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Episode #475 - Should I Rebalance My Portfolio Now?
Roger: Life is so complicated. Wouldn't it be nice if we could just simply stop time, get our bearings, and get all this figured out and make it perfect. And then begin again. Unfortunately, as Allen Saunders says, "life is what happens to us while we are busy making other plans."
INTRODUCTION
Hey there.
Welcome to the Retirement Answer Man Show.
My name is Roger Whitney. I am your host, and this show is dedicated, seriously dedicated to helping you not just survive retirement, but have the confidence because you've done the work to lean in and rock retirement.
PRACTICAL PLANNING SEGMENT
Life is messy, retirement is messy, and it can be very overwhelming, which can cause us not to have confidence and to feel somewhat inadequate at times. Right?
Let's take an example from this show. So, over the last four weeks now, we've added a new segment with guests with different music. We're experimenting to improve the show for you to help you have that confidence. But we've had so many snafus; I'm not sure if I like the theme music for the new segment or how I intro it.
We've had a technology issue where files got corrupted and then we had to replace certain segments to get the show out to you. It's been frustrating to me because I'm like, oh, this is not up to my standard. I've been beating myself up a little bit with a hammer, rather than using the flashlight, because I want it to be a great show for you. I have to have the show for you, and over the last eight, almost nine years next month, we've shipped a weekly show to you every week for about nine years.
Life keeps moving on while I am making changes and trying to improve things, and I'm going to stumble a lot. That's just part of the process. Right? I appreciate your grace there, but also I was thinking of you, whether you're ramping up towards retirement or you're already in retirement and what you have to deal with. You have a big life transition, which is one of the most stressful transitions you can go through in life.
You got to think about tax strategy. You have to think about - how am I going to create my paycheck? How am I going to have a vibrant retirement after I don't have all these projects at work? Then throw in inflation and markets and fiscal policy and war and all this other stuff. It's crazy. It's very complicated for you.
All of that complication can rob you of your agency and your confidence because you want to have it perfect, you don't want to screw this up. But what happens along the way is your life, right? Maybe you decide, " I don't have it perfect yet, so I'm going to work two or three more years, then I'll have it perfect and then I can retire," as an example.
I've heard that from many individuals, but you know what? Life keeps happening. Maybe we will take that trip to Europe when politics slow down or we'll take the family on that cruise, when the bear market ends. I'll have more confidence then.
That could be a year or two years down the road, and you know what happens during that timeframe?
Your life.
You have to accept we're never going to be exonerated from uncertainty, fear, or the need to do work, and life is happening. So we just have to roll with it and keep doing our best. I have a few announcements, and then we're going to get to your questions and bring on one of my coaches, Nick Kennedy, to talk about relational things. This should have been on last week, but we had a file issue.
So, a few announcements.
Number one, in our advisory practice, Agile Retirement Management, we are actually about to post for a Certified Financial Planner® to join our team full-time. Woo-hoo. Big decision on my part.
We don't have the posting up yet, but if you email me roger@retireagile.com and you think this might be your CFP® and this might be of interest, when that posting comes, I'll send you to that link. Maybe we can have a chat about it.
Second. In our advisory firm, we are beginning again—we've been doing it in a while, we haven't talked about it—flat fee plans where we'll work with somebody to create a vision, a feasible, resilient, and optimized plan, and then an action plan for them to go implement it.
We'll help someone set up the project in a short-term engagement, and you can learn more about that at retireagile.com.
Third announcement for this show, next month, we are going to talk about going from two to one, so maybe from marriage to being divorced and single, or from marriage to widowed. What are the implications of doing that in later life and how does that impact retirement? Obviously, the non-financial side significantly, but also the financial side.
We want to create a framework to help you navigate that in the event that happens to you. Or maybe you have a friend dealing with that. What we're going to do, is I'm going to bring out a friend, Mark Trautman, who went through this personally and some other individuals that I know that are willing to share their journeys in this so we can think about this.
Even if you're married happily like me, I'm married thirty years-ish coming up in October, I don't know what the future holds. We want to at least consider that in the planning. So, we're going to do that. April's going to be Q&A, and then May is going to be Expat Retirement. A lot of you have emailed me and I'm just getting ready to outline how that's going to go.
All right, so that's all the outline for things. With that, let's move on to your questions.
LISTENER QUESTIONS
QUESTION ONE
So, our first question comes from Robbie. Robbie says,
"I am 60, my wife is 52. We have a pension when I retire, hopefully in two years, most likely five years. I'm pretty ignorant in the retirement arena and anything market related. I'm told my 401k is on the aggressive side. He says 95%. I assume that means equities or stocks.
I'm wondering if I should consider rebalancing now in a bear market, or is it best to do that in a bull market? Not really planning on using my 401k for daily stuff when the time comes Just for healthcare, until I figure out my plan of record. Great podcast. Been listening for a while. I usually listen on the road, and I found it pretty quick as I was writing down the dates of every podcast. You have something informative on every show."
Thanks, Robbie. All right, so relocation of a 401k. So, Robbie, you're dealing with the beginning of thinking about the transition, you've been in accumulation mode probably for a long time. You've been contributing to your 401k and have been very aggressive in your investment allocation, sounds like 95% equities. Now you're two to five years from this big life transition. Financially, that means you're going to be moving from solely accumulation to distribution of assets and the income that those assets throw off.
You've probably been reinvesting everything forever, which has served you well, given the last 10, 15 years.
So how do you determine readjusting your assets in order to serve this new version of Robbie and his wife in two to five years?
Well, you got it right when you mentioned a plan of record. You want to have a feasible plan of record that's focused on your vision. When you think about the rebalancing aspect of your financial assets, not just your 401k, but everything else you have. That's the resilient stage of planning. You want to map out how you are going to pay for life in the first five years of retirement, so you have those amounts secure in non-volatile assets. This is going to give you margin, flexibility, to navigate a time when you're not really sure of a lot of things. You're not sure when you're going to retire. You're not sure exactly what your spending is going to look like after you leave full-time work. There's a lot of just unknowables right now, and when there's a lot of unknowables, it's good to have more financial flexibility.
One of the analogies I use often is if you're running on a dirt trail that's curvy and up and you see you're coming around a curve where you can't see what's on the other side. You don't know if it's rocky. You don't know if there's a bear standing there. You don't know if it's going straight up or straight down.
What do you do? You slow your pace, and position yourself to try to see around to navigate that major change. Then once you see what's happening ahead of you, you can start picking up the pace based on the terrain that you're dealing with. The transition to retirement is very much like this.
If you're two to five years out, Robbie, now is the time to start slowing your pace investment-wise to build up some liquidity so you can navigate around that corner. In addition, what that will do is give you more flexibility if you start to change your mind on things.
Now, you mentioned, and the way you do that, Robbie, by the way, is going through building a feasible plan and then making it resilient. You mention right now you're not planning on touching your 401k except for healthcare. That implies that you have other sources that you're planning on tapping to cover your expenses once you retire. The proverbial pie cake is every asset on your balance sheet should have a purpose divided into three or four different buckets.
First is a contingency fund just as a buffer, an emergency fund essentially, especially early in retirement.
Second, having that income floor, I suggest a baseline of five years that can be dialed in based on your preferences. That's going to be invested in things that are not volatile. They're going to be return of your money, a bond ladder, CDs, treasury bills, et cetera.
Third layer is going to be upside assets, which will be money that you're not really going to touch for five to 10 years plus. These are going to be more aggressive, maybe not quite as much as 95% stocks, but perhaps. These are assets that you can afford to have volatility in because your timeframe is appropriate.
The last layer, which is another option, is longevity. Turning some of your financial assets into social capital to create a pension of sorts, and that's going to be individual based on whatever social capital you have.
You want to go through this exercise in an organized way, like we talk about. Vision, feasibility, resiliency, and then you can figure out how to optimize it.
That will inform you, Robbie, of what you should actually do with your 401k, along with all of your other assets.
It's not more complicated than that.
If you get these big rocks right, then you're going to be in a much better position. So go through that process, Robbie, that will tell you and help inform you what you should do with your 401k.
The key here, you say you're two to five years, that's a big range and that's not unusual when someone's approaching a turn.
I don't know exactly when I'm going to retire. It's very normal to have that be unclear. What I would suggest is make sure you have ample liquidity, so you have some visibility of how you're going to pay for the first five years of your life during this navigation around that big turn.
So hopefully that gives you some perspective. Feel free to email in or ask it again if you have any more questions.
QUESTION TWO
All right, Samantha on rental properties.
Samantha says,
"Your podcast is amazing."
I love reading that. Thank you, Samantha.
"I thank you for helping us get ready for retirement. I am planning on selling one of my rental properties.
Instead of doing a 1031 exchange, I was told that I can do a tax deferred cash out, which apparently is under the IRS code 453 and 453a, which I never knew about. I have done a good amount of 1031 exchanges of rental properties, but I'm new to this. Is this a good idea? Is there a potential loophole that you know of?
Any help would be appreciated."
Okay. Samantha. I do not and have never had owned rental property. I have worked with clients that have walked through doing 1031 exchanges, but it's definitely not my expertise. After that disclaimer, let's talk through what a tax-deferred cash out is. The term for this, Samantha, is really an installment sale.
It means that you are going to be the lender for the person that's buying the property rather than them going and getting a loan at a bank. You're just going to be the lender. What this potentially could do is allow you to have a longer timeframe to spread out the capital gains tax, thereby helping keep you out of higher tax brackets by getting one big income event in one year.
However, if the buyer still has the option to pay off the installment loan faster, you could still find yourself back into that same place. So essentially, you're just being the lender, and you're spreading out the payment that you're receiving from the buyer over installments.
Just like a bank receives payments for a loan, and if the buyer of the property decides to pay off early, then it gets accelerated to you.
What are some of the things that could go wrong here? Well, one is, if you sell your property outright, you get all your money. That's pretty cool, right? Yes. You're going to have to pay tax in that year if you just outright sell it. It sounds like you're not doing a 1031 exchange.
For those of you that aren't familiar, if you own say, a rental property, there's something called a 1031 exchange where you can sell that property, buy a qualifying rental property, so a different property and move the cost basis over to that new property. You don't have a huge capital gain, assuming you're selling for a gain on the property that you're selling, you just move the cost basis over.
That can be a great strategy if you are wanting to get out of one property and perhaps purchase a property that's closer to you rather than one far away. Those can be very efficient.
The fact that you're not doing that, Samantha, means that you really want to have the liquidity from the asset. It's not just simply you're wanting to swap, because if you are just wanting to swap, then you're very familiar with 1031 exchange.
It sounds like your objective here is to get the liquidity, actually get the cash. The advantage of just simply doing it is that you're going to get your money, you'll have the tax event, but you're going to de-risk a lot of other risks that could happen by doing, say, an installment round loan.
One is, what happens if they simply walk away?
What happens if they die, and their estate doesn't have the liquidity to pay off the loan?
What happens if it becomes a hassle in getting the installments from the person in a timely basis?
All of these things are potential issues that might happen with an installment loan, in addition, they could just pay it off early and you find yourself back in the same place.
You'll have to weigh whether those are worth the risk to try to space out these payments and if you want to manage those risks.
What happens if you sell it outright, Samantha, is that's just a one-time transaction. You're done. If you do the installment loan structure, you're going to have a relationship on some level and some management on some level over a period of years. You're going to have to decide whether you want that.
Couple other things to consider is that at least under current tax law, tax rates are set to increase in 2025, so that would be an issue. If you have any other realized losses, whether loss carry forwards, or perhaps you have losses on the books that you could harvest to help offset this one event. Those are some other things that you might consider.
So hopefully that gives you some perspective with the disclaimer that I'm not familiar with that particular code and I'm not in the real estate industry, but I wanted to give you some guidance.
QUESTION THREE
Our next question comes from Terry.
Hey Terry.
"I'm 59 and married, plan to retire at 60. We have about a third of our retirement savings in a taxable investment account, about a third in a 401k, and a pension lump sum that would equal about a third of our total assets if we took the lump sum payment from the pension option, we have the option of a lump sum or an annuity in the form of monthly payments. The payments are via my longtime employer affiliated with the National Rural Electric Cooperative Association.
What process should I use to make this decision?"
I'm always amazed, Terry, that this is one of the most-asked questions on the show. I guess I get that because it's a permanent decision that you can't undo. Even though a lot of people don't have pensions, if you do, this is a big decision point. We'll have to do a decision pod on this and maybe a whole series on this because there's a lot you could get into here, Terry.
I'm going to go back to the basics. You need to have a vision, a feasible plan, and then a resilient plan. In the resilient plan stage of the planning process, Terry, you're going to examine the pathway, so you have essentially a fork in the road.
Do I take the social capital of the monthly payments for life guaranteed either for me or me and my spouse? Or do I take the option and make it financial capital and have liquidity, but also have the responsibility of the management and the risk that all that comes?
You want to be careful with the decision. The pension option, taking the guaranteed payments generally is the best option, at least in my experience. The payout ratio is relatively robust. Let's assume they're going to give you a million-dollar lump sum or the option for $70,000 a year pension for life.
That's about a 7% payout, year one. That's pretty healthy. You're not going to get that in the markets, right? I think generally, I say the pension option is the most attractive option, and unless you have substantial assets and you are in a overfunded position based on your feasible plan of record, probably joint life is the most attractive.
This is going from two to one, you want to think of not just "Hey, we're both alive and we're having a great life, but one of us is going to be by ourselves."
If I die prematurely, and you don't choose joint life, then that guaranteed payment goes away for my surviving spouse. Now, you may have enough assets that you feel comfortable with that, but by having that guaranteed payment go away, what comes into play potentially for that surviving spouse is they have more to manage. They have more risk in the sense that they don't have these guaranteed payments coming in, which can protect them from a lot of potential problems, scam, bad investments, et cetera.
Look at what the payout ratio is on the pension. You want to examine if the pension well-funded.
What might make you lean you towards taking the lump sum, the actual cash?
One, is the payout isn't that attractive.
Two, is that you want the liquidity on your balance sheet because you want to maybe use more of that money.
Maybe you don't have a lot of liquidity on your balance sheet. Perhaps you and your spouse are not in the greatest of health, and so your longevity for whatever reason, isn't going to be a normal life expectancy, and that might lean you more towards taking the lump sum because you don't expect to live to 90 or to a hundred in order to receive the lifetime payments. Perhaps you want to secure more inflation protection and use something that will guarantee that the dollar stays the dollar, whereas typically a pension wouldn't do that.
We've answered this question numerous times, Terry, and if we can, I'm not sure if we'll be able to, but we'll try to add some links to other questions that we've answered along the same lines, but those are some general things to think about. I would take your time. I think I also have a video on YouTube I did a few years ago where I talk about this decision. Actually, we'll put a link to that in 6-Shot Saturday and maybe that will help. It's a little bit old, but the concepts are still the same. Good decision to have. Really what you want to do is go through that feasible and resilient stage, so that will help you think through this in an organized way.
With that, let's move on to the Bring It On segment. Not sure I like that name yet and talk with Nick Kennedy about relational nutrients.
BRING IT ON WITH NICK KENNEDY
Bring it on. You are the hero that you've been waiting for, so let's go.
All right. Today we are going to talk about relationships and to help me out, I have my actual coach, Nick Kennedy from the Kennedy Leadership Program. How are you doing today, Nick?
Nick: Roger? I'm doing great. I just want to say as your coach, you are one of my best pupils. You're always showing up fully and exceeding expectations, so thanks for doing that.
Roger: Well, I appreciate that, and I gave you my expectations for this year and our work together, and one of 'em was to challenge me and you already have done that, so I appreciate that. I was sharing the other day, Nick, a tool that you taught me two years ago that I really just started using and getting, clicking, just like in the last six months. That's sort of how it works.
Nick: Okay. I take back what I said about as a pupil, then. [laughter]
Roger: Some nuts are harder to crack, and that is the four quadrants of relational nutrients. By someone's aging and going into retirement, you lose all these networks of relationships from work. Then perhaps you relocate and so you have to rebuild networks. I thought the four quadrants of relational nutrients as an important tool that we can all learn to nurture better relationships, whether it's with someone we just met or whether it's with our spouse or partner or our friend.
So, talk to me, what are these relational nutrients, and why are they important?
Nick: They're important because just like a tree or plants need nutrients in order to grow, in order to flourish, in order to become what they're designed to become, we as humans need the same, and we're designed to get those from a couple different places, but one of them is in relationships with the people that we love, our community.
You can tell very clearly if you look at certain people that have a lot of "fruit" in their life, they are well-adjusted, they're healthy, they have good boundaries, they're financially secure, they have great friendships, et cetera. You can see things that they have done to put nutrients in their soil so that they'll grow.
You also can see people who you just look at and go "oh, your spouse comes to you and says, Hey, we're going to have dinner with so-and-so, and you're like, oh, that guy?"
That's another way of saying like there's some nutrients missing to them. Good friend of mine, a guy named Dr. John Townsend, bestselling author, New York Times bestselling author, wrote a book a few years ago called People Fuel.
In that book he identifies 22 relational needs that every human needs, whether you are five years old or 55 years old, or 85 years old, these are needs that you need. These 22 relational needs are designed to be number one, first and foremost for you to know what you need. I'll just give you an example, right?
One of 'em might be acceptance.
Like I might say to you,
"Hey Roger, I screwed up. I'm sorry I showed up late to our coaching session. Would you please forgive me? Would you please accept that I had something going on that I couldn't control."
I need that from you in order for a relationship to be healthy.
Or I might say,
"Hey, would you please forgive me?"
Or,
"Hey, Roger, something great happened in my life. Would you please celebrate that with me?"
Acceptance, forgiveness and celebration are three of the 22 relational needs, and we should make this available to your listener. We can make a download available if you want, so they can download these and actually see them.
Roger: Yeah. We'll put it in 6-Shot Saturday, our weekly email, so that's perfect. Let me ask you a question related to this. Why is it so hard to ask for what we need?
Nick: Because to ask is to admit that you need help and to admit that you need help, you have to be vulnerable and to be vulnerable, you have to go against everything that we, from an evolutionary standpoint, have learned up to this point, which is protect, protect, protect, protect.
You don't have to train yourself to survive. You don't have to train yourself to protect. You do have to train yourself to ask for help.
Roger: It's like being vulnerable, right?
Nick: Yeah. It's vulnerable. Trust is an equation, right?
Trust = (Credibility x Reliability x Vulnerability) / (Self-interest)
If I've got credibility, I'm your coach. You have me on your podcast, and I've got thousands of hours of coaching, I've got credibility, right?
I'm reliable because I showed up on time.
I'm vulnerable. Cause I'm going to tell you how my marriage almost was broken because I didn't know what my relational needs are.
I have nothing to gain out of this regarding that. Right? That's how you build trust, in any equation. It's hard to ask for help, Roger, because we do not naturally do that.
But when I allow you to help me, Roger, you fill me with nutrients that make me go,
"Oh, now I'm connected to Roger."
By the way, you can see blind spots that I can't see, and you help me see things about my life that are very helpful.
We can make these 22 relational needs very practical. It's a card I hand out to all my clients. We use it in KLP, the Kennedy Leadership Program.
Roger: Let's be clear, you hand out multiple cards anytime I see you, I don't know how many we have.
Nick: All over our house. I have in my cars, you pull down my sunshade in my car, you'll see five of 'em fall out, right?
Because it's saved my marriage. Because rather than me saying, let me tell you what frustrates me about you, Angela. I'll say,
"Hey, you know what I could really use from you. I could really use some respect. It feels like you don't respect me when this happens."
Or I can say,
"Hey, you seem like you're frustrated with me. Why don't you pick one of these and tell me what I'm missing? What do you need from me?"
What's cool about it is you effectively go back to kindergarten in the best possible way, which is you don't have to be intellectually smart; you just have to point on the card what you feel. Give me this.
I need perspective. I need clarification. I need insight. I need hope. And when I put words to it, I'm giving myself the value of getting to know myself really well but I'm also honoring you, Roger, by saying,
"Hey, you're my friend and I want you to speak into my life. Would you please give me some hope because I screwed up on this thing and I need to know that that's not the end of it."
So, these 22 relational nutrients are basic things that we do really poorly.
Roger: That we need. Isn't that nice?
Nick: Isn't that analogous to the retirement world, Roger? Everybody says, if you start at 20 and just put a hundred bucks away, right? The S&P 500, right?
No one does that or very few people do that, right? It's the basic things that we don't do very well. That's what the equivalent of this is. This is the equivalent of putting a hundred dollars in the S&P 500 every single month at the age of 20 going forward. That's what the 22 relational needs are.
Roger: The way that I've used this, I've used it overtly and covertly. Right?
These relational nutrients are in quadrants, right? They're in, be present, convey the good, provide reality, call to action or give advice, right? We tend to live, as you pointed out, we tend to live in giving advice. Let me fix this for you.
Early in my marriage, when my wife was working high stress jobs, she would come home, and she would just dump on all the frustrations and issues that she had pent up over the day. Being a 20-something, not very evolved male, I went to quadrant four and just tried to fix, fix, fix, fix, fix, and all she wanted was quadrant one. Be present. Accept. Listen. Hear me.
She didn't want to fix and, literally that cycle went for a decade or two.
I imagine you can use this to either point on the card, what do you need from me right now, or you can be attuned to try to intuit what they need.
Nick: Well, the default should be if we live 90% of our life and be present and convey the good, this world would be a completely different place. We jump to quadrant four, but the reason people don't listen to our advice is because we haven't built up trust, right? It's like, I want to buy a car. I don't want to be sold to by a car salesman.
Ultimately what I'm saying is I want the product. I do not trust that person because I don't know them.
They haven't taken the time to get to know me, so that I believe that my best interest is what they're trying to get to. I think that there's an ulterior motive, right?
Living in that "be present, convey the good" is super, super important. Now, after that in my world as coaching, because I coach high powered, courageous executives to do audacious things, I have to get into provide reality after trust because I have to say,
"Let me tell you why you continually hire the wrong person. Let me tell you why you continually miss the investment opportunities because they're connected to something deeper."
The thing behind the thing, right? That's the provide reality.
Then you can get to a call to action. That's why in the Kennedy Leadership Program, we do big, hairy, audacious goals, three of them throughout the year, and we challenge each other, and we check in every single month. Because what we want to do, is we want to say,
"Hey, I trust you enough that I'm going to share what I want with you, and you're going to help me get to that point by holding me accountable."
The evolution of these needs is four different quadrants. Start in one, go to two, go to three before you get to four, which is provide advice and provide an answer. If you do that, relationships change dramatically. Saved my marriage. It really did. To be able to learn this.
Roger: I would echo that too. Although I didn't have the tool, I found it in a different way and then put a framework to it.
I imagine an action would be whether you're trying to repair a relationship, improve a relationship, or perhaps you're just trying to make new friends. Is to be present when you're meeting people and convey the good and actually be interested and listen to them.
If you do those two things, that's sort of the foundation, the fertilizer for that soil.
Nick: It's a great way to put it. I mean, we're such good naval gazers in this society, and we want to think about ourselves. When you are able to look up long enough to go, I wonder what he or she is feeling. That's where beautiful relationships come.
I had a hard conversation just yesterday with a longtime friend who surprised me on something, and it had hurt me. I'm sitting there in this conversation with this person and I'm literally thinking,
"I know what I'm thinking, but I'm thinking, do I say this to him or not?"
And I did.
I said,
"I got to tell you, man, that was a poor decision on your part. Let me tell you how that makes me feel. I needed X, Y, and Z from you as a friend, as a longtime friend. I expected X, Y, and Z from you, and you did the exact opposite."
Can we work through this going forward? Absolutely. But it puts a chink in that relationship because you go, man, what would cause you to make that decision? Why would you do that?
But being able to provide some reality to that person in the moment, I think will save that relationship in the long run. It was very blunt, and most people don't do that, but I think it'll ultimately save it because I didn't hide from it. I didn't harbor it.
I woke up this morning and I journaled about it, and I still have some frustration about it and probably have a couple more conversations. But to know myself well enough to go, man, I'm feeling this and here's what I need from this person. I'm going to tell 'em what I need.
That's a really evolved relationship.
That's a situation where you don't get into a fight, or where you get into a fight and you don't walk away and say, they're dead to me. Like that's a really poor way to live life.
There are reasons to cut people out of your life, for sure. But to get into a fight and argument and say, they're dead to me forever. We might as well be in kindergarten when we start acting that way. And I've done that. And I say that cause I've done that, Roger.
Roger: Oh yeah. Yeah. We all have at some point I bet. We're going to have a link to the four quadrants of relational nutrients for you to print off and Nick will share that with us, and you can do this.
So go take on the day.
Nick: Thank you, Roger.
TODAY’S SMART SPRINT SEGMENT
On your marks, get set…
Roger: And we're off! To take a little baby step you can take in the next seven days to not just rock retirement, but rock life.
All right. In the next seven days, grab the relational nutrient card. We're going to share it in our 6-Shot Saturday email. We really are this time. Sorry about that.
Look at the different quadrants.
Keep that around and practice it. It's going to be awkward. You're going to be bad at it at first, but the next time you get into a conversation, whether it's with a friend or a spouse or someone, what is it you need from me right now? You want me to just listen? Maybe you can explain the quadrants and say, which one do you need from me right now?
And then give them that.
ROCK RETIREMENT PLEDGE
As we do at the end of every show, I want to talk to you a little bit about our pledge to you.
Still in the middle of working on our five-year strategic plan for everything we do here, and it's all focused on our core purpose. We definitely know what that is, and that is to empower you to rock retirement.
We will go anywhere we need to go to empower you to rock retirement. That's why we exist. But our pledge here is we're focused on you and your journey, and we want you to have hope. We want you to have an inspiring goal, a vision for your life. We want you to always identify agency, how you can act towards that goal, and then help you find pathways to apply that agency so you can rock retirement.
We want to be authentic with no pretense.
We want to be humble and very respectful to you and everyone.
We want to be curious and approach all these topics with fresh eyes and hold our beliefs up for examination.
We want to be free from big finance. We don't want to talk about products for money. We don't want to use gimmicks.
We're just going to be who we are and try to authentically serve you.
We're all about action. You yourself taking incremental action, you yourself expanding your perspective, and you being willing to be bad so you can be good as you grow into rocking retirement.
I'm all in on this. Let's go do this.
The opinions voice in this podcast are for general information only and not intended to provide specific advice or recommendations for any individual. All performance reference is historical and does not guarantee future results. All indices are unmanaged and cannot be invested in directly. Make sure you consult your legal, tax or financial advisor before making any decisions.