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These Financial Things Are Underrated
This topic is simple. Things related to your money, finances, and retirement that should get way more attention and excitement. Let’s give them the love they deserve on this episode.Find out more information about Brian Butler and Beyond The Pie Charts here: https://www.wealthstandardfinancial.com/Full transcript below...----more----Transcript:Marc Killian: Hey, everybody. Welcome in to another edition of Beyond Pie Charts. Thank you for tuning in to our podcast. I'm Marc Killian, your cohost, alongside Brian Butler. He is the president and wealth management advisor at Wealth Standard Financial, serving you in the greater Houston area, with an office in Houston, but he services a lot of clients in a lot of other places, but we'll get into all that at another time.Marc Killian: If you got questions or concerns, and you want to get yourself onto the calendar, or maybe you just want to check some information that you've gotten, or you hear something even on this podcast that piques your interest, before you take any action, always talk with a qualified professional like Brian. You can reach out to him at 713-955-6007. That's 713-955-6007, and you can check us out online at WealthStandardFinancial.com. That's WealthStandardFinancial.com, and click on the link for the podcasts, subscribe to it. Hopefully, that'll be up pretty soon. This is our second podcast, so it may already be up and running.Marc Killian: And I always say you can check us out online, even though I have nothing to do with Wealth Standard Financial. I'm the radio host and the podcast host, but I just feel like as I get to know my clients here and I get to have a good time talking with them and I get to know people like Brian and it's just enjoyable to me.Marc Killian: So, Brian, welcome in, buddy. How are you this week?Brian Butler: Good, man. How are you?Marc Killian: I'm doing fantastic. Good to talk with you again. Looking forward to talking to you on our show, on our podcast, and getting into more of this financial stuff and hopefully helping people out along the way.Marc Killian: As I did last week, I wanted to start the show off with just a little getting to know you as we're kicking this thing off and getting folks into our podcast. Now, you've been doing this for over 20 years as we talked about before in the financial services industry. Shared that interesting story how you thought about being a plastic surgeon, went financial advisor. If you missed that podcast, go back and listen to it, folks. Pretty interesting.Marc Killian: So, this week's question is going to be, who's really had the biggest impact on you, maybe personally, maybe from a family standpoint, as you were growing up that really taught you a lot about money and finance?Brian Butler: Now, there have been a few people that have taught me a lot, but I would say my grandmother, one of my grandmothers, my dad's mother. She grew up on a farm in Louisiana, lived in California for a little while, and eventually became a nutritionist at Texas Childrens Hospital here in Houston.Marc Killian: Oh. Very cool.Brian Butler: She did that for 20 plus years, and she always used to tell me, "Any time you have a job or do something, work as hard as you can, number one, but put a small amount away that you just don't touch." Because she said, "That small amount will turn into a lot of money over time."Brian Butler: And you know, as a eight, nine, 10-year-old and even-Marc Killian: That's right.Brian Butler: ... when I became a teenager and going to college, the message was always the same.Marc Killian: You're like, "Yeah, right." You're like, "I don't want to do that. There's no fun in that, Grandma."Brian Butler: Right. Absolutely. And if I would have listened to her earlier, I would have a lot more money than I do now.Marc Killian: I hear you there.Brian Butler: But hindsight is always 20/20. But she taught me a lot about money, a lot about hard work and work ethic, and that was passed down to my father and to my aunts, who were all successful. She's retired, and the reason why she ... She didn't make a lot of money, but she was able to retire and be totally comfortable. House is paid off, cars, all of that, no debt. And so, she told me, "A conservative way to live will give you a lot of time freedom," and that's what I really value the most is time freedom.Marc Killian: Well, that's awesome. That's a cool story, and yeah, sometimes I think we tend to do that. We tend to kind of get obsessed with saying, "We got to make as much as we can," but sometimes, looking at the long game early enough can really set you up for success down the road too. So, very cool to hear that story from your grandmother.Marc Killian: Well, let's turn our attention and get into our main topic for the podcast this week. Again, we're going to do these little getting to know yous each week as we get things going and get to know Brian just a little bit better. And I thought we would talk about some financial items, some financial things, Brian, that are maybe underrated. The topic is pretty simple. These things relate to our money and our finance, and maybe they don't get the attention that they should, or we just kind of gloss over them because we think they're too simple. So, we'll spend a few minutes on some these and get your take on it.Marc Killian: Liquidity, okay? We're going to hearken back to Grandmom here a little bit and kind of go with these nice, simple, underrated things that I think maybe she would even be proud of for us talking about. Liquidity. Let's talk a little bit about it. What is it, and how can it be underrated?Brian Butler: Now, liquidity is basically how fast can you get to money? How long will it take for it to be in your hand and for you to be able to use it?Marc Killian: Right.Brian Butler: Traditionally, your 401ks, IRAs, annuities, cash value life insurance, they all have a place in your financial plan. But they all come with liquidity challenges, either because of the nature of the investment or the tax consequences of withdrawing that money. So, no matter what your investment account looks like, it's always important to have enough money that's easily accessible at a moment's notice without tax penalties.Brian Butler: I can tell you that from experience. Today, you might not know it, the A/C in our building went out, and I'm sweating right now doing this podcast, but it's okay. Now, my wife, on the other hand, a couple years ago we had a hurricane hit Houston, and our power went out for a week. When I tell you, my wife was miserable. So, if you've never been to Houston, Houston is humid, and we get 100 plus degree summers. With no A/C, that's probably the single scariest thing that someone in Houston would want, so we'll take a break-in at our house over our A/C going out.Marc Killian: Wow. Okay. All right. Yeah, I mean, that's pretty rough. It's like being in New Orleans, right? It's just humid all the time.Brian Butler: All the time.Marc Killian: Yeah. I'm in the Raleigh area of North Carolina, and we've actually, to start this year, we're now into June as we're taping this podcast here, but in May, we were already ... We hit 100 degrees in May, which was unusual to kick off the year. So, I agree with you there. And Brian is toughing it out, folks. He is sitting with the fan turned off so that it doesn't bleed onto the mike too much. He is being a heck of a trooper here for us on the podcast.Marc Killian: But that's liquidity, and it definitely can be underrated. We're going to talk more about things like having your emergency fund, things like that, things you can get to. Real estate is not a good liquid investment, just to kind of frame that up for you. It's got to be money you can get to quickly. 401k, IRAs, annuities, they all have their place, but you want to make sure that you do have some monies that you can get to quickly.Brian Butler: Absolutely.Marc Killian: Yeah. Okay, so another place that might be overlooked is predictability. Now, a lot of people might say, "Well, no, I definitely want predictability." But I think it goes under the radar sometimes because it's not as exciting, Brian. It's not as exciting as big returns and market growth and all of that kind of stuff, but man, predictability is awful nice whenever you got to have that monthly check.Brian Butler: Absolutely. This is something that people do undervalue. Investments that behave in a predictable manner, they're not exciting.Marc Killian: Right.Brian Butler: But if you're relying on that paycheck, like you said, these investments are very exciting for those people.Brian Butler: Now, predictability is good for a portion of your money, so the portion that you need guaranteed, so your expenses, your medical care, that monthly paycheck that you want, all of those things, you want to be very predictable. Then you have another bucket of money where you can have more risk and all those sexy things that you see on television, like the IPOs that everybody wants to be a part of, and I try to talk them out of it all the time, because most IPOs are significantly lower six months after their initial buy-in. And so, predictability is boring, but as you retire, you want less things to think about. And the more time you have on your hands when you retire, guess what you're doing most of the time? Watching investment news.Marc Killian: Yeah. Yeah.Brian Butler: So, you want to be a mover and shaker because you have that extra time. When you were working, you didn't have time to look at your 401k every day, and that's why it grew. If we can get you some more predictable streams of income, more predictable investments, so that way when the market does go down, you're not overly concerned.Marc Killian: No, I think that's a great way of looking at it. My wife and I, I'll use this as an example. I'm a self-employed. I own my own business. My wife is what she refers to as the steady Eddie. She works at a company. She has her paycheck. She has the 401ks, all those kind of things. And so, if you're thinking about your money in terms of risk, that kind of situation, my wife and I, she is kind of that good predictable income stream, whereas mine can vary because I'm self-employed. So, mine can be higher or lower month to month, versus a consistent like you might see with a paycheck.Marc Killian: So, the same kind of thing when you're thinking about your retirement plans. You want to make sure that in retirement, especially when you're really going to need those checks, that you have that predictable stream of income coming in, but also that you're in a situation where it's covering your base needs. We're going to talk about the B word, budget, I'm sure, on a future podcast. And don't fret. Budgets can be a good thing. It doesn't necessarily mean you have to live on a tight budget and you can't have any fun. It just means understanding what's coming in and what's going out type of thing, and we'll talk more about that another time.Marc Killian: Our final piece here on this week's podcast for things that are financially maybe underrated, a term and a thought, or a concept, if you will, and that's simplicity, Brian. You know, it doesn't have to be War and Peace to be a good financial plan.Brian Butler: Absolutely. The more simple your plan, the better you can execute it. I run into people all the time and I ask them, "Why do you own this particular investment?" They have no idea. And so, if you have no idea why you own it, or what it does, I mean, you got to really think about your most important assets are in these particular products, and you don't understand them.Brian Butler: A lot of times, the more complicated the product, the more fees there are, and the more it's going to bleed out of your retirement. So, understanding what you own and why you own it is going to be a major factor in the retirement, because the closer you get to retirement, the more sexy you look to other advisors, and they're like, "How can I separate you from your money, and make more money off of you?" So, it's something that you have to pay attention to, and if you have a good advisor that explains why you own something, and explains how they get compensated, and explains the charges that you're going to see, that's going to simplify your life and make you more money in the long term.Marc Killian: No, I think simplicity cannot be overstated, and it definitely is underrated. Sometimes, again ... Brian, we're going to talk about a lot of these things, but I'm sure you're quite familiar with a lot of financial rules of thumb, like the 4% rule, the rule of 100, things of that nature. But just for giggles, have you ever heard of the rule of 11?Brian Butler: The rule of 11? No.Marc Killian: Okay. I heard this one from a financial advisor who's been doing this many years. I thought this one was pretty cute, so I'm going to share it with you. He said, "The rule of 11 is, if you can't explain it to an 11 year old, it's too complicated."Brian Butler: Right. I like it. I like it.Marc Killian: There you go. So, that's our podcast this week, folks. Thanks for listening to Beyond Pie Charts with Brian Butler. We're going to be back next week with another podcast to continue talking about these things, investing, finance, and retirement.Marc Killian: You got questions or concerns, reach out to him at 713-955-6007. That's 713-955-6007. He's the president and wealth management advisor at Wealth Standard Financial, serving you in the greater Houston area. Go check us out online at WealthStandardFinancial.com. That's WealthStandardFinancial.com. Subscribe to us on iTunes if Apple's your thing, or Google Play if that's your thing. Stitcher, iHeartRadio, various different ways, you'll see that on the website. We'll be able to get you subscribed up. Give us a like, give us a share, and all that good kind of stuff. If you know somebody who needs a good, entertaining financial podcast, hopefully, this'll be the one for you.Marc Killian: Thanks so much, Brian, for your time this week, my friend. I will talk to you soon.Brian Butler: Hey, man. See you soon.Marc Killian: This has been Beyond Pie Charts with Brian Butler. We'll catch you next time.
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This topic is simple. Things related to your money, finances, and retirement that should get way more attention and excitement. Let’s give them the love they deserve on this episode.Find out more information about Brian Butler and Beyond The Pie Charts here: https://www.wealthstandardfinancial.com/Full transcript below...----more----Transcript:Marc Killian: Hey, everybody. Welcome in to another edition of Beyond Pie Charts. Thank you for tuning in to our podcast. I'm Marc Killian, your cohost, alongside Brian Butler. He is the president and wealth management advisor at Wealth Standard Financial, serving you in the greater Houston area, with an office in Houston, but he services a lot of clients in a lot of other places, but we'll get into all that at another time.Marc Killian: If you got questions or concerns, and you want to get yourself onto the calendar, or maybe you just want to check some information that you've gotten, or you hear something even on this podcast that piques your interest, before you take any action, always talk with a qualified professional like Brian. You can reach out to him at 713-955-6007. That's 713-955-6007, and you can check us out online at WealthStandardFinancial.com. That's WealthStandardFinancial.com, and click on the link for the podcasts, subscribe to it. Hopefully, that'll be up pretty soon. This is our second podcast, so it may already be up and running.Marc Killian: And I always say you can check us out online, even though I have nothing to do with Wealth Standard Financial. I'm the radio host and the podcast host, but I just feel like as I get to know my clients here and I get to have a good time talking with them and I get to know people like Brian and it's just enjoyable to me.Marc Killian: So, Brian, welcome in, buddy. How are you this week?Brian Butler: Good, man. How are you?Marc Killian: I'm doing fantastic. Good to talk with you again. Looking forward to talking to you on our show, on our podcast, and getting into more of this financial stuff and hopefully helping people out along the way.Marc Killian: As I did last week, I wanted to start the show off with just a little getting to know you as we're kicking this thing off and getting folks into our podcast. Now, you've been doing this for over 20 years as we talked about before in the financial services industry. Shared that interesting story how you thought about being a plastic surgeon, went financial advisor. If you missed that podcast, go back and listen to it, folks. Pretty interesting.Marc Killian: So, this week's question is going to be, who's really had the biggest impact on you, maybe personally, maybe from a family standpoint, as you were growing up that really taught you a lot about money and finance?Brian Butler: Now, there have been a few people that have taught me a lot, but I would say my grandmother, one of my grandmothers, my dad's mother. She grew up on a farm in Louisiana, lived in California for a little while, and eventually became a nutritionist at Texas Childrens Hospital here in Houston.Marc Killian: Oh. Very cool.Brian Butler: She did that for 20 plus years, and she always used to tell me, "Any time you have a job or do something, work as hard as you can, number one, but put a small amount away that you just don't touch." Because she said, "That small amount will turn into a lot of money over time."Brian Butler: And you know, as a eight, nine, 10-year-old and even-Marc Killian: That's right.Brian Butler: ... when I became a teenager and going to college, the message was always the same.Marc Killian: You're like, "Yeah, right." You're like, "I don't want to do that. There's no fun in that, Grandma."Brian Butler: Right. Absolutely. And if I would have listened to her earlier, I would have a lot more money than I do now.Marc Killian: I hear you there.Brian Butler: But hindsight is always 20/20. But she taught me a lot about money, a lot about hard work and work ethic, and that was passed down to my father and to my aunts, who were all successful. She's retired, and the reason why she ... She didn't make a lot of money, but she was able to retire and be totally comfortable. House is paid off, cars, all of that, no debt. And so, she told me, "A conservative way to live will give you a lot of time freedom," and that's what I really value the most is time freedom.Marc Killian: Well, that's awesome. That's a cool story, and yeah, sometimes I think we tend to do that. We tend to kind of get obsessed with saying, "We got to make as much as we can," but sometimes, looking at the long game early enough can really set you up for success down the road too. So, very cool to hear that story from your grandmother.Marc Killian: Well, let's turn our attention and get into our main topic for the podcast this week. Again, we're going to do these little getting to know yous each week as we get things going and get to know Brian just a little bit better. And I thought we would talk about some financial items, some financial things, Brian, that are maybe underrated. The topic is pretty simple. These things relate to our money and our finance, and maybe they don't get the attention that they should, or we just kind of gloss over them because we think they're too simple. So, we'll spend a few minutes on some these and get your take on it.Marc Killian: Liquidity, okay? We're going to hearken back to Grandmom here a little bit and kind of go with these nice, simple, underrated things that I think maybe she would even be proud of for us talking about. Liquidity. Let's talk a little bit about it. What is it, and how can it be underrated?Brian Butler: Now, liquidity is basically how fast can you get to money? How long will it take for it to be in your hand and for you to be able to use it?Marc Killian: Right.Brian Butler: Traditionally, your 401ks, IRAs, annuities, cash value life insurance, they all have a place in your financial plan. But they all come with liquidity challenges, either because of the nature of the investment or the tax consequences of withdrawing that money. So, no matter what your investment account looks like, it's always important to have enough money that's easily accessible at a moment's notice without tax penalties.Brian Butler: I can tell you that from experience. Today, you might not know it, the A/C in our building went out, and I'm sweating right now doing this podcast, but it's okay. Now, my wife, on the other hand, a couple years ago we had a hurricane hit Houston, and our power went out for a week. When I tell you, my wife was miserable. So, if you've never been to Houston, Houston is humid, and we get 100 plus degree summers. With no A/C, that's probably the single scariest thing that someone in Houston would want, so we'll take a break-in at our house over our A/C going out.Marc Killian: Wow. Okay. All right. Yeah, I mean, that's pretty rough. It's like being in New Orleans, right? It's just humid all the time.Brian Butler: All the time.Marc Killian: Yeah. I'm in the Raleigh area of North Carolina, and we've actually, to start this year, we're now into June as we're taping this podcast here, but in May, we were already ... We hit 100 degrees in May, which was unusual to kick off the year. So, I agree with you there. And Brian is toughing it out, folks. He is sitting with the fan turned off so that it doesn't bleed onto the mike too much. He is being a heck of a trooper here for us on the podcast.Marc Killian: But that's liquidity, and it definitely can be underrated. We're going to talk more about things like having your emergency fund, things like that, things you can get to. Real estate is not a good liquid investment, just to kind of frame that up for you. It's got to be money you can get to quickly. 401k, IRAs, annuities, they all have their place, but you want to make sure that you do have some monies that you can get to quickly.Brian Butler: Absolutely.Marc Killian: Yeah. Okay, so another place that might be overlooked is predictability. Now, a lot of people might say, "Well, no, I definitely want predictability." But I think it goes under the radar sometimes because it's not as exciting, Brian. It's not as exciting as big returns and market growth and all of that kind of stuff, but man, predictability is awful nice whenever you got to have that monthly check.Brian Butler: Absolutely. This is something that people do undervalue. Investments that behave in a predictable manner, they're not exciting.Marc Killian: Right.Brian Butler: But if you're relying on that paycheck, like you said, these investments are very exciting for those people.Brian Butler: Now, predictability is good for a portion of your money, so the portion that you need guaranteed, so your expenses, your medical care, that monthly paycheck that you want, all of those things, you want to be very predictable. Then you have another bucket of money where you can have more risk and all those sexy things that you see on television, like the IPOs that everybody wants to be a part of, and I try to talk them out of it all the time, because most IPOs are significantly lower six months after their initial buy-in. And so, predictability is boring, but as you retire, you want less things to think about. And the more time you have on your hands when you retire, guess what you're doing most of the time? Watching investment news.Marc Killian: Yeah. Yeah.Brian Butler: So, you want to be a mover and shaker because you have that extra time. When you were working, you didn't have time to look at your 401k every day, and that's why it grew. If we can get you some more predictable streams of income, more predictable investments, so that way when the market does go down, you're not overly concerned.Marc Killian: No, I think that's a great way of looking at it. My wife and I, I'll use this as an example. I'm a self-employed. I own my own business. My wife is what she refers to as the steady Eddie. She works at a company. She has her paycheck. She has the 401ks, all those kind of things. And so, if you're thinking about your money in terms of risk, that kind of situation, my wife and I, she is kind of that good predictable income stream, whereas mine can vary because I'm self-employed. So, mine can be higher or lower month to month, versus a consistent like you might see with a paycheck.Marc Killian: So, the same kind of thing when you're thinking about your retirement plans. You want to make sure that in retirement, especially when you're really going to need those checks, that you have that predictable stream of income coming in, but also that you're in a situation where it's covering your base needs. We're going to talk about the B word, budget, I'm sure, on a future podcast. And don't fret. Budgets can be a good thing. It doesn't necessarily mean you have to live on a tight budget and you can't have any fun. It just means understanding what's coming in and what's going out type of thing, and we'll talk more about that another time.Marc Killian: Our final piece here on this week's podcast for things that are financially maybe underrated, a term and a thought, or a concept, if you will, and that's simplicity, Brian. You know, it doesn't have to be War and Peace to be a good financial plan.Brian Butler: Absolutely. The more simple your plan, the better you can execute it. I run into people all the time and I ask them, "Why do you own this particular investment?" They have no idea. And so, if you have no idea why you own it, or what it does, I mean, you got to really think about your most important assets are in these particular products, and you don't understand them.Brian Butler: A lot of times, the more complicated the product, the more fees there are, and the more it's going to bleed out of your retirement. So, understanding what you own and why you own it is going to be a major factor in the retirement, because the closer you get to retirement, the more sexy you look to other advisors, and they're like, "How can I separate you from your money, and make more money off of you?" So, it's something that you have to pay attention to, and if you have a good advisor that explains why you own something, and explains how they get compensated, and explains the charges that you're going to see, that's going to simplify your life and make you more money in the long term.Marc Killian: No, I think simplicity cannot be overstated, and it definitely is underrated. Sometimes, again ... Brian, we're going to talk about a lot of these things, but I'm sure you're quite familiar with a lot of financial rules of thumb, like the 4% rule, the rule of 100, things of that nature. But just for giggles, have you ever heard of the rule of 11?Brian Butler: The rule of 11? No.Marc Killian: Okay. I heard this one from a financial advisor who's been doing this many years. I thought this one was pretty cute, so I'm going to share it with you. He said, "The rule of 11 is, if you can't explain it to an 11 year old, it's too complicated."Brian Butler: Right. I like it. I like it.Marc Killian: There you go. So, that's our podcast this week, folks. Thanks for listening to Beyond Pie Charts with Brian Butler. We're going to be back next week with another podcast to continue talking about these things, investing, finance, and retirement.Marc Killian: You got questions or concerns, reach out to him at 713-955-6007. That's 713-955-6007. He's the president and wealth management advisor at Wealth Standard Financial, serving you in the greater Houston area. Go check us out online at WealthStandardFinancial.com. That's WealthStandardFinancial.com. Subscribe to us on iTunes if Apple's your thing, or Google Play if that's your thing. Stitcher, iHeartRadio, various different ways, you'll see that on the website. We'll be able to get you subscribed up. Give us a like, give us a share, and all that good kind of stuff. If you know somebody who needs a good, entertaining financial podcast, hopefully, this'll be the one for you.Marc Killian: Thanks so much, Brian, for your time this week, my friend. I will talk to you soon.Brian Butler: Hey, man. See you soon.Marc Killian: This has been Beyond Pie Charts with Brian Butler. We'll catch you next time.