Hi, I'm Stacy Johnson with Money Talks News. Here's one of our best podcasts from the archive that you may have missed. Hey, guys and welcome to Money Talks News, the podcast. This episode, we're talking about the top four mistakes investors make and when it comes to stocks, we all know we're supposed to buy low and sell high, right? But for many of us, that's a lot easier said than done. Many investors tend to buy when the market is stopping, then they panic and sell at the bottom. That's one common mistake investors make. But it's far from the

Hi, I'm Stacy Johnson with Money Talks News. Here's one of our best podcasts from the archive that you may have missed. Hey, guys and welcome to Money Talks News, the podcast. This episode, we're talking about the top four mistakes investors make and when it comes to stocks, we all know we're supposed to buy low and sell high, right? But for many of us, that's a lot easier said than done. Many investors tend to buy when the market is stopping, then they panic and sell at the bottom. That's one common mistake investors make. But it's far from the

only one today, we're talking to a behavioral investing expert about how simple mistakes can lead to big losses, especially during times of economic uncertainty. He's going to help us avoid falling into behavioral traps and make us all better investors. I'm Stacy Johnson. As usual. My co-host will be financial journalist Miranda Marquet. Hello, Miranda. Hello, Stacy. I'm excited about about this because I uh as we all know, all I do is index and so

only one today, we're talking to a behavioral investing expert about how simple mistakes can lead to big losses, especially during times of economic uncertainty. He's going to help us avoid falling into behavioral traps and make us all better investors. I'm Stacy Johnson. As usual. My co-host will be financial journalist Miranda Marquet. Hello, Miranda. Hello, Stacy. I'm excited about about this because I uh as we all know, all I do is index and so

well that I don't have a lot of behavioral issues to deal with. Well, remember, this is just the investing and there are many other areas of life where I'm sure you do have behavioral issues. 0 100%. It's true. Ok. Listening in and sometimes contributing is our producer in novice investment.

well that I don't have a lot of behavioral issues to deal with. Well, remember, this is just the investing and there are many other areas of life where I'm sure you do have behavioral issues. 0 100%. It's true. Ok. Listening in and sometimes contributing is our producer in novice investment.

You Aaron Freeman. Hey, Aaron, is it time to sell? Everything's high? Is it time to sell? Is it time to sell? You're high? Our guest is our guest is Jason Smith, Ceo and founder of C two P Enterprises and author of the Bucket Plan. Welcome, Jason.

You Aaron Freeman. Hey, Aaron, is it time to sell? Everything's high? Is it time to sell? Is it time to sell? You're high? Our guest is our guest is Jason Smith, Ceo and founder of C two P Enterprises and author of the Bucket Plan. Welcome, Jason.

Hello and thanks for having me.

Hello and thanks for having me.

I, I, I'm sure that anyone listening to this didn't understand what it's C

I, I, I'm sure that anyone listening to this didn't understand what it's C

two, the number two P and what does C two P mean?

two, the number two P and what does C two P mean?

It

It

stands for clarity to prosperity?

stands for clarity to prosperity?

Ok. So we're gonna become clear and prosperous during this podcast. Remember before we start though, guys, remember that we're not here to give financial advice. We can't because we don't know you personally. So make sure to do your own research and consult your own experts before acting on anything you might hear in this podcast.

Ok. So we're gonna become clear and prosperous during this podcast. Remember before we start though, guys, remember that we're not here to give financial advice. We can't because we don't know you personally. So make sure to do your own research and consult your own experts before acting on anything you might hear in this podcast.

Ok. Let's dive in. I personally have been investing for, I'm going to say 40 plus years and have never made a mistake. Am I unusual?

Ok. Let's dive in. I personally have been investing for, I'm going to say 40 plus years and have never made a mistake. Am I unusual?

Absolutely. You are.

Absolutely. You are.

Yeah, I, I definitely, I definitely made lots and lots of mistakes. I'll tell you right now, Jason, but uh why do people tend to buy low? I mean, buy high and sell low.

Yeah, I, I definitely, I definitely made lots and lots of mistakes. I'll tell you right now, Jason, but uh why do people tend to buy low? I mean, buy high and sell low.

Um You know, I think what happens is they uh get caught up into watching, you know, and listening to media too much. Um, and, you know, they, it's, it's really just the hype. Right. I mean, at the end of the day, you know, the job of media is to sell ads and, you know, how do they sell ads? I mean, they tap into fear,

Um You know, I think what happens is they uh get caught up into watching, you know, and listening to media too much. Um, and, you know, they, it's, it's really just the hype. Right. I mean, at the end of the day, you know, the job of media is to sell ads and, you know, how do they sell ads? I mean, they tap into fear,

uh, in many instances. So, you know, to do, you know, when they do that, you know, it's, it's really just, you know, what it's doing is it's inciting behavior that doesn't really serve, you know, people in, in, in their best interests. And so,

uh, in many instances. So, you know, to do, you know, when they do that, you know, it's, it's really just, you know, what it's doing is it's inciting behavior that doesn't really serve, you know, people in, in, in their best interests. And so,

you know, when, um, you know, when things are bad, right? People start panicking and kinda, you know, I coined a term a term, uh, years ago, uh, it's called freak out risk, right? And they, they do, they start freaking out and, and the risk is, then you make bad decisions. And so what happens is, is, you know, many times it is, it's watching the news and, you know, listen to the media and it's like the world

you know, when, um, you know, when things are bad, right? People start panicking and kinda, you know, I coined a term a term, uh, years ago, uh, it's called freak out risk, right? And they, they do, they start freaking out and, and the risk is, then you make bad decisions. And so what happens is, is, you know, many times it is, it's watching the news and, you know, listen to the media and it's like the world

falling. Right? It's like, never gonna recover. And this might be the one that we never come back from and whatever and they panic and they tend to make bad decisions and that's, that's where it leads to in many cases, you know, buying low because it's, the, the bottom has already happened and then they're, you know, they're, they're in a fear stricken mode and so they go to cash or they make, you know, changes in their portfolio to go more conservative.

falling. Right? It's like, never gonna recover. And this might be the one that we never come back from and whatever and they panic and they tend to make bad decisions and that's, that's where it leads to in many cases, you know, buying low because it's, the, the bottom has already happened and then they're, you know, they're, they're in a fear stricken mode and so they go to cash or they make, you know, changes in their portfolio to go more conservative.

Um, so that's, you know, that's, and often, often times that's,

Um, so that's, you know, that's, and often, often times that's,

that's how that bad mistakes ha that bad mistake happens all about.

that's how that bad mistakes ha that bad mistake happens all about.

I agree with that. I, I wrote an article called 13, what, let's say 13, um, dumb investing moves and how to avoid them. I wrote that years ago, but that's one of them watching the news too much. Yeah. And, you know, I used to be a stock broke for Ef Hutton. I don't know if you remember Ef Hutton. But, and Sheeran too.

I agree with that. I, I wrote an article called 13, what, let's say 13, um, dumb investing moves and how to avoid them. I wrote that years ago, but that's one of them watching the news too much. Yeah. And, you know, I used to be a stock broke for Ef Hutton. I don't know if you remember Ef Hutton. But, and Sheeran too.

Um, and II, I lost money every year that I was a stockbroker. I swear. I was, I was one for 10 years. I've never lost money since I quit doing that because when you're sitting there with this information flowing across your desk all the time, you, you tend to make knee jerk reactions and that's really not the way to make money

Um, and II, I lost money every year that I was a stockbroker. I swear. I was, I was one for 10 years. I've never lost money since I quit doing that because when you're sitting there with this information flowing across your desk all the time, you, you tend to make knee jerk reactions and that's really not the way to make money

buying, buying quality and holding on to it for long periods of time is a way to make money. Am I? Right?

buying, buying quality and holding on to it for long periods of time is a way to make money. Am I? Right?

Absolutely. You know, it's not about timing the market, it's about time in the market. And, yeah, I do think, you know, it's the same thing I buy high. You know, I feel like,

Absolutely. You know, it's not about timing the market, it's about time in the market. And, yeah, I do think, you know, it's the same thing I buy high. You know, I feel like,

um, people look at, you know, you know, a stock or whatever it might be and it's, you know, the, again, in many cases it's media, they're saying this thing's on fire and it's never going back, you know, and in reality, what they're doing is they're buying when it's already at the high.

um, people look at, you know, you know, a stock or whatever it might be and it's, you know, the, again, in many cases it's media, they're saying this thing's on fire and it's never going back, you know, and in reality, what they're doing is they're buying when it's already at the high.

And, uh, in, in, in many cases, it, it, it really just for the average investor, it doesn't even make sense to be trying to pick individual stocks, right? Be well diversified, own the market, you know, as a whole versus trying to pick, you know, individual, you know, companies that may or may not, you know, do.

And, uh, in, in, in many cases, it, it, it really just for the average investor, it doesn't even make sense to be trying to pick individual stocks, right? Be well diversified, own the market, you know, as a whole versus trying to pick, you know, individual, you know, companies that may or may not, you know, do.

Well,

Well,

that was my next question. Whether just buying individual stocks is a mistake. I personally am a person who buys individual stocks. I own about 35 stocks. Uh And Miranda is the person who doesn't buy individual stocks, right? Miranda.

that was my next question. Whether just buying individual stocks is a mistake. I personally am a person who buys individual stocks. I own about 35 stocks. Uh And Miranda is the person who doesn't buy individual stocks, right? Miranda.

Yeah, not very often most of the time if I'm going to do individual stocks, it's usually as part of, it's usually part of like an experiment that I'm doing and not, uh not anything like super, super serious. I'll tell you what though, Jason, in my decades of experience in this, in the financial advisory business or being a consumer reporter, I used to say, always, just take your age from 100 take that amount and put it in a S and P 500 index fund.

Yeah, not very often most of the time if I'm going to do individual stocks, it's usually as part of, it's usually part of like an experiment that I'm doing and not, uh not anything like super, super serious. I'll tell you what though, Jason, in my decades of experience in this, in the financial advisory business or being a consumer reporter, I used to say, always, just take your age from 100 take that amount and put it in a S and P 500 index fund.

Uh and then, you know, put the, you know, put part of it in bonds and, you know, just real simple. And now, you know, I I've changed over the years, you know what I say now put the lion's share into an S and P 500 index fund, but take 10% and see if you can hit a home run because I've hit a few home runs. Not because I'm a genius just because I could see technology was going to lead uh lead civilization. So I bought Apple and I bought Microsoft and these things are huge for me. Huge. I mean, I made hundreds of thousands of dollars on them.

Uh and then, you know, put the, you know, put part of it in bonds and, you know, just real simple. And now, you know, I I've changed over the years, you know what I say now put the lion's share into an S and P 500 index fund, but take 10% and see if you can hit a home run because I've hit a few home runs. Not because I'm a genius just because I could see technology was going to lead uh lead civilization. So I bought Apple and I bought Microsoft and these things are huge for me. Huge. I mean, I made hundreds of thousands of dollars on them.

So I, I kind of feel like it's OK to buy an individual stalk or two. What do you say to that?

So I, I kind of feel like it's OK to buy an individual stalk or two. What do you say to that?

So,

So,

you know, you, you made a statement a few minutes ago, Stacy that you own about 35. And see, for me, I'm all in favor of owning, you know, uh you know, a diversified grouping of, of, you know, a few dozen stocks like you described

you know, you, you made a statement a few minutes ago, Stacy that you own about 35. And see, for me, I'm all in favor of owning, you know, uh you know, a diversified grouping of, of, you know, a few dozen stocks like you described

where, you know, where I tend to find individual investors making mistakes or bad decisions is when they're highly con have highly concentrated holdings of individual stocks. So, like even what you said was dead on 10%. Right? And you know, you're talking about, uh I believe you said 35 stocks. Is that right?

where, you know, where I tend to find individual investors making mistakes or bad decisions is when they're highly con have highly concentrated holdings of individual stocks. So, like even what you said was dead on 10%. Right? And you know, you're talking about, uh I believe you said 35 stocks. Is that right?

Yes. Right. See, that's, that's very different than, you know, you hear, you know, somebody on TV, touting an individual company and then you put a big portion of your portfolio in it or you hear a neighbor or a friend or a brother in law or whatever it is, you know, talking something up and then you go put a substantial percentage of your portfolio in it. I would,

Yes. Right. See, that's, that's very different than, you know, you hear, you know, somebody on TV, touting an individual company and then you put a big portion of your portfolio in it or you hear a neighbor or a friend or a brother in law or whatever it is, you know, talking something up and then you go put a substantial percentage of your portfolio in it. I would,

I would even say 10% is too high to have an individual holding all in one stock. But, um, 10% of your portfolio into, you know, even alternative investments or private placements, commodities, you know, Bitcoin, you know, individual stocks. Absolutely. But I do, I think we're on the same page

I would even say 10% is too high to have an individual holding all in one stock. But, um, 10% of your portfolio into, you know, even alternative investments or private placements, commodities, you know, Bitcoin, you know, individual stocks. Absolutely. But I do, I think we're on the same page

of about 90% of your portfolio should be in mutual funds and index funds. And if you are gonna use mutual funds, you better use very low cost mutual funds. You know, you have to justify the reason of, of, of the additional expense over index funds.

of about 90% of your portfolio should be in mutual funds and index funds. And if you are gonna use mutual funds, you better use very low cost mutual funds. You know, you have to justify the reason of, of, of the additional expense over index funds.

And just to be clear too, when I say, excuse me, when I say that, um, I've got 35 stocks that I don't have

And just to be clear too, when I say, excuse me, when I say that, um, I've got 35 stocks that I don't have

mutual funds. I do have some, but generally speaking, that is my investments. I, I don't have a lot of mutual funds, but I've also been doing this for a very long time and I have some, you know, substantial assets to put into stocks and I pay attention. I mean, I spend two or three hours a day, uh, reading financial news or, or watching financial news. So that's something I do. But

mutual funds. I do have some, but generally speaking, that is my investments. I, I don't have a lot of mutual funds, but I've also been doing this for a very long time and I have some, you know, substantial assets to put into stocks and I pay attention. I mean, I spend two or three hours a day, uh, reading financial news or, or watching financial news. So that's something I do. But

for really a broker, right. So very different than the average investor I would say. Right.

for really a broker, right. So very different than the average investor I would say. Right.

Yes, one hopes, although I certainly have made every single mistake that we're gonna discuss today for sure. And more than once. And speaking of which, let's, let's move to another mistake. Mistake number two, we've got here, uh, panicking in times of volatility, uh, selling and taking losses, sitting on the sidelines and missing the recovery. How do you avoid making that mistake? Because we just said maybe tm I, too much information is gonna make you jump when you shouldn't be. How do you avoid doing that?

Yes, one hopes, although I certainly have made every single mistake that we're gonna discuss today for sure. And more than once. And speaking of which, let's, let's move to another mistake. Mistake number two, we've got here, uh, panicking in times of volatility, uh, selling and taking losses, sitting on the sidelines and missing the recovery. How do you avoid making that mistake? Because we just said maybe tm I, too much information is gonna make you jump when you shouldn't be. How do you avoid doing that?

Yeah, I mean, really, if, if your plan, first of all, you need to have a written plan, right? You need to have a financial plan. I think it's extremely important. Um, and we'll talk about this, I'm sure, you know, a bucket plan in general is a good idea. And so, you know, that's one of the ways is, you know, and here's the thing, if, if your plan hasn't changed or if your goals haven't changed,

Yeah, I mean, really, if, if your plan, first of all, you need to have a written plan, right? You need to have a financial plan. I think it's extremely important. Um, and we'll talk about this, I'm sure, you know, a bucket plan in general is a good idea. And so, you know, that's one of the ways is, you know, and here's the thing, if, if your plan hasn't changed or if your goals haven't changed,

then your plan shouldn't change and your portfolio shouldn't change. Right? I mean, you know, uh, rebalancing your portfolio is a good idea. But, um, in staying on top of it, like you, you do Stacy, in essence, you're your own money manager, right? If you're trusting someone to do that or if you're doing it yourself. But,

then your plan shouldn't change and your portfolio shouldn't change. Right? I mean, you know, uh, rebalancing your portfolio is a good idea. But, um, in staying on top of it, like you, you do Stacy, in essence, you're your own money manager, right? If you're trusting someone to do that or if you're doing it yourself. But,

you know, I think where people make mistakes, it kind of goes back a little bit to that freak out. Risk is because, you know, in many cases, what happens is somebody um, they work their whole life, they accumulate a lot of their money into retirement accounts. 401k S Ira S 403 BS to risk savings, whatever, um, these type of pre-tax, you know, qualified accounts

you know, I think where people make mistakes, it kind of goes back a little bit to that freak out. Risk is because, you know, in many cases, what happens is somebody um, they work their whole life, they accumulate a lot of their money into retirement accounts. 401k S Ira S 403 BS to risk savings, whatever, um, these type of pre-tax, you know, qualified accounts

and they're usually, you know, concentrated into, into one of those areas because it's where they work their whole life and they look at it as a whole, you know, they have some money, a little bit of money in the bank

and they're usually, you know, concentrated into, into one of those areas because it's where they work their whole life and they look at it as a whole, you know, they have some money, a little bit of money in the bank

and then the rest of their money primarily for a lot of people is in their qualified account, right? Their retirement account and they look at it as, as a whole and they make decisions based on the entire account versus kind of unbundling that into buckets. And so what, what we utilize is a three bucket approach. Now soon and later buckets,

and then the rest of their money primarily for a lot of people is in their qualified account, right? Their retirement account and they look at it as, as a whole and they make decisions based on the entire account versus kind of unbundling that into buckets. And so what, what we utilize is a three bucket approach. Now soon and later buckets,

the now bucket is basically your safe and liquid money. It's the money that you can put your hat on the pillow and sleep soundly at night. If that money is there, we all have a magic number. Miranda. I know you have a magic number, right? Like a certain number that if you see your bank account get below that,

the now bucket is basically your safe and liquid money. It's the money that you can put your hat on the pillow and sleep soundly at night. If that money is there, we all have a magic number. Miranda. I know you have a magic number, right? Like a certain number that if you see your bank account get below that,

you get a little squirreling, you get a little,

you get a little squirreling, you get a little,

yes, one

yes, one

100

100

percent.

percent.

I mean, we all have it, right. And so the key is, is to make sure you keep enough in the now bucket for planned expenses and an emergency or comfort fund, but not too much that you sacrifice the rate of return you would have otherwise earned if you invested it in the sooner the later bucket.

I mean, we all have it, right. And so the key is, is to make sure you keep enough in the now bucket for planned expenses and an emergency or comfort fund, but not too much that you sacrifice the rate of return you would have otherwise earned if you invested it in the sooner the later bucket.

And now that second bucket, the soon bucket is really your conservative money that's designed primarily for income or withdrawals, you know, when you need it. So this is gonna be money. The soon time frame is money that you may need or you will need, you know, you're gonna need

And now that second bucket, the soon bucket is really your conservative money that's designed primarily for income or withdrawals, you know, when you need it. So this is gonna be money. The soon time frame is money that you may need or you will need, you know, you're gonna need

it

it

within a period

within a period

of

of

time.

time.

In what period of time do we need that? The, the soon bucket is within what five years, what's the period of time?

In what period of time do we need that? The, the soon bucket is within what five years, what's the period of time?

So the now bucket is a 1 to 3 year window and then that mainly 1 to 2 years that soon bucket is more like the, the 2 to 10 year window.

So the now bucket is a 1 to 3 year window and then that mainly 1 to 2 years that soon bucket is more like the, the 2 to 10 year window.

What kind of stuff we putting in there?

What kind of stuff we putting in there?

So it depends a lot of it is depending on the situation, right? And the age is a factor as well. But things like um you know, uh a, you know, bonds are certainly um C DS

So it depends a lot of it is depending on the situation, right? And the age is a factor as well. But things like um you know, uh a, you know, bonds are certainly um C DS

uh are now competitive again. So CD ladders bond ladders, um you can utilize cash value if you have life insurance that accumulates cash value. That's another uh another tool that can be utilized um for

uh are now competitive again. So CD ladders bond ladders, um you can utilize cash value if you have life insurance that accumulates cash value. That's another uh another tool that can be utilized um for

uh for some instances, an annuity is another if you're, if you don't have a pension and you know, you want some type of more stability in your portfolio, that would be another example of what could go in that soon bucket.

uh for some instances, an annuity is another if you're, if you don't have a pension and you know, you want some type of more stability in your portfolio, that would be another example of what could go in that soon bucket.

So you, you're not having stocks in the soon bucket.

So you, you're not having stocks in the soon bucket.

Um If you were to have stocks, it would be, for example, you could have, let's say a, you know, 2080 portfolio, you know, 20% stocks and 80% fixed income

Um If you were to have stocks, it would be, for example, you could have, let's say a, you know, 2080 portfolio, you know, 20% stocks and 80% fixed income

um or a 4060 even depending on the time frame. But even, you know, in that instance, that would be like, uh say you had AAA more conservative portfolio in the soon bucket, but a more aggressive or growth oriented portfolio in the later bucket,

um or a 4060 even depending on the time frame. But even, you know, in that instance, that would be like, uh say you had AAA more conservative portfolio in the soon bucket, but a more aggressive or growth oriented portfolio in the later bucket,

the key is Stacy is you want to be able to access those funds no matter what the situation is with the stock market. And you don't want to subject yourself to sequence of returns risk, which is, you know, I think I know, you know what that means. But, you know, for the listeners, in essence, it's where there's down, you know, there's a downturn in the market when you need to and you, and you either need, you need to draw funds and you do draw funds

the key is Stacy is you want to be able to access those funds no matter what the situation is with the stock market. And you don't want to subject yourself to sequence of returns risk, which is, you know, I think I know, you know what that means. But, you know, for the listeners, in essence, it's where there's down, you know, there's a downturn in the market when you need to and you, and you either need, you need to draw funds and you do draw funds

and so you're selling while the market's down and then you can never make that money back. That's the, that's what you really want to avoid. And how do you do that is you, you set your money up in buckets now soon or later based on the time horizon and the goals of those boats. So your soon bucket money is gonna be invested completely different than your later bucket. Money is gonna be invested, which is primarily focused on growth.

and so you're selling while the market's down and then you can never make that money back. That's the, that's what you really want to avoid. And how do you do that is you, you set your money up in buckets now soon or later based on the time horizon and the goals of those boats. So your soon bucket money is gonna be invested completely different than your later bucket. Money is gonna be invested, which is primarily focused on growth.

That way when you do need to take income or withdrawals, you're not subjecting yourself to risk of having to sell when the market's

That way when you do need to take income or withdrawals, you're not subjecting yourself to risk of having to sell when the market's

dead.

dead.

Yeah. So and this is the key to avoiding this mistake that the mistake that is of selling low uh and buying high is is having this this soon, not the soon bucket, the now bucket so that we have so we're not uncomfortable. We don't have too much in the market and we can, we, we don't freak out when the market falls.

Yeah. So and this is the key to avoiding this mistake that the mistake that is of selling low uh and buying high is is having this this soon, not the soon bucket, the now bucket so that we have so we're not uncomfortable. We don't have too much in the market and we can, we, we don't freak out when the market falls.

Yep. Exactly. And you know, this Stacy, the biggest runs that we ever see in the market in short periods of time are when it's recovering from what it was just out of correction. Right? I mean, it happened, it happened during COVID, it happened in 2008. It always happens, right? Like

Yep. Exactly. And you know, this Stacy, the biggest runs that we ever see in the market in short periods of time are when it's recovering from what it was just out of correction. Right? I mean, it happened, it happened during COVID, it happened in 2008. It always happens, right? Like

it after it hits the bottom, that's when you, you have your biggest run. And that's one of the biggest, that's one of the biggest mistakes people make is they sit on the sidelines and miss the recovery

it after it hits the bottom, that's when you, you have your biggest run. And that's one of the biggest, that's one of the biggest mistakes people make is they sit on the sidelines and miss the recovery

and it can be pretty devastating. That's, and when you time suck, make your money based on the purpose and the time horizon, it kind of gives you the confidence to stay the course because you have a now bucket with your magic number in there. So that gives you peace of mind your soon bucket, your conservative money. So now between the now and the soon bucket, you buy a time Horizon

and it can be pretty devastating. That's, and when you time suck, make your money based on the purpose and the time horizon, it kind of gives you the confidence to stay the course because you have a now bucket with your magic number in there. So that gives you peace of mind your soon bucket, your conservative money. So now between the now and the soon bucket, you buy a time Horizon

to invest the rest of the money in the later bucket with a 10 plus year time horizon. So you don't freak out, you don't make bad decisions. You can stay the course.

to invest the rest of the money in the later bucket with a 10 plus year time horizon. So you don't freak out, you don't make bad decisions. You can stay the course.

This is a very simple and effective I imagine. Way to plan.

This is a very simple and effective I imagine. Way to plan.

Oh, you know, actually, we're, we're halfway through our show a little more than half actually. So we're gonna take a really quick break. Uh So we can pay some bills. We're gonna be right back though. And when we come back, I'm gonna give you a perfect tip. That'll help you no matter what kind of investor you are, we'll be right back.

Oh, you know, actually, we're, we're halfway through our show a little more than half actually. So we're gonna take a really quick break. Uh So we can pay some bills. We're gonna be right back though. And when we come back, I'm gonna give you a perfect tip. That'll help you no matter what kind of investor you are, we'll be right back.

Ok? We are back. But before we start, if you like what we do, do something for us, share the show with your friends and family on your favorite socials and also subscribe to our podcast. It takes you two seconds, but it really helps us. Ok? Now, here's, here's something that I learned a long time ago, 40 years ago. If you find yourself making mistakes and investing, then just do the opposite of what you think you should do.

Ok? We are back. But before we start, if you like what we do, do something for us, share the show with your friends and family on your favorite socials and also subscribe to our podcast. It takes you two seconds, but it really helps us. Ok? Now, here's, here's something that I learned a long time ago, 40 years ago. If you find yourself making mistakes and investing, then just do the opposite of what you think you should do.

And that may work for you. And I actually did that, you know, when I was trading, I was like, and I do this all the time. As a matter of fact, as we speak, as we're recording this podcast. The market's doing really, really well. Uh, one of the best months we've had in years. Um, but, you know, I thought the market was gonna go down. I really did. Uh, and so, you know what? I did nothing because every time I make a timing call like that I'm wrong. So I'm happy that I didn't do anything,

And that may work for you. And I actually did that, you know, when I was trading, I was like, and I do this all the time. As a matter of fact, as we speak, as we're recording this podcast. The market's doing really, really well. Uh, one of the best months we've had in years. Um, but, you know, I thought the market was gonna go down. I really did. Uh, and so, you know what? I did nothing because every time I make a timing call like that I'm wrong. So I'm happy that I didn't do anything,

you know, and that's a mistake that a lot of people make too. And here's another one, I'm gonna throw in and then I'm gonna turn it back over to you, Tony. But uh Jason, but um

you know, and that's a mistake that a lot of people make too. And here's another one, I'm gonna throw in and then I'm gonna turn it back over to you, Tony. But uh Jason, but um

Hubris is a huge mistake. I see people make all the time, like I just said, the markets done really well this month and you know what, a lot of people when the market goes up, they think they're smart, they think they know something nobody else knows. Uh And they think they're, they're the best investor ever. They're Warren Buffett but, and they're just about to have their hat handed to them because, you know, you're not smarter than the market. You just think you are because because riding rising tides floating all boats.

Hubris is a huge mistake. I see people make all the time, like I just said, the markets done really well this month and you know what, a lot of people when the market goes up, they think they're smart, they think they know something nobody else knows. Uh And they think they're, they're the best investor ever. They're Warren Buffett but, and they're just about to have their hat handed to them because, you know, you're not smarter than the market. You just think you are because because riding rising tides floating all boats.

Have you seen that happen, Jason?

Have you seen that happen, Jason?

Yeah. Yeah, I mean,

Yeah. Yeah, I mean,

no doubt about it. Um There's a, a false sense of security, right? I think that that gets, uh, that gets formed. Um And in, in, in reality Stacy, I think like with your background and experience, you know, um, you're the outlier though. Right. You were in the industry, this is what you do, you spend hours per day on it, you're in essence a money manager, but you, you only have one client yourself. Right.

no doubt about it. Um There's a, a false sense of security, right? I think that that gets, uh, that gets formed. Um And in, in, in reality Stacy, I think like with your background and experience, you know, um, you're the outlier though. Right. You were in the industry, this is what you do, you spend hours per day on it, you're in essence a money manager, but you, you only have one client yourself. Right.

And I think for most people, what they really need to do is trust the professional, right? Um And so they get that guidance, like from a behavioral finance standpoint, from a financial planning standpoint. And at the end of the day, it's not just about what you make, it's about what you keep.

And I think for most people, what they really need to do is trust the professional, right? Um And so they get that guidance, like from a behavioral finance standpoint, from a financial planning standpoint. And at the end of the day, it's not just about what you make, it's about what you keep.

And tax management is hugely important to the overall net rate of return that you're gonna get on your, on your portfolio and on your, you know, on your investment. So, you know, work working with a professional that's layering in the tax management with the financial planning, with the investment management. I think it's really important to have those things

And tax management is hugely important to the overall net rate of return that you're gonna get on your, on your portfolio and on your, you know, on your investment. So, you know, work working with a professional that's layering in the tax management with the financial planning, with the investment management. I think it's really important to have those things

coordinate it.

coordinate it.

Yeah, you know, I, I used to, this is something else I've shifted on over the years, Jason because I used to think obviously I don't need a money manager. Uh because I, I take responsibility for my own money, I take the time to learn about it, you know, blah, blah, blah, but the older I get, and also let me tell you this too when I walked into Ef Hutton in 1981 to become a stockbroker, I was a CPA and I thought the manager who was doing the hiring would be really impressed with that.

Yeah, you know, I, I used to, this is something else I've shifted on over the years, Jason because I used to think obviously I don't need a money manager. Uh because I, I take responsibility for my own money, I take the time to learn about it, you know, blah, blah, blah, but the older I get, and also let me tell you this too when I walked into Ef Hutton in 1981 to become a stockbroker, I was a CPA and I thought the manager who was doing the hiring would be really impressed with that.

And, and these are his exact words during your interview when I pointed out that I was a CPA. Here's what he said. He said I'd rather have a used car salesman sitting across the desk of me right now than a CPA. I, I'm not kidding you. Those are his exact words. Uh, and I went on to become a successful stockbroker, but the point is a lot of people have a bad taste in their mouth when it comes to investment advisors because there are so many commission based stockbrokers like I was um who were incented to do better for themselves than they are for their

And, and these are his exact words during your interview when I pointed out that I was a CPA. Here's what he said. He said I'd rather have a used car salesman sitting across the desk of me right now than a CPA. I, I'm not kidding you. Those are his exact words. Uh, and I went on to become a successful stockbroker, but the point is a lot of people have a bad taste in their mouth when it comes to investment advisors because there are so many commission based stockbrokers like I was um who were incented to do better for themselves than they are for their

clients. And I think people are a lot of, are afraid of that. And now things have, have, have evolved in the business. So there's less of the commission and more of the of the uh holistic approach to investment management. And now I'm friendlier to it because I used to say, don't do that, just buy an index fund and be done. But, but, but now I can see the, the value especially now that is in my accumulation phase is ending.

clients. And I think people are a lot of, are afraid of that. And now things have, have, have evolved in the business. So there's less of the commission and more of the of the uh holistic approach to investment management. And now I'm friendlier to it because I used to say, don't do that, just buy an index fund and be done. But, but, but now I can see the, the value especially now that is in my accumulation phase is ending.

Um And I have substantial assets and my wife doesn't give a damn about it in the stock market, you know, so I can imagine having somebody not only looking over my shoulder but also being there if I'm not for my wife.

Um And I have substantial assets and my wife doesn't give a damn about it in the stock market, you know, so I can imagine having somebody not only looking over my shoulder but also being there if I'm not for my wife.

Well, especially,

Well, especially,

I mean, if you think about what holistic wealth management is, which the bucket plan is a holistic wealth management process. Um, and just uh

I mean, if you think about what holistic wealth management is, which the bucket plan is a holistic wealth management process. Um, and just uh

uh just a quick plug, like uh uh US News and World Report, just named it one of the top 10 retirement planning books for 2000 uh 20.

uh just a quick plug, like uh uh US News and World Report, just named it one of the top 10 retirement planning books for 2000 uh 20.

Congrats.

Congrats.

Yeah, thanks.

Yeah, thanks.

And that's like not paid. We didn't solicit it. It was a total surprise. It was actually really cool. Um, but, you know, holistic wealth management

And that's like not paid. We didn't solicit it. It was a total surprise. It was actually really cool. Um, but, you know, holistic wealth management

is basically what ultra high net worth get at a family office. It's the coordinations of the financial tax, legal and insurance all into one comprehensive and holistic plan and the estate planning is a huge component of it. So you have to make somebody needs to be because you make a mistake in one area, it affects the other. I mean, and you get those professionals see historically,

is basically what ultra high net worth get at a family office. It's the coordinations of the financial tax, legal and insurance all into one comprehensive and holistic plan and the estate planning is a huge component of it. So you have to make somebody needs to be because you make a mistake in one area, it affects the other. I mean, and you get those professionals see historically,

you know, this approach has really only been for the high net, ultra high net worth, ultra high income is who got it in, you know, through a family office kind of approach. And the rest of the American families were primarily served by salespeople. You had the investment guys selling stocks, buying and mutual funds, insurance, guys selling annuities and life insurance and long term care and disability. You have the um CP

you know, this approach has really only been for the high net, ultra high net worth, ultra high income is who got it in, you know, through a family office kind of approach. And the rest of the American families were primarily served by salespeople. You had the investment guys selling stocks, buying and mutual funds, insurance, guys selling annuities and life insurance and long term care and disability. You have the um CP

A that's selling tax returns and accounting services. And then you have the attorney selling trusted wills and in many cases, they would conflict with each other, they would give each other, they would compete with each other, the advice didn't match out. And so what holistic wealth management is, is the coordinations of all those areas in one comprehensive player.

A that's selling tax returns and accounting services. And then you have the attorney selling trusted wills and in many cases, they would conflict with each other, they would give each other, they would compete with each other, the advice didn't match out. And so what holistic wealth management is, is the coordinations of all those areas in one comprehensive player.

How much money do you need to justify getting a financial plan or a, uh, financial advisor?

How much money do you need to justify getting a financial plan or a, uh, financial advisor?

Um,

Um,

I think, I don't think there's a dollar amount. I think people at 21 years old when they're just starting out should seek advice.

I think, I don't think there's a dollar amount. I think people at 21 years old when they're just starting out should seek advice.

Um, it, it, you know, because you can pay, you know, just out, you can pay hourly rates, you can pay retainer fees, you can pay flat fees to just get a plan developed. You know, there's a lot of different ways now that, you know, holistic, financial planners are compensated.

Um, it, it, you know, because you can pay, you know, just out, you can pay hourly rates, you can pay retainer fees, you can pay flat fees to just get a plan developed. You know, there's a lot of different ways now that, you know, holistic, financial planners are compensated.

So making the right decisions, you could argue early on is just as important as making those decisions, kind of where you're at Stacy. And I did want to comment on something you said a moment ago. You said, you know, I'm, I'm ending my accumulation phase and I'm gonna challenge you a little bit on that because I think that there's three phases that we all go through throughout our lifetime. It's called the money cycle.

So making the right decisions, you could argue early on is just as important as making those decisions, kind of where you're at Stacy. And I did want to comment on something you said a moment ago. You said, you know, I'm, I'm ending my accumulation phase and I'm gonna challenge you a little bit on that because I think that there's three phases that we all go through throughout our lifetime. It's called the money cycle.

And there's accumulation, preservation and distribution, the accumulation phases. When you're younger, you're working, you're preparing for retirement. You have a long time horizon. You can afford to make mistakes, you can afford to lose the money because you can uh uh work and earn and make that money back. You can afford the market to go down because you have a time horizon for it to rebound. That's the accumulation phase. The second phase is preservation. Preservation

And there's accumulation, preservation and distribution, the accumulation phases. When you're younger, you're working, you're preparing for retirement. You have a long time horizon. You can afford to make mistakes, you can afford to lose the money because you can uh uh work and earn and make that money back. You can afford the market to go down because you have a time horizon for it to rebound. That's the accumulation phase. The second phase is preservation. Preservation

phase is where you preserve a portion. And that's the key word portion of the money in preparation for the third and final phase, which is distribution, distribution to yourself in retirement, distribution to your f family. Upon your passing, the biggest mistake that people make is they go directly from accumulation into distribution and they never preserve a portion of the essence.

phase is where you preserve a portion. And that's the key word portion of the money in preparation for the third and final phase, which is distribution, distribution to yourself in retirement, distribution to your f family. Upon your passing, the biggest mistake that people make is they go directly from accumulation into distribution and they never preserve a portion of the essence.

I would argue your later bucket should always be invested for accumulation. The key is, is you need to establish a soon bucket, which is that portion for preservation. So you can confidently take income and withdrawals from it without putting yourself at risk for, you know, for a downturn in the market

I would argue your later bucket should always be invested for accumulation. The key is, is you need to establish a soon bucket, which is that portion for preservation. So you can confidently take income and withdrawals from it without putting yourself at risk for, you know, for a downturn in the market

uh or your portfolio and then having to take it out when the market when it's dead.

uh or your portfolio and then having to take it out when the market when it's dead.

And you're right, I'm in the preservation stage and that I never, it just happened kind of accidentally, you know, I got to where, you know, like, you know, the Mark Mark Twain phrase, uh I'm more interested in the return or no, I think it was Will Rogers. I'm more interested in the return of my money than the return on my money. Uh And so, you know that now I'm like, I still buy stocks because, you know, it's a habit.

And you're right, I'm in the preservation stage and that I never, it just happened kind of accidentally, you know, I got to where, you know, like, you know, the Mark Mark Twain phrase, uh I'm more interested in the return or no, I think it was Will Rogers. I'm more interested in the return of my money than the return on my money. Uh And so, you know that now I'm like, I still buy stocks because, you know, it's a habit.

Uh But generally speaking, I'm more concerned about losing money that I already have than I am in making more.

Uh But generally speaking, I'm more concerned about losing money that I already have than I am in making more.

And I, and I think that's probably true for people, my age, people in their sixties.

And I, and I think that's probably true for people, my age, people in their sixties.

But, you know,

But, you know,

I

I

think all the way to the end, regardless of age, you should have your money, there should be a portion of your money invested for growth in the later bucket. But certainly as you start to get to the point where, you know, you're gonna need to take withdrawals within the next 10 years or, or shorter. Um, at that point, that's where you really need that soon, bucket established. So you have a source for those income or withdrawals

think all the way to the end, regardless of age, you should have your money, there should be a portion of your money invested for growth in the later bucket. But certainly as you start to get to the point where, you know, you're gonna need to take withdrawals within the next 10 years or, or shorter. Um, at that point, that's where you really need that soon, bucket established. So you have a source for those income or withdrawals

without subjecting yourself to freak out risk because the market goes down and then all of a sudden you're making rash

without subjecting yourself to freak out risk because the market goes down and then all of a sudden you're making rash

decisions

decisions

by the way too. Uh, Jason, let me ask you this just because you have a financial advisor, doesn't mean you've eliminated all potential mistakes. I mean, financial advisors are capable of making mistakes too, aren't they?

by the way too. Uh, Jason, let me ask you this just because you have a financial advisor, doesn't mean you've eliminated all potential mistakes. I mean, financial advisors are capable of making mistakes too, aren't they?

Oh, for sure. There's no doubt about it. Um, but I think the key is, is to minimize the mistakes to as little as possible and there really shouldn't though Stacy be many mistakes in regards to, you know, the actual planning and management, I think in like of, of, of the, of the plan, right. Management of the plan

Oh, for sure. There's no doubt about it. Um, but I think the key is, is to minimize the mistakes to as little as possible and there really shouldn't though Stacy be many mistakes in regards to, you know, the actual planning and management, I think in like of, of, of the, of the plan, right. Management of the plan

mistakes absolutely can be made on. Oh, we could have, you know, invested more aggressively, we would have made more money or we should have invested more conservatively because there was a downturn in the market or that sector didn't do that well, and we, we were overweighted in that sector of the market. Those kind of risks are, you know, are, are bound to have, you know, those kind of mistakes are bound to happen because nobody's gonna curse the ball. Right.

mistakes absolutely can be made on. Oh, we could have, you know, invested more aggressively, we would have made more money or we should have invested more conservatively because there was a downturn in the market or that sector didn't do that well, and we, we were overweighted in that sector of the market. Those kind of risks are, you know, are, are bound to have, you know, those kind of mistakes are bound to happen because nobody's gonna curse the ball. Right.

So now I have to ask Aaron and Miranda, are you guys ready to pay Jason to be, to be a money manager for you?

So now I have to ask Aaron and Miranda, are you guys ready to pay Jason to be, to be a money manager for you?

Well, I,

Well, I,

I actually already used the bucket system for some things uh as you know, like, um when my, when my son started

I actually already used the bucket system for some things uh as you know, like, um when my, when my son started

uh started college a couple years ago, uh I, that's when I moved some money into a soon bucket from his 1st 5, 29 like I redid his 529 investments so that he had. So we had a soon bucket uh to cover his upcoming costs, but still kept, you know, kept a sort of bucket to keep accumulating as we go forward. But uh I did, I have used a bucket system for my son uh to make sure that like

uh started college a couple years ago, uh I, that's when I moved some money into a soon bucket from his 1st 5, 29 like I redid his 529 investments so that he had. So we had a soon bucket uh to cover his upcoming costs, but still kept, you know, kept a sort of bucket to keep accumulating as we go forward. But uh I did, I have used a bucket system for my son uh to make sure that like

as we're going through here, uh we've got that soon bucket going to cover his, his uh tuition costs and other college costs.

as we're going through here, uh we've got that soon bucket going to cover his, his uh tuition costs and other college costs.

That's a perfect example of like a a reason people will, you know, fund that soon bucket.

That's a perfect example of like a a reason people will, you know, fund that soon bucket.

Yeah, this bucket strategy sounds really good. I I'm not real fond of the word bucket because I keep thinking I might be about to kick the bucket.

Yeah, this bucket strategy sounds really good. I I'm not real fond of the word bucket because I keep thinking I might be about to kick the bucket.

But other than that, this really makes sense now before we're done and we're almost done. Let me ask you guys a question and you too, Jason, what's the biggest mistake? And I'm not talking about now, you know, you were young at one time and starting out. What's the biggest mistake you ever made in investing?

But other than that, this really makes sense now before we're done and we're almost done. Let me ask you guys a question and you too, Jason, what's the biggest mistake? And I'm not talking about now, you know, you were young at one time and starting out. What's the biggest mistake you ever made in investing?

Oh man, the people made them investing was when this was back in.

Oh man, the people made them investing was when this was back in.

Oh, let's see here. This was back in 2000, 2001 is when it all came to fruition. But at that time, I was day trading my own money. I thought I was, you know, the next whatever, like I was day traded my own money. And I started, um, uh I, I, uh you, you're familiar with margin

Oh, let's see here. This was back in 2000, 2001 is when it all came to fruition. But at that time, I was day trading my own money. I thought I was, you know, the next whatever, like I was day traded my own money. And I started, um, uh I, I, uh you, you're familiar with margin

and back then, you know, so I had about, I had accumulated it up to about $600,000 and this is my early twenties. And um, then I had about $600,000 because I thought I, you know, the market had a great run and I was just, you know, just killing it. I was, I borrowed $600,000 on margin right back when they let you do that.

and back then, you know, so I had about, I had accumulated it up to about $600,000 and this is my early twenties. And um, then I had about $600,000 because I thought I, you know, the market had a great run and I was just, you know, just killing it. I was, I borrowed $600,000 on margin right back when they let you do that.

So I actually owned $1.2 million in securities and I was very heavily weighted, highly concentrated in tech. And I'll never forget I had a bunch of uh, I had a bunch of Priceline stock and it was right when the market started tumbling. Right. And I was dollar cost averaging down. I ended up having almost the whole 1.2 million all in Priceline stock.

So I actually owned $1.2 million in securities and I was very heavily weighted, highly concentrated in tech. And I'll never forget I had a bunch of uh, I had a bunch of Priceline stock and it was right when the market started tumbling. Right. And I was dollar cost averaging down. I ended up having almost the whole 1.2 million all in Priceline stock.

And then I'd never forget the morning I woke up and logged into my Etrade account and it was $17,000.

And then I'd never forget the morning I woke up and logged into my Etrade account and it was $17,000.

Holy cow. That's quite the story.

Holy cow. That's quite the story.

It drops

It drops

so fast when you're borrowing to buy on margin. And, and at that time, I had also maxed out my credit cards, took all the cash I could out of my credit cards leveraged myself fully at it all in the market. So I was dead broke and I'm like,

so fast when you're borrowing to buy on margin. And, and at that time, I had also maxed out my credit cards, took all the cash I could out of my credit cards leveraged myself fully at it all in the market. So I was dead broke and I'm like,

I got like, and my lease was up on my car and like the next month. So I cash in the $17,000 account. We bought a 1997 Dodge Intrepid and started going door to door selling insurance.

I got like, and my lease was up on my car and like the next month. So I cash in the $17,000 account. We bought a 1997 Dodge Intrepid and started going door to door selling insurance.

Jeez, I feel so much better about myself right now

Jeez, I feel so much better about myself right now

because I made lots of mistakes too. And, and, and you, you were all in right at the bubble, the internet bubble. Yeah. And I've seen that a lot as a matter of fact, I was working in Cincinnati at that time in the, in the, uh, in the newsroom there for Fox and the weather man came to me and he said he took out a mortgage on his house to buy stocks. And I said, if that's not the top of the market. I don't know what is

because I made lots of mistakes too. And, and, and you, you were all in right at the bubble, the internet bubble. Yeah. And I've seen that a lot as a matter of fact, I was working in Cincinnati at that time in the, in the, uh, in the newsroom there for Fox and the weather man came to me and he said he took out a mortgage on his house to buy stocks. And I said, if that's not the top of the market. I don't know what is

because, you know, when you go to a party, this is true of real estate too. By the way, you go to a party and everyone's talking about how, how easy money is being made in real estate or in stocks, run for the exit because yeah, the sky is just about to fall. You know, it's just be really careful, man. That's, that's a harrowing story you told and I'm sure it's taught you a lesson, you'll never forget. And I'm sure our listeners won't either.

because, you know, when you go to a party, this is true of real estate too. By the way, you go to a party and everyone's talking about how, how easy money is being made in real estate or in stocks, run for the exit because yeah, the sky is just about to fall. You know, it's just be really careful, man. That's, that's a harrowing story you told and I'm sure it's taught you a lesson, you'll never forget. And I'm sure our listeners won't either.

Yeah, margin itself is a, is a huge mistake in my opinion for sure. And so as is day trading, I've done that story a million times. I have yet to be a success. You know what I tell people with day trading is you might be a successful day trader. It's possible just as there are people who make a living playing cards in Las Vegas. There are, but it ain't gonna be you more than likely, you know, because there are people on the other side of the table that are smarter than you and sooner or later you're gonna hand them all your chips

Yeah, margin itself is a, is a huge mistake in my opinion for sure. And so as is day trading, I've done that story a million times. I have yet to be a success. You know what I tell people with day trading is you might be a successful day trader. It's possible just as there are people who make a living playing cards in Las Vegas. There are, but it ain't gonna be you more than likely, you know, because there are people on the other side of the table that are smarter than you and sooner or later you're gonna hand them all your chips

and you know, so day trading I think is a really bad mistake, although it is possible theoretically that somebody can make a living doing it. I'm not one of them though. I've tried it. I'm horrible at it.

and you know, so day trading I think is a really bad mistake, although it is possible theoretically that somebody can make a living doing it. I'm not one of them though. I've tried it. I'm horrible at it.

So do we have anything else? To add, we're almost, we actually are out of time.

So do we have anything else? To add, we're almost, we actually are out of time.

Oh, Aaron, we didn't hear it from you. Did you, did you make a mistake?

Oh, Aaron, we didn't hear it from you. Did you, did you make a mistake?

Yeah. The mistake I made was we started a stock podcast. You and I, and we got talking about it, you know, a lot as the market was, I guess, somewhat high. And so I felt like I had to buy stocks in order to talk about it and of course, all that stuff is down. I haven't recouped that money yet.

Yeah. The mistake I made was we started a stock podcast. You and I, and we got talking about it, you know, a lot as the market was, I guess, somewhat high. And so I felt like I had to buy stocks in order to talk about it and of course, all that stuff is down. I haven't recouped that money yet.

I thought you were gonna say that. How about, how about you, Miranda?

I thought you were gonna say that. How about, how about you, Miranda?

Hm.

Hm.

The biggest mistake you guys can make is not reading the bucket plan book, by the way.

The biggest mistake you guys can make is not reading the bucket plan book, by the way.

That's right.

That's right.

That's right.

That's right.

Everybody go

Everybody go

read this book.

read this book.

Jeez. That was a shameless self promotion. We'll allow it though. Have you made a mistake? Miranda?

Jeez. That was a shameless self promotion. We'll allow it though. Have you made a mistake? Miranda?

Oh, several. Yeah, of course. Uh the good news is, is most of them come as a result of, um, my, my experience experiments, I think the biggest mistake that I made was when I first opened a Roth Ira way back in the day, a Roth Ira way back in the day in my early twenties, shortly after I got married. Uh we did it through our insurance agent and so you can imagine the fees and of course you put everything in like, you know,

Oh, several. Yeah, of course. Uh the good news is, is most of them come as a result of, um, my, my experience experiments, I think the biggest mistake that I made was when I first opened a Roth Ira way back in the day, a Roth Ira way back in the day in my early twenties, shortly after I got married. Uh we did it through our insurance agent and so you can imagine the fees and of course you put everything in like, you know,

high load mutual, you know, high load, actively managed mutual funds. Oh jeez. You know, and then, and then I started writing about money and learning about it and I was just like, well, we're done with this and then we moved to the Roth Ira. But yeah, that was one of the big things was, um, was just assuming that, like,

high load mutual, you know, high load, actively managed mutual funds. Oh jeez. You know, and then, and then I started writing about money and learning about it and I was just like, well, we're done with this and then we moved to the Roth Ira. But yeah, that was one of the big things was, um, was just assuming that, like,

you know, an insurance agents, like they can help you with some stuff and help you with some planning. But assuming that, like, they're going to help you find the right investment projects for you. No. And you know, another thing I'll throw in here too at the end is that, and no offense to you, Jason. But I think it's a mistake not to pay attention to where your money is, even if it's being professionally managed.

you know, an insurance agents, like they can help you with some stuff and help you with some planning. But assuming that, like, they're going to help you find the right investment projects for you. No. And you know, another thing I'll throw in here too at the end is that, and no offense to you, Jason. But I think it's a mistake not to pay attention to where your money is, even if it's being professionally managed.

I mean, my, my wife's a nurse practitioner and I don't understand two thirds of what she's talking about, you know, the names of drugs and all this stuff, but this is not rocket science, uh, investing. Uh, and even if you have somebody, you're paying somebody who's a professional, uh, like Jason, pay attention, know what you're doing because there's nobody who, who, that money matters to you more than you.

I mean, my, my wife's a nurse practitioner and I don't understand two thirds of what she's talking about, you know, the names of drugs and all this stuff, but this is not rocket science, uh, investing. Uh, and even if you have somebody, you're paying somebody who's a professional, uh, like Jason, pay attention, know what you're doing because there's nobody who, who, that money matters to you more than you.

Uh, e even the best financial advisor is not going to lose their retirement. If they make a mistake. They, they could lose yours though. So, always pay attention and, and do you, do you agree with that, Jason?

Uh, e even the best financial advisor is not going to lose their retirement. If they make a mistake. They, they could lose yours though. So, always pay attention and, and do you, do you agree with that, Jason?

Oh, yeah, 100% 100%. And, um, we, we even go as far, um, Stacy is um, we, we mandate that both spouses be present as we take them through the bucket plan process and build the plan.

Oh, yeah, 100% 100%. And, um, we, we even go as far, um, Stacy is um, we, we mandate that both spouses be present as we take them through the bucket plan process and build the plan.

And actually, um the book is a, it's a true story about a client I took through the process and the, the husband died very unexpectedly and very suddenly, not long after we built the plant

And actually, um the book is a, it's a true story about a client I took through the process and the, the husband died very unexpectedly and very suddenly, not long after we built the plant

and um the wife up to that point and her had never um participated in anything and, and initially he didn't want her to, he was like, oh, she never, you know, she never, you know, he does any of this stuff. I'll just take care of it. And I'm like, no, we absolutely need both spouses there. It's super important. It's an

and um the wife up to that point and her had never um participated in anything and, and initially he didn't want her to, he was like, oh, she never, you know, she never, you know, he does any of this stuff. I'll just take care of it. And I'm like, no, we absolutely need both spouses there. It's super important. It's an

educational process. I promise I'll make it engaging and fun. She'll learn and she'll be very grateful to actually have a good understanding of where your money is and how it's invested and, and what you have set

educational process. I promise I'll make it engaging and fun. She'll learn and she'll be very grateful to actually have a good understanding of where your money is and how it's invested and, and what you have set

up.

up.

Would you come over to my house? I need you to talk to my wife. I need you to make it fun for her because I'm just imagining me sitting in your office with my wife and she'd be texting the whole time. She wouldn't.

Would you come over to my house? I need you to talk to my wife. I need you to make it fun for her because I'm just imagining me sitting in your office with my wife and she'd be texting the whole time. She wouldn't.

But anyway,

But anyway,

stories and jokes and make it fun.

stories and jokes and make it fun.

There

There

you go. That's, that's really good though that you guys do that and everyone should do that as a couple. Uh, anyway. Ok,

you go. That's, that's really good though that you guys do that and everyone should do that as a couple. Uh, anyway. Ok,

I've gone, I've drawn on too long. We are out of time. But you know what folks we are never out of topic. Dig a little deeper. You're gonna find links to lost more info on our show notes. And remember if your goal is to make more, to spend less, to retire rich, your online home is money talks news.com and don't forget to check out Miranda's online home as well. That is Miranda Marit Ma rquit.com

I've gone, I've drawn on too long. We are out of time. But you know what folks we are never out of topic. Dig a little deeper. You're gonna find links to lost more info on our show notes. And remember if your goal is to make more, to spend less, to retire rich, your online home is money talks news.com and don't forget to check out Miranda's online home as well. That is Miranda Marit Ma rquit.com

and visit Jason his website. That is JL Smith group.com. Is that right, Jason?

and visit Jason his website. That is JL Smith group.com. Is that right, Jason?

Yep. That is.

Yep. That is.

And one more time on your book. What's it called?

And one more time on your book. What's it called?

The Bucket,

The Bucket,

the Bucket plan. Let's go out and buy it, folks. Ok. If you got a question, comment or topic, you'd like to suggest, please tell us about it. You can email us at, hello at Money Talks news.com.

the Bucket plan. Let's go out and buy it, folks. Ok. If you got a question, comment or topic, you'd like to suggest, please tell us about it. You can email us at, hello at Money Talks news.com.

That's hello at Money Talks news.com. And one final thing you heard me say it at the break. If you like what we do subscribe to our podcast takes you a couple of seconds. Really helps us out, makes our parents proud. So if you like us show us and subscribe. Thanks again for being here, Jason. Uh I'm Stacy Johnson. I'm Miranda Mart. I just ordered a bunch of buckets on Amazon. Will that work? I'm afraid I'm gonna kick one.