Hello and welcome back. Tony Kinzer here once again, today we start a conversation about money and your need to pay bills in retirement, you'll hear me use the term growing your money because like planted seeds need water, sunlight, and special care in the winter if they're going to survive and produce flowers or fruit. your retirement accounts need to grow if they're going to produce cash with which to pay your bills during retirement. What we cover here will range from the obvious to the obscure, but all of it critically important as you work to build your roadmap. First week, a quick recap of where we've been. In the first module, we talked in general terms about retirement.

The idea was to help you develop an understanding of it and how your life will change after you retire. We talked about what I consider the necessary understanding of making strategic decisions before you find yourself making potentially irreversible tactical decisions about retirement and then we talks about when you want to transition from work to retirement, about longevity and about how health care costs can turn it all upside down without careful planning. Nothing in Module Two is a secret. There are no magic bullets that suddenly appear to make you rich. If there are any, it's the questions you need to keep asking yourself to stay on track as your plans for the future evolve. lesson two is about whether you should seek help or figure it out yourself.

We've long since agreed that having more money is better than having less money. If you can develop your own mental tools to make better choices, so much better. But just like being your own attorney is never a good idea. being your own investment advisor can be a mistake. My personal experience confirms this is I feel I've done better with my clients money over the years and I have been with my own money. That's because when it's my money, it's very hard to be objective.

That's not To suggest you can't do it right without help, but trusted and qualified advice from others is likely to be better advice. Help will probably improve your outcome. Yes, professional financial advice comes with a price attached. However, the business model used today by financial advisors is changing, and excessive fees are increasingly a disappearing issue. You have to figure out if the price you're being asked to pay is justified. My thoughts and examples on this question appear in this lesson.

In lesson three, we start talking about risk and how to manage it. We live our lives exposed to all kinds of risk, physical risks, social risks, financial risks, emotional risks, political risks, and so on. If you Google the word risk 90% of what you find and that appears on your screen involve financial risk. I'll give you insights that will allow you to put your investments in perspective and hopefully avoid potential trauma. In lesson four, we explore 12 reasons you might go broke in retirement. Some of them are more serious than others, but the list exposes some very real issues, some that you need to be aware of and think about as you build your retirement roadmap.

In lesson five, we talked about something called the retirement red line. This is a hypothetical point in time or a red line that tells you when you'll run out of money. If you enter all the many variables, and no red line appears, then you have enough money to live your life. If one does appear your resources be the investment reserves or credits. The red line tells you some changes have to be made. Unless you decide running out of money is a good thing.

Is it possible to push the red line back or make it disappear? What can you do now while you're still working to avoid running out of money? In lesson six, we talked about what I refer to as the five basic truths that every investor Esther needs to know. I didn't invent these truths. But after a 40 plus year career dealing with success and failures and research along the way, these five stand out in the last lesson of Module Two, number seven, we'll talk about trying to live an income tax free retirement. How soon do you need to start putting the pieces in play to make it happen?

In the meantime, in lesson two of this module, the next one, how do you find the best person to help you make tactical decisions? Let's get started.