Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance)

How To Manage Cash Flow Before & Throughout Retirement

• Ari Taublieb, CFP®, MBA • Episode 186

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What if your retirement savings aren't enough to ensure a comfortable lifestyle? Discover how to master the art of managing cash flow in retirement and learn why having substantial assets might not always guarantee financial stability. We'll break down the critical role of diverse income streams like pensions and rental income, and share real-life examples demonstrating the impact of these sources on retirement readiness. Understand the importance of aligning your retirement spending with your personal lifestyle goals and how a few extra working years can make a significant difference, especially if you're planning to support children through college or undertake large expenses like home renovations.

Learn the secrets to tackling early retirement challenges with a focus on longevity and financial sustainability. We delve into strategies for adjusting spending based on life expectancy and managing big expenses before you retire to mitigate financial risks. We'll also emphasize the necessity of maintaining an emergency fund and introducing the concept of a "sleep number" for greater peace of mind. Finally, we cover best practices for managing cash flow in retirement, including savvy fund allocation and the potential advantages of I-bonds depending on interest rates. Don’t miss these invaluable insights for securing your financial future and ensuring a stress-free retirement.

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Ari Taublieb, CFP ®, MBA is the Vice President of Root Financial Partners and a Fiduciary Financial Planner specializing in helping clients retire early with confidence.

Speaker 1:

This episode is all about cash flow, which is really all retirement is when you think about it. For example, my parents are house-rich cash-poor. They have a home worth millions but they don't wanna sell it. It's not generating any cash flow, so it looks good when they look at their net worth, but it doesn't actually mean they're in a good spot to retire. Now, same thing goes if you're going. I have rental income or a pension. Pension like all of that could have a lot more weight versus some article you see online that says you need 2 million to retire. You don't. You need enough income to meet your living expenses. That's all retirement comes down to.

Speaker 1:

I have clients that are in a wonderful spot, that have $500,000 because they have a pension and social security benefits and they don't want to spend near as much as some of my other clients. That, I'll joke, are characters who want to spend 20, 30,000 a month And're not right and they're not wrong. It's just what experience are you looking for in retirement? Some people are like, listen, 15, 20,000 a month doesn't really add to my quality of life. I don't need that. Other people are like, no, I wouldn't want to retire if I couldn't spend that, because I feel like I wouldn't live my dream retirement. So neither person's right or wrong, but I'm going to walk you through cash flow so that you can understand the impact it has in retirement. So, if you don't already know, my name is Ari Taublieb, I'm a certified financial planner and I'm the host of the Early Retirement Podcast.

Speaker 1:

The quick thing I want to start with, before I go to the comments of the week and then give you my kind of real life example, is I have a client that is on track for retirement but I said they couldn't retire and you're like, oh, you really are like the meanest guy. Did you say that for fun? I go, no, I don't say it for fun, but right now they're on track, meaning here they are in their early fifties, they have plenty of money. They've stocked away really well in 401ks, iras, even a brokerage account. So some of you like, oh, you're about to say they have too much in qualified assets like 401ks and IRAs and that's why they can't retire. I go no, they also have a brokerage account, which many of you know I call the superhero account because it provides financial flexibility. That's not what I'm saying. What I'm saying is they have four kids that are still not completely through college, and so I could tell them to go retire, but they'd be leaving a lot of money on the table.

Speaker 1:

And by them continuing to work. It's not them continuing to work that I'm obsessed over, it's by them bringing in some more income. It helps us during these key years where if, for example, markets go down and now we've gonna be doing tax planning and, by the way, what if we're doing more travel because they've got their energy and our health you run a big risk, which is you retire and now you get unlucky and markets don't perform well, you've got all these expenses. Well, that's gonna change what they can spend for the rest of their lives. So you're like whoa, you really are the meanest guy. No, not really. I'm just mean because I care and I don't want them to essentially retire too early and then not be able to spend what they want the rest of their life. Now, what I do care about is that they understand the earliest time they're working because they want to, not just because they have to. And with this couple, they're like I completely get it. They were great. They understood the value of continuing to work for cashflow purposes to help get kids through college. They also want to do a home remodel and for them they are big spenders and they're like we recognize that about ourselves. We want to be able to spend between 12 to 15,000 bucks a month, after taxes adjusted for inflation. So if that means I'm working three more years than my coworker, I'm cool with that.

Speaker 1:

Some of you are like that's not me, I don't need to spend that amount of money and because of that I'm going to be totally fine, retiring earlier. Great, like that's what I like to start a conversation at with my clients, by the way, I'll say what do you care about most? If I gave you a hypothetical and said you could work longer, so you could spend 12,000 a month, would you go Ooh, I kind of like that. Or would you go I'd rather work less, even if it means I'm only spending 6,000 a month? And then you start to go okay, what do I care about most? And, by the way, it's not some cookie cutter thing, it's. You start to go well, I'm just going to tell you guys this, because these are the two thoughts that I hear constantly. Okay, so just I'm going to guess this is what both of you, if you're listening to this with your partner.

Speaker 1:

If you're listening on your own or watching this on YouTube, most of you have two thoughts, okay. So here's the first thought ready. It's just right here. I know you can't see me if you're listening on the podcast app, but I'm going to explain it for you. So here you are.

Speaker 1:

Here's thought number one. You know what I think? I'm in a good spot to retire, or it looks like I'm on track, I've saved, I've invested well. But Thought number two yeah, but wait a second. These are the years I've got my energy and my health, so I want to make sure I can spend during those years when I am eventually able to retire early. And yeah, I know it's all up to my portfolio, so maybe I should make that like crazy high and just like keep working until it's so high. And then they get it so high that now all of a sudden, it's like, hey, you did a great job, you've got four or five million bucks, but kind of, what is it worth now? And is that enough and how much is enough? And those are the kind of conflicting thoughts I'm constantly hearing from people that are reaching out to me. So we're going to walk through an example of that in a second, but I'm going to start with two quick comments. So here's the first one. This comes from Punk Base and Covers. Who says Ari, really appreciate this one, this one video and the Rule of 55 video that you did.

Speaker 1:

What does an early retirement look like for a couple where one has a chronic health condition and a lower life expectancy, say 60 or 65? I'd love if you could run through things you may tweak for situations like this. For example, if this couple's life expectancy was 70 and 80 instead of both living to 90, how does that change your recommendations? Thanks again, ryan. So I'm going to give you kind of the short answer to it and I'll do a future case study on it. But none of us know how long any of us are going to live, so I would say I'm going to plan for that right now. Punk basin covers whether that's you or not you I'm also going to plan for what if you live longer? I'm a naturally conservative planner. I'm going to plan on you retiring when we determine it makes sense. But that you're living into your 90s Now that's what most advisors do Okay, great, but this is a real life and you realistically might not be projected to live until you're 90.

Speaker 1:

So from there I would say, hey, here's the reality, let's assume you do live until your 80s, which not fun to talk about, but unrealistic Well, excuse me, but realistic I'd say we need to make sure we have enough money in case that does occur, because the last thing we want is we overspend, thinking we're going to pass away at 65 and you don't. So that's number one we're protected against. Number two is I bet you better be ready to spend, because if you're retiring in your late 50s or early 50s and you want to, not want to but if the reality is you're going to be passing away in your early 60s, it's hey, here's how much you can sustain. It Like, here's how much you can spend. And if let's assume we're in our 70s still living, it means that you're not able to spend near as much. You might go hey, that's great, because these are the 10 years where I can do what's most important to me and I'm going to tell you to throw out all of those withdrawal rate things you see online, the 4% rule or the guardrails approach I talk about. That stuff is not applicable to you. That's applicable to a 30 or a 40 year retirement time horizon. We might not have that. So the kind of short answer is you plan a lot differently. The long answer is you start thinking through it in a significant way. So that's the first one.

Speaker 1:

Here's the second one. I already said this one, but this was dropped on a comment, so I'm going to tell it to you again. This comes from Alec Capel, who says I put out a video on house rich, cash poor and I made up my own term called qualified rich, cash poor. That's where you invest so well into 401ks and IRAs that now you can't retire early if you want to, because there's no way to tap into funds. We're talking age 52 or 53. So I'll talk about that.

Speaker 1:

But this example is house rich, cash poor. So Alec Capel drops a comment, says hey, as a Texas advisor, I see this all the time. Net worth does not mean you can use it for liquid cash flow. Hey, everyone, that is my parents. Okay, I'm allowed to talk about them. They were burned by a few advisors. You've probably heard me talk about it. And so here they are house rich, cash poor, a beautiful home in Malibu. They love their life and what they do and luckily they truly do but they're working in large part because they do not optimize their finances, which is once again why I'm an advisor.

Speaker 1:

So my point here is I don't want you so regarding cash flow, here's kind of how I want you to think through this, because if you have kids in college, or even if you're saying, hey, whether it's kids in college or remodel, whatever it is, if the kind of hack to early retirement planning, the kind of short of it, is, prepare your best so that when you do retire, you can still spend what you want to spend, but you're decreasing what's called your sequence of return risk, which is a fancy word for saying what if I retire and get unlucky? What if you retire and you've got healthcare expenses and travel and the kids in college and a home remodel? Well, now we've got a big risk because if markets do go down and I've got to send you way more money for you to be able to accomplish your goals, we're in a tough spot because now we might not be spending what we want the rest of our lives. So the way to protect against that is really by starting to think about OK, what are the big expenses that we see coming in the next five, 10 years. Can we start tackling that? Now one of you said, hey, I get that. You want me to tackle these big expenses to decrease the potential risk when I retire early. But what about that brokerage account? The brokerage account is great after we're tackling a lot of these expenses. Now. The brokerage account is great after we're tackling a lot of these expenses. Now I say after. I kind of like the same time.

Speaker 1:

But I'm gonna give you an example. Client comes to me. They were 56 and they want to retire early and I said, hey, great, you're actually in a really comfortable spot to do so. I'm more worried about the next year or so. They go. Oh, do you think like markets are going to go down? I go. No, I don't know what's going to happen. I'm worried about this kind of 200,000 remodel and the fact that you want to buy another car, specific truck that I was not aware of and you know all these fancy things nowadays for 120,000 bucks. I go. My risk is you're spending 320,000 in addition to all this other stuff you want to do. And if markets do go down, I don't want you pissed off at me when you're not able to spend what you want later in life they go okay. So what do you recommend I do? I later in life they go okay. So what do you recommend I do?

Speaker 1:

I said in this example, the home remodel was like number one to them more than anything. And they already had a healthy brokerage account but they didn't want to deplete it because they're like, well, how are we going to be able to meet our living expenses? And I said you have plenty of money to meet your living expenses, but I need you to add a minimum. Keep this amount in your brokerage account so that we can meet your living expenses, pay the taxes we're going to do on these Roth conversions and stuff like that. So I'm cool with you doing the remodel, but you're not buying the car, like no, but I want to buy the car. I'm like, no, I get what you want with me.

Speaker 1:

Once again, meanest early retirement advisor, you're not buying the car. Or you are buying the car and you're financing it and you're like, yeah, yeah, but I told you didn't want more debt. I go, I'm cool either way, but you don't get to do the remodel and buy the car unless you want it, or you can officially kind of terminate working with me or, by the way I have some clients I say it in a nicer way than that I'll say you can still work with me, but like, you know you, you don't have my green light on that. And somebody's like no, I know, like, but like, this is important to me and I'm doing it anyway. I'm like cool, go do it. You're the CEO, I'm the CFO, so that's the way it works.

Speaker 1:

But my point here is now they wanted my green light in this example. So they, and they didn't want to finance. They're like listen, I don't have a mortgage, I like not having payments, I go cool. So what we're going to do is you're going to go do the home remodel and you're going to buy this car. You know what happened next year? They didn't want the car because there was some faulty issue. I couldn't explain in terms of horsepower if you tried, if I tried.

Speaker 1:

So the point here of the example is there's going to be a lot of stuff you're going to want to do, and then there's a lot of stuff that you're going to be on track to do and lives are going to change. And I'll say I don't do financial plans. And people are like no, that's exactly what you do. I go. No, I do planning because lives change and tax law change and health changes and I need your plan constantly able to reflect that. So the truth is, between living expenses and multiple income sources and taxes and cashflow, it becomes a lot and retirement's overwhelming. That's, of course, why we exist. Now, if you don't already know, it's not perfect, but I have my earlier time academy for a few hundred bucks. You go in there, you plug in your own figures, that's if you want to be your own advisor. You're not getting questions answered by me specifically, and that's not what that is, but it's designed so that, as best as I can, I can give you access to the tools I use for my clients.

Speaker 1:

Now what I want to talk about for cash flow purposes. This is something a lot of advisors, I think, gloss over because it's not sexy. It's not like oh, let's buy this hot stock. We don't really subscribe to that approach. You've done a good job, you've saved and invested. Well, be really intentional. Don't pay more fees than you need to Own the market. Don't time the market. It's all about time in the market. So my point here I want to talk about how much cash you should have. You're like well, that's not like sexy, I go, I know, but it's going to make you sleep better. So when I talk about cash flow, there's the oh my God. College expenses. Oh my God. Remodel oh my God. What if I downsize? Yeah, you want to plan that out, and that's what the software is really helpful for. Then the understand how much cash you should have on hand and how to think through all of this.

Speaker 1:

So the first thing I like to do ask yourself why you have each account right now. Okay, you have a 401k. Why do you have it? Some of you are like this is a dopey exercise, ari. What the heck Like. I have it so I could retire and do what I want to do. I go. No, what's the role of your 401k? Is it to help you get from 60 to 70 with your income needs? Is it to help essentially, weather the downturns that you can pull from your brokerage account? Really, write out. Why do you have that 401k? Not so it can grow, not so I can send my kids to college.

Speaker 1:

What is when you look at that money? What's the goal of the money? Okay, then I want you to go. What's the negative impact it would have if it went away. Let's assume it went away. You're like, oh my God, how am I going to meet expenses from 60 to 70? I go okay, well, it's not going away. But let's assume once again, markets don't do well and it goes down. How does that impact your goals? You might go well, now I'm spending what I want from 60 to 67, but I got to figure out a way to get from 67 to 70, because that money, if it doesn't grow like it's supposed to be. I don't do this to scare you guys. I do this to instill confidence when you're doing the right level of planning, so that you don't have head trash and hope that things work out. I don't really like hope as a strategy.

Speaker 1:

Same example I like to give here on the employer match. Why do you have an employer match? Your employer is giving you that match as an incentive for you to invest for retirement and they want to keep you at the company. There's a very intentional reason that they do that Now. They want to keep you at the company. There's a very intentional reason that they do that Now. If you weren't saving elsewhere, you might have way less in your 401k. I bet you would. So you almost want to ask yourself okay, can I like be my own employer match? And here's an example of it.

Speaker 1:

You've probably heard of long-term care before. You're like well, you're kind of jumping around in these episodes. I'm like's what I try to do best, so long-term care. I try to give examples Long-term care. I have a parent, my parents. They have a long-term care policy. It sucks, okay, I can tell if, god forbid, they need to use it. It's just it's going to play its role. But like down here, like it's, it's not a great policy. I wish they would have self-insured, where they purchased their own long-term care insurance, which is nothing. You're like what do you mean? What I wish they would have done is, instead of paying literally $2,100 in premiums every month for this policy, I wish and you're like that's crazy, I know I wish they would have instead put it into their own long-term care account, which is a brokerage account, pay themselves that. That way, by the time they need it to potentially use this, they've got three, four, five hundred thousand bucks that they can do whatever they want with, whether it be for long-term care or another purpose. So my example here I asked them why do they have long-term care? So I can sleep at night and if something happens, I'm taken care of. And I said you could do that with this brokerage account. They go yeah, but it's not called a long-term care policy, I policy, I go, it's just the title. We could just change the title and it plays the same role decrease the fees. They're like oh, so the point here? There's cookie cutter planning and then there's real life planning. So that's an example of that.

Speaker 1:

Your emergency fund. Why do you have an emergency fund? You probably have an emergency fund right now because you're like hey, I have a job. I'm like what if something happens? And like I don't have a way to pay my bills? Great, most people still have one. I don't want you to have an emergency fund.

Speaker 1:

The emergency fund the role of that, truly, when you think about it, is to make sure you don't have to dip into your other accounts, like your 401k or IRA, pay taxes or penalties, that you can meet your expenses if you get fired from your job or you decide to quit. The emergency fund is there to buffer expenses for potentially three or six months and it helps you sleep better. I like my clients having two numbers they have their emergency fund and then they have their sleep number. Their emergency fund is hey, here's six months worth of living expenses. If I get fired, I'm going to be okay, I can live off this. I don't have to pull from other stuff. And what if other stuff is down? Like what if markets aren't doing well and you get unlucky? You don't have to pull from those assets and you know, subject yourself to a loss Great, that's why we have an emergency fund.

Speaker 1:

At the same time, I want you to have a sleep number. My sleep number is $10,000. I need $10,000 in my account at all times, or I'm just uncomfortable. Oh, what's the science behind it? I go, there isn't any. I just feel better. So I want you to have an emergency fund and your sleep number when you retire. You don't really need an emergency fund. You're like, oh, but that makes me uneasy. Great, increase your sleep number.

Speaker 1:

Your sleep number is what you need at all times, so that you're not having to go worry about hey, if markets are down and I wanna travel to Belize, do I have to like, hope markets do? Well? No, no, have enough money, and this is what I do for my clients. I like to have enough money, like a year's worth of what they're going to want to do for that year. Like December is when I'm having conversation with clients going hey, what are we potentially spending next year? Okay, we're going to buy a car. Okay, we're gonna do a remodel. Okay, we're going to travel, great, like, like. Let's make sure we're earmarking and not just keeping it all in cash not growing for you, but let's make sure that we're earmarking this amount. So, no matter what happens, you're continuing to do that so that you can meet their needs.

Speaker 1:

The point here don't go use credit cards, don't go do any of this fancy stuff where you're trying to optimize, simplify your retirement. Now, if you really love doing it, because it's just your hobby, different story, but most of my clients don't want to. So the examples here people go hey, what accounts do you recommend having? I'm just going to kind of go down the list real quick. For you Emergency fund you don't need one when you retire early, but you want a sleep number. So you might want, for example, $25,000 at all times. Just, hey, that's in your checking account, helps you pay bills and do everything you want to do.

Speaker 1:

I have clients that have $10,000. That's their sleep number, like me. But I'm sending them 5,000 every two weeks, so they're ending up with 10,000 and they want to receive income like when they were working, because it resonates with their brain, mental accounting, it works for them. Other clients are like no, send me income quarterly or at the beginning of the year. I want to have it all in this high yield savings account and I want to just pull from it when I need to. I don't love that because it's not the easiest way to train good habits for spending in retirement, but it's an option. I have a client that went through it by September and they're like hey, can I have more now? I'm like this is kind of what we allocated for the year and what we talked about. So hopefully you see my point there.

Speaker 1:

I like to have separate what it's called sinking funds for various short-term needs. So when I talk about cashflow in retirement and before retirement, I like and a lot of you are like, hey, we kind of already do this. Uh, the truth is I bet you do do this. Um, some of you are like do do. Let's not be children here. Okay, I said on one previous episode someone laughed at it, you know I actually do believe never grow up. Um, life's better that way, but anyway, stupid joke. Here's my point. Um, separate savings accounts for short term needs, um, I like doing that.

Speaker 1:

So, if you have a new car or vacations or property taxes, I like separately outlining that because it's just easier on your brain. It makes it so that when you go take the trip, you're doing it guilt free. You pay property taxes, you go yep, I had it earmarked for that. Like I knew that was coming. It just feels better and that's what a lot of this is about. And then you've got emergency funds. So call it your sleep number. You've got your separate accounts for potential short-term needs. Send kids to college travel, you name it. Then you have your portfolio. Other things to think about potentially, think about I-bonds. Now, it depends on interest rates and where those are at.

Speaker 1:

But I personally, when someone looks at a portfolio, I know the question you're all wondering right now hey, great, so have a year's worth of cash, but what about money that's five years out or 10 years out or 15 years out? Here's how you approach it and there's no perfect way, but this is the way I like to do it. The average market downturn is two to two and a half years. That's the average. If we look at history, for markets to fully recover it's like OK, so if I wanted to try to not subject myself to a loss, I'd have to at least wait two to two and a half years for my money to just recover. You didn't make money, I go, that's correct. But that's assuming markets just perform perfectly, which they're not going to do. What if we're unlucky and a 2008 occurs or whatever? Well, I don't want us to now be subjecting ourselves to unnecessary risk. So I like to have five years worth of just what I call war chest funds, where, at a minimum, this is helping you weather the downturns.

Speaker 1:

Let me give you an example. Let's assume you have a million dollars and you want to spend $100,000 a year. Well, $100,000 a year. Some of you are going to say, hey, that's awesome, I kind of like this. Two to two and a half years of safe money. I think that's going to be fine for me to weather the downturns. That's the average, I'm cool with it. Okay, great. Then that means $250,000. You can have two and a half years worth of living expenses in assets that are not going to grow a ton for you but are there to help provide buffer. So now you've got a million bucks, 250,000 of it super safe, ready to provide.

Speaker 1:

If we need income, more fixed income, more cash, less volatility, then $750,000 is growing for you. So that's 75% equities, 25% fixed income. You're like, whoa, you just do like an asset allocation for me. I go, yeah, that's level one. Level two is no-transcript thousand because your pension is helping you out. So you're like, ok, so now fifty thousand times, let's call it three years, be conservative. That's one hundred fifty thousand dollars. There's no reason you couldn't have $150,000 of your million bucks in fixed income or cash with $850,000 growing for you. Like, hey, that's like 85% equities. Isn't that kind of risky? I go, it depends. Do you have a pension? Do you have social security? Do you have rental income? You're starting to see the cookie cutter stuff that a lot of advisors do, that I don't really subscribe to.

Speaker 1:

So, from there, what I'll then say is what if we want to take the average market downturn? Okay, that's two, two and a half years. But what if we don't? What if we want to be more conservative? Let's call it four, call it five years of living expenses. Same example you have a million dollars.

Speaker 1:

Well, if you want four years of living expenses at $100,000, you don't have a portfolio, you have no social security or pension, or you're not even working. Well, you could easily have, without a doubt, $400,000 in fixed income and cash and now you're in the traditional kind of 60-40 portfolio. But don't keep that forever, because there's going to be a time where you do retire and now you have your portfolio. There's going to be a time where you have rental income and inheritance and Social Security, and so, more often than not, people get older and they become more conservative with their portfolio. They have less fixed income and cash, which, conventionally, is the right way to think about it, but then they start to go wait a second, when I'm older, I'm probably not going to be spending as much, so I might not need as much. Also, I've got my social security. Also, I've got these RMDs. Also, I've got XYZ, so you might actually have more equities. And so traditionally, here's what I see If you're five years out from retirement, there's no reason you couldn't have 100% equities.

Speaker 1:

Now you don't have so much that you're like oh my God, what if I get unlucky and markets take a downturn and now I've got to go work 20 more years? The way to protect against that is by understanding how markets work. Once again, the average market downturn is two to two and a half years. So if you're 50 and you want to retire at 55 and you're like, oh my God, markets just went down 50%, they're probably going to recover by the time you're 55. Now you might be like, yeah, but I just couldn't stomach that. Great, then don't do a hundred percent equities. That's not what I'm saying.

Speaker 1:

I'm saying I have a lot of clients that are fifties, 55, want to retire in five years. They're in a hundred percent equities. They want that to grow as much as possible and if it means they have to work one more year and work till 61 instead of 60 to let markets recover a little more, they're open to it because they love the idea that if markets perform well, they might be retiring at 58 or 59. And that's more important to them. So it's just what is most important to you in understanding these trade-offs, and hopefully that's kind of the message you're starting to see here.

Speaker 1:

So most of the time someone's kind of not always, but generally a whole lot more skewed towards equities. Then they start to get more conservative when they're spending during their retirement years. Call it from, let's call it, 60 to 70. They're spending less because, excuse me, they're spending more. We need a little bit more buffer in their portfolio Now. They're spending less in their seventies because they're not traveling the same degree. Energy and health's not there. And, once again, now we've got social security helping out, so we can now take on a little bit more risk in your portfolio. They don't need to, but they could if they want to do more charitable giving or other tax strategy. So, guys, that's all I've got for today, thinking through cashflow and income and retirement. Hopefully this was helpful, a little bit more in depth. And, guys, if this is helpful, please like this video, please share it and, lastly, if you want holistic financial planning, it's what we do Look in the description and apply to work with us.

Speaker 1:

Thank you for listening to another episode of the Early Retirement Show. If you have a question that you want answered in a future episode, you can always go to my website, earlyretirementpodcastcom. That's earlyretirementpodcastcom, and you can go ahead and submit a question that I'll look to answer in a future episode. Thank you all for listening. Please do rate it, review it and share it with someone who you think would benefit from this information. If there's anyone out there that you know, I certainly appreciate it and I will see you all each week. Hey guys, it's me again. Please be smart about this. Nothing in this podcast should be construed as financial, tax or legal advice. Consult with your tax preparer or financial advisor before taking any action. This podcast is for informational purposes only.