MENGENAI EPISOD INI
Phil Graham joins Coach Pete D’Arruda and Thomas Lipscomb to discuss the questions that can reveal weaknesses in a retirement plan. They examine financial blind spots, hidden costs, market losses near retirement, and the difference between an account balance and a dependable income strategy. The conversation connects those risks with Coach Pete’s Financial Fill-Up approach to planning for future spending. Part one of the Financial Safari interview.
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Transcript
Automatically transcribed from this episode; timestamps are approximate.
00:00 Welcome into the Financial Safari. Excited for the show today. Consumer advocate Thomas Lipscomb with you here in studio alongside best-selling author Coach Pete D’Arruda. We also have a special guest on the line with us, Phil Graham, friend of the show, financial strategist that Coach Pete has known for a very long time, nearly three decades in the financial arena. Welcome in, guys. What's happening, Thomas? Oh, everything. I'm loving it. I'm excited for the show today. We haven't had you on in a few months here now, and every time we have you on the show, Coach, I got to say it. It's just a fantastic program. So much insight comes out. I've known Phil for over 20 years now, probably more than that, Phil. I mean, who knows? It's been a long time. We're getting older. Good thing, though. I like getting older. Better than the alternative. And he's in the Charlotte area, an area called Cornelius.
00:47 And when I hear that, I think of playing the Apes because I'm older. Ah, yes, yes. I think of Vanderbilt. I think of the Biltmore House. So, Cornelius Vanderbilt. Oh, there you go. He's in our series, Grow It or Blow It, Volume 1. Yes, he is. Bryson, he was a blow it, wasn't he? Not him, but his next generation and generation after that. His posterity. Yeah. Yes, absolutely was. Yeah, unfortunately. No, Phil, it's just a fast-moving world. We see this every single day and every single year, and it's been a great time knowing you. And every time we've got together, we've talked about some different financial things that have come up. So, one of the things is, the question we always ask each other, and it's good to think about, when the market had its worst week in years, did you have a single dollar sitting somewhere that couldn't lose a dime? That's what we ask people a lot of times.
01:33 And a lot of people can't answer that honestly or truthfully and say, no, all my money was exposed to bad things. Is that a good thing to have all your money exposed if and when the market's going all the way down or down? Even if it's not necessarily a good or bad thing, is it a scary thing? I think that would be frightening if I didn't know whether my money was safe or not, especially if I'm close to retirement. I think that would be a scary thing. Yeah. I mean, what if there's a lot of financial termites in there, too? I mean, and the first question you have to ask yourself is, what is a financial termite? You hear this guy on the radio talking about it. And then you ask your advisor, oh, don't worry, that guy doesn't know what he's talking about. That Coach Pete guy? No, he's just stupid. No, financial termites are unnecessary. And there's a lot of unnecessary things.
02:18 We needed to go to Webster's Dictionary and look up that term, what unnecessary is. But unnecessary fees, risks, and commissions. Now, what's an unnecessary commission in your mind, Phil? I call it Dr. Phil, but Phil? Something I don't get value from. Yeah. Yeah. I would look at that as unnecessary. Hey, Thomas, Phil didn't know he was going to come on and get drilled today, did he? No, it's, you know, unnecessary. Thomas, I saw you typing. Did you look it up? I looked it up. There you go. So it means not necessary, believe it or not, is what Webster's is telling me on the interwebs here. What was the definition? Not necessary. Of what? Of what word? Unnecessary. So unnecessary is not necessary. Well, yeah, Webster did a lot of work on that one.
03:04 I know, really? Oh, man. I think that person was taking the day off when he wrote that definition. Oh, this is funny. Check this out. Browse nearby words. Unnecessarness and unnecessated. Coach, it sounds like you and I wrote this dictionary. Yeah, yeah. Thomas, like they do when they're stalling on the spelling bee. Can you give that to me in a sentence? Hey, no. No, unfortunately, I cannot. When you say, Coach, that's unnecessary. Yay. I like that. That's good. That's a good one. That's a good one. Hey, Phil, while I got you on the phone, you know, we learned this a couple of weeks ago or probably a couple of months ago now. It seems like just yesterday on the show. But, you know, we have borders on our country between us and Canada and us and Mexico. What do the people in Finland call their border? Let me think for a second.
03:50 Thomas, you got the Jeopardy music? Tick, tock, tick, tock, tick, tock. I have no idea, Coach. I can't wait to hear the answer, though. Well, it's the finish line, of course. Dang it. There you go. Sounds like a morning show to me. I love it. I love it. But it's just important, and there's nothing to make fun of, but there's too many people out there that don't realize what's really going on in their wallet. So, folks, do you really, and ask yourself this honestly, do you really know where every dollar in your portfolio is going, has been, or will go, depending on what happens in the market or what your advisor has built into your plan that might not be necessary? Again, there's that word again, unnecessary or necessary. So, it's a good question to ask. And, Phil, you know, you've been around advisors for over three decades now.
04:36 And what do you think some of the main concerns when they're meeting with clients or people that they're meeting with that are concerned? Maybe they're not clients yet. But what do you think some of the, like, let's go over three main concerns. Somebody who is approaching that financial red zone. Let's say somebody 60, in the early 60s. What do you think three main concerns that they need to be paying attention to that they really haven't thought about the last decade or even their whole life? Because it's a whole different time of your life when you approach this retirement world. I mean, it seems like so far away, then it's here. But what do people need to do to make sure they're successful in retirement? What I've seen is a lot of people actually are closer to being able to retire than they think as long as they don't lose a lot of money right before they retire.
05:22 To me, that's a big threat is, hey, I want to retire in a couple years, coach. And then all of a sudden, there's a market correction. We should look up that definition. I don't know who the market is correcting for, but it's not me. But if the market goes down right before you retire, that's not a good thing or something you want to happen is to lose money right before retirement. I think that's something they need to look at. Yeah. Well, because it's not just losing money. Now you're losing time. What do you mean, coach? Well, you can't retire now. Right. I mean, you were just getting to that finish line where you were going to, in your mind, just have enough to retire. And then somebody takes 30 or 40% away. What happens next? And on top of that, do you know to the dollar what you paid your advisor last quarter, or
06:08 does it just quietly come out? Think about that. And even psychologically, even if you could technically get enough income to retire, having a big portion of your nest egg evaporate might make you reconsider retiring. And that's not a good mindset that you want to be in either. That's a financial evaporation. We can't have that either. And so, folks, if you are curious about what's going on in your own portfolio, if you weren't able to answer these questions we've gone over in a positive way, or maybe it just aroused some curiosity, call right now. Our team will go over with you from point A to point Z what's going on in your wallet, where those financial termites are, if there are any. If there aren't, it's great to get that financial termite inspection report and get an A-plus on that. That's good. That means none.
06:54 We go from A-plus to F. We've seen too many Fs lately. I don't want you to have an F. That's right. We need to at least, my brothers and I, because my dad was a college professor, we had to have A's and B's. If we approached the C level, we were in a lot of trouble. And that's when the report cards used to come in the mail at the summertime. We'd get that last report. Now it's through the internet. But luckily, back then, it was through the mail. And it was usually a week or two after school was out. And if it came on a Friday, my brothers and I would always get the mail. We would make sure to lose it until Monday. We didn't lose the weekend. So we can't have, we really need A's or B's. Anything below a B would not be acceptable to my dad. And it's not acceptable to me either, as far as the financial world. So call right now. We'll do that financial termite inspection report. We'll also put together for you the total retirement plan and color code your money so you know your red, green, yellows.
07:44 When we get closer to retirement, it's more important to have green with lifetime income than it is to have red with maximum risk. Thomas, tell folks how to get that. The next 20 people will do this at no cost or obligation. We have seen others charge over $1,000 for things that don't even come close to this. And the question we're going to help you answer is where are your advisor's fees coming from each quarter? Are they coming from your pocket? Or somewhere else? And if it's coming from somewhere else, that means your money stays the same as far as fee-wise. Ask your advisor that. Where are your fees that I pay you? Where are they coming from? Thomas, tell folks that they can call us right now and get on that list to make sure they get that peace of mind, that financial freedom in your mind. Folks, it's a great feeling when you approach where you need to be. And you'll know when you get there that you're in the place you need to be.
08:30 Thomas, give them the number. Absolutely. Connect with Coach Pete's team at Capital Financial. 800-661-7383. 800-661-7383. Or text keyword PLAN to the number 600-700. That is keyword PLAN to 600-700. Phil, you want this question? I'll give it to you. And I want everyone else out there in Radioland to listen to this and think about this as well. Because this is very, very thought-provoking, Thomas. Okay. When was the last time your advisor called you before the market moved instead of after? Think about that, Phil. We have any Jimmy the Greeks out there? Probably. It's rare. I can't say never, but I know that it's rare. Okay. Okay. Okay. Now, I'm having to look this one up. Here goes, Thomas. Jimmy the Greek. Yep. Jimmy the Greek. Now, he was from Durham, North Carolina originally.
09:17 He was one of the famous sports predictors back in the day. Ah, yes. Jimmy the Greek. A famous American sports commentator, Las Vegas odds maker. But he was also, well, Las Vegas. Everybody goes to Las Vegas when they get famous. He was from Durham, though. Yeah, that's incredible. That is absolutely incredible. I don't know his real name. His name, you know, they used to have him on CBS. James Snyder. James Snyder. Well, Jimmy the Greek sounds better, doesn't it? Actually, check this out. So, it says James Snyder is his real name, but then over here it says born Demetrios Georgios Sinodinos. Okay, James Snyder. So, there you go. There's Jimmy the Greek. What about that? Remember him, Phil? Well, I definitely know the name, 100%. They used to have him on one of the pregame shows. I think it was the CBS NFL shows back in the 70s or 80s. Oh, wow. Yeah, I know I'm old. But he was pretty accurate. And so, we need to be accurate in our financial world, too.
10:04 We need to make sure our advisor is doing what they're supposed to be doing, not gambling with our financial future. You know, it's easy to take risk with other people's money. Yes. And I can't do that. I mean, we have to do safety first at my firm because I don't want to look you in the eye when you're getting ready to retire and tell you you can't now because we had that movement downward in the market. And unfortunately, all your money was exposed. So, ask yourself this, folks. How much of my money is exposed to the market? And how would it hurt me if the market went the wrong way right when I didn't need it to? And if the answer is, you don't know, or I need some help, or let's get the real plan, or let's get this financial fill-up strategy in place, by the way, financial fill-up, and make sure that we have that monthly check coming regardless of what happens in the market. And our money is going to come for the rest of our lives. And if we pass away, our spouse also continues to get that money for the rest of his or her
10:52 life. That's a true financial freedom plan. We call it the financial fill-up strategy. Of course, that's trademark, folks. You can look it up at financialfillup.com. We even have a game show we built around the financial fill-up. Oh, yes. Yeah, but if you want your very own financial fill-up strategy, we can tell you to the penny or the dollar. Let's just stretch it to the dollar, Thomas, with inflation. We can tell you to the dollar what your monthly income will be as soon as next year or all the way 30 years from now, depending on when you want to activate your financial fill-up strategy. You can activate it in a week from now, or you can activate it in 10, 15, 20, 30 years, or never activate it and have it go on to your kids. It's up to you. It gives you that full financial freedom, and that's what you're aiming for, I think. Thomas, give folks the number, and we'll do that financial fill-up action plan for you for the next 20 people to call. There's going to be no cost, no obligation.
11:38 You'll even get a three-book set of three of the books I've written when you come in. I love it. Folks, it's your retirement. Get that power. Put the choices in your hands. Connect with Coach Pete's team at Capital Financial by calling 800-661-7383. 800-661-7383. You can also text us by texting the keyword plan to 600-700. That is the keyword plan to the number 600-700. You know, there's six accounts that never read your will. I'll explain that more when we come back.
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