Retirement Regrets & How to Avoid Them
Key Points – Retirement Regrets & How to Avoid Them:
- Dean and Bud get a surprise
- 10 retirement regrets
- Making a detailed financial plan
- The Power of Positive Aging
- Risks of working to age 70
- Creating Memories
- 25 minute read | 39 minutes to listen
The last thing you want after you retire is to have regrets. Join Dean Barber and Bud Kasper as they discuss retirees sharing their biggest retirement regrets. They’ll help you make sure that you don’t have those same regrets in retirement.
Retirement Regrets & How to Avoid Them
Dean and Bud Get a Surprise
Dean Barber: Thanks so much for joining us here on America’s Wealth Management Show. I’m your host Dean Barber, along with Bud Kasper. We have our new bobblehead dolls, Dean and Bud bobblehead dolls. I don’t know; we might want to market these things, Bud.
Bud Kasper: Yeah. What country do you think would like them?
Dean Barber: I don’t know. They’re fun.
Our producer gave those to us, and we thank you for that.
Dean Barber: Thanks, Paul, that was awesome.
Bud Kasper: It’s a novelty! When I look at it, there are some crow’s feet on yours. Mine doesn’t have that.
Yours doesn’t have that. Well, sometimes they say it’s not the age. It’s the mileage.
Bud Kasper: Good thing. That’s why I made the comment. It’s very flattering because my bald spot’s no longer shown here.
Retirement Regrets and How to Avoid Them
Dean Barber: So we’re going to have a good time with this show today. We ran across an article in US News. It’s a little dated, written in January of 2019.
The title of the article is 10 Retirees Share Their Biggest Regrets. I found it fascinating, Bud, because so many times through my 32 years or 33 now, and your 37 or 38, I’m not sure how many it’s been.
Bud Kasper: It’s been a lot.
Dean Barber: We have witnessed all kinds of things, and we see the things that people didn’t do right. We see the things that people did right, and we’ve learned from those experiences.
We continue to learn from experiences and apply what we’ve learned to our existing and prospective clients, people that want to come in and visit with us.
I think we should go through some of these stories specifically and talk about why these things are critical and why these people have these regrets. The last thing you want to do is have regrets at the end of your life.
Bud Kasper: Right.
When You Die, Are You Going to Wish You Had More Money?
Dean Barber: One of the things that I tell people that when you get to the end of your life, you’re on your death bed. I don’t know anybody that’s sitting there thinking, “Man, I wish I had more money. Or I wish I had more money in my bank account right now. I wish my investments were worth more.”
That’s not what’s going through their mind. They’re thinking about the things that were personally affected them, the things that they didn’t do, that they wished they would have. The time that they didn’t spend with their loved ones that they should have.
Bud Kasper: Yeah, “Will my wife be okay? Are my children and my grandchildren going to be able to have an education?” All the things that matter to the family matter to the person that you’re speaking about.
Dean Barber: Right, thoughts like, “Did I leave the emotional legacy that I desired to leave?”
Bud Kasper: That’s huge, right there.
Dean Barber: It is big.
Bud Kasper: Because what does that do? It comes back to memories. “How will I be remembered?”
10 Retirement Regrets
Dean Barber: Right, and so let’s start, Bud, just by laying out these what these ten people said, just in general terms. Then we’ll dive into each one of these, and we’ll talk about them a little bit.
So in no particular order:
- Failing to Make a Detailed Financial Plan
- Not Setting Goals for Retirement
- Continuing to Work to Age 70
- Losing Touch with Adult Children
- Experiencing Social Drawbacks in Early Retirement
- Not Focusing on What Really Matters
- Failing to Embrace a Slower Pace
- Not Starting a Second Act Career Sooner
- Underestimating the Risks of Retirement
- Holding onto Stuff Instead of Memories and Experiences.
So each one of those is unique in and of itself, but I think the most interesting that hit me is failing to make a detailed financial plan. And why don’t you read this, what this guy says, Bud?
Retirement Regret: Failing to Make a Detailed Financial Plan
Bud Kasper: Yeah, I’d be happy to, and when I was reading this yesterday in preparation for the program and everything, I have to tell you this hit home. It did speak to a lot of my clients and the concerns that I have. So let’s go ahead and read it.
Bud Kasper: It says, “Drew Parker, a retired financial manager for a Fortune 500 company in Mercer Island, Washington, wishes he had made a more detailed financial plan before retirement. ‘Knowing what I know now that I didn’t know before has afforded me the opportunity to make adjustments, to improve my margin of error, and to make a more informed decision,’ says Parker.”
Bud Kasper: “‘This knowledge would have been exponentially more valuable at a younger age, so I encourage others to take time to do their own due diligence and to create a comprehensive financial plan based only on their own unique circumstances and needs.'”
Dean Barber: So the reason I found that one so fascinating, Bud, was that this guy was a financial manager for a Fortune 500 company. So this guy had an actual advantage over what I would call the average worker out there.
What is True Financial Planning?
First of all, the education system does a horrible job at educating people on true financial planning. Then you have a bunch of people that are in our industry that are merely financial salespeople. They aren’t financial planners.
So when we say, “We have a team of CERTIFIED FINANCIAL PLANNER™ Professionals that are sitting alongside a team of CPAs, estate planning attorneys, and insurance experts, we’re encompassing the entire financial life.
Get the Checklist
Many times I think people don’t know what they should be asking. They don’t know what the rules are. What are the things that they’re missing? Just like Parker didn’t know any better. That’s the reason why we created our Retirement Plan Checklist.
The checklist goes through chronological order of the things that you need to be doing at certain ages. If you’re five years out from retirement, here are your top things that you should be doing. If you’re six months out, here are the top things you should be doing.
It doesn’t just take you to retirement, but it takes you through retirement. It’s a complete list of all the things you need to be thinking about to prepare that comprehensive financial plan.
So I invite you to get your Retirement Plan Checklist.
Retirement Regret: Continuing to Work to Age 70
Dean Barber: The last thing you want, Bud, is to have regrets in retirement or regrets in life.
Bud Kasper: Absolutely.
Dean Barber: We get one time to go through this world, and we want to make sure that we’re taking advantage of it. One of the guys on here that shared his regret was continuing to work until age 70.
Bud Kasper: Yeah. So let’s dive into that, if you will, Dean. “Timothy Weidman, a retired professor in Iona, Michigan, became an academic after a successful management career. Shortly after turning 60, he was granted tenure and promoted to associate professor.”
“But his dream job didn’t last because of health problems, worsening sciatica in his leg, coupled with diabetic nephropathy and nerve damage in both feet, made it more evident to him, anyway, that teaching until age 70 was not going to happen. As it turned out, as he was looking at this, he goes, ‘Thus, my long time retirement plans that included ski trips to Colorado, nearby mountains, went to the wayside.'”
Staying Healthy is Incredibly Important
Dean Barber: Yeah. So this goes to our health, right? And anybody that knows me knows that I’m a fanatic when it comes to my health, exercise, proper diet. Yes, I’m going to have a cocktail now and then, but the thing is, Bud, you and I have had the conversation that it doesn’t matter how much money you have if you don’t have the health to enjoy the wealth that you’ve accumulated.
Bud Kasper: So true.
The Power of Positive Aging
Dean Barber: It’s not going to do you any good. And I had the opportunity on The Guided Retirement Show™, which is a podcast that I do. So if you haven’t caught The Guided Retirement Show™, I encourage you to look for The Guided Retirement Show™ on your favorite podcast app. Anyway, episode 44 of The Guided Retirement Show™ has been a massive hit with listeners. I interviewed a guy named Dr. David Lereah, and he’s the author of a book, The Power of Positive Aging.
He is a stage three esophageal cancer survivor, and he shares his experience. And this guy was an economist for one of the major banks. He appeared on CNBC all the time. He was in the Wall Street Journal constantly, traveled around the country, speaking engagements. And in his early 60s, he got hit with this stage three esophageal cancer.
He talks about how important health is, and it’s a moving story. So if you haven’t had a chance to listen to that on The Guided Retirement Show™, check it out. Episode 44 of The Guided Retirement Show™ on your favorite podcast app.
Working Too Long is a Common Retirement Regret
Bud, you and I see the same thing happening with our clients. They work and work and work and work. And then finally they go, “Okay. I think I got enough.” And we’re like, “No, you had enough five years ago. You had enough ten years ago. Why do you keep going?” “Well, because I think I need more.” And then they get to that point, and then they maybe have two or three good years.
Bud Kasper: Yeah. Comfort level. In the case of Mr. Weidman here, he was trying to teach to age 70 to do what? Max out his Social Security. Well, I can tell you from being a planner for all these years that if we would have shown him through a proper, comprehensive financial plan that that wasn’t necessary.
Then he has this problem with his feet and his legs and everything. And what did he do? He missed out on opportunities in life, outside of the fact that he was trying to secure his retirement income as much as possible by delaying Social Security to the maximum level.
An Example of Working too Long
Dean Barber: Well, I had a couple, well, this has been five or six years ago now, maybe even longer than that, they’d come in from listening to our radio program here.
They wanted a second opinion. They wanted to get that consultation to see, “Okay, are we there? Do we have enough? Can we do what we want to do?” And I think he was 65 at the time, and she was in her late fifties. And when they came in, and we took them through The Guided Retirement System™, and I said, “Hey, everything you want to do, you’re there now. So if you continue to work, that’s your choice.”
Bud Kasper: Right.
Dean Barber: “If you go to work, it better be because that’s what you love to do and that there’s nothing else you’d rather do, because you’ve reached that pinnacle of what we call financial independence.”
So we talked about it, and we adjusted income spending. We took it up and said, “Well, what if we spend another $10,000?” I’m like, “Still there.” “What if we spend another 10,000?” I’m like, “You’re still there. You have plenty. You’re never going to run out of money.” And this guy was one of those people who we have what we call a fear money mind, where his pile of money can never be big enough for him to feel comfortable.
He Kept Working
So, he continued to work to 70. He finally retired at 70, which was back when the required minimum distribution was at age 70. His 401(k) had built up to a level that his required minimum distributions, along with his and his wife’s pension, their tax bill was more than his Social Security check.
His wife turns and looks at him. She says, “What the hell did we do this for?” I’ve been telling them for years, “You need to retire now so that we can start to do some tax planning. Get out of this because there’s going to be a big tax issue here.”
Getting “Permission” to Retire
Bud Kasper: Sure. Understanding the black and white issues associated with it, which you’re talking about, is a perfect way for people not to make the same mistake. I always used to say that people come to us for “permission” to retire.
While that’s tongue in cheek in saying that, that is correct because we need to validate that what they’ve accumulated and how they expect to spend their money in retirement will work.
Dean Barber: Right.
Bud Kasper: If you go to an expert to be able to validate that and to tell yourself, “You’re going to be okay, man. This is all right, go.”
Dean Barber: Well, just go back to Drew Parker, the financial manager for the Fortune S&P 500 company. Had he done more earlier, he probably could have retired earlier and had a better experience in retirement.
Financial Independence May Be Closer than You Thought
So many of you are probably already there, and you don’t know it. You’re probably at that pinnacle of financial independence, and you don’t know it. Some of you may want to think that you’re there, but you may not entirely there.
If you’re going to understand where you are and when you can reach that financial independence, and how you can make your retirement what you want without regrets, schedule a complimentary consultation by clicking here.
Bud Kasper: It’s interesting because I just had a couple that came into the office this past week. We talked about what their family was doing, their preparation, and how they’re going to retire in two years.
They had the sense that some of these people who had regrets in retirement didn’t have, and that is they decided to talk to some of our comprehensive financial planners.
When we finished, I said, “Remember, this is at no cost or obligation.” And they said, “We understand that. That’s one of the things that brought us in.” I said, “Well, I’m pleased about that. You’re going to come away with more information, more sense of reality, and more understanding of what your future might look like because we’re going to define all that in your plan.”
It’s Not Too Late!
Dean Barber: The people who take advantage of that, especially those that are out even five years away from retirement, or maybe six to 10 years from retirement, that’s when our financial planning can have the most significant impact.
Bud Kasper: Sure.
Dean Barber: And it’s never too late.
Bud Kasper: No.
Dean Barber: But that extra time does help.
The Value of Planning Ahead
I have a great story about a couple that I started working with, and we think we were about seven or eight years out from when they retired. Bud, we had everything nailed down to the trips they would take, where they were going, the budget for each trip, and on and on it went.
The first big trip was right after retirement. So we threw this guy a big retirement party, had a blast, all of his friends, coworkers there, his kids and grandkids, and they were taking off the day after the retirement party to go on this big trip.
One of the big rewards for me was, now they’re traveling, and they’re doing all these things, and they’re sending me selfies, pictures of things that they’re doing and saying, “Thank you so much,” and, “This is amazing.”
That shows that if you do the planning upfront, yeah, there’s some work involved, but it can make all the difference in the world!
Retirement Regret: Underestimating the Risks of Retirement
Dean Barber: This next one goes to the heart of why we created the Retirement Plan Checklist and our Guided Retirement System™ – Underestimating the Risks of Retirement. Why don’t you read what this guy had to say, Bud?
Bud Kasper: Sure, happy to, “‘Leaving behind a steady paycheck to retire is a big risk. Retirement planning is more risk management than portfolio management although portfolio management seems to get all the press.
Focusing my retirement decision primarily on investing, drew my attention from the other risks of retirement like family members who might need financial support and healthcare shocks,’ says Dirk Cotton, a retired executive in Chapel Hills, North Carolina, and author, by the way of, The Retirement Cafe blog.
‘There were dozens of other risks, some more manageable and some not that I didn’t consider but would have if I had approached my retirement planning more from the perspective of risk management rather than the investment game.'”
Investment Planning Comes After Retirement Planning
Dean Barber: Yes, and that says it all. We say this all the time, and we live by it. The only time in your retirement plan to discuss investments is after the retirement plan is completed.
This goes to then right straight back to the very first regret that we had from Drew Parker, the financial manager of a Fortune 500 company, that said failing to make a detailed enough financial plan was his biggest regret.
Dirk is saying the same thing, Bud, because if he had done detailed financial planning that encompassed all aspects of life, then he would have done it.
The Goldilocks Portfolio and Stress Testing Your Retirement Plan
We build our comprehensive financial plans based on what we’ll call the Goldilocks retirement, the one that’s just right.
Everything’s good. Everybody lives long, healthy, happy lives. We have smooth markets. We never have recessions. Everything’s great.
Stress Testing the Plan
Then we go in, and we start stress testing that plan. We look at all the potential risks that are out there. “What if that happens? What if this happens?”
We look at all those risks, and we stress test the plan based on those risks. Then we create contingency plans to address all of the risks that Dirk Cotton here’s talking about.
That’s the beauty of it. When that Guided Retirement System™ is created, it becomes a living, breathing part of what you do and constantly reviewed on a year-by-year basis, and throughout the year, you suddenly have something critical. You have clarity as to where you are. You have confidence in your situation, which ultimately puts you in control.
Bud Kasper: In control.
Taking Control of Your Retirement
Dean Barber: The clarity, confidence, and control and that are what really what people are looking for when they head into retirement. But if this guy here didn’t understand all the different risks that are out there.
Bud Kasper: That’s right. When you’re considering what you’re going to need in retirement and the risks, don’t you want to know where the pitfalls are? Don’t you want to know where you could stumble in retirement and then have that vetted or tested through a comprehensive financial planning system? Of course, you would.
You need to anticipate what’s going on. I used to tell people all the time, and I guess I still do; investments are the fuel for the car. We’ve got to build that car in such a way that it can get down the road through retirement. The investments will be there; they’re an important part of the equation, but they’re not the only part. Many times, it’s the other ones that can disrupt a successful retirement.
Where Should I Invest My Money?
Dean Barber: Right. And we’ve done shows basically on people asking the question, where should I invest my money? That’s the wrong question to ask. @e can tell you, and we can build the portfolio to be specifically what you need, but the only way we can do that is by first creating that comprehensive financial plan.
The Process of Creating the Financial Plan
It is multiple hours’ worth of work, time, and energy. It’s probably at least two hours in one-to-one conversations with you about what you want out of life, what resources you have, and understanding how you want your legacy to look. We need to understand your health situation, your earnings history, and more. It’s super, super detailed.
Once we get all that down, we figured out how to maximize that Social Security benefit, we figured out how to minimize those taxes. We understand exactly what your money needs to do. We call that your PRI, your personal return index.
Now that we know what your money needs to do, we can answer that question: How should I invest my money? We’re going to do it in a way that you achieve what you want to accomplish with the least amount of risk possible. It goes right back to old Dirk Cotton here saying, “Hey, my biggest regret is I underestimated the risks of retirement, focused only on investments.”
The Right Qualifications and Intentions
Bud Kasper: The biggest issue that I have with all this is that too many people out there are putting themselves out as financial planners when they are financial salespeople. They want you to focus on the investments because that’s the only thing they know unless they have the qualifications to do comprehensive financial planning.
Our firm is so dedicated to the process that we have CERTIFIED FINANCIAL PLANNER™ Professionals. These are people that are trained specifically for a financial plan, have gone through the board exams to be able to call themselves CFP® Professionals.
Dean Barber: Well, that is a critical part, but it is only a part because what did we do? We created an organization where our CPAs sit alongside our financial planners.
How Our Process Works
So here’s what happens. You come in, and you get a complimentary consultation. We explain to you what our process looks like, how we do it all. If you say, “Yeah, I’d like to go through that process.” What’s going to happen is you’re going to sit down with at least two CERTIFIED FINANCIAL PLANNER™ Professionals, asking questions, taking notes, and beginning the construction of that retirement plan for you.
Once they’ve done that, we finish probably a 90-minute conversation, and we know what we need to know to construct the plan, then the financial planners go to work, making the plan.
Dean Barber: They then sit with our team of CPAs. The CPA reviews the plan from a tax perspective. Then we sit with our estate planning attorneys, the estate planning attorneys review it from an estate planning perspective, and then we sit with our risk management experts.
They look at the plan from a risk management perspective. All of that gets then put together, and then you get to see the final result. The CERTIFIED FINANCIAL PLANNER™ is the starting point. You have to have those other subject matter experts there as a part of the team too.
Bud Kasper: Total integration.
Dean Barber: To make it all do everything that you want to do.
Bud Kasper: Couldn’t agree more. That’s part of the process. Part of the fun associated with that is how people come in and say, “Nobody ever asked me that before.”
Schedule a Complimentary Consultation to Get Started on Your Plan
Dean Barber: Yes. Here’s what I want you to do. Get a complimentary consultation. You can get that consultation through a phone call, you can get it through a web meeting, or we’re happy to meet with you in person. We’ll explain to you the entire process that we go through in much more detail than what we’re able to do here.
Then if you decide if you want to go through that process, we’ll walk you through the steps to do that, show you what documents we’re going to need to review, et cetera. But you can schedule that complimentary consultation here. Just pick the time you want to meet with us, and we will get it on the calendar.
We also have a lot of educational materials. One of the main things and probably our most popular download is the Retirement Plan Checklist, which details all the things you need to be thinking about.
Bud Kasper: Right. The couple I just met with just a few days ago, that’s how they did. They came on a site, and they guided themselves through, they set their appointment online. I had the opportunity to meet him just a few days ago.
Dean Barber: That’s amazing.
Today, Bud and I discuss an article out of US news called 10 Retirees Sharing Their Biggest Regrets. Bud, we’ve talked about a lot here today, but this next one hits home with me.
Retirement Regret: Holding onto Stuff Instead of Memories and Experiences
Holding on to stuff instead of memories and experiences. I want to talk to our listeners about what happens. Earlier, we talked about having clarity about where you are, giving you confidence, ultimately putting you in control, right?
At the very beginning of our prospective clients’ experiences using our Guided Retirement System™, we do something that we call a prioritization exercise.
So we have a long and in-depth conversation about what is most important in your life. I can tell you that going through this prioritization exercise is an eye-opening experience for our prospective clients and our clients. Still, it is critical for us as financial planners to be able to design the plan properly.
Prioritize What is Important to You
We’ve run through hundreds of these prioritization exercises. Not one time, in all of the times that we’ve held these prioritization exercises, anybody had come out and said, “Well, the most important thing to me is money.” No, that’s not it.
We heard a couple of references here just saying, “Man, if I would have understood all of the things that I needed to understand and I had created a more comprehensive financial plan early on, my retirement would have been so much better.”
This prioritization exercise, which almost always goes to the top of the list, is spending time with the people I care about.
What’s Stopping You?
So I’ll have these conversations also, “Who is it that you’re talking about?”
“Well, we would love to spend more time with our kids and with our grandkids.”
“All right. Well, what’s stopping you?”
“Well, they live in another part of the country or, they’re busy, they’ve got jobs, they’ve got careers and things like that.”
I said, “What do you think would happen if once a year you would do a destination vacation, you plan these things, and you tell your kids, your grown kids, that you’re footing the bill for this thing. Make sure you got the time off and show up. Mom and dad, we got this. Do you think they would come?”
“Oh my gosh, yes. They would love that, but I don’t think we can afford that.” Well, let’s put that into the plan. Let’s make that a priority. That’s one of your top priorities, right? Let’s build that into the plan.
Let’s talk about places where you’d like to take your family, and let’s do some research on what it would cost, and let’s talk about the number of family members. How much is it going to cost to get everybody there? What’s it going to cost? And let’s put that in the plan. Let’s figure out if it can work.
Bud Kasper: Life is about building memories with the people that you care about and love so much, right?
Dean Barber: Yes.
Bud Kasper: My first entree into that was just last year. I rented a very nice house with all of the amenities associated with it, brought all the family down, the grandchildren, and everybody else. Man, did we ever create a memory.
I mean, if you talk about bonding, playing card games and other things associated with that in the evening, watching movies together, playing pool, whatever the case was, it was just something that will always stay with them and with me as well.
Dean Barber: No doubt, Bud. I just finished up a family trip, and all my kids are grown, and one’s married, two have significant relationships going. They’ll probably be married soon. The other two, not yet, but we have a big family.
My wife and I have decided to take our kids to a special location for one trip per year. Now, this last year we went down, and we rented a big house in Tulum, Mexico. We paid for everybody to fly there. We hired a chef to come in and cook for us and take care of everything, and we had an amazing week, but my kids know that they can count on that.
Now, when they start having kids, bring those kids too. I wanted to start that even before I retire. You and I talked about retirement before, and either one of us could retire anytime if we wanted to, but we both love what we do. Right?
Bud Kasper: Right.
Dean Barber: And so you talk about financial independence, being able to do the things that you want to do every day because that’s what’s important to you and part of what’s important to us is making a big difference in people’s lives. But I tell that story because I lived that experience. After all, I watched people just didn’t do the important things because they didn’t think they could.
Bud Kasper: Right. I think that’s so true. For most, and it doesn’t mean that you do it necessarily every year.
Dean Barber: Maybe it’s every other year.
Bud Kasper: Or whatever, but that’s part of the plan. You put it in the plan, and then you vet it through the programs to be able to say, “Yes, you can do this. This is not going to disturb your retirement.”
One of the things that people say, and it’s so funny sometimes, is, “We’re not interested in leaving anything to our children.” Well, I find that sometimes very hard to believe, even though people make the statement, but regardless of whether that’s true or it’s just the opposite, that is what we refer to as legacy planning. How important is it to you? Do you want to leave something or nothing?
Giving with Warm Hands
Dean Barber: Bud, we’ve been working with a client who’s been retired now for, I don’t know, maybe 15 years, and he and his wife are now up in their mid to upper seventies, and they’ve made a decision that they’re going to give from warm hands as opposed to cold hands.
So, they have begun a very aggressive gifting program for their two daughters, their spouses, and grandchildren, and we put it all through the plan. “Well, what happens if we give this much away? Are we still going to be able to have the lifestyle we want? Yes”.
So we decided on a number, but they wanted to see their children and their grandchildren benefit from what would ultimately be an inheritance while they’re alive so that they can have those experiences and see what’s happening.
It’s About Choices and Priorities
Bud Kasper: Yeah, and I realize that’s a personal choice, and you’re not going to make mistakes. “Oh, well, that’s too much money spent.” Could be. If that’s the case, let’s vet through it and make sure that we’re not disturbing what you need for your lifestyle just because of one event.
Dean Barber: Right. But the reason why we’re talking about this because when we walk through that prioritization exercise with you, find out what’s important, what’s the most important things, and prioritize those things; sometimes there are trade-offs.
Sometimes you can’t get everything you want, but you can get to the most important things, and that’s what real financial planning is all about. I want you to experience this. I want you to experience what our guided retirement system can do for you.
You can get that experience by scheduling a complimentary consultation. You can schedule that complimentary consultation here. You can also download the Retirement Plan Checklist here, which walks you through all the things you need to be thinking about as you head toward retirement.
Retirement Regret: Not Focusing on What Matters
It’s interesting, Bud. We can get to all of these retirement regrets today, but another is not focusing on what matters.
Bud Kasper: Matters.
Dean Barber: Right?
That’s the prioritization exercise. How many times, Bud, have you gone through that prioritization exercise where the husband looks at the wife, and he says, “I didn’t realize that that was so important to you,” or the wife looks at the husband and says, “I didn’t know that you wanted to do that.”
Bud Kasper: Never had that conversation.
Dean Barber: Because they don’t, right?
Bud Kasper: Yeah.
Dean Barber: This prioritization exercise bonds the spouses together, and it allows our financial planners to understand why you want to do what you want to do. This is because these are the things that are important to this family.
Bud Kasper: Yes, so true.
Dean Barber: I’m Dean Barber, along with Bud Kasper. We’ll be back with you next week, same time, same place. Everybody, stay healthy, stay safe.
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The views expressed represent the opinion of Barber Financial Group an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Barber Financial Group does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.