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, Larry, that that reminds me of come up with a new bumper sticker for you. No, yeah, what is it? Yeah, it's Haven Financial Group. We are not a call center. We actually have real people standing by even this early on a Sunday morning to answer
your call. So we do. And I thought, well, maybe were throwing a bupper sticker. We're not doing that officially. Folks, don't expect to get a bupper sticker. I'm just throwing that idea out there. Good morning. We are so glad you are with us. I am Bill Seller, are with Haven Financial Groups founder and CEO Larry Calvig, and we do get together at this time every week to talk about retirement, how to get to it, how to get through it right, that's the magic of it
all. Really, How are you, my friend doing well? Good morning? Yeah, Yeah, things are going well. I got my first cup of coffee down, so I'm feeling a little bit better. As we move forward today, we got a lot of stuff on the plate to talk about, like why Costco, of all people, is talking recession and when not to trust that gut feeling that we always rely on so much. Also,
our own little city, Minneapolis makes a very interesting list. We're going to talk about that coming up in a little bit too, as we do get the show started today. It was interesting I saw this news about Costco. Larry and says shoppers are prepping for a recession and their recent earnings call Business Insider reported costco CEO said the average transaction amount is down three and a half percent because folks are buying fewer big ticket items like flat screens and computers and
that kind of thing. Yeah, some shoppers are buying more canned meats and less fresh meat, especially beef, because I don't know if you've seen the price of that lately, but holy cow, and Costco's lower priced house brands like Kirkland is actually selling a lot better than the name brand stuff. So, well, what do you think of their their recession meter there at Costco? Larry Well, I don't know. The last time I was at Costco, I didn't sense a recession at all because it was so jam packed I
could barely make it through, you know, the big ticket item. So as far as an average sale, I'm guessing that's probably affecting these things. You know, we raise our own beef, so I don't really notice the beef as much unless I go to our restaurant, So I'm kind of fussy when it comes to that. But you know, can products I guess, you know, their numbers would tell the story, and maybe there are some
that are buying the cheaper products. You know, I actually like the Kirkland brand, not to advocate for them, but I find it just as good as some of the other ones. Yeah, I agree with you. I was thinking the same thing. Yeah, So you know, that's not when one I've experienced. But you know, people are feeling the expenses. We've talked about inflation every single week. You know, pocketbooks are feeling it. Consumer credits higher than ever, so I guess I'm not surprised. It's just
not been my experience to see when I've been there. But if people aren't buying, you know, the flat screen of the high ticket items. Yeah, and then the transaction amount being down three and a half is not truly really not surprising. Yeah, and you know, the big ticket things, I imagine you have to come to a slowdown a little bit because between the combination of what inflation and apparently nobody working because people are always advertising for job
openings, and the fact that things are just cost you more. In general, everywhere, we have a little less discretionary money, right are you? Are you finding that with your folks that you work with as well, the people that are already in retirement and had that what we'd like to call the the want to fund right the things that you wanted to do, the vacations, the sprucing up the house, whatever. Do you do you find them kind of slowing down on that spending as well? Or how are things I
would say paying closer attention? I would say that's probably more accurate. And you know, the questions we get is, you know, are we in a recession? Should we handle things different in retirement? As far as planning goes, and you know, it really comes down to the element of time. And we've always factored in, you know, in our plans that there's going to be the highs and lows, and the bowl markets and the bears and the recessions. You know, they're part of what the market does.
Now, technically you should focus on the same things during a recession as you would plan during any phase of the economic cycle. Now, ideally you have, assuming you have a plan, we help people put those together. And if you don't know what the answer to that question is, then perhaps we should at least get together and see if you have a plan. And you know, you manage your plan to some degree, your portfolio to some degree of risk. You know, it should really detail how you manage your money
whether the economy is up or down, no matter where we're at. Now, let's face it, though, a recession during retirement or maybe for somebody that just retired, it can be tough to bear, There's no doubt about it. Maybe you don't have a job to lose, you can't add to your portfolio anymore. You know, these can be very stressful, stressful time. So you know, I thinking of you know, keeping good liquidity, managing those expenses, and you know what, those are very important things to
do, and we help people do that. Keeping a good balance between money in the bank, easy access protected investment dollars, and then stock market investments relative to individual situation. You know, those are all really important factors, no matter what time of the year, what time of the economy, what time in life, as it relates to who we sit down with. That
retirement topic is so important. Yeah, yeah, because things really do change when you no longer have that big paycheck coming in every week, right and right, you're living off your plans. So, speaking of increased prices and how fed up people are getting, our own financial reporter Drew Since saw firsthand what happens when somebody gets really upset with the price increases on things such as
a small cup of coffee. It was in line at Starbucks the other day and the guy in front of me had a complete freak out over the price. He ordered a medium latte and the barista told him it was going to be five dollars two cents. I guess the price had gone up that day. He just went into total sticker shock. He said that he was going to rethink his coffee habit because this was going to be his first five dollars latte. So obviously the guy was really frustrated. And you know, Costco
says buying habits are changing because of the recession. We just talked about that, and the conference Board reports the consumer confidence is slipping as well. Numbers were down in May, especially among the people we're talking about right now, Lowry over fifty five. So I guess everybody's just like we're saying, just a little bit skittish right now. Huh, Well, I would agree, And why wouldn't we be, considering we've been going through this for you know,
quite a while, and you know, certain other indicators. You know, there's some down consumer positivity when it comes to future business conditions. That's weighing on things expectations for jobs and incomes over the next six months. Consumer confidence, I mentioned, consumer credit card dead skyrocketing. There's just so many variables and factors that you know, people really should be scrutinizing their expenses. You know, some things that you can do as you're looking at these things
as it relates to recession. The retirement would be, you know, be proactive and adjust, maybe you can adjust some of your fixed income or the income that you need to come in. Maybe consider a part time job. And I know that's not appealing, but you know for some that is certainly something that they're looking at doing or other sources of income. Maybe it's a hobby or as you mentioned, you know online or something to generate a little
bit. And you know, minimize exposure to market volatility. And we always talk about diversification, you know, avoiding surprises, you know, stress testing that portfolio because again most folks don't know how much risk they're taking until the results already happen. And you know, a big one that I'm very a big advocate of is building an emergency fund. The emergency fund, no matter what your age, been a retirement no different, you need that emergency fund
and paying down that debt. And here's way. We also say review your sol security benefits and your health expenses. These are viable topics in retirement that maybe you can save a little bit, shop out that Medicare every year. Maybe you're delaying so security for good reason. It's why we teach a lot of classes. In some cases it maybe makes sense or maybe it doesn't. And talking through these on a regular basis, just seeing where just like a car, you get a tune up on a car. Maybe not so much
anymore, but the old days, tune up your retirement plan. And if you don't have one, or if it's not been updated or tuned up, now's the time. Absolutely, absolutely, And this is why Larry and his team offer that complimentary retirement readiness review, so they can sit down with you, look over the retirement plan that you have and see if it is really going to help you, if it's really going to work for you in retirement.
And you know, you set up that review by calling six one two four four one two four four one six one two four four one twenty forty one. It's the word complimentary. Understand, folks, that's in capital letters, Complimentary retirement readiness review. Go in, sit down, talk with Larry and his team and just have them take a look at things and if everything's great and in place the way and it looks good, they'll tell you that if things need to be tweaked, they'll let you know that too, and
then you can start moving forward to getting it fixed. And you know, Larry, when folks come in and they do have that first conversation with you. I just want people to kind of understand Day one is just to get to know you kind of thing, right, Yeah, I call it the discovery meeting. It's part of our process. We kind of have four stages of the process, assuming we continue to move forward, word and the discoveries.
Just you get to know us, We get to know you. We ask a lot of questions, We take a lot of notes, you know, questions that just last week I had a couple say, nobody's ever asked us that question that I'm glad you asked that question, just because we want to know your situation. You know, as I mentioned, we're not a perfect fit for everyone, and I always say, if it doesn't feel right, it's probably not right. And it's a free world. You can interview
anybody you want to. But you know, from there we develop a strategy or recommendations if if you choose to and we open your eyes maybe to some things, and then an implementation would be okay, let's implement this plan to the degree that we've talked through it, it matches your situation, and then of course life happens along along the way. We monitor it, make adjustments and modifications and this is a process. This is a again something that again
things change in life. Well your plan can change according to how your life changes. No secret, we're looking to cultivate long term relationships. We you know, this is serious matters, but we also like to have a lot of fun and people see that as well. It's not a stuffy in corporate environment, not saying that's bad. It's a family environment and we want people to feel like it's a family environment. Hey listen, we're gonna take a
quick break. But when we come back. Why a weather forecast trigger to jump at coffee being prices and apparently ticked off a guy at Starbucks. Also what some millionaires are doing just in case, and why you can't always trust your gut. Coming up here on the Haven Financial Group Radio Show on Twin Cities, New Stock eleven thirty and one oh three point five ft. We've
been traveled in far not without a star. Welcome back to the Haven Financial Group Radio Show with Haven Financial Groups Founder and CEO Larry calvig Ia Bill Seller and that's the theme from the X Files. Larry, I gotta ask you, buddy, do you believe in life and other planets? UFOs, aliens, that kind of thing. I have not let myself my mind wander that
far. Okay, well, you may want to a former a former US intelligence official that has turned whistleblower claiming that our government has been hiding classified evidence of UFOs and even alien life. And you know, Area fifty one apparently is real. Apparently it's the thing. This guy says that a an alien craft crashed from another planet. According to him, the government has taken all that information and actually found the alien and the spaceship and withholding it from congressional
oversight and all the other stuff. And of course the Pentagon says they have no credible evidence of extraterrestrial activity. So it's time to get Molder and Scully on the job. I think we'll get the X Files crew out there see what's really going on. Well, before the break, we were talking recession, we're talking inflation. And now just add this to the list. The weather is causing money problems. Right. We started the show talking about the
guy that was all upset about his lattan Starbucks. Well, boy, he's not gonna like this. Prices for robust to coffee, which is often used for bruise like an espresso jumped last week after a prominent weather forecaster declared the return of El Nino, which of course is a big time bad weather system, especially for farmers from South America to Southeast Asia. So apparently just the
thought of this storm coming through is raising prices of coffee. So if you're invested in coffee as part of your portfolio, this is another great example, I'm guessed, Larry, of why we need some folks like you and the people and Haven Financial Group to keep an eye on our investments. Well, yes, actually, just the speculation of bad weather can can do that to the markets, and the costs uh, cocoa and coffee have really gone up
really really quickly, So we'll see what happens there. But whether it is a factor now when it comes to looking at the portfolios, of course, we have an investment team behind the scenes that you know, rebalancing, you know, making sure you had the right investments in the right spot. You know. Rebalancing is very important, um and it hinges on a variety of different things, one being volatility. First of all, you have to have a plan. Um, when you have a plan based upon some risk model.
Then rebalancing investments is you know, really the process of returning the values of a certain asset location to levels defined by the original plan um. You know, this is based on some there's risk tolerance to call it. This can be different depending upon different types of accounts because oftentimes we use different types of holdings or investments within iras or broke reache accounts, non qualified accounts four
one case and really monitoring that. And you know, with volatility like the pandemic for example, you know that that was probably our investment team's biggest you know that's that that was busy because the market jumped all over the place. Well, that creates opportunity and it requires rebalancing because you know, technically anything time your portfolio allocation percentage just are off by five percent or more, you
really should rebalance. And that's really an opportunity to stay in the lane and that can create opportunity and if you miss the opportunity, you might have missed opportunities for growth. So you know, once you have that plan, you can stay on course, you know, stay in the middle lane to avoid these knee jerk reactions. So again, rebalancing extremely important and a lot of times to people that do it themselves. They don't do that. Maybe they
don't do the research, don't want to do the research. So there's lots that goes into that. Now, if the waters are pretty calm, there might not be much rebalancing. You know, we're not speculators, we're not day traders, and if people want to do that, more power too of them. But again, someone that can keep a close eye that makes sure that you're hindering to your plan and not deviating out into an area where it's
uncharted territories that you don't want to go. Yeah, and getting that plan started again comes with setting up your complimentary retirement readiness review with Larry and his team at Havens Financial Group. They're going to sit down and look over the plan and if you don't have a plan, get one started. That's what
they're there for as well. You know, they're going to look at everything, like he said right now, where we've been through these rocky water stuff that affects your retirement money that you didn't see coming right, It happens all the time. We talk about it all the time on this show. And you know they'll be able to put together a plan for you that addresses your needs, your wants your what ifs, you know, for today and moving
forward. That's the cool thing about having that plan is that you can be better prepared for the kind of turmoil that we're all going through right now. It's you know that this complimentary retirement reading this review is best suited for anybody that you know, if you've worked hard to say for the future, and you are near retirement, are already there, give them a call. It's six one two four four one two four four one six one two four four
one twenty forty one. The calendar fills up pretty quickly for those appointments, so I'd call as soon as you can six one two four four one two four four one and larry as if there's not enough going on now, there's a whole bunch of new scams out there for folks who own their own business. I mean, people are just wrong. Small business owners being warned about continuing ARC tax break scams. The IRS is did these scams to it's Dirty
dozen lists for twenty twenty three. ARC or it's called employee retention credits are legit for certain businesses, but there are con artists out there trying to convince ineligible businesses that they can claim the credit as well. And small business owners like they don't have enough on their hands right exactly, how could a financial advisor help owners avoid those kind of dangerous situations. Larry Well, scams seem to get worse every single year. That's unfortunate. But this arc scam tax
credits. You know, tax professionals have been reporting undue pressure on this from clients to participate. And it's why we think it's so important to work with somebody that has the resources, that has the knowledge, you know, that can give get the right answers, that has the right credentials. You know, allances are CPA. You know, oftentimes the tax code doesn't make sense or it's hard to interpret, and that's where we will rely on a professional
that has education in that field. I always say, when I get on a plane, I'll let the pilot fly. I'm not going to study to be the pilot. I'll let the pilot fly. Well, that's what a tax professional does. And when I say that CPA, Lance is our CPA. There's other good CPAs, but they had the credentials and the understanding. They know how the tax code works, and by the way the tax code changes frequently, and you've got to understand those things otherwise you can get yourself
into some serious problems. So, you know, developing that relationship, understanding the regulations and talking through its talking through some of this stuff with folks that can explain things. And you know, if it sounds too good to be true, it's probably too good to be true. And especially about small business owners, they can be susceptible to some of these things because it sounds so good and it may come back to really hurt you later on. So the
relationship working with somebody that has the resources. The tax piece, you know, we talk about this weekly, forward thinking tax planning, you know, as it relates to individuals and businesses, you know, so you can plan throughout the year to see what the outcome is ahead of time, rather than trying to take advantage of these things that do not exist. Now, there aren't credits out there that do exist, and well, you're these tax professionals
will understand that use the ones that are there. Use the tax code in your favor where they are legitimate. But again, be careful with these scams, and if you do come across these scams, you know, report it to the IRS. We're not going to alleviate all these scams, but we want to certainly report those and minimize those to the best of your ability. Be careful, yeah, be careful. Yeah. So if let me ask
you the area. So folks have a own a small business and they're they're worried about something that they received, they can reach out to you or anybody, yes, yeah, and find out talk to the folks with have in Financial Group and they'll help you figure out if it's real or not. Because I get phone calls for a tax break for my company, I don't know copy. So again, the number is six one two four four one two four four one. That's how you get in touch with Larry and his team
at Haven Financial Group. You can find out more about him at Haven Financial Group dot com. As a matter of fact, Larry mentioned a little while ago the classes that they teach in social security and healthcare and those kind of things. If you're interested in finding out more about that, that's online Haven Financial Group dot com. Find out exactly where they are being held, when they're being held, and sign up as soon as you hear about him,
because they do fill up quickly, they do. We've just had several classes this week, very well attended. People want to learn what education can be very powerful. Of course, it's what you do with it that matters. And you know, as we talk about a plan, if you're listening and you don't know if you have one, maybe it hasn't got the attention for ten, twenty or thirty years, or somebody's not listening or they're not paying attention. And you know what, getting a second opinion is nothing wrong with
it. Sometimes people feel bad or they buried their head in their sand, and you know what, small at large, you worked hard for whatever you do have, you owe it to yourself, if you're married, your spouse, and your family to make sure that you're getting for retirement. It's more than forty five minutes to one hour per year. Retirement has all the puzzle
pieces you and I talk about on a weekly basis. You should be getting the attention in all of these areas to make sure you're making the best decisions and you're saving money where you can. Absolutely, absolutely so. When we come back from this quick break, we're going to talk about why so many
millionaires are holding on to cash. Also going to break down what's called hobby taxes here on twin Cities New Stock eleven thirty and one h three point five FO you get a Shiva in the dark gets lay in the pound meantime, it stopping your whole everything. Celebrate, Celebrate, Celebrate. Welcome back to the Haven Financial Group radio show. I'm Bill Seller along with Haven Financial Groups
Founder and CEO Larry Calvig. Street Dog Nights Celebrate, by the way, I think one of the more highly underrated bands from the seventies, But that's just my opinion. Larry h. The reason I'm playing that song is because there are this is just festival season, right, tons of festivals going on all over the country. But I saw this one and that, man, this has got to be the strangest reason to get together that I've ever heard
in my life. Uh, it's the Mike the Headless Chicken Festival. So apparently this celebration dates back to nineteen forty five when a farmer severed the head of well, Mike the chicken, and despite this setback, his vital organs and brain function remained, and some six hundred towns people lined up to get a glimpse of headless Mike still running around the tradition continues today without Mike can't make it up. Moving right along. A new poll says that three fifths
of millionaires expect the economy to end the year weaker or much weaker. And according to the CNBC Millionaire Survey, about a third of millionaire investors are keeping more of their money in cash. Boy, where have I heard that before? Liquidity? Huh oh? Wait right here, Larry talks about that all the time, right Larry, Why why do people do that? Well?
Because five percent guarantee on some fixed accounts are quite appealing when things don't look real rosy considering you know, millionaires, millionaire and millionaire investors you know, make up about eighty five percent of the stock market, so they can really shape the markets. They really really can. And with all of volatility, and you know some statistics that show that twenty eight percent of those that responded
have purchased fixed income investments due to the higher interest rates. And why not, I mean for the longest time, I don't know, ten, twelve,
fifteen years, CDs and money market. You know, people will remember point zero one point one point two five there just wasn't anything to be had and the market was rolling well, now it's a roller coaster, and these rates with the FED increasing what ten eleven times whatever it is, you can get really close to five percent, maybe a little bit over or just a
hair under, and that's that guaranteed. Is very intriguing. And you know some of the statistic thirty eight percent of million investors believe the SMP will end down this year. Well forty percent tend high. There's really mixed expectations, and people that have the money have cash on the sidelines. They're okay with that, waiting for an opportunity once these markets and one inflation and once all
these things hopefully can get under wraps. But very popular. It's why you and I talk liquidity because for retirement, having that right balance, you know, having X amount of dollars liquid. There's benchmarks that we like to see. Because life happens, the grandkids have birthday parties, the air conditioner or furdest goes out. You need that money and you need to replenish that and maintain a certain level. And we help people do that through the types of
accounts they may have. And then stock market investments being in the right position based upon individual circumstances. And then the fixed principle type of investments, making sure that you don't you're not exposing all your principle for retirement to the market. So there's lots of unknowns out there. You know. The question is what's your plan, and it's your plan based on your situation and expectations, or you at basing it on somebody else's who might have a completely different story
than you. So again, creating a portfolio that it's relative to you, your spouse if you're married, in your family at this stage of life, and making sure it stays intact through the ups and the downs because they happen. I was also reading this survey. I thought it was interesting that because of inflation, over a third of those millionaires that were interviewed have reduced restaurants spending. Sadly, twenty six percent are giving less to charity. Even charities
are hurting right now because of this. So yeah, we've a we've all got a little bit invested in what the heck's going on. But you can be better ready for it by having that plan in place, getting it done, and getting it checked out with that complimentary retirement readiness review from the folks at Haven Financial Group. Again, the number real quick six one two four four one two four four one. I wanted to ask you this too, Larry. You know a lot of us when we're faced with a big decision,
everybody always says trust your gut. Right. Well, one psychologist is saying that your gut reaction is not always the wise choice. This article comes from Fast Company and he says, sometimes you need to talk it out, fake strutigue, magically, ask for advice from the right people, of course, And you know that's something we talk about a lot, right the psychology
of retirement and spending money. And you know, when making financial decisions, it is critical to work with somebody like Larry keeps saying that it's not only trustworthy, but is knowledgeable and up on this stuff. The folks in your office, you kind of have a one stop shop there, right with people that handle all aspects of retirement, and they know a heck of a lot
more than we do. That is true. Now again, being an aware being aware and then having somewhat of an understanding is important, and we talk about that and that's why we encourage and educate, you know, but when a crisis erupts, you know, even the most seasoned leader, can be can be fearful. You know, our gut screams to you know, abort the mission, flee or and load the problem, blame somebody else. And you know it gets stressed, You get exhausted, you get fearful, and
well as normal to seek this relief. You know, our gut on its own, I would agree, you know, can't be trusted to guide all our actions. You know, no matter how strong the impulse to the act, maybe to our hearts, our hearts can lead us to decisions that you know, only make the crisis even worse. And you know, with the adrenaline that comes with it, the powerful urge to do something quick. You know, we call that impulse or knee jerk reactions. You know what those
can be. You know we needn't heed the siren call, if you will, of our instincts. You know, Instead we might want to use this as impulses, as a clue and make conscious decision making by consulting with somebody that can talk through you know what this has happened before, here, here was what came after this, you know, So use those impulses as information, but not dictators, if you will, to making some decisions that happen quickly, and you know almost you know, we talk about this because we've
been doing this a very long time, and in almost every market correction, no matter how much you can get people into the position where you know they know the plan, there's always one or two that the gut feeling over causes them to overreact. And you know, it's sad to say, but it happens. You know. I think of a gentleman right around the beginning of the pandemic. He moved from Pennsylvania to Jordan, Minnesota, and he had an advisor out in Ohio, and he's like, this guy is not listening
to me. He's not listening to me, And all of a sudden, the market had a downturn. Well about three different calls to me and meeting. He goes, I gotta do something. I gotta do something, even I wasn't even helping him at the time. Now is not the time because he didn't need the money, you know, there's the necessity for the funds. Sure enough, I get the call, he goes, well I got out, And I said, well, what day did you get out? The days he gave me was the day the market hit rock bottom. Here's
what I know. He never got back in because number one, timing the market to get out is difficult, but timing the market to get in is also difficult. He missed a complete uptick, and we know that with COVID the market came back quickly. He missed the whole upside. Now it's had to hear when you know, stories like that. But that's the type of reactions that we just don't want, you know. You know what, We've talked through these things. We've discussed that these recessions and the bullish and the
barriash markets, they happen. But again, this is what happens if you don't adhere to the plan. First of all, have one and make sure you're working with somebody that is trustworthy, that has your interests in mind, and doesn't have you exposed to certain conditions that you're not even aware of. So do I think people should be aware and have a good understanding, Of
course I do. Do they need to be the experts? No? But the problem I see is many people are positioned in a position where they have no idea what they're doing as far as risk, and the only time they feel it is when the market goes down and oftentimes they just don't get into position where they should be. And again that's that's sad to see. Stress test your portfolio if it's where you need to be, more power to you
if you haven't had it looked at a long time. We all all of us are getting older because none of us are getting younger, So now is the time. Absolutely, that's what that complimentary retirement Readiness review does for you. By the way, it's basically a stress test of your portfolio. Six one two four four one two four four one is how you reach the folks at the Haven Financial Group to set up your appointment as soon as you can.
Coming up here, we're gonna talk about if you happen to make money from your hobbies, well, guess what the I R S is really interested about that too, and why even the magic man has his limits and our city made a very interesting list. We're going to talk about that next, So Haven Financial Group Radio Show on Twin Cities News Talk eleven thirty and one oh three point five FF. 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. Oh yes, and welcome back to the Haven Financial Group Radio Show with Haven Financial Group's founder and CEO, Larry Colvig. I am bill seller. So the US Postal Service is out with this year's annual national dog bite ranking. Topping the list is Houston, Texas fifty seven postal carriers
got bit in twenty twenty two. Los Angeles was second with forty eight bites, and our little city, Minneapolis is tied for fourteenth with twenty yeah, twenty two bites, tied with the Milwaukee and Cincinnati and then Pennsylvania is the fourth worst state for dog bites with about three hundred and thirteen and reported all over the states. So wow, I mean interesting, My guy doesn't get
out of the truck. I mean he just pulls up to the mailboxing Yeah, so, uh, you know, he doesn't have a chance to get a bit in here. But I just thought that was kind of crazy. Um, do you have a hobby? Do you do you sell any handmade items? Folks? Well, I saw in Kiplinger that the IRS has special rules for people who make a little bit of money off their hobbies. The article seem to be saying that the money you make from hobbies is taxable.
Well, of course everything is, apparently, but the hobby expenses are not deductible, even on a small scale. This gets right down to what Larry says all the time, right, the tax code isn't easy to understand. Holy CALARYE. I mean, I'm just I'm making We're talking about people that make like, uh, you know, I don't know, handmade leather dog collars and sell them a craft shows. They're saying that you can get taxed on that, but we're not going to let you write off what it costs
to make them. Yeah, there's lots of iris rules. You know a lot of retirees, you know, they got hobbies and you know, I see this. You know, woodworking, quite a few clients to do woodworking, photography or antiquing, and you know quilting. You know, if you generating making jewelry, if you're generating income, you're going to want to know the tax ramifications. Is it hobby income? Does it meet the I R S rules? It comes down to the fact again that you know, the
tax cod doesn't always make sense. It can be complicated. Most people need somebody to help navigate them through that. Are you forward thinking tax planning? Do you work with a CPA, a certified public accountant, or are you just getting your taxes prepared every year? Retirement requires more attention to taxes. And I've been saying this and I've seen studies that say the same here recently more than ever because taxes, you know, as it relates to retirement distribution
income. You know, it can get into do I have enough money being withheld out of my checks? You know why at tax time am I having to cut up such a big check? You know, that's tax planning. You're getting into retirement and you and I talk weekly about roth conversions, you know, discussing required minimum distributions, sprinkling in so security, how that's taxed.
You know, what are some of the loopholes out there? There are some loopholes they're use the tax code in your favor where it makes sense. Well, that's what CPAs do. I mean, they have to go to classes every single year, just like a lot of us do, to continue
that education every single year to get updates on the rules and regulations. And that's very important, and most retirees are not going to keep up with those things, I also find a retirement Again, cost isn't the end all be all, But you know, I see a lot of retirees paying too much to get their taxes prepared and they're not getting any planning, paying too much
for some of these big box tax preparing companies. So with that said, also comes with the types of accounts, the tax ramifications within IRA is compared to ROTH, I raised, compared to brokerage non qualified accounts, you know, capital gains tax. You know, if I'm talking all these taxes, there's lots of tax discussions that people are not having. And when you work
with us, the tax discussions come automatically. There's no additional costs. We'll bring our CPA and you can use your own CPA, but we're going to have him in some of the meetings that are necessary to really pinpoint as accurately as possible the tax ramifications for doing this or not doing this. That's all part of the added value that goes with it, and more people should spend more time and take advantage of that. I literally, while you're talking,
I'm trying to write down all the stuff you said. I just stopped. I can't. I can't It's just crazy to me how complicated the tax system is. But that's why you want folks like Larry and his team on your side helping you understand it better. Again, like Larry always says, you don't have to be the expert, but it's a good idea to at least have a bit of an idea of how it works and then let them do
all the heavy lifting. Right, So give the folks that have in financial group a call at six one two four four one two four four one. The tax picture one part of that puzzle that Larry talks about in your retirement puzzle, right, and all those pieces have to fit together and work together in retirement, and it's great to know that he's got the folks in his office that can help you kind of grab all those pieces and put them together
the right way. Six one two four four one twenty four to forty one. That is the number to call for your complimentary retirement readiness review. Do you ever see those magic racers? I think these things are kind of cool. Really, they're cleaning things, Larry where they're called magic racers. I don't know if you've ever seen one, but oh yeah, yeah, with the ball guy on it. Yeah, yeah, yeah, yeah, yeah, I think I bought those from my wife because he likes to use those.
Oh there you go. And apparently they really are kind of magic, especially on things like tennis shoes and ground and oven doors. But they can also be very dangerous apparently people in apartments. Apartment therapy the website is warning that you got to be careful because they can't destroy the finish on stainless steel appliances. Somebody's try to use it on their car. That didn't go so
well on the paint on their car either. So it just got me kind of thinking, really, it's very tempting to take a good thing too far, right, even if the directions tell you not to. You know, somebody's always going to push that envelope right. Well, human nature, I mean that's just normal. Yeah, you know, you know, we do the best to try to educate and help people. And you know, you
can lead a horse to water, but you can't make them drink. Because you know, we all of us want the same thing when it comes to our moneys and investments. We all want the highest returns. We want one hundred percent liquidity, of course we do, and God forbid we don't want to pay anybody because we want everything that's just normal. But does that exist.
It does not exist. And you know, I think of one situation here a few years ago where you know, Frank and Nancy from Chocopy, they had a plan, We had it right where it needed to be. They were more conservative, but behind the scenes they still wanted to get record returns by being more conservative. There's always a given a take. And so everything got to where it was, and then all of a sudden, the markets got all kind of jittering up and down, inflation started going, and
you know, you got to be careful. There's lots The internet is a powerful tool, either a positive tool or a negative tool. And they started looking at some radical things, if you will, and they decided that they're going to do something different, even though we were in a good spot. Well, they did something that proved to be extremely costly, number one from timing of the market and number two for the amount of costs that were associated
and something that obviously wasn't very much disclosed to them they made. They made a dreadful decision and it was irrevocable and they couldn't go back and fix it. You know, so there's lots of positive stories, but unfortunately stuff like that it can be avoided. Sometimes Greek gets the best of us. Be aware of everything, always talk through things. You know, if it sounds too good to be true, it's probably too good to be true. Again, this isn't get rich quick scheme. If it is run, just be
careful, Just be careful. We're talking retirement. All these years have built up to where you're at right now. The decisions are very very important. Not most retirees are on a fixed income. There's just not an overabundance of money, whether small, meetum or large. This is your family plan. This is your plan. Make the best of it. Yep. And and having that plan in place begins by making that phone call two Haven Financial Group six four four one twenty one. Yeah, it is kind of funny to
me. It's it's like sometimes like dealing with your kids, right, Folks come to you, they want the advice, and then they go do something completely different. Yeah, and then they're surprised. Well, welcome to kids. And I would want to put a point one other thing out bill because I think I heard it three times this week from folks that were in They were visiting with you know, I call my guy or gal to get advice
or ask questions and we can't get a hold of them. And then the other one was we call our guy or gal and they never call us back.
Well, I don't know what that's all about. But if you're not getting the attention and the questions answered, and getting the understanding of why you're doing what you're doing at this stage of life in any of the retirement puzzle pieces areas any of them, a state planning, legacy income, Medicare, healthcare investments, all of the above, you should be getting the attention that am more like that you're paying for one way or another, because nothing's free.
But what added value am I getting? And am I happy? Or am I not happy? Yeah? And that amazes me too when folks don't answer the phone. I had a guy in business tell me once, you know what, here's the deal. You answer that phone because if it's you're a client and you're not talking to them, somebody else is going to and then they won't be your client anymore. So I don't I don't understand that.
But that's a great thing about the folks that have a financial group even right now at this hour, we have folks standing by to answer your call. And six one two four four one twenty four forty one six one two four four one two four four one is how you set up your appointment for your complimentary retirement readiness review. And you know, everything we've talked about on the show today is covered in those reviews. If you've heard anything that brought
up a question, good time to call. And the folks that have a financial group are willing to sit down and talk with you and hopefully give you an answer. Larry is always I appreciate your time and I look forward to these get togethers because I learned a lot. I can't take notes fast enough when you're talking, but that's my problem, not yours. So I have a great week, my friend, and we'll get together again next Sunday. Yeah, and Bill, if I could, Happy Father's Day to all the
father's day. I'm very blessed to have my father still with me, Wendell call Big and Candy High, and I'm a proud father of four daughters, So happy Father's Day to all the fathers out there. Absolutely, I couldn't agree with you more. I've got four kids and four grandkids and life is
good my friends, so enjoy it and we will talk next week. Very good, Thanks Phil, and thank you for listening to the Haven Financial Group radio show here on Twin Cities News Talk eleven thirty And what are three point five that found whispers of investment advisory services offered through Guardian Wealth Strategies LLC. Haven Financial Group and Guardian Wealth Strategies LLC are not affiliated companies. Investments involved
risk, and, unless otherwise stated, are not guaranteed. Please consult with a qualified financial advisor and or tax professional before implementing any strategy discussed you're in. Any comments regarding safe and secure investments and guaranteed income streams only refer to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company.