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Welcome to How to Retire on Time, a show that answers your retirement questions. Say goodbye to the oversimplified advice you've heard hundreds of times. This show is about getting into the nitty-gritty so you can make better decisions as you prepare for retirement. Text your questions to 913-363-1234 and we'll feature them on the show. Don't forget to grab a copy of the book, How to Retire on Time, or check out our resources by going to www.retireontime.com.
Welcome to How to Retire On Time, the 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 digitally for free on retireontime.com, or you can go to Amazon and buy a paper copy. 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 preparer, which means when it comes to financial topics, we can talk about it all. Now that said, please remember this is just a show.
Mike:Everything you hear should be considered informational, educational, as in not financial advice. If you want financial advice, you can request your wealth analysis from me and my team today by going to www.yourwealthanalysis.com. With me in the studio today is mister David Franson. David, thanks for being here. Yep.
Mike:Glad to be here. David's gonna read your questions, and I will do my best to answer them. You can text your questions in at any time during the week by texting (913) 363-1234. Again, that's (913) 363-1234, or you can email us at heyMike@howtoretireontime.com. Let's begin.
David:Hey, Mike.
David:How much more can the market continue to grow?
Mike:Oh, man. So it's all about expectations. So if you look at what the market was in the seventies and eighties, it was like, oh, we have conquered the seas. All was well. We can't really do much more than this, and then we grew.
Mike:And then you look at the 2,000 era. We've got the .com. We've expanded. Like, the market can't really get much higher, and it just continues to get higher. We have, in some sense, unlimited resources of industry.
Mike:Let me explain what that means. Not saying we have unlimited resources, like metals, but we are humans. We are creative. There's unlimited creativity available to us. We have soon spaceflight in this whole frontier of industry that's that's ahead of us.
Mike:We have AI. We have we have all sorts of ways that we could structure things. And then in addition to that, the globalization of the Internet through Starlink and its competitors, the globalization of skills and the gig economy. So for example, Fiverr. You can go on Fiverr and get someone to help you with graphic design or any gig really anywhere in the world.
Mike:That's feeding into their economies. I mean, it's we are a global economy connected at a click of a button. So there is so much growth potential. It might seem like, oh, the market's high, the market's overpriced, but the markets should continue to grow for a long, many, many years, if not a hundred more years, if not even further than that. So I would never be concerned about, oh, is the market overpriced?
Mike:If you're invested, you need to be a long term thinker. And if you're long term, then just remember that the markets have always grown. It has dips. It has flat market cycles. It's roller coaster like feelings, But, I mean, there is so much opportunity when you consider what we could do in the globalization.
Mike:I think about the poverty level of what it was like since the eighteen hundreds to today. It was in the eighties. I think 40% of the world had extreme poverty. Today, it's like 8.7% of the world. That's wild.
Mike:That's capitalism and free markets. Yeah. Building businesses that, yes, make money in other countries
David:Mhmm.
Mike:But is also facilitating jobs. Are all the jobs fair? Are they all no. I'm not saying it's perfect, but I'm saying that there's a lot less people that are struggling to eat. There's a lot more industry.
Mike:There's a lot more opportunity than there ever was in the history of the world. 40%, I believe, of the S and P five hundred's company's profits come from overseas. We are continuing to expand to grow. I mean, look at the tech industry in India. India was a struggling country for a long time.
Mike:Now it's booming. There's so much opportunity there. I think China's a fascinating story on the growth that's happened. I mean, you've got the Indonesia, The Philippines. I mean, there's so much opportunity out there.
Mike:Africa, and what it's been able to do over the last couple of years especially. So there is so much opportunity for growth in the private sector, so much innovation that we haven't even thought about. I would not be concerned about a top of the market from an infinite standpoint, because we will continue to innovate. The American spirit really is a rebellious spirit. It's challenging how things are.
Mike:It's looking for efficiencies. It's looking for how to do things better. We are rebels at heart, and that's a beautiful thing. And so as we foster that spirit, as we challenge what we thought was the limitation and continue to expand, there is so much opportunity out there. It's almost overwhelming.
Mike:I think the markets as a whole will come. Now will all businesses be successful? No. Will businesses fail like Buy Buy Baby and Toys R Us? Absolutely.
Mike:So you you wanna make sure you're up to date on your investments and things like that. We're living, I think, on the precipice of one of the largest moments of growth in human history. That's exciting. Yeah. And it's because of AI, robotics, pharmaceutical, space.
Mike:I mean, it is is out of this world. Hey. I see what you did there.
David:Yeah. So it sounds like what you're saying is if we just sort
Mike:of take the blinders off and realize it's that there's
David:a whole lot more economy out there than just the American economy.
Mike:Yeah. We're not trying to do the same thing over and over and over again. We're trying to really figure out what more could we do. I mean, look at, for example, Neuralink. I think there's three cases now with Neuralink.
Mike:And if people don't know what that is Neuralink is you put a chip into your brain that's helping you basically combat disabilities of things that we thought were incurable, neurodegenerative diseases, that you can't move, but now you can control things with your thought. That's science fiction, but in real life. It's happening. It's wild. Now imagine the prosthetics industry where they're replacing legs, and now you can put a chip into your head if things continue to evolve as they are, to where people that have lost a leg now have a leg where you can wiggle your toes, your robotic toes.
Mike:That is a potential booming industry. Think about people with cerebral palsy. Is this gonna help with that? I'm not a medical professional. All I know is that's just one example, and then you got the robotics, you've got the AI, you've got the space travel, you have the pharmaceutical, you have the innovations of our experiences, the client servicing.
Mike:You've got the I mean, it's factories, how factories are being developed now, how cars are being developed now. We are changing how things are happening.
David:Self driving becoming a thing with Waymo.
Mike:Do not limit yourself on growth. I'm very bullish, and that's a jargon term of saying, I believe we are going to have incredible growth over the long term. I think the best is yet to come. Does that mean we have a smooth ride? No.
Mike:No. Will there be ups and downs? Yes. Is there regulatory risk for different companies? Yes.
Mike:Are companies gonna get greedy? Yes. Are there gonna be some over leveraged companies? They take on too much that and it cripples them, yes. Are there gonna be stupid leaders, stupid CEOs that make dumb decisions?
Mike:Yes. So let's not paint the picture of all is well. Let's just say that I think the best is yet to come, and we live in a very exciting time. Anyone that says the American dream is dead is foolish. There is so much opportunity.
Mike:If you think, oh, my career path or oh, I the jobs aren't paying that well, wake up because there is so much opportunity. It is incredible. So for all of you listening right now, you've got kids, you've got grandkids that are concerned about the markets, just sober them up a little bit. There's some really cool things. Can you get a job and just show up and make a good wage?
Mike:No. Those times are done. Those jobs are overseas. It's not that way anymore. Your first couple of jobs, yeah.
Mike:But the need for a skill set is required now. It's not optional. This isn't skill set optional. This is skill set required. You've got to develop a skill that is marketable and needed for our evolving economy, but the potential is just incredible, and you don't need to be an engineer to do it.
Mike:You don't need to be a developer to do it. There are so many ways that you could participate in what's about to happen. 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.
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