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President Ceo discussed on Win at RETIREMENT the Harwood Way with Robert Harwood

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The president CEO of the hardwood financial group and looking at the run down here I mean I'm fascinated with every aspect of what we will talk about today what are some of the challenges faced by successful professionals well I know there are a lot of successful professionals listening to the program right now and there are areas of challenges that even though these individuals are successful in their actual field they might not have a read on what the challenges all or that could kind of side swiped them we'll go over that in just a bit where our tax rates going and what you can do to protect yourself from the real possibility of higher taxes in the not so distant future also asset protection and preservation strategies how do you make sure that your assets don't get broadsided how do you make sure that you preserve what you've already built just to put this in a very easy context you work your entire life your entire career to build to build build build build this giant nest egg for the future how do you preserve what you've done so it doesn't you rolled we'll get into that coming up and also had a build your finances to whether any future financial storms and that sort of symbiotic with asset protection and preservation Bob it's great to be back with you in the studio Todd it's great to be here I think you nailed it on the intro you know the bottom line is is we worked hard to create what we have to build it and we have to make sure that we also protected so it's going to be there when we need it you know this could be protected from stock market it could be all these other things that could potentially de rail your plan and a lot of people are they they they manage your finances themselves other people have professional financial advisors helping them do it but the goal is the same for everybody I meet Todd why why would a person hire a financial adviser why do you want to put a financial adviser on your team what is the goal well for me the quick answer is that an individual is very good and there are experts in their chosen field but they might not be an expert in finances so you want to bring in somebody who deals with this every day and knows how to manage all of the the ups and downs the highs and the lows that you know we the normal late people might not be aware of from a financial aspect yeah I think that's a great way to look at it you know if I if I'm a little sick a little sick I might go to off CBS or something I'm not advertising for CBS but so it all kind of my my wall grades and I go get a Cup last for but if I'm really sick I'm going to go to a professional because my health is important to me it's very important to me and so I will give finances the same way you go to a financial professional you engage a professional one because they better be good at what they do that's their profession as you stated but not just that their job is to keep you financially healthy think about it that way you know some people say well I hired an adviser because I want to make a lot of money you know I'm going to go to the casino and put it all on red to try to make a lot of money but the reality is is is we're investing to make money that's for sure that's why you invest but a good financial advisory holistic financial adviser their job is to keep you financially healthy to help you make money and sometimes to protect you from losing money and so you've got all these things in my book I call money statues you have all these things that could affect your finances and so a good financial adviser was a quite a financial plan and a good financial plan is going to address all these things that might keep you up at night you know all these little concerned so if you think about it for a second what is the number one financial concern that most people have I mean what is it that keeps you up at night regarding your finances the number one concern across the country it changes a little bit but it's typically related to the possibility of running out of money that I don't have enough savings to either retire or support me through retire retirement or whatever it is but the number one concern across the country I think this will resonate with a lot of our listeners is do I have enough money or will I run out that's number one that you know what one of the things you just said was what keeps you up at night I got to say in the crazy world in which we live these days there's a lot of things could could potentially keep people up at night Bob yeah know for sure and and what are a waste your finances you know what's in another concern is two thousand eight was a long time ago once the next correction or all this crazy politics is going on how is that going to affect your finances you know these are things that bother people I health care costs of a if if I need I get sick in retirement I'm older I need something I don't want to be a bird to my children that might keep people up at night you see it all of these are issues that sun around your finances and if you have the right financial adviser you're going to feel comfortable that your planet dresses these this is a very very important concept your successful stay successful throughout your lifetime it's it's a very important piece what's the bottom line is you're getting attacked from all angles there are so many things happening you need a financial professional to help you navigate because this is their area of expertise this is what they're trained to do because you've got a lot to worry about in your chosen field in all of the the facets and factors in your life I agree with that do what you're good at and get professionals to help you kind of the the metaphor we use with the position earlier right if you're really sick or are you wanna make sure you stay healthy you go to a professional to help you do that and you do what you're good at and that builds your team around you I mean what we're going to talk about today this is all important stuff we're talking about some of the challenges that are faced by successful people we're gonna talk about taxes I mean what I know we're all frustrated we feel like we pay a lot of taxes but the reality is is this is a fairly well tax rate and it might be going up sometime in the future and so I want to talk about those things I also want to talk about the fact that two thousand eight was a long time ago and we have to start thinking about what would we do how would we protect ourselves if that happened again these are all really really big deals and so let's start by talking about what's going on in the markets let's talk about the markets real quick markets have been going up I hope everyone is making money but the markets are super volatile I mean it's like a roller coaster right now there's a lot more volatility I mean certainly more than we've seen and and ten years over the last years and part of that might be driven by politics other things but here's the thing about the markets companies have all tax rates that's great for companies that make some more profitable are there earning reports are good companies are doing well right now people are employed spending money so everything is really really good we would expect the market to go up why are we seeing all this volatility why why are we see the market go up and down like a yo yo well I think a lot of it is uncertainty the market doesn't like uncertainty and where's the uncertainty a lot of it revolves around politics right you mentioned that earlier what a crazy world were and you know and a lot of these decisions are going up in I happening up in DC certainly affect the stock market and the stock market's looking forward to a wall how would this affect how would that affect it what the heck is going on here and that volatility is affecting the market but it's also affecting investors and so you've got to think about how to navigate through markets like this again your successful you've made money you want to keep it but you still want to keep making money as well and so it becomes a really complicated problem and I mentioned earlier if you have a financial adviser or if you hire financial adviser their job is to keep you financially healthy and part of that is understanding what drives markets in getting through these challenging markets but also not all financial advisors are created equally folks there is a vast difference in advisors and what they bring to the table and frankly how they advise you and what assets what tools were resources what knowledge they have at their fingertips and the truth of the matter is there are many individuals that are investing they have an adviser they have a broker and they're not always getting the best most introspective advice Todd that that was I mean I was actually you know the reality is is that you know your advisor he's a watch out for your best interests and not the Roland and they've got to understand how the market works and if you're not getting a good result from your adviser if you're not happy or you don't feel like that they're really taking good care of you go find another adviser there's plenty of good advisors out there for you to work with that can create a good plan for you the reality is is there's a lot of challenges out there that we need to overcome one of all is the politics the the volatile market another one is a prospect for inflation you know what are our country always a lot of money we've got a huge national debt we printed money like crazy just to get out of the two thousand eight crisis and eventually this may cost a lot of inflation but even today we have inflation how you do your honor what gas prices were back in the nineteen seventies the just just our listeners think about that think about gas prices are twenty seven cents yeah that and I remember the gas wars that we stand in line somewhere to save two or three cents a gallon you know back then twenty seven cents a gallon right again it was you know before or after the oil embargo and yes you know I remember seeing the signs are I don't remember necessarily as a kid what the prices were but I've seen photographs and I've seen signs at the gas stations that show those unbelievably in a low numbers and then of course also you know after the crisis hit those huge long lines and I remember all right and even days for life yeah that's right because I was a kid back then I mean when the when the Arab oil embargo was on and gas prices shot up here in the country and the lines were absolutely insane I I remember that so my age would have been I I think I would have been about seven or eight years old yeah and I I just remember my parents talking about all right and even license plates and and and waiting in line I mean crazy times well gas one from about twenty seven cents a gallon out to about seventy five cents a gallon out today I'd love to see seventy five cents will back then that was a big job I mean that's almost a three hundred percent increase in gas prices we're nearing the end of the segment when we come back I want to talk about inflation what you can do to protect yourself from this because it's important it's part of a plan so what come back into the next segment let's get into this inflation just a little bit deeper I really want to introduce you to all of the Hollywood team understand the horror would weigh the Harwood method you know there's nothing better to do this then to get your copy of Robert Harwood's book investing for retirement the ultimate guide to not.

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