Listen: Depre- Financial Group, Newsradio, Advisor discussed on The Tom Dupree Show
"Are what a financial advisor may be able to help you with you. Will oh come up with the answers on your own if you're not sure about some of these things need a sounding board called the pre financial group at eight five nine two three three zero four four hundred for a complimentary appointment also you can listen to the tom to pre show on saturdays at seven a._m. At newsradio six thirty wwl a big. That's too the pre-financial group at eight five nine two three three zero four hundred six thirty w. l. a. p. back on the tom. Debris show sacrificing your retirement savings to send a child to college benefits. No one not even the student k dummy. Tell me about this article from barons can talk about my definition hero clear definition appear though we were picking on guy a little bit about his word pure but the definition appears free of any contamination without any extraneous or unnecessary elements. I think that that actually is a good description of depre- financial group. Yes it is well. We listen. We were talking about now character and that's one of the things elizabeth brought that up at the break you know to pre financial group is local. We know <music> our clients. Our clients know us. You know what happened in the banking business is it was local then in. They knew who they were dealing with now. It's changed. You know there's a somebody behind a computer screen in we don't even know what country sometimes when you're dealing with folks particularly in in our business yeah and that's not the case and that character and the the accountability and knowing who you're talking with allows you to tell someone back to this article that using your retirement savings to pay hey for your child's. College is of grave grave mistake. <hes> you know because when you start dipping into your retirement savings you know you're helping your child out but you're you're killing your future at the same time it's so it uses a prime example here so take take for example apparent ten years away from retirement looking to take fifty thousand dollars out of an individual retirement account <hes> which you know might cover one on year of college nowadays at the way things are going <hes>. This is a non tax deductible account <hes> assuming an an average return of five percent as well as a quarter percent and investment fees that parent would lose out on more than twenty nine thousand dollars over the next wchs decade if she made that withdrawal for her child's college education according to andrea firestone managing think that this is a huge issue. You know when you start talking about. Hey you want to fund your children's college in in such and such things you know. This is something that you you start thinking about when your child is basically born you know and this is where you need to have someone that you can talk to because has had on intergroup. We're going to tell you absolutely not you. Don't touch your your i._r._a. To pay for your child's college let them take the loans. It'll save you money in the long run. You just pay the loan if you if you really adamant about it at the same time you know. We'll also also say we'll look at your. We'll look at your cash flow statement. Basically what are you. What are you bringing in in a month and what are you. What are your expenses listen. We'll find ways to help you save for that child's college over the next eighteen years. You know that's something that that we're more than happy to do for our clients because this is a this is a relationship. This is a marriage you know. A child has child now. We're going to get them through college one way or another well. We're not going to pay for the college yeah. We're not gonna take the test yeah. We're not taking the test either right the papers. We're not going to get them on the rowing machine either or rowing team. I mean but you know i just think vit- this is this is a prime example of where you need a a plan and you need someone to help. Hold you accountable on the plan and someone that you trust you know because taking money out of your retirement especially you know by the time your child is eighteen seen in college. You know that puts you somewhere in your forties fifties. You're getting a lot closer to retirement. You know the the amount of room. You have to make a mistake the window of time you have to to to make up the lost ground from the mistake. Mistake is much much shorter. I like what phillips said. Our clients children are our children yeah. I love that in in the reason. I got excited when you said that it's because i think about who we really are it. Pre you know we say it all the time tom where a candidate and diligent gad bad right and we're going to tell you the truth and we're going to say hey don't don't go borrow money to send your child to college. There's other solutions to the challenge ye- and it's nothing more than a challenge not a problem. It's a challenge. It's an opportunity opportunity. You wanna provide your child. If you didn't do your homework and save and put a college fund together listen to this she gas over two two million people between the age of fifty and sixty five years old took out a parent plus loan as of two thousand and fifteen. Here's something listen another. Two hundred thousand were over sixty five years old so they're here you go. You've worked all your or life to prepare for your retirement. Save money work with the pre-financial. You're building beautiful portfolio that you're going to enjoy retirement and now you're going into debt and if you ask are aware i know you are i. It's expensive have to go to college. Yes and here's the thing now. I'm gonna get opinionated again. Is this going to be the next real bubble. Good coin student loan debt one point two trillion just like the housing remember what happened. Is this going to be right now. They're they're just being so forgiving to the debt you just you just put it off. Put it off. Put it off. Put it off. That's what these accumulates accumulates and a lot of interest. You know a forty thousand dollar. Student loan is now eighty thousand dollars so it's so easy to defer into a for the they'll let you defer so you got a whole nother back to this bond rating thing it's accountability. When are we going to really step up and say hey. This is what we need to do. Now that's not going to happen down at depre- though and i really liked emphasis at point to our listeners. We're going to tell you the truth. Sometimes the truth hurts but you'll thank us in the long run. That's the whole point of being diligent guide candidate candidate diligent candid means. We tell you when something's not right yeah so anyhow following bond yield's make equities hard to ignore nearly sixty percent of s. and p. five hundred stocks offer dividend yield at least wet one point seven percent beating ten years treasuries this by michael worst torn in in the wall street journal. A plunge in bond yields his left investors with few alternatives to stocks. Could this be the thing that helps the stock market. Out is the fact that the bond market yields are so low philip. Yes so you know we've guy said this earlier. We we've been shouting this from the mountain tops for ears years who we are you know when you're looking at your your retirement portfolio. It needs to produce for you it. Doesn't you know especially in retirement. Growth is chunky growth comes in bits and pieces lucky. You can't time growth yeah you know so it has to be able to produce something of consistency <hes> so you know when you look at okay what's consistent well. Interest payments are usually consistent okay. Hey interest payments are nothing now so now you've gotta go to something else. I'll dividends so now. You've got nearly sixty percent of stocks in the s. and p. Five hundred offer a dividend yield of at least one point seven percent cornerback set better than the one point six four percents yield where the tenure u._s. Treasury settled monday uses a._t. And t. general meals and western digital or among the highest yielding best performing stocks in the index this year each each has a dividend yields at least three point six percent while yields across the broad index average two percent now. There's there's also the other piece of the pie. You have to make sure that your dividends are going to be consistent. You know you have to make sure that the the cash flows are going to be either so you."