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Real World Retirement is a podcast hosted by Alexander Pushman, dedicated to exploring all aspects of retirement planning with the help of expert financial advisors. Each episode dives into crucial topics like Social Security, investing, taxes, legacy planning, and income strategies, offering real-world insights and practical advice. Listeners are encouraged to stay engaged by following the podcast, sharing their questions, and shaping future episodes tailored to their retirement needs.
00;00;00;00 - 00;00;01;22
Unknown
All right everybody welcome back.
00;00;01;23 - 00;00;18;05
Unknown
Real world retirement. The podcast I'm your host Alexander Bushman. And I know there's a lot of you out there who, you know, have been have been kind of walking down this journey with us and watching all of our episodes and getting engaged with our social media. So we appreciate that. And there's been a lot of great feedback.
00;00;18;05 - 00;00;34;19
Unknown
So I just want to make sure I encourage you, the audience or the listeners, whether it's YouTube or just a podcast or you find us on social media, please make sure to engage with us. Right. Following, again, social media channels, YouTube, but also the questions, comments. We had a lot of people reaching out with questions.
00;00;34;19 - 00;00;50;08
Unknown
Want to talk to actual advisors and get advice, which is exactly why we want to do this. This is all based on education. So we just want to say thank you for joining us. And again, this is your first episode. Hopefully you're walking away with a couple good nuggets. Something to get you thinking. So again I'm Alexander push my I am your host.
00;00;50;10 - 00;01;10;26
Unknown
Today I'm fired up. We got we got, advisor here, financial advisor Matt Mackey. He is a very interesting advisor because he has a much different background than a lot of the advisors that I've historically met and and interviewed on the show. So, Matt, do me a favor. I always like to start the show. What what got you into the business?
00;01;10;26 - 00;01;32;16
Unknown
Why? Why? Financial advising? You know what? What are you passionate about here? Yeah, yeah. I think, for me, it's truly a story of of two parts. So I, I found my way to finance, and, you know, through school, I love math, and I love problem solving and strategy. Okay. So my natural tendency was engineering or finance.
00;01;32;16 - 00;02;03;14
Unknown
I landed in finance, and, actually started in corporate finance and technology finance. I loved, technology, creating things five, ten years out. And I worked in, that field for about 15 years. Right. And I absolutely loved it, working with engineers that were the smartest engineers in the world at what they did, was awesome. But through that experience, I started managing friends and families portfolios.
00;02;03;14 - 00;02;27;02
Unknown
Okay. And, what what really turned into a job I thought I loved? I learned that I love something more, and it wasn't, just driving, you know, financial objectives and goals for shareholders that I didn't know was actually personally helping people that I developed a relationship with. So I left the job that I really liked to, something I really loved.
00;02;27;02 - 00;02;51;20
Unknown
And so this is this is my, my dream job. I love numbers and and strategy my, my whole life. But now doing it for, people that I just have relationship with and, and actually care about is, is is really how it happened for me. And I love that. I love that and and it's interesting because you weren't you weren't working for some, you know, mom and pop shop.
00;02;51;22 - 00;03;13;26
Unknown
No. Mostly fortune 500. Experience and you know, there was there was two things I did a lot of that we're going to talk about more today. I'm excited is, you know, doing competitive intelligence. Yeah. So looking at, what our competitors were doing, what can we learn from them to get to get better? And then I did a lot of, M&A in mergers and acquisitions.
00;03;13;26 - 00;03;42;10
Unknown
So evaluating small companies financial statements, their strategies, their goals and objectives, and seeing if there was opportunity to acquire them for their intellectual property. So, you know, I think there's and again, I know, you know, obviously a wealth of information on the subject. But today's episode, right. The family CFO, the family CFO. And you say, well, what is the family CFO just for all you listeners out there, I'm going to ask Matt his opinion, because that's what we're here today.
00;03;42;10 - 00;04;00;12
Unknown
Yeah, but CFO, all that means is chief Financial officer. Right. The family CFO that's kind of how I look at my business when I'm when I'm working with the families I work with, the clients I have, I try to see myself as their family CFO. Right. And I loved when you brought that up. Is you like saying, hey, I think this is the topic I want to talk about today.
00;04;00;14 - 00;04;25;08
Unknown
And two real main components, right? There's, there's a financial statements piece. Right. And then there's, you know, good habits start early. And I know you're going to dive into both of those kind of those topics. But you know what? When, when when you say the family CFO, what does that mean to you? Yeah, yeah. And CFO can be a I guess the overwhelming our or our, overwhelming term or it's it's complicated.
00;04;25;08 - 00;04;45;25
Unknown
We think it's a head honcho, right, of a big, big company that's talking about markets and and earnings calls and earnings statements. But, it's really just like the head of the household or family that really takes charge, right, of the family's financials. And I've usually found, in, in the families I serve, that there's usually one person that takes the lead right there.
00;04;45;25 - 00;05;09;09
Unknown
Can be co CFOs of the family, but usually there's that one person. Right. That is more responsible or has more of an interest or is just in charge, right, of the family's financial health. So, that's how I think of it. Yeah. And in my practice is is just that person that's, you know, accountable for the 360 degrees of the family situation financially.
00;05;09;09 - 00;05;27;06
Unknown
Right. And that makes sense because I know what you mean. And like it's almost like if you're going to do your job effectively, right, they may be the CEO of their company, and you're the CFO who they've hired to handle the the money. But they're they're the one who has a final call. Yeah. That's a that's a great example.
00;05;27;06 - 00;05;44;06
Unknown
You know. Yeah. Totally agree. And I think even for the young people that, I work with a lot, which is great, we're going to talk about more, but, you know, they're, they're, they're, they're own CFO. Right. To every you know, if you don't if it's just an individual situation. Absolutely. You can be your own CFO. Right.
00;05;44;08 - 00;06;02;08
Unknown
And are you engaged or not in your own money is the good question. Yes. Yeah. Right. That is. Yeah. And, and that's, that's what we're going to talk about. I think more just getting off to a good start, how to start, what to be aware of. Yeah. Let's let's go into that. So like you know I know we'll talk about financial statements.
00;06;02;08 - 00;06;16;07
Unknown
And that's where you're going to get into your your corporate background and kind of walk people through and connect those dots, which I think makes a ton of sense when you say, you know, you want to you want to get started early, you want to start good habits, really kind of walk me through some of the best practices that you've identified.
00;06;16;07 - 00;06;46;07
Unknown
Yeah. I think, and this is this is why I'm so passionate about coaching and working with younger people. Because often, right, when we're working with somebody in retirement, it's like we could have avoided some of the challenges, actually, if we started early. So. So what are those things? First is just understanding your cash flow. This is that that first statement, your cash flow statement, which is basically we can think of in our in our family planning as a as a budget.
00;06;46;09 - 00;07;10;11
Unknown
Yeah. Amen. How much is coming in and how much is going out the old pal. Yeah. Yeah. That that that statement of cash flows. So am I, you know, losing money each month or am I am I have a surplus right now. Cash flow positive. Right. And so I think that's the starting point is understanding how much actually excess money I have each month that I can invest it.
00;07;10;11 - 00;07;41;22
Unknown
And then we go where where do we put it. And that's always I think the foundational starting point, with the families I work with and we review every year or every quarter is understanding are we is is more money going out or is more money coming in. Amen. How long that money might last? Right, right. And I love that because I think back on a lot of the times, really the only times I shouldn't say the only, but most of the time, the only times I'm talking to a younger couple is if my clients are like, hey, I need you to kick my kid in them, you know?
00;07;41;22 - 00;08;05;04
Unknown
You know what? And get them going here. Alex. They want that to me. Yeah, yeah. So, you know, I'll have those conversations, but I, you know, we we run those income plans or those savings plans, right? Because they're saving, it's amazing what compounding interest can do from a young age, you know, and it's almost scary how, like, you know, you'll have somebody who's, like, seeing, like, $12,000 a year, right?
00;08;05;07 - 00;08;22;12
Unknown
That's right. And and all of a sudden there they got, you know, their retirement 5 million. Right. So again kind of going down that so you have a hey let's understand your budget and we start there. Right. One on one. Now the first thing is awareness because you got to know how much you got coming in. You gotta know how much you're spending.
00;08;22;14 - 00;08;44;27
Unknown
Where do you go from there when you start looking at like good, good early. Yeah. You know what I've, what I found is most people have a good idea of what's coming in, right, right. But with my paycheck. Right. I know it's coming in, but I actually don't know what I'm spending. I don't know how much excess I have, and, you know this this is important, too, because I've found that, you know, people can have a great income, six figure income.
00;08;44;27 - 00;09;05;19
Unknown
Right? But they might actually still be broke or not have a lot of assets longer term to plan around. That's kind of related to the next financial statement, but I think it's the spending awareness. Okay. Right. What. Yeah. What's going out the door. Yeah. And why. Right. And is it is it valuable. Is it is it a priority.
00;09;05;22 - 00;09;29;24
Unknown
Is it worth potentially throwing in that extra hundred bucks a month into a Roth IRA, for example? Yeah. And then you get that compounding interest that you're talking about. So I've, I've found that, you know, most people understand what's coming in. Yeah. They know that. They know that top line. But there is a whole, complex set of things that are really personal to each person's life on the expense side.
00;09;29;26 - 00;09;44;29
Unknown
Yeah, it's a good point. And like, when you meet families, it's like we always joke around about it. Advisors obviously were like, hey, you know, ask a room how much money they spend. And it's like, literally like maybe three couples know the answer right on the spot. Otherwise we're pulling it out. Going down, you know, oh, how are utilities?
00;09;45;06 - 00;10;02;21
Unknown
And I got to check too. I mean, I'm a financial guy, but I, I, I don't actually know maybe what my pattern was. I'm, I'm planning for a new, new baby, for example. And I know my, my spending has gone up getting the, the nursery room ready, so I it's, it's not a one time answer, and that's why I always bring it up.
00;10;02;21 - 00;10;19;13
Unknown
That's a great point. That's a great point. It's not a one time answer. And every time it's like the first questions out of, you know, I know for me, and, you know, how much are we spending right now because that that hey, that target is moving, right? That is a great point. And expect that that happens. And here's one thing I would say.
00;10;19;19 - 00;10;36;09
Unknown
If you are somebody out there and you're like, oh, you know, it's it's the new year, right? I'm going to have a goal and I'm going to get my, my act together and get a budget and a savings plan and go do all these things. I want to encourage you, if you historically have not done that. And there's always those people, I'm not a budget guy.
00;10;36;10 - 00;10;59;27
Unknown
I'm not a budget gal. Do us a favor, please feel free to reach out to us. We have all the different softwares and technology to help you, and a lot of times just knowing and taking the time to sit down and spend 30 minutes and understand your financial situation. I always tell people like, hey, if you want to actually know everything about today and the future of your financial situation and establish goals, I need about an hour and a half of your life.
00;10;59;29 - 00;11;13;08
Unknown
That's not a big ask. And if you're not willing to put an hour and a half into something so important, odds are you know you can take the horse of water. You can't make them drink. So I would encourage everybody out there, if you're sitting there, you don't have a budget. You're not really sure what your your monthly expenses look like.
00;11;13;10 - 00;11;29;25
Unknown
Please reach out to up with Matt Mack and walk you through it. He's been doing it for fortune 500 companies for over a decade, you know, and, and not to say the countless families he's helped. So, just want to encourage everybody out there because these are the simple things that you can do to help. Because the first step is awareness, kind of to man's point.
00;11;29;25 - 00;11;45;19
Unknown
So what other things do you walk down when you're saying, hey, let's get these, let's get routines going. Let's get good habits going early. We get the financial statement, we understand somebody's cash flow. We understand how much they're spending, which is the big variable. So now we know what their surplus is. What other things are you talking about?
00;11;45;20 - 00;12;07;12
Unknown
Yeah. The next one. I love talking about is balance sheet. And what's important, I think, for, for a family's plan is, is a metric in their. We called net worth. And it's, it's really assets, less liabilities. Right. So you take everything from your investment accounts, your banking accounts, your homes, the Acura you have in your homes.
00;12;07;12 - 00;12;32;28
Unknown
If you have property, you take all of those assets that you have less all of the debts, that you may have as well. So if you have that mortgage, that credit card loan, that student loan, right, you take all of those liabilities and that is your your net worth and why that's really, important. Right? Is that when we stop working, when we stop having as much cash flow coming in, we need our nest egg.
00;12;32;28 - 00;12;55;15
Unknown
We often call right a call it or a set of assets that's going to sustain us in retirement. Amen. And that's what we we go we go to next. And for example, if you have that excess income, we talked on the cash flow statement, you have some extra cash. You can invest it into an asset that's going to grow and increase your net worth.
00;12;55;15 - 00;13;14;28
Unknown
Amen. Amen. And now one thing that's interesting is because like, you know, for and I know it was really, you know, to your point, you're really passionate about working with all your all the clients and families. They have, but you really love working with some of the younger ones just pertaining to, hey, I can you kind of watch them grow.
00;13;15;00 - 00;13;38;29
Unknown
Right. And one of the things that I always do is like my net worth statement I updated every year because it changes. Every year. And it's always interesting to me when people only talk in percentages. I think net worth statements that a lot of financial advisors leave alone because they don't look at the whole picture, they're just talking about like, hey, these are your stocks.
00;13;38;29 - 00;14;00;07
Unknown
It's your mutual funds. That's the end of our conversation. If you start diving deep and you get into those assets and getting those liabilities and you can junk that with whether you know people's assets physically pertaining to whether it's liquid gold, whatever. You get a number and it's not a percentage. Yeah. You can manipulate percentages. There can be some finagling.
00;14;00;11 - 00;14;25;01
Unknown
You cannot manipulate a hard number. Yeah. That's a really, really good point. And and when when we're in retirement, we're not pulling percentages. We're pulling real dollars. Yeah. So that's that's what matters. That's what matters. And, when you start early, this is, this is I love metrics and statistics. So I think net worth is just like a cool one of, you know, younger people are familiar with their income and growing income.
00;14;25;03 - 00;14;42;07
Unknown
But actually, if they start looking at net worth and seeing that thing grow and go, oh, well, if I spend a little bit less, my, my wealth goes up and I see it through my net worth every month. Yeah, I'm throwing that extra few hundred bucks in the, in the investment account. Right. I'm saving up for that house.
00;14;42;07 - 00;15;04;28
Unknown
Or I think the kind of the 2 or 2 version is focusing on the liability side. Yeah. So if we have a bunch of type of debt, what what do I pay off first? How do I weigh that with growing my assets right. Versus reducing liabilities. But if you reduce liabilities it still grows your net worth. Amen. And to your point, it's like, all right, I got this, personal loan and I got this credit card.
00;15;05;00 - 00;15;34;07
Unknown
Probably taking the shots of the credit card. You're paying 26% first. Maybe a personal loan. I'm making it up as 6 or 7%. Right. And then diving in deep. How can we fine tune this? Cut the fat and keep moving in the right direction? Exactly, exactly. And I think, you know, another another one, I think where some advisors stop short is those retirement accounts that you have your four one kids IRAs, they actually have debt on them too.
00;15;34;13 - 00;16;03;13
Unknown
And it's called taxes. So that's kind of the the elevated, way I work with families too. Or we start when we get into the net worth statement, the balance sheet statement we start talking about actually taxes and the debt on our assets. Yeah. Right. So that number that says $1 million in A41K or an IRA actually could be 10 to 40%, less, depending on how much tax you pay.
00;16;03;15 - 00;16;24;03
Unknown
I've never heard somebody put it that way. And I really like that debt on your investments. Right. And if when we start talking about generational wealth and legacy planning, to think of it this way, if you died and you had a mortgage on your house and you're you're leaving that house to your kids, you think the mortgage company is going to say, yeah, forget about that loan.
00;16;24;04 - 00;16;45;16
Unknown
So we're good to take the house. Take it, free and clear. Right? No, not half the same thing with the IRS. Yeah. You continue to pay taxes, in death, and your kids will be. Your kids are going to have to pay that. So that that is kind of a, a thing, too. We work around as tax strategy within the balance sheet.
00;16;45;17 - 00;17;10;06
Unknown
Right. And I love that. And, you know, I think what's always interesting when I talk to you about any of these financial topics, your perspective is, you know, I always tell people like, hey, I have a process here on how I can give you answers, educate you on your own financial situation. I have a process, and I have to trust my process to do my job and make sure things don't slip through the cracks x, y, z for you.
00;17;10;09 - 00;17;29;04
Unknown
What I thought was really interesting as soon as you kind of got into the field, and as you've acquired clients and have you kept rocking and rolling and being in the industry, you still stick to your your corporate process of how you do things. But I think that's smart because to your point, you're dealing with a I mean, I don't know, would it be a multi-billion trillion dollar company?
00;17;29;04 - 00;17;58;18
Unknown
I don't know, but my point being is you're dealing with massive mergers and acquisitions, right? You're dealing with all these, you know, competitive intelligence. Right. And you go through those process. There's a reason there's a process. And you just plug that into people's personal money. Yeah. And I mean that that was that was the dream job. Like why I came because I realized a lot of these concepts, we just tweak them a little bit and they work from, from big corporations to, to families.
00;17;58;18 - 00;18;20;23
Unknown
And, you know, we often look at different key performance indicators. Yeah, yeah. What are those cool KPIs we can monitor for for families and make, you know, establish trends, establish good habits, and, and show the performance through actual results. I love that and show it back to to, you know what those good habits are doing?
00;18;20;23 - 00;18;38;00
Unknown
I think that's very reinforcing to young people. Oh, absolutely. Absolutely. I think anybody. Right. Of course. Young people, you got a longer runway. But what we both know too is you got somebody who's retiring next week or just retired or a couple of years from now, fourth quarter. Right. You got to punch that thing in the end zone.
00;18;38;02 - 00;19;00;09
Unknown
Right. And and you know, you might not have as much time, but it doesn't mean there's not an opportunity to make improvements. Right. That's a very good point. What other what other things do when you're looking at it. You're kind of going through your process. So you know, you already kind of talk about the debt, on the investment taxes, which I love that one of the things are you walking down when you're where you're kind of going down that path.
00;19;00;09 - 00;19;28;03
Unknown
Yeah. So the, you know, the the third one I call is the profit and loss statement, or the income statement. And, you know, if you pay attention in the markets, we all heard her hear about earnings season. Right. The quarter we have earnings season. Right. And what analysts are often looking at is that PNL statement. And basically this says what is the net profit or income that you made over a period of time, whether that be a quarter or a year?
00;19;28;03 - 00;19;52;15
Unknown
And you could think of this one in the context of a family situation as a 1040. So right that that form you got to go file says how much income you brought in, less any expenses that you had to calculate how much tax you. All right. Right. So that is the next area we, we focus on a lot and look back at our, our family's actual statements.
00;19;52;15 - 00;20;13;24
Unknown
Tax statements, understand where we've been right to develop strategies for the future. Got it. So that that's the cool part. I think looking at trends, looking at performance, how we did last year and then taking and learning some from from that of what can we do this year to improve that net income or reduce those taxes? Would we like would we not like what went well, what what didn't go well?
00;20;13;26 - 00;20;35;13
Unknown
Right. One of the things I think about when we start talking about that we're getting into, like the profit loss piece is, numbers reveal themselves, right? And oftentimes you might meet with somebody and they'll say, oh, I, you know how much you spend a month, oh, seven grand. You know, like, okay, well, between the two, you guys got 12 grand, and you're also telling me you have nothing in the bank.
00;20;35;15 - 00;21;00;15
Unknown
What? Where's the leak? Right, right. You know, getting back to you because you have all these different financial statements and you have all these different things that you're looking at every single year. They're going to reveal themselves, where there's problems, opportunities, y, z, you know, can you give me an example of maybe a client, you know, a situation that you recently are in?
00;21;00;15 - 00;21;25;10
Unknown
We're going through this process, walking them down these steps to help educate them and give them awareness. Something came from me like that was that's a win. Yeah. So I had, a family that owned a small business. They were actually in the, the, editing field and, and Hollywood production. And they were okay. They were, high, high income family, about 500 K per year.
00;21;25;10 - 00;21;49;04
Unknown
They were earning. Right. It's it started relatively quickly that they they started making more, more income, pretty fast. They got some new new jobs, new gigs on, on new movies. And we looked at that, that, that, you know, the, their tax fine and, you know, they're in that high of a tax bracket. They were paying near 30% effective tax.
00;21;49;05 - 00;22;13;28
Unknown
Yep, yep. So when we when we looked at that we said, how do we how do we go reduce this. And we looked into the solo for one K as well as an HSA. Got it. Got to reduce the taxable income. Right. And we saved we saved them about $20,000 in taxes immediately the next year by just establishing HSA is and solo for when K is for that family.
00;22;13;28 - 00;22;43;20
Unknown
Yeah. Legitimately setting up retirement accounts for their future success. Save them 20 grand a year. Year one on the other side of the fence. Exactly. Just by having a plan. Right? Right, right. And that that's where you like you said, you uncover those things through the actual statements and the results from the prior year. Yeah. Yeah. So that that was, you know, a cool one where it was something we could we could save the money immediately, save tax money immediately for that family.
00;22;43;27 - 00;23;02;19
Unknown
And they're paying themselves for their retirement in the future. You know, that's a good point, because I always say this, and I don't think we ever even talked about this on the podcast, but oftentimes, and I know you can agree with me because we've talked about this in the past. It's like you have, somebody who's in real estate, right?
00;23;02;21 - 00;23;25;14
Unknown
You have a small business owner. It's so hard for them to talk to, especially business owners, to invest and not invest back in the business. Right? You know, any small business owner I know, they're like, well, I got I got to invest in the business. And then I'm like well what about you. What happens. You just going to you're just going to keep feeding into this, this business.
00;23;25;14 - 00;23;43;19
Unknown
Now it may or may not be successful whatever. But then it's 30 years from now and you don't, you ain't crossing your fingers that you can sell this business. Right, right. I need 3 million out of this thing or I'm finished. Don't put yourself in that spot. Same thing with real estate agents. Right? Exactly. I usually only see them buying properties.
00;23;43;19 - 00;24;04;26
Unknown
They're not putting money into a 401 or whatever the story can you give me? Because that's a perfect thing. But I think that's a big one, is getting somebody to start doing something on a monthly basis, be basis, you know. Yeah. And giving you that. Yeah. Those, those key CEOs and owners of small businesses, often they don't have our our topic today was a CFO.
00;24;04;26 - 00;24;21;01
Unknown
Right. Right. So they're looking at it from a CEO perspective. Yeah. The family CFO. We're always going to we're always going to drive this business. We're going to grow it. Yeah. Right. They're looking at an operations and strategy, but not the financial statements. That's a great way to and that's, that's where that's where that CFO comes in.
00;24;21;01 - 00;24;42;10
Unknown
And, building that muscle, I think taking a different lens, that's that's the CFOs job. Oh, man. What if things don't go right? You know, where are the opportunities, actually to give more time for the strategy to work? How do I improve that cash flow? Yeah, where I can maybe reinvest in the business or take some risk off the table and put it into my retirement?
00;24;42;10 - 00;24;59;21
Unknown
Like, that is the constant balancing job of the of the CFO. And I think, you know, to your point, if you have somebody who's doing their job well, I, you know, I, I always tell people, listen, I'll talk about whatever you want to talk about, but we do need to talk about more than just your investment accounts or your bank account.
00;24;59;22 - 00;25;19;15
Unknown
Right? Right. We need to have a talk. What's your insurance looks like? Are you covered? Are you not exactly. Yeah. That that 360 degree view is very important. And I think, you know, some some advisors will stop there, especially with, with the run the markets we've had, it's easy to talk about hey, your accounts up 10%, 15%.
00;25;19;15 - 00;25;41;03
Unknown
Right. Great job. See you next year. Bang. Yeah. But that that CFO jobs always active management. Yeah. Right. It's it's it's forward looking looking at tax rules changing looking at what are potential future expenses. Right. Where if my loan's going to go up in interest rate, should I be paying that down. Right. That's that active management of the CFO.
00;25;41;03 - 00;26;04;08
Unknown
That's not just looking backwards but but looking forwards utilizing the results of the past. Yeah, I love that. Anything else that you would add or any more parts of, you know, because again, when you say that the family CFO, there's a lot to that. It's somebody to educate you to make an informed choice. It's somebody who you're transferring that risk saying, hey, listen, I'm more comfortable.
00;26;04;08 - 00;26;37;23
Unknown
Matt does this for me. Because I got other things I got to do, right? Not saying it's not important, but I'm going to hire an expert to do it. In theory, any other things that you've seen is like, hey, get started early. Things that work. Well, yeah. You're really good at this, Alex. You taught me a couple things of how you support your families, but what resonated with me and what's worked well as a CFO is not just the the person that's saying spend last or, put it in this investment, but it is an accountability partner.
00;26;37;25 - 00;27;06;06
Unknown
So it's the person that's keeping it on track okay. And it's also the objectivity person usually in the, in the family. Yes. Right. Try to get less emotional about things. Right. Try to understand if things don't work out perfectly what is the plan. And that's where for some families I see it's, it's easier, but, often that's why you have an advisor to be that secondary CFO, right?
00;27;06;13 - 00;27;25;17
Unknown
Somebody that's keeping you accountable and being objective about things. I love that, and you just hit two monster points. Number one, the accountability. I joke around about it and I, you know, we've talked about it. Yeah. I go into a meeting and let's say it's six months later, hey, we're all walking out of the meeting six months ago saying we're going to do X, Y, and Z.
00;27;25;17 - 00;27;43;20
Unknown
This is what I got to do. This is what you got to do, right? And people often will call me like two days before our follow up meeting. They're like, hey, I don't do what I have to do again, right? Yeah. I'm like, I feel like I'm cracking the whip for anybody, but it's that accountability partner. And then the second piece I always joke around, it's it's Rhino.
00;27;43;23 - 00;28;04;03
Unknown
I say I have rhino skin for the markets. Right? I'm I getting emotional? You're people are paying us to not be emotional. Right, right. And so I think the two home run home run points that are just you could unpack the, the the the family CFO thing for probably an hour and a half, two hours straight. Right. And not be done.
00;28;04;06 - 00;28;26;07
Unknown
But I think that's two amazing points that people should think about. And again, you should be thinking to yourself, do you have a do you have a family CFO? You know, if you're sitting out here and you're getting ready to retire or you are retired or you're 28 and you just got married, you're going to have a kid and you want to build, well, you know, there's nobody that can't get education and awareness.
00;28;26;07 - 00;28;56;16
Unknown
Yeah. The financial acumen is is best early and often. And it's always continuous. Right. Things are things are changing. The dynamics when you're young are very different when you're retired. The way we invest when we're young is different than when we're retired. Right. So it's the learning is never done. Right. But, no, I, I think, having, having that accountability partner and somebody that's subjective is, is extremely important.
00;28;56;16 - 00;29;17;10
Unknown
And if you need somebody else, that third party to help you do that, I think it's a great investment. I agree. And if you're sitting out there and you've ever talked to somebody again, I want to encourage you to to engage with us. Matt, Matt is a great resource, and I love how he does it. If you are a small business owner or you're kind of more used to that corporate space, I've seen it.
00;29;17;10 - 00;29;32;13
Unknown
You'd be a great fit for a lot of people because you guys talk the same language. You know, you kind of walk them through your corporate process and you're just using in your mind. And I know you've said this. It's like, hey, I'm just looking at the family as if, like, would I make the investment if I was them?
00;29;32;15 - 00;29;56;11
Unknown
You know, am I if I'm there, if I'm their quote unquote guy, it has to be of all things, not just one. That's right. You know, anything else you would add, Matt? Because I think, you know, this is a good episode to get people thinking. Again, a lot of people in that fortune 500 space and how you connect the dots with families in your past life of working in that space, I, I love it, I, it makes sense and it's always fun to watch it kind of go with with families.
00;29;56;11 - 00;30;19;08
Unknown
And what comes out of those plans. Right. Right now, I think just a reminder of understanding where your cash is going. Understand what debt is out there that you have understanding your tax liabilities and connecting that with your investment choices. There are options within your account. Right. So it's the holistic plan. It's all got to be working together.
00;30;19;13 - 00;30;38;20
Unknown
Those three statements I love it. The 360 view. Yeah. Right I'm and I'm going to steal that. For the record the the debt on the assets I've never I've never heard somebody talk about taxes in that fashion. I think that's a phenomenal point. So anyway, Matt, thank you for joining me today, man. It's always good to talk to you.
00;30;38;20 - 00;31;03;26
Unknown
I always I was get some good thoughts I yeah, but you know, make me think and it's always a pleasure. So thank you for coming I appreciate it. Thanks for having me. Absolutely, absolutely. So, real world retirement, the podcast again. Make sure you subscribe, follow us. Hopefully you're getting some good nuggets out of this. If you are somebody sitting out there and you're thinking yourself, you know, I do have a CPA, I might have a financial advisor, but I don't feel like I have somebody really running all areas of my situation.
00;31;03;28 - 00;31;21;17
Unknown
You know, the family CFO that we're talking about. Please, please, again, let us know. These are the things that we feel are the biggest home runs. We want people to learn, but we also want to help take actions, be people's accountability partners, like Matt was saying. So again, thank you for joining us on the Real World Retirement Podcast.
00;31;21;24 - 00;31;36;28
Unknown
Again, I'm your host, Alex Bushman. Matt McKee, thank you again for joining me. And, we will see you on the next episode. God bless.
00;31;37;00 - 00;31;40;29
Unknown
If you.
00;31;41;01 - 00;31;41;18
Unknown
Do 744.