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Speaker 1: It's coming to.

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Speaker 2: Ladies and gentlemen. Welcome to Safe Much Strategies on WRKO.

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Speaker 2: I'm William Kelly and it's an honor to carry on

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Speaker 2: a family legacy rooted in real world values and practical advice.

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Speaker 2: Kelly Financial was founded in two thousand and three by

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Speaker 2: my parents, my late father Bill Kelly and my mother

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Speaker 2: Kelly Kelly and Braintree and Burlington, Massachusetts. Just two years later,

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Speaker 2: her dad launch Safe Money Strategies on WRKO as a

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Speaker 2: no non says Colin radio show focused on common sense

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Speaker 2: planning and protecting wealth. Over the past two decades, Dad

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Speaker 2: became a pillar in New England finance, an engineer turned entrepreneur,

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Speaker 2: author and philanthropist who believed in giving back and walking

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Speaker 2: the talk. Since two thousand and five, our show has

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Speaker 2: remade a Saturday morning staple, offering insight and empower. Here

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Speaker 2: at Kelly Financial, we help steward over eight hundred million

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Speaker 2: dollars across our affiliated business, including more than six hundred

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Speaker 2: million dollars managed by our sec regted investment Advisory WOR

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Speaker 2: fiduciary care, and our family first philosophy guides us on.

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Speaker 3: Safe money strategies.

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Speaker 2: You'll hear candid conversations with the team, my mother, Kelly, myself,

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Speaker 2: advisors Charlie Gable, Mike Ducet, Greg Workman, Greg Murray, my sister,

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Speaker 2: Mary Madam, and Tom Schlager. We live by two rules,

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Speaker 2: never quit and carry on, and we're here to help

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Speaker 2: you do the same when it comes to your money.

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Speaker 2: Stick around, take notes and join the conversation. To learn more,

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Speaker 2: or get our free guides or schedule a consultation, visit

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Speaker 2: Kelly Financial dot org or call us at eighty eight

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Speaker 2: eight eight hundred one eight eight one. This is Safe

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Speaker 2: Money Strategies. Next up Forever Young with Kelly Kelly and

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Speaker 2: myself William Kelly Junior.

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Speaker 4: Safe Money Strategies with William Kelly and Kelly Kelly eight

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Speaker 4: hundred eighteen eighty one.

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Speaker 5: Each week on Safe Money Strategies, we take a moment

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Speaker 5: to step back from the headlines and have a real conversation,

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Speaker 5: the kind you might have around the kitchen table. This

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Speaker 5: is a part of the show we call Forever Young

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Speaker 5: is where I sit down with my son, William Kelly Junior,

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Speaker 5: and we talk about life, what's going on in the world,

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Speaker 5: in our family, and what really matters most when you're

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Speaker 5: planning for the future. Sometimes is light, sometimes is thoughtful,

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Speaker 5: but it's always real.

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Speaker 6: Good morning William, Good morning Mom.

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Speaker 3: How are you.

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Speaker 6: I'm doing great, and how are you.

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Speaker 3: I'm great.

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Speaker 2: Figuring out some college advising stuff relating to what classes

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Speaker 2: A'm going to take next year.

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Speaker 3: Good classes have been good.

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Speaker 2: I have a test coming up for microeconomics in about

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Speaker 2: a week and so I'm preparing for that, and I

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Speaker 2: think i have a history exam coming up soon. But

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Speaker 2: I'm feeling good about both. So I've been focusing a

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Speaker 2: lot of my energy on my schoolwork.

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Speaker 6: Good, good, well, Happy Valentine's.

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Speaker 2: Day, Happy Valentine's Day, and happy birthday. Thank you very much.

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Speaker 2: It's here, ladies and gentlemen. I am twenty years old

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Speaker 2: now and I can't believe that it's been actual.

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Speaker 6: Actually that'll be tomorrow.

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Speaker 3: Well, I mean, I'm basically twenty.

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Speaker 6: I know what I'm saying.

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Speaker 5: So we have Mary Madeline with us this weekend, and

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Speaker 5: we're going out to dinner and this afternoon we are

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Speaker 5: going shopping. Is there anything in particular you want for

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Speaker 5: your birthday? I've not even asked.

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Speaker 2: You, I know, actually surprised, honestly, clothing I'm not kidding, Okay.

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Speaker 3: You know it's crazy when you're a kid and the

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Speaker 3: only thing you want to see is.

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Speaker 2: A new Xbox or like like a Nintendo product or

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Speaker 2: something some of the phone, new phone, new iPad, And

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Speaker 2: the second you get closed, you're like, eh, yeah. And

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Speaker 2: then the second you become an adult, that flips around

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Speaker 2: so quickly it's not even funny. You don't even care

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Speaker 2: about this, so to speak, nice stuff anymore. I've had

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Speaker 2: this phone for a couple of years now, I just

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Speaker 2: don't care. Yeah, everything that I have works and I

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Speaker 2: use it. It's just clothing. Yeah, well, maybe you should

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Speaker 2: go with us.

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Speaker 6: I think it is clothing.

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Speaker 2: You need to go with us. Absolutely, No, it's an

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Speaker 2: experience with you guys.

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Speaker 6: Will spend time with you.

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Speaker 2: Now, that's how I look at I like shopping with

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Speaker 2: you guys because it's always a pleasant experience.

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Speaker 3: I like doing it. So we're probably going to go

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Speaker 3: to Providence Placemall. That's a spot.

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Speaker 5: Yeah yeah, well so last weekend we had five of

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Speaker 5: your friends stay.

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Speaker 6: At our house.

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Speaker 3: Really and that was fun. Oh those the squatters that

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Speaker 3: came over.

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Speaker 7: The squatters, Oh you funny William Plate Liquors, I know

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Speaker 7: that really I like your fine group. I like them,

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Speaker 7: but they made a fatal mistake. Ladies and gentlemen, I

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Speaker 7: got big trouble.

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Speaker 6: I was not going to bring this up.

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Speaker 2: Okay, well I'm happy I did. And h Ladies and gentlemen.

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Speaker 2: They did not make their bed the day they left.

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Speaker 2: I know, I thought the world was going to collapse.

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Speaker 2: I say, I gave them a good reprimanding. They're not

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Speaker 2: going to make that mistake again.

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Speaker 6: Well you did not either.

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Speaker 2: In fact, I don't know if I should tell you this,

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Speaker 2: but they're painting a little something for you for how

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Speaker 2: nice you were this weekend. Oh they are, Yes, they

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Speaker 2: are come your way.

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Speaker 6: Okay, Well my point was this is not a hotel.

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Speaker 3: That's right.

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Speaker 5: Yeah, I don't let it Now'll give them a free

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Speaker 5: get out of jail pass for the first time, but

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Speaker 5: don't let it happen again.

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Speaker 2: Well, thank you for your mercy, mom. I'm sure they

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Speaker 2: appreciate it. Myself include I also did not make my bed.

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Speaker 2: I was in trouble as well. I know, I know

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Speaker 2: we forgot.

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Speaker 6: Yeah, thank you. Guys were just ahead your mind on school.

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Speaker 3: I think so as well.

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Speaker 6: Getting back exactly.

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Speaker 2: Well, Valentine's Day is rolling around, and I was thinking

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Speaker 2: a lot about dating in college.

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Speaker 3: You are, damn yeah.

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Speaker 2: Because I haven't had a girlfriend in a while, and

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Speaker 2: you know, I think a nice study relationship is healthy. Yeah,

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Speaker 2: And honestly have no clue. At Bryant University, the male

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Speaker 2: to female ratio is sixty five thirty five. So sixty

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Speaker 2: five percent men, yeah, thirty five percent or yeah, yeah,

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Speaker 2: thirty five percent girls. So he might be looking like

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Speaker 2: I'll be venturing out to Providence a little bit and

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Speaker 2: going to PC or maybe some neighboring schools because it's

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Speaker 2: a little tough at Brian. Bryan is business school, so

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Speaker 2: keep in mind that's mostly guys and there's not a

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Speaker 2: lot of stem or nursing and that kind of stuff,

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Speaker 2: so there's not.

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Speaker 3: A lot of women over there.

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Speaker 2: But I mean, I guess that's been on my mind,

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Speaker 2: especially with all the Valentine's Day decorations.

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Speaker 3: It's just like infecting, it's poisoning my mind.

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Speaker 5: So it is a little gimmicky, but a little bit

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Speaker 5: let that go.

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Speaker 3: We will.

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Speaker 2: I have a group project coming up from my microeconomics class,

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Speaker 2: and actually a couple days ago we had our first

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Speaker 2: meeting and we're going to we made our first presentation,

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Speaker 2: and the presentation went well.

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Speaker 3: It was very basic. We just had to come up

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Speaker 3: with a few statistics.

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Speaker 2: But there's going to be the major presentation coming up

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Speaker 2: in April where we have to wear full business professional Okay,

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Speaker 2: we have to give a full on competitive presentation and

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Speaker 2: there will be a winner or a group of winners

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Speaker 2: who have to compete, you know, in like a finals,

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Speaker 2: and they have to speak in front of the entire

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Speaker 2: school type of thing, or not the entire school, but

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Speaker 2: everybody who participated in the event plus some and ai

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Speaker 2: C is kind of like this cylindrical building and in

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Speaker 2: the center you have this giant TV and a bunch

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Speaker 2: of seats in a stadia or a stage, and you

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Speaker 2: have to give the presentation in front of the entire Wow.

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Speaker 3: Yeah, the entire group of people.

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Speaker 6: Wow.

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Speaker 2: And I think a couple hundred kids are in this

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Speaker 2: competition because this is not just my micro class. It's

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Speaker 2: a competition that spans over certain business courses and certain

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Speaker 2: economics courses.

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Speaker 6: Yeah. Well, can you tell us more about what you

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Speaker 6: will be focused on?

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Speaker 2: So I have to focus on a sustainable development goal,

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Speaker 2: one of the un sustainable development goals, and our group

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Speaker 2: is going to be tackling energy in the United States

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Speaker 2: and renewable energy. I'm going to talk a little bit,

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Speaker 2: probably about Originally you're thinking solar panels because we have

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Speaker 2: to tie it into economics a little bit. But I

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Speaker 2: was thinking about nuclear energy because that is a form

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Speaker 2: of renewable energy that I am personally in favor of.

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Speaker 2: And if you're not, that's fine. I understand why Chernobyl

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Speaker 2: did happen. But when safely done, it provides a lot

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Speaker 2: of benefit. It's basically infinite energy in a way, and

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Speaker 2: just you know, being on top of maintenance and the

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Speaker 2: amount of radioactive material is really small, but it's whenever

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Speaker 2: something goes really bad or whenever something like you have

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Speaker 2: a nuclear power plant like Chernobyl. The rods inside the

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Speaker 2: power plant, I had like a film of lead on

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Speaker 2: them because they're made really cheaply, because the Communists were

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Speaker 2: very cheap because they you know, obviously they didn't have

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Speaker 2: a lot of money and they were a struggling economy,

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Speaker 2: and so they basically built Chernobyl very poorly. And it

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Speaker 2: was there's a term I want want to use, but

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Speaker 2: I can't use it on air, but it was it

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Speaker 2: was a bad show.

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Speaker 3: And what you.

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Speaker 2: And essentially one chemical or physical and both reaction happened

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Speaker 2: and the reactor exploded. It didn't melt down, it exploded,

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Speaker 2: and so it just caused a huge natural disaster. I

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Speaker 2: think that's the one thing about nuclear is there there's

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Speaker 2: a huge fear behind it. And I mean it's reasonable

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Speaker 2: because what if someone mismanages it, or what if a

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Speaker 2: country decides to make it cheaply like the Soviet Union did.

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Speaker 3: So I completely understand where they're coming from.

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Speaker 2: But I think in in a first world country like

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Speaker 2: the United States, where there are nuclear power plant plants,

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Speaker 2: it should not be a problem, especially with the given

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Speaker 2: AI demands or the energy demands of AI especially, I

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Speaker 2: think there's a huge need for an energy source like nuclear.

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Speaker 3: I know Trump is in favor of it, so we'll

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Speaker 3: see what happens.

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Speaker 6: Yeah, First of all, how many people are in your group?

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Speaker 5: It's about six people in total, I believe, Okay, Okay,

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Speaker 5: And how do they feel about this?

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Speaker 2: I think they feel similarly. Actually, that's a lie. They

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Speaker 2: don't really care. We just want to do the assignment,

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Speaker 2: to be.

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Speaker 3: Honest, Okay. I think it's just it's we want to

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Speaker 3: get a good grade on it.

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Speaker 6: Yeah, and did they have any other ideas?

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Speaker 3: Nope.

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Speaker 2: I pretty much just said let's do this, and they're like,

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Speaker 2: I have no problem with it.

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Speaker 6: Okay.

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Speaker 2: Yeah, so it seemed like the most doable thing. Well,

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Speaker 2: we're you know, we're we'll figure it out over time.

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Speaker 2: But we had to give some statistics and kind of

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Speaker 2: like talk about what sustainable goal we chose.

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Speaker 6: So yeah, okay, so that so that did go well, it.

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Speaker 3: Did go well? Yeah, good.

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Speaker 6: And how long was it?

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Speaker 3: It was quick.

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Speaker 2: It was like five minutes for five minutes, nothing serious.

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Speaker 2: It's really just like an accountability check in.

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Speaker 6: Yeah.

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Speaker 2: I think the professor, because we have to do this

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Speaker 2: project on our own time, not in class time, so

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Speaker 2: I think the professor, who is a very great, incredible professor,

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Speaker 2: wanted to set us up.

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Speaker 3: In a way where we would kind of have these.

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Speaker 2: Little like do dates for accountability just to kind of

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Speaker 2: help us get started stay on track exactly. Yeah, okay,

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Speaker 2: So the teams are completely random, so you're working with

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Speaker 2: people that you don't know.

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Speaker 3: Okay, so that's how it is.

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Speaker 6: Well, it's good to see you again.

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Speaker 3: It's good to see you too.

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Speaker 5: I love the fact that we have this show and

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Speaker 5: we have the segment together because it gives us reason.

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Speaker 5: I mean, well, today Valentine's Day and your birthday.

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Speaker 6: You know, no matter what, we would have been.

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Speaker 3: Together, I think, but it does give us a reason

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Speaker 3: to be together.

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Speaker 6: It does it? Does you?

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Speaker 5: You have been like over the past few weeks coming

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Speaker 5: home at least once midweek to sign books. A lot

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Speaker 5: of books have been going out, a lot of personalized

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Speaker 5: books have been going out.

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Speaker 3: Every time I come home. There's a giant pile of

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Speaker 3: books I have to see.

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Speaker 6: That is such a great thing.

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Speaker 3: Will Yes, I'm really.

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Speaker 2: I don't even know what to say. To be honest,

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Speaker 2: I wish, I wish I couldn you a word to

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Speaker 2: describe the feeling, but I proud wouldn't be the right thing,

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Speaker 2: even though I am proud, But I just honor. I

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Speaker 2: feel honored that you folks look up to me in

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Speaker 2: that respect, and that you know you trust me with

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Speaker 2: your financial education. That means a lot to me, And

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Speaker 2: especially the amount of work I put into that book

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Speaker 2: over the basically the year that I spent working on

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Speaker 2: it just makes me so incredibly proud of you guys.

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Speaker 3: If that, if that even makes sense.

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Speaker 6: Well, I'm just very enough of you.

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Speaker 3: Thank you, mom. I'm just very pleased, and it was

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Speaker 3: a great book.

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Speaker 5: And so many of our clients, our listeners, they want

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Speaker 5: to share this book with their children, with their grandchildren,

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Speaker 5: and it really helps initiate or continue the conversation.

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Speaker 2: That's probably the biggest thing of all is that people

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Speaker 2: are sharing this with their family.

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Speaker 3: Yeah. And so when I say I am honored, I

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Speaker 3: do feel honored.

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Speaker 2: And that just is a great deal to me because

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Speaker 2: that you're letting me into your family life.

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Speaker 3: A little bit of the way. Yeah, And you know, you're.

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Speaker 2: You're helping us kind of connect with your children so

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Speaker 2: that you know, whenever your estate is handed down to

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Speaker 2: your children, we still have a connection.

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Speaker 3: We're still there for.

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Speaker 2: Them, yes, what I mean, yes, or your grandchildren, yes,

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Speaker 2: And so that just I don't know, it just makes me.

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Speaker 3: Very probsolutely absolutely used to see this.

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Speaker 5: Well, you did a great job in the call in

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Speaker 5: with Jeff yesterday morning.

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Speaker 3: Thank you very much. I appreciate it.

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Speaker 6: Well done, William.

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Speaker 2: Jeff makes it easy. I don't know why if you've

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Speaker 2: ever called in a Jeff show, you don't get really,

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Speaker 2: I mean maybe you get a little nervous, of course,

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Speaker 2: but like you don't get a feeling of of you

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Speaker 2: don't choke up at all.

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Speaker 8: No good.

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Speaker 6: He's a great listener.

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Speaker 3: He is a very good.

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Speaker 2: Listener, and he's just he's fantastic at helping you kind

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Speaker 2: of navigate when you're on air.

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Speaker 3: Yes, so he's incredible. He's incredible at this job.

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Speaker 5: Agreed, Well, Happy birthday, William, Happy Valentine's Day, and do

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Speaker 5: keep us on your dial. We've got a lot of

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Speaker 5: great content coming your way. Mike do Set and Greg

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Speaker 5: Workman will walk through the idea of a retirement paycheck

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Speaker 5: and why turning savings into a reliable income plan can

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Speaker 5: bring more clarity and confidence in retirement. Mary Madeline Kelly

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Speaker 5: and Greg Murray will be exploring the difference between wealth

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Speaker 5: on paper and confidence in real life. When William and

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Speaker 5: I return, we'll continue our conversation around William's book, Only

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Speaker 5: the Good invest Young, and how having the right structure

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Speaker 5: early on can help you navigate investing as life gets

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Speaker 5: more complex. And of course we'll close the hour with

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Speaker 5: some wit and wisdom from the late Bill Kelly. His

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Speaker 5: words continue to inspire and guide us. That's a wrap

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Speaker 5: for forever, Young, Thank you for listening, and William, thank

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Speaker 5: you for joining me.

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Speaker 6: We'll be back with more great content.

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Speaker 5: I love you, honey, I love you too.

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Speaker 9: All right, listen to this because this hits close to

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Speaker 9: home for a lot of you. If you're part of

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Speaker 9: the Sandwich generation, you already know what that really means.

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Speaker 9: You've got kids who still need help, parents who are

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Speaker 9: starting to need help as well. You may be earning

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Speaker 9: more than you did years ago, but you are also

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Speaker 9: carrying a lot more responsibility, college costs, healthcare, supporting family. Quietly,

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Speaker 9: taxes can take a bigger bite than many people expect,

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Speaker 9: because here's the truth. Taxes aren't just about what brackets

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Speaker 9: you're in. They're about where your money is sitting, how

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Speaker 9: it gets taxed when life changes, and life changes fast.

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Speaker 3: That's why Kelly Financial has put.

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Speaker 9: Together an educational investor guide. It's called Tax Strategies for

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Speaker 9: Retirement Buckets create Tax Choices. It explains in plain English

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Speaker 9: how different tax buckets work, why flexibility matters when you're retiring,

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Speaker 9: family needs, caregiving overlap. It's what you need now get

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Speaker 9: a complimentary copy.

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Speaker 3: It's free.

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Speaker 9: Call eight eighty eight eight hundred eighteen eighty one eight

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Speaker 9: eighty eight hundred eighteen eighty one or email Kelly at

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Speaker 9: Kelly Financial dot org. Kelly at Kellyfinancial dot.

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Speaker 1: Org, Welcome back to safe money Strategies.

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Speaker 3: I'm like you said.

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Speaker 1: Joint is always by Greg Workman.

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Speaker 3: Greg.

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Speaker 1: Over the past few weeks, we've talked about retirement expenses,

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Speaker 1: efficiency and the idea that it's not what you make,

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Speaker 1: it's what you keep. Today, we're taking the next logical

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Speaker 1: step that's right.

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Speaker 3: Today we're talking about something every retiree or soon to

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Speaker 3: be retiree thinks about, whether they say it out loud

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Speaker 3: or not, the retirement paycheck.

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Speaker 1: And that phrase alone feels a little strange to people.

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Speaker 3: It does because for most of our lives, a paycheck

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Speaker 3: just shows up, you go to work, you get paid simple.

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Speaker 3: In retirement, that automatic system disappears, and suddenly you're responsible

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Speaker 3: for creating your own income, which.

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Speaker 1: Can fail overwhelming even for people who have done a

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Speaker 1: great job saving.

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Speaker 3: One of the biggest transitions people underestimate is the shift

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Speaker 3: from accumulation to distribution.

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Speaker 1: During your working years, the goal is pretty clear, save,

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Speaker 1: invest grow exactly.

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Speaker 3: You're adding money, not taking it out. Market ups and

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Speaker 3: downs are mostly noise, but retirement flips that equation. Now

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Speaker 3: you're relying on your savings to produce income for a

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Speaker 3: long period of time, sometimes for twenty or thirty or

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Speaker 3: more years.

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Speaker 1: And that's where people often realize I've saved well, but

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Speaker 1: I don't actually have a plan for paying myself.

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Speaker 3: Here's something we see all the time. Someone will come

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Speaker 3: into our office and say, I think I'm okay. I've

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Speaker 3: got social Security, maybe a pension, and a decent amount saved.

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Speaker 1: But when we ask how much income will you have

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Speaker 1: each month? Is usually a long pause.

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Speaker 3: Because knowing you have money and knowing how it shows

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Speaker 3: up in your checking account every month are two very

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Speaker 3: different things.

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Speaker 1: In retirement, stress often isn't about running out of money.

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Speaker 1: It's about uncertainty.

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Speaker 3: It's not knowing what you account to pull from. It's

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Speaker 3: worrying whether you're taking too much or too little. It's

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Speaker 3: wondering how market swings affect your next withdrawal.

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Speaker 1: That uncertainty can cause people to underspend, overspend, or constantly

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Speaker 1: second guests themselves, and none of that is what retirement

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Speaker 1: is supposed to feel like.

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Speaker 3: Let's walk through a hypothetical client example.

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Speaker 1: We'll call them Susan and Mark.

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Speaker 3: Susan and Mark are both sixty five and recently retired.

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Speaker 3: They did everything right, maxed out retirement accounts, stayed disciplined,

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Speaker 3: and avoided major debt. On paper, they looked great, But.

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Speaker 1: When they retired, something unexpected happened.

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Speaker 3: They became anxious. Not because they didn't have enough money,

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Speaker 3: but because income felt random. Some months they pulled money

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Speaker 3: from savings, other months from investments. They weren't sure how

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Speaker 3: much was safe to spend.

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Speaker 1: They went from decades of predictable paychecks to guessing.

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Speaker 6: A lot of.

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Speaker 3: People have heard some version of just take four percent

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Speaker 3: per year and you'll be fine.

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Speaker 1: And while that rule of thumb gets mentioned a lot,

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Speaker 1: it's not a paycheck, and it's not a plan.

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Speaker 3: It doesn't account for taxes, it does not account for

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Speaker 3: market conditions, and it doesn't account for spending changes or

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Speaker 3: life events, and.

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Speaker 1: It certainly doesn't feel like a paycheck when markets are volatile.

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Speaker 3: A retirement paycheck isn't one source. It's a system.

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Speaker 1: It's about coordinating multiple income streams so money arrives in

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Speaker 1: a predictable, intentional way.

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Speaker 3: That might include social Security, a pension if you're fortunate

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Speaker 3: enough to have one, required distribution, investment, income, cash reserves.

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Speaker 1: The key is coordination. Without it, income can feel scattered

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Speaker 1: and stressful, even when the numbers technically work.

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Speaker 3: Another important distinction gross income versus spendable income.

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Speaker 1: This ties directly into what we talked about last week,

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Speaker 1: what you keep to.

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Speaker 3: Retirees can have the same income on paper, but very

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Speaker 3: different lifestyles depending upon taxes, medicare, premiums, and how their

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Speaker 3: income is structured.

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Speaker 1: So when Susan and Mark looked at their retirement income,

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Speaker 1: the question wasn't just how much do we have coming in?

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Speaker 1: It was how much do we actually get to use.

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Speaker 3: One thing we've learned over the years is that confidence

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Speaker 3: matters just as much as math.

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Speaker 1: When people understand where their income is coming from and

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Speaker 1: that it's sustainable, they spend differently.

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Speaker 3: They enjoy retirement more, they travel without guilt, they help

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Speaker 3: family without second guessing.

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Speaker 1: And that confidence comes from structure, not just savings.

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Speaker 3: This is why we're big believers in starting with a written,

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Speaker 3: personalized plan, not.

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Speaker 1: A guess, not a rule of thumb, a plan that

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Speaker 1: answers the question how does my retirement paycheck work?

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Speaker 3: For Susan and Mark, once income was organized into a

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Speaker 3: clear system, their stress dropped noticeably without changing how much

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Speaker 3: money they.

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Speaker 1: Had, same assets, better clarity.

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Speaker 3: Now, creating a retirement paycheck raises another important question.

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Speaker 1: And that question is where should that income come from first?

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Speaker 3: Because not all dollars are taxed the same, and the

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Speaker 3: order you take income can have long term consequences.

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Speaker 1: That's exactly what we'll dive into next week, why order

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Speaker 1: matter is and how income sequencing can help you keep

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Speaker 1: more of your money over time. You're listening to safe

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Speaker 1: money strategies. When we come back in part two, we'll

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Speaker 1: continue building this retirement income conversation and show how thoughtful

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Speaker 1: planning can turn savings into confidence.

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Speaker 4: Kelly Financial Services eight eight eight eight hundred eighteen eighty one.

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Speaker 5: I'm Kelly Kelly from Kelly Financial. Is your financial advisor

449
00:22:11,000 --> 00:22:14,679
Speaker 5: a fiduciary? In other words, are they legally required to

450
00:22:14,800 --> 00:22:19,080
Speaker 5: act in your best interest? My complimentary book, Retire Your Fear,

451
00:22:19,200 --> 00:22:22,680
Speaker 5: Plan Your Future explains what a fiduciary is and will

452
00:22:22,720 --> 00:22:26,439
Speaker 5: help you understand if an advisor is really putting you first.

453
00:22:26,680 --> 00:22:29,640
Speaker 5: For the book, call eight eight eight eight hundred eighteen

454
00:22:29,680 --> 00:22:33,480
Speaker 5: eighty one or email Kelly at Kellyfinancial dot org.

455
00:22:33,560 --> 00:22:36,320
Speaker 6: We're Kelly Financial. Come retire with us.

456
00:22:37,800 --> 00:22:40,560
Speaker 10: I'm John Boudris, and welcome to a new edition of

457
00:22:40,640 --> 00:22:44,240
Speaker 10: Kelly Financial's What Would Bill Say? The Wit and wisdom

458
00:22:44,280 --> 00:22:48,480
Speaker 10: of the late Bill Kelly. Today we'll address fact from fiction.

459
00:22:49,000 --> 00:22:51,199
Speaker 11: You can always make money if you haven't if you

460
00:22:51,280 --> 00:22:53,960
Speaker 11: lose it all, It's very difficult to do that. So

461
00:22:54,000 --> 00:22:56,200
Speaker 11: you have to have a plan if the market goes

462
00:22:56,680 --> 00:22:58,879
Speaker 11: up quite a bit or down quite a bit, you

463
00:22:59,000 --> 00:23:01,240
Speaker 11: have to be ready. And how do you sort fact

464
00:23:01,359 --> 00:23:01,919
Speaker 11: from fiction?

465
00:23:02,240 --> 00:23:06,760
Speaker 10: Download Kelly Financial's Consumer Guide, simply called the Value of

466
00:23:06,800 --> 00:23:10,240
Speaker 10: an Objective Opinion. With so much at steak with your

467
00:23:10,240 --> 00:23:14,679
Speaker 10: retirement future, you don't just want any financial advice, but

468
00:23:14,920 --> 00:23:19,960
Speaker 10: objective financial advice. And as a fiduciary, Kelly Financial puts

469
00:23:20,119 --> 00:23:24,720
Speaker 10: your interests above all else. Go to Kellyfinancial dot org

470
00:23:24,920 --> 00:23:27,800
Speaker 10: or call eight eight eight eight hundred and eighteen eighty

471
00:23:27,840 --> 00:23:29,000
Speaker 10: one to get the guide.

472
00:23:29,200 --> 00:23:31,520
Speaker 3: Ladies and gentlemen sort fact from fiction.

473
00:23:31,680 --> 00:23:38,879
Speaker 10: We are Kelly Financial Services. Come retire with us.

474
00:23:37,000 --> 00:23:41,199
Speaker 4: The Money Wrap with Kelly Financial Advisors Greg Murray and

475
00:23:41,320 --> 00:23:42,480
Speaker 4: Mary Madeline Kelly.

476
00:23:43,880 --> 00:23:47,400
Speaker 8: Hello, this is Craig Murray, Senior Vice President Angie Compliance

477
00:23:47,440 --> 00:23:50,680
Speaker 8: Officer at Kelly Financial Services. Joining me today is Mary

478
00:23:50,720 --> 00:23:53,080
Speaker 8: Madeline Kelly, one of our wealth advisors. How are you

479
00:23:53,119 --> 00:23:53,639
Speaker 8: doing today?

480
00:23:53,720 --> 00:23:57,800
Speaker 12: Hi, Greg, I am doing great and Happy Valentine's Day

481
00:23:57,840 --> 00:24:00,760
Speaker 12: to everyone listening. It's a big week end over here.

482
00:24:00,840 --> 00:24:04,760
Speaker 12: Tomorrow is my brother William's twentieth birthday, which I honestly

483
00:24:04,840 --> 00:24:08,360
Speaker 12: cannot believe. It definitely makes you stop and appreciate how

484
00:24:08,440 --> 00:24:10,920
Speaker 12: quickly time moves and the people who matter.

485
00:24:10,720 --> 00:24:13,159
Speaker 8: The most well. First of all, happy birthday to William.

486
00:24:13,240 --> 00:24:16,240
Speaker 8: Twenty is a big milestone, and you're right. Weekends like

487
00:24:16,280 --> 00:24:19,440
Speaker 8: this remind us what really matters. Valentine's Day especially gets

488
00:24:19,440 --> 00:24:23,800
Speaker 8: people thinking about relationships, appreciation, and what truly brings peace

489
00:24:23,800 --> 00:24:24,679
Speaker 8: of mind in.

490
00:24:24,560 --> 00:24:28,480
Speaker 12: Life exactly, and honestly, that ties really nicely into today's

491
00:24:28,480 --> 00:24:31,240
Speaker 12: topic because when you take a step back and think

492
00:24:31,280 --> 00:24:35,280
Speaker 12: about what makes people feel secure, whether it's relationships, family,

493
00:24:35,480 --> 00:24:38,920
Speaker 12: or finances, it's often not about how impressive things look

494
00:24:38,960 --> 00:24:39,680
Speaker 12: on the outside.

495
00:24:39,800 --> 00:24:40,200
Speaker 3: That's right.

496
00:24:40,240 --> 00:24:43,040
Speaker 8: Today we're talking about the difference between being rich and

497
00:24:43,080 --> 00:24:46,120
Speaker 8: being secure and why those two things aren't always the same.

498
00:24:46,240 --> 00:24:49,000
Speaker 12: When people think of being rich, they often picture a

499
00:24:49,040 --> 00:24:54,000
Speaker 12: big house, luxury travel, expensive cars, visible wealth, but financial

500
00:24:54,040 --> 00:24:55,760
Speaker 12: security is something much quieter.

501
00:24:56,080 --> 00:24:58,560
Speaker 8: Security is about peace of mind. It's knowing your bills

502
00:24:58,560 --> 00:25:01,880
Speaker 8: are covered, your future is planned, and you're prepared for surprises.

503
00:25:02,040 --> 00:25:05,280
Speaker 12: And interestingly, we see plenty of people who look rich

504
00:25:05,320 --> 00:25:09,000
Speaker 12: from the outside but feel incredibly stressed financially. And we

505
00:25:09,040 --> 00:25:12,320
Speaker 12: also see people who live modestly but feel completely secure.

506
00:25:12,520 --> 00:25:15,040
Speaker 8: That's because wealth isn't just about how much money you have,

507
00:25:15,320 --> 00:25:18,960
Speaker 8: It's about how stable and sustainable your financial life is exactly.

508
00:25:19,240 --> 00:25:23,399
Speaker 12: Security comes from structure, having a plan, understanding your cash flow,

509
00:25:23,800 --> 00:25:27,080
Speaker 12: knowing your risks, and feeling confident that your lifestyle is

510
00:25:27,119 --> 00:25:28,320
Speaker 12: supported long term.

511
00:25:28,359 --> 00:25:31,520
Speaker 8: One of the biggest differences is predictability. Rich often means

512
00:25:31,560 --> 00:25:34,320
Speaker 8: having assets. Secure means having reliable income.

513
00:25:34,440 --> 00:25:38,199
Speaker 12: Yes, especially in retirement, a large portfolio balance is great,

514
00:25:38,480 --> 00:25:41,600
Speaker 12: but what really reduces stress is knowing how that balance

515
00:25:41,640 --> 00:25:43,400
Speaker 12: translates into monthly income.

516
00:25:43,680 --> 00:25:46,159
Speaker 8: And that's what many retirees worry about. They may have

517
00:25:46,200 --> 00:25:48,639
Speaker 8: saved well, but without an income plan, they're unsure how

518
00:25:48,680 --> 00:25:50,000
Speaker 8: much they can spend safely.

519
00:25:50,200 --> 00:25:53,320
Speaker 12: Security isn't just accumulation, it's distribution planning.

520
00:25:53,480 --> 00:25:56,720
Speaker 8: Another big difference is flexibility. Being rich can sometimes mean

521
00:25:56,760 --> 00:26:01,200
Speaker 8: money is tied up businesses, real estate, investment. Security means

522
00:26:01,200 --> 00:26:04,480
Speaker 8: having access to what you need. Security means having access

523
00:26:04,480 --> 00:26:05,119
Speaker 8: when you need it.

524
00:26:05,200 --> 00:26:10,960
Speaker 12: Liquidity matters emergencies, healthcare costs, family needs. Having accessible resources

525
00:26:11,080 --> 00:26:12,640
Speaker 12: reduces stress dramatically.

526
00:26:12,800 --> 00:26:16,280
Speaker 8: And then there's risk management. Financial security includes taking steps

527
00:26:16,280 --> 00:26:19,399
Speaker 8: such as the insurance, to versification, and to state planning.

528
00:26:19,520 --> 00:26:23,840
Speaker 12: Yes, because unexpected events can happen, security means those events

529
00:26:23,880 --> 00:26:26,800
Speaker 12: don't necessarily derail your entire financial picture.

530
00:26:26,920 --> 00:26:30,359
Speaker 8: We should also talk about mindset. People chasing rich often

531
00:26:30,400 --> 00:26:34,800
Speaker 8: focus on accumulation. People pursuing security focus on sustainability.

532
00:26:34,920 --> 00:26:38,680
Speaker 12: Security asks can I sleep at night? Can I handle surprises?

533
00:26:38,920 --> 00:26:41,240
Speaker 12: Can I maintain my lifestyle long term?

534
00:26:41,320 --> 00:26:44,280
Speaker 8: And that's often more valuable than simply hitting a networth number.

535
00:26:44,520 --> 00:26:47,600
Speaker 12: It really is, because money is ultimately about what it

536
00:26:47,640 --> 00:26:51,879
Speaker 12: allows you to do lip comfortably help others enjoy life,

537
00:26:52,280 --> 00:26:53,800
Speaker 12: not just what it looks like on paper.

538
00:26:54,000 --> 00:26:56,800
Speaker 8: Now, we always want to mention that investing involves a risk,

539
00:26:57,119 --> 00:27:00,359
Speaker 8: including the potential loss of principle. There's no strategy that

540
00:27:00,400 --> 00:27:02,600
Speaker 8: eliminates uncertainty completely.

541
00:27:02,280 --> 00:27:05,560
Speaker 12: But thoughtful planning helps manage that uncertainty, which is where

542
00:27:05,600 --> 00:27:06,760
Speaker 12: security comes from.

543
00:27:06,880 --> 00:27:10,040
Speaker 8: So let's summarize for listeners, the difference between being rich

544
00:27:10,080 --> 00:27:11,960
Speaker 8: and being secure often comes down.

545
00:27:11,800 --> 00:27:15,880
Speaker 12: To reliable income versus just assets, a clear plan versus

546
00:27:16,000 --> 00:27:20,399
Speaker 12: uncertainty liquidity and flexibility, risk management and peace of mind,

547
00:27:20,600 --> 00:27:24,160
Speaker 12: not just appearances. Perfect summary, and at Kelly Financial, that's

548
00:27:24,200 --> 00:27:27,800
Speaker 12: really our focus, helping people move from simply accumulating wealth

549
00:27:27,840 --> 00:27:30,560
Speaker 12: to feeling confident and secure about their financial future.

550
00:27:30,720 --> 00:27:33,800
Speaker 8: Because financial success isn't just about having more, it's about

551
00:27:33,800 --> 00:27:34,920
Speaker 8: feeling comfortable with.

552
00:27:34,840 --> 00:27:37,200
Speaker 12: What you have and how it supports your life exactly,

553
00:27:37,240 --> 00:27:38,720
Speaker 12: and that looks different for everyone.

554
00:27:38,840 --> 00:27:41,000
Speaker 8: Well said, that's going to wrap things up for today.

555
00:27:41,119 --> 00:27:44,200
Speaker 8: If you're wondering whether your finances are building wealth and security,

556
00:27:44,280 --> 00:27:46,280
Speaker 8: give us a call. We'll be happy to talk through

557
00:27:46,280 --> 00:27:47,400
Speaker 8: your situation.

558
00:27:47,200 --> 00:27:50,760
Speaker 12: Definitely, And happy Valentine's Day. I hope you're doing something

559
00:27:50,760 --> 00:27:52,240
Speaker 12: special tonight with Diane.

560
00:27:52,960 --> 00:27:55,320
Speaker 8: I do have a nice surprise plan for Diane, and

561
00:27:55,359 --> 00:27:57,280
Speaker 8: I hope you have a happy Valentine's Day as well.

562
00:27:57,520 --> 00:28:00,440
Speaker 4: To get in touch with Greg Murray or Mary, Madeline

563
00:28:00,520 --> 00:28:04,119
Speaker 4: Kelly or any member of the Kelly Financial team called

564
00:28:04,240 --> 00:28:11,879
Speaker 4: eight eight eight eight hundred eighteen eighty one. Safe Money

565
00:28:11,920 --> 00:28:16,280
Speaker 4: Strategies with William Kelly and Kelly Kelly. Call the team

566
00:28:16,359 --> 00:28:24,960
Speaker 4: on eight A eight eight hundreds eighteen eighty one.

567
00:28:26,119 --> 00:28:30,640
Speaker 5: Welcome back to Safe Money Strategies on WRKO.

568
00:28:31,040 --> 00:28:33,480
Speaker 6: I'm Kelly Kelly and I'm William Kelly.

569
00:28:33,800 --> 00:28:36,639
Speaker 2: Today we're continuing our conversation around my book Only the

570
00:28:36,720 --> 00:28:40,400
Speaker 2: Good invest Young, and specifically how investing changes as life

571
00:28:40,440 --> 00:28:44,000
Speaker 2: becomes more complex, why awareness early on matters, and how

572
00:28:44,040 --> 00:28:46,720
Speaker 2: small decisions can quietly shape long term outcomes.

573
00:28:47,160 --> 00:28:51,920
Speaker 6: When people first start investing, it usually feels pretty straightforward.

574
00:28:52,160 --> 00:28:55,000
Speaker 6: You open an account, you put some money in, and

575
00:28:55,080 --> 00:28:57,360
Speaker 6: you feel like you're doing the right thing. In you

576
00:28:57,480 --> 00:29:02,720
Speaker 6: are getting started early matters is one of the biggest

577
00:29:03,040 --> 00:29:07,240
Speaker 6: advantages you will ever have. But here's the part we

578
00:29:07,320 --> 00:29:13,000
Speaker 6: don't always talk about enough. Investing does not stay simple forever.

579
00:29:13,520 --> 00:29:16,000
Speaker 2: Early on, most people are dealing with just one account.

580
00:29:16,080 --> 00:29:18,320
Speaker 2: Maybe it's a four oh one K through work, maybe

581
00:29:18,320 --> 00:29:21,320
Speaker 2: a roth Ira. There are many moving parts yet so

582
00:29:21,400 --> 00:29:23,280
Speaker 2: everything feels manageable.

583
00:29:23,160 --> 00:29:26,960
Speaker 5: And that simplicity can be a little misleading, because as

584
00:29:27,080 --> 00:29:33,880
Speaker 5: life grows, careers, income, responsibilities, investing grows with it.

585
00:29:34,600 --> 00:29:36,120
Speaker 6: What starts as.

586
00:29:36,040 --> 00:29:41,280
Speaker 5: One decision slowly becomes a system of decisions. Now you're

587
00:29:41,360 --> 00:29:46,520
Speaker 5: not just choosing investments, You're managing different accounts with different rules,

588
00:29:46,840 --> 00:29:51,360
Speaker 5: different timelines, and different tax treatment. And suddenly is not

589
00:29:51,400 --> 00:29:54,960
Speaker 5: only what you invest in, but how everything works together.

590
00:29:55,680 --> 00:29:57,640
Speaker 3: That's where awareness becomes critical.

591
00:29:58,160 --> 00:30:01,840
Speaker 2: Growth begins opportunity, but also brings complexity, and if you're

592
00:30:01,840 --> 00:30:04,600
Speaker 2: not paying attention to how all the pieces connect, it's

593
00:30:04,640 --> 00:30:06,960
Speaker 2: easy to make choices that seem fine on their own

594
00:30:07,200 --> 00:30:09,400
Speaker 2: but create unintended consequences later.

595
00:30:09,840 --> 00:30:14,560
Speaker 5: Starting early is still your secret weapon. Time is powerful,

596
00:30:15,360 --> 00:30:19,640
Speaker 5: compounding is real. Whatever you save now has the potential

597
00:30:19,720 --> 00:30:23,600
Speaker 5: to grow into something meaningful over the long term. But

598
00:30:23,680 --> 00:30:27,120
Speaker 5: awareness is what allows time to work in your favor

599
00:30:27,360 --> 00:30:31,800
Speaker 5: instead of against you. And once you begin layering tools,

600
00:30:32,240 --> 00:30:38,680
Speaker 5: different accounts, different strategies, avoiding early mistakes becomes just as

601
00:30:38,720 --> 00:30:42,200
Speaker 5: important as choosing the right investments.

602
00:30:41,960 --> 00:30:45,520
Speaker 2: Because not all financial mistakes are equal. Some are small

603
00:30:45,640 --> 00:30:49,560
Speaker 2: and temporary, others quietly eroade progress over time without drawing

604
00:30:49,600 --> 00:30:50,160
Speaker 2: much attention.

605
00:30:50,680 --> 00:30:54,880
Speaker 5: Debt is one of the biggest examples. Impulse spending is

606
00:30:54,920 --> 00:30:59,600
Speaker 5: another short term thinking, making decisions based on today instead

607
00:30:59,600 --> 00:31:04,240
Speaker 5: of tomorrowmorro is often the common thread that ties these

608
00:31:04,320 --> 00:31:08,760
Speaker 5: mistakes together. What makes them dangerous is that they rarely

609
00:31:08,800 --> 00:31:12,600
Speaker 5: feel dramatic when they happen. A credit card balance here,

610
00:31:12,840 --> 00:31:17,040
Speaker 5: skipping contributions for a while, telling yourself you'll make it

611
00:31:17,160 --> 00:31:17,680
Speaker 5: up later.

612
00:31:18,320 --> 00:31:21,840
Speaker 2: The problem is that those small decisions compound, just like

613
00:31:21,880 --> 00:31:25,960
Speaker 2: investments do. Early choices that seem insignificant can have an

614
00:31:25,960 --> 00:31:27,560
Speaker 2: outsized impact over time.

615
00:31:27,840 --> 00:31:29,000
Speaker 6: We see this often.

616
00:31:29,280 --> 00:31:33,840
Speaker 5: Two people start in almost the exact same place, same age,

617
00:31:34,160 --> 00:31:41,320
Speaker 5: similar income, similar opportunities. One stays consistent, avoids unnecessary debt,

618
00:31:41,520 --> 00:31:45,040
Speaker 5: and keeps contributing even when it feels boring. The other

619
00:31:45,160 --> 00:31:49,400
Speaker 5: delays spending first and assumes there will always be time

620
00:31:49,480 --> 00:31:54,200
Speaker 5: to fix things later. Fast forward ten or twenty years,

621
00:31:54,720 --> 00:32:00,400
Speaker 5: and the difference between them isn't small, is substantial.

622
00:32:00,160 --> 00:32:02,640
Speaker 2: And it's not because one person was smarter or luck here.

623
00:32:02,960 --> 00:32:06,800
Speaker 2: It's because of habits, awareness and avoiding traps before they

624
00:32:06,840 --> 00:32:07,760
Speaker 2: turn into patterns.

625
00:32:08,240 --> 00:32:09,520
Speaker 6: That's really the point.

626
00:32:09,680 --> 00:32:15,480
Speaker 5: Avoiding pitfalls isn't about being perfect. It's about protecting momentum

627
00:32:15,560 --> 00:32:21,440
Speaker 5: before problems become ingrained and harder to unwind, which leads

628
00:32:21,480 --> 00:32:24,240
Speaker 5: to the next question. We hear all the time, what

629
00:32:24,560 --> 00:32:27,280
Speaker 5: exactly am I building? When I invest?

630
00:32:27,640 --> 00:32:30,480
Speaker 2: A lot of people hear the word portfolio. I think

631
00:32:30,520 --> 00:32:33,080
Speaker 2: it's just a number on a statement. But a portfolio

632
00:32:33,080 --> 00:32:35,720
Speaker 2: is really a collection of decisions built with intention.

633
00:32:36,120 --> 00:32:37,000
Speaker 6: It's not just.

634
00:32:37,080 --> 00:32:42,680
Speaker 5: A group of investments, it's a structure. Different components serve

635
00:32:42,800 --> 00:32:47,200
Speaker 5: different purposes. Some are designed for growth, some are meant

636
00:32:47,240 --> 00:32:52,400
Speaker 5: to reduce risk. Some provide balance and flexibility. And balance

637
00:32:52,560 --> 00:32:57,560
Speaker 5: does not mean perfection, it means function. A portfolio should

638
00:32:57,600 --> 00:33:02,560
Speaker 5: work for you, your goals, your comfort level, and your timeline.

639
00:33:02,880 --> 00:33:07,240
Speaker 2: That's where diversification and asset allocation come in, not as buzzwords,

640
00:33:07,240 --> 00:33:10,480
Speaker 2: but as guardrails. They help prevent overconfidence and reduce the

641
00:33:10,600 --> 00:33:13,120
Speaker 2: risk of relying too heavily on any single idea.

642
00:33:13,800 --> 00:33:18,600
Speaker 5: And here's something people don't always expect. Even well designed

643
00:33:18,640 --> 00:33:22,800
Speaker 5: portfolios can be distorted if you ignore one key factor.

644
00:33:23,240 --> 00:33:23,800
Speaker 3: Taxes.

645
00:33:24,320 --> 00:33:29,200
Speaker 5: Taxes shape real world outcomes in a significant way. The

646
00:33:29,240 --> 00:33:34,760
Speaker 5: government taxes income, It taxes the sale of assets, It

647
00:33:34,880 --> 00:33:39,800
Speaker 5: taxes inheritances, and for those who are self employed, there's

648
00:33:39,840 --> 00:33:42,040
Speaker 5: an additional layer of complexity.

649
00:33:42,800 --> 00:33:46,719
Speaker 2: Understanding tox impacts changes how you evaluate decisions. The return

650
00:33:46,760 --> 00:33:49,480
Speaker 2: you see on paper is not always the return you keep.

651
00:33:49,880 --> 00:33:55,240
Speaker 5: That's not about shortcuts or loopholes. It's about awareness. It's

652
00:33:55,280 --> 00:33:58,640
Speaker 5: about knowing when to ask questions and when to consult

653
00:33:58,760 --> 00:34:05,160
Speaker 5: qualified professional about your specific situation. As income grows and

654
00:34:05,280 --> 00:34:12,560
Speaker 5: responsibilities increase, tax efficiency becomes part of responsible investing, and.

655
00:34:12,480 --> 00:34:14,760
Speaker 2: That brings us to one of the most powerful forces

656
00:34:14,800 --> 00:34:16,440
Speaker 2: in investing compounding.

657
00:34:17,080 --> 00:34:24,160
Speaker 5: Compounding doesn't reward constant activity, it rewards consistency. Small decisions

658
00:34:24,280 --> 00:34:29,759
Speaker 5: repeated over time can turn into meaningful outcomes, both positive

659
00:34:29,840 --> 00:34:34,280
Speaker 5: and negative. Starting earlier gives time more room to work,

660
00:34:34,600 --> 00:34:39,799
Speaker 5: but compounding works in both directions. Poor habits compound just

661
00:34:39,920 --> 00:34:42,640
Speaker 5: as effectively as good ones, which is.

662
00:34:42,560 --> 00:34:46,000
Speaker 2: Why patience often matters more than prediction. You don't need

663
00:34:46,000 --> 00:34:48,920
Speaker 2: perfect timing, you need consistency.

664
00:34:48,760 --> 00:34:53,960
Speaker 5: And this is exactly where education becomes critical as investing

665
00:34:54,120 --> 00:34:59,880
Speaker 5: becomes more complex. Having a framework helps prevent costly mistake.

666
00:35:00,520 --> 00:35:04,239
Speaker 5: That's what Only the Good invest Young is designed to do.

667
00:35:04,920 --> 00:35:09,000
Speaker 5: Is not about turning anyone into a professional investor overnight.

668
00:35:09,600 --> 00:35:15,799
Speaker 5: It's about awareness, balance, time, risk, and building habits that

669
00:35:15,960 --> 00:35:16,919
Speaker 5: grow with you.

670
00:35:17,320 --> 00:35:19,879
Speaker 2: It's meant to be revisited because the question you ask

671
00:35:19,920 --> 00:35:22,120
Speaker 2: at twenty five are different from the questions you ask

672
00:35:22,160 --> 00:35:23,680
Speaker 2: at thirty five or forty five.

673
00:35:24,200 --> 00:35:29,480
Speaker 5: At killing financial we believe education leads to better conversations

674
00:35:29,920 --> 00:35:34,120
Speaker 5: and greater confidence. This book is meant to help people pause,

675
00:35:34,680 --> 00:35:40,080
Speaker 5: think clearly, and ask better questions as their financial lives evolve.

676
00:35:40,880 --> 00:35:42,920
Speaker 5: From the deepest part of our hearts.

677
00:35:43,000 --> 00:35:44,759
Speaker 6: We hope it helps, and.

678
00:35:44,680 --> 00:35:47,000
Speaker 2: When we return, we'll build on this by talking about

679
00:35:47,040 --> 00:35:51,200
Speaker 2: how different investment buckets growth, safety, and income fit into

680
00:35:51,200 --> 00:35:54,040
Speaker 2: the framework discussed and Only the Good invest Young as

681
00:35:54,120 --> 00:35:57,480
Speaker 2: life and responsibilities change. And if you'd like to learn

682
00:35:57,560 --> 00:36:00,399
Speaker 2: more or request a complimentary copy of my book, Only

683
00:36:00,440 --> 00:36:02,879
Speaker 2: the Good invest Young, you can call eighty eight eight

684
00:36:03,239 --> 00:36:05,879
Speaker 2: hundred one eight eight one or email Kelly at Kelly

685
00:36:05,920 --> 00:36:06,960
Speaker 2: Financial dot org.

686
00:36:07,520 --> 00:36:11,200
Speaker 6: Stay with us. We'll be right back after the break.

687
00:36:14,000 --> 00:36:18,120
Speaker 4: Safe Money Strategies brought to you by Kelly Financial Services.

688
00:36:18,280 --> 00:36:22,080
Speaker 4: Call eight eight eight eight hundred eighteen eighty one or

689
00:36:22,160 --> 00:36:24,080
Speaker 4: visit Kelly Financial dot org.

690
00:36:24,680 --> 00:36:28,640
Speaker 10: Ready to enjoy your golden years without worry. At Kelly Financial,

691
00:36:28,719 --> 00:36:32,080
Speaker 10: we know retirement planning can be overwhelming. With more than

692
00:36:32,120 --> 00:36:35,839
Speaker 10: twenty two years of experience, our friendly team of advisors

693
00:36:35,880 --> 00:36:39,080
Speaker 10: makes it easy and stress free. Trust us to help

694
00:36:39,120 --> 00:36:42,640
Speaker 10: you create a secure and enjoyable future. For a free

695
00:36:42,640 --> 00:36:46,920
Speaker 10: initial retirement consultation, called eight eight eight eight hundred eighteen

696
00:36:47,000 --> 00:36:50,759
Speaker 10: eighty one or email Kelly at Kelly Financial dot org.

697
00:36:50,960 --> 00:36:53,560
Speaker 10: We're Kelly Financial. Come retire with us.

698
00:36:54,200 --> 00:36:58,719
Speaker 4: Safe Money Strategies with William Kelly and Kelly Kelly. Call

699
00:36:58,800 --> 00:37:03,040
Speaker 4: the team on a eight hundreds eighteen eighty one.

700
00:37:03,960 --> 00:37:13,040
Speaker 5: Care Welcome back to Safe Money Strategies. I'm Kelly Kelly

701
00:37:13,120 --> 00:37:15,760
Speaker 5: here with my son William Kelly Junior.

702
00:37:16,120 --> 00:37:18,760
Speaker 2: Before the break, we were talking about how investing becomes

703
00:37:18,800 --> 00:37:22,000
Speaker 2: more complex as life evolves, and why awareness early on

704
00:37:22,120 --> 00:37:25,320
Speaker 2: can help prevent mistakes that quietly impact long term outcomes.

705
00:37:25,680 --> 00:37:27,600
Speaker 2: Now we want to build on that by talking about

706
00:37:27,600 --> 00:37:30,479
Speaker 2: how different investment buckets play different roles over time.

707
00:37:30,840 --> 00:37:34,799
Speaker 5: One of the biggest misconceptions people have is that investing

708
00:37:35,120 --> 00:37:40,640
Speaker 5: is just about picking good investments. In reality, is about structure.

709
00:37:40,880 --> 00:37:44,080
Speaker 5: It's about knowing what each dollar is meant to do.

710
00:37:44,760 --> 00:37:47,280
Speaker 2: That's why only the good invest young. We talk about

711
00:37:47,280 --> 00:37:51,240
Speaker 2: investing in terms of buckets, not products, not predictions, but purpose.

712
00:37:51,760 --> 00:37:56,000
Speaker 5: At a high level, most portfolios are built around three

713
00:37:56,160 --> 00:38:02,960
Speaker 5: core objectives, growth, safety, and income, and the balance between

714
00:38:03,040 --> 00:38:06,680
Speaker 5: those objectives changes as life changes.

715
00:38:07,160 --> 00:38:10,400
Speaker 2: Early on, growth usually plays a larger role. Time is

716
00:38:10,400 --> 00:38:13,480
Speaker 2: on your side. You're focused on accumulation and short term

717
00:38:13,480 --> 00:38:16,040
Speaker 2: market movement matters less because you're not drawing on the

718
00:38:16,080 --> 00:38:16,640
Speaker 2: money yet.

719
00:38:16,840 --> 00:38:20,840
Speaker 5: But even at that stage, ignoring safety entirely can be

720
00:38:20,880 --> 00:38:25,640
Speaker 5: a mistake. By safety, we're talking about managing risk and

721
00:38:25,760 --> 00:38:29,839
Speaker 5: adding stability, not eliminating risk altogether.

722
00:38:30,280 --> 00:38:35,719
Speaker 2: As responsibilities grow families, mortgages, businesses, safety starts to matter more,

723
00:38:36,239 --> 00:38:39,160
Speaker 2: not because growth stops being important, but because preserving what

724
00:38:39,239 --> 00:38:42,680
Speaker 2: you've built through thoughtful risk management becomes just as critical

725
00:38:42,719 --> 00:38:43,360
Speaker 2: as building it.

726
00:38:43,760 --> 00:38:47,880
Speaker 5: And then there's income, which often becomes the focus later

727
00:38:47,960 --> 00:38:51,160
Speaker 5: in life, but really should be thought about much earlier.

728
00:38:51,719 --> 00:38:56,879
Speaker 5: Income isn't just about retirement checks, is about flexibility, It's

729
00:38:56,960 --> 00:38:57,960
Speaker 5: about options.

730
00:38:58,480 --> 00:39:00,920
Speaker 2: The mistake we see is when people try to use

731
00:39:00,960 --> 00:39:03,960
Speaker 2: one bucket to do everything. When growth money is expected

732
00:39:04,000 --> 00:39:06,719
Speaker 2: to be safe, or when income money is exposed to

733
00:39:06,719 --> 00:39:10,279
Speaker 2: too much risk, that's when portfolios become fragile.

734
00:39:10,719 --> 00:39:15,080
Speaker 5: A well structured portfolio allows each bucket to do its job.

735
00:39:15,719 --> 00:39:22,360
Speaker 5: Growth can grow, safety can stabilize, income can support lifestyle needs,

736
00:39:22,719 --> 00:39:27,400
Speaker 5: and when those roles are clear, decisions become easier and

737
00:39:27,680 --> 00:39:28,560
Speaker 5: more confident.

738
00:39:29,080 --> 00:39:31,640
Speaker 2: This is also where taxes come back into the conversation.

739
00:39:32,239 --> 00:39:35,480
Speaker 2: Different buckets are often taxed differently, and ignoring that reality

740
00:39:35,520 --> 00:39:37,840
Speaker 2: can significantly affect real world outcomes.

741
00:39:38,320 --> 00:39:43,360
Speaker 5: What matters most isn't having a perfect portfolio. It's having

742
00:39:43,400 --> 00:39:47,440
Speaker 5: a portfolio that fits your life, your goals, and your

743
00:39:47,480 --> 00:39:51,960
Speaker 5: comfort level, and that evolves as those things change.

744
00:39:52,320 --> 00:39:54,759
Speaker 2: That's really the heart of only the good invest young.

745
00:39:55,320 --> 00:39:57,880
Speaker 2: It's about giving people a framework they could return to

746
00:39:57,960 --> 00:40:00,520
Speaker 2: at different stages of life so their decision and stays

747
00:40:00,560 --> 00:40:02,239
Speaker 2: intentional instead of reactive.

748
00:40:02,800 --> 00:40:07,480
Speaker 5: And that's why education matters so much. When people understand

749
00:40:07,520 --> 00:40:12,000
Speaker 5: what they're building and why, they're far less likely to panic,

750
00:40:12,560 --> 00:40:16,680
Speaker 5: chase trends, or make short term decisions that undermine long

751
00:40:16,800 --> 00:40:17,600
Speaker 5: term plans.

752
00:40:18,400 --> 00:40:22,240
Speaker 2: We believe better education leads to better questions and better

753
00:40:22,320 --> 00:40:23,600
Speaker 2: long term decisions.

754
00:40:24,000 --> 00:40:28,000
Speaker 5: That's the foundation of everything we talk about here each week.

755
00:40:28,360 --> 00:40:31,880
Speaker 5: We're Kelly and William Kelly, and this is Safe Money

756
00:40:31,920 --> 00:40:35,160
Speaker 5: Strategies right here on WRKO.

757
00:40:37,840 --> 00:40:41,960
Speaker 4: Safe Money Strategies brought to you by Kelly Financial Services

758
00:40:42,160 --> 00:40:45,920
Speaker 4: called eight eight eight eight hundred eighteen eighty one or

759
00:40:46,000 --> 00:40:47,960
Speaker 4: visit Kellyfinancial dot org.

760
00:40:49,160 --> 00:40:51,719
Speaker 1: Welcome back to Save Money Strategies on Mike Ducett here

761
00:40:51,719 --> 00:40:54,480
Speaker 1: with Greg Workman. In part one, we talked about the

762
00:40:54,520 --> 00:40:58,719
Speaker 1: idea of the retirement paycheck, how retirement income doesn't just

763
00:40:58,760 --> 00:41:01,440
Speaker 1: show up automatically, and why structure matters.

764
00:41:01,600 --> 00:41:05,080
Speaker 3: That's right. We talked about the difference between having money

765
00:41:05,400 --> 00:41:09,359
Speaker 3: and having confidence, and today we're going to take that

766
00:41:09,600 --> 00:41:10,520
Speaker 3: a step.

767
00:41:10,239 --> 00:41:13,480
Speaker 1: Further, because once you accept that retirement income needs to

768
00:41:13,520 --> 00:41:17,520
Speaker 1: be intentional, the next question becomes how do you actually

769
00:41:17,560 --> 00:41:17,960
Speaker 1: build it.

770
00:41:18,160 --> 00:41:22,600
Speaker 3: One of the biggest goals of a retirement baycheck is predictability.

771
00:41:22,800 --> 00:41:25,799
Speaker 1: People don't need every dollar to be guaranteed, but they

772
00:41:25,880 --> 00:41:28,960
Speaker 1: do need to know the basics are covered exactly.

773
00:41:29,280 --> 00:41:36,160
Speaker 3: Your housing costs, utilities, groceries, insurance. Those recurring expenses shouldn't

774
00:41:36,239 --> 00:41:38,800
Speaker 3: depend on what the market did this month.

775
00:41:38,960 --> 00:41:43,120
Speaker 1: When income fails unpredictable, stress goes up, and people either

776
00:41:43,160 --> 00:41:46,239
Speaker 1: overspend early or become afraid to spend it all.

777
00:41:46,440 --> 00:41:48,839
Speaker 3: Neither leads to an enjoyable retirement.

778
00:41:48,920 --> 00:41:51,640
Speaker 1: The concept we talk about a lot is matching income

779
00:41:51,719 --> 00:41:52,400
Speaker 1: to expenses.

780
00:41:52,520 --> 00:41:56,719
Speaker 3: That simply means understanding which expenses are essential and which

781
00:41:56,840 --> 00:41:57,840
Speaker 3: are discretionary.

782
00:41:57,960 --> 00:42:00,800
Speaker 1: Your essentials things you must pay every month month should

783
00:42:00,800 --> 00:42:03,640
Speaker 1: ideally be covered by reliable income sources that.

784
00:42:03,640 --> 00:42:08,960
Speaker 3: Might include social Security, pensions, or other predictable streams of income.

785
00:42:09,040 --> 00:42:13,080
Speaker 1: Then discretionary spending, travel, hobbies, gifting can be supported by

786
00:42:13,120 --> 00:42:14,320
Speaker 1: more flexible sources.

787
00:42:14,440 --> 00:42:18,800
Speaker 3: This approach helps people feel comfortable spending money without worrying

788
00:42:18,880 --> 00:42:23,320
Speaker 3: about jeopardizing their long term retirement plan. Let's go back

789
00:42:23,360 --> 00:42:27,800
Speaker 3: to our hypothetical client example from Part one Susan and.

790
00:42:28,000 --> 00:42:32,200
Speaker 1: Mark, again not actual clients, but a scenario we see often.

791
00:42:32,040 --> 00:42:35,560
Speaker 3: What Susan and Mark understood their spending patterns. The next

792
00:42:35,600 --> 00:42:39,520
Speaker 3: step was organizing their income and where it would come from.

793
00:42:39,600 --> 00:42:42,800
Speaker 1: Instead of randomly pulling money from different accounts, we mapped

794
00:42:42,840 --> 00:42:44,280
Speaker 1: out a clear income structure.

795
00:42:44,400 --> 00:42:48,520
Speaker 3: There were essential expenses were covered first, then we built

796
00:42:48,560 --> 00:42:51,360
Speaker 3: flexibility around their discretionary spending.

797
00:42:51,680 --> 00:42:54,840
Speaker 1: That shift alone changed how they felt about retirement.

798
00:42:54,920 --> 00:42:58,439
Speaker 3: This brings us to a really important concept, the order

799
00:42:58,600 --> 00:42:59,960
Speaker 3: in which income is taken.

800
00:43:00,239 --> 00:43:03,080
Speaker 1: Not all dollars are taxed the same, and not all

801
00:43:03,080 --> 00:43:04,840
Speaker 1: accounts should be treated equally.

802
00:43:05,000 --> 00:43:08,520
Speaker 3: Taking income in the wrong order can create unnecessary taxation,

803
00:43:09,200 --> 00:43:14,040
Speaker 3: increased Medicare premiums, or limit future planning options.

804
00:43:14,239 --> 00:43:17,960
Speaker 1: And this is where many retirees unintentionally hurt themselves, not

805
00:43:18,040 --> 00:43:20,560
Speaker 1: because they made bad decisions, but because no one ever

806
00:43:20,640 --> 00:43:21,640
Speaker 1: showed them a better way.

807
00:43:21,719 --> 00:43:25,120
Speaker 3: A common assumption is that taxes will naturally go down

808
00:43:25,239 --> 00:43:26,040
Speaker 3: in retirement.

809
00:43:26,160 --> 00:43:27,960
Speaker 1: Sometimes they do, sometimes they don't.

810
00:43:28,120 --> 00:43:34,040
Speaker 3: Social Security can be taxable, Required minimum distributions or rmds

811
00:43:34,600 --> 00:43:38,000
Speaker 3: can push income higher later in life, and.

812
00:43:38,000 --> 00:43:40,920
Speaker 1: Higher income can affect Medicare premiums, which feels like a

813
00:43:41,000 --> 00:43:43,000
Speaker 1: tax even though it's not labeled as one.

814
00:43:43,040 --> 00:43:45,680
Speaker 3: So when we talk about a retirement paycheck, we're not

815
00:43:45,800 --> 00:43:50,560
Speaker 3: just talking about cash flow. We're talking about after tax income.

816
00:43:50,640 --> 00:43:53,879
Speaker 1: Another piece of the retirement paycheck is managing investment risk

817
00:43:54,040 --> 00:43:55,239
Speaker 1: once withdrawals begin.

818
00:43:55,640 --> 00:43:59,600
Speaker 3: This is where retirement investing differs significantly from working years.

819
00:43:59,760 --> 00:44:03,920
Speaker 1: When you're contributing, downturns can be opportunities. When you're withdrawing,

820
00:44:04,239 --> 00:44:08,480
Speaker 1: they can become problems, especially early in retirement. That's why

821
00:44:08,520 --> 00:44:12,600
Speaker 1: income planning and investment planning must work together, not in isolation.

822
00:44:12,760 --> 00:44:15,560
Speaker 3: One way we help people think about this is through

823
00:44:15,680 --> 00:44:17,120
Speaker 3: time segmentation.

824
00:44:17,760 --> 00:44:20,360
Speaker 1: Short term money, mid term money, long term money.

825
00:44:20,480 --> 00:44:24,840
Speaker 3: Short term money supports near term income needs. It doesn't

826
00:44:24,960 --> 00:44:26,279
Speaker 3: need to take a lot of risk.

827
00:44:26,560 --> 00:44:28,680
Speaker 1: Long term money has time to grow and can handle

828
00:44:28,719 --> 00:44:29,520
Speaker 1: more volatility.

829
00:44:29,600 --> 00:44:33,080
Speaker 3: When money is aligned with its purpose, people worry less

830
00:44:33,560 --> 00:44:36,160
Speaker 3: and plans tend to work a lot better.

831
00:44:36,400 --> 00:44:38,520
Speaker 1: This is the part people often underestimate.

832
00:44:38,640 --> 00:44:43,000
Speaker 3: A retirement paycheck isn't just math, its behavior.

833
00:44:43,160 --> 00:44:45,640
Speaker 1: When income is clear, people make better decisions.

834
00:44:45,760 --> 00:44:49,400
Speaker 3: They don't panic during market downturns. They don't feel guilty

835
00:44:49,600 --> 00:44:51,640
Speaker 3: about spending on experiences.

836
00:44:51,840 --> 00:44:55,160
Speaker 1: They stop constantly checking account balances and start focusing on

837
00:44:55,200 --> 00:44:56,080
Speaker 1: living their lives.

838
00:44:56,200 --> 00:44:59,960
Speaker 3: This is why we're such strong believers in a written,

839
00:45:00,239 --> 00:45:02,719
Speaker 3: personalized retirement plan, not.

840
00:45:02,719 --> 00:45:06,000
Speaker 1: A generic projection, not a one size fits all approach, a.

841
00:45:06,000 --> 00:45:10,360
Speaker 3: Plan that answers real questions, where does my income come from,

842
00:45:10,680 --> 00:45:13,640
Speaker 3: how much is available to me, and how does it

843
00:45:13,719 --> 00:45:16,120
Speaker 3: adjust over the course of time.

844
00:45:16,320 --> 00:45:19,120
Speaker 1: Because clarity reduces stress, and stress is one of the

845
00:45:19,120 --> 00:45:21,279
Speaker 1: biggest threats to a successful retirement.

846
00:45:21,360 --> 00:45:24,760
Speaker 3: Now, once a retirement paycheck is in place, there's another

847
00:45:24,840 --> 00:45:26,320
Speaker 3: layer to address.

848
00:45:26,000 --> 00:45:28,160
Speaker 1: And that's making sure income is taken from the right

849
00:45:28,200 --> 00:45:29,640
Speaker 1: accounts in the right order.

850
00:45:29,760 --> 00:45:33,399
Speaker 3: That's exactly what we'll be talking about next time, why

851
00:45:33,520 --> 00:45:38,440
Speaker 3: income sequencing matters, and how small decisions today can have

852
00:45:38,680 --> 00:45:40,959
Speaker 3: big tax consequences down the road.

853
00:45:41,160 --> 00:45:43,960
Speaker 1: If you're listening today in thinking I have savings, but

854
00:45:44,000 --> 00:45:47,200
Speaker 1: I don't really have a retirement paycheck, that's exactly where

855
00:45:47,239 --> 00:45:48,080
Speaker 1: planning begins.

856
00:45:48,200 --> 00:45:52,680
Speaker 3: At Kelly Financial. We start with a complementary conversation and

857
00:45:52,840 --> 00:45:56,200
Speaker 3: our Safe Money Strategies workbook, which is designed to help

858
00:45:56,239 --> 00:45:59,960
Speaker 3: you organize your thoughts before making any decisions.

859
00:46:00,239 --> 00:46:02,600
Speaker 1: There's no cost, no obligation, just clarity.

860
00:46:02,680 --> 00:46:06,400
Speaker 3: You can request the Safe money Strategies workbook, and schedule

861
00:46:06,600 --> 00:46:10,640
Speaker 3: your conversation today. By reaching out to our office.

862
00:46:10,400 --> 00:46:12,920
Speaker 1: You are listening to safe money strategies. Thanks for spending

863
00:46:12,920 --> 00:46:15,080
Speaker 1: part of your day with us. We'll see you next time.

864
00:46:20,239 --> 00:46:21,440
Speaker 3: I'm William Kelly Junior.

865
00:46:21,680 --> 00:46:23,800
Speaker 13: As we start a new year, many families are thinking

866
00:46:23,800 --> 00:46:26,880
Speaker 13: about fresh starts, not just financially, but how young people

867
00:46:26,920 --> 00:46:30,200
Speaker 13: prepare for what comes next. I've had the unique experience

868
00:46:30,200 --> 00:46:33,440
Speaker 13: of growing up around real conversations with our clients, families,

869
00:46:33,560 --> 00:46:38,120
Speaker 13: parents and grandparents about money, responsibility and long term thinking.

870
00:46:38,400 --> 00:46:41,279
Speaker 13: Not theory, real life, and it's important to remember that

871
00:46:41,360 --> 00:46:44,719
Speaker 13: all investing involves risk, including the potential loss of principle,

872
00:46:45,000 --> 00:46:48,719
Speaker 13: which is why habits, education, and perspective matter so much

873
00:46:48,760 --> 00:46:52,040
Speaker 13: from the start. That's why I wrote Only the Good Investor.

874
00:46:51,760 --> 00:46:54,520
Speaker 2: On It's a straightforward guide to the basics of money,

875
00:46:54,600 --> 00:46:58,240
Speaker 2: habits and decisions that matter over time. Whether you're a client,

876
00:46:58,280 --> 00:47:00,879
Speaker 2: a parent or grandparent, or someone and just starting out.

877
00:47:01,000 --> 00:47:04,160
Speaker 2: This is meant to be practical, clear, and encouraging. For

878
00:47:04,280 --> 00:47:08,200
Speaker 2: offering complimentary signed copies to our WRK listeners and clients.

879
00:47:08,600 --> 00:47:11,880
Speaker 2: It's also available on Amazon and softcover or Kindle.

880
00:47:12,120 --> 00:47:14,640
Speaker 3: Call eight at eight eight hundred and one or email

881
00:47:14,719 --> 00:47:17,880
Speaker 3: Kelly at Kelly Financial dot org. Good habits start early

882
00:47:18,120 --> 00:47:19,400
Speaker 3: and they last a lifetime.

883
00:47:20,320 --> 00:47:24,640
Speaker 9: Joining us now as she always does at this time,

884
00:47:25,200 --> 00:47:29,920
Speaker 9: she is the co founder, CEO, and president of Kelly

885
00:47:30,040 --> 00:47:31,400
Speaker 9: Financial Services.

886
00:47:31,800 --> 00:47:34,880
Speaker 3: And yes, that is her wonderful.

887
00:47:34,400 --> 00:47:39,920
Speaker 9: Name, Kelly Kelly Kelly, how are.

888
00:47:40,280 --> 00:47:43,280
Speaker 6: You, good morning, Jeff, I am good.

889
00:47:43,640 --> 00:47:48,319
Speaker 5: When people think about investing, they picture charts, headlines, and

890
00:47:48,400 --> 00:47:49,440
Speaker 5: market swings.

891
00:47:49,760 --> 00:47:52,920
Speaker 6: But for young adults, the real challenge.

892
00:47:52,640 --> 00:47:55,839
Speaker 5: Isn't the market, is knowing where to begin and how

893
00:47:55,880 --> 00:47:59,960
Speaker 5: to stay disciplined. That's why my son, William Kelly Junior

894
00:48:00,280 --> 00:48:01,480
Speaker 5: wrote Only.

895
00:48:01,200 --> 00:48:02,520
Speaker 6: The Good invest Young.

896
00:48:02,840 --> 00:48:07,239
Speaker 5: This book isn't about shortcuts or speculation, because all investing

897
00:48:07,320 --> 00:48:11,960
Speaker 5: involves risk, including the potential loss of principle. It's about mindset,

898
00:48:12,239 --> 00:48:17,400
Speaker 5: habits and long term thinking and how small, consistent decisions

899
00:48:17,560 --> 00:48:21,960
Speaker 5: made early can shape your future. Because investing isn't about

900
00:48:21,960 --> 00:48:26,560
Speaker 5: timing the market, It's about time in the market, discipline,

901
00:48:26,760 --> 00:48:30,359
Speaker 5: and guidance. On this Valentine's Day, this could be a

902
00:48:30,520 --> 00:48:35,160
Speaker 5: meaningful way to share something lasting with a child, a grandchild,

903
00:48:35,360 --> 00:48:38,960
Speaker 5: or someone just starting out. If you'd like a complimentary

904
00:48:39,040 --> 00:48:42,759
Speaker 5: copy of Only the Good invest Young, just give us

905
00:48:42,800 --> 00:48:48,320
Speaker 5: a call or email us Kelly at Kellyfinancial dot org. Jeff,

906
00:48:48,360 --> 00:48:51,719
Speaker 5: have a wonderful weekend. My best of Grace and the kiddos.

907
00:48:52,160 --> 00:48:55,000
Speaker 9: Thank you, Kelly, all the best to you and everyone

908
00:48:55,040 --> 00:48:58,480
Speaker 9: at Kelly Financial. To get a free copy of William

909
00:48:58,560 --> 00:49:00,920
Speaker 9: Kelly's book, and I urge all of you if you

910
00:49:01,000 --> 00:49:04,800
Speaker 9: can do get it, call now eight eighty eight eight hundred,

911
00:49:05,000 --> 00:49:09,239
Speaker 9: eighteen eighty one eight eighty eight eight hundred eighteen eighty one,

912
00:49:09,920 --> 00:49:15,799
Speaker 9: or you can actually email Kelly herself personally Kelly Kellyfinancial

913
00:49:15,840 --> 00:49:20,640
Speaker 9: dot org. That's Kelly Kelly Financial dot org.

914
00:49:26,239 --> 00:49:32,760
Speaker 4: Safe Money Strategies at eight eight hundred one eight eight one.

915
00:49:33,160 --> 00:49:36,239
Speaker 5: Each week we like to pause and share a reflection

916
00:49:36,400 --> 00:49:40,479
Speaker 5: from my husband, Bill Kelly, someone who spent his life

917
00:49:40,600 --> 00:49:45,880
Speaker 5: helping people think more clearly about money, responsibility.

918
00:49:45,000 --> 00:49:46,880
Speaker 6: And the people they care about most.

919
00:49:47,400 --> 00:49:50,840
Speaker 5: This week, Bill talks about what so many people really

920
00:49:50,880 --> 00:49:54,319
Speaker 5: want in retirement, to keep what they work for, grow

921
00:49:54,360 --> 00:49:58,880
Speaker 5: it carefully, and pass on what's left while navigating rising

922
00:49:59,040 --> 00:50:01,040
Speaker 5: taxes in and risk.

923
00:50:01,360 --> 00:50:02,040
Speaker 6: Here's Bill.

924
00:50:03,080 --> 00:50:06,200
Speaker 11: As we said over the past several weeks, months, years,

925
00:50:06,680 --> 00:50:09,800
Speaker 11: people seem to have the same goals. You want to

926
00:50:09,880 --> 00:50:12,800
Speaker 11: keep what you have, whether it's eight hundred thousand or

927
00:50:12,880 --> 00:50:16,840
Speaker 11: eight million dollars. Most people aren't silly and greedy. You

928
00:50:16,880 --> 00:50:20,680
Speaker 11: want to pass on what's left. Somebody somewhere is out

929
00:50:20,680 --> 00:50:23,279
Speaker 11: there and you want to do something nice for them.

930
00:50:23,680 --> 00:50:27,399
Speaker 11: That's who we are. That shows our hearts. You want

931
00:50:27,440 --> 00:50:29,640
Speaker 11: to grow it a little bit. In other words, if

932
00:50:29,680 --> 00:50:33,520
Speaker 11: you don't do better than taxation, which is increasing, you're

933
00:50:33,520 --> 00:50:37,200
Speaker 11: going to go backwards. Now, you want to beat inflation.

934
00:50:37,800 --> 00:50:42,799
Speaker 11: Inflation is two many dollars chasing too few goods. But

935
00:50:42,840 --> 00:50:47,120
Speaker 11: you have to overcome inflation with your retirements, and you

936
00:50:47,200 --> 00:50:51,400
Speaker 11: have to overcome increase taxes, and you have to overcome risk.

937
00:50:51,960 --> 00:50:56,080
Speaker 11: So that's three things at once. Taxation, they want your

938
00:50:56,160 --> 00:50:59,120
Speaker 11: money because you followed the system and you said, well,

939
00:50:59,160 --> 00:51:01,000
Speaker 11: I'm going to save money. I'm going to put it

940
00:51:01,000 --> 00:51:03,080
Speaker 11: into my four oh one k I'm going to do

941
00:51:03,160 --> 00:51:06,640
Speaker 11: twelve percent this year. We're not going to take that trip.

942
00:51:06,840 --> 00:51:09,320
Speaker 11: We're going to put that money towards a college education.

943
00:51:09,840 --> 00:51:11,839
Speaker 11: And when you do all those things, when you keep

944
00:51:11,880 --> 00:51:14,560
Speaker 11: your word at the end of the line, now there

945
00:51:14,560 --> 00:51:17,680
Speaker 11: appears someone who thinks, well, geez, they've saved up all

946
00:51:17,719 --> 00:51:18,920
Speaker 11: of that. How do we get a hold of that

947
00:51:19,560 --> 00:51:22,520
Speaker 11: so you have to be aware of what's happening. If

948
00:51:22,520 --> 00:51:24,680
Speaker 11: you want to keep what you have, grow it a

949
00:51:24,680 --> 00:51:28,200
Speaker 11: little bit and pass on what's left. Keeping what you

950
00:51:28,320 --> 00:51:31,040
Speaker 11: have means you have to be careful of risk, and

951
00:51:31,120 --> 00:51:33,000
Speaker 11: growing it a little bit means you have to grow

952
00:51:33,040 --> 00:51:38,520
Speaker 11: it in a risk environment with higher taxes and possible inflation.

953
00:51:39,320 --> 00:51:42,200
Speaker 11: So those are the risks that you face as a senior,

954
00:51:43,000 --> 00:51:45,520
Speaker 11: a person over the age of fifty. Right now you

955
00:51:45,560 --> 00:51:48,560
Speaker 11: have a lot of challenges. You follow the rules, and

956
00:51:48,640 --> 00:51:51,399
Speaker 11: now what you have could be in danger if you're

957
00:51:51,440 --> 00:51:55,680
Speaker 11: not smart. Basically, we need to know how things work

958
00:51:55,960 --> 00:51:59,640
Speaker 11: for you, what's important to you, what's important about that,

959
00:52:00,400 --> 00:52:04,200
Speaker 11: what you fear. Sometimes what you fear can drive you

960
00:52:04,400 --> 00:52:08,640
Speaker 11: further than what you want. So if you define your

961
00:52:08,680 --> 00:52:13,000
Speaker 11: objectives by a goal rather than by avoiding something, then

962
00:52:13,040 --> 00:52:16,440
Speaker 11: you might find yourself having a great plan and you

963
00:52:16,520 --> 00:52:19,680
Speaker 11: might find yourself saying, well, this is how we move forward,

964
00:52:20,280 --> 00:52:23,680
Speaker 11: Ladies and gentlemen. We had a dog, Freckles, for seventeen years.

965
00:52:23,719 --> 00:52:25,680
Speaker 11: He came to our house. He was a puppy. We

966
00:52:25,719 --> 00:52:28,200
Speaker 11: don't know where he came from, and he showed up

967
00:52:28,200 --> 00:52:31,600
Speaker 11: one day. He was a Springer Spaniel mixed a little bit.

968
00:52:32,239 --> 00:52:35,640
Speaker 11: He was the smartest animal I'd ever come in contact with.

969
00:52:35,920 --> 00:52:38,239
Speaker 11: He always went out the front door and came in

970
00:52:38,280 --> 00:52:40,480
Speaker 11: the back door. Don't ask me why. And you could

971
00:52:40,520 --> 00:52:44,799
Speaker 11: set your watch by Freckles. And Freckles was a great dog,

972
00:52:45,080 --> 00:52:48,680
Speaker 11: great friend of the family. Came to weddings. He could

973
00:52:48,680 --> 00:52:50,600
Speaker 11: sit up. You put a biscuit on his nose, he

974
00:52:50,600 --> 00:52:53,359
Speaker 11: wouldn't move until you let him down.

975
00:52:53,400 --> 00:52:53,960
Speaker 3: He would sit.

976
00:52:54,120 --> 00:52:56,600
Speaker 11: If someone was sick in the house, he would sleep

977
00:52:56,600 --> 00:52:59,200
Speaker 11: in their room. And when my grandfather had to go

978
00:52:59,239 --> 00:53:02,320
Speaker 11: to the hospital one day, Freckles never came in the house.

979
00:53:03,040 --> 00:53:06,280
Speaker 11: He waited at the front door for nine days until

980
00:53:06,480 --> 00:53:10,000
Speaker 11: Grant came home. He was a wonderful dog. We loved Freckles.

981
00:53:10,680 --> 00:53:14,799
Speaker 11: But one day Freckles was getting old and we went

982
00:53:14,840 --> 00:53:16,640
Speaker 11: to the vet and he said, I think you have

983
00:53:16,800 --> 00:53:19,600
Speaker 11: to think about the day when we have to put

984
00:53:19,680 --> 00:53:22,920
Speaker 11: him to sleep. And that was pretty tough, especially on

985
00:53:22,960 --> 00:53:26,640
Speaker 11: my grandfather who loved the dog. Well, Freckles being the

986
00:53:26,760 --> 00:53:30,239
Speaker 11: genius he was and knowing what was what. One day

987
00:53:30,280 --> 00:53:33,359
Speaker 11: Freckles went out the front door and we never saw

988
00:53:33,440 --> 00:53:36,640
Speaker 11: him again. And I think he might have just gone

989
00:53:36,680 --> 00:53:40,040
Speaker 11: off to say this family's not to be able to

990
00:53:40,080 --> 00:53:41,799
Speaker 11: do what has to be done. I'm going to do

991
00:53:41,840 --> 00:53:45,480
Speaker 11: it myself. So I think Freckles just left and went

992
00:53:45,520 --> 00:53:47,920
Speaker 11: off to have him and figured out some way that

993
00:53:48,080 --> 00:53:50,680
Speaker 11: was convenient for him to do it. But we never

994
00:53:50,719 --> 00:53:54,200
Speaker 11: saw him again. So life is short. Ladies and gentlemen.

995
00:53:54,280 --> 00:53:58,799
Speaker 11: Be careful who you trust, and be careful of what's

996
00:53:58,840 --> 00:54:02,040
Speaker 11: happening to you. If you're being sold a product and

997
00:54:02,080 --> 00:54:05,160
Speaker 11: people are disguising it as a theory of the market,

998
00:54:05,360 --> 00:54:08,680
Speaker 11: that's not probably what you want to be doing. It's

999
00:54:08,760 --> 00:54:12,400
Speaker 11: not what you want to be doing. A client long ago,

1000
00:54:12,520 --> 00:54:16,280
Speaker 11: when I was in Western mass one day he found

1001
00:54:16,360 --> 00:54:18,120
Speaker 11: that he woke up, he couldn't get out of bed,

1002
00:54:18,160 --> 00:54:21,719
Speaker 11: and he quickly progressed into a major stroke. Well he

1003
00:54:21,840 --> 00:54:24,239
Speaker 11: came out of it months later, but he said I

1004
00:54:24,280 --> 00:54:27,919
Speaker 11: could see, I could hear, but I couldn't do anything else,

1005
00:54:27,960 --> 00:54:29,759
Speaker 11: and I couldn't say anything to anyone, and I was

1006
00:54:29,800 --> 00:54:33,520
Speaker 11: so frustrated, but I had no control. And this guy

1007
00:54:33,719 --> 00:54:36,800
Speaker 11: was a burly fisherman. He loved the outdoors, he loved

1008
00:54:36,800 --> 00:54:39,560
Speaker 11: camping and things like that. So that's what can happen.

1009
00:54:39,800 --> 00:54:42,200
Speaker 11: So you have to be prepared for that. So if

1010
00:54:42,239 --> 00:54:45,839
Speaker 11: your spouse doesn't know how to handle finance. You need

1011
00:54:45,920 --> 00:54:49,120
Speaker 11: to have one on one meetings with someone that might

1012
00:54:49,280 --> 00:54:52,040
Speaker 11: be able to guide your spouse if you're not on

1013
00:54:52,080 --> 00:54:55,320
Speaker 11: the scene anymore. You need to have documents that are correct.

1014
00:54:55,840 --> 00:54:57,759
Speaker 11: You need to have a number you can call. It's

1015
00:54:57,800 --> 00:55:01,040
Speaker 11: not an eight hundred number in my opinion, for starters.

1016
00:55:01,400 --> 00:55:03,720
Speaker 11: You dial the office, the person picks up the phone,

1017
00:55:04,280 --> 00:55:07,200
Speaker 11: they answer the call. If it's before noon that day,

1018
00:55:07,680 --> 00:55:11,200
Speaker 11: if it's afternoon by that evening. But I just want

1019
00:55:11,239 --> 00:55:15,400
Speaker 11: you to understand, every new client means new responsibility to

1020
00:55:15,560 --> 00:55:18,759
Speaker 11: a plan, to a goal, to achieve what you want,

1021
00:55:18,880 --> 00:55:22,000
Speaker 11: ladies and gentlemen. And some of the meetings don't always

1022
00:55:22,040 --> 00:55:24,759
Speaker 11: involve what you think. They involve. Ladies and gentlemen. There

1023
00:55:24,800 --> 00:55:29,680
Speaker 11: are families, lives at stake with these retirements and they're

1024
00:55:29,800 --> 00:55:34,440
Speaker 11: very important. So we have people that are completely dependent

1025
00:55:34,840 --> 00:55:37,520
Speaker 11: upon their investments and we have people that say, I'm

1026
00:55:37,560 --> 00:55:40,319
Speaker 11: never going to need this money. So there's a huge

1027
00:55:40,400 --> 00:55:43,160
Speaker 11: difference in what needs to be done there. But they

1028
00:55:43,200 --> 00:55:46,960
Speaker 11: all need the same thing, ladies and gentlemen attention. They

1029
00:55:47,000 --> 00:55:50,760
Speaker 11: need an agenda. You need an agenda, ladies and gentlemen,

1030
00:55:51,040 --> 00:55:53,680
Speaker 11: and it needs to be clarified for you, so we

1031
00:55:53,719 --> 00:55:57,279
Speaker 11: are guaranteed certain things in life. Ladies and gentlemen, we

1032
00:55:57,400 --> 00:56:01,160
Speaker 11: come here alone, we leave alone. But for the most

1033
00:56:01,239 --> 00:56:12,720
Speaker 11: part my client's love life, we owe them the best effort.

1034
00:56:13,840 --> 00:56:17,520
Speaker 4: We'll call Kelly Financial Services eight eight eight eight hundred

1035
00:56:17,640 --> 00:56:18,879
Speaker 4: eighteen eighty one.

1036
00:56:19,160 --> 00:56:21,440
Speaker 6: I'm Kelly Kelly from Kelly Financial.

1037
00:56:21,640 --> 00:56:25,920
Speaker 5: Whether you're in your sixties, seventies, or eighties, financial advice

1038
00:56:26,080 --> 00:56:29,040
Speaker 5: is important when it comes to preserving your nest egg.

1039
00:56:29,160 --> 00:56:32,600
Speaker 5: We have a free investor guide called designing your Fiscal

1040
00:56:32,680 --> 00:56:36,320
Speaker 5: House to Weather the Elements, which highlights the steps needed

1041
00:56:36,360 --> 00:56:39,960
Speaker 5: to build a balanced portfolio. For the guide, call eight

1042
00:56:40,000 --> 00:56:43,560
Speaker 5: eight eight eight hundred eighteen eighty one or email Kelly

1043
00:56:43,600 --> 00:56:45,640
Speaker 5: at Kellyfinancial dot org.

1044
00:56:45,920 --> 00:56:48,759
Speaker 6: We're Kelly Financial. Come retire with us

1045
00:56:49,320 --> 00:56:52,280
Speaker 4: Safe money strategies with William Kelly