1 00:00:00,000 --> 00:00:04,560 Welcome back to A-List Talks with Adam Armbruster. 2 00:00:04,560 --> 00:00:06,080 I have an amazing guest today. 3 00:00:06,080 --> 00:00:10,240 If you ever thought about retiring, he's your man. 4 00:00:10,240 --> 00:00:11,840 His name is Tom Jacobs. 5 00:00:11,840 --> 00:00:15,320 He is owner and founder and president 6 00:00:15,320 --> 00:00:18,360 of Jacobs Financial Services in Michigan, 7 00:00:18,360 --> 00:00:19,860 but he's a national name. 8 00:00:19,860 --> 00:00:21,160 And you'll hear more about that later. 9 00:00:21,160 --> 00:00:22,880 But if anybody listening to this 10 00:00:22,880 --> 00:00:25,640 that's maybe thinking about retiring one day 11 00:00:25,640 --> 00:00:27,800 or maybe one day very soon, 12 00:00:27,800 --> 00:00:29,920 I've never met anyone that has a better take 13 00:00:29,920 --> 00:00:33,400 on that incredible chapter in life than Tom Jacobs. 14 00:00:33,400 --> 00:00:34,640 Welcome, Tom. 15 00:00:34,640 --> 00:00:36,120 Hey, good morning, Adam. 16 00:00:36,120 --> 00:00:37,880 Thanks for having me. 17 00:00:37,880 --> 00:00:42,880 Tom, you often say that you've retired hundreds of times. 18 00:00:43,520 --> 00:00:45,920 I have retired thousands of times. 19 00:00:45,920 --> 00:00:47,720 And where that comes from is, 20 00:00:47,720 --> 00:00:49,360 as folks are approaching retirement, 21 00:00:49,360 --> 00:00:53,320 they've got all of these big heavy duty major decisions. 22 00:00:53,320 --> 00:00:56,280 And it can be quite overwhelming and intimidating 23 00:00:56,280 --> 00:00:58,960 one of the ways we try and comfort folks 24 00:00:58,960 --> 00:01:02,200 is just let them know, hey, I have retired personally 25 00:01:02,200 --> 00:01:04,560 with my clients thousands of times. 26 00:01:04,560 --> 00:01:08,520 And because of that, the advice that we can offer you 27 00:01:08,520 --> 00:01:10,820 surely is gonna pay great dividends. 28 00:01:11,760 --> 00:01:14,960 Tom, when I read somewhere that people spend more time 29 00:01:14,960 --> 00:01:16,600 planning a vacation than retirement, 30 00:01:16,600 --> 00:01:18,480 is that cliche or is that true? 31 00:01:18,480 --> 00:01:20,480 You know, I think that's true. 32 00:01:20,480 --> 00:01:22,900 We get so busy and so distracted. 33 00:01:22,900 --> 00:01:25,780 Retirement doesn't become important 34 00:01:25,780 --> 00:01:27,340 until it's time to retire. 35 00:01:27,340 --> 00:01:30,380 And people don't think about it oftentimes until that time. 36 00:01:30,380 --> 00:01:32,980 And yeah, they're spending time doing other things 37 00:01:32,980 --> 00:01:33,940 like planning vacations. 38 00:01:33,940 --> 00:01:35,780 That's absolutely right. 39 00:01:35,780 --> 00:01:38,300 So does it happen like this? 40 00:01:38,300 --> 00:01:41,100 It gets to here we are end of the year. 41 00:01:41,100 --> 00:01:42,980 And is it like a panic session? 42 00:01:42,980 --> 00:01:45,500 Like, oh my gosh, I never thought of this, this, this, 43 00:01:45,500 --> 00:01:48,500 and this, or is it methodical like they come in 44 00:01:48,500 --> 00:01:49,860 and their people are organized? 45 00:01:49,860 --> 00:01:51,260 How does that go? 46 00:01:51,260 --> 00:01:52,700 Well, you know, it's across the board. 47 00:01:52,700 --> 00:01:54,400 You've got all spectrums. 48 00:01:55,820 --> 00:01:58,700 You know, I think probably 50% of Americans 49 00:01:58,700 --> 00:02:02,020 are keeping up with their record keeping 50 00:02:02,020 --> 00:02:05,080 and their deductions and doing things come tax time. 51 00:02:05,080 --> 00:02:08,900 And I think maybe 50%, it's crash course. 52 00:02:08,900 --> 00:02:10,740 Let's do it all at the end when we have to. 53 00:02:10,740 --> 00:02:12,660 But preparing for retirement 54 00:02:12,660 --> 00:02:15,700 isn't like preparing your annual tax return. 55 00:02:15,700 --> 00:02:18,380 Preparing for retirement is a process. 56 00:02:18,380 --> 00:02:20,180 And there's lots of moving parts. 57 00:02:20,180 --> 00:02:22,380 And it's not a one and done situation. 58 00:02:22,380 --> 00:02:27,380 And I would just encourage people to find an advisor 59 00:02:27,500 --> 00:02:30,180 that you can have a really great relationship with 60 00:02:30,180 --> 00:02:35,180 because it's an ongoing fluid relationship 61 00:02:35,900 --> 00:02:37,380 that you need to have if you want to win 62 00:02:37,380 --> 00:02:39,900 just because life changes so much. 63 00:02:39,900 --> 00:02:42,780 What's, if someone finds an advisor in their city 64 00:02:42,780 --> 00:02:45,900 or the country, I mean, this is going worldwide here. 65 00:02:45,900 --> 00:02:48,800 What's the first question they should be asking the advisor? 66 00:02:48,800 --> 00:02:53,800 Well, you know, different things are important 67 00:02:55,420 --> 00:02:57,240 to different people. 68 00:02:58,300 --> 00:03:00,920 I think reputation is important. 69 00:03:00,920 --> 00:03:03,740 I think experience is important. 70 00:03:03,740 --> 00:03:05,860 I think credibility is important. 71 00:03:07,660 --> 00:03:10,340 So depending on what's important to that client 72 00:03:10,340 --> 00:03:12,620 is gonna direct their questions. 73 00:03:12,620 --> 00:03:14,900 But let's just talk about something 74 00:03:14,900 --> 00:03:15,860 that's even more important. 75 00:03:15,860 --> 00:03:17,740 And that's the mindset. 76 00:03:17,740 --> 00:03:21,780 You know, my clients are not folks in their 20s, 77 00:03:21,780 --> 00:03:24,700 in their 30s, in their 40s. 78 00:03:24,700 --> 00:03:29,420 My folks are people that are close to approaching retirement 79 00:03:29,420 --> 00:03:31,020 or perhaps are already retired. 80 00:03:31,020 --> 00:03:33,180 And our business is built on folks 81 00:03:33,180 --> 00:03:35,740 that are 55 to 70 years old. 82 00:03:35,740 --> 00:03:39,100 They are not in the accumulation phase of life anymore. 83 00:03:39,100 --> 00:03:41,700 In other words, in your 20s, 30s and 40s, 84 00:03:41,700 --> 00:03:45,660 the most important thing is rate of return, best investment, 85 00:03:45,660 --> 00:03:48,340 you know, growing your portfolio. 86 00:03:48,340 --> 00:03:49,540 But there comes a time, 87 00:03:49,540 --> 00:03:51,260 and that time is different for everybody 88 00:03:51,260 --> 00:03:53,300 when that is no longer the priority. 89 00:03:53,300 --> 00:03:55,780 And now the priority is, hey, I've worked hard, 90 00:03:55,780 --> 00:03:57,540 I've accumulated some wealth, 91 00:03:57,540 --> 00:04:00,140 I need to preserve this wealth and protect it. 92 00:04:00,140 --> 00:04:02,620 And more importantly, how am I gonna use these dollars 93 00:04:02,620 --> 00:04:05,260 to create unlimited or income 94 00:04:05,260 --> 00:04:06,820 that will last for the rest of my life? 95 00:04:06,820 --> 00:04:08,060 Cause you know this, Adam, 96 00:04:08,060 --> 00:04:11,260 I know that the number one concern of folks 65 and older 97 00:04:11,260 --> 00:04:12,820 is have I saved enough money? 98 00:04:12,820 --> 00:04:15,140 And am I gonna have enough money to get to the finish line? 99 00:04:15,140 --> 00:04:19,420 So we try and solve that number one problem first and foremost. 100 00:04:20,660 --> 00:04:24,020 My family and I had to finally find senior housing 101 00:04:24,020 --> 00:04:26,180 for my mom because of some health issues. 102 00:04:26,180 --> 00:04:29,660 And it's 7,000 a month, Tom. 103 00:04:29,660 --> 00:04:30,500 It's crazy. 104 00:04:30,500 --> 00:04:31,780 Not a year. 105 00:04:31,780 --> 00:04:33,620 Do most people understand what senior care 106 00:04:33,620 --> 00:04:37,540 is gonna cost themselves in retirement or cost their family? 107 00:04:39,220 --> 00:04:41,060 Not until they need it. 108 00:04:41,060 --> 00:04:42,140 It's one of those things 109 00:04:42,140 --> 00:04:44,420 that people just don't like to think about. 110 00:04:44,420 --> 00:04:47,700 They procrastinate just like with tax preparation 111 00:04:47,700 --> 00:04:49,060 and tax strategy. 112 00:04:49,060 --> 00:04:52,580 I mean, people oftentimes don't know they have a problem 113 00:04:52,580 --> 00:04:53,860 until the problem is already there. 114 00:04:53,860 --> 00:04:55,340 And you know, perfect examples. 115 00:04:55,340 --> 00:04:57,900 So many people in this country are saving their retirement money 116 00:04:57,900 --> 00:05:01,940 in their company retirement plan, the 401k, tax deferred. 117 00:05:01,940 --> 00:05:03,820 And you can build marvelous accounts 118 00:05:03,820 --> 00:05:05,820 and you know, there's great opportunities 119 00:05:05,820 --> 00:05:07,820 to get employer matches and all kinds of things 120 00:05:07,820 --> 00:05:10,100 to help accumulate and grow that bucket. 121 00:05:10,100 --> 00:05:12,220 But the number one problem is people don't understand 122 00:05:12,220 --> 00:05:14,300 when we start taking money out of that bucket, 123 00:05:14,300 --> 00:05:15,660 we gotta pay tax on that. 124 00:05:15,660 --> 00:05:18,900 And people have done a great job building and accumulating, 125 00:05:18,900 --> 00:05:21,140 building that nest egg, but what they have also built 126 00:05:21,140 --> 00:05:22,300 and might not realize it 127 00:05:22,300 --> 00:05:25,020 is they have built a massive, massive tax bomb. 128 00:05:25,020 --> 00:05:27,020 So we try and get ahead of that and let people know, 129 00:05:27,020 --> 00:05:28,700 hey, there's other places to be saving 130 00:05:28,700 --> 00:05:30,180 that might make a heck of a lot more sense 131 00:05:30,180 --> 00:05:32,980 like Roth IRAs and life insurance contracts. 132 00:05:32,980 --> 00:05:34,700 There's places we can put our money 133 00:05:34,700 --> 00:05:36,260 and then go grab it later 134 00:05:36,260 --> 00:05:38,100 and not have to pay any federal tax. 135 00:05:38,100 --> 00:05:40,820 And I encourage people to think about 136 00:05:40,820 --> 00:05:43,860 how much more money would you have in your pocket to spend 137 00:05:43,860 --> 00:05:46,700 if you didn't have to pay any federal taxes? 138 00:05:46,700 --> 00:05:48,460 Would that be significant? 139 00:05:48,460 --> 00:05:50,540 And for most people, it would be very significant. 140 00:05:50,540 --> 00:05:52,620 So what are you doing about it? 141 00:05:52,620 --> 00:05:53,500 Nothing. 142 00:05:53,500 --> 00:05:56,020 Well, let's fix that problem. 143 00:05:57,100 --> 00:06:01,020 So yeah, that would definitely surpass an 8% gain 144 00:06:01,020 --> 00:06:02,980 in the stock market every year 145 00:06:02,980 --> 00:06:04,780 when you're lopping off fed taxes, 146 00:06:04,780 --> 00:06:07,700 which are usually above 8% if I'm not mistaken. 147 00:06:07,700 --> 00:06:09,340 It can be way above 8%. 148 00:06:09,340 --> 00:06:11,740 So yeah, just depends on how much money you make. 149 00:06:11,740 --> 00:06:12,580 Interesting point. 150 00:06:12,580 --> 00:06:16,260 So suddenly conserving the wealth, 151 00:06:16,260 --> 00:06:18,660 Trump's any gain by kind of riding the horse 152 00:06:18,660 --> 00:06:21,820 a little longer on a boom stock market run, 153 00:06:21,820 --> 00:06:24,300 which could change in a minute, right? 154 00:06:24,300 --> 00:06:26,380 Well, the biggest challenge is, 155 00:06:26,380 --> 00:06:31,380 we as a country have been on the most unbelievable bull run 156 00:06:32,140 --> 00:06:34,940 ever in the history of mankind. 157 00:06:34,940 --> 00:06:37,780 As we're talking today, the market is at all time. 158 00:06:37,780 --> 00:06:42,380 I mean, never been this high in the history of mankind. 159 00:06:42,380 --> 00:06:44,580 And people are chasing the market. 160 00:06:44,580 --> 00:06:45,700 They don't wanna miss it. 161 00:06:45,700 --> 00:06:46,980 They're greedy. 162 00:06:46,980 --> 00:06:48,060 They don't wanna miss it 163 00:06:48,060 --> 00:06:49,700 cause their buddy's making all kinds of money 164 00:06:49,700 --> 00:06:52,380 on Enron and Tesla and Apple. 165 00:06:52,380 --> 00:06:54,940 The people that win in this business are proactive 166 00:06:54,940 --> 00:06:57,660 and you have to do things proactively. 167 00:06:57,660 --> 00:06:59,220 I believe in gravity. 168 00:06:59,220 --> 00:07:01,380 What goes up must come down. 169 00:07:01,380 --> 00:07:03,380 We know the market's gonna come down. 170 00:07:03,380 --> 00:07:05,980 We don't know when, we don't know how significant, 171 00:07:05,980 --> 00:07:07,100 but it is going to happen. 172 00:07:07,100 --> 00:07:09,780 So I would say, look, if you're 64 173 00:07:09,780 --> 00:07:12,900 and the plan is to retire at 66, 174 00:07:12,900 --> 00:07:15,860 what if between 64 and 66, 175 00:07:15,860 --> 00:07:17,540 something bad happens in the market 176 00:07:17,540 --> 00:07:20,060 and it goes down 10, 20, 30, 40, 50%. 177 00:07:20,060 --> 00:07:22,940 First of all, is that possible? 178 00:07:22,940 --> 00:07:24,380 Absolutely it's possible. 179 00:07:25,380 --> 00:07:29,460 I'm 64, I get to 66, my target retirement date, 180 00:07:29,460 --> 00:07:31,140 I'm down 35%. 181 00:07:31,140 --> 00:07:32,900 Now I've gotta decide, 182 00:07:32,900 --> 00:07:36,380 am I gonna hang it up now with 35% less dough 183 00:07:36,380 --> 00:07:38,180 or do I have to keep grinding a little bit longer 184 00:07:38,180 --> 00:07:39,540 to make up for what I lost? 185 00:07:39,540 --> 00:07:42,380 And I would argue that both of those options are horrible. 186 00:07:43,300 --> 00:07:45,300 Let me take that decision off the table for you. 187 00:07:45,300 --> 00:07:48,100 Let's take the money that you've accumulated right now 188 00:07:48,100 --> 00:07:50,140 and let's put it in a safe spot 189 00:07:50,140 --> 00:07:53,180 where it's totally protected from any market up and downs. 190 00:07:53,180 --> 00:07:54,260 If the market's going well, 191 00:07:54,260 --> 00:07:55,700 you're gonna enjoy some gains, 192 00:07:55,700 --> 00:07:57,060 but if the market doesn't, 193 00:07:57,060 --> 00:07:59,340 you just simply never lose your principle. 194 00:08:00,340 --> 00:08:01,980 And we can use that type of an account 195 00:08:01,980 --> 00:08:03,580 to create a guaranteed income 196 00:08:03,580 --> 00:08:05,420 that'll last the rest of your life. 197 00:08:05,420 --> 00:08:06,260 That's what we do, 198 00:08:06,260 --> 00:08:07,820 we sell insurance-based products. 199 00:08:07,820 --> 00:08:09,780 I don't believe in securities for my clients, 200 00:08:09,780 --> 00:08:12,260 I don't believe in stocks, bonds, mutual funds. 201 00:08:12,260 --> 00:08:16,420 If my clients were 20, 30, 40 all day, all the time. 202 00:08:16,420 --> 00:08:18,420 But there comes a day when you have to switch 203 00:08:18,420 --> 00:08:20,420 and that is so hard for people 204 00:08:20,420 --> 00:08:23,100 because their whole life has been about growth, 205 00:08:23,100 --> 00:08:24,500 accumulation rate of return, 206 00:08:24,500 --> 00:08:26,620 the best place to invest my money. 207 00:08:26,620 --> 00:08:29,660 And people have a hard time flipping that switch. 208 00:08:29,660 --> 00:08:31,660 And that's why we're gonna see complete carnage 209 00:08:31,660 --> 00:08:32,820 when this market crashes. 210 00:08:32,820 --> 00:08:36,500 I mean, it's gonna make 2008 look like a picnic 211 00:08:36,500 --> 00:08:38,780 compared to what I believe is about to happen. 212 00:08:39,820 --> 00:08:42,300 You know, you just explained in like three minutes, 213 00:08:42,300 --> 00:08:45,460 probably one of the most confusing topics to Americans. 214 00:08:45,460 --> 00:08:47,620 I mean, not everybody's a millionaire, Tom. 215 00:08:47,620 --> 00:08:51,980 Some people have worked their butts off for 40, 50, 60 years 216 00:08:51,980 --> 00:08:55,900 and they have 300 grand, 500 grand, a million maybe. 217 00:08:55,900 --> 00:08:59,420 And you can't really afford a haircut 218 00:08:59,420 --> 00:09:03,420 if senior housing's 10, 7, 10 grand a month. 219 00:09:04,380 --> 00:09:06,100 So the first smart move you're saying is 220 00:09:06,100 --> 00:09:09,740 to kind of organize for retirement 221 00:09:09,740 --> 00:09:14,740 and lop off the issue of taxes on your distributions, correct? 222 00:09:15,220 --> 00:09:17,260 Number one thing is where is your money? 223 00:09:17,260 --> 00:09:18,900 Let's put that money in a safe spot. 224 00:09:18,900 --> 00:09:21,260 Number two, what's your tax strategy? 225 00:09:21,260 --> 00:09:22,660 So when we start using the money, 226 00:09:22,660 --> 00:09:25,180 we do it in the most tax efficient way possible. 227 00:09:25,180 --> 00:09:26,660 And you just need to have a, 228 00:09:26,660 --> 00:09:28,700 you need to have guaranteed sources of income. 229 00:09:28,700 --> 00:09:31,020 So everyone's got one guaranteed source of income 230 00:09:31,020 --> 00:09:32,660 and that's called social security. 231 00:09:32,660 --> 00:09:35,140 Some people have a second guaranteed source 232 00:09:35,140 --> 00:09:36,580 and that might be a pension. 233 00:09:36,580 --> 00:09:39,260 Some people own fixed indexed annuities 234 00:09:39,260 --> 00:09:42,300 or annuity products that provide guaranteed income. 235 00:09:42,300 --> 00:09:44,220 All of the research shows that people 236 00:09:44,220 --> 00:09:47,820 that have multiple sources of guaranteed income 237 00:09:47,820 --> 00:09:52,420 live longer, have less stress, have better relationships 238 00:09:52,420 --> 00:09:54,820 and are more freely able to spend their money. 239 00:09:54,820 --> 00:09:57,700 So my whole philosophy is, 240 00:09:57,700 --> 00:10:00,740 hey, I want my clients spending their money right now today 241 00:10:00,740 --> 00:10:02,180 while they're healthy, while they're mobile, 242 00:10:02,180 --> 00:10:03,100 while they can enjoy it, 243 00:10:03,100 --> 00:10:04,620 while they can watch their family enjoy it, 244 00:10:04,620 --> 00:10:07,300 while they can enjoy it with their family. 245 00:10:07,300 --> 00:10:10,980 I did something recently on a television segment. 246 00:10:10,980 --> 00:10:13,220 I took out 10 raffle tickets, you know? 247 00:10:13,220 --> 00:10:16,180 So 10 raffle tickets, they're all hooked together. 248 00:10:16,180 --> 00:10:18,220 So each one of those 10 raffle tickets, 249 00:10:18,220 --> 00:10:21,780 let's say represents a decade, 10 years of your life. 250 00:10:21,780 --> 00:10:23,260 So I'm 56 years old. 251 00:10:23,260 --> 00:10:24,780 So I've got my 10 raffle tickets. 252 00:10:24,780 --> 00:10:27,500 Well, I've got to take the first five and a half raffle, 253 00:10:27,500 --> 00:10:30,620 I had to cut those off the thing and put those aside. 254 00:10:30,620 --> 00:10:33,060 My life expectancy is 78 years old. 255 00:10:33,060 --> 00:10:34,980 I'm probably not the most healthy guy in the world. 256 00:10:34,980 --> 00:10:36,820 So let's say it's 75. 257 00:10:36,820 --> 00:10:40,220 So I got to take two and a half raffle tickets off the back. 258 00:10:40,220 --> 00:10:42,260 I'm left with this little teeny short string 259 00:10:42,260 --> 00:10:43,100 of raffle tickets. 260 00:10:43,100 --> 00:10:44,660 Well, that's what's left for me. 261 00:10:45,900 --> 00:10:48,620 And whatever your numbers are, that's what's left for you. 262 00:10:48,620 --> 00:10:52,220 And my job is to help you maximize your enjoyment, 263 00:10:52,220 --> 00:10:55,500 maximize your income, minimize your risk 264 00:10:55,500 --> 00:10:58,500 during what you have left so that you can freely enjoy it. 265 00:10:59,420 --> 00:11:01,140 Yeah, I'm trying to speak for all Americans 266 00:11:01,140 --> 00:11:03,940 or maybe even all people. 267 00:11:03,940 --> 00:11:05,180 We're not trained in that Tom, 268 00:11:05,180 --> 00:11:08,380 we're trained in more is better, earn, earn, earn, 269 00:11:08,380 --> 00:11:10,340 save, save, save, invest, invest, 270 00:11:10,340 --> 00:11:11,860 build the nut, build the nut, build the nut. 271 00:11:11,860 --> 00:11:13,940 But nobody tells us what to do 272 00:11:13,940 --> 00:11:16,500 when it's time to stop working. 273 00:11:16,500 --> 00:11:20,060 Here we are, this is being recorded late in the year. 274 00:11:20,060 --> 00:11:21,540 You got a lot of people, Tom, 275 00:11:21,540 --> 00:11:23,900 that retire year-end calendar, is that true? 276 00:11:24,820 --> 00:11:26,300 Absolutely, absolutely. 277 00:11:26,300 --> 00:11:29,020 Let me put it in perspective to you. 278 00:11:29,020 --> 00:11:30,420 Have you been to Las Vegas? 279 00:11:30,420 --> 00:11:31,260 Yes, sir. 280 00:11:32,220 --> 00:11:34,740 Here's what I observe personally. 281 00:11:34,740 --> 00:11:37,500 If I'm gonna go walk into a casino in Las Vegas, 282 00:11:37,500 --> 00:11:39,500 here's what I know before I walk in. 283 00:11:39,500 --> 00:11:42,820 The longer I stay there, the less likely it is 284 00:11:42,820 --> 00:11:44,700 I'm gonna walk out of there with my money. 285 00:11:45,700 --> 00:11:47,220 And I go there and I watch guys 286 00:11:47,220 --> 00:11:48,340 and they're on this great run 287 00:11:48,340 --> 00:11:51,180 and they got this huge pile of chips in front of them. 288 00:11:51,180 --> 00:11:52,740 And I just think to myself, man, 289 00:11:52,740 --> 00:11:54,660 take the chips off the table, 290 00:11:54,660 --> 00:11:56,140 because that's not real money right now, 291 00:11:56,140 --> 00:11:57,940 that's just chips on a table. 292 00:11:57,940 --> 00:11:59,940 Until you take that money off the table, 293 00:11:59,940 --> 00:12:02,540 over to the cage and turn it into money, 294 00:12:02,540 --> 00:12:04,820 it's just hocus pocus. 295 00:12:04,820 --> 00:12:09,140 Your 401K, the balance that you see on your statement, 296 00:12:09,140 --> 00:12:11,180 that's not real money. 297 00:12:11,180 --> 00:12:14,940 That's a number on a statement that is 100% meaningless. 298 00:12:14,940 --> 00:12:19,020 That is not real until you take it out of your 401K, 299 00:12:19,020 --> 00:12:22,380 put it in a spot where you cannot lose it. 300 00:12:22,380 --> 00:12:24,780 That's the concept that people need to understand. 301 00:12:24,780 --> 00:12:26,940 The longer you stay, the higher the probability 302 00:12:26,940 --> 00:12:28,500 we're gonna see a correction 303 00:12:28,500 --> 00:12:29,780 and you're gonna lose some money 304 00:12:29,780 --> 00:12:31,300 and at your stage of the game, 305 00:12:31,300 --> 00:12:33,460 you might not have time to get it back. 306 00:12:34,700 --> 00:12:37,020 Tom, you're kind of a name in the business. 307 00:12:37,020 --> 00:12:39,700 You've been ranked number one in the country 308 00:12:39,700 --> 00:12:44,700 on serving clients with insurance product, 309 00:12:45,340 --> 00:12:46,860 protecting money, et cetera. 310 00:12:46,860 --> 00:12:47,980 You have quite a reputation. 311 00:12:47,980 --> 00:12:49,740 You're a humble guy, you know, you're not gonna bring it up, 312 00:12:49,740 --> 00:12:53,940 but I've seen the trophy and the award. 313 00:12:53,940 --> 00:12:58,740 Why do you think you're so kind of sought out 314 00:12:58,740 --> 00:13:01,780 in your, frankly, your state, across your state? 315 00:13:01,780 --> 00:13:02,940 Why are you so sought out? 316 00:13:02,940 --> 00:13:04,260 There's probably a thousand guys 317 00:13:04,260 --> 00:13:05,300 that could do what you do. 318 00:13:05,300 --> 00:13:06,140 Why you? 319 00:13:07,300 --> 00:13:12,300 Well, number one, we're very bold. 320 00:13:12,660 --> 00:13:15,220 We're very aggressive marketers 321 00:13:15,220 --> 00:13:16,740 and we tell people the truth, 322 00:13:16,740 --> 00:13:19,300 whether they wanna hear it or not. 323 00:13:19,300 --> 00:13:22,660 So many people, you know, have heard the same story 324 00:13:22,660 --> 00:13:23,780 over and over and over and over 325 00:13:23,780 --> 00:13:27,260 and the story they're hearing is not the truth. 326 00:13:27,260 --> 00:13:31,100 So once we can break them down and explain the truth 327 00:13:31,100 --> 00:13:34,140 and how money works and the risk that they're taking 328 00:13:34,140 --> 00:13:36,060 that they shouldn't be, 329 00:13:36,060 --> 00:13:38,180 I think people resonate towards the truth. 330 00:13:38,180 --> 00:13:39,660 I think the truth always wins. 331 00:13:39,660 --> 00:13:42,540 And sometimes it's hard to combat 332 00:13:42,540 --> 00:13:44,420 all of the misinformation that's out there 333 00:13:44,420 --> 00:13:47,420 because I mean, I'm fighting the greatest money machine 334 00:13:47,420 --> 00:13:49,540 on planet earth, which is Wall Street. 335 00:13:50,620 --> 00:13:52,340 You know, you talk about David and Goliath. 336 00:13:52,340 --> 00:13:55,860 This is David and Goliath times 10. 337 00:13:55,860 --> 00:13:58,180 So we're just very bold. 338 00:13:58,180 --> 00:13:59,020 We're very aggressive. 339 00:13:59,020 --> 00:13:59,900 We tell people the truth 340 00:13:59,900 --> 00:14:04,180 and a lot of people resonate with that message 341 00:14:04,180 --> 00:14:06,820 and they're attracted to us and they wanna learn more. 342 00:14:06,820 --> 00:14:08,380 I know you're good to your clients. 343 00:14:08,380 --> 00:14:10,180 I see in social media, you know, 344 00:14:10,180 --> 00:14:12,340 you just had Thanksgiving pie week. 345 00:14:12,340 --> 00:14:13,260 It's not pie day. 346 00:14:13,260 --> 00:14:14,340 It's like pie week. 347 00:14:14,340 --> 00:14:15,780 You have so many clients 348 00:14:15,780 --> 00:14:18,620 and you do like barbecues and picnics. 349 00:14:18,620 --> 00:14:20,140 I just see a lot of smile in faces. 350 00:14:20,140 --> 00:14:23,820 What, what do these people say about retirement, Tom? 351 00:14:23,820 --> 00:14:25,220 I mean, obviously you're working with them 352 00:14:25,220 --> 00:14:27,100 and you're helping them, but more on a personal note, 353 00:14:27,100 --> 00:14:28,780 like what do they say? 354 00:14:28,780 --> 00:14:31,180 What, I mean, this is a big chapter of your life. 355 00:14:31,180 --> 00:14:32,660 This should be your great reward, right? 356 00:14:32,660 --> 00:14:35,100 You bust your butt for your whole life. 357 00:14:35,100 --> 00:14:37,260 You finally can take it easy and have some fun. 358 00:14:37,260 --> 00:14:38,460 But what do they say to you about, 359 00:14:38,460 --> 00:14:40,460 what's it like to be retired? 360 00:14:40,460 --> 00:14:43,420 You know, we try and encourage clients, you know, 361 00:14:43,420 --> 00:14:45,020 we tell them that first 12 months 362 00:14:45,020 --> 00:14:47,460 is gonna be a really big adjustment for you. 363 00:14:47,460 --> 00:14:50,140 And it goes fast for some and slow for others, 364 00:14:50,140 --> 00:14:53,580 but retirement looks vastly different for every family. 365 00:14:53,580 --> 00:14:55,860 And a lot of our families, retirement is, 366 00:14:55,860 --> 00:14:57,620 hey, Tom, we just wanna be comfortable. 367 00:14:57,620 --> 00:15:01,540 We wanna stay here local with our family, our grandchildren. 368 00:15:01,540 --> 00:15:04,100 And then we have the complete other spectrum, 369 00:15:04,100 --> 00:15:06,900 you know, the second they retire, they're out of here. 370 00:15:06,900 --> 00:15:08,500 I've got five families right now 371 00:15:08,500 --> 00:15:10,620 that are on one year long cruises. 372 00:15:10,620 --> 00:15:13,940 We've got people traveling the world, buying second homes. 373 00:15:13,940 --> 00:15:15,220 But it's so vast. 374 00:15:15,220 --> 00:15:17,420 And our planning process starts with, 375 00:15:17,420 --> 00:15:19,820 what does retirement look like for you? 376 00:15:19,820 --> 00:15:22,340 And let's build a plan to help you, you know, 377 00:15:22,340 --> 00:15:25,380 enjoy every second of your retirement. 378 00:15:25,380 --> 00:15:27,580 Tom, it's year end and you're right in the throes 379 00:15:27,580 --> 00:15:30,540 of something that people may have heard of by now 380 00:15:30,540 --> 00:15:32,180 called Retire-Thon. 381 00:15:32,180 --> 00:15:34,940 And it sounds to me like you're reaching out 382 00:15:34,940 --> 00:15:36,780 to the public saying, now's the time. 383 00:15:36,780 --> 00:15:38,340 And that's what I take from that theme. 384 00:15:38,340 --> 00:15:39,940 Is that what that means? 385 00:15:39,940 --> 00:15:41,500 It's exactly what it means. 386 00:15:41,500 --> 00:15:42,980 You know, we're just trying to do something 387 00:15:42,980 --> 00:15:45,500 to put retirement planning in the top of people's mind. 388 00:15:45,500 --> 00:15:48,940 So we are promoting Retire-Thon 2024. 389 00:15:48,940 --> 00:15:50,980 You wanna help as many families as possible 390 00:15:50,980 --> 00:15:53,060 be positioned to retire, 391 00:15:53,060 --> 00:15:55,020 whether that's you're physically retiring 392 00:15:55,020 --> 00:15:56,860 at the end of this year or you're thinking about it. 393 00:15:56,860 --> 00:15:58,580 We wanna get that planning done. 394 00:15:58,580 --> 00:16:01,020 And I know if I can take that off the table, 395 00:16:01,020 --> 00:16:02,380 I can get that out of your brain. 396 00:16:02,380 --> 00:16:04,460 And it's one less thing that you have to think about. 397 00:16:04,460 --> 00:16:06,380 You're gonna enjoy these holidays a heck of a lot more. 398 00:16:06,380 --> 00:16:08,740 You're gonna go into 2025 with a plan. 399 00:16:09,780 --> 00:16:11,220 People that plan win. 400 00:16:11,220 --> 00:16:12,740 People that don't, if you, 401 00:16:12,740 --> 00:16:14,660 let's talk about an income plan. 402 00:16:14,660 --> 00:16:17,540 If I could put together a plan for you and show you 403 00:16:17,540 --> 00:16:20,580 where your paycheck's gonna come from once you retire. 404 00:16:20,580 --> 00:16:23,260 And it's the most tax-advantaged plan that you've ever seen. 405 00:16:23,260 --> 00:16:25,020 And you know for sure that once you retire, 406 00:16:25,020 --> 00:16:26,620 you're gonna have four paychecks every month 407 00:16:26,620 --> 00:16:30,100 for the rest of your life, guaranteed, can never go down. 408 00:16:30,100 --> 00:16:32,860 You're gonna have a hell of a good 2025. 409 00:16:32,860 --> 00:16:33,820 Cause you don't have to worry. 410 00:16:33,820 --> 00:16:34,660 You're sleeping. 411 00:16:34,660 --> 00:16:38,060 You know where your income's coming from in retirement. 412 00:16:38,060 --> 00:16:39,900 I think it's really, really important. 413 00:16:39,900 --> 00:16:43,540 I don't think people realize what happens 414 00:16:43,540 --> 00:16:44,460 once they've done that. 415 00:16:44,460 --> 00:16:46,500 It's like the weight of the world. 416 00:16:46,500 --> 00:16:48,940 But people don't realize it until they've done it. 417 00:16:48,940 --> 00:16:51,420 I think you touched on that national statistic earlier 418 00:16:51,420 --> 00:16:54,900 about 50, I think it was 59% of Americans. 419 00:16:54,900 --> 00:16:56,620 It's our biggest worry is running out of money. 420 00:16:56,620 --> 00:16:58,220 And it's legitimate. 421 00:16:58,220 --> 00:17:01,140 I mean, my brothers and I got hit with that senior housing 422 00:17:01,140 --> 00:17:04,100 quote of $84,000 a year. 423 00:17:04,100 --> 00:17:05,580 And then looked at my mom's estate saying, 424 00:17:05,580 --> 00:17:07,260 okay, first thing we did, Thomas, 425 00:17:07,260 --> 00:17:09,500 think how many years we got out of this. 426 00:17:09,500 --> 00:17:11,620 And that's just senior housing, man. 427 00:17:11,620 --> 00:17:15,500 I just went through this with my dad who had Alzheimer's, 428 00:17:15,500 --> 00:17:17,140 an eight year battle. 429 00:17:17,140 --> 00:17:22,140 So you start adding memory care and skilled nursing 430 00:17:22,180 --> 00:17:27,180 and all of the medical component on top of food and lodging. 431 00:17:28,700 --> 00:17:32,340 You're easy 15, 20, $25,000 a month 432 00:17:32,340 --> 00:17:33,780 depending on what's going on. 433 00:17:33,780 --> 00:17:36,820 And most people don't have that type of insurance 434 00:17:36,820 --> 00:17:40,220 or the assets to carry that long-term. 435 00:17:41,220 --> 00:17:43,300 So you've got one topic that, 436 00:17:43,300 --> 00:17:45,420 it's not a fun thing to think about, but it's reality. 437 00:17:45,420 --> 00:17:46,860 I mean, if you're lucky enough to be alive 438 00:17:46,860 --> 00:17:51,860 in 70 and 80s or 90s, with that gift comes a price tag. 439 00:17:53,020 --> 00:17:54,700 And I don't think people like to think about it. 440 00:17:54,700 --> 00:17:56,300 I don't, but it's real. 441 00:17:56,300 --> 00:17:58,460 And to get caught, you're right. 442 00:17:58,460 --> 00:17:59,980 Get caught with your pants down 443 00:17:59,980 --> 00:18:03,020 and the market drops 30% and now you're like, okay, now what? 444 00:18:03,020 --> 00:18:06,580 Now I need to draw money out and the money's down 30%. 445 00:18:06,580 --> 00:18:08,940 That's like drawing out three times. 446 00:18:08,940 --> 00:18:12,660 Same concept with required minimum distributions. 447 00:18:12,660 --> 00:18:14,180 You know, when you have these tax deferred 448 00:18:14,180 --> 00:18:16,460 retirement accounts, your IRAs and 401Ks, 449 00:18:16,460 --> 00:18:18,060 whether you want it, whether you need it, 450 00:18:18,060 --> 00:18:20,220 at some point, age 73, 451 00:18:20,220 --> 00:18:22,900 you are required to take money out of your account. 452 00:18:22,900 --> 00:18:25,340 Well, what if that account is just doing miserably, 453 00:18:25,340 --> 00:18:27,740 but you're required to take money out of a position 454 00:18:27,740 --> 00:18:31,380 that's down 40%, making it go down even further, 455 00:18:31,380 --> 00:18:33,580 making your recovery that much harder. 456 00:18:33,580 --> 00:18:36,580 I tell people, well, what if we took that required distribution 457 00:18:36,580 --> 00:18:39,460 out of an account that will never go down? 458 00:18:39,460 --> 00:18:41,020 In years when the market's doing well, 459 00:18:41,020 --> 00:18:43,220 you take your distributions from the gains, 460 00:18:43,220 --> 00:18:44,820 but in years the market's doing crummy, 461 00:18:44,820 --> 00:18:45,900 you just take it out of your account 462 00:18:45,900 --> 00:18:47,860 and it will never go down. 463 00:18:47,860 --> 00:18:48,940 Does that make sense? 464 00:18:48,940 --> 00:18:50,620 Well, hell yeah, it makes a lot of sense, 465 00:18:50,620 --> 00:18:53,180 but people don't think about this stuff. 466 00:18:53,180 --> 00:18:56,620 There's ways that you can use your RMDs 467 00:18:56,620 --> 00:18:59,020 to pay to charitable organizations and do things 468 00:18:59,020 --> 00:19:01,060 where you pay zero tax on that money. 469 00:19:01,060 --> 00:19:05,100 So again, people that proactively plan, 470 00:19:05,100 --> 00:19:07,420 they seek out professionals, 471 00:19:07,420 --> 00:19:09,860 they're the ones that win in retirement. 472 00:19:09,860 --> 00:19:13,900 I remember you mentioning either a book you wrote 473 00:19:13,900 --> 00:19:16,540 or an interview about your parents 474 00:19:16,540 --> 00:19:21,540 and you saw firsthand people getting caught at the wrong time. 475 00:19:21,900 --> 00:19:23,020 Can you just talk about that, 476 00:19:23,020 --> 00:19:25,380 about your parents and what happened there? 477 00:19:25,380 --> 00:19:28,940 So my mom and dad retired late 2007. 478 00:19:28,940 --> 00:19:30,300 When my mom and dad retired, 479 00:19:30,300 --> 00:19:33,220 they were the most excited couple I have ever seen. 480 00:19:33,220 --> 00:19:34,700 They had the retirement mapped out, 481 00:19:34,700 --> 00:19:36,340 they knew exactly what they wanted to do, 482 00:19:36,340 --> 00:19:38,060 the trips and the travel and the grandkids, 483 00:19:38,060 --> 00:19:41,780 and the day the retirement was real for them, 484 00:19:41,780 --> 00:19:43,980 they are out the door, they are having a blast. 485 00:19:43,980 --> 00:19:46,700 I mean, just having more fun than you can imagine. 486 00:19:46,700 --> 00:19:49,820 Market takes a big hit early 2008, 487 00:19:49,820 --> 00:19:52,540 my parents, they pull back their horns, oh my gosh, 488 00:19:52,540 --> 00:19:53,580 what happened? 489 00:19:53,580 --> 00:19:55,340 Market comes back a little bit, 490 00:19:55,340 --> 00:19:57,340 and then they're back out having their fun doing their thing, 491 00:19:57,340 --> 00:19:59,100 then the market takes another big hit. 492 00:19:59,100 --> 00:20:00,460 Now I'm involved, 493 00:20:00,460 --> 00:20:03,460 because I noticed my parents are turning into different people, 494 00:20:03,460 --> 00:20:05,260 they're nervous, they're scared, they're anxious, 495 00:20:05,260 --> 00:20:06,740 they're not my mom and dad. 496 00:20:07,660 --> 00:20:10,460 So I step in, I'm not in the business that I'm in today. 497 00:20:10,460 --> 00:20:11,580 Hey mom, what's going on? 498 00:20:11,580 --> 00:20:13,020 How can I help? 499 00:20:13,020 --> 00:20:14,980 And come to find out, 500 00:20:14,980 --> 00:20:17,860 my dad's money's with a major brokerage firm, 501 00:20:17,860 --> 00:20:19,780 my mom's is with a different brokerage firm, 502 00:20:19,780 --> 00:20:21,020 a guy from church, 503 00:20:21,020 --> 00:20:22,380 I go and meet with these guys 504 00:20:22,380 --> 00:20:24,380 and they're trying to comfort me, telling me, 505 00:20:24,380 --> 00:20:26,580 look, don't worry about your folks, 506 00:20:26,580 --> 00:20:28,980 everybody loses money sometimes. 507 00:20:28,980 --> 00:20:32,300 It's just a paper loss, market's gonna come back, 508 00:20:32,300 --> 00:20:34,460 fees that we're charging, that's just normal, 509 00:20:34,460 --> 00:20:36,020 that's customary. 510 00:20:36,020 --> 00:20:39,340 Well, here's the story, that is 100% bullshit. 511 00:20:39,340 --> 00:20:41,500 It is 100% bullshit. 512 00:20:42,420 --> 00:20:44,700 Everyone doesn't lose money sometimes. 513 00:20:44,700 --> 00:20:48,940 I've got 2,164 clients and not one of them 514 00:20:48,940 --> 00:20:52,460 has ever lost $1 when the market goes down. 515 00:20:52,460 --> 00:20:54,220 Paying fees is optional, 516 00:20:54,220 --> 00:20:56,380 you never have to pay fees the rest of your life, 517 00:20:56,380 --> 00:20:58,100 you just need to know, where can I put my money 518 00:20:58,100 --> 00:21:00,060 that is not subject to a fee structure? 519 00:21:01,700 --> 00:21:04,220 The market will come back, it will, 520 00:21:04,220 --> 00:21:07,860 did for my parents, but it took eight years 521 00:21:07,860 --> 00:21:10,820 and during the eight years, my dad got sick 522 00:21:10,820 --> 00:21:12,860 and my mom's my dad's caregiver, 523 00:21:13,900 --> 00:21:15,780 their quality of life is worse 524 00:21:15,780 --> 00:21:17,980 than anything I could possibly describe to you. 525 00:21:17,980 --> 00:21:20,180 They got all the money back, who cares? 526 00:21:21,180 --> 00:21:24,940 Had my mom and dad been to one of my events 15 years ago 527 00:21:24,940 --> 00:21:26,780 and heard the message that we share with people, 528 00:21:26,780 --> 00:21:29,980 they would have jumped all over this in a heartbeat. 529 00:21:29,980 --> 00:21:32,180 And that's why I feel like we're kind of the pied piper 530 00:21:32,180 --> 00:21:34,420 of what we do and we're very bold in our messaging, 531 00:21:34,420 --> 00:21:37,220 very aggressive, because we tell a different story 532 00:21:37,220 --> 00:21:39,820 and it's called the truth and people need to hear it. 533 00:21:41,060 --> 00:21:44,540 Don't chase the market, don't pay more fees to your broker, 534 00:21:44,540 --> 00:21:46,500 your broker's never gonna tell you to get out, 535 00:21:46,500 --> 00:21:48,100 he's just gonna shuffle the deck, 536 00:21:48,100 --> 00:21:49,900 because they get paid whether your account's going up 537 00:21:49,900 --> 00:21:51,780 or your account's going down, but they don't get paid 538 00:21:51,780 --> 00:21:53,060 if they don't have your money. 539 00:21:53,060 --> 00:21:54,980 So they're never gonna say take your money out, 540 00:21:54,980 --> 00:21:58,220 they're gonna say let's just shuffle it up 541 00:21:58,220 --> 00:22:00,620 into different spots where you can lose money. 542 00:22:00,620 --> 00:22:02,460 And I'd say let's get at the heck out of there 543 00:22:02,460 --> 00:22:04,780 and put it in a spot where it's safe. 544 00:22:04,780 --> 00:22:08,820 Tom, you mentioned honesty and I find knowing you, 545 00:22:08,820 --> 00:22:11,740 you're very generous, you give away free books, 546 00:22:11,740 --> 00:22:14,500 you do free seminars, free dinners, 547 00:22:14,500 --> 00:22:17,820 free television interviews, you can watch on your website. 548 00:22:17,820 --> 00:22:21,780 You push all this for free, you put so much passion 549 00:22:21,780 --> 00:22:24,980 and frankly, I'm sure it costs you a lot of money to do this. 550 00:22:24,980 --> 00:22:26,780 Why so generous? 551 00:22:26,780 --> 00:22:28,860 Why are you willing to just have these conversations 552 00:22:28,860 --> 00:22:30,260 for free with people? 553 00:22:30,260 --> 00:22:31,660 They're not even hiring you yet, 554 00:22:31,660 --> 00:22:33,860 I mean, they can choose to not do that, 555 00:22:33,860 --> 00:22:36,100 but why so much of that Tom? 556 00:22:36,100 --> 00:22:37,140 That's a lot. 557 00:22:38,420 --> 00:22:40,740 Well, when I got in this business, 558 00:22:40,740 --> 00:22:43,180 this was a job and a career. 559 00:22:43,180 --> 00:22:44,380 That's not the case today. 560 00:22:44,380 --> 00:22:47,260 Today, this is a passion, this is a mission. 561 00:22:47,260 --> 00:22:48,660 We're on a mission right now 562 00:22:50,260 --> 00:22:51,980 because it's just so darn important 563 00:22:51,980 --> 00:22:56,220 and so few people are banging the gong like we are. 564 00:22:57,980 --> 00:23:00,420 You know, one of the biggest regrets in my life 565 00:23:00,420 --> 00:23:04,220 when I was growing up or when my children were growing up, 566 00:23:04,220 --> 00:23:06,180 I wasn't there. 567 00:23:06,180 --> 00:23:07,820 I was out doing seminars and working it 568 00:23:07,820 --> 00:23:10,740 and I justified that in my own mind by saying, 569 00:23:10,740 --> 00:23:14,620 hey, the time I do spend with my kids, it's quality time. 570 00:23:14,620 --> 00:23:18,020 And that was the lie I was feeding to myself that, 571 00:23:18,020 --> 00:23:20,420 hey, it's okay that you're not there to tuck your kids in 572 00:23:20,420 --> 00:23:21,820 and you're not there to make breakfast 573 00:23:21,820 --> 00:23:23,220 and you're not there to take them to school 574 00:23:23,220 --> 00:23:27,380 because you get to take them to Hawaii for 12 days a year. 575 00:23:27,380 --> 00:23:32,060 And looking back, my kids would have so much rather 576 00:23:32,060 --> 00:23:36,140 had their dad there daily engaged, 577 00:23:36,140 --> 00:23:40,500 loving on them as opposed to that one 12 day trip. 578 00:23:40,500 --> 00:23:42,900 I can never get that time back with my kids. 579 00:23:42,900 --> 00:23:43,740 Don't get me wrong. 580 00:23:43,740 --> 00:23:45,780 I have a great relationship with my children. 581 00:23:45,780 --> 00:23:47,180 That's the biggest regret in my life. 582 00:23:47,180 --> 00:23:51,340 So my second chance is with my grandkids, 583 00:23:51,340 --> 00:23:54,820 with my team and with my clients. 584 00:23:54,820 --> 00:23:56,660 And that's why we're so damn passionate 585 00:23:56,660 --> 00:23:59,780 because we want people to enjoy today 586 00:23:59,780 --> 00:24:01,900 because tomorrow is not given. 587 00:24:01,900 --> 00:24:04,340 The market returns are not given. 588 00:24:04,340 --> 00:24:07,500 I like certainties, I like guarantees and I like to win. 589 00:24:09,020 --> 00:24:11,460 Wow, I think we just all learned a lot about retirement 590 00:24:11,460 --> 00:24:12,380 and we're all gonna do it. 591 00:24:12,380 --> 00:24:15,140 Hopefully we're all fortunate to retire at some point. 592 00:24:15,140 --> 00:24:17,980 I think about that time when I go to a Walmart 593 00:24:17,980 --> 00:24:19,620 or supermarket and I'll see a greeter 594 00:24:19,620 --> 00:24:22,500 and they're clearly in their 70s, early 80s, 595 00:24:22,500 --> 00:24:24,460 standing up there all day. 596 00:24:24,460 --> 00:24:25,860 I can't imagine that's for fun. 597 00:24:25,860 --> 00:24:27,220 I think they need the money. 598 00:24:27,220 --> 00:24:29,220 And I always think to myself, 599 00:24:29,220 --> 00:24:30,300 I wonder what they did right 600 00:24:30,300 --> 00:24:31,540 or maybe what they didn't do right 601 00:24:31,540 --> 00:24:33,100 that they've got to work at these years 602 00:24:33,100 --> 00:24:34,900 when they shouldn't be hanging out with the grandkids 603 00:24:34,900 --> 00:24:37,420 and having a good time, right? 604 00:24:37,420 --> 00:24:41,620 So I think there's a reward and a penalty 605 00:24:41,620 --> 00:24:43,820 for decisions people are making 606 00:24:43,820 --> 00:24:45,100 as they approach retirement. 607 00:24:45,100 --> 00:24:47,780 But I really appreciate chance to speak with you today. 608 00:24:47,780 --> 00:24:51,260 Folks, you just heard a crash course retirement 609 00:24:51,260 --> 00:24:54,620 from the man who's retired thousands and times, 610 00:24:54,620 --> 00:24:57,620 Tom Jacobs, Jacobs Financial, he's in Michigan. 611 00:24:57,620 --> 00:24:59,060 Jacobs Financial Services, 612 00:24:59,060 --> 00:25:00,380 you can find him real easy online. 613 00:25:00,380 --> 00:25:03,140 He's a great communicator, one of a kind. 614 00:25:03,140 --> 00:25:05,420 You'll never meet somebody like Tom, everybody. 615 00:25:05,420 --> 00:25:07,340 Tom, thanks for joining me on A-List Talks. 616 00:25:07,340 --> 00:25:09,140 Really a privilege to have you today. 617 00:25:09,140 --> 00:25:11,180 Thank you so much, Adam. 618 00:25:11,180 --> 00:25:13,100 And for anybody retiring, it's Retirethon. 619 00:25:13,100 --> 00:25:15,940 Take a look at, get his free book, watch his videos. 620 00:25:15,940 --> 00:25:19,100 He's the Wikipedia of retirement, in my opinion. 621 00:25:19,100 --> 00:25:20,820 Thanks again, makes you be with you. 622 00:25:20,820 --> 00:25:25,820 Thank you, have a great day.