In this episode of The Runway Decade Podcast, Bill and Pete Bush dive into the vital subject of exit planning for business owners, particularly those in their fifties. Pete shares insights from earning his Certified Exit Planning Advisor (CEPA) designation and outlines how business owners can start planning for a successful exit—years in advance. They walk through the three-legged stool of readiness, the impact of intangible capital, the structure of a successful exit team, and the value acceleration methodology that helps business owners be always ready, not just at retirement. Whether you're just starting or thinking about selling in a few years, this episode provides a roadmap to begin preparing now.

Chapters:

00:20 – Introduction to Exit PlanningBill and Pete catch up and introduce the topic: exit planning for business owners, especially during their runway decade.

00:45 – CEPA Designation and ExperiencePete explains his journey to becoming a Certified Exit Planning Advisor and how it’s deepened his ability to help business owners prepare for transition.

03:03 – The Three-Legged Stool of ReadinessThey break down the three aspects of readiness:

• Business readiness
• Personal readiness (often overlooked)
• Financial readiness

05:29 – The Risk of Staying Too LongPete discusses how lack of personal planning can derail transitions and why some owners resist exiting due to uncertainty about the next chapter of life.

06:50 – Staying On as a Transition StrategyThey explore when it makes sense for an owner to stay on post-sale to de-risk the transition for a buyer.

07:35 – Understanding Intangible CapitalPete details the four types of intangible capital that can drive 75–80% of a business’s value:

1. Human Capital
2. Structural Capital
3. Customer Capital
4. Social (Cultural) Capital

12:31 – Building Your Exit Planning TeamPete outlines the key players in an exit planning team:

• Attorney
• CPA/Tax specialist
• M&A advisor
• Value growth expert
• Insurance specialist
• Financial advisor/SEPA He emphasizes the importance of collaboration among them.

16:00 – Diversifying Outside the BusinessThey discuss why it’s crucial for business owners to build wealth outside the business to reduce personal concentration risk.

18:23 – Exit Planning = Business PlanningPete explains how treating the business as an investment and preparing for transferability is just good business sense.

19:34 – When Should Exit Planning Start?Answer: Now. Pete introduces the Value Acceleration Methodology:

1. Discover
2. Prepare
3. Decide And references the Nick Saban motto: “If you stay ready, you don’t have to get ready.”

21:46 – How to Find a CEPA & What They OfferResources for finding a Certified Exit Planning Advisor, including:

• Exit Planning Institute
• Value gap analysis, profit gap, and wealth gap assessments
• Process-oriented planning and scorecards

24:55 – Final Thoughts & Contact InfoBusiness owners can contact Pete Bush at [email protected] for free resources, checklists, or a discussion about their exit goals. Website: HorizonFG.com

Key Takeaways:

• Start exit planning early—not when you're ready to sell.
• Understand the three-legged stool: business, personal, and financial readiness.
• Intangible capital drives most of your company’s value.
• A cohesive planning team is essential.
• Treat your business like an investment and plan for transferability.
• Exit planning is good business planning.

Sound Bites:

“The three-legged stool of readiness.” “What do you want to do with your time?” “Get in touch with a CEPA for guidance.” “Exit planning is now, not later.”

Contact Info:

Pete Bush:  [email protected]

Bill Bush: [email protected]

www.horizonfg.com

www.runwaydecdade.com

collection of quotes—from their book and beyond—that offer meaningful lessons about personal responsibility, discipline, investing, and long-term planning. Each quote sparks discussion on how these timeless insights apply to real financial life, especially for those in their 50s preparing for retirement. From Yogi Berra to Warren Buffett, the conversation is packed with wisdom and motivation to take action and shape your future today.

⏱ Time-Stamped Show Notes & Chapters:

00:00 – Preflight Announcement & Intro to the Theme The brothers set the tone with a fun “tray tables up” nod and explain that this episode will explore favorite quotes from The Runway Decade book and others that speak to sound financial behavior and mindset.

01:12 – Take Action: The Best Time to Start is Now 📌 "The best time to plant a tree was 20 years ago. The second best time is today." This Chinese proverb kicks off the episode’s recurring theme: It’s never too late to start improving your financial future.

01:42 – Vivid Vision and Belief Drive Results 📌 "Whatever you vividly imagine, ardently desire, sincerely believe, and enthusiastically act upon must inevitably come to pass." – Paul J. Meyer Pete shares how this quote shaped his mindset as a young athlete and business owner.

02:23 – Personal Responsibility: Your Future is Up to You 📌 "If it is to be, it is up to me." – William Johnson This quote reinforces the importance of ownership and self-leadership in financial planning.

03:03 – Direction Matters: Avoid Aimlessness 📌 "If you don't know where you're going, you'll probably end up someplace else." – Yogi Berra A light-hearted quote with a serious message about setting goals.

03:26 – Discipline Over Regret 📌 "You either pay the price of discipline or the price of regret." – Dr. Kevin Elko The brothers break down the concept that time is spent either way—so make it count.

03:58 – Momentum Begins with One Step 📌 "A journey of a thousand miles begins with a single step." Get moving—even small steps build confidence and create forward motion.

04:34 – Don’t Be Fooled: It’s Not Different This Time 📌 "The four most dangerous words in investing are: 'It’s different this time.'” – Sir John Templeton A reality check on emotional decision-making during market turbulence.

05:38 – Fear as a Liar 📌 "I've lived through some terrible things in my life, some of which actually happened." – Mark Twain A discussion on how fear can distort financial decisions and what to do about it.

06:39 – Volatility Is a Fee, Not a Fine 📌 "Volatility is not a fine, it’s a fee." – Morgan Housel Reframing volatility as a normal, expected part of long-term investing.

07:38 – How You Think About the Problem Matters 📌 "The problem is never the problem. The problem is how you think about the problem." – Dan Sullivan Strategies exist—but mindset is the real differentiator in financial success.

08:18 – Flexibility Is Essential: Plans Go Awry 📌 "The best laid plans of mice and men often go awry." – Robert Burns Pete and Bill discuss risk, adaptability, and the unknowns that lie beyond your plan.

09:20 – The Value of Trusted Guides 📌 "If we are lucky, we get a few trusted guides." – B. Barton Retirement is a one-time event—having someone who's guided many through it is invaluable.

10:50 – Why Quotes Matter The brothers reflect on why they included quotes in every chapter of their book and how they simplify complex ideas into digestible insights.

11:30 – Bonus Quotes That Didn't Make the Book A series of impactful financial quotes outside of The Runway Decade begins here.

11:40 – Warren Buffett: Planting for the Future 📌 "Someone is sitting in the shade today because someone planted a tree a long time ago." A deeper take on long-term investing and legacy building.

12:31 – Small Leaks Can Sink Ships 📌 "Beware of little expenses. A small leak will sink a great ship." – Benjamin Franklin Watch out for everyday budget erosion—it adds up quickly.

13:25 – Know What You Own 📌 "Know what you own and know why you own it." – Peter Lynch A reminder to be intentional and informed, especially with complex investments.

14:53 – Preparation + Opportunity = Good Fortune 📌 "Good fortune is what happens when opportunity meets with planning." – Thomas Edison Practice, plan, and be ready to seize your moment.

15:43 – Patience Wins 📌 "The big money is not in the buying or selling, but in the waiting." – Charlie Munger Ronald Read’s example is used to highlight how patience builds wealth.

16:15 – Impulse vs. Time 📌 "Time is your friend; impulse is your enemy." – John C. Bogle The father of index investing explains why behavior matters more than strategy.

16:42 – Play Long-Term Games with Long-Term People 📌 "Play long-term games with long-term people." – Naval Ravikant Success multiplies when you build with the right people over time.

17:45 – Spend with Intention 📌 "Spend extravagantly on the things you love, and cut costs mercilessly on the things you don’t." – Ramit Sethi Why budgeting with purpose leads to richer experiences.

18:10 – Know Where You Stand First 📌 "Knowing where you stand is the first step to getting where you want to go." Start with clarity. “You are here” is the first step on any map—including your retirement plan.

19:16 – Zoom Out: The Market Always Goes Up 📌 "The market always goes up—not every day, not every month, not every year—but always over time." – J.L. Collins Pete and Bill talk about optimism in American business and why perspective is everything.

21:30 – Prepare, Don’t Predict 📌 "You can't predict, but you can prepare." – Howard Marks There are no facts about the future—but there is power in preparation, goals, and adaptability.

22:57 – Final Thoughts & Call to Action The brothers recap the value of the quotes and invite listeners to reflect and take the next step.📬 Contact Bill at [email protected] or Pete at [email protected].💻 Or visit TheRunwayDecade.com

🔑 Key Takeaways

• Financial wisdom often comes in short, powerful phrases.
• Start today—there's no perfect time, just the next right step.
• Emotions like fear and impulse can derail good financial plans.
• Long-term thinking, patience, and preparation are keys to success.
• Know what you own, where you stand, and who’s guiding you.

🗣 Notable Sound Bites

• "The best time to plant a tree was 20 years ago. The second best time is today."
• "If it is to be, it is up to me."
• "The problem is never the problem."
• "Volatility is not a fine. It’s a fee."
• "You can’t predict, but you can prepare."

📬 Resources & Contact:

• Website: www.runwaydecade.com
• Email Bill: [email protected]
• Email Pete: [email protected]

In this episode, Bill and Pete Bush take a deep dive into the various risks associated with retirement. Drawing from their ongoing studies for the RICP (Retirement Income Certified Professional) designation, they unpack key categories of risk that can derail even the most well-thought-out retirement plans. From longevity and health concerns to market volatility and public policy shifts, they emphasize the need for proactive planning, emergency buffers, and a realistic outlook. This is not about fear—it’s about readiness.

⏱️ Episode Timestamps & Topics:

00:00 – Intro: Fasten Your Seatbelts The episode takes off with a familiar aviation metaphor as the Bush brothers cue up a conversation rooted in both experience and education.

00:21 – Retirement Risks Overview & RICP Insight Bill mentions their RICP studies and how this inspired today’s topic. Risks discussed include longevity, inflation, and withdrawal rate risk.

01:45 – Longevity Risk & The Illusion of "My People Don't Live That Long" People often underestimate how long they’ll live. Life expectancy continues to rise, and the stat of a 65-year-old couple having a 50% chance that one spouse lives to 90+ is spotlighted.

02:53 – Longevity = More Time for Inflation to Hurt Longer life means more years for inflation to compound. Staying active longer also often means higher expenses.

04:14 – Aging & Health Expense Risks Health risks include long-term care, frailty, and even financial elder abuse. Health expenses are cited as the #1 cause of bankruptcy in retirement.

05:56 – Beyond Healthcare: Adapting Your Environment From needing a stair lift to remodeling a home for accessibility, aging has unexpected costs. Elder financial abuse often comes from trusted individuals—not just scammers.

07:34 – Investment Risks & The Sequence of Return Trap Sequence of return risk is explained in depth: how bad early market years can cause a retiree to “sell more shares” to generate income. Strategies like bucket planning and income “flooring” are discussed.

09:34 – Income Layers & The 7-Layer Dip Analogy Each retiree’s income is like a layered dip: Social Security, pensions, investments, etc. Building the right layers is essential for long-term sustainability.

10:50 – Work-Related Risks: Forced Retirement & Reemployment Many people plan to work longer than they actually do. COVID showed us that employer insolvency and sudden job loss can strike at any time.

11:50 – The Illusion of Control The idea that we control all outcomes is often false. Surprise is the “mother of all panic,” especially in investments. A strong buffer (emergency fund) is essential.

13:34 – Family-Related Risks: Loss of Spouse & Surprise Expenses Losing a spouse can lead to emotional devastation and a significant drop in income. Taxes change, Social Security benefits can decrease, and stress may impact health.

14:32 – The Goal is Awareness, Not Fear Planning for these risks is just like buying insurance. You hope you won’t need it—but you’re covered if something happens.

15:02 – Timing & Policy Risks Interest rate shifts can hurt lump sums from pensions. Laws change—like the SECURE Act—and future changes to taxes, Social Security, or Medicare could impact retirees.

17:29 – Planning for the Unknown You can’t control everything, but you can create buffers. “Risk is what’s left over after you think you’ve thought of everything.” – Morgan Housel

18:30 – Don’t Worry Alone: Seek Guidance The brothers encourage listeners to reach out if they feel uncertain. Asking the right questions—and having a trusted guide—can make all the difference.

💡 Key Takeaways:

• Longevity Risk: Retirees must plan for 25–30 years of income.
• Health Risk: Medical costs are a top threat to financial stability.
• Investment Risk: Market downturns early in retirement can devastate income plans.
• Work Risk: Job loss or forced retirement is more common than people think.
• Family Risk: Losing a spouse can affect both emotions and money.
• Policy Risk: Tax laws and benefit changes can throw a wrench into plans.
• The Illusion of Control: Many risks are beyond our control—but buffers help.
• Worrying Alone = Risky: Get help. Don’t plan in isolation.

🔊 Notable Sound Bites:

• "You want to live a long life, but you don't want to outlive your money."
• "The number one cause of bankruptcy is healthcare expenses in retirement."
• "You have to sell more shares each month just to get the same check."
• "Loss of spouse risk can affect you in multiple ways."
• "Surprise is the mother of all panic."

📬 Resources & Contact:

• Website: www.runwaydecade.com
• Email Bill: [email protected]
• Email Pete: [email protected]

In this episode of The Runway Decade Podcast, Bill and Pete discuss the intersection of baseball and financial planning. They explore how teamwork, coaching, and early financial education shape success, drawing insightful parallels between the sport they love and the business they live in day-to-day. From the importance of visualization and mindset to the timeless principles that stand the test of time, this episode is packed with valuable takeaways for both baseball enthusiasts and financial planners alike.

Key Topics:

00:01 – Introduction

• Bill and Pete kick off the episode with the familiar pre-flight announcement.
• Spring is around the corner, and baseball season is officially underway.

02:11 – Baseball Season & Personal Connections

• Discussing LSU baseball’s strong start and high expectations.
• The Bush brothers’ personal history with baseball, from childhood games to watching the Big Red Machine.
• Baseball’s role in shaping their competitive mindset and teamwork skills.

06:15 – Teamwork in Baseball & Financial Planning

• Success in baseball depends on specialized roles—just like in financial planning.
• Every player has a position, just as financial professionals (advisors, tax professionals, attorneys) each play a key role.
• Why building a solid financial team is crucial for long-term success.

09:35 – The Role of Coaching in Both Worlds

• The best baseball teams have great coaches—so do successful investors.
• A financial advisor acts as a coach, guiding clients through financial decisions.
• "You can’t see the whole picture when you’re inside the frame"—how external coaching provides crucial perspective.

12:27 – The Impact of Early Financial Education

• How childhood lessons about money shape financial habits.
• The contrast between scarcity vs. abundance mindsets in financial upbringing.
• Lessons learned from past generations, including those who lived through the Great Depression.

14:49 – Timeless Principles in Baseball & Finance

• The game of baseball has remained largely the same for over a century—just like financial fundamentals.
• Human behavior cycles through fear and greed, much like the ups and downs of the market.
• The importance of having a long-term perspective and not reacting emotionally to short-term financial fluctuations.

17:27 – The Importance of Visualization & Mindset

• Skip Bertman’s coaching philosophy and the power of mental rehearsal.
• Envisioning financial success just as athletes visualize their victories.
• The "retirement party" exercise from The Runway Decade book—defining what success looks like before it happens.

22:46 – Conclusion & Call to Action

• "If it is to be, it’s up to me." – The importance of personal responsibility in financial success.
• Encouragement for listeners to take proactive steps in their financial planning.
• Connect with Bill and Pete at HorizonFG.com or TheRunwayDecade.com.

Sound Bites:

• "Expectations are pretty high for the LSU Tigers."
• "You can't hold up the mirror to yourself and see it."
• "Money is talked about in terms of scarcity or abundance."
• "If it is to be, it’s up to me."

Final Thoughts:

This episode highlights the deep connection between baseball and financial planning, demonstrating how teamwork, coaching, and strategic thinking apply to both. Whether you're a baseball fan, an investor, or someone navigating financial decisions, the lessons from this discussion will help you step up to the plate with confidence.

Contact:

[email protected]

[email protected]

www.runwaydecade.com

Episode Highlights with Timestamps

[00:00] Introduction: Cleared for Takeoff

• The episode begins with a friendly welcome from Bill and Pete Bush.
• Reflecting on the transition into 2025: New beginnings, fresh plans, and the excitement (and challenges) of the New Year.

[02:00] Why New Year's Resolutions Fail

• Pete discusses Steven Pressfield’s The War of Art and the concept of “Resistance,” the internal force that challenges personal growth and improvement.
• How to recognize and overcome resistance to stay committed to your goals.

[04:00] Start the Year with a Financial Check-In

• Bill shares his habit of tracking account balances in a spreadsheet to monitor progress over the years.
• Key steps for an annual financial check-up:
• Review account balances (emergency savings, retirement plans, etc.).
• Evaluate progress year-over-year.
• Adjust contributions to retirement plans, leveraging auto-escalation or increasing savings rates after raises.

[06:30] Chapter Spotlight: "Where Are You Now?"

• Revisiting the book chapter that emphasizes the importance of reassessing your financial position regularly.
• Discussion on adapting to changes, such as career shifts, family events, or market fluctuations, and their impact on financial planning.

[08:45] Health Goals: Making it to and Through Retirement

• The importance of proactive healthcare and maintaining physical fitness.
• Bill and Pete share personal habits, including annual physicals and regular checkups.
• Insights into the connection between health span (active, healthy years) and financial planning.
• Fun ways to stay active, including pickleball, which Pete is excited to pursue further.

[11:30] The Role of Relationships in Longevity

• The hosts explore how building and maintaining healthy relationships can lead to a longer, happier life.
• The importance of socialization: spending time with friends, family, and community members.
• Encouraging listeners to connect with others and avoid the isolation often amplified by social media.

[13:45] Who Not How: Leveraging Your Network

• Discussion on Dan Sullivan’s Who Not How and the value of enlisting the help of others to accomplish goals.
• Using this approach to strengthen relationships while lightening your workload.

[15:30] Pickleball and Social Fitness

• Bill and Pete share their experiences with pickleball and how it blends fitness with social interaction.
• Pete jokes about his deceptive left-handed gameplay and encourages listeners to challenge them to a match.

[18:00] Three Years of Podcasting

• Celebrating the upcoming three-year anniversary of The Runway Decade Podcast.
• Encouraging listeners to revisit earlier episodes featuring unique and inspiring guests who shared insights into navigating their 50s.
• Reflection on the commonalities and differences in experiences among people in their 50s.

[20:45] Looking Ahead to 2025

• Bill and Pete express excitement for the year ahead, both for the podcast and their work at Horizon Financial Group.
• Setting goals for the future and the importance of reassessing plans regularly.

Notable Quotes

• “Resistance shows up when you're doing something meaningful. Recognize it, and push through.” – Pete Bush
• “You’re saving for retirement, but are you going to make it there in good health? And when you do, will you have people to enjoy it with?” – Bill Bush
• “Health span is about living an active, healthy life for as long as you can, not just extending a sick life.” – Pete Bush

Resources Mentioned

• Books:
• The War of Art by Steven Pressfield
• The Runway Decade: Building a Pre-retirement Flight Plan in Your Fifties – Buy the book
• Tools and Strategies:
• Auto-escalation for retirement contributions.
• Setting phone reminders for periodic financial or health check-ins.

Call to Action

• Explore Past Episodes: Visit TheRunwayDecade.com to listen to previous episodes featuring inspiring guests.

Contact Us: Have questions or want to connect? https://www.runwaydecade.com/#contact

In this episode of The Runway Decade Podcast, Bill Bush and Brother Pete focus on the importance of adopting the right mindset as the year ends. They emphasize actionable steps for financial planning, highlight key year-end deadlines, and discuss how proactive health and financial practices overlap. Reflecting on their personal experiences and the importance of gratitude, they guide listeners on how to approach 2025 with clarity and intention.

Key Discussion Points

00:00 – Introduction to the Runway Decade Podcast

• Bill kicks off the episode with a signature aviation-themed welcome.
• Reflection on the passage of time and its relevance to the “runway decade” (ages 50-59).
• Pete and Bill share their perspectives on nearing the end of their own “runway decades.”

02:03 – Year-End Reflections and Planning for 2024

• The year-end as a natural checkpoint for assessing financial and personal progress.
• Breaking life into manageable segments—weeks, months, quarters—and using the calendar as a tool.
• Highlighting year-end financial deadlines:
• Retirement plan contributions (employee contributions must be made by December 31).
• Donor-advised funds and charitable giving, with a suggested cutoff of December 15 to avoid processing delays.
• Other key tax-related actions to complete before year-end.

08:00 – Mindset for Financial Success in the New Year

• The value of reflection: asking “If I’m sitting here a year from now, what needs to happen for me to feel successful?”
• How to break long-term goals into achievable quarterly milestones.
• Emphasizing proactive and positive self-talk to overcome setbacks.
• Tips for staying focused and avoiding the post-New Year’s slump:
• Use quarterly planning to maintain momentum.
• Start whenever you’re ready—even if it’s February!

14:03 – Health and Financial Well-Being

• Bill shares personal experiences managing pre-diabetes and past heart health challenges.
• The importance of annual physicals and “knowing your numbers” for both health and finances.
• Parallels between financial and physical discipline:
• Regular checkups and monitoring.
• Seeking professional advice to stay on track.
• Pete highlights the role of a financial advisor in providing clarity, much like a doctor does with health.

19:58 – Closing Thoughts and Holiday Wishes

• Gratitude for listeners and their support throughout the podcast’s journey.
• Encouragement to reflect on the year’s accomplishments and make thoughtful plans for the next.
• Bill and Pete share personal holiday traditions, including family gatherings and planning sessions.
• Pete’s tradition of attending a year-end strategic workshop in Santa Monica for goal-setting.
• Holiday wishes to the audience, with a reminder to reach out for guidance or share feedback on podcast topics.

Takeaways

• Reflection & Planning: The end of the year is a natural time for reassessing and planning.
• Proactive Financial Steps:
• Maximize opportunities such as catch-up contributions ($7,500 for those 50+) and donor-advised funds.
• Plan ahead to avoid last-minute stress.
• Health & Wealth Connection: Health is as critical as financial success; discipline in both areas leads to long-term well-being.
• Curiosity and Positivity: Be curious about your numbers and stay optimistic in your approach to setbacks and challenges.
• Gratitude & Connection: Use the holiday season to appreciate progress and connect with loved ones.

Sound Bites

• “It’s unbelievable how fast they go nowadays.”
• “If I’m sitting here a year from now, what needs to happen for me to feel successful?”
• “Be curious and seek out information.”
• “The man with his health has a thousand wishes; the man without it has one.”
• “Happy holidays to everyone listening in.”

Resources Mentioned

• The Runway Decade: Building a Pre-Retirement Flight Plan in Your 50s
• RunwayDecade.com
• Horizon Financial Group

Connect with Us

• Visit our website: RunwayDecade.com
• Email us: [email protected]

Introduction Hosts Bill and Pete Bush dive into a thought-provoking discussion about a pivotal moment in every financial journey where "the road diverges." This episode explores the crucial choice people face when determining their financial future—one path leading to confidence, success, and security, while the other leads to regret and missed opportunities. Bill and Pete share insights on why some struggle to choose the more secure path and how to build momentum toward financial confidence.

Episode Highlights

·         [00:22] The Diverging Path Bill and Pete explore the concept that, at some point in every financial journey, “the road diverges,” presenting two potential paths. One path leads to confidence, success, and financial security, while the other can result in regret, doubt, and missed opportunities. They reflect on how people often face this crossroads, and while most would choose the path toward security and fulfillment, various obstacles keep them from progressing. The hosts suggest that identifying these roadblocks and addressing them head-on is key to staying on the path toward financial well-being.

·          [02:31] Taking the First Step Tackling financial goals can feel daunting, but Bill and Pete emphasize the importance of taking that first small step. They use the analogy of "eating an elephant one bite at a time" to illustrate how consistent, small actions over time create lasting results. They mention that inertia is a common issue; taking that initial step is often the hardest part, but once in motion, people tend to continue on the path. Pete highlights the incremental nature of retirement accounts like 401(k)s, where small, regular contributions accumulate into significant assets over time.

·         [04:52] Future Self Visualization Bill and Pete dive into the psychology behind why people struggle to save for their future selves. Citing Dr. Hal Hershfield’s research on future self-visualization, they explain that many people see their future selves as strangers, making it harder to feel a connection and prioritize future financial needs. Pete shares his experience hearing Hershfield speak and recommends watching Hershfield’s TED Talk. By better visualizing their future selves, people can build empathy for their future needs, leading to more proactive financial planning.

·          [07:16] The Do-It-Yourself Mentality vs. Seeking Guidance While self-management of finances may seem appealing, Bill and Pete discuss the pitfalls of a purely DIY approach. They share how the guidance of a financial advisor can help overcome cognitive and emotional barriers to financial success. Using examples like gym coaching, they highlight that just as fitness requires discipline and consistency, managing finances requires behavioral coaching to stay on track. Advisors provide accountability, expertise, and reassurance, especially during volatile market periods, ensuring that clients maintain a long-term view.

·          [14:30] Too Much Plane for One Person to Fly Drawing from The Checklist Manifesto, Bill recounts the story of an early Boeing aircraft, too complex for one pilot to operate alone. This story serves as an analogy for complex financial lives that become too intricate for individuals to manage without assistance. Bill and Pete observe that, as people progress through life, they accumulate assets and liabilities, making their financial plans increasingly intricate. This is where financial advisors bring value—helping clients coordinate the many moving parts of their finances to ensure stability and direction,

·          [16:56] Resource Highlight: 50 Ways an Advisor Can Help You Bill and Pete introduce their latest resource, a downloadable PDF titled 50 Ways Financial Advisors Can Help You. This guide outlines both common and unexpected ways an advisor can add value, from tax-efficient strategies and risk management to behavioral coaching and legacy planning. They focus on six key areas:

• Behavioral Coaching – Helping clients avoid impulsive financial decisions, particularly in turbulent markets.
• Investment Management – Ensuring proper asset allocation, rebalancing, and managing portfolios to align with financial goals.
• Tax Strategies – Providing tax-efficient approaches to minimize liabilities and increase savings.
• Risk Management – Addressing potential financial risks through planning and insurance, securing clients’ financial foundation.
• Legacy Planning – Facilitating discussions about asset distribution, including wills, trusts, and the timing of inheritance.

Sound Bites

·         "The road does separate, one path leads to confidence."

·         "Successful people do things that others won't do."

·         "Take that one first step, whatever that is for you."

Conclusion If the conversation resonates and you’re considering moving away from the "do-it-yourself" model to seeking professional guidance, Bill and Pete invite you to reach out. With resources at RunwayDecade.com and Horizon FG’s website, they offer various ways to connect, either in person or virtually, for anyone ready to take that first step.

Resources Mentioned

• 50 Ways Financial Advisors Can Help You (Downloadable PDF)

This link provides an in-depth look at the variety of ways advisors can add value, from practical strategies to behavioral insights, helping clients achieve their financial goals.

• Dr. Hal Hershfield's Video on Future Self Visualization (available on YouTube)

Contact Information For more insights, connect with Bill and Pete through the runwaydecade.com or Horizon FG websites. They welcome questions and are ready to help listeners build clarity and direction toward financial security.

In this episode of The Runway Decade, Bill and Pete dive into the crucial topic of taking action in financial planning. They emphasize the importance of creating an actionable checklist and how an accountability partner can help keep you on track. The discussion highlights the psychological concept of visualizing your future self and its impact on your current financial decisions. Throughout the episode, Bill and Pete stress that planning without implementation is meaningless and that financial progress comes from adapting your plans to life's changing circumstances. They encourage listeners to take the first step, no matter how small, to build momentum toward financial success.

Key Takeaways:

• Taking action is critical for financial progress.
• Implementation is the key to turning a plan into reality.
• Action checklists help organize and clarify financial goals.
• Starting with low-hanging fruit can create momentum.
• Accountability partners can keep you committed to your financial objectives.
• Visualizing your future self can motivate you to make better decisions today.
• The most successful people actively seek advice and take steps.
• Plans must be flexible to adapt to changes in life circumstances.
• Re-dreaming is a valuable process to adjust and revise financial goals.

Episode Chapters:

• 00:00 - Introduction to Financial Action Bill and Pete kick off the episode by emphasizing the need to move from financial planning to action, touching on the importance of putting plans into practice.
• 02:20 - The Financial Matrix and Asking the Right Questions The hosts discuss the financial matrix, a tool that helps assess where you stand financially by asking key questions. They highlight how the matrix can help you identify areas needing attention.
• 05:00 - Low-Hanging Fruit: Easy Wins for Financial Momentum Bill and Pete talk about common areas people overlook, like old 401(k)s or cash sitting in checking accounts, which could be working harder for you with minimal effort.
• 06:52 - How to Start: Tackling the Action Checklist The hosts break down the process of creating an action checklist, emphasizing that starting with small steps, such as calling HR about an old retirement account, can help build momentum.
• 09:09 - The Role of Accountability in Financial Success Bill and Pete explain how having an accountability partner—whether it’s an advisor, spouse, or friend—helps people stay committed and focused on their financial journey.
• 11:24 - Visualizing Your Future Self The discussion turns to the psychological impact of visualizing yourself in the future and how that can influence your financial decisions today, referencing studies from behavioral finance.
• 14:48 - Adapting Plans and Re-Dreaming The hosts wrap up by discussing how plans need to evolve as life changes, introducing the concept of "re-dreaming" to reflect shifts in financial circumstances and goals.

Memorable Quotes:

• "The plan is nothing, the planning is everything."
• "Answers are everywhere, but are you asking the right questions?"
• "Low-hanging fruit can really start the momentum."

Resources Mentioned:

• https://www.runwaydecade.com/#resources
• www.horizonfg.com

Summary: In this episode of The Runway Decade Podcast, Bill and Pete Bush of Horizon Financial Group and authors of the book The Runway Decade,  discuss the various strategies and financial vehicles available to help you achieve your retirement goals. They dive into the importance of planning for a potentially lengthy retirement, managing risk versus volatility, and the significance of having the right tools to ensure financial success.

Key Topics Discussed:

1. [00:00] Planning for Retirement: Funding Your Desired Lifestyle

   • Understanding where you are now and where you want to go.

   • The importance of having a clear vision for your retirement lifestyle.

   • How to fund your retirement goals with discretionary cash and investments.

2. [03:04] Understanding Risk and Volatility in Investing

   • Clarification of the difference between market risk and volatility.

   • The importance of staying invested in equities to combat inflation.

   • Reference to Sir John Templeton's quote on market behavior.

3. [05:22] Investing in Large Companies as an Inflation Hedge

   • Discussion on how big companies and the S&P 500 play a role in long-term growth.

   • The impact of inflation on purchasing power and the importance of investing in equities.

4. [07:46] Avoiding Common Investment Mistakes

   • Discussion on different financial products like annuities, bonds, and equities.

   • Avoiding common investment mistakes, particularly in tax planning.

5. [09:42] The Importance of Personalized Financial Advice

   • The significance of working with a financial advisor who can provide personalized guidance.

   • Avoiding the "one-size-fits-all" approach to retirement planning.

6. [17:30] Building a Diverse Portfolio with Different Investment Tools

   • The importance of having a diversified investment strategy.

   • Matching the right financial tools with your retirement goals and the role of various investment vehicles.

Quote of the Episode:

• "Among the most dangerous words in investing are, 'It's different this time.'"

Closing Remarks:

• Reminder: Your retirement plan should be as unique as you are. The right tools and strategies will vary based on individual circumstances.

• Next Steps: Consider consulting with a financial advisor who can help you navigate your specific retirement journey with a tailored approach.

Resources Mentioned:

www.runwaydecade.com

www.horizonfg.com

In this episode of the Runway Decade Podcast, hosts Bill Bush and Brother Pete delve into the intricacies of managing finances as you approach the later stages of your career, emphasizing the common financial planning mistakes and how to correct them. Through engaging discussions and a client story, they explore the importance of auditing your financial health, the role of a financial advisor, and practical strategies for maximizing retirement savings and investment performance.

Episode Highlights

·         00:00:02 - The episode kicks off with an exciting announcement that the Runway Decade podcast is ready for takeoff, setting the stage for an insightful discussion on financial planning and management.

·         00:00:20 - Hosts Bill Bush and Brother Pete introduce themselves and the episode's theme, discussing the tendency to follow conventional financial wisdom and how it may not always yield the expected outcomes. They stress the value of reassessing financial strategies that aren't working.

·         00:01:06 - They delve into the common issue of not utilizing financial advice properly and the metaphorical need for a "financial flashlight" to illuminate unseen opportunities or pitfalls in one's financial journey.

·         00:01:49 - A client story is shared to highlight the tangible impact of thorough financial auditing, demonstrating how uncovering overlooked details, like double taxation on stock options, can lead to significant savings.

·         00:02:41 - Further exploring the mismanagement of stock options due to a lack of understanding from tax professionals, this segment emphasizes the critical role of financial literacy and the benefits of seeking a second opinion on tax matters.

·         00:03:27 - The hosts discuss the discovery of a double taxation issue on stock options, showcasing the importance of reviewing past tax returns for potential errors that could lead to tax refunds.

·         00:04:11 - The conversation shifts to the broader implications of not understanding complex financial instruments like stock options, stressing the need for diligent review and professional consultation.

·         00:04:54 - Highlighting the quote from Will Rogers about the peril of knowing something that isn't true, the hosts underscore the importance of questioning financial assumptions and conducting regular financial audits.

·         00:05:40 - The hosts introduce the concept of a financial matrix as a tool for conducting comprehensive audits of personal finances, encouraging listeners to assess each aspect of their financial life systematically.

·         00:06:27 - They explore the key areas of focus during a financial audit, including cash flow, budget, investments, retirement planning, and insurance, to ensure all aspects of one's financial health are in order.

·         00:07:14 - The episode discusses the benefits of revisiting and updating one's financial plans regularly, using personal anecdotes to highlight how easy it is to overlook crucial financial updates.

·         00:08:02 - They address the importance of systematically rebalancing investment portfolios to capitalize on market fluctuations and maintain alignment with one's risk tolerance and investment goals.

·         00:08:49 - A detailed discussion on the significance of accurate contribution rates in retirement plans, illustrating how common misunderstandings about employer matches and contribution limits can affect long-term savings.

·         00:09:35 - Emphasizing rebalancing as an essential investment strategy, the segment clarifies how it helps investors buy low and sell high, a practice that is counterintuitive but fundamental to achieving investment success.

·         00:10:29 - The hosts talk about the long-term nature of retirement planning, highlighting the necessity for plans to extend through retirement and the common misconception about the duration of retirement savings.

·         00:11:26 - The narrative shifts to the importance of projecting future income needs and adjusting savings rates accordingly, to avoid financial shortfalls in retirement.

·         00:12:18 - Exploring the concept of the financial confidence quadrant as a self-assessment tool, the hosts suggest it can help individuals identify areas of their financial life that need attention.

·         00:13:10 - Continuation of the conversation on retirement planning, emphasizing the importance of ensuring savings and investment strategies are designed to support a potentially long retirement.

·         00:14:06 - Concluding thoughts on the need for ongoing financial education and literacy, urging listeners to be proactive about seeking advice and verifying the accuracy of their financial information.

·         00:15:05 - The hosts wrap up the episode by inviting listeners to reach out for advice or use the tools provided on their website to conduct their personal financial audit.

Key Takeaways

1.     Regularly auditing your financial health can uncover overlooked opportunities or mistakes, potentially leading to significant improvements in your financial situation.

2.     It’s all too easy to follow conventional financial wisdom without considering its applicability to your unique situation. This episode emphasizes the importance of questioning financial assumptions and seeking personalized advice.

3.     Understanding complex financial instruments and their tax implications is crucial to avoid overpaying taxes and maximizing the value of your investments.

4.     Tools like the financial matrix and the financial confidence quadrant can provide structured ways to assess and improve various aspects of your finances, from savings rates to investment strategies.

5.     Retirement planning should account for a potentially long retirement period, necessitating a focus on strategies that ensure longevity and stability of retirement income.

Tweetable Quotes

- "It isn't what we don't know that gives us trouble; it's what we know that ain't so." - Will Rogers, as quoted in discussing financial assumptions and their impact.

- "You can't read the label from inside the jar." - On the value of seeking outside perspectives to gain insights into your financial status and make necessary adjustments.

Resources Mentioned:

- https://www.horizonfg.com/

www.runwaydecade.com