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Welcome to How to Retire on Time, a show that answers your questions about all things retirement, including income, taxes, Social Security, healthcare, and more. This show is an extension of the book How to Retire on Time, which you can grab today on Amazon or by going to www.howtoretireontime.com.
This show is intended for those within 10 years of their target retirement date or for those are are currently retired and are concerned about their ability to stay retired.
Welcome to how to retire on time, a show that answers your questions about all things retirement, including income, taxes, Social Security, health care, and more. This show is an extension of the book, How to Retire on Time, which you can grab today on Amazon or by going to www.how to retire on time.com. My name is Mike Decker. I'm the author of the book, How to Retire on Time, but I'm also a licensed financial adviser, insurance agent, and tax professional, which means when it comes to financial topics, we can pretty much talk about it all. That said, please remember, this is just a show.
Mike:Everything you hear should be considered informational, as in not financial advice. If you want personalized financial advice, then request your wealth analysis from my team today by going to www.yourwealthanalysis.com. With me in the studio today is my esteemed colleague, mister David Fransen. David, thanks for joining me. Hey.
David:Yeah. Glad to be here.
Mike:David's gonna be reading your questions, and I'm gonna do my best to answer them. You can send your questions in by either texting them to 913-363-1234. It's 913-363-1234. Or you can email questions to hey mike@howtoretireontime.com. Let's begin.
David:Hey, Mike. I'm concerned about the election. Do you have any thoughts? Well, this could be dangerous.
Mike:Yeah. I don't mind talking politics. I do take a politically neutral position professionally.
David:Great.
Mike:I research both parties, really any party, even the obscure parties. I like to research them as well. Anyone that's asking me this question isn't looking for my political specialty because I'm not a political professional, but more from an economic or a personal finance standpoint. Yeah. Here is my what I'm gonna say over the airwaves, and I wanna hit this very hard.
Mike:Okay? I don't want anyone to think I was avoiding this this question. I wanna be clear as can be. K. Crystal clear.
Mike:Elections, regardless of the candidate, affect the market much less than you may realize. Doesn't matter who's gonna go in there because all businesses are going to try and make money. When you understand the rules, that's where the innovators will outrun regulators. Not from a legality standpoint. But when we understand the rules, regardless of the election, they're gonna then use those rules to their advantage and continue to try and grow.
Mike:K? I wrote an email for those who are on my email list about this. And I broke down both Republican and Democratic candidates when they raise taxes, when they decrease taxes Right. When they overspent or they underspent in times of war, in times of peace. I broke it all down.
Mike:And there's really not a clear indicator throughout the history of this country that says one party or topic does better than this. I get I'm probably upsetting everyone right now in saying this. As a country right now, we have a confirmation bias on how the political party is going to affect the economy. From an economic standpoint, all businesses, 100% of businesses are gonna try their best to make money regardless of those conditions. K?
Mike:So how the political outcome will affect the economy? Maybe not as much as you realize. I get there's a lot of complexities with that. I get that war is a topic that people are concerned about, whether one candidate or the other. And there's arguments on both sides that one candidate's gonna create wars.
Mike:The other one's gonna create wars. I hear both sides of this argument. I'm taking this from a very financial standpoint. To say that all of a certain party is good or bad for our economy is an oversimplification. To say taxes, whether one person increases or decreases, that's where there may be an effect on your personal pocketbook.
Mike:So if taxes increase or decrease over time, that affects you, but not necessarily the economy. So here's what I wanna tell everyone very clearly. You're probably giving yourself more anxiety than needed from an economic standpoint when it comes to the election. Have I been could I be more direct about that? Nope.
Mike:I'm not touching on the social policies. I'm not touching on the ethics of anything. I'm not touching on the the construct of our country. I'm not touching on any of that. That is not my specialty.
Mike:People do not pay me for that.
David:Right.
Mike:People pay me to grow their money and then to stay rich. That's it. My job is to help people become rich and then to stay rich. And I do that ethically, and I can do that regardless of who wins. I am not personally concerned about the economy and the ability to grow people's money and to help them stay rich and to be tax efficient regardless of the candidate and who wins.
Mike:And let me say this one thing. The best investors I know are the ones who can make an argument both ways and are prepared for both situations. Yeah. They take the emotions out of it. They've accepted that there are possible outcomes, and they're prepared for either way.
Mike:That's the same way we in my opinion, we should approach being prepared for politics, your investments, being approached for Thanksgiving dinner. Yeah. Right? Things can go really, really well or really, really bad.
David:Right.
Mike:And you just kind of have to understand how it could go both ways and be prepared for that. So I'm not making harsh political statements because my job is in finance. My job is to help people make money. And there's always a way that you can implement strategies based on the rules. As long as we know the rules, we can work with them.
Mike:That may upset a lot of people, but we need to be careful of cognitive distortions and biases that may affect and cloud our judgment. I know there's a lot of anxiety. I think a lot of it though may be overdone. Just again from an economic standpoint.
David:Right.
Mike:And from a financial standpoint. Hopefully, I didn't you know, I'm not gonna get a bunch of complaints or whatever on that, but my job is to be a fiduciary and to be honest. I've heard this over and over again and you look at the history books, people say it's the end of the world, it's the end of times, and it just continues to escalate and yet somehow we keep going. Yeah. So I would invite everyone to maybe consider inviting some peace in your life.
Mike:Take a deep breath from a financial and economic standpoint, and then proceed as such. Markets crash under both types of presidencies. Markets crash on during times of war and times of peace. Markets crash regardless. Markets can go flat regardless.
Mike:So let's not make an assumed conclusion that they're correlated directly. They're not. Those would be my closing words for for that topic. I don't think, anymore will be helpful or appropriate. I wanna stay within my specialty and not pretend to be a specialist in something that I'm not.
Mike:Yeah.
David:I think mission accomplished.
Mike:That's all the time we've got for the show today. If you enjoyed the show, consider subscribing to it wherever you get your podcast. Just search for how to retire on time. Discover if your portfolio is built to weather flat market cycles or if you're missing tax minimization opportunities that you may not even know exist. Explore strategies that may be able to help you lower your overall risk while potentially increasing your overall growth and lifestyle flexibility.
Mike:This is not your ordinary financial analysis. Learn more about Your Wealth Analysis and what it could do for you regardless of your age, asset, or target retirement date. Go to www.yourwealthanalysis.com today to learn more and get started.