#243 – Retire Sooner, Retire Smarter: 6 Costly Mistakes to Avoid for Financial Freedom

Wes Moss [00:01:10]:
Right? So again, a lot of the research that I’ve done over the years has, yes, been the habits of happy versus unhappy retirees. But the theme here is financial independence as early as possible. That’s the Retire Sooner concept. My podcast is called a Retire Sooner Podcast, and the thought of just getting to financial independence a year early is. Is music to my ears. Three years, five years early. I think fire the concept of, hey, I want to be financially independent, age 35. I guess it’s possible.

Wes Moss [00:01:44]:
But my concept around getting to retire sooner was. Is not 35.

Christa DiBiase [00:01:49]:
Right?

Wes Moss [00:01:49]:
It’s. It’s more like, if you can retire at 62, you’re doing great. 55. Amazing to have financial independence. And the early retirement trends are continuing to happen. So I want to talk about six mistakes. And we’ll do three now, and we’ll do three in the next segment of three things. We need to make sure we avoid big mistakes that if you’re retiring early, you’ve got to have in mind.

Wes Moss [00:02:16]:
So just recently in the news, two giant companies are saying, hey, we want to reduce our workforce. Chevron giant oil company reducing something like 20% of their workforce. Facebook reducing their workforce by thousands of people. It’s just something you see every. Every week in the news, another big company is making some deal and they’re doing buyouts and they’re encouraging people to work a little less because they. The concept in corporate America hasn’t been, this is nothing new. It’s just, it’s the same thing, but it’s, I would say it’s taken on even more steam. Companies are saying, look, our more senior workers are getting paid a lot.

Wes Moss [00:02:56]:
We think we can cut costs by giving them an incentive to leave the workforce a little bit early. And if you look at the big numbers, here are some of the numbers back in 2015. So let’s cut, 10 years ago, 55% of people expected to work beyond 62. Today that number’s under 50%. So it’s 48%. So we’ve dropped 7%, 7% less people in a 165 million person workforce. So fewer people working beyond 62. So you go, we have a lot of people that I would consider pretty early retirees.

Wes Moss [00:03:37]:
The average expected likelihood of working beyond 67, 34%. So we talk about waiting. Wait to take Social Security until you’re 70. Well, two thirds of America isn’t going to. They’re not working beyond 67 anyway. So those are the trends. That’s the reality. And the question is, what do we make sure we do when it comes to making sure we’re prepared and avoiding mistakes? So, number one, a mistake to avoid would be to not consider a phased retirement.

Wes Moss [00:04:11]:
So if you’re 55 and you would like to retire today or say I would look at it not as so much as a black and white. Growing up, I really thought retirement was black and white. Just like my grandfather. Our grandfathers moved to Green Valley, Arizona, about an hour outside of Tucson. It was 40 minutes from the border. It was just dry and nice and he had asthma and it was healthy for him. And he was straight. I’m working at Dupont for 30 years to straight.

Wes Moss [00:04:49]:
I’m not working. You know, I remember him playing shuffleboard. I was like a little kid. I would go to Green Valley. It was just he would play shuffleboard and he’d play poker and he’d watch the evening news and he was straight up retired. That’s not the reality of America today as much as I see it, because we have the opportunity today more than ever because we don’t have pensions and we’re not counting typically on a company to pay us forever, like get a pension from DuPont to phase in that retirement. So, hey, I’d really like to retire at 55. Maybe I’m not quite ready to do it financially.

Wes Moss [00:05:30]:
So my number 62. So I phase in not black and white, but I have this gray zone period of time of I’m going to work part time. So I’ve worked with folks that have let’s say they make it $100,000 as a corporate project manager at a health care company. Or, or she’s, she’s 55 and she’s making $100,000 a year. Really wanted to retire and she saved almost enough to retire, particularly if she gives it some more time to mature at 62. Another call it seven years from now so she doesn’t have to save as much, but doing some financial planning too early to start pulling for that money. So instead of stopping completely, she phased back. She went to halftime and not halftime in a game, but part time and took her salary from 100 down to 50 and it allowed her to at least have almost enough just so she didn’t have to dip into the retirement savings.

Wes Moss [00:06:32]:
But she wasn’t saving anymore. But that’s still better than having to pull money out that early. So then she did an even more phased down retirement from 60 to 63. So over that period of time she still earned something like 350, $370,000 over that phased retirement. And it gave her the opportunity to not have to tap the money a little too soon relative to her plat. So considering a phased retirement I think is a really important thing to not overlook. Number two, this is totally on the different end of the spectrum here, is not making plans to be around your adult children. And there’s a lot of thought to go into that.

Wes Moss [00:07:15]:
So I did a lot of research around this and those retirees who are within close proximity to 50% or more of their adult children. So again, you can get four kids. You can pick your favorite two. Christa. Right. Okay, so I’ve got four kids. So I’m always thinking, well, who are the two? Who are the two we need to live here eventually when they’re grown ups increases the likelihood you end up in the happy retiree camp versus unhappy by 4 times 4x. But a lot of thought has to go into that.

Wes Moss [00:07:47]:
You don’t want to just be there to babysit your grandkids. Some people want to do that. But you also want an active life. And if your kids have spread out all over the country and a couple of them have moved to Texas or California and you’re not from there. And I have lots of stories about this. You’ve got to figure out and plan for finding a new community. It’s not just about your adult kids. It’s being able to be near the adult kids and have your own social network, your own social community, you gotta plan for that.

Wes Moss [00:08:15]:
And it’s hard to do that if you’re just saying, oh, I’m retired and I’m done and we’ve not thought about this big, what could be a big geographic move.

Christa DiBiase [00:08:25]:
Yeah, I mean, right. And then eventually later on, my parents who are in their 80s, are planning on moving closer to me because they need some extra help that they didn’t need before and I can provide that for them. So that’s another stage, I guess, that you think about it.

Wes Moss [00:08:39]:
It is interesting. It’s kind of the, the boomerang of your parents. You as a retire, be close to your kids. But then at some point your kids may need to be close to you to help. And we’ll do three because we have six. So the last one quickly failing. Here’s a mistake. Failing to establish multiple streams of income.

Wes Moss [00:08:56]:
And we’ve got to be able to think about this early on. Hopefully we have Social Security and, or a pension and, or what are the other areas. So you. We’ve got to start thinking about our investment portfolio to generate income as another income stream. Maybe it is rental income, maybe it is you have rental properties. Maybe it’s as simple as you being more creative and having an Airbnb. The, the. Maybe you have some sort of annuity, maybe you have some sort of other income from a past company.

Wes Moss [00:09:34]:
Maybe it’s part time work which goes back to that phased retirement. So thinking about multiple streams of income in retirement is essential. We don’t want to just have one or two. We want to have diversification of how we’re getting paid. If we’re not thinking about that, that’s a mistake.

Christa DiBiase [00:09:51]:
And I was also thinking in the beginning when you talked about the percentage of people who are retired by 67, I wonder, as pensions are phasing out over the years, you know, where most younger people will never have a pension, My guess is that age is going to rise and that stream of income will go away for people. So they’re going to have to be creative and think of new streams of income as well.

Wes Moss [00:10:11]:
Look, I don’t know. It’s not just that maybe there’s less opportunity as companies are trying to get people to retire early. Sometimes people don’t. To your point about a caregiver, and we saw a lot of this through Covid, it could be your own health issues, it could be a family member’s health issues. That kind of forces you to not be able to work and take care of the family. And we’ve seen more of that as we have an aging population. It’s not just workers are Aging. It’s workers.

Wes Moss [00:10:36]:
Parents are aging. So I think that the trend of phasing out of work earlier may continue to get younger even though pensions have gone away. It just makes that much more important to be saving.

Christa DiBiase [00:10:49]:
All right, we’ll go to questions. John in Minnesota says, I just turned 55 years old. My wife is 54, and I feel I’m ready for early retirement this coming year.

Wes Moss [00:10:58]:
All right, John.

Christa DiBiase [00:10:59]:
I’m still working. And get a full company match and contribute 15% to my 401k with an additional 1% to my Roth IRA. I have approximately $1.1 million between traditional IRA and 401k, of which 60k is in a Roth. I owe $180,000 on my $500,000 home at a 3% mortgage, which I’m currently attempting to pay down with $1,000 per month. Or should I instead pour more into my 401 or Roth while working my retirement monthly budget? Our estimates are as follows. 34 to $3,600, which includes an extra 1k from my mortgage. My wife is currently.

Wes Moss [00:11:38]:
Which includes the mortgage.

Christa DiBiase [00:11:39]:
Yeah. My wife is currently covering medical insurance until 60 years old before she retires. And then we plan on using healthcare.gov Both of us will take Social Security at age 67. What are your general thoughts or concerns?

Wes Moss [00:11:53]:
Doing some math right now, John. So he’s spending only 3,600amonth.

Christa DiBiase [00:12:00]:
That’s what he estimates. Yeah, estimates.

Wes Moss [00:12:03]:
So that’s $43,000 a year. And did he say how much his Social Security is? He did not. Did he? There’s a couple things here. I think John is going to be. He’s 55, which is early. That’s super early. We just talked about this. His expenses are so in check, which is awesome.

Wes Moss [00:12:26]:
He’s already reaching in a lot of ways some of the major happy retiree checkpoint financial checkpoints. So the median happy retiree amount from my research today for today’s inflated dollars, three quarters of a million average is one and a quarter million. He’s pretty much already there. He’s pretty much already there. Why is that number important? One point and well, let’s just do the math. 1.1 million at 4% is a little over $40,000 a year in income times 4%. It’s $44,000 a year that he could safely withdraw. John could safely withdraw for essentially the 4% plus rule says you can do that for almost indefinitely, minimum of 30 years.

Wes Moss [00:13:17]:
But when you’re super, super early in retiring, that only gets him to 85 90, but it’s still a safe guideline. And that in itself gets him to his spending number. Now he’s going to have Social Security. Right. He didn’t mention that he was going to have a pension because he’s saving and he’s going to have Social Security, he and his wife. That’s probably going to be $3,000 each or a month maybe. Even if it’s only $2,500, that’s another 5k a month. That’s 60.

Wes Moss [00:13:55]:
So between his Social Security called around $60,000 a year, when he does start taking it and his withdrawal, that’s $100,000 a year and he’s only spending $40,000. So I think he’s. I like this position that he’s in. I wouldn’t be another criteria of the happy retirees. They get rid of their mortgage. Their mortgage payoff is within sight. Your John, your mortgage payoff is insight too. So I wouldn’t be pulling out of the 401k to do that.

Wes Moss [00:14:25]:
You already have a super low rate 3%. It’s baked into the spending. Yeah, you can slowly. You can pay that down a little extra every month.

Christa DiBiase [00:14:33]:
I think he baked in an extra thousand dollars he’s saying for his mortgage because he’s putting an extra thousand dollars towards mortgage every month right now. And he’s saying he will still do that.

Wes Moss [00:14:43]:
Look, I think he’s in good shape. I would just be at that early. It’s 55. I would just think back to what we talked about first. Always consider phasing out as opposed to stopping completely. It’s hard to stop work and then go back. There’s been a big unretirement trend in America that people have stopped working and then they want to go back. I wouldn’t cut cold turkey here.

Wes Moss [00:15:07]:
I’d consider scaling back work, but I think financially he’s reaching a lot of the really important checkpoints.

Christa DiBiase [00:15:16]:
Okay, this one is from Michael in Georgia. Hello, Wes. Thanks for all your advice and financial wisdom. What do you think is better? Vanguard VTEB Municipal Tax Free Bond ETF or Treasury Series I bonds? The current VTEB yield is listed at 3.52% versus I bonds at 3.11%.

Wes Moss [00:15:39]:
Wait, are these the inflation bonds or. Or I bonds from iShares that own treasuries?

Christa DiBiase [00:15:47]:
He doesn’t. He just says I bonds at 3.11%. I’m planning to sell I bonds and buy VTEs.

Wes Moss [00:15:54]:
Oh, that would be the. Those would be the infl. Those are inflation.

Christa DiBiase [00:15:58]:
Unless you convince me Otherwise, two, what should I start gradually selling first when I retire? Taxable stocks, my Roth IRA or a traditional 401k and IRA. And three, can you recommend some income ETF or fund that will provide a stable annual income instead of me deciding what to sell and when? I do not want to deal with annuities, per Clark’s disgust for those.

Wes Moss [00:16:21]:
Yeah. Okay, so, Michael, a couple of things. Here’s the order of distribution. When it comes to retirement. We want to manage our tax rates. So we want to keep our tax rates low. And the way to do that is to start with your brokerage account. You’re able to pull money from that strategically to minimize the amount of gains you have to take.

Wes Moss [00:16:42]:
So that’s basket one to draw from. Basket two would be the ira. And then ultimately we want to typically save our Roth IRA for the latter years. It’s got kind of the most horsepower because it’s growing tax deferred, comes out tax free, and there’s no required minimum distribution. So you’re going to have to start drawing from your IRA anyway once you hit 73. But I think that’s typically the order of operations. Doesn’t mean that you can’t sometimes supplement if you need the income out of a Roth just to keep your tax rate low. If you maybe have a big chunk of an expense you want to utilize it for.

Wes Moss [00:17:16]:
But that’s generally the cadence is taxable ira, then Roth to draw from. Secondly, the decision to use municipal bonds. And I don’t know this particular fund, but again, let’s call it a broadly diversified municipal bond fund, assuming it’s high quality, you’ve got to look at it on a tax equivalent yield. So if the yield on a tax free fund is 3.5% and a Treasury for you. Well, in this case, he’s looking at an inflation bond. First of all, there’s only so much money we can put in inflation bonds. So if you’re really talking about retirement, you’re looking at either a bond fund or a bond etf. That’ll allow you to do well beyond the annual amount you can do in the, in the Treasury I bonds.

Wes Moss [00:18:03]:
There’s a limit there. But I would look at your tax equivalent yield when it comes to municipals. So you take the yield of three and a half percent and you divide it by your tax rate or one minus your tax rate. So 3.5% if you’re in the highest tax bracket, 37% one minus 0.37. You’re going to divide the tax free yield federally Tax free state’s another issue, but let’s just talk Federal now by 0.63. So 3.5% divided by 0.63, the tax equivalent yield on that is about 5.5%. But if you’re in a low tax bracket, if you’re in the 10% or 15% bracket, maybe the treasury makes just as much sense because the treasury yields today are more like four, four and a half. So they’re above, but they’re taxable.

Wes Moss [00:18:58]:
So it depends on your net. You just take the municipal yield, divide it by 1 minus your tax rate. In this case, kind of the bogey if you’re in a really high bracket would be 5.5%. So I would utilize I’m totally comfortable with municipals, but I wouldn’t be using that unless I’m in the 35% tax bracket or higher.

Christa DiBiase [00:19:19]:
Okay. All right. We’re going to take a quick break. And we come back, more mistakes that early retirees make.

Wes Moss [00:19:25]:
Right to avoid mistakes to avoid, mistakes to avoid. If you’ve ever done a Jane Fonda workout or if you remember as a kid Rocky running the steps and if Michael keaton is still Mr. Mom to you, then guess what? It’s officially time to do some retirement planning. It’s Wes Moss. Weren’t those the good old days? Well, with a little bit of retirement planning, there are plenty of good days ahead. Schedule an appointment with our team today@yourwealth.com that’s y o u r your wealth.com zor picking up where we left off here. The trend in America, people are whether they’re doing so by necessity because there’s health reasons or their family has health reasons and they you need to care for folks. People just aren’t working as long.

Wes Moss [00:20:15]:
And in some ways I think that’s a good thing because people are saving more. We’ve got more millionaires in the United States than we ever have. 12% of the population has a net worth of a million dollars or more. So people are saving. And so we’re retiring a little sooner for some good reasons. And then I think we’re also retiring a little sooner because we just have to in some cases. And companies are constantly pressured to reduce the workforce. And so some good reason, some bad.

Wes Moss [00:20:44]:
If we are going to retire early, what are some mistakes to avoid? We’ve gone over a couple. Number four on my list out of six would be is waiting to collect Social Security for too long. If we want to maximize Social Security, sure, it’s great. Wait till age 70 and I and if you’re able to do that financially, then I think it is great. And then you get this max amount, that max amount, grosser inflation, it could be helpful for your spousal benefit. So there’s a lot of advantages to it. So I don’t disagree with it. But it does take about 12 to 13 years to break even from taking it sooner.

Wes Moss [00:21:29]:
So if you are retired and you’re 60, 61, 62, or let’s call it 62, when you could start social. Social isn’t necessarily about maximizing, it’s about optimizing it for what’s right for you and your overall plan. So in some cases, if you’re stopping work and it’s you’re 62 and you could take Social Security or 63 or 65, and it takes two, your withdrawal rate to, to pay the bills is 5, 6, 7, 8% from your accounts, then you start worrying about running out of money. And that’s our biggest fear. So sometimes turning on Social Security will, will eliminate having to pull too much as a percentage out of your retirement accounts. So it’s about optimizing Social Security. Sure, we’d all love to maximize it, but it doesn’t always work for folks. So while I love to see people who are able to wait till 70, it’s also okay in some situations.

Wes Moss [00:22:31]:
In a lot of situations, it may make sense for folks take it at 63, 4, 65, depending on your situation. Now, number five, failing to appreciate the massive cost of healthcare. And I think we all do in America. It’s become 15 years ago your mortgage is your biggest bill. Today your mortgage is, it’s health care. And particularly if you don’t have good health care coverage. Now remember, Medicare at 65 covers 80% but it doesn’t cover the other 20. So if you’ve got a big medical bill, that can be huge.

Wes Moss [00:23:05]:
And that’s why people have Medicare supplement plans. I am a big believer in making sure that you’re meeting with someone in your state that knows your state supplemental plans to get you the right plan so you can keep your most, your doctors and making sure that plan aligns at least somewhat has some coordination with what you used to have when you’re while you’re at work. Now it’s not always going to be perfect, but really put some time into utilizing someone who specializes in Medicare supplemental plans in your state to get the right plan for you. Because if you don’t do that, you get the wrong plan, healthcare costs are through the roof and then finally Christa, another mistake that we have to make sure we’re avoiding is supporting our adult children too much at the expense of our own retirement. I did a bunch of research around this and there’s a real correlation. I guess it’s an inverse correlation. The more money we’re spending for our adult kids, the less likely we are going to be happy in retirement. So the average happy retiree spends on their adult kids a lot less than the unhappy retiree.

Wes Moss [00:24:25]:
And there’s a lot of variables here and is it a perfect correlation or causation? I don’t know, but there’s a relationship there. One, we want our kids to be independent. We don’t want to have to pay for their normal bills. We don’t want to pay car payments, mortgage payments for adult kids if we don’t have to. And we certainly don’t want to do that if it’s cutting into our own retirement. So just be very cognizant that you can’t refund and resave for retirement once you stop working. So if you are having to over supplement the kids, it can take a big bite out of your retirement plan, your retirement happiness. So make sure that we’re not making the mistake that our kids are too reliant on us once we get to our retirement.

Christa DiBiase [00:25:08]:
And that even starts with college. Clark always says there are no scholarships for retirement. So if you’re saving for your kids college and you’re not maxing out your own retirement, that’s not a good plan either. That’s starting even then. So yeah. Okay. Well those were great. Thank you so much Wes.

Christa DiBiase [00:25:24]:
We’ll go to some questions now. This one came in from Terry in California. I AM single and 2026 will be a busy year. I’ll be retiring, signing up for Medicare, turning 70 and starting Social Security. As if that wasn’t enough, I will be selling my Terry. I’ll be selling my home in California and moving to Arizona to join family. I assume that I will not have purchased an Arizona home prior to the sale of the California home and thus will directly transfer over funds I’m likely to be renting at first. While I’m searching, let’s assume I will net $1 million.

Christa DiBiase [00:25:58]:
Can you please clarify any options to hold these proceeds while I’m house hunting? Obviously I want to make sure all funds are protected, not just a national bank with a $250,000 cap. I would need immediate liquidity. I have accounts with Fidelity, perhaps open a brokerage account and deposit funds in their money market.

Wes Moss [00:26:18]:
Terry, she has A lot going on.

Christa DiBiase [00:26:20]:
Yes, a lot.

Wes Moss [00:26:21]:
70 moving from California to Arizona, signing up for social and Medicare it sounds like. And she’s going to be looking around, getting close to family I love. But it may take a little bit of time in California to sell the house. Sounds like it’ll be a million dollars or more. And rather than worry about the FDIC limits, the 250 per named account and coordinating it that way, I’m very comfortable with money market mutual funds particularly. And there’s a lot to choose from. You’ve got general money market funds that are meant to maintain a dollar as their net asset value and meant not to move. Now they’re not guaranteed, but they are.

Wes Moss [00:27:09]:
Invest in very short, very short term, very high quality securities to be even safer. And I think that it was back when we saw Silicon Valley bank go under, which is a couple of years ago.

Christa DiBiase [00:27:24]:
Yep.

Wes Moss [00:27:25]:
Got me a little bit nervous, even more nervous around taking risks with our safe money. So I’m really comfortable utilizing a money market mutual fund that is specific to government bonds. So you’ll, you can find a government money market fund or a treasury money market fund or those are the two that I’ll identify that we’re not. They’re not messing around with high quality corporates or other instruments that are short term, that could be outside government bonds, short term government bonds. So that’s to me where I feel comfortable. And I’m not worried about $200,000 FDIC limit when I’ve got the full faith and credit of US government short term bonds inside a money market that makes me feel really comfortable. So million dollars to $5 million, $10 million and you want to keep it safe for a short period of time. A government money market fund, that to me is where I would feel comfortable.

Christa DiBiase [00:28:25]:
This one came in from Brian in Texas. I have a question for Wes. On a Facebook investing page I saw someone else post about tsly, which is yieldmax, TSLA Option Income Strategy etf. I bought a thousand dollars of it, something I like to do so I can better track it and see what it does. In the five months following my $1,000 investment, paid me $324.89 in dividends or about $65 per month. I was intrigued and then bought $1,000 worth of other yield max ETFs. Each of these also prayed out, paid out pretty good dividends. Not pretty good.

Wes Moss [00:29:00]:
34% in five months. That’s a 60, 70% annualized return.

Christa DiBiase [00:29:07]:
Yeah. So these other ones paid pretty good dividends. Not quite as good as tsly, but way higher than any stock or REIT that I currently own. Overall, the value of these ETFs has stayed pretty much the same. Some are up a little and some are down a little, but very little swing in their value. Can you explain how these yield max ETFs work? And also, are these too risky to put more money in?

Wes Moss [00:29:29]:
Ryan, this is a cool question. Just full disclosure, I’ve never used these. I’ve looked into these because they’re interesting, but I don’t use them because I think of these as they are financial weapons of mass destruction.

Christa DiBiase [00:29:46]:
Wow.

Wes Moss [00:29:47]:
Anytime you have max in the name of something, there’s. I don’t know how much if they’re using leverage, but they’re, they are selling options and they’re bringing in premium, and that’s how they’re paying that out to you. But there’s got to be a huge component of what the underlying stock is doing as well. And then you’ve got to look at volatility in the market and you’ve got to worry about leverage and all sorts of things. Anytime you have an ETF that has the word max in it, yield max. And it has to do with options. The way I typically see these things happen is that these products get created when the environment’s right for that product. So a big fund company will say, oh, there’s great option premium on this, and this is a popular stock, and stocks do well.

Wes Moss [00:30:39]:
So let’s just create a wrapper and make it an etf. And then it does well. And the thought is, oh, wow, this, this new strategy was created and it’s, it’s like it’s a brand new mousetrap. When reality, when I think what is typically happening is that a company’s taking advantage of a trend that’s already happening that doesn’t happen forever. So maybe the first year these might do well, and then the environment sours for them and this thing goes very wrong. Get full disclosure. I don’t own these. I don’t know exactly how these things work, but anytime you’re getting a 60, 70% rate of return, that’s coming out as a dividend.

Wes Moss [00:31:16]:
I mean, that’s wildly speculative. And as I think Buffett would say, they may be good for a while, but ultimately these are financial instruments of mass destruction.

Christa DiBiase [00:31:29]:
That’s going to do it for us today. Oh, that’s it. That’s it. Yeah.

Wes Moss [00:31:31]:
That’s a cool question to end on.

Christa DiBiase [00:31:34]:
Yeah.

Wes Moss [00:31:34]:
If you have questions for us, you can go to YourWealth.com forward slash, contact and ask those same questions and we’ll try to get to them here on the show.

Christa DiBiase [00:31:44]:
Absolutely.

Mallory [00:31:45]:
Hey y’all, this is Mallory with the Retire Sooner team. Please be sure to rate and subscribe to this podcast and share it with a friend. If you have any questions you can find us at westmost that’s W-E-S-M-O-S-S.com youm can also follow us on Instagram and YouTube. You’ll find us under the handle Retire Sooner podcast. And now for our show’s Disclosure this is provided as a resource for informational purposes and is not to be viewed as investment advice or recommendations. This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. The mention of any company is provided to you for informational purposes and as an example only, and is not to be considered investment advice or recommendation or an endorsement of any particular company. Past performance is not indicative of future results.

Mallory [00:32:35]:
Investing involves risk, including possible loss of principle. There is no guarantee offered that investment, return, yield, or performance will be achieved. The information provided is strictly an opinion and for informational purposes only, and it is not known whether the strategies will be successful. There are many aspects and criteria that must be examined and considered before investing. This information is not intended to, and should not form a primary basis for any investment decision that you may make. Always consult your own legal, tax or investment advisor before making any investment, tax, estate or financial planning considerations or decisions. Investment decisions should not be made solely based on information contained herein.