How Social Security Can Make You a Millionaire (Free Calculator)

hey everybody welcome to the financial freedom show my name is rob berger this is the live q a version that we hold every thursday morning at 11 a.m if you know weather permitting and uh starting it actually a few minutes early to give folks a chance to join the chat if you're watching live say hello in the chat tell me i don't know something about yourself where you're from if you're an ohio state buckeye fan we did beat minnesota but i got to give a lot of credit to minnesota they played a great game had a terrible injury and frankly i don't know ohio state didn't play that well anyway if you're if you're watching this video long after it went live and you want to know about social security and how to calculate it and how it can make you a millionaire we're going to talk about that in about three minutes and um and then so you can fast forward to that if you want i'll put time stamps uh below the video as well once it's a live stream is over so we're going to look at social security benefits briefly i've got a free calculator i'm going to show you um that can estimate the current value of your future benefits then we're going to jump into the q a whatever you guys got for me um i do have a couple of questions that folks have emailed me at least one that i'm going to share with you so we're going to do that and then whatever you got markets today are actually up which was kind of a surprise because pre-market they were down and the s p is up 23 basis points and it's pretty flat for the most part banks are up my wells fargo stock is up but it's it was brutalized last week and that happens all right i've got payush i'm sure i just butchered that name you can tell me if i'm even close vinyl is back he says hi suggest you post the chats in advance so we can schedule them okay i'll have to figure out how to do that felix from kenya yeah i'm still working on the content that would help non-us investors the reason i've not come out with any is because it's not something i have experience with so i i need to kind of figure out what the questions are i guess and if i can come up with any sort of helpful useful answers to them i mean what one thing would be good to know is like what are the biggest struggles you have as as someone investing outside the united states trevor from the middle of illinois i've he says love your videos thank you i've driven through illinois many times i've stayed there once or twice i guess i guess why i've stayed i've been to chicago countless times because the firm i worked for winston and strawn is headquartered uh in chicago greetings from spain nice someone from west virginia mike yeah i i've driven through morgantown many many times ethan from delaware that's where i was married ethan are you if you drive up 95 you go north from maryland into delaware there's a giant green building on the right you know what i'm talking about it used to be ici pharmaceuticals or actually back in the day was stewart pharmaceuticals i worked there before law school that was in 1988. all right payuge says would appreciate if you advise on what you are investing in just the fun names stock names yeah you know what we'll get to that absolutely all right i'm actually a minute passed so i want to dive in i want to dive into this question here's how it came up um i did a video just a couple of days ago on how i think guaranteed income should like social security or pension annuity how you should use that how should influence your asset allocation once you're in retirement my view is it should have sort of an indirect influence meaning you'll obviously you know whatever income you need let's say just to make a number nice and round let's say you need a hundred grand a year yeah it's a lot of money but let's just say you need a hundred grand a year and from guaranteed income sources like social security and pensions or whatever you've got i don't know 40 grand well that means you still need 60 000 from your investments and it seems to me that that's how you should figure out what your asset allocation should be because if that 60 grand turns out to be somewhere near four or call it four and a half percent of your investments in year one of retirement then all of the studies i've read tell me my asset allocation needs to be somewhere between 50 and 75 percent stocks it's great that i've got this guaranteed income uh but i still need 60 grand from my portfolio and with those assumptions that's kind of going to dictate my asset allocation on the other hand if 60 grand turns out to only be one or two percent of your portfolio then you've got a lot more flexibility frankly you could almost invest in just about any uh stock bond mix at those levels and probably be okay but i know some of you would prefer to sort of calculate the present value of your social security and treat it like part of your bond allocation and that's certainly a way to go it's not the way i'm going to do it but you know we don't all we don't all do live life the same way so i want to show you first an article and i actually left these in the links to the video um but you can just google it what's your social security benefit worth it's by william baldwin i don't know uh bill personally i know of him he used to be the editor i think the managing editor of forbes if i'm not mistaken extremely sharp guy and he talks about this calculator and it's in a spreadsheet and there's a link to it but i'll show it to you but i recommend you read the article and then here's the calculator now when you go to it you'll notice it's view only if you click this it says request edit access please do not do that he will not give you access to edit this this is the template right we need to keep it just the way it is so instead go to file make a copy there you go it's that simple and there it is and now you've got your own copy and you can do whatever you want with it and so it's pretty straightforward basically you can change the data in the blue boxes and the yellow boxes spit out the answers so the calculator includes estimating the value for a married couple and then down here for a single and so what you do is you figure out what your estimated benefits are going to be and you can do that directly from the social security administration of course you've got your age and your gender mortality adjustments and he describes this in more detail if we scroll all the way down there's sort of some of the instructions which i recommend you you read um but he says right it's right let me see if i can highlight this a little better it's right here healthy people can make the mortality adjustment actually a negative number negative five percent smokers and people with covet issues and i say covet issues because i tried pronouncing that word and i just couldn't could wouldn't come out but i got diabetes and hypertension anyway the point is you got i'm in one of those moods today if you've got health issues you suggest a plus 70 and he's put in his hypothetical both and then it spits out a current value one if you get your benefits as soon as you can and there's you know an explanation of that and then if you delay benefits so you wouldn't want it the most you would delay is right now until you're age 70. and so if these numbers up here change or the age changes or let's say this person's really healthy should change then yeah see the numbers change so as you change things here it's going to change the present value the thing that might surprise some folks is that you're the present value of your benefits particularly for for for couples could easily be seven figures easily um and even singles you know i mean that that ain't a small number so um there you go you know i'm always here trying to give you guys as much useful stuff as i can and um uh there there's you know a free calculator so hopeful hopefully that's useful to you you know even if even if you don't want to turn your social security into you know bond portion of your your asset allocation still might be a useful tool to check out there you go that was quick um i want to run by two questions real quick um that uh folks sent in and then um i'll get to your questions the first one is this and let me show you here on the screen this is portfolio visualizer someone sent in a question about qyld and it's a covered call etf i've gotten three or four different questions about covered call etfs so these are etfs they like this one put my ugly mug there um and actually i'll move it over here there we go um so like this one the covered call etfs that i've seen track some kind of index or you know this one's the nasdaq 100. but what they do is they sell covered calls which is so they're they're selling to it to someone else the right to buy um shares of something right in this case it's the nasdaq 100 um the typically what i've seen are covered calls that are sold at the money meaning the strike price is the same as the current price of the underlying security um and usually on a sort of rolling four-week basis uh i'm sure there are all kinds of variations to that but these these funds generate tremendous amounts of income we're talking like 10 percent yield in fact i'm going to scroll all the way down i compared it by the way to the qqq right because they're very similar except this doesn't sell covered calls um look at the income the blue is from the covered call etf i mean it's you know there and again the reason the income is so high is because in addition to whatever dividends the fund generates you're getting the premiums generated from the sale of the covered calls right and i know some folks love their their income but i keep stressing that what matters is total return and i want to show you why so what i did in this let me just show you real quick i i started with a million bucks i i i did this from a retirees perspective we're going to take out four percent or 40 grand a year adjusted for inflation because of limitations on the data i think it only goes back to you know to 2014 that's just what we have so seven years a lot but you know whatever and look at the ending balances the covered call ends up at 1.5 million the qqq at 3.8 they're both taking out the same amount of money and and the covered call etf is getting you know whatever goodness eight nine times more income but the total but but it's losing from a total return perspective so you end up with a truckload more of money if you just invested in the qq so you know i i guess it's just it's just another way to stress i love my dividends but at the end of the day what what matters is total return um anyway that's my view all right that's the first question i wanted to cover the second one real quick um this came from mark he said he said question for your thursday q a show rob like you my wife and i funded an hsa account we don't touch it saving for retirement uh health expenses in retirement it's been invested in the total stock market index he said i recently listened to a morningstar podcast called the longview michael falk retirement planning can be done more simply in it the guest stated in your hsa if you have one of your health care why not invest in your hsa money in health related stocks so that over time as there may be inflation in the cost of health care you get the benefits with the investments in your hsa to cover those costs what do you think of that idea versus just sticking to the total stock market index and if you like the idea what do you think of using fhlc which is a ticker as a fund well personally i don't like the idea i get the logic behind it the logic is health care the inflation on health related costs seems to be different than other things and by different i mean the costs seem to go through the roof right i mean you know they seem to rise faster than the cpi let's say i don't have any data by the way to point to i guess i could have researched it but that certainly is my impression so i guess the theory is um uh because those health care costs go up at a greater rate the the stocks of health care companies will also go up if nothing else because of this inflation and prices for health care will also go up presumably faster than the overall market that's sort of the theory i think and the problem is i just don't have any confidence that that's in fact what will happen and it's hard for me to believe in any event that healthcare stocks will significantly outperform the market as a whole over the long term and even if they did there's going to be periods where they significantly underperformed that's just the nature of the beast so i i just i don't know i just don't see personally a need to do that in terms of fhlc um i know nothing about it let me pull up this on my we're going to go to morningstar so we can look at it together a four-star fund it's got a yield of 117 um just expense ratios just a little over eight basis points i assume it just invests in a bunch of basically the healthcare sector um so this could be a perfectly good fund um it's not expensive it's big stocks are right here on how well you guys can see that let me make it a little bigger johnson johnson united health group pfizer abbott you know eli lilly mark i mean these are all for the most part well-known companies could be a great fund um i would just personally i just i guess i just don't see a need just because i'm going to use this for health care i guess there's two things i i don't have confidence there's a relationship that this person is suggesting between the cost of health care and how health care stocks will perform maybe there is um and i'm missing it it'd be interesting to look at the data but without that i'm just not going to be one that jumps on that bandwagon personally that's my take all right there you go now it's your turn what are you investing in you know well so in terms of my my um stock portfolio it's just four companies apple berkshire bank of america and wells fargo um one thing i'll say about stocks you know i i it's you may look at what other people own other famous investors what berkshire hathaway owns warren buffett um the thing though to keep in mind is that it's not just what you own but when you bought it right so i've bought apple stock three different times the most recent was in early 2019. so i haven't bought any since then and i got it at prices that were relatively low well yeah relatively low compared to today my first purchase was in 2013 i think on a split adjusted basis i think i paid 15 it was when it was trading at over 700 it had a bad quarter um and it dropped like to 390 or something and that's when i first bought it um so it's not just what you own but when you bought it but that's my um stock portfolio for my i'm going to see i've started to create an m1 i think i did not create an m1 finance pie i'm going to log into my account you think i would just know this but here we go yeah okay let me show you this i can leave a link to this below the video but um this is basically my portfolio um i say basically because i i don't actually own any etfs uh so but but in in m1 i've got to use the etf versions but that's fine i mean these are basically the exact same thing i just have mutual fund versions but you know i have an all world fund um the reason you can look at these two and you say wait a minute why do you have both of these and it's because they were just in different accounts and i may have a 401k and i have to use what the options in the 401k i have an emerging market fund intermediate term bonds a reit i have small cap i like small cap value a lot but um i um at some point i'm just trying to simplify things i have a small cap fund vti a short term treasury fund a different i'm trying to think why yeah again i have two different small cap well this is small cap value that's right so in one fund i have a small amount of small cap value and then wells fargo so it's basically what i've described as a six fund portfolio the reason it looks the reason it's more than six funds is again because i have different accounts like hsas and 401ks where i don't have the same investing options and i kind of have to figure it out um you know as best i can in terms of what's offered but but it doesn't look like the six fund portfolio but that's effectively what it is you've you know vti uh international bond funds and then i've added emerging markets small caps and reits um i've talked about simplifying it and i probably will meaning i might get rid of the reits and the small cap and just use like a vti which has both but just in smaller amounts a part of that is an age thing part of it is just trying to simplify my portfolio but i don't make these decisions lightly so i've been mulling that decision for months and i might keep mulling it for a while um all right so john okay back to your question so that's that was the answer that's what i invest in so you know i do invest the way i you know the videos that i have about my view of investing is pretty much how i live and by the way how i invest would be no different if i had 100 million dollars this idea that when you have more money you need to have all these different kinds of investments i just don't understand that thinking at all um jonathan checking in curious but suspicious that social security will make that much of a difference to a 32 year old from arkansas yeah i get that there's no doubt there are going to be a lot of changes in social security over the next what would that be 35 years maybe for you um and from a planning perspective i would not count on it that being said if i were you know gonna make a wager i would say that social security in some form will exist as far into the future in the united states as we can we can imagine simply because politically it would be suicide to try to get rid of it now there could be all kinds of changes to it they could means tested the the the ages for full retirement and all that could keep going up um they could increase you know the taxes on the on the on the payroll tax side so all kinds of changes could happen i'm just i can't imagine them getting rid of it completely without or you know i can see them maybe replacing it with something new but it's hard to imagine them just getting rid of it but from a planning perspective jonathan i kind of agree i wouldn't rely on it frank from va says from virginia says morning rob um federal employee retiring next year my plan to defer social security until full retirement age 67 by taking more than the recommended 4 from 60 to 67 so that's an interesting uh comment frank and i don't know if you were the one that emailed me someone emailed me that scenario may have been you and i've got it in my my notes to do a video on it but here's the idea you know if we assume that four maybe four and a half percent is the most you can take out in year one of retirement and then adjusted for inflation following bill bingham's four percent rule well what if you're going to retire like frank is it's you know say 60 can you take out more like whatever five five and a half percent six percent some higher number um because you know that when you hit 67 social security or it could be a pension or it could be you know whatever but some kind of guaranteed income is going to come in and it will allow you to then bring that that that number back down you won't have to rely on your investments as much and so whatever that six percent comes down to back down to four or three three three and a half or whatever it is and i think um conceptually that makes all kinds of sense to me i think if i were in that situation i would use a tool like personal capital it doesn't have any personal capital um and there are other retirement calculators by the way what i plan to do is a video where i start with some assumptions and put them through a number of different retirement calculators and see if they come up with different answers so you you might use multiple calculators but i would model this and so personal capital makes it easy right i mean i think i've shown you guys this but i can show you again um but because you can put into into personal capital all these assumptions when you're gonna you know retire in this case 60 how much how much you're going to take out your spending when social security when you're going to take social security so i'm logging into this account here real quick and i'll just show you um so this is the demo personal capital thing that i've shown you before retirement planner i think i may even have this plugged in yeah so like here's someone that's going to retire at 67 and they're going to get social security at 67 but we can edit these assumptions whoops edit the profile so let's say i'm only 60. so what is that i wasn't born in the 1600s let's try this how old does that make me 61. that's close enough so i'm 61. you can see that right up here and i'm going to get social security at 60. let's get rid of the rental income the savings is just pulling from the the sort of demo uh investment portfolios i've put in and so we can change this retirement spending right and you what you can do is let's see here so i'm going to start this at 61 in this example right and then let's save that now i think so the reason so that gives us a 74 chance now the one thing i don't know if you can do i think yeah so i think i can do um if i do another expense per year let's say it's um that's not how i want to do it i'm trying to think how i'd model this yeah this might not actually be the best tool because oh i see well i can decrease it so what i could effectively do is i'm going to have to spend more time on this this is starting at age 65 and i don't think i can change that so this may not actually be the best tool all right i'm going to come back to that frank i'm going to come up with a tool that can model this i think this can help in some ways what i'm trying to figure out is because effectively what i want to do maybe this is just the best way to do it i'm kind of surprised that it only has a 74 chance given i'm only taking to begin with 120 000 out which is roughly 4 because in your scenario you might take out again we're just thinking about in percentages something higher than that right but i guess this would still model it your spending is not going to change just social security is going to kick in but i'm surprised that this number this is what i can't figure out why that number is so small given that you know you've got this social security here so i guess this actually doesn't model it correctly i just don't understand the 31 i'll see if i can find um some other calculators that maybe do do a better job but i'll have to spend some more time studying that i'm not sure why it's 31 all right what else we got fast eddie's back from fort worth felix thank you for the kind words you too jim from los angeles okay so dave from lexington per your video on dividends isn't there a tax advantage for taking dividends versus capital gains from selling stocks well i'm not sure exactly what you mean if you're if you're retired i guess even if you're not if you want to spend some of your your investments and and they've generated and we're assuming a taxable account and they've generated dividends uh that's going to be taxable income whether you spend them or not right you could leave them in them if if you automatically reinvest them or if you if they go to a money market fund either way they're going to get taxed so if you're going to spend spend them you know spend something out of your portfolio it makes sense to spend the dividend since they're already going to be taxed rather than leaving them in and selling shares that that in a that will also generate taxable uh income so yeah i if i understand your question right and tell me if i've missed it but like in my case the first thing we'll spend if we need to take money from our investments are dividends and interest from taxable accounts because they're going to get taxed anyway so absolutely yep james hello he's in leesburg not far from me frank from hoover alabama austin from philly you know i grew up in ohio but the sixers were my favorite basketball team i think it's just because of dr j i remember playing basketball with my son we're shooting hoops i he did some move and i said you look just like dr j and he said who i said no no no this is not going to stand in my home so we went right to youtube he now knows who dr j is so james asks how should you withdraw from a traditional ira monthly quarterly twice a year well um i'm trying to think why it would matter i mean if you have rmds if you have required minimum distributions you can choose i don't know if what different you know payment methods they offer i think certainly annually i think they offer monthly maybe they offer quarterly but if you're just withdrawing you know you're whatever 59 and a half or older and you know you just want to take money out i'm not sure it matters i mean i suppose one could argue if you want to keep as much money invested as possible you take money out monthly but to me it comes down to more of a convenience simplicity kind of question i can't think of why it wouldn't matter otherwise if anyone can let me know in the chat trevor since we were talking about social security what's your take take out social security early and invest it yourself or take social security at 70 and be happy with a bigger paycheck well so a lot of that depends on your specific circumstances and are you married or not and you know one theory is for the lower income spouse to take it earlier and the higher income spouse to to wait i am not a social security expert when when we get to that point i'm gonna pay a couple hundred bucks and have someone tell me the answer i mean there are social security experts um and i've interviewed some back in the day so there are different ways to take it i can tell you in my case i will definitely defer until 70. and the reason is just it's it's it's we don't need the money before then uh and of course it'll be as you point out it'll be a bigger paycheck and so in some sense it's a um longevity insurance i kind of see it as money that's going to come in that's going to be maybe maybe important should we live longer than average or longer than we expect but i when you get to that point i would definitely recommend spending a few hundred bucks to get someone to analyze it for you they have tools that will do it and i might be able to find some resources on that but all right oops all right what do we got stewart says social security at 70 is something i'm seriously considering as a hedge against inflation and risk to our portfolio you know that's a good point i mean um social security is adjusted for inflation so um you know that's a huge benefit you know you can't today buy an annuity that adjusts for inflation they don't exist i don't know if that's changed my latest research shows they don't exist you can find some that might adjust like two percent a year um by the way and it turns out that when when you could buy them i think the last one that i know of that had an inflation adjustment i think they stopped it stopped selling it in 2019 but they turned out to be a bad deal anyway because the costs were just too high but social security adjusts for inflation all right roger from san francisco hello love san francisco jeff enjoy your channel and always learn something thank you joanne welcome thank you vinyl by the way i hope final one earth link doesn't mind that i just shortened his or her name to vinyl yeah leveraged cover to call etfs are jump of junk bonds what could possibly go wrong yeah i didn't know i didn't realize they were leveraged i guess some of them might be yeah what else we got austin says rob do you follow factor investing do you think that the benefits are still as strong since fama french published their findings or do you think it's just priced in now well um i don't i don't follow it from i don't invest in like factor etfs or whatever i mean you know one could argue that a six fund portfolio is factor investing in a way right because we're tilting our portfolio based on certain factors like the size of a company value versus growth um but uh here's the question i think any of these things if they're not expensive can be okay if you stick with it that that's the thing that people i think miss you know when you talk about asset allocation how much do you have stocks how much do you have in bonds you know should you do a six fund portfolio or something else probably the single most important question is can you whatever you decide can you just stick with it for 40 years and i think the more you sort of slice and dice and factor and kind of get too cute i don't know if that's the right word with your investing i think the harder it is to stick with it because there will be bad times i mean they'll be bad times no matter what we do right mike says any thoughts on wep well mike unless that's a ticker i have no idea what that is is that web solutions limited you have to let me know but if it is no i have i've never heard of it and if it's something else then you'll just have to let me know here's a good question from kevin do you see an issue with having more than 500 grand in a single brokerage account specifically schwab and td ameritrade it is my understanding they have coverage beyond the sipc 500 000 insurance well it's interesting i yeah i don't know what the coverage limits are if there's a way to get more than that my concern is a little different and it's not specific to 500 grand i mean what if you have 10 million i mean you know i guess you could open up 20 brokerage accounts but um to me the question is a hacker you know someone stealing your password i don't you know you have one thing you got to have two-factor authentication on all your accounts um you just you just have to i um and there's other things you should do you should use a password manager in fact i'm working on a video on all of this um but there is part of me that thinks i don't want to consolidate all my investments in a single broker just for that reason it's not so much the insurance issue particularly if you're dealing with a broker like fidelity or you know schwab td ameritrade vanguard i'm more concerned you know with some sort of hacking situation and so um we have our investments in three different brokerages well yeah three i don't know that that's necessary but you know if you're retired and you got a couple million bucks or whatever haven't it all i mean there's a convenience factor right if you have it all in one but that makes me a little nervous so vinyl says total return is not total return until you sell whereas dividends are cash in your bank account yeah uh i hear ya um but you know if you think about it from a retirement perspective you're going to be selling gradually over three decades and so um you're going to be and you're going to be rebalancing so if the market's down you'll be selling bonds to buy stocks and and so um i've yet to see a portfolio that's heavily tilted towards income you know if you have some dividend paying etfs or whatever that you know that that's fine it's not you know you're not deviating from the market significantly but you know i i see all these youtube videos about you know seven dividend stocks to buy now and covered calls so you can turn your non-dividend paying stocks and dividend payers which you can't because they ain't but whatever um yeah total return to me is is what you need to focus on the the problem actually is this we have it in our minds that it's it's it's better to get a dividend than to sell a share and it's just not you've got a pie it's so big that might have pieces you cut into it it's still a pie you've got a million dollars it's a million bucks i don't care how many shares it takes for that million dollars you have a million dollars and if you take money out if you take 50 grand out you're taking 50 grand out and i've shown you how when a dividend is paid the price goes down and people point out well yeah but the next day the price can go up and i think they miss and that's true i mean because one because the dividend is a relatively small amount compared to the price of of a stock typically if it's a two percent yield and they're paying out quarterly you know it's only a ha a half a percent come you know coming off the price and the stock can easily go up or down by more than that in a day but you know if you if you look at the balance sheets and how their um profits are used and you see the billions of dollars being paid out in share buybacks which is another way to return value to investors and dividends um i don't know how anyone can conclude that the intrinsic value of a company hasn't changed when they pay a dividend it has changed now the market may not reflect that tomorrow but it will reflect it eventually right that's why warren buffett says the market stock market is a voting machine in the short term in a weighing machine in the long term in the short term all kinds of craziness can affect the price of a security but in the long term it's cash flow earnings um anyway so i'm still sticking to my total returns what else we got here jeffrey good morning from liberty hill texas great greatly appreciate your videos welcome jeffrey um todd wants to know about qyld um which i just looked at i don't remember why why did i look at this i'm gonna pull it up give me a second google is not cooperating wait a minute for bond that's the covered call i etf i don't so i don't understand that it's not a bond so yeah i mean if if you look at yeah i mean i understand i guess your point is it generates a lot of income which it does because it sells covered calls um but you know let me just show you this here's its standard deviation 14 that's its volatility right now let's compare that to vanguard's total bond market which is by no means the least volatile bond fund that you can you can get because it's intermediate term and it's not all u.s government its standard deviation is 3.66 so yeah i wouldn't personally i would not even consider a covered call etf as for my bond allocation it doesn't behave like a bond doesn't look like a bond it generates a lot of income but frankly you could just invest directly in the underlying security without the covered call nonsense and you'd do better frank says i have debated switching from your six fund portfolio to three funds well as you know i've been thinking about the same thing how valuable are the extra three factors i have 10 percent reits but is the extra sector exposure worth it well here's the short answer the short answer is in some time periods it will be in some time periods it won't be will it be over your time period or mine or for the next 10 or 20 or 30 years there's no way to know um so you have to you have to make the decision based on something other than whether it will be worth it or not because we don't know whether it'll be worth it or not there's no way to know we can back test it and again some back test depending on what period you pick will show an advantage you could certainly make a sort of a conceptual argument one way or another you're more diversified kind of you know reits maybe they do well in inflationary periods some would argue and we might be moving into that you know with the total stock market you've already got probably two and a half percent in reits um this would add more but at the end of the day i think what matters is again i go back to which plan are you more likely to stick with and some people need those extra factors it's just too interesting that was me you know for many many years i wanted that extra potential um over performance so i had small cap i had micro cap at one point um but today it just is it's kind of lost its appeal and i'm slowly probably moving to three fun but it's very slow and it will be very slow because my small cap is in a taxable account and it's got a lot of gains so i won't be selling it anytime soon so frank says rob thanks for all you do i can't decide between vti vx us vti's total stock market etf vanguard vxus is a vanguard international it's a really global fund excluding that's what the x means excluding u.s or just vt so vt is basically a combination of those two all-in-one fund and he says any thoughts well it comes down i think primarily to whether you want to have control over the allocation between the u.s fund and the international if you pick vt and i can show it to you here let's pull it up on the screen if you pick vt you're basically going with about i want to say 57 u.s stocks see how close i am yeah 57.61 u.s and 42 and change non-us so i mean if that's the allocation you want then it's perfect i personally i don't i don't like that much in non-us equity i'm not a jack bogle who said don't invest in international i'm around i want to say i'm around 20 roughly and i like that extra diversity even though international stocks have lagged u.s indexes uh in in the recent times but for me personally that's just too much non-us equity um you've got to deal with currency issues potentially funds can hedge that i don't know what vt does um you know the regulatory environments in a lot of these countries are not great you know look what's going on in china right now um i just i just read that they if i read this correctly maybe it's fake news but kids can now only play games three hours a week did you guys read that it's like i'm not even sure how do they even enforce that but in the event so that's my take on it you know it really depends on the split you want between us and international vt is not for me but if you like that split it's convenient vinyl says maybe the huge rise in health costs are already priced into health care stocks that might be the thing is is that the performance of a company depends on so many things other than just inflation anyway what else we got vinyl says a buddy who bought apple in 2004 has a basis of 25 cents on 400 000 shares oh my word he should be hosting this show thomas says would you buy apple stock today if not maybe you should sell your apple stock so that's always an interesting question i'm not convinced that whether you would buy it today dictates whether you should sell it today for a host of reasons one is i might not buy it today because it already represents a pretty large portion of my portfolio and i just don't want to add more exposure to one stock which is true now i suppose someone could say okay but what if it didn't would you buy it today well i could decide that it's reasonably priced but i'm looking for something that's better than that uh so i wouldn't buy it today i want to find something that's undervalued if anything like that exists in the current market it may not right and but but because of that it doesn't necessarily mean i'm gonna go and sell it so i i've sold so we tend to donate appreciated stock through vanguard we have a vanguard's donor advised fund which is great you can you can donate appreciated stock or etfs or mutual funds it doesn't trigger capital gains and you can deduct the current value of whatever you donate and you can deduct it immediately you know in the year you contribute it to van to any donor advised fund we use vanguard but you don't have to actually give the money to a charity at the same time it goes into a fund you control how it's invested obviously with vanguard it's vanguard funds and then you can give it out you know periodically which is what we do and so i've i have sold donated apple stock in the past and i'll probably do that again um so uh but but in any event yeah i'm not selling my shares right now i think well i think everything is overvalued i mean if you look at like a pe i mean you know let me pull this up you know apple is probably i don't know around 30. i'm not even sure well the 40 that's right morningstar uses a forward pe which i'm not a huge fan of but it's a 27. um just to put that in perspective tesla is what's their forward p e 101. that's cheap for tesla holy cow anyway um so yeah i don't i'm not really looking to sell it i would take a huge tax hit that wouldn't keep me from selling it i mean i i don't know what price or what valuation would force me or cause me to sell it or donate it but we're not there yet by the way that doesn't mean it won't go down it could go down a lot and it has gone down many times since i've owned it i bought it in 2013 bought again in 2018 and 2019. um tommy hello rob greetings from utah been to salt lake once great videos can you make a video on a backdoor roth sure the basics of a backdoor roth are if you make too much money to contribute to a roth and maybe you make too much to deduct contributions to a traditional ira you can open up and contribute to a traditional ira you won't get the deduction right because you make too much whether you can deduct it or not depends on more than just that but and then you you before it has time to have any gains you immediately convert it to a roth ira um you know you're gonna you you've already effectively paid the taxes on it and now it's in a roth and you say wait a minute rob that's the dumbest thing i've ever heard of why would the government not allow you to contribute directly to a roth ira but allow you to contribute to a traditional ira and then immediately convert it into a roth it's a great question and when they first created the roth ira they didn't want rich people people making more than whatever their income limit was getting the benefit of this i think it's kind of silly because and this is a whole other story but assuming constant tax rates there's really no difference between a traditional and a roth it's more complicated than that but more or less that's correct they they they were passing a law i figured what year this was and they needed to generate extra income to pass all the budget metrics that they have to meet in order to pass a law so they had to come up with a way to generate more revenue so they allowed the backdoor roth because it triggered normally not the back door roth they allowed roth conversions regardless of your income and in many cases that triggers taxes so if you've had a traditional ira and it's sat there for a long time it's got all these gains in it and then you convert it you know it's going to trigger taxes but the idea of a backdoor roth is you convert it right away before um it has time to to earn anything um and then you allow all the earnings to occur in a roth the one thing to keep in mind though is that the irs looks at all of your iras together so if you've got a traditional ira over here with a million bucks in it congratulations by the way and you think well i want to do a back door so i'm going to open up a new one just put the six grand in it and i'll just convert this one over here to a roth the government's going to look at both of these together and you're going to end up getting taxed and they do it as a ratio and all that stuff but i can do a whole video on that that was probably just a confusing mumbo jumbo ethan says rob you referenced bingen but the fi community always references the trinity study are there any differences or reasons you don't talk about the trinity study not really other than you know bingham was first so he gets the credit the trinity study uh is a little different um they actually look at one set of scenarios where you're not adjusting for inflation just taking out a percentage every year um but no the treated indie studies is good i think it was published in i want to say 98 but i could have that wrong and i've read it i mean it's been a little while but it's a good study is it okay if we entered the markets on i don't know what that is i learned so much from you guys i have no idea what that is is it ticker ath i'm not sure i'll have to look at that dj scra 89 hey rob greetings from tarpon springs florida love the channel and the books thank you born again bride writes any legitimacy to the supercharged roth strategy that uses deductions somehow to lower the tax burden using laws in the 2017 jobs act i don't know i'm gonna have to research that one i have no earthly idea i'm making a note supercharged roth strategy uses deductions and the 2017 jobs act i'll get back to you on that one mike says mike retired says hey rob always enjoy your content we gift your book to everyone and anyone when is the next book coming well first of all thank you that means a lot to me i've actually started working on the next book which is gonna you know if you guys have like listened to me for a long time i i'm just gonna be honest with you there probably won't be anything new in the book um but i i the the basic idea is a book that's you know retired before mom and dad was a was not just about investing it was sort of a more of a philosophy a way to think about money and how to handle money the next book is just going to be on investing and it's going to be you know basic how to invest and how to build wealth investing in index funds um and it's going to be designed for the beginner but i'll get into some more advanced topics in it and i'm working on it now there's part of me that um i i think i'm gonna try to just plow through it and have it available by the end of the year and then my next one is going to be how to invest in retirement once once you're retired how do you invest which gets into all the things we talk about on this channel a lot how much can you spend the different withdrawal ways to withdraw your money guard rails all these issues about social security should you annuitize part of your portfolio how you know uh that book will take more time that one's much more complicated investing you know until you until you retire investing is easy we make it hard but it ain't but once you're in retirement it gets it gets more complicated scott has an interesting approach he's 64 and retired he says half my portfolio is in cash it's a lot of cash the other half in a balanced portfolio some vanguard funds the cash will be drawn down in the first 10 years leaving the balanced portfolio to compound but it'll be interesting to see how that goes for me half my portfolio in cash is just a lot of cash all right saban says if i'm 24 years old why should i be paying social security when i won't have any benefits at 65 well there's two reasons one because it's the law and if you tried to skirt it you'd get in trouble yeah i'm a lawyer so that's what i'm you know um well i'm retired lawyer recovering lawyer anyway um i think there will be benefits i said that earlier that's my opinion i could be wrong mark morning rob first time be able to join live thanks for your channel i continue to learn a lot from your videos thank you welcome all right what else we got vinyl you're just causing trouble today you're beginning to come around to the dividend growth model if you're rich enough you never have to sell any stock that's well or if you're frugal enough um i like dividends they're just not free and they're not better i like all my returns so wbed11 says hi rob i hope your channel grows to way more than 22 000 subscribers so first thing i'm thrilled with 22 000 subscribers hey everybody welcome back to the financial freedom show my name is rob berger i'm going to try to stop that here we go um but yes i hope it grows what am i at now 20 2097. all right jonathan would you make any recommendations to invest in qqq as an additional third fund if you're aiming for a two fund portfolio with vti and vxus i mean you know again i think you can take some portion of your portfolio i don't know if it's five or ten percent or whatever and kind of go beyond the market as a whole i do it with individual stocks so i have less interest in doing it with factor investing or something like that um with qqq just the thing you have to the thing i would be questioning is am i am i wanting to go to qqq because of its recent past performance because it will take a beating i guarantee it i just don't know when i know you'd like to know when wouldn't you so would i i don't know when it will take a beating and it may take a beating for years will you stick with it that's the question i mean the thing is vti can take a beating right but the more the more you're simply modeling the market then you don't have you you don't have the worry of i've screwed up somehow i've i've gone down a certain sort of narrow path whether it's small cap value or emerging markets or qqq or some covered call etf and that might have been a mistake so because unless everything just completely falls apart in the world as we know it if you're modeling the market you're going to have good years and bad long-term probably good yes there are no guarantees but it's not going to be because you know you chose a bet on a fairly narrow sector or whatever and it didn't work out so some percentage in that is fine uh i just like even with my individual stocks always check myself okay well if these just all went to zero would i be okay and the answer is yeah i'd be okay i wouldn't be happy might take a day off from youtubing but this is an interesting question vinyl keeps coming up with good ones would you take social security age 62 if you want to lower your retirement income to keep under the 200 000 medicare tax or 163 000 ir mma r i r m a a line uh i just i don't i don't know is the answer to that i would have to model it or have someone model it for me um and i also have to look at the taxation of the social security benefits um it's a good question but um i just don't know i'd have to i'd probably pay someone to model that for me like my tax accountant for an employed 18 year old this is from fred wanting to open a roth ira and dollar cost average what ets would you recommend well first of all fred welcome and i'm thrilled that age 18 you're thinking about these questions because unlike probably certainly unlike me and i'm going to guess unlike most people watching this live you have one advantage and that is you're young the biggest thing you got going for you are decades of compounding so i think you know again the three fund portfolio i think is perfect if you're just starting out it's got some bonds in it i did a video on the roth ira just yesterday so you check that video out that's how i would that's the answer to your question um i like to put bonds in traditional retirement accounts if you have them if you don't that's fine but the three fund portfolio you know if you're just starting out you could even just put it in stocks to begin with you know if you're if i were 18 starting today i'd probably start let's say i'm putting 100 bucks a month 250 whatever the number is honestly i'd probably start by just putting it in an s p 500 and i do it today even though the s p 500 is is richly valued it will come down but that's okay i'm 18. i hope it crashes actually because then i can buy it even lower and lower prices i'd probably started just an s p 500 i'd keep learning keep reading you know you know listen to other people but form my own opinions and as you build up more and more money then you might diversify into international funds or whatever you decide so that's the way to go but the three fund portfolio i think is kind of the it's kind of the starting point again if you're just starting out 100 bucks a month or whatever you could do the three fund portfolio you could just do an s p 500 um recognizing that it's going to be a wild ride you know but all right what else we got fast eddie wants to know about the barbell withdrawal method which i'm vaguely familiar with but i'm gonna um add it to my list of videos so i can do more research how do you um this is from oc six huki how do you enter a federal pension into personal capital i need a model retirement for my wife and i when she is 12 years older than i any tips for couples with an age difference yeah i mean at least if i can pull this back up so we go back to the retirement planner you can in income events you can create like a pension income the amount whether it's before taxes every year and at what age will it start so like if your wife's gonna get i don't know a thousand bucks before taxes every i guess i'll make it 12 000. i was thinking 1 000 a month but we'll do 12 000 every year and it's going to start when she's whatever 67 whatever you know you could do that and let me come back down this only has me in it but yeah you can add children right but you can also if i were married well i am married but i'm not modeling my family in this demo version um you can put your spouse and hurt her or his date of birth and so on how you file your taxes so and once you have that in there you can model in income events if you each have a pension you could put two of these in and start them at different time periods so that should i think that should work all right charles from michigan good morning go buckeyes we didn't really play that well i liked our quarterback um but it was kind of a rough game ah so dave he asked us this question about dividends versus capital gains he says my question was on the tax rate of dividends versus capital gains well uh so assuming if we assume that they're qualified dividends and i think most dividends are and if we assume that you're selling an investment for capital gains that you've held for at least a year then at the federal level they're both treated as long-term capital gains so they're taxed the same dividends that aren't qualified i think it tax ordinary income as do capital gains that were triggered from the sale of an asset you've held for under a year short term capital gains all right why must i go says long term vu by the way i just learned that vo is the roman numeral for 500. i don't i haven't confirmed that but that's what i heard out performs vti i do my research well i'm curious what period you looked at and that certainly recently that would be true i looked at it and it wasn't much of a difference but it may have outperformed but if it did it wouldn't by much at least in the periods i was looking at so jennifer says is it true that a wife whose future social security benefit will be less than half of her husband should take her social security at 62. jennifer the short answer is i don't know uh but i do believe that in that scenario she should take it sooner i don't know if it's at 62 and that's why i say i just pay someone to model it or there could be i'll make a note to find some social security calculators and can maybe share them next week okay all right what else we got ron from chalfont pennsylvania bucks county go irish welcome all right let's be nice in the chat so you realize i'm working through these the chat and i'm probably at least five or ten minutes behind you guys so i come across things it's like the saturday night live skit where i laugh 30 seconds after the joke was told which actually is pretty much what i do i'm a little slow all right alexandra says hello i took an investment loan leverage in march 2020 with a bank the interest rate is 2.7 percent the problem is that the bank forces me to have it in mutual funds with two to three percent in fees yeah that's not a good deal my investment has doubled oh congratulations what would be the fiscal impact if i decided to sell half to buy a low-cost etf do you think it would still be worth selling despite the tax impact well boy there's so much in that first of all i would never invest on margin or leverage and i wouldn't invest in mutual funds that charge two to three percent so i would figure out how to get out of all of that but you know how you're going to do it is going to depend on the tax implications of your deci you know of your decisions do you do it all at once do you spread it out over you know this year and next and i would talk to a tax pro to figure that out but i certainly yeah i just i've never invested on margin i don't think it's a good idea i i don't think investing in mutual funds at two three percent's a good idea which and it sounds like you don't either i guess you're trying to figure out how to get out of it and i hear you but i think you're gonna need to talk to a tax person so todd asks a good question when rolling money from roth 401k to roth ira and both accounts have been open for more than five years does the five-year conversion rule apply to those funds so todd um unburdened by any research on this issue i don't believe it does but because it's not a conversion right i believe the conversion rule kicks in when you go from traditional to roth this is a rollover and if they've both been open more than five years and and if you're rolling into the roth ira i think what really matters is whether the roth ira or any roth ira that you own has been open for more than five years i think if it has i think you're okay but that's you know i'm just a guy on youtube so you know you'll want to confirm that but that's my belief all right vinyl says i don't believe share buybacks have any effect unless it is a negative one really i mean if the share buybacks are made at reasonable prices it's a great way i think for a company to use its capital i mean assuming it doesn't have better investment opportunities i mean if you look at i was going to do the math on my percentage ownership of apple as it's gone up because of their share buybacks and therefore i get more of the dividend and i mean it just it's just all good assuming but the assumption is the buybacks are occurring at reasonable prices that's a big assumption all right what else we got so alan says a company paying a dividend is not permanently impaired by paying the dividend uh well assuming they're not being irresponsible i agree with that i don't think they're permanently i mean apple is not permanently impaired because it pays a dividend its balance sheet goes down i mean between dividends and buybacks and spending 85 billion a year i mean that you know and if they're going to retire the shares they're buying back i mean i think it could be good for investors it could be a really smart thing for the company to do both of them but it's affecting their net worth it's no different than if you owned your own company you owned a dry cleaner it's worth 10 million dollars and you paid yourself a million dollar dividend it ain't worth 10 million anymore jonathan says i like jack bogle's advice diversification is good to my mind all right what else we got born again bride great videos thank you hailing from folly beach south carolina and venice florida those sound like two really nice places so tommy lee says rob economists warned that social security could be insolvent within eight to twelve years whether that turns out true or not what proactive actions do you recommend for the average joe to do now well first of all i mean they've been predicting that for decades all right for medicare too um and social security running and solving doesn't mean that checks will stop coming out that's the beauty of our government you know they can just keep printing money um so to me as i said from a planning perspective i don't count on social security but i do believe it'll still be there and if you're in retirement i think the odds of social security going away are very very small um but beyond that you could you could figure out how would you survive without it and do your best um you know adjust your spending accordingly if you can think hard and long about any debt you take on um but personally i just don't see it going away allen says i have studies that show that that 70 of four to eight percent yielders those are companies whose dividend yield is 48 recover the x dividend gap meaning the decrease in price effectively when they pay the dividend well kind of within five days that may be i don't know but i'm telling you their intrinsic value goes down and an intrinsic value in the long term is what matters not what happens in five days that's my opinion well everything is my opinion on this show akeem says rob what are your thoughts on this portfolio vti 25 that's right total stock market vu 30 let me just stop there i don't know why you'd have both um i mean you could i don't think that's like some glaring mistake but the overlap there's a huge overlap it doesn't seem like there'd be a big overlap vu has 500 companies vti has i'm going to say 3 500 i don't know we'll call it 3500 um but they're cap weighted so so most of the investment goes into the largest companies in both of those funds and so they're almost identical from a performance and risk perspective yeah it has 39 vti is 3900 equities um v and q five percent um vxus international five percent tips 20 um vglt this i mean overall this looks like a good portfolio to me i might have that one question um let me make sure i know what these tickers are yeah v and q is real estate because i see i have that i just don't have the reit version i mean the etf version v and q a good fun vx us five percent i think that's fine tips 20 vglt is um is that growth oh no it's just so the long-term treasury is interesting i mean the one thing about long-term treasury is rates are so low you could take a beating of course they could go lower and you can make a fortune the duration of that fund i want to say i'll show you i think it's 15 years um 18 years 18 years so if it goes up one percent the fund loses 18 percent of course if it goes down one percent you you you earn 18 so that's that's just just keep that in mind um it's awfully expensive right now um you know but you have 20 in tips which offsets it a bit in a way um and then you five percent in emerging markets i mean it seems overall like a pretty good pretty good portfolio to me leslie says from arizona just wanted to say thank you for the very informative videos you're more than welcome let's see marx asks for someone in their upper 30s or lower 40s what percent of estimated social security would you recommend using an expected income when planning for retirement um well i would probably use zero just because i'm super conservative right plan for the worst hope for the best that's what i would do you could run a couple different scenarios but you're still pretty young so there's a lot of crap is going to happen between now and when you reach social security think about 30 40 years in the past you know we've been through a lot as a country as a in the world um there's gonna be a lot happening between now and then so many more things my hunch would be that so many more things will affect your retirement readiness beyond social security i wouldn't lose any sleep over what you pick well here's a good question from chris rob i am 45 and i contribute to my 401k and max it out and i put in 6 grand into the roth ira what would be my next move on where to put money well your next move would be to sit back relax and enjoy the ride because that's phenomenal um yeah so there's a couple of options of course taxable account for most people if you have an hsa you know i'd max that out if you have a 401k that allows you to put in um additional money right that's it's after tax particularly if you can then convert it into a roth right away most plans in my experience don't offer that but some do so you could find out that would be another option as well those are the ones that come to mind you know what some will sell you on are insurance products at this point and i just i wouldn't bother with them all right once again i'll say everybody be nice to each other it's just investing it's not life or death okay kind of important all right let's try to keep politics out of the chat if we can i know politics do affect investing no doubt about it but i see i'm like i said i'm behind you guys so now you're talking about this policy in china the three hours of gameplay uh what else we got here yeah the whole strategy called buy borrow and die you'll see a lot of that in in the reddit community that i follow called fat fire i'm just not a big fan of it the basic idea is let's say you've got 25 million bucks you know you open up an account at schwab or somewhere that has a very low um rate on on borrowing so rather than selling your investments and triggering taxes right you borrow and you borrow at a very low rate and it's a relatively small amount compared to your wealth and um you just keep rolling the loans over it's such a small amount that you're not going to get a margin call because even if stocks go down by half you've got so much and the loan is relatively small and you just keep borrowing and then eventually you just die and then your state deals with it i don't know i just like to keep things simple but you know if you're interested in it just google buy borrow and die there's a lot of content maybe i'll do i don't know maybe i'll do a video on it taking another note i think i've just accumulated all this useful and useless information in my head what else dan says i look forward to the retirement book i'm retiring on 9 30 at age 58. congrats that's got to feel good trap cracker says reading reading i like that name reading your book now and loving it thank you any source for learning the qualified versus non-qualified dividends in an international fund um that is a great question and i don't know the answer off the top of my head um taking another note i'll try to figure that out all right frank says thanks for getting me through my last hour of intermittent fasting have a great day that's what i'm here for man helping everyone get through that intermittent fasting you know that's a topic i thought about talking about not so much intermittent fasting but you know it's kind of a retirement show right and so much you know we talk about money but there's you know keeping fit i do a lot of things that i don't talk about on this channel of course to stay fit i cycled 40 miles yesterday i've got a gym in my garage with a rack and bumper plates and kettlebells and trx and pull-up bar and i work out you know i lift well if i'm not traveling or something lift three days a week cycle months to two times a week when i'm not cycling i tend to walk three to five miles a day and then there's the whole mental you know fitness and hopefully i'm not losing it but for me all of this helps and then chess i play chess so you got to do something to stay as sharp as you can i guess i could get my hair colored maybe that would make me look younger i don't know anyway oh this is an interesting question michael asks is there a guidance on when when one and h say age 45 for example might say okay i got enough in my retirement accounts just let the compounding do the thing and instead of maxing it out diverse and uh divert investments to a taxable brokerage account well so first of all there's a concept called coast fire fight fire is financial independence our early coast is you know you get enough you know money invested and now you can use you can just leave it there and let it do its thing and you're going to coast into fire 5 10 15 years later depending on your career goals how you want to live your life whatever so you could google that um yours is a little different because you still want to use the money to invest you just want to do it a taxable brokerage account and my question to you would be why right why do you want to give up the tax benefits are you do you want to use the money soon maybe that's it you want to use the money sooner but that would be my my thinking why do you want to do that if you want to use the money you know in the next five years that may make sense i mean there are ways to get money out of a retirement account before you're 59 and a half without the penalty but all right andy asks a question that i i don't even know i'm gonna have to research it you guys are asking tough ones today says hey rob great content as always what are your thoughts on big ern's inverse cape methodology as a swr safe withdrawal right no idea but i'll have an idea all right wbed11 says i learned a lot from your discussions of beta the sharpe ratio etc thank you sir you're more than welcome by the way i do almost nothing with those ratios for my own investing i mean an index fund if you're three fund or six fund you know you don't really need them i don't use them to evaluate stocks yeah so kevin says d is the roman numeral for 500 i'm really bummed all right so andy says rob great channel how would you recommend someone who is 62 with 401k under six figures to save more for retirement delay social security to 70. well i mean you know how do you save more from for retirement you know you you make more and you spend less i mean i know that's probably not a helpful answer but i would i would literally scrub every expense that i have i you know i'm not i'm not someone who i don't describe myself as frugal um but i would look at everything that i spend and i would be asking some serious questions about it you know i'd consider everything from getting rid of a car to moving to you know all of these things i write about this in my book if i suggest to someone you know we'll get rid of one of your cars and this will be true for me as well the initial reaction is oh i can't do that you just immediately dismiss it and um i recommend that you actually seriously give give some thought to these crazy ideas um you may end up rejecting it you know but i think we should ask what if what if we only had one car or for some of you what if you only had two because cars cost a fortune i mean beyond a house but house appreciates cars are the biggest expense of any you know just about anything we have um but you know i don't have a better answer for you i mean that's what you need to do um i think expenses can be somewhat easier to control over making more but you know that's in terms of delaying social security for 70 i mean it depends can you get from 62 to 70 without your social security if you can then it might make sense but again i'd still have someone run the numbers for me chris liu i guess just started learning about investing this channel has been fantastic thank you for all you do rob you're welcome i'm gonna have to call it a day in about eight minutes i'll get to as many of these as i can jeff asked an interesting question my wife has a teacher's pension she took time off to raise our kids is it worth using her 403 b to buy back a few years of the pension she missed again there's no way to answer that and just you know you just have to run the numbers and you might want to pay you know a financial advisor for an hour of his or her time to help you do that i know some teachers that have done that i think in fact the very same circumstance situation you've described but it's just going to depend on what you get alan says no new chess problem oh well come on i can give you a chest problem so i'm going to show you guys real quick and i know this isn't a chess channel but chess.com um they have a thing called puzzle rush so if you if you know how the pieces move at all this is a great talk about keeping your mind sharp puzzle rush i'll just play it for a second just to show you you can do five or three minutes but it gives you these um puzzles and you've got to solve them as quickly as possible right and so the answer here is that and um and you have five minutes to solve you know as many as you possibly can i don't know what the answer to this one is well here we go um and you know you'll get better over time but it's a great way to just try to stay sharp you know what i mean um so that's one but anyway i'll quit this my my high score i think is 34 in five minutes the puzzles get um harder and harder all right i'm done but i will come back to puzzles puzzles there you go that's a hard one to solve i'll let you look at it while i look go back to the comments all right mike asks do you keep personal capital and e-money up to date with your accounts well the short answer is yes because it's done automatically he says we also use plan vision which is mark zorrell's company and mark's a friend of mine i use him we talk once a year i think he's great i have no financial relationship with plan of vision at all anyways we also use plan vision to keep both up to date for investments for spend we use ynab um and by the way hi from santa barbara i love santa barbara beautiful place um and one of the best tv show ev tv shows ever was from santa barbara did they actually film in santa barbara look like it anyway ynab is great for budgeting i like wide nap a lot jessie's the founder i've taught you in fact i've interviewed jesse he won a pull-up pull-up competition at fincon one year um i've really kind of grown to like tiller but ynab is great red robin says just past the cpa exam in california congrats because that ain't easy um much harder than the bar exam all right well i got to unfortunately wrap this up today i want to try to spend two hours every thursday but i can't today um so i appreciate everyone joining i'm going to go scroll down to the bottom does anyone have an answer to the chess puzzle i haven't even looked at it these are hard by the way these are much harder than what we were looking at just a second ago um i have no earthly idea well so i think i'm get my current thought is queen here the idea is the bishop's pinned and i'm threatening mate in one by queen takes bishop and i think the only way for um white to get out of it is to take the knight with the queen but then i can take the rook check either the bishop interposes or the king moves and then i can take the queen back and i end up with a queen versus a rook and a bishop that's my guess we'll find out if i'm right yay one for the good guys all right well there you go um appreciate everyone who joined um um i have a lot of fun doing this you guys are terrific i learn a lot you've given me homework you've asked me questions that i either don't know anything about or know a little but want to look at it more before i opine on it so i will be doing that and appreciate it so hope you all have a great day until until next time remember the best thing money can buy is financial freedom

Channel: Rob Berger

Views: 22,917

Keywords: social security, retirement planning, social security retirement, social security benefits, financial planning, social security calculator, social security retirement benefits, social security income, retirement income planning

Id: MrukbsaOf_o

Length: 89min 58sec (5398 seconds)

Published: Thu Sep 09 2021