Don't Let Fear Dominate
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What is Episode 002 All About?
Welcome back! Glad you’re here for our second episode of The Retirement = Freedom Podcast, a freewheeling look at what it takes to secure the future of your dreams! And how does that tie in with Arby’s roast beef sandwiches? Well, you’ll just have to stay tuned to find out – not only about the sandwiches but also about how Josh and Dave resolve the question: Is this podcast suitable for family listening?
The focus of Josh and Dave’s latest episode is some of the big-picture concepts that will be the focus of deeper dives in the future. Mindset is of course the starting point – and for many of us the biggest block to planning for – and enjoying – the freedom to do what we want when we want in our Golden Years. We’re in for some thought-provoking anecdotes about what it means to feel fearful and strapped for cash or intimidated by the increasingly complex jigsaw puzzle that is tax and retirement planning.
In additional financial food for thought, one final word of warning from the co-hosts as the podcast wraps: If you’re over-40, you might want to think carefully about when, whether and how to consume roast beef and cheddar sandwiches!
Click here if you’d like to learn more about or listen to previous episodes of the Retirement = Freedom Podcast.
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Arby's. Red Chrysler LeBaron. Market Day.
About Dave’s and Josh’s friend Joe Murray, who is living the dream, saving and investing in cryptocurrency to build wealth and touring great places with his family (and his Fantasy Football Championship Ring, followable on Insta).
Learning how to spend often means unlearning how to save.
Josh shares the story of a lab worker who was turning 65 but confided she would never be able to retire. Her huge smile concealed very real fears about (and the mystery surrounding) financial planning and her future quality of life.
Things people worry about when they look at retirement and how it will pencil out:
- Where will money come from?
- What do I have to give up?
- What if I live too long and run out of money?
- What if I make the wrong decision?
- What if the market is bad?
- What if taxes change?
Wait a minute! Is this podcast PG or PG-13? Is this family-friendly or do Dave and Josh need to make a disclaimer about explicit content?
Ready for a fun anecdote? How about a parallel between how Dave turned a disappointing special on Arby’s roast beef sandwiches (cheddar was an add-on) into a chef’s delight? It was a creative fix (tip of the hat once again to Bruegger's Bagels) but illustrates that feeling squeezed for cash isn’t a good feeling.
Bottom Line: Life changes and our mindset about money must change along with it.
Puzzles as Metaphor: When it comes to retirement, you’re starting out with the simplest kiddie jigsaw of just a few pieces (curtail spending and maximize savings). Later stages of life, however, turn into much more complicated (and intimidating) 500- and 1000-piece puzzles (Medicare, taxes, pensions, actuarial facts, IRAs and other retirement vehicles).
Future Episodes: Stay tuned for advice on important tax and retirement planning issues (undoubtedly along with more colorful, compelling stories dating back to the 1990s).
“We’re all doing what we’re taught to do. We’re taught to put money away.” ~Josh
“The reason you want your kids to get good grades is so they can go to a good college or trade school. They’re trying to be better and do better all the time and the reason is so they can be self-sufficient.” ~Josh
“When you’re an adult you want to take care of your family and you do that by working and saving … but once you get to retirement the whole thought process changes and a lot of people are terrified of it.” ~Josh
“You don’t want to work your entire life to be afraid and to have that fear about what’s going to happen.” ~Josh
“The thing is this: You know I’m stuck in the 90s so every podcast I’m going to find a reason to tell a story from back in the 90s.” ~Dave
“The retirement mindset is different. It’s not so much that you can’t live your life. You can live your life, but the financial aspects to it change.” ~Josh
“I don't think anybody in the history of mankind has compared a beef sandwich to replacing your income in retirement, which we just did very elegantly.” ~Dave
About your Co-Hosts
A certified public accountant, Josh Bretl has spent the past two decades growing FSR Wealth Strategies into a firm that specializes in tax-focused retirement planning. Because taxes have the single biggest impact on how much you can spend in retirement, Josh is dedicated to developing individualized financial plans that extend and grow his clients’ retirement savings. Based in Elmhurst, Illinois, FSR Wealth strategically preserves and maximizes resources through tax-efficient strategies designed to fulfill retirement dreams.
Apart from producing and co-hosting The Retirement Equals Freedom Podcast, Josh's longtime friend Dave Schmidt is marketing director at FSR. He’s also a content provider and marketing adviser to local businesses and nonprofits. He’s also an advocate for t-shirts, all things 90s (especially the music), short walks and long naps.
FSR Wealth Management is a registered investment advisor located in Elmhurst, Illinois. Information and opinions contained in this audio have been arrived at by FSR Wealth advisors. All information herein is for informational purposes and should not be construed as investment advice. It does not constitute an offer, a solicitation or recommendation to purchase any security. FSR is not providing legal, tax, accounting, or financial planning advice in this audio. These views are as of the date of this publication and are subject to change.
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