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. And welcome in and thank you for listening this morning to the Haven Financial Group Radio Show. I am Bill Seller along with Haven Financial Groups Founder and CEO Larry Calveig. Good morning, sir, Hey, good morning Bill, doing well, doing well? Thank you? Yeah? Good good here.
It always always love getting together with you and starting my Sunday mornings this way because we're gonna learn stuff about retirement folks, you and meet together because Larry and his team at Haven Financial Group, well that's what they do. They help you get to retirement. They help you get through retirement by hopefully hanging on to as much of your money as you possibly can. And if I've learned anything Larry. In the last couple of years of doing the show
with you, it's that Uncle Sam, not the friendly uncle. I found out exactly far from it, actually, so we gotta watch out for him in retirement. We're gonna talk about that today, but a lot of good stuff coming up on the show, like why the government may soon be forcing you to pay for long term care insurance don't you love those words government? And forcing the recession lag and what credit card debt has to do with it, and managing your happiness like you do your portfolio. There is actually a
class for that. We're going to talk about that in a little bit, but as we get started here today, this was kind of cool. Nood a lot, nood a lot for the old time gamers. Atari is back, boy, I remember the games back in the eighties. They've come out with a new game console that is compatible with the original cartridges from the eighties for like one hundred and twenty nine dollars. It just looks like a smaller version of the old Atari twenty six hundred, complete with the old style wood
paneling and everything. The new console has HDMI though and USB ports, so you can get at jacked into whatever you want to, but it works with cartridges from both the twenty six hundred and the seventy eight hundred machines, so heck, you can even if you still have it. If you still have it, you could even plug in. Your original joystick does come with a
ten and one game pack as well and another joystick. So I don't know if you're a gamer at all area, but I was back in the day and I saw that story and it just kind of tickled me a little bit that there. You know, it's amazing that all these so called new movies that are all remakes now they're bringing back the old game. I think everybody's just out of ideas. Yeah, I think so too. I mean it's pretty clever idea. I am not a gamer, never have been a gamer,
but and I certainly know a lot of people that are gamers. In fact, it's history interesting because we said down with folks on a weekly basis. You know, some of these retirees still have their forty or fifty year old still in their basement gaming. It's like, oh my goodness, I can imagine. I know when a lot of us think it's Harry, we think the seventies and palm remember that. It's the little little square ball that bounced back and forth on your screen and you had to kind of hit it
with you. You don't remember that, dude, I do remember that, remember tennis. Yeah, it was just like you had these two sliders on either side of the screen. Yeah, that one I remember, and you just bounced the ball back and forth. We thought that was the coolest thing. And now it turns out it's a sleep aid. Anyhow, So top of the show, and this is kind of a related story. I mentioned the words government and forcing kind of happening that way. In the state of
Washington. They have issued an ultimatum and a lot of other states are about to do the same thing. Get long term care insurance or you're gonna pay the price in the form of a payroll tax. In Washington State, it's fifty eight cents for every one hundred dollars earned. But even with the tax, the states supply benefit is only thirty six thousand, five hundred dollars of lifetime benefits. It doesn't sound like a lot to me. Larry, is
am I missing the math here? No, you're getting you have the math very accurate. In fact, thirty six five hundred. What's that considering you know, the average cost, depending upon proximity or demographics, is like thirteen thousand a month a month, So what good is that going to do? And you know, anytime that the government mandates things, I have a lot
of questions and you know, what does that look like? But you know, you know, long term care is a major problem, and I think it's like the latest study I saw, seventy percent of us are going to need some sort of care and it might start as you know, assisted living or whatever it might be. Home health cares very popular, but it does cost money. Medicare does not pay for long term care. So you know, we do a lot of education as far as well what options are out
there now? First and foremost, not everybody can afford long term care or have the wherewithal to do it. But you know, people think right away of traditional long term care, Well, we don't see that very often. A lot of those companies are not even in the industry anymore. But you know, we like to discuss, you know, the hybrid long term care or maybe asset based long term care, something's better than nothing, or maybe there's annuities that have long term care riders, So we look at all the
options. We encourage people to look at all the options, because eventually, you know, a lot of us are going to need some sort of care and who's gonna pay for it? And most of us don't want to be a burden to our kids. And even in some parts of the country, those debts are left to the kids and they're gonna have to take care of it. Now that's not in all states, but Minnesota, by the way, it happens to be on the list that's looking at starting this mandated tax
if you will, but we'll see. What's the reasoning behind forcing you to have it? Is it because it's too much of a burden on the state to take care of people don't have it. I'm confused by this, Larry, Well, I'm very confused too. But it has maybe it's some some control mechanism. I'm sure it does have to come down to the cost of it, and uh, you know Medicaid and you know, I'm sure it has to do something. But this little bit in Washington, you know,
what good is that going to do? It just doesn't even make a dent. Yeah, it's crazy, it's crazy, but people do have to realize though, there is a spend down process and if there's a formula involved, it varies per state to some degree. But you know, they spend on your assets. You can still keep a house, you can keep a car, and you can keep so much cash. In Minnesota, I believe it's
three thousand dollars, So there is a formula to it. And then once they spend it all down, then they'll pick up the care, but they can put leans or stuff on properties. And again there's there's a lot involved to it. The point is long term nursing home costs are going up exponentially and somehow it has to be paid for. Yeah, yeah, I guess. Oh man, that's all part of planning for retirement though. Right. Those are the things that Larry and his team go over when they sit down
with you for your complimentary retirement readiness review. That's why you want to make that phone call as soon as you can to get on that calendar to get it done at six one two four four one two four four one six one two four four one twenty four forty one. Again it's a complimentary retirement readiness review. So when you go in and sit down with Larry and his team. They're going to help you take a look at things no obligation six one
two four four one two four four one. And speaking of planning for retirement, I mean the question is how hard can it be? Right? You save while you work, you spend when you stop. Even some business owners neglect retirement planning by assuming that the business is going to fund their retirement years through a sale or a transition. But Kiplinger did an article that said you would do a lot better if you worked with the financial advisor for investment and
tax strategies. So Larry, give us some examples of the kind of difference that you and your team can make. Well, you know, first of all, we look at the holistic approach, you know, the big picture of what you're doing. And through our process, we're going to ask questions and see what your goals and objectives. And you know that there's all kinds of studies as why it makes sense to work with somebody you know. You know, managed investment accounts are designed to meet your you know, specific and
investment needs. You know your income goals and what risk tolerance you're at, and you know that you know this comes from professional management and there is a cost to it and you get away you know the benefits and the costs. And by the way, on that note, I think all people should know what they're paying for what they're getting. We have a team at twelve on our investment team, and you know, we'd take the managed, balanced,
deficient, diversified approach. You know, we research the underlying investments and construct the overall portfolio and rebalance as appropriately. So a lot of times if you're not doing the research or you don't do the rebalancing, you have the less optimization and efficiency because you want certain types of accounts in certain type of tax code. So you know, the main thing is, you know, getting
a comfort level of who you're working with. You know, just this last week I had been who's a retired custodian and Nancy, who's a retired Lakeville administrator. Nobody had ever sat down with them. They to give them credit, they have done a great job, but they go, you know, we're not to a point where we just don't know, we're sprinkling Social Security
in there. Rmds are going to be coming and it's uncharted territory. You know, all these years we've done this, but you know we need need somebody to hold their hand and help us navigate, and we find that's important. And then how are the people that you're working with, how are they compensated? You know, the Department of Labor laws and the rules and the
regulations. These are all things people don't have to be the expert on, but they should know because there needs to be some awareness and I'm understanding as to why people are doing what they're doing. So again, optim zing asset classes and making sure the risk you're taking is where you really should be at
this stage of life. Yeah, exactly, And this is why it's great to have somebody who lives and breathes this stuff helping you, right, And that's what the guys at Haven Financial Group, I say, guys, the team, it's not just guys. The team at Haven Financial Group does for you. And the classes you talk about too, Larry, I know that the folks can find out more about those on the website, Yeah, Haven
Financial Group dot com. You can see the various classes from Medicare one oh one to social security and tax classes to you know, other types of retirement classes that we put on and in the community education setting or at some of the colleges. We're big into the education piece. It's how people learn. And you know, I joke, you know, do you remember all the classes growing up that taught you how to make all the perfect retirement decisions?
And certainly the response is no, I don't remember those classes, and it would it be even applicable to the degree that things have changed today. So big into the education because then you can make educated decisions. And we like to look at all the options, you know, with a non biased approach, and from then you say, here's why we think this is a good decision and talk through it so you have the confidence to go with that decision.
Coming up, the Federal Reserve is holding steady. We're going to talk about that. Also, a conversation about starting a business in retirement. What you need to know. That's all on the way with the Haven Financial Group Radio show. Invest a little time to be sure your investments are working for you. Reach out to the Haven Financial Group now for your compliment ory no obligation Retirement Readiness Review 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 with Haven Financial Groups Founder and CEO Larry Calvig. I am bill seller. We appreciate you being with us this morning. And I don't know, I'm I'm kind of like a closet astronomy geek, Larry. I love stuff about the stars and space and all that, and the folks who do this kind of thing are kind of excited. They found two actively
forming stars out there that have made the shape of a question mark. So literally the question is what is it? Right? But it looks like a small question mark with a tail and everything, and the European Space Agency was the first to share the images of this thing. And one theory is that it's actually two or more galaxies that could be merging. You know when you think about that kind of thing, like galaxies merging, and we can see that through a telescope. Oh my good, it's pretty amazing. Yeah.
I'm lucky to pay my bills on time, and they go, we got galaxies merging. We don't even know what's going on out there. But I just thought that was that's just me, that's just a space geek in me. So I'm kind of curious about to find out what that is, to be honest with you, racism questions. Speaking of questions, if you've got one for Larry, we want you to get on our new Ask Larry segment.
Okay, you can give us a call at six one two four four one two four four one and leave a question for Larry, or you can send them one through email Larry at Haven Financial Group dot com and we'll get it on the show. If you've got just a question about it doesn't have to just be about investing, any anything to do with retirement, right Larry. That's right, anything related to retirement. There's every question. It's a good question. And well, I always say our job descriptions should be to
answer questions. So feel free to drop us a call or send an email and we'd love to respond. There you go. So it's Larry at Haven Financial Group dot com or six one two four four one two four four one on to ask Larry. Speaking of questions, we got one about the Fed, don't we. We have tightened policies significantly over the past year. Although inflation has moved down from its peak, a welcome development, it remains too
high. We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective. So, speaking of questions, a question is, Larry, will that lead to a soft landing or a delayed recession? That was of course fed Chairman Powell, who, by the way, if I
had to take a class from him, oh my goodness. Economist David Rosenberg tells The Business Insider that he continues to see a recession ahead, and he points out that so far as Americans, we're still spending too much, even with the interest rate hikes. But are we about to reach the tipping point with interest rates and credit card debt and all those things kind of boiling up
at the same time. Well, I think it's a good possibility. You know, there's a there's a leg time involved, and you know, there was a lot of free money, if there is such a thing, which there isn't, but a lot of people think it's free money, you know, But all the stimulus dollars and there was a lot of cash that people hadn't on hand at I think they're going through that fairly quickly. Now there's some optimism out here. Let's you know, unemployments below four percent. You
know, inflation is sliding. However, it's going to be tough to get to that two percent. It's pretty tricky. And but consumers are still spending at a very rapid rate. Five hundred is up almost fifteen sixteen seventeen percent this year until just recently cooling off. So you know, that's the good
news. But then we have the higher interest rates and you know, mortgage rates, and then if we could talk about the real estate market, and you know, auto loans have gone up, and we talked frequently about the credit card debt and you know how we have more debt as a nation than ever consume credit card debt and eventually these things are you know, are going to catch up to us. And we've already seen it. The number of
delinquent credit card accounts, delinquent sees on their loans. We're already starting to see a pretty significant spike, and that's heading in the wrong direction. What really matters is it relates to those that we sit down with though, is the element of time. You know, we're are you related to retirement? You know, are you five years or less? Maybe you're already in retirement, you've already entered these golden years. You know. That's why it's so
important. And you and I talk weekly about having a plan and adhering to the plan, and you know, not getting tempted to rack up those credit card fees and interest and dig a big hole that you can't get out of. And it's why it's even though we don't like to put the budget together, you know, accounting for these expenses, especially when we've been through what we've been through these last couple of years, with all the all the stuff that's gone on. So and the element of time. Where are you at.
Do you have a budget? Have you altered it or modified it with the high inflation rates? Just be careful awareness and understanding. Maybe have somebody that you're accountable to so you do stay on track, because sometimes we don't even see when we're getting a little bit off track. So important stuff.
Yeah, And I guess the thing that worries me about this is that Rosenberg is a guy who was one of the first to sense what happened in two thousand and eight, and he was calling him about that a year or so ahead of time as well. So that's correct. So this sounds like one of those things that doesn't make sense when you say it out loud, but maybe it does. I mean, it sounds kind of counterintuitive to stop working to start working, but for some people that's what their plan is, working
through retirement. What do you say to somebody who's thinking of that about maybe starting a business not just in retirement. But I guess in this economic environment, Larry Well, we do hear this. I mean I just had general Jeff and Bev. Jeff a contractor and his wife, Bev was an administrator and savage and they retired and they do a lot of antiquing and that's their
side business afterwards. And I thought that was interesting. And we see online things that people do just to generate some income, and first of all, why would somebody want to do that? And you know, I think there's a maybe a handful of reasons, you know, why to remain active to do something, I mean, you gotta do something. Maybe you need to provide a supplemental retirement income to live. Maybe you haven't done a good a
job and saving care retirement as you wanted to. And maybe it's to pursue a passion that you've been wanting to do for years and years, but because of your work schedule you weren't able to. Or maybe you're trying to leave a bigger legacy if that's important, through through to the family or to the kids, or charities, and you know, and some just need to stay
connected. You know, we talk about having a purpose. Now, if you're going to do this, make sure you know, you really think this through and maybe start small and make steady progress, you know, build on your existing strengths, Maybe get assistance or help. Ask people you know, you know their advice, and be a thoughtful planner. If you will, have a budget, make a budget, be intentional with your spending, and you know, maintaining high level of liquidity if you can continue to save and
we like to buffer in a certain amount. Some people call it emergency fund. But that's where we talk through these things. From a liquidity standpoint. What do you have to work with, how much do you have in the risk bucket if you will, or what do you have for principal protection? You know, all of these things need to be talked through because before you know it, it might get out of hand. And most people in retirement aren't a fixed income. If you really want to take out a business loan,
make sure you think that through. We're trying to pay off debt, not incur more debts. So again I encourage people to think this through very thoroughly. But again, there's good reasons why people might want to go back to work. Well yeah, I mean, obviously the first one is because you just want to have something to do. Because we've talked before on the show about how cool retirement is. For like two months, then you're sitting
around wondering, Okay, what do I do now? Right, unless you've really planned well for that, but a lot, you know, most of us don't. So these are the kind of things that Larry and his team and having financial group can help you figure out, can help you understand if it is a good thing for you to do, or maybe you should hold off a little bit until later. But again, setting up that appointment to get into get into the office and to talk with Larry and his team to
find out about this stuff. That's that's step number one six one two four four one twenty four forty one is the number six one two four four one two four one. Again, it's a complimentary retirement readiness review, and yes, we do have people standing by right now to take your call off the air and set up that appointment for you. Yes, and we will answer the phone. We're not a call center, but you know, I'm just a note on that. You know, people transit differently into retirement, and
we've we've seen this for years. Some people transition just perfectly, no problem, they stay active and not even a hiccup, and others, I know, I know this. Uh, this spring, I had some clients actually that retired in the fall, and I can take of a handful actually, and they said, you know what, we wished we would have waited till the springtime because we retired in the fall. And then we know Minnesota's winter last year was forever, and they go, we really had a tough time
through the winter because it was so long. So everybody transitions differently, so you know, it's unexpected, it's uncharted territory, and we all handle it differently. Yep. So make sure you're ready, because you know, not not that you can't ever go back to work, but sometimes that's harder than hanging on just a little bit longer. Again. The number of Haven Financial Group six one two four four one two four four one. Coming up for
a quick break. If your children and grandchildren are learning about finances by watching you, is that a good thing? And even jen Zers aren't worried about social security, so we will talk about building a financial future without it. It's all coming up on the Haven Financial Group Radio show, Investing the State, planning, taxes and more. Want your complimentary retirement readiness review, call
now at six one two four four one two four four one. That's six one two four four one two four four one, or connect with us at Haven Financial Group dot com. This is the Haven Financial Group Radio Show 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 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. Welcome back to the Haven Financial Group Radio Show. We Haven Financial Groups founder and CEO Larry Calbig. I have bill seller and I'm just laughing because I'm sure you didn't see this, because you know you're busy and you've got things
going on. But Emerald Downs, which is a very well known horse track near Seadle, recently held a very unusual race. It was the twenty twenty three t Rex World Championships. Some two hundred people dressed up in inflatable Tyrannosaurus rex costumes competed in a hundred yard dash and what next actually ended in a photo finish. Apparently somebody figured it out and a real t rex would have
likely come in first. Realty rex is could run up to about thirty miles an hour, they believe, So yeah, yeah, but uh man, are we just that board or we just had having fun? I don't know which way to look at it. So oh man, Apparently it was all started back in two seventeen by a pest control company. Let me tell you something. If I wake up and I got a dinosaur outside, that's more than a pest. You know, that's not like an ant hill Way companies
a t Rex in my backyard. I don't think I'll call him the bug guy. I'm just saying. So, whether you know it or not, you could be the worst money role model for your kids. I know it sounds kind of harsh, but according to Kiplinger, might not be harsh enough.
They're they're looking at people age sixty five plus and pointing to rising debt levels in average of one hundred and five thousand dollars in household debt, including about forty seven hundred on credit cards, and they're saying that if that's what your grandkids see how you live, and your children see how you live, they're gonna think it's okay too. I mean, how important do you think it is to be a good financial role model as a parent or grandparently?
Well, kids and grandkids are watching. I mean, they're watching what your discipline is, seeing what you're doing. And boy, that's staggering. One hundred and five thousand and household debt and forty seven one hundred dollars in credit card. That doesn't that doesn't sound well, that's going to bode well for retirement. And you know, the old saying shop till you drop probably not
a really good philosophy to bye bye. And it's interesting because I read that baby boomer's account for more than half of all us spending through restaurants or travel or cruises as we like to talk about, and half of it, of all us spending, that's a lot now, you know, as it relates to the you know, retirement, don't fall into some of these credit card traps and interest rate traps, and you know, continue to do the best
you can. And it's it comes down to a discipline. And that discipline can start very early on, and at least we hope it starts early on in life where you start saving. You start putting away a little bit in that four one K and every year you increase it and before you know it, you actually have something. So again it's it's important. And then of course as it relates to a state planning and we're going to talk about some
beneficiaries and stuff here later in the show. But again putting that money to work for you. You know that I read that the medium retirements savings account is is uh, you know, very low. And I always talk about poor liquidity and retirement. And again, start with that discipline, keep improving it and as when you get close to retirement, it'll it'll pay very large dividends. And you know, I don't I don't you know a lot of
the younger generation. They say they don't even have enough They don't have enough money to put into a four one K account, which is staggering to me. And that's why a lot of them might still be living in the basement. I'm not exactly sure, but playing, yeah, playing the entire there you go. But it's still important to have, you know, the estate, planning of documents in place, and and planning for the transfer of assets and that type of thing. And again we'll talk more later in the show.
Well, you know, I remember as a kid, my mother would she was big into teaching me about finances, right. She taught me how to how to how to have a checkbook, which, of course, right doesn't exist anymore really for a lot of people, right, nobody writes checks anymore. But I remember having to learn how to write a check, you know, adjust the balance in your book, understand where it's going, and
all that kind of stuff. And I wonder sometimes if the digital age of ATMs and cards and all that stuff, and you know, the money apps, it's taken away some of that. Yeah, there's pros and cons with those apps, but people become reliant on them. I remember, I mean back in the day I graduated from Wilmer High School and I remember finance one oh one. I remember the fundamentals as you talk about a balancing a checkbook and putting a budget together in those classes. And I don't know if they
even teach those classes. I mean, I'm not sure. I'm a little worried and concerned. And how else are people going to learn other than follow their parents or those role models in their life. And if you're you know, if you're not, if they're not seeing anything positive, I could follow in that same path. And we certainly want to avoid that. Yeah, absolutely absolutely. And you know, speaking of young people and money and all that, you know, if you're about to retire or you're in retirement,
odds are pretty good you might have a gen z grandkid somewhere. They're kind of keeping an eye on things as well. And a new survey by the Nationwide Retirement Institute found that forty five percent of people that they surveyed between eighteen to twenty six years old say that they do not expect to get a dime out of social Security. I know we talk about this all the time. I know we talk about the demise of social security and how a law and
that's been talked about. But this kind of goes back to being a good role model, Right, how can we help them start building for a secure future that may not include social security? Larry Well, continue to help them to build a discipline for savings and putting away in those four oh when K plans Now, I don't think we should be reliant on social security. There's a great debate there, and they've talked about social security disappearing for years.
I don't see that happening. But you know, encouraging the younger generation that the importance of starting it early, you know, out of sight, out of mind. The earlier the better. And once you're doing once you don't see that money in your paycheck, you know, you don't even pay attention to it. Sound you use that phrase a lot. Out of sight, out of mind, And that's simply trying to once you get that job, to go ahead and take advantage of the four oh one, K won't even
miss it because it's not in your paycheck to begin with. Right, No, that is correct, I mean, and then if you can incrementally increase it by a percent or two every year, I mean, you won't even notice it. Company matches I mean, people would be silly not to take advantage of company matches. If that's If that's you, let's get it started right away. And I know things have been tough in recent years as far as inflation and expenses and stuff, but it's extremely important starts, small starts
somewhere to get to somewhere. And then as we talk every week about managing expenses, you know, the delayed gratification. There's a comedy nominator of folks that we sit now with or oftentimes the baby boomer generation, where you know, how did they get to where they're they're at today? And it was a discipline, it was delayed gratification, the power of compounding over years, the frugality. You know, they didn't just rack up. You know,
anytime they wanted something, they just didn't get it. And you know, it's having a plan not only for today if you're younger, but for the rest of your life. You know, the ten, twenty or thirty year timeline and retirement plan for it. And that's where we sit down and go through our process and come up with a strategy that makes sense for people and modify it as time goes on, because life's calendar doesn't always cooperate with our calendar. Yeah, yeah, and it's not an excuse, it's just more
of a fact. I guess that that whole delay gratification not exactly what the younger generations are used to these days. Or that's kind of a tough ask, right because they are so used to getting everything at their fingertips. Yeah, it's a tough ask, but if you're going to get where you want
to be, sometimes you've got to do the tough things. So again, if you've got questions about any of this stuff you're hearing on the show today, or just want to go in and double check your retirement plan that you have, Larry and his team are waiting with their complimentary retirement reading this review. And the way you get one of those is by getting on the calendar. You do that by calling six one two four four one two four four
one six one two four four one twenty four forty one. That's how you get on the calendar and talk in the office with the good folks at the Haven Financial Group. And we got to take a quick break. But when we come back, something you may not have checked in a while, and why you should also is managing happiness like managing your wealth. Now Harvard Business School thinks so, and believe it or not, that class is free. We're gonna talk about that and more on the way with the Haven Financial Group
Radio Show. Invest a little time to be sure your investments are working for you. Reach out to the Haven Financial Group now for your compliment Ory No Obligation Retirement Readiness Review six one two four four one two four four one on Twin Cities News Talk eleven thirty and one oh three point five FM Night. Welcome back to the Haven Financial Group Radio Show. I'm Bill Seller with Haven Financial Groups Founder and CEO Larry Calvagan Selton John's Jack Rabbit. Well, I'll
tell you what Florida interesting place to live for many reasons right right. First of all the weather. Second of all, when it gets really cold down there, then they have like iguanas, frozen iguanas falling out of their trees.
So that always looked pretty bizarre. And now a group of folks in Fort Lauderdale are being terrorized by an invasion of furry rabbits that are called lion head rabbits, and they get their name because they have a flowing mane around their heads anyway, there's like as many as a hundred of these rabbits trolling the neighborhoods for food, chewing on outdoor wiring, just kind of making a
nuisance of themselves. The city commission voted to try to get somebody in there to take care of it, but that's going to cost about eight thousand dollars. But some of the residents would rather handle the problem more humanely, and they're trying to raise enough money to have the rabbits. This seems a little weird neutered. You got wild rabbits out there chewing on your cable. I'm
not sure they're going to settle for neutering. So yeah, I'm gonna I'm gonna bet your dollar, Larry, neither you and I are going to be around forever. Are you in on that bet? Well, I heard the mortality rate is one hundred percent. I guess that's a conversation. I heard a couple survived, and that's a talk for Sunday morning, like right now. So it's not a bet of a gun, not a bet you're gonna take. I guess I'm not taking it. Yeah, have you in knowing
all of that? The question is have you named the beneficiaries for all of your accounts? And if you say yes, then the next question is are you sure, because even if you have, maybe they're not the right ones anymore. Right, has anything changed because of a divorce or a death or We've talked about this before, but I thought it'd be kind of a good time to go over that again, Larry. The perils of not making sure
your beneficiaries are updated. Well, it is a good time, and it should be looked at every couple of years or even even more often than that. And it sounds, it sounds so simple and elementary when we say, you know, make sure you check your beneficiaries, update them, make sure they're current, and people go, of course, yet we see it so oft when we're people. I can give you all kinds of stories for the
sake of time. I won't. But a gentleman who came in and I joked with him, I said he had his ex spouse is still on as a beneficiary, and he's like, what in the world, Well, he
never changed it. He never changed it. Or you know the a nurse from Fairview Ridges forty one years as a nurse, and I was looking at her four h three B and four oh one K and I'm like, it doesn't look like there's any beneficiaries on this account, and she goes, yeah, I've never been able to figure out who to put on as a beneficiary, so I've never had a beneficiary. And she's sitting right next to her
husband, which was rather interesting. So we see it so often. Now, what happens if you don't, well, first of all, don't I'm gonna tell you what happens if you don't, but please don't fall into this. Then how is it going to transfer? How is it going to pass on? Does it need to go through the probate process, which is the
act of proving where you want these things to go to. Most people would like to avoid the probate process, which is really just the estate settlement, and each state has its own rules and regulations and it can take months, it can take up to years. I had a couple of not long ago that took over a couple two years to probate mom and dad's estate. And
it's why you want to have the proper estate planning documents. And it's what we partnered with carry our state planning attorney, And you know, you should you have a legal will. You know you should you have a revocable trust or an ear revocable or a transfer undeath deed, or you know what's appropriate in your situation. And it's not one gluff, it's all. It's not the same. Yes, there's certain ancillary documents that everybody should have, but
it's talking through what's the most important. Again, it comes down to the education. You know, in the good old days, you could pretty much whisper what you wanted and things went the way you wanted them. Not so today, Okay, So addressing you know, life's changes and these things are
so important. And this is make you know when we talk beneficiaries and your your bank accounts, your irase, the four oh win k's roth iras, life insurance, maybe putting payable death on your bank accounts, you know, just looking at all. Maybe you have a compensation stock option plan, make sure the beneficiaries are current. It sounds so elementary, yet we see it
all the time where something is negated. Yeah, and because I mean, just being married doesn't make it automatically yours, right, There is no automatics, There is none. Yeah, So don't get caught in that mindset, because that could be trouble down the road. Now, there are times when the estate different plans are set up. There are some plans where the estate
of maybe the default beneficiary, but don't rely on that. Just make sure your beneficiaries are current and name somebody because it's going to go somewhere you work for what you have, you want it to go, or you want it to go, not where the state wants it to go. Yeah, So if you want to make sure that everything is up to date and you're not exactly sure how to get that done, well, that's one of the things
that Larry and his team at having Financial Group can help you with. So give him a call six one two four four one two four four one, get on their calendar. It's all part of that complimentary retirement reading this review when they look over your stuff for you six one two four four one two
four four one. And here's the other thing I want to mention too, as far as the complementary retirement reading this review, is that if you don't have a plan, please call as well because they can help you get one started. It's not like you have to have a plan in place for them to look at. Just if you're thinking about getting one together, it's another great reason to get into having financial group and talk with Larry and his team six one two four four one two one. I saw this and thought it
was kind of interesting. It kind of sounds like a video you'd see on YouTube or Instagram and influencers like I found the secret to happiness and now I'll never go back. But it's a life act that apparently is coming from Harvard University's Business School. It's a free course called Managing Happiness and less than One
is to treat your happiness like it's an investment portfolio. I thought that was an interesting take on thing because they're talking about diversification for happiness like you always talk about diversification for money. Yeah, I thought it was an interesting study. And you know, the way you can learn from this class as I was looking at it, was, you know, explore diverse definitions of happiness and understand the functionality in your everyday life and the science of the mind,
body and psychology. And there's a lot of psychology that goes into moneies and your money and you know, losing money in the market, and you know, as it relates to individuals, you know, I always try to abide by the you know, the faith, family and friends to concept, you know, finding your purpose you know, with your faith or whatever that looks like. And then family. You know how important family is to me and
and to us. The relationships that you don't necessarily you can't choose your family, but you hopefully can count on your family, you know, the community and friends you hang out with, those relationships, how do they enhance your happiness? And uh, you know, meaningful work, fulfillment, you know, and what we do. And it sounds kind of cheesy, but it's very fulfilling to be able to help people, educate them and then earn their
trust because trust has earned over time. It should never be it's never an automatic. And you know, having a good understanding as far as your portfolio goes in retirement, to know that people can rely on you and you're giving them them accurate information and you're willing to spend the time and that you actually care. So I definitely, you know, I'm not bigging to the science part of its science was never in my forte but I can see how the
study was very interesting. And what makes you happy, what makes you smile, and whether it's your portfolio or your friends, or your family, or whoever it is. I thought it was very interesting. Yeah, I did too. It kind of like how they break everything down, right, because when we get together and we talk every week, we talk about investments, how taxes affect you, long term healthcare, those things. Right, this is kind of the same thing. And you know, the first one that
they had on their list that you mentioned was faith and life philosophy. And if you've ever taken any kind of a motivation class or any kind of business class or anything like that, what's one of the first questions you get asked is is your why? Right? That's right, that's the big thing. What is your why are you doing what you're doing? And I mean, for me, the immediate answer was for family right, to help family,
to make sure family is taken care of. And I think that once you have that piece of the puzzle figured out, the rest of it kind of falls into place. That's just my interpretation of it. That's just the way that I look at it. No, I agree. And what we do is retirement advisors and planners is why do we do what we do? Because people need help, you know, they don't know what direction to go you know, they get this information, and they get this information, then they
go online and they find some other information. You know, people are looking for leadership, they're looking for guidance, and that's what we can offer them. And it starts with, you know, just getting to know us,
us getting to know you. We're not the perfect fit for everybody, but you know, for those that are getting close or planning for retirement or in retirement, that's what we do. And weekly we talk about all the different retirement puzzle pieces and putting them together and have coordination and making sure that they're
put together in a cohesive way and they're efficient. That's what's going to give people confidence in retirement and put smiles on their faces to know, hey, we're doing the best we absolutely can and I know what the people we are working with are going to keep us informed of changes because life always has changes and no difference in the retirement world. Absolutely, And that's why you want to make that call as soon as you can six one two four four one
two four four one. That's how you reach out to the folks in Haven Financial Group for your complimentary retirement readiness review. And with that, Larry another another week is flown by my friend. Always a pleasure and we will talk again next Sunday. Wow, look forward to a bill. You have a great week. You two my friend, and thank you so much for listening.
We couldn't do this without you. This is the Haven Financial Group Radio show on Twin Cities Newstalk eleven thirty and one oh three point five fl Investment advisory services offered through Guardian Wealth Strategies LLC. Haven Financial Group and Guardian Wealth Strategies LLC are not affiliated companies. Investments involve risk, and, unless otherwise
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