driving had a current license, and about seventy percent of those eighty five and older also had a valid driver's license. My grandmother passed away at ninety six, and at ninety four she was still driving. To most everybody else's detriment, she was. She never
had an accident, but boy, she came close a bunch. You were like that it's enough, it's time. Yeah, I mean not that she couldn't say. She just didn't have the reaction time anymore at that age. That's all it was. But right, this just did Larry, there might be a mild recession coming later this year. Yes, I wouldn't lie to you. So what if we've been in the last nine months? Do you know what anybody's guess? My friend? This news coming from the Federal Reserve
economists who presented their findings at the March meeting with the Feds. According to the recently released minutes of that meeting, the recent banking crisis was a big factor. Now, if a recession is on the way, I know you're laughing at me when I say it like that. Well, what does this mean for us, Larry, come on, break it down for us. Well, first of all, if one has a plan that we put intact,
we stick to the plan. We don't deviate from the plan. We factor this into our Monte Carlo projections if you will out ten twenty thirty years in retirement. Because there's ups and downs, that's what happens with the markets. There's going to be recessions, There's going to be market corrections, there's going to be bullish markets in variosh markets. It's just a given. So you factor in how much risk you're comfortable with, the willingness for risk,
need and ability and whatever risk model you're in. You know, we stress test the portfolio. The problem is most people don't know how much risks they are taking until they realize, like last year, how did I lose twenty to thirty percent when the markets were not good? Well, the reality is people were not in the right positions. The diversification wasn't there, which we're going to talk about, or they they didn't stick to the plan, or I don't know, they got off course. And you know, timing the
market is virtually impossible. So again, no knee jerk reactions. Have something that's relative to your situation. The element of time becomes that much more important. Factor those things in and there really shouldn't be any major surprises other than surprises that you've already put into the equation because things go up and down and this is that's just what happens. So as I was reading this article, I was, yeah, they are projecting a mild recession to start later this
year with a recovery of over two years. I mean, come on, a mild recet. I shouldn't takes two years to come out of not usually No, come on, now, what else are they doing in this meeting? Sounds like, well, yeah, never mind. Uh So, this this story kind of paints me here, Larry, because I am one of these folks. Man, if you are a boomer, you know about Tupperware.
My mother had tupperware all over the house. Sad to say that the company's stock recently plunged by fifty percent according to CBS after the right after they announced that they could go out of business. I can't imagine a world without Tupperware. I mean really been around a long time, what eighty years? Oh yeah, nineteen forty I think is when they started. Yeah. Yeah.
We see stuff like this and it just reminds me that you should never put all your eggs in one bat well, I guess, in one Tupperware container, right, and and really pushes the idea of how important diversification is. Right, you were just mentioning it a minute ago. You know, diversification is really a strategy or technique of spreading out you know, your resources or investments across you know, different areas, different sectors, different markets,
if you will. And the really the purpose is to reduce the risk, reduce the volatility or exposure to one asset, or maximize returns or opportunities. That's the real goal of this. And if you have all your eggs, and if you have all your eggs in one basket, like you know, sometimes you do, and you can get lucky. You know. I think of the gentleman that was in here just recently and he had ten million dollars of investable assets. Nine million of his ten million was invested in apple stock.
So right place, right time, right the right timing. Now that brings with some tax challenges which will be addressing over the next several years with him. But again not what I see though, is you know a lot of times people have this mindset where they put some of their money with the blue statement, some of them money with the green statement, some of their money with a red statement, and because of that three different places, they think, well, I'm well diversified. I don't have all my eggs in
one basket. Yet, well, you know, our investment team will dive in and look, they have the same holdings in three different statements. So three different statements but the same holdings. That's not diversifications. So you know, finding the sweet spot in your situation, you know, making sure that you know you have you know, the small cap, MidCap variety of these things. You know, I don't really do any cooking because I met my
wife a long time ago and she's the best cooker. What's the right recipe to get the best flavor? You know, That's what we're really looking And how much risk are you taking? Should you be taking? Do you want to be taking? You know, that really drives the recipe of the portfolio, and that's where we help lots of folks. Again, you can have it in ten different companies, but that is not mean diversifications. So it's a key part of the equation when it comes investable assets. So yeah,
exactly. I mean, so you're investing in four places, but in four different places. But if you're investing in the same companies in all four places, correct, it's not doing you any good. So when you look at the versification and you talk to folks about it, are there is there a formula? Is it just a feel for how things are going? How does that work? Well, it's really based upon one's comfort level. Number one, what type of assets are we dealing with their comfort level for risk?
You know a lot of folks as they get older, they tend to be less risky when it comes to the portfolio. And you know, I had folks in last week. They have plenty of investable assets and they're like, we don't want to take any risk because we don't need to and I'd like to sleep at night. And I'm like, well, who am I? Who are we to tell you that you should deviate from that? Right?
The willingness for risk, need and the ability to take risk now again based upon some sort of comfort level you could have, you know, fifty percent stock to bond portfolios. Those are the things we're going to talk people through. And unfortunately a lot of times people have way more risk than they think they do, and then they only find out once there's a downward spike in the market and they go, what in the world are we doing. That's
called stress testing your portfolio. We do it all the time. These are all things that Larry and his team can help you with to make sure that you are aligned with what you're thinking right, that your actual plan that you have in hand is doing what you're hoping and thinking that it's doing because sometimes folks come in to see Larry and everybody at they have in financial group with hey, here's my plan, and it turns out it's not really a plan,
or it's not what you think it is. So that complimentary retirement rating, this review is just a great way to make sure that what you have, as far as a plan goes right now, really is going to work for you. And if it is great, you come in, you meet with the team, you have a nice cup of coffee and everything's good. If it's not exactly what you'd hoped, they can get you on the right
track and get you moving in the right direction. So that's why that phone call could be one of the best thing is that you do for your financial future. Six one two four four one two four four one is the number six one two four four one twenty four forty one. That's how you get in touch with Larry and the team at the Haven Financial Group. Six one two four four one two four one. Coming up? What's your money script? And can you flip that script? We're gonna talk about that. And
why are the interest rate for I bonds could be about to drop? We'll talk to Larry about that as well. This is the Haven Financial Group Radio Show on Twin Cities News Talk eleven thirty and one h three point five. F out, I got a changing my pocket going, let's call you all the telephone, baby, I give you a three, but he's silence out. I get the same up back all into hooky above and then I get a hot did my baby don't black my love of Oh no, sham,
she said, don't give me no lines and keep you. I say, I love you. I thank you so much for being with us this morning for the Havens Financial Group radio show. Haven Financial Group's founder and CEO, Larry Calvig is here along with me. I'm Bill Seller, and you know sometimes people just told think stuff out Larry. Though. Chicago bank robbery suspect
was caught in a very unusual way recently. Apparently just before he robbed the Fifth third Bank, he struck up a conversation with a lady in the alley outside, and then later that lady recognized the man's clothes and a TV news story about it, and she turned into bank robbers' phone number to him because he gave her his number when they were talking in the alley. Yeah,
it's so funny. The suspect also left behind his gun and gloves when he's gippt out on his motel bill near the bank, so they had fingerprints and all that other good stuff too. But yeah, so he's going to rob a bank. Hesus lady in the alley decided to giver his phone number. Genius. Yeah, well, crooks are stupid. I've always said that. That's right. Let's see here what we're going to talk about before the break. Oh, yes, the interest rate for I bonds seems like it's probably
gonna take a tumblety pretty soon. Marker Watch reporting that the next six month rate is going to be announced May first, and if predictions are correct, the annualized I bond rate could drop a low four percent. That could make them a lot less attractive, wouldn't Larry, Oh, they've been very attractive, and of course they're tied to inflation, which the good news is if that is the case, slowly but surely and we might get be getting our
hands around the inflation problem. So the attractability of I bonds I think is probably in the short term now just because of that, they're not as attractive as what we see treasury bills or you know ef CDs and some some type of accounts like money marketing CDs that we haven't seen any attractive rates for like ten years. You know, I always joke in the last several years, I have clients to call CDs certificates of disappointment because they have been they're just
nothing. But you know, now it's the time to be shopping out there for your liquid dollars. You know, CDs money markets. So I know our SWAB money market paying like four point six five percent. You know, I'm at Wings Financial and they had a fourteen month CD. So those some of those liquid dollars that people are holding onto. Uh, you should be
at least getting something for your money. And I know some of those big box banks out there are not paying really hardly anything, so you may want to look at trying to get some sort of return because liquidity is important, certainly important. A lot of folks do not have enough liquid dollars in retirement, and it's a problem because there's always something and h but again, you
should be getting something that on that money. Um, if it's just sitting there, getting dusty moved somewhere else now and just for those who may not know what what is an I bond and what is the benefit of an I bond? You get them at Treasury direct directly from the federal government. They're bonds that have terms to them. So again, always factor in the term, meaning how long until they come to maturity. Um. Again, they're
they're in the bond division. They can be relatively safe. But again, with interest rates going to go to the other direction, they're just not going to be attractive. So um, so they are offered a good option when things are going south with the inflation. Right, Yes, that is correct, that's why they were so attractive. They're pretty much above six percent for
quite a long period of time. Wow. But but there's limits. You can only put up to ten thousand into them at a time, and you and they do have like you said, it doesn't come right back to You've got to wait a little bit, right. Oh yeah, and there's some Yeah, there's a term, and there's uh, the liquidity factors not there as well. So when you make these decisions, you want to make educated
decisions. Okay, all right, well I just figured for tho folks who don't know what then I bond is let's just run it down for him real quick. There we go. You know, these kind of questions are what Larry and his team can answer for you all the time. That's why having somebody like this on your side to be there for you, People who know these things, people who are up to date on all the changes to these things. That's why I think it's important to have folks like Larry and his
team in your corner. Again, the number to reach them is six one two four four one two four four one six one two four four one twenty four forty one. You can find out more about them online at having Financial Group dot com. But again, we've got people standing by this morning to go ahead and set up your appointment for your complimentary retirement rating this review.
And if you've heard anything on the show today that has made you think about something or brought up a question about what you're doing, that's the perfect time to call and to get on the calendar and get in there and sit down and talk with these folks. Six one two four four one two four one. Well, we we've talked about it on the show before, Larry that you know, how we handle money has a lot to do with how we feel about money. And CNBC recently talked with Brad Klotz. He's a director
of psychology, and he basically said, there are four money scripts. The craziest money behaviors that we see or that we've done ourselves, make perfect sense when we understand the beliefs that are underneath them, and we call that in our research money scripts. All of our money behaviors are investing behaviors, and our financial outcomes we can trace back to our money scripts and they come from our childhood quite often. And this is where we need to do some digging
if you're not happy with the outcomes you're getting in life around money. And the four scripts that he's talking about, we're going to run these down our money avoidance, money worship, money status, and money vigilance. So that's the list, Larry, let's go down to each one of those real quick talk about those for me. Will you money avoidance? Yeah, there's a lot of psychology when it comes to money and how people spend money and how
they view money. And you know, of all the years that I've done this and I've seen it firsthand, and you know, money avoidance, I don't quit understand it, but having negative ideas about wealth and finding it less moral to have wealth. You know, that's money avoidance and money worship. You know, I've seen this, believing that wealth is the key to solving all your problems and happiness will come from money, and that could often lead
to overspending and overestimating the satisfaction that comes with money. So money status, you know, complating net worth and self worth and using money to seek status if you will, can also lead to overspending and high credit card debt. And I don't mean to be that guy. And I'm sorry to jump in here, No, you're good. I don't mean to be that guy. But the money status one, especially when that appears to be the thing right
for the last twenty years in our country. True, if you just watch videos, music videos, the stuff that people are, the music that they're into and all that, the flash year of the car or the more money you're throwing around, all of that, the TV shows like you know, the Kardashians and all the lifestyle stuff that's out there for people. I just wonder how much of that has actually puts pressure on people in real life. I'm not one of those guys, thank goodness. But the money status thing
is it's almost like anything you see on social media as well. Right, it's what we've got to keep up with the Joneses, is what it's. Yes, yes, you know I find that very interesting too, because you know, this past week we had our annual client appreciation shred event. Two food trucks out here. Just had a great time and even though the weather
wasn't the best. But you know, a couple of years ago when we did it, I had a lot of our staff go to drive through when they get dinner lunch on us and all that good stuff and they go. We noticed that our clientele, and doesn't mean anything, the clientele that drove the fanciest cars tend to have some of the least assets and those that are the wealthiest we're driving clunkers or those that weren't. Is nice, which was
an interesting observation. Now, you know, we're not against anybody getting or doing whatever they want to. And at the end of the day, though that was a common threat or a comedy nominator of those that just inflaunted as
much. And you know, money vigilance was the fourth one, you know, being wealthy but still having higher than average financial anxiety you know, we see this one more often than you think, and I think of you know, John and Gail if they have a winter place in Arizona and they have a place in Egan, and they've been life partners now they both lost their first spouses, and they both have separate investable assets. John has a big pension, could play golf every day. He doesn't worry about a thing.
And Gail, she has plenty of investable assets. A little bit younger. But for the longest time I didn't take her. I took her seriously, but I didn't think she was serious that she worries about money NonStop, and she really does. Now she has nothing to worry about, but she can't overcome the worry about out leaving her money when the reality is she's not going to. But that's her worry, that's her concern. And these are all
certain things as we sit down with folks. These are key attributes that we try to pinpoint and hone in on, because there's lots of psychology with money, the need for it. Some people don't need as much. We see a lot of those that are very wealthy. I'm going to run out of money. So again, just understanding you, understanding you and your habits. That's the important part about it. And again that's why we encourage folks to
look at all these retirement puzzle pieces. And there's no better time than now. You can only take care of what you can take care of. And is it really necessary to worry about the joneses. No, you do the best you can. And again that's where the estate planning side. We just had a couple that got their estate planning done and they go, finally we
got something done. These are the retirement puzzle pieces. If you're doing medicare, tax planning, life insurance, investment, wealth management, these are the parts that we help people with to have confidence, good understanding. We want to air on good communication and at the end of the day, we just we want to adopt the eyes and cross the t's and help as many people as we possibly can. And that's what Larry and his team are there for.
And just real quick, I was listen to your comments about the the observation of those with more money driving clunkers and those with less money have any expensive stuff. Well, because they're driving the clunkers is why they have more money. I mean, that's an any rich person I've ever known, as always said, I got this way by not spending it. Right. Isn't that Warren Buffett's number one rule? Right? It is? It is rural number one, don't lose any money, rule number two see rule number one.
That's right. Well, listen, Larry has always it's been a pleasure man. I appreciate our time together and we will talk again next week. My friend look forward to a bill. Had a great week, and thank you for listening to the Haveaving Financial Group radio show here on Twin Cities News Talk eleven thirty and one h three point five ff. Well you win bound riding in your embazzine with your fine palm gaving cools. You have to doe paring in your hand and the spoons when you wake up in the morning with
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