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Believe it or not, Mick Jagger has dispensed a lot of retirement planning wisdom in his life. Granted, he didn’t mean for these statements to have anything to do with money when he said them, but we’re here to weave these quotes into a financial lesson. Important Links Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript Of Today's Show: Speaker 1: Hey, everybody. Welcome to podcast number 50, here on Plan With The Tax Man. I think that's right, anyway. We're going to have some fun here on our episode, our 50th ... our 50th episode. I started saying anniversary, because Tony and I were talking about musicians' anniversaries, right before we started doing this. And that's actually going to be our chat this week. We're going to talk about retirement planning advice with Mick Jagger from The Stones. So obviously, they're coming up on like 60 years as a group, which is absolutely flipping amazing, Tony. Are you a Stones fan? Tony: I am a Stones fan. I didn't really ever enjoy them growing up. But now that I'm a little older, I do appreciate their music. Yeah. Really good. Speaker 1: Yeah. 60 years. Crazy, right? Tony: It's incredible. Speaker 1: There's marriages, a lot of marriages, that don't last that long, let alone a rock band, in a rock band marriage. And we were talking about the three original guys. It's still Keith and Mick and the drummer, Charlie. They've swapped out a couple ... but even the secondary guitar player, Ron Wood, I think he's made the joke that he's been the new guy now for 40 years. Tony: Yeah. Right. And to think, within the rock world, how many bands eventually go their separate ways and end up fighting and leaving. And these guys have hung out, and to be able to do what they're doing at the age that they're doing it, for so long. And you just think, if you could sit down with these guys, what kind of life they've had. Speaker 1: Still pretty crazy. And of course we've all seen, I'm sure, different memes and jokes about ... we got to start thinking about what kind of world we want to leave for Keith Richards, right? Tony: Yeah. That's right. Speaker 1: You know, because he's just going to be around forever, it seems like. So I thought we'd have some fun with this, because, believe it or not, Mick actually has dispensed a lot of retirement planning wisdom in his life. Now, granted, he might not have meant it to be financially based, but these statements actually work pretty well when it comes to money. So I grabbed a couple of these and I thought you'd have some fun with some of these, Tony, and then maybe you could give us your spin on it, okay? Tony: Sure, sure. Speaker 1: All right. So here's some Mick quotes for you. First one, "The past is a great place and I certainly don't want to erase it or regret it, but I don't want to be its prisoner either." Genius about any walk of life really, but financially speaking, we do tend to do that. We kind of just hang on to our financial failures sometimes, and become its prisoner. Tony: We do. And I think, for most of us, we hang onto a lot of our failures too much. I know I have done that in the past. You focus on everything that you should have did. I mean, you can't, as I've aged, you can't change it. All you can do is learn from it and move forward. And with finances, it's the same thing. I mean, there's no way to go back and start earlier. You just have to pick a spot and go forward from there. I think, with him ... I mean, again, we were talking before, he's probably sitting there at his age looking back at all the ... probably a lot of failures that they've had over the years and things. I'm not talking money wise, because they're all set, but, musically, I think that's where he goes with that, is one of the reasons they've been able to be so successful, is maybe they don't worry about that too much. I think we probably need to do more of the same, especially in the financial area. Speaker 1: Yeah, yeah. I think it's probably, definitely a fair point. We all do that a lot with our past life. And I mean, again, the past can be a great place and many times we want to go back and revisit it. But unfortunately we just can't. Some folks will say, "You couldn't pay me to go back to high school." And others would be like, "Oh man, I'd love to do high school all over again." But it's neither here nor there, because clearly it can't be done. Speaker 1: So when it comes to financial, we've got to sometimes move on from maybe a bad investment or a situation or maybe an advisor situation or something that just didn't pan out well. And I think we let that affect our future judgment. "Well, you know what? I had this bad experience with an advisor 10 years ago, so I'm just never going to trust another one." And I get that. But at the same time, as you get closer to retirement or your needs change, you may have to really let that go and rethink that a little bit, because it's really complicated now. And it just continues to get more complex, the world of retirement. So having somebody on your side can go a long way. Speaker 1: And that's where meeting and having a couple of meetings, and most of the times these things are complimentary, and finding the right one, Tony, comes into play, making sure that you get the warm fuzzies and going through some process that it's going to be a good relationship. Tony: Yeah. Speaker 1: All right. So number two, "Lose your dreams and you may just lose your mind." Retirement's all about dreams. Tony: It's all about dreams. I mean, you have to start with that, because you've really got to take some time to figure out what you want to do or not do in retirement. And with people living statistically as long as they are, you could have a long time in this stage. And so I'm of the thought process of, I want to have all my affairs in order, but boy, I sure want to, if my health allows, go out and do the things I'm capable of doing, because in retirement, if you are lucky enough to live a long time, the body tends to wear out a little bit. And so you want to do some things at certain times that you're physically able, and then you got to dream a lot. I tell you, after I hit 50 that I do a lot more dreaming of that now than I ever did. Speaker 1: You and me both. Our last podcast, we talked about age and wisdom, and I think that's a side effect, right? Tony: It is. It is. We were just talking about it not too long ago, again, about how much we want to travel and what we want to do and everything. It's just dreams at this point. But I think the other thing is, you've got to start there, but you also got to then, once that's the case, figure out, "Okay, that's the dream. How are we going to make this happen?" Speaker 1: Well, I think, like you said, it's all right to dream, but you got to have a starting point, but if you want to make those dreams a reality, you got to put some plans behind them. My wife and I are completely polar opposites, unfortunately, when it comes to ... I'm like, "Whatever, we'll just wing it. This is fine. We'll ..." and I don't mean retirement, but I mean like, "Let's take a quick three-day trip" or something, and it's like, "Well, let's just wing it. We'll just pick a general destination and then we'll wing it." Well, she doesn't function very well that way. right? She's like, "Well, when are we leaving? Where are we staying?" You know what I mean? And so, she needs a bit more strategy and plan in it, and retirement certainly can call for that, because the one thing you ... spontaneity is one thing, I guess. But winging retirement probably is not a good idea. Tony: That's definitely not a good idea, no. Speaker 1: Winging a trip, like a weekend trip, is one thing, but yeah. Yeah. So winging retirement, not a good idea. So "Lose your dreams. You might lose your mind." Great quote from Mick. And then of course, a little bit of planning can help you turn those dreams into something that makes the mind work. Speaker 1: How about, "It's all right letting yourself go," he said, "As long as you can get yourself back." And that's a nice way of looking at things, I think. He was probably talking about, maybe, emotionally or something along those lines. What if we kind of, I don't know, we lose some money or something like that? It's okay to maybe want to do something with your retirement money, Tony, just don't risk more than you can afford. I mean, it's common sense, right? Tony: It's common sense, yeah. And I mean, everybody, if you're saving for retirement, education, whatever, and unless you're just using a savings account, there's going to be times where you're not going to move forward. It's going to go backwards a little bit. And so you really just need to, again, keep an eye on it. It's okay that that happens. You just got to make sure that you have enough time to rebound, and you also have to assess your risk and make sure that that aligns with what you're trying to do. And then you won't have much of that, you know? Tony: So the last thing you want to do, especially in the financial world, is invest incorrectly. It's not in line with what you're trying to do. We haven't had this for a while, so everybody's kind of getting immune to it. It's the big rollback, back like we had in '08, '09, and everybody thought the world was coming to an end and all of that. You don't want to be on the wrong side of that, potentially. And again, everybody in ... it's out there. I mean, the markets right now just seems to be going up, up, up, and we forget about ... it doesn't always do that. And it doesn't do that forever. Speaker 1: There's a land of the down, down, down. We just haven't seen it for a while, right? Tony: That's right. Speaker 1: And it's naive to think that it won't return. I think that's the biggest thing. Tony: I think so. Speaker 1: You and I have said this now, this is our 50th podcast episode, and I know we've said it at least once or twice along the way, that it's like a Rocky movie, this market. For the last 10 years, it's like Balboa, it keeps getting punched in the face. It gets knocked down and it gets back up. But at some point, and if you remember correctly ... now, "Rocky," you might say, "Well, Rocky always wins." Technically, he lost the first one. Tony: Yeah, he did. He lost on the decision, if I remember it. Speaker 1: Yeah, technically, he lost in the first movie. So, you got to be careful, right? And we've also talked about the fact, Tony, you've been doing this 20, 25 years plus, somewhere in that neighborhood, there's advisors out there who literally don't know anything but an up market. Now, they might say, "I've been in business for 10 years," and that's fantastic, kudos to you, but you've also had an up market for 11 years. Tony: Yeah. That's right. Speaker 1: So how do you help your clients through, not just a downturn, but a prolonged downturn, because, yes, we saw the blip in 2020 with the pandemic kickoff there, but how do you handle a prolonged downturn, if you've never gone through one, not only as a client, but as an advisor? Tony: As an advisor. Exactly, exactly. It's difficult because, again, I always tell the clients ... and that's where we start out, with everybody, with a plan is, "That's our foundation, and we'll change, update the plan every year, but we really need to stick to the plan, if you want to reach whatever goals you've decided you want to do." Speaker 1: And you tweak it and adjust it along the way, obviously, as things happen. It's not a set in stone, "Hey, you got your plan on day one of retirement. It's the same exact plan on day 216." Things change, but you still have a plan, an outline. Tony: That's right. And as things get better, people want to deviate from the outline, as they .... "Well, let's just do this. Let's do that." You know? "Well, wait a minute. That's really not the plan. Here's what could happen if things start to-" Speaker 1: Right, if they deviate too much. Yeah. Tony: ... yeah, go another way. A lot of people too, ... you've got to dispel the myth of ... and I always tell them, I mean, I don't know where the market's going, but I don't think anybody else does either. I mean, yeah, there's` millions of people on TV and on the internet saying that, but at the end of the day, you can't depend ... or I shouldn't say ... that's a bad word, depend, rely, whatever you want to call it, on your advisor to be sitting there and saying, "As soon as the market starts going bad, you're going all to cash," because they don't know when that's going to happen. Speaker 1: Well, isn't that where we want to have buckets or ladders or whatever term you want to be using, and a strategy to say, "Okay, so we've got some money ..."? Just like when the pandemic hit, as I mentioned earlier, yes, we had a 30% plus drop. And so a lot of people obviously lost a good deal of money, up to 30%, but that should have, hopefully, been more of their now money and maybe not their later money. And if that was the case, and you did stick with the plan and you didn't panic and you didn't sell out, then you were rewarded for that with your long-term monies. Because, obviously, we saw the market come back and go higher by the time the year was over. Tony: Yeah, I mean, that's exactly it. If you've got the right temperament and things set up properly, there's nothing wrong with a downturn, because that's actually an opportunity for the right buckets. Yeah. Speaker 1: Right, exactly. Not the easiest, but the opportunity. Well, as I said, who knew that Mick had some good wisdoms here that we could extract financially? Now I'm going to end off with a classic, but real fast. He did do a little tweak on the anything worth doing is worth doing well. Well, he said, "Anything worth doing is worth overdoing." Well, as the flashy showman that he is, that makes a lot of sense. Would you agree with that financially? Or is that when people get into trouble? We overdo it. Tony: Well, I think with the right plan in place, the right temperament, I think that ... again, the way I take it in the financial area is dream big, like we were talking about, and let's try to get there, you know what I mean? If that's what you want to do, I mean, I always tell people it's not a dress rehearsal. You don't get a second act here. Speaker 1: Okay, all right. If you're looking at it that way, that makes sense then, yeah. Tony: Yeah, I'm just looking at it that way. But the other way of course is, yeah, if you try to overdo things without really thinking through it, you could get yourself in trouble. Speaker 1: Well, if you're like, "Hey, I put a thousand into Dogecoin and it's making me a ton. So let me put a hundred thousand in it." Well, that might be overdoing it. Tony: That's overdoing it the wrong way, probably. Speaker 1: And that's probably the wrong way. Yeah, exactly, something speculative. Right. Okay. All right. Well then we're going to end with a classic, I don't necessarily really expect you to expand on this too much, but we have to end with a classic line from Mick Jagger and it's, look, "I can't get no satisfaction." So if you want some satisfaction, you got to take a little action sometimes, right? And sometimes that means doing things that are outside of your comfort zone. And maybe that is working with a financial professional, maybe that is allowing somebody into your financial world. Speaker 1: We're very guarded as Americans, or maybe even humans, maybe, when it comes to our finances, sometimes. It's tough to do that for people, for many people to say, "All right, here's my world. Let me expose it to you. Be gentle," kind of thing. And so maybe that's a challenge for a lot of folks. Speaker 1: If you're listening to this and maybe you're working with Tony, or maybe you're not, maybe you're sharing this with somebody who's not a client yet, or something like that, often that is the challenge for people, is to open themselves up and say, "All right, I need some help." And if you do, then reach out to Tony, have a conversation. Or if you know somebody who needs to be in that scenario, share the podcast with them. You can find it on Apple or Google or Spotify or iHeart or all those kinds of things. It's just Playing With The Tax Man. You can search that out in the search box of any of those podcasting apps. Of course you can always just find it all, actually, @yourplanningpros.com. That's probably the easiest way, is to send somebody there, or go visit there yourself. Speaker 1: Again, yourplanningpros.com, to have a conversation today with Des Moines professional alternative at Tax Doctor Inc, Tony Mauro and his team, serving you here in the Iowa area. So check them out online, yourplanningpros.com. Don't forget to subscribe to us and all that good jazz and, Tony, I'll let you go. You can go listen to some Stones now- Tony: I think I will. Speaker 1: ... and enjoy your day. Tony: All right. Sounds good. Thanks. Speaker 1: Appreciate your time, folks. It's always here on Plan With The Tax Man. We'll catch you a little later on. Next time we see you, or talk to you, it'll be just after Labor Day. So have yourself a wonderful Labor Day. Tony, you as well. And I'll see you soon. Disclaimer: Securities offered through Avantax Investment Services. Member FINRA, SIPC, Investment advisory services offered through Avantax Advisory Services. Insurance services offered through Avantax Insurance Agency.