Transcript
Speaker: Everyone dreams of living an uncommon life and the best asset you have to achieve your dreams is you. Welcome to the Uncommon Wealth Podcast.
Speaker: We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
Speaker: Hi, welcome to Uncommon Wealth Partners. I am your host, Philip Ramsey. Today, thought it would be kind of a fun episode to go through some of the questions, the top questions that are being Googled for financial advice or financial planning, if you will.
Speaker: And then I wanted to go through and see, there's always a question within a question. So I wanted to kind of go through it from my perspective on maybe what they're really asking and maybe some things that if you're dealing with these things or ever Googled these, you have a resource to reach out to.
Speaker: Okay, so let's go with the first one. I have five of them, so I don't know how long this is going to be. Unlike a lot of our podcasts, I have a little bit more leeway or context, but this one I'm going to try to follow script as much as I can.
Speaker: And so here we go. The first question is, when can I retire? So that was the number one thing Googled for retire people who are getting close to retire retirement.
Speaker: And when can I retire? I think the real question is, am I gonna run out of money? um And I think there's a couple other things that I would say that I would probably ask this individual if I had a chance to sit down with them. The first one is how is your health?
Speaker: Mental, physical, all the deals. How's work going? Chances are it's probably not going great or swimmingly. Maybe they're frustrated at something or someone. and they're really struggling with that. And so when can I retire? When can I punch out? And so those are the questions that I would ask of, okay, let's talk through that a little bit more. When can you retire? Do you know how much you're budgeting every month or how much you need to come into you guys' economic system in order for you to live comfortably? Do you know those things?
Speaker: But when can I retire? I feel like there is something that's prompting that. Whether a job frustration or mental or physical health or maybe their health is declining. So, and obviously we all want to punch out at some point.
Speaker: but There's a reason why they Google that late at night. And I wonder what time these things actually get Googled. That would be interesting. But all right first one is when can I retire? And I think the the under arching thing is like, but will I run out of money if I retired right now? And there's probably a reason why they're looking for that. Okay, how much do I need to retire?
Speaker: I think the underlying question of that is, what does my life actually cost And what's the margin of error? So how much do I need to retire?
Speaker: I think is a question that a lot of financial advisors will help you answer. But the underlying cost the underlying question is how much does my life cost? on an annual basis and how do I figure out how much I need to retire. So maybe they're just confused on the numbers which is really easy to be able to walk somebody through.
Speaker: But at the end of the day if they don't have a budget and they have no idea how much their life does cost that would be where we would start. um And then there's anxiety that comes with that question is how much do I need to retire? Do I have enough? Will I run out of money? I think is another underlying question there that could be asked. But do I have any margin of error? And from what I've been saving throughout my career, do I have enough money? But how much does my life actually cost? And that would be a question that I would always try to put all these questions back to. Okay, but here's the control that you have is do you know your monthly budget?
Speaker: If you don't know that, we better start there. and so I'm always trying to figure out how to give people more control instead of taking those control away from you. Hashtag uncommon, don't you know.
Speaker: When should I take social security? Okay, so this is a good question, and I think the underlying question is really, hey, I'm going to probably need Social Security, so I need to maximize the benefit as much as I can. So I think the underlying question is, I want to be a good steward of the resources that have been given to me at this time.
Speaker: And so, how do I... sequence that income accordingly the most efficient so I know I can live comfortably the way I want to live. But the big questions in retirement is how much do you need to live off of, when I'm going to pass away, and how much do you want to leave to your heirs or as a legacy play. Those are the three questions. If you can give us those questions or answers, we do a great job planning. But a lot of times people don't know when they're going
Speaker: graduate, if you will, or or pass away. Depends on who you are here at Uncommon Wealth. We usually graduate graduate you or you pass away. Book a time with me if you want to figure out which one is yours. That's exciting.
Speaker: Okay, so when do I take Social Security? How do I be a good steward of the resources I've been given to maximize my retirement? Okay, am I saving enough?
Speaker: Okay, so I think the underlying question here is, again, it's it's a Stuart question, but am I trading away today for a future that I'm not sure is going to be there? like Really, that's the the underlying question. am I trading today? Maybe I'm saving too much or maybe I'm not saving enough to live out a retirement that I want to live. Or maybe I'm saving too much and I'm sacrificing something today. So I would i would ask them a lot of questions, which I always do. But walking through, are you saving enough?
Speaker: Enough for what? What do you want to try to do do? you want to start a business? Do you want to retire at 55? There's a lot of other questions that you'd have ah for these things. But...
Speaker: It's kind of fun to try to get in people's heads, I think, and by questioning. And then once you ask the right questions, I feel like the plan is fairly easy, but it's the asking questions that are super valuable and powerful in these situations.
Speaker: And then the last one is how do I reduce my taxes? So speaking of income, obviously we want to try to be most efficient as we we can.
Speaker: And so there are specific tools and tricks that we can help people with. But right now, how do i reduce my taxes? Could be one question that may be harder to plan for. But in retirement, there's a little bit more wiggle room that we can use to be able to help people lower their income taxes, which helps the IRMA tax, which can can help with rmds There's a lot of different scenarios and techniques that we can use to help you reduce your taxes. And the earlier we get with a client, I think the better we can do. Again, we're no tax planners, but our tax professionals, but we can try to help with the software that we have to try to make you the most efficient as you grow your wealth now and into retirement. So that's that's kind of exciting. So if any of these questions are yours or you're you're Googling those,
Speaker: that is These are very, very good questions and and something that you should totally get answered. And the people and places that you go to answer those questions, I think, matter. Do they share the same core values as you, the same philosophies, thing of things like that? And do they they do the hard work to dive in onto what is the real question you're asking?
Speaker: ah love this I love this this I guess story, I sat down with an individual, I know him through a peer group of mine, and he told me that he wanted to start a 529 for his kids. And after talking to him, he was just starting a a business, he had big aspirations for that business, and I said, would that money be better spent just taking them vacation and just being present with them? and working really hard just when you get home to work on their business. And I remember still this day, he still kind of mentions that, like, I couldn't believe you gave me that advice as a financial advisor. You told me to go take my family on vacation, which ended up being so wise because the business that he's doing now is rocking. It has nothing to do with the vacation, but he has a lot more money to put into a 529 now because he actually focused on his business. And so that's, ah I guess, the story.
Speaker: a true story of a time where just asking the right questions is really powerful. Trying to figure out what's the question behind the question and yeah, helping you kind of craft your own uncommon path. So those are the top five questions that are being Googled today about financial planning.
Speaker: Hope you enjoyed this one. Until next time, if you have any questions, reach out to us. think it's podcast at uncommonwealth.com or you can just email me directly at philip at uncommonwealth.com. Until next time, the Uncommon.
Speaker: That's all for this episode brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.
