A Financial GPS System

[00:00:02] Speaker A: I know what you're retiring from, but what are you retiring to? Financial planning was a map. New financial planning is a gps. Woody. Wolfie, W D Y WF what do you want for yourself? And that's been a guiding principle throughout my entire career. You go to the GPS and say to it, where do you want to go? Destination? [00:00:22] Speaker B: I don't know. It just circles and circles and circles. [00:00:24] Speaker A: It doesn't come up with a destination. So you got to put something in there. What do you want? Well, I want to provide education for my grandchildren. [00:00:31] Speaker B: I want buy a summer. [00:00:32] Speaker A: I want to downsize my house and. [00:00:34] Speaker B: Move to the Carolinas or Florida or somewhere else. [00:00:37] Speaker A: We have to put a destination in. And once we put the destination, we can mathematically figure out how to get from where you are to what you want. [00:00:47] Speaker C: All right, welcome to episode two of the what's Next Podcast, featuring today Craig Laday, partner at icg. Next. Craig, pleasure to see you, man. [00:00:56] Speaker A: Hey, Garrett. [00:00:57] Speaker B: How are you today? [00:00:59] Speaker C: Doing very well. Enjoying a. It's. It's almost fall down here in North Carolina. It's not quite there. It was cool enough this morning that had to wear, you know, long pants and a jacket, but then tried to go on a little walk earlier this afternoon and had to go. Had to switch to shorts and T shirts. So that's North Carolina for you. [00:01:17] Speaker B: Start off with a. Start off with a windbreaker acre. And then you finish up the round of golf with shorts and a tee and a golf shirt. [00:01:24] Speaker C: That's no joke, man. I mean, North Carolina is a great place to live certain times of the year. If it's wintertime, you got a chance for snow, you've got cold weather and you are bundled up the entire time. You know how to dress. And then in the summertime, you know it's going to be hot and you just, you know, you stay as. As cool as you can get. But there are about two or three months a year where it's like we don't really have a much of a spring or fall. It feels like we just, we switch from winter in the morning to summer in the afternoon. Really quick. [00:01:54] Speaker B: Layers, Layers. You got to go at layers 100%. [00:01:57] Speaker C: Well, I'm looking forward to chatting with you today. We had a cool conversation, you know, a week or so ago, kind of getting ready for this. And as we started to talk more and more. I loved your background and sort of the, the special every advisor seems to, whether we try to or not, we. You start to kind of gravitate towards certain specializations and I really enjoyed hearing more about your background. So why don't you share with the, the listeners or the, the YouTube audience here just kind of a little bit what we talked about and your background in the industry and with. [00:02:26] Speaker B: Yeah, I mean, my career started after the crash of 87, so I've been in the game for, for quite a while. And you know, I had met various different roles as financial advisor, eventually become a CFP and a SEMA certified Investment Management Analyst. But a good part of my early part of my career was in work with recruiting, training and developing. I was on the leadership side in helping to get advisors into the business and teaching them how to become a certified financial planner. Obviously as a holistic advisor, I mean, we deal and a cfp, we deal with all aspects of finance, you know, everything from establishing net worth, cash flow, budgeting, things in that nature, buying a house, helping people accumulate money to buy the house, educating children, making sure that they have their insurances in place. So God forbid, if life events happen, they're prepared for those types of things. But you know, when you really break. [00:03:28] Speaker A: It down, all of those goals that. [00:03:31] Speaker B: People have, whether it be, I want to educate my kids, I want to buy a house, I want to buy a vacation house, I want to travel, I want to do all those things. You know, the interesting thing about it is if you don't have the money, someone will lend you those dollars. [00:03:45] Speaker A: Retirement, on the other hand, you know. [00:03:47] Speaker B: Go into the bank and say, hey. [00:03:49] Speaker A: I don't want to work and give. [00:03:50] Speaker B: Me a couple million dollars. I'm sure security will escort you out pretty quickly. Retirement is ready or not, here I come. And you're the prepared or you live with the consequences of not being prepared. You know, I joke with people all the time when we think back over our life and you know, some of our fondest memories of being young and broke, you know, but being old and broke is not a good thing. I always say young and broke is cool. Old and broke is a problem. [00:04:17] Speaker A: And so when I really break it. [00:04:19] Speaker B: Down and I look back over not only my helping advisors develop the skill sets to be successful CFPs and fiduciaries. [00:04:30] Speaker A: Realistically, the biggest challenge that I believe. [00:04:32] Speaker B: That advisors have is to help people prepare for the biggest hurdle that they have to overcome, which is preparing effectively. [00:04:41] Speaker A: For retirement, what makes it more challenging. [00:04:43] Speaker B: And so when I started early on. [00:04:44] Speaker A: In my career, you know, retirement was. [00:04:48] Speaker B: You know, people work till they're 65. [00:04:50] Speaker A: And unfortunately most people, you know, the. [00:04:52] Speaker B: Average individual passed away between 75 and 80. Today with longevity, that's a challenge. Now when we start talking about retirement, what we see is people want to. [00:05:05] Speaker A: Retire sooner and inflation, excuse me, inflation and longevity are the two biggest challenges. [00:05:11] Speaker B: People are living significantly longer. So instead of doing an analysis to. [00:05:15] Speaker A: Prepare for retirement on a 10 and 15 year period of time, we're looking at, you know, 20 and 30 year periods of time. [00:05:22] Speaker B: So money has to last a heck of a lot longer because of longevity. And then obviously if we have a 3% inflation, that's one thing, but if you have a 5% inflation, that makes the picture look significantly different. So, you know, the game has changed. Even though we call it the same. [00:05:38] Speaker A: The dynamics around retirement and the definition. [00:05:41] Speaker B: Of retirement is changing dramatically. And what's really driving that is longevity. And so as a fiduciary, we need to really kind of have some really meaningful conversations with clients in regards to. [00:05:54] Speaker A: How do we spend our money, how do we allocate our money? You know, the old days when, you know, you get to retirement, you throw your money in a CD and you. [00:06:01] Speaker B: Collect the money off the interest, that's. [00:06:04] Speaker A: Not going to work. We need growth. We need to make sure that that. [00:06:07] Speaker B: Money keeps pace with inflation because we're looking at a long term goal, not necessarily a short term goal that many of us were raised on. When we think about our parents or our grandparents. [00:06:19] Speaker C: Yeah, it's definitely not the same game it was 30 years ago. I mean, and I'm a big football fan too. And neither is football. Right. If you think of football back in the 70s and the 80s, the, the steel Curtain and the Purple People Eater, I mean that was a defense driven, run the ball kind of game. That's. Those teams would get crushed nowadays because now the, the way the game is played is all about, it tends to revolve more around the passing game and just a whole different, different animal. One of the things that you, you said a couple weeks ago, we were talking is you use this term. I just love this term. You consider yourself a financial GPS or like a financial gps, right. And that it's not your job necessarily to drive the car, but someone plugs in their, their desired destination and then you run the calculation to get them there. Talk. That was just a really cool analogy. I like the way you, you put that. [00:07:06] Speaker A: Yeah, it's, it's, you know, you, you. [00:07:08] Speaker B: Bring up how, how sports have evolved. I mean, I, you know, obviously you use the example of football, but I think probably all sports have evolved. You know, right now we got the baseball playoffs and you realize that Nobody knows how to bunk anymore, you know, that that's gone away for the, you know, try to get the three run home run all the time. And strikeouts used to be something that was bad and now people have no problem striking out. [00:07:28] Speaker A: So everything has changed in the financial. [00:07:30] Speaker B: Services industry is no different. I mean, when I started back in. [00:07:34] Speaker A: You know, the early late 80s, early 90s, financial planning was a book. [00:07:39] Speaker B: You know, it was a whole bunch of projections. You'd sit down, Garrett, what do you want to do? I want to retire at 65 and I want to da da da this and that. [00:07:47] Speaker A: And we'd do, you know, basically projections and there would be monthly, year after year, monthly expenses. And it was very much like a map, you know, and it was, it was not very dynamic. [00:08:01] Speaker B: And, and the truth of the matter is, when I think back on it, it probably wasn't very accurate at all. [00:08:05] Speaker A: Either because let's face it, nothing fluctuates. [00:08:09] Speaker B: More and nothing changes more than the markets do and world and, and the. [00:08:12] Speaker A: World and the environment changes constantly. And so you had this book that did all these year after year projections for X number of years and you know, to try to determine whether you're retired and the truth of the, and, and whether you can afford retirement. Those days are gone. Financial planning today is a dynamic, fluid activity because once again, retirement is fluid. Many times people will say, yeah, I'm going to retire from my career, but I'm going to get a 20 hour a week job because I don't want. [00:08:42] Speaker B: My wife to divorce me and I. [00:08:44] Speaker A: Got to get out of the house and I want to do things that are meaningful. And so I'm going to get this job that doesn't have a lot of responsibility, it doesn't have a much of a commute. And oh, by the way, I really enjoy interacting with people and it gets me out of, of the house and it puts some money in my pocket that I don't have to really ask for anything from anybody. And I like that freedom. So I'm going from 100 miles an hour maybe down to 50 miles an hour. And we're seeing those individuals in the 60s and they're continuing it into their 70s because a lot of folks are saying, hey, you know, I really need to take Social Security, I'll let it delay to get that full Social Security benefit. And then somewhere in their 70s they say, you know, I had enough. So, you know, unlike historically, people were working and then they stopped, you know, and so we're seeing this and a lot of it is because we're younger, we're more active. We want. You know, baby boomers have always wanted to make a difference and want to feel impactful. So going, feeling, going from their job to nothing doesn't really feel like it provides much value. And, you know, the truth of the matter is, you can only play so. [00:09:55] Speaker B: Much golf, you know, you're going to. [00:09:56] Speaker A: Get the honey do list. Well, eventually, six months to a year, it'll be over. And then what do you. Do you want to feel like you're waking up? You know, I always say, I know what you're retiring from, but what are you retiring to? Tell me about what your retirement vision looks like. Because getting back to the. Think about the old financial planning was a map. New financial planning is a gps. The first thing I'm going to ask you is, Gary, what do you want for yourself? A vice president. A senior vice president at a previous firm named Doug Lennick, who had this acronym, woody Woofy W D Y W F. What do you want for yourself? And that's been a guiding principle throughout my entire career, helping clients. What do you want for yourself, Garrett? And if you tell me what you want for yourself, we can figure out how you get from where you are to where you what you want. But guess what? We know life is going to happen. And there's always going to be a roadblock or it's a traffic jam. You go to the GPS and say to it, you know, where do you want to go? Destination? I don't know, it just circles and circles and circles. It doesn't come up with a destination. So you got to put something in there. What do you want? Well, I want to provide education for my grandchildren. [00:11:13] Speaker B: I want to buy a summer. [00:11:14] Speaker A: I want to downsize my house and move to the Carolinas or Florida or somewhere else. We have to put a destination in. And once we put the destination, we can mathematically figure out how to get from where you are to what you want. But you know, what really is going to happen once we start implementing? Stuff's going to happen. Life's going to happen, duration's going to change, Tax laws are going to change things. The wind's going to be blowing at our back and moving us forward, but sometimes the wind will be blowing in our face and pushing us in the wrong direction. And guess what? So what are we gonna have when we hit that detour? We don't give up on the goal. We just have to recalculate. We gotta figure out how to get around it. And so when we think about working with clients, it's really about helping them identify what do you want for yourself. And I'll say to them, don't tell me what you're willing to settle for, tell me what you want. Let's start with what would make your retirement valuable and enjoyable and meaningful. Let's make it big and grand and let's see if we can get there. And if we can't get there on a straight line, well, then we can start figuring out what little modifications we need to make in order to make that a reality. Because even when we think about retirement, OLED financial planning has started identifying retirement in different phases. So for individuals in their 50s and in their 60s, we call it the go go phase. We're going to go here, we're going to go there, we're going to travel, we're going to go to Europe, we're going to do all those things that require energy and time and health. And while we have it and we've got the money, let's go do it. And then somewhere in the early 70s to mid-70s, you start getting into the slow go years. Maybe I'm not traveling overseas and 8 and 9 and 10 hour air travel, maybe I'm going to do more domestic traveling where it's a two or three or four hour, but I'm out and about. But it's becoming slower, it's becoming less. And then when you get into those mid-80s into 90s, it's the no go years. You're not typically traveling, people are coming to see you. And so you don't spend the same amount of money in the go go years as you do in the no go years. And you got different risks in the go go years. It's travel, recreation, entertainment, keeping your keep utilizing that energy and that make your retirement experience meaningful. And as we get older and older, we have to then shift our monies and our times to making sure that we're comfortable, making sure that we have care in place, making sure that we know how we're going to pay for elder care. Are we going to insure it? Are we going to leverage it? Are we going to pay 100% for ourselves? Because as we get older, we become more dependent on other people and that other people typically have a price tag associated with it. The question is, how do you want to pay for that additional assistance? And so we have these types of conversations on a regular basis. Our clients, because things are constantly changing and we start looking at retirement in phases and we start looking at retirement income in essential and Non essential because not every dollar is that critical. So when we have essential expenses like food, clothing and shelter, we want to make sure that we have durable income that can come in on a regular basis. Well, what's durable income? Social Security, pensions, annuity income from an annuitization of an annuity. Things that regardless of whether the market goes up or the market goes down, we, we know that there's enough income to cover the essential expenses, the non essential expense, or sometimes we'll call it lifestyle expenses that will come from more variable types of portfolios like your non qualified portfolio, your required minimum distribution from your ira. Okay, those types of things. So it's really about looking at all the different pieces and developing a plan and a distribution of mechanism so that not only can we cover the essential with durable income, we've got additional monies to cover the lifestyle expenses so that. [00:15:37] Speaker B: You can do the things that you want. [00:15:39] Speaker A: Realizing that it's that those monies are going to change and the needs are going to change as we get older from active lifestyle to less active lifestyle. [00:15:49] Speaker B: And one that's going to need support from outside influences. [00:15:52] Speaker A: But the GPS is really going to help us navigate when we hit those roadblocks, when we hit the uncertainty life expected. I thought we were going to have, you know, 30 years to 20 years together and all of a sudden a spouse passes away. Now you're dealing with grieving over that. But also in a very short period of time, you went from filing joint to filing single and you have to start taking requirement on the distribution. And now you're paying a higher percentage in taxes because you're in a different stance. Maybe we should have had a discussion early on and maybe doing a Roth conversion and filling that 22% tax bucket or the 24% bucket. These are the types of things that we want to talk about because life will always change. [00:16:35] Speaker B: We need to start looking at what are the strategies to address those situations. [00:16:39] Speaker C: One of the other things that we had a good, we went into some detail on a couple weeks ago is behavioral finance. I know that's an area that you've done, you know, spent a lot of time and you know, we're all emotional beings. We can rationally and logically know certain things, but our emotions are always going to, gonna fog our lens once in a while and cause us to behave maybe not in a way that we had planned for. You talked a lot about the process of making decisions and that there's you, you want to put in place an analytical process that's going to support those decisions. But you also have to acknowledge the emotional biases that may creep in from time time as well. So we're just real curious to hear more about what you had to say on that. [00:17:26] Speaker A: Yeah, I mean we're first and foremost emotional creatures and the, the best and. [00:17:33] Speaker B: The most successful advisors acknowledge that. They understand that, you know, when the. [00:17:39] Speaker A: Portfolio goes down, it feels like the. [00:17:42] Speaker B: House is on fire and the logical. [00:17:43] Speaker A: Thing to do is get out and that's to preserve life. But that works well in that scenario. But in investing when it feels like the house is on fire, that's an opportunity. But you know, people you know, say well how, you know, you know as. [00:17:59] Speaker B: A firm we manage somewhere in the neighborhood of about $2 billion with the assets under management. [00:18:03] Speaker A: But, but I push back on that and say we, we don't manage money as much as we manage clients behavior relative to their money. Because when the market corrects or when the market is not meeting clients expectations, the best portfolio in the world designed by the greatest portfolio manager in the world, if that client says I want out, it's not going to be a great portfolio. When I think about the process, the process starts with once again the plant. If you have an appropriate plan, you know what the client wants for themselves. We have a plan of action for qualified and non qualified money and they have different features. We have money that's set for the long term, we have money that's set for the intermediate term. And we have a cash reserve that's there that we're not expecting to grow the money but we need it there for emergencies or opportunities. So we're bucketing money for our clients. And so when typically a client is complaining or fearful about the market, it's because the long term money or the intermediate term money is underperforming. And so what we have to do is we have to remind them, well first and foremost, how is your income, how's your cash flow relative to your expenses? I've got plenty of money, I'm covering all my bills. So we don't have to liquidate anything or reduce anything to pay the mortgage or educate. No, that's all taken care of. Well great. Our short term need is covered. So now the question is let's take a look at where the opportunity is in the long term scenario. And so if you have a historically balanced allocation, whether it's a 64 allocation, 50 allocation, or even an 80, 20 allocation, you've got, you know, all your eggs are not in one basket. So more than likely you're not going to have. All the asset classes are not going to be down. Some will be down, some might be neutral, some may be positive. And so it's really about helping clients understand that the down is an opportunity. It's not a bad thing. It's actually a really good thing. You know, it's funny, I take the Ibbotson chart and I break it in. [00:20:32] Speaker B: Half, you know, where it shows you. [00:20:34] Speaker A: How the markets respond since like 1920. If you fold it in half and you'll say, well, here's the opportunity. Here was when the market was high and you know, don't buy anything. We can't buy anything. We gotta be real conservative. Yeah. Cause the market's high. Yes, the market was high. Relative to what the past. And then you flip it over and you say, well, if you went, if you sold there, this is what you missed out on. This is all that you missed out on. And so our job is to really try to help the client understand that you're okay, your short term goals are covered. And that's assuming as a financial advisor and as fiduciary, you did that work. Now if you were all in equities, well then you got a problem. But then that's, but that's not a, that's your problem. As a fiduciary, you didn't do a good job. But as a fiduciary, if you're looking at short term needs, intermediate term needs and long term needs. Now the other thing that have to remind clients when the market's down and the best way of under helping them understand, show them their 401k. Oh, your 401k is down 20%. But Garrett, don't worry. You know what's happening next two weeks you're getting paid and you're getting 15% of your salary. Plus the matching contribution is going into the 401k plan. How about this? Let's redirect your new contributions into that position that's down 20% to buy more shares. It's dollar cost average in the area that's low. So let's reallocate future monies. Same thing holds true with non qualified positions. Dividends are getting kicked out of that portfolio. You know something, you don't have to have the dividends reinvest back into the bond fund that just kicked out that dividend. I could let those dividends accumulate in cash and then buy the asset class that's underperforming because they're facing a headwind that we couldn't have predicted three or four Months ago. So as a fiduciary, if you're meeting with your clients on a regular basis and you're talk and you're to take advantage of not the bad thing, but the opportunities that are being created because the dynamics have changed, now you feel more. Now your clients are going to look at you as someone who provides solutions and looks at it as an opportunity for the long term. Because once again, as I share with clients, we don't need it on the short term. We protected your short term, short term through cash flow and cash reserves. So let's not make shoes to accept a capital loss when we don't have to. Matter of fact, can we maximize and take advantage of that opportunity? That's through the education. How do you do that? You meet with your clients on a regular basis and help them understand of. [00:23:28] Speaker B: Where the opportunities are. [00:23:29] Speaker A: Because everyone can recite buy low and sell high, everyone could recite it. Very, very few people actually have the. [00:23:37] Speaker B: Guts to do it. [00:23:39] Speaker A: And what typically happens by having that analytical and holistic conversation based on their goals and their specific money? What we typically see is emotions come down. And when emotions come down, it creates space within the brain that logic can go up. And then if we can have that logical conversation and then finish that meeting saying, well, let's make these modifications and let's check in in a month or two to see how it's going. And oh, by the way, if something goes off the rail, feel free to call me. And so we could discuss it more. That's the best way to manage emotions. Because here's the one thing I will tell you. Markets will always fluctuate. They're never going to stop fluctuating. It's. You have to have a process to manage the fluctuation, both logically and emotionally. Most people, unfortunately, who lost money in the market had no logical solution. They just became hostage to their emotion. And unfortunately, everyone says I made a mistake because what happened? Eventually things settled down and they miss the boat. It's not about timing the market, it's about the time in your market and reallocation and rebalance. Once again, clients want the prescription. As a practitioner, I have to come with a solution to their concern. How do I make them feel more. [00:25:11] Speaker B: Comfortable during an uncomfortable environment? [00:25:14] Speaker A: First and foremost, acknowledge that it's uncomfortable for them as well as for yourself. I don't like what's going on either. So your emotions are accurate. So don't say you shouldn't feel that way. You should feel that way when you see a large decline in Your statement. I feel that way when I see it in my statement. But the question then is, I don't like it. The emotion is. But now the question is acknowledge the emotion. Now how do we logically put ourselves in a better position to win? [00:25:43] Speaker C: Yeah, it's, there's always the simple view of, okay, preparing for the good or the bad. But really, financial planning nowadays has become, I mean, and it probably always has been to some extent, but it's such a dynamic process that you have to, you have to plan for the good, the bad and the unpredictable to some extent. Right. And I was just thinking there as you were talking, you know, back to the GPS thing maybe to close us up, but the, you know, there are times that things go according to plan and you're, you know, you get on the interstate and it's smooth sailing, no problems. There's other times where you, you know, you get behind a couple of 18 wheelers or some bad, you know, things slow your, your progress down and then once in a while you hit an unimaginable traffic jam that you just didn't see happening or an entire interstate as is closed for some stretch and things like that happen. But you know, one of the things that I've learned is that if I'm running low on gas and I'm trying to get somewhere in a hurry, that's a traffic jam is a great time to go ahead and get off and get some gas. I was going to have to make that stop one way or the other, but now it's only costing me 40ft of my travel as opposed to costing me 10 miles over the same time. So, you know, sometimes it's not that, it's not that we can control every single aspect of your financial life and hope that nothing bad's ever going to happen. But just like you said, I mean, there are some creative ways to handle the curveballs that get thrown at you. And you can turn a lot of those negatives into positives if you're first of all not acting on emotions and second of all, making educated, analytical decisions based on what you and your planner are able to put to work. So just, I agree with that sentiment completely and I like the, it's sort of a three dimensional lens instead of two dimensional. [00:27:21] Speaker A: Right. [00:27:21] Speaker C: There's, there's good and bad, but there's a whole lot of stuff. And that's really, if we get down to it, that's really what you're getting paid for, is to be prepared for the unpredictable or to, I guess you could be prepared for the unpredictable. But be ready to react in unpredictable times in the correct analytical way. [00:27:39] Speaker A: Yeah, listen. I mean, I think advisors make big mistakes. I hear many advisors say if the market should go down, it's not if the market should go down, it's when. [00:27:46] Speaker B: The market's going to go down. [00:27:48] Speaker C: The market goes down hundreds and hundreds of times per day. [00:27:52] Speaker A: Yes. [00:27:52] Speaker C: Right. [00:27:53] Speaker A: I mean, in. In 30 some odd years I've been doing this, there's not been one financial plan has not had roadblocks, obstacles, detailers, detail, detours, significant. That's normal. See, people think that life is supposed to be a smoother. It's not. It's a bumpy ride. See, that's why people who try to do it themselves can't do it themselves, because they're going to get exhausted. Because it is a bumpier ride than you think it is. I will share with you one of the challenges. One of the biggest challenges that I have with clients is a newly retired individual. They're working all day. They're working 40 hours, 50, 60 hours. They get home now, they're sitting watching CNBC, and they're like, oh, my God, what's going on? And they're calling me left and right, and I'm like, like, you know, Garrett, you know, it's been doing this for 40 years. You just now have the time to pay attention to it. Nothing's changed the ride. I mean, as a financial practitioner, you have to set the expectation that what is normal is a bumpy ride. Unexpected things are going to happen. That's why we're here. When those things happen, we are going to be upset about it. We're going to be disappointed. That's normal. But what we want to do is make whatever that lemon. That lemon we want to try to. [00:29:10] Speaker B: Turn into lemonade by logic, by utilizing. [00:29:14] Speaker A: Technologies, utilizing the tools that are out there to make sure that you get from point A to point B. The other thing that we also have to keep in mind is that even if things are going well, clients change their goals. You know, I thought I wanted this, but now I don't want this. I'm going to do this. Or I thought we were going to be married for 30 years, and now I'm getting divorced, and now I'm single life or I'm a widow. Life happens. And so, you know, trying to carry that load by yourself and having a dialogue with yourself is really challenging. But when we can bounce off ideas or I can share what other people have experienced, because here's the other thing. Everybody thinks the Problems that they had are just unique to them. You know, if you're going through a divorce, guess what? That's your first divorce and maybe your only divorce. But guess what? I can lean. I could, I can share with you 10 other people who went through a similar situation how the ideas and things that they did to make it less painful and that they can get out on the other side of it in a better position to continue their life. Because, oh, by the way, you have to continue your life. I look at financial planning as, as, as a. When I look at financial planning, it's like when life events happen. It's like having to change a flat tire while you're still driving 65 miles an hour. You can't just call time out like you can in a football game. You know, you've got to. Life keeps moving, and so you've got to have those resources in place, the relationships you have in place with knowledgeable fiduciaries who understand the dynamics, both the logical, intellectual, mathematical, analytical side, but also the human, emotional side. Because ultimately, whatever it is that you decide, you got to be able to sleep at night and you got to feel good about your decisions. Does it mean they might be, you know, might not, still might be the wrong decisions and time will tell? You know, Mark, we've rebalanced portfolios thinking that this is a really good allocation. And three months later we found out. [00:31:29] Speaker B: Probably wasn't the best idea because things changed again. [00:31:32] Speaker A: But guess what? We rebalance again. The game's not over. That's the gps. We have to keep moving. We can't call timeout and say, well, we're just going to stop. [00:31:41] Speaker C: Well, Craig, really appreciate you your time today. And if you've listened or watched this podcast on YouTube, encourage you to give Craig and the rest of the ICGNext team a call at 732-359-3838 or check out icgnext.com all this information should be on the screen as well and also in the episode description below. So give them a call and appreciate your time again. Craig, it was a real pleasure. I have to do it again, hopefully sometime real soon. [00:32:09] Speaker A: Great. [00:32:10] Speaker B: Garrett, thank you very much for the time. I really appreciate it. [00:32:13] Speaker C: You bet. Thanks, Greg. Thank you for joining us on the what's Next podcast. If you would like to speak with someone with the ICGNext team, you may reach them at ic cgnext.com or give them a call at 732-359-3838. If you enjoy the show today, please consider subscribing on your favorite podcast provider or The Wealth Partners YouTube channel. We look forward to seeing you next time.