0:00:00 - Speaker 1
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through registered representatives of Cambridge Investment Research Inc. A broker-dealer member, finra, sipc Advisory services through Cambridge Investment Research Advisors Inc. A registered investment advisor Cambridge and Greenway Wealth Advisory are not affiliated.

0:00:20 - Speaker 2
It's time to dive into some insider secrets of investing and retirement planning. To make your retirement as smart and as elegant as possible. This is Money Chic with Sherry Rash.

0:00:31 - Speaker 3
Hey everybody, welcome into the podcast. Thanks for hanging out with Sherry and myself as we talk investing finance and retirement here on Money Chic with Sherry Rash from Greenway Wealth Advisory, and we're going to talk about the financial doctor today. So, sherry, we're going to have some fun. Yeah, I don't know if you've ever played a doctor on a podcast, but you get to today, so I'm looking forward to it. Yeah, how are you?

0:00:52 - Speaker 4
I'm doing good. Summer's coming to an end, so a little bummed out about that. Kids are going back to school.

0:00:57 - Speaker 3
Yeah, that's not a good thing, that's not a happy thing.

0:01:00 - Speaker 4
Well, that actually. No, I take that back. That is a good thing, but it also means the summer's over. Yeah, true, which is a bummer. Yeah, that's very true.

0:01:09 - Speaker 3
I have a little space and so on and so forth, sometimes Like, woohoo, you know, get some freedoms back, kids can go to school. I know a lot of folks are excited about that, but yeah, it's always. It always comes with that catch 22 of aw, summer's over.

0:01:21 - Speaker 4
You know that's right, but that's all right. But we're after the last year we had with virtual school I'm happily putting them on the school bus. Yeah, yeah, a lot of people are at boat?

0:01:30 - Speaker 3
Absolutely yeah, and it's good you know there's also the, just the added benefits, not just the education right, but social interactions are important as well for kids and anybody of any age, really, actually, you know. So being being locked down too much sometimes is not good. It's not a good thing, and that's why you get to be the financial doctor today.

So we won't have you do too much in doctoring. From a social aspect, I suppose, since we were starting to go down that path, we'll just keep it financial. That way it's in your wheelhouse. That sounds good. So, basically, I'll have some fun with this. I've got some funny little lines, some quirks that would be maybe financial disease or a financial illness, if you will. And then, as the as the money coach, as the money doc, you kind of give us your, your take on this, your prescription, if you will. Okay, sounds good, all right. The patient presents themselves with dizziness caused by following the ups and the downs of the volatility of the stock market. What do they have, sherry, and what are you prescribing for them?

0:02:28 - Speaker 4
I am prescribing them to stop following the ups and downs of the stock market. If it's making you dizzy, stop looking at it.

0:02:37 - Speaker 3
Turn off the TV right.

0:02:38 - Speaker 4
That's right. Turn off the TV because we know, at the end of the day, history has shown us that the ups will continue to go up. There might be some downs in the intermediate term, but in the end we're going up. So turn off the TV. Stop following the volatility If it's making you dizzy and sick and just know that in the end, keep the long-term in mind, that in the end the market does go up, and to just keep that in the back of your mind.

0:03:07 - Speaker 3
Well, you know it's. You know as a heart patient myself, literally, you know, not just for the show, for the sake of the being funny. If you're watching the ticker every day and it's driving your, it's the stock ticker and it's driving your ticker crazy, whether you're a heart patient or not, don't do that Right. It's like, why are you putting yourself through that stress of the roller coaster with all the ups and downs that we're going to see to your point? This is what the market does. It ebbs and flows.

0:03:31 - Speaker 4
So don't get so wrapped up into that. Yeah, no good comes from watching what the market does every day.

0:03:36 - Speaker 3
Every day.

0:03:37 - Speaker 4
Unless you purely enjoy it and you oh, it's up today or it's down today and you get some type of enjoyment from following it. But if the opposite occurs and you're getting stressed out, there's no good that comes from it and at the end it's going to go up over time and that's what's going to happen.

0:03:53 - Speaker 3
I think it'd be weird if you actually enjoyed it no matter what to watch it every day. So if that's you, I apologize, but I think it would be a little strange. It's got to be a better use of your time, because it's definitely got to be frustrating. Now here are you to watch what this looks like from your side.

0:04:04 - Speaker 2
All right.

0:04:04 - Speaker 3
Let's do number two here. Doc Patient has problems with paralysis in their financial decision-making process because they just feel they have too many options in front of them. What are they suffering from? What are we doing about it?

0:04:18 - Speaker 4
That's a very real problem paralysis analysis. There's too many options. There's too many people on TV telling you about different investment options, or your neighbors are telling you things, or you're reading about different options. So that is a real issue and that's actually one of the questions I ask when a client is joining my firm is do you feel overwhelmed by all of the information available to you? And if they are, then we need to figure out where they're getting their information from and what exactly is too much. Because if they are overwhelmed, there's too many.

But I think that this is why you need to work with a financial professional, because they're going to be able to filter out a lot of the inappropriate options for you and then present to you what best fits. It's like when you have children instead of saying what do you want for dinner, you're going to say we're having chicken or fish for dinner tonight. What would you like? So just give them two very good options and then they pick from that, versus leaving the whole universe open to someone. It's overwhelming for anyone. So, again, working with a professional that can help filter out all of the options and understand what you need and present to you that will make the decision making process a lot less overwhelming.

0:05:39 - Speaker 3
That's a great way of thinking about that with the kid analogy, because like and mine was such a stinker that she would say something off the wall. She'd be like we're having peanut butter and lobster, you know, say something totally random, because you've given her the universe to your point Right.

And from a financial standpoint. Yeah, we, I mean Google something and you're just, you're just like overwhelmed by the sheer number of things. And where do I start or what do I do? And so we do get that paralysis analysis that Sherry's talking about, and it's, it's just too much. So having a good professional in your corner to say, okay, look here's, here's some of the things that might be a good fit for you, here's, let's talk through why or why not, and you can just really again, I say all the time I think some of the biggest value from a financial professional like yourself, sherry, is the sounding board mentality there, where someone can bounce things off of you but be it a good or a bad idea, and then you guys work through that together and find the right you know the right fit.

0:06:35 - Speaker 4
Exactly, and I can look at it from a completely neutral perspective. I look at the facts that are presented to me and I understand your current situation. I'm not getting clouded with emotions that I can then help you get to the right decision based on facts versus getting feelings in the way.

0:06:54 - Speaker 3
All right. So our next question here for you is the patient mentions high levels of anxiety or stress from watching just the news every day. So we kind of talked about the the ups and downs of the market. But just watching the news certainly a problem.

0:07:10 - Speaker 4
Yeah, and the prescription for this is the same thing from having dizziness caused by following the ups and downs of the market, turn off the news.

We are on a 24 hour news cycle, which means there's a lot of information that is being thrown at us all hours of the day, and there's also a lot of time that needs to be filled by these news stations.

So if you watch the news every day, you're getting a lot of information and, on top of it, a lot of the times, depending on what on the channels you're watching. Opinion is also being thrown in there, which could also increase the anxiety that you're feeling, or anger, or frustration, or sadness. So if you're watching the news every day and it is not a pleasurable experience for you turn it off or watch it less. And if you're nervous about not getting updated with the goings on in the world, instead of watching the news a friend and a colleague shared this idea with me a while ago read the news instead. So take 30 minutes of your day and just read the paper or read online your your news sources. That way, the information comes at you a lot more slowly, you're able to digest it and it's also not clouded with some biases that we often see in the news today.

0:08:30 - Speaker 3
That's a good idea. You know, there's some crazy stats out there as well that say we, we are bombarded with more information in an hour in the modern world than just 50 years ago would get in a month or 100 years ago, would get in a year, which is mind boggling, if you think about that. Right, because we're just, we are bombarded with stuff, and it doesn't have to be financial or, you know, even political, it's just anything. I mean, it's just all the time, because we have yet, with the internet and these little devices in our hands, it's instant, everything all the time, and it can certainly be an overload.

Some of the best vacation sherry I've ever had within the last couple years is when it was forced to actually not use a cell phone. Like you know, before this whole COVID thing happened, we took a cruise and you know you're not going to have your phone on because you don't go into international waters and you know extra charges or whatever. So you just turn the thing off and toss it in the suitcase and you didn't touch it for a week. It was great.

0:09:22 - Speaker 4
It feels great, absolutely, absolutely yeah.

0:09:26 - Speaker 3
So it's something to certainly ponder. Folks, we need to do more of that. I think a lot of us realize that as we're getting there, I want to have some fun here letting Sherry be the financial doctor here on the podcast. What if the patient is suffering from high blood pressure resulting from anger about maybe a bad financial decision or advice they've gotten in the past?

0:09:44 - Speaker 4
I will quote a favorite movie of many young girls, and I'm quoting Elsa Let it Go. It happened. It was bad advice. It could have hurt you financially, but let it go. There's nothing you can do about it now except learn from it. So look back. Where did you get that advice from? Was it from someone that was not qualified to give advice? Well, maybe what you should learn from that is don't listen to people that are not qualified to give advice. And if it was from maybe a trusted professional, you know it's there. There's an opportunity again to learn from that and to do research. But have pointed research on what you're doing financially when you are given advice, so let it go. There's nothing you can do about it now, but learn from it. Where did you get the information from? And maybe change where your advice is coming from.

0:10:42 - Speaker 3
Should we sing while we're here?

You don't want me singing, I think it's a really good way of looking at it because we do hang on to so, so many things, and it's human nature to a degree. But if you, you know you have to think about, let's say let's say you had a bad investment or some bad advice or something just didn't go well with an advisor or whatever the person might have been, you know, think about this too. Was it really communication factor? Was there? So we hear that very, very often in this industry where, at the end of the day, 99% of advisors out there are trying to do the best job they can for their clients, but sometimes, if we're not communicating well and like any walk of life, that can prove to be a hindrance, right, that could be that roadblock where we're not communicating, and so, therefore, things get off in the wrong tangent and maybe you go down this avenue of taking more risk than you actually really wanted to and because the communication was just not there. I mean, at least that's how I see it anyway.

0:11:34 - Speaker 4
Exactly. If someone has taken a piece of bad advice or done something, or looking back they would have done it differently. And as long as you learn from it, then that's all you can ask. That's all you can do.

0:11:45 - Speaker 3
Yeah, we need more of that, that's for sure. All right, final one here, doc, we've got patient complaints of losing sleep because he or she is retiring soon and just stressing about not having enough money. And this is super common, sherry, and I think that's where a good plan and a strategy comes in place, because hopefully it's going to give you that confidence right to not just, you know, you wonder, do I have enough money?

0:12:09 - Speaker 4
Exactly. So who are you working with? Who's telling you you don't have enough money? Is that just a gut feeling that you have? And if you have that gut feeling that you don't have enough money, where are you getting that information from? And that probably is telling me that you're not working with a professional if you're worried about not having enough money, Because if you're working with a financial professional and they feel you don't have enough money to retire, they wouldn't be encouraging you to retire. They would be having conversations with you about working longer or having a part-time job or living off of less assets in retirement, so that to me this looks like more of a situation of lack of planning versus lack of money. And if you plan, you'll then have the confidence that you are making the correct decisions and you will not be losing sleep over this, because you know you can retire and you will have enough money. And enough money also is so subjective.

I mean enough money to one person isn't enough money to someone else. So by having a plan in place, knowing what type of income you are going to need in retirement, what your living expenses are, it's very easy for an advisor to see what is doable as far as what you have, as far as assets go, and when you are looking to retire, and how much money you need in retirement.

0:13:34 - Speaker 3
Yeah, and I think a lot of times, Sherwin and correct me if I'm wrong here when we're talking about this type of thing, is that you know, even if you're working with an advisor I mean, I'm sure yourself you even probably have clients where you can show them all the data, you've given them all the stuff to be confident. But sometimes there's just that emotional thing where it's like you have to continue to coach them, to help them over whatever hurdle, whether it's a spending hurdle or a you're going to be okay, right, it's okay. And usually that's where I think it comes back in is like, well, I don't want to spend as much because I don't want to run out. It's like, no, I'm showing you right, You've got enough, let's continue. And it's probably that ongoing coaching that you have to do.

0:14:09 - Speaker 4
It is ongoing. There's such a huge mindset shift when someone enters retirement or is going to enter retirement or just thinking about retirement. The whole I'm now responsible for paying myself is a really big hurdle to overcome and that's part of what I do with my clients as far as coaching them through this. But it is a mindset shift that we have to take and it's it's not as easy as I'm retired. That's it. There's a lot you need to do but again, if you're prepared and you're working with a professional, it makes it a lot easier. It doesn't take all the worries away or all the concerns away, but they're not as prevalent.

0:14:49 - Speaker 3
Yeah, that's a great way of looking at it and that's why you know it's important to really have those conversations, folks, and so hopefully you had a little fun with us, as we got to have some fun with Sherry being the financial doctor, if you will, and so if you've got some questions or concerns as always on anything you hear on our podcast or any other you should always check with a qualified professional like Sherry, who is a financial advisor and money coach at Greenway Wealth Advisory.

Don't forget to subscribe to the podcast If you enjoy the content, would like to receive more of those as they come out, as we do new episodes and check out past episodes. You can find all of it at GreenwayWealthAdvisorycom. That's GreenwayWealthAdvisorycom. Or you could subscribe on your favorite podcasting platform Apple, Google, Spotify, whatever you use. Just type in Money Chic right there in the search box of that app and you should find it that way as well. Sherry, thanks for hanging out with me and having some fun. Hopefully you had a good day and I look forward to talking to you a little bit later this month.

0:15:43 - Speaker 4
Thank you.

0:15:45 - Speaker 3
We appreciate your time, as always, here on Money Chic with Sherry Rash. So again, don't forget to hit that subscribe button and we'll see you next time here on the podcast.