The Wealthy Barber Podcast - #14 — Office Hours #1 (Live Call-In Q&A)

Episode Date: April 8, 2025

Welcome to the very first “Office Hours” episode of The Wealthy Barber Podcast where Canadians call in with real financial questions and Dave Chilton offers guidance through his signature mix of wisdom, wit and practical advice. From coast to coast, listeners asked about everything from budgeting for big home repairs to whether “Pay Yourself First” applies to before- or after-tax income to investing tips for those who got a later start and much, much more. No jargon, no fluff—just honest, helpful education from one of Canada’s most trusted voices in personal finance. Don’t miss this candid, fast-paced and surprisingly fun Q&A session. Got a question of your own? Submit it through our website’s contact form or DM us on social media and you might be featured in the next “Office Hours” episode! FILMED: April 1, 2025 Show Notes (00:00) Intro & Disclaimer (00:48) Best Investments for the Short-Term? (03:18) Which Index Funds to Pick as a Passive Investor? (06:47) Advice if You Started Investing Later in Life? (11:13) Is “Pay Yourself First” Before or After Tax? (14:26) How to Budget for Major Home Expenses? (16:56) What Should You Look For in a Financial Advisor? (19:58) Lump Sum vs. Dollar-Cost Averaging (23:51) Is the 4% Rule Still Valid Today? (28:51) Send Us Your Questions!

Hey, it's the wealthy barber. This is a new style of podcast we're going to do on occasion where people from all over Canada phone in to ask me questions. It's fun, but more importantly, it's content I think can really help you. We'll cover a lot of subjects in a fast paced manner and I promise I'll keep it all understandable. I'll also try to throw in insights that you may not be able to get online. I'm excited about this. Before we jump in, a quick but important note. Nothing we discuss here should be taken as

investment advice. We don't know you and your personal financial situation, so we're not here to tell you where specifically to put your investment dollars. We're here to educate, get you thinking, and we hope entertain. But please do your own research and or consult with your financial advisor before taking any action. Hello. Hello, Valeria. How are you? Good.

Good. Good. Where are you calling from? I'm calling from Alberta. Edmonton. What part? Edmonton. I love Alberta.

I speak out there all the time. I try to get out to Banff every chance I can to speak. I don't ski, but I love the area and I've been treated very, very well by Albertans in my career. So welcome to the show. This is our first call-in podcast and you are our first call-in guest ever. Don't feel any pressure to ask an extremely intelligent question. You're on the spot. Go ahead, fire away. So my financial question is what are some good investment options for young Canadians such as me so we

can put aside our money for short-term investment of two to five years because currently the bank saving account doesn't seem to offer a good interest rate. Great question and I get this a lot from young Canadians to your point a lot of the times it's inside the FHSAs the first home savings accounts people are saving their down payment monies sometimes they're saving for a car or whatever and they don't have the time frame necessary to take on the risk that equity's involved. And so they're looking to try to optimize their return,

but stay liquid and stay relatively risk-free, if not entirely risk-free. How best do you do that? Well, to your point, if you just put it in the bank account, you're gonna be accepting an extremely low rate of return. You wanna at least take a jump up from there. So the high interest savings accounts that the banks offer you should be looking into for sure, and want to shop the market. It doesn't

take a lot of time, it really doesn't. There's online sites that can show you which of the different institutions are offering the best. You want to make sure you go with somebody who's CDIC insured but look for that high interest rate on a high interest rate savings account and then if you know that you have two years, three years, four years, there's nothing wrong with looking at good old-fashioned GICs, guaranteed investment certificates. Now the money in most instances you can't get at until maturity. So if you buy a two-year GIC you're locked in for two years. Maybe

that's a good thing. You can't get in there and spend the money on something other than what you're saving it for. You do lose that flexibility but you often get a little better interest rate to boot. So I think a combination of GICs depending on the time frames, high inter savings account is the way to go. Awesome, thank you so much. Okay, thanks for being the first caller. Alright, have a good day. You too. Hey, it's Dave Chilton, the wealthy barber. Oh, hi. Good afternoon.

Good afternoon. Is this David and where are you calling from? Yes, this is David. I am calling from Markham, Ontario. Nice, nice. You're not too, too far away. I'm in Waterloo right now. Good to hear from you.

Now, I'm surprised by the way, David, you even have a question because in general, most Davids are geniuses and we tend to know everything. So you're probably just doing this to help others. I assume that you know everything like I do and you're just chipping in to make other people feel better about themselves, I get it. So go ahead and what's your question? Thank you, that's a good theory.

My question was, so I've learned from your content on investing that trying to beat the market is very tough to do. And I like the analogy, stop searching for the needle in the haystack and just buy the haystack. However, I'm not entirely sure how to do that. For example, does that mean investing in an S&P 500 index fund, a total US market fund, an international fund, maybe some combination of all that.

You've definitely convinced me on the broad concept, but I'm just not sure I fully understand the specifics of how to implement it. Okay, if you didn't write that down or read it, you may be the most well-spoken caller I've ever had in my 40 years. So I hope that you wrote that down and read it. Otherwise you really are a genius and I'm right about all Davids. It's a great question. And I think you really are seeing investors in North America, particularly in the States, of course,

leading the index fund revolution, primarily through ETFs now. People are starting to understand that beating the market is exceptionally difficult. I mean, it really is. 95 to 97% of actively managed funds don't keep up to the broad market averages according to the data. And that's just not over the recent five years that's over five ten

fifteen twenty twenty five thirty year periods it's over rolling five year periods etc etc and even the few who do predicting them ahead of time has proven to be a fool's errand it's just not something we're very very good at doing so you're seeing more emphasis on index funds on ETFs that match up to the broad market averages your question is a good one though you're sold on the. You want to find the winners but you know you can't pick them as individual stocks. You want to get the whole haystack to make sure they're in there. But are you buying a Canadian index like the S&P 60? Are you buying the Standard & Poor's 500? Are you buying a broader US index that includes a lot of the small cap stocks? Are you buying international?

There's no definitive answer. I mean we're trying to project future returns here. But I think for diversification reasons, buying a broadly diversified international fund makes a tremendous sense, global fund. And it has the weightings that you feel comfortable with. Could be the 40 to 45% that the US is of market cap weightings throughout the world. You could be more heavily weighted in Canada,

reduces your currency risk a little bit, and you have a home-country bias. But you can put together anything you want. There's a lot of good reading online. You know the old Canadian Couch Potato, he's now doing some other things but all of his past articles are still online. Phenomenal. I mean he was the original great writer on index funds in Canada. I like the book The Millionaire Teacher and it walks you through a lot of the thinking here as well. It's very very good So I would do some reading pick what you're comfortable with

Okay, great. Thank you very much for the answer. I appreciate the insight for sure. That makes a lot of sense Okay. Well, thanks for calling in there was a delay there before your response I thought I'd lost you or bored you or put you to sleep So I'm really glad that we heard back from you and thanks for thanks for calling in. Okay, appreciate it. Take care. All right, be well. Hello. Hello. Hi, Joanne, where are you calling from? Um, coming from just outside of Ottawa.

Whereabouts exactly? Um, Kempville, Ontario. Ah, I've been there many times. I didn't want your address, by the way. That would be completely inappropriate to put that out on air. Well, I'm really glad you called in. I love getting to the nation's capital. I always say to people, we have one of the most beautiful capital cities in the world. Apartment buildings still take my breath away.

So thrilled that you called in. What question can I help you with? My question was, we had three kids, busy years. My husband's in high tech, was laid off a few times. We didn't have a lot of extra money to invest in our child rearing years. And just wanted to know if you had any advice for, we're in our 50s, my husband's late 50s,

I'm early mid 50s. And if you had any advice for us, Johnny come late, Lise. Well, it's a great question. Again, it's one I get a fair amount. First off I always said only have two kids. Joanne you blew that one. I did. You had that third so okay we can't do anything about that now though. That's just the way it is. We can't do anything about that now. So I mean I'm gonna give you a hard-to-hear answer in some ways. A time is your greatest asset when it comes to financial planning, saving, etc. because it

lets you take advantage of in the powerful concept out there, compounding. Those two things walk hand in hand to create the kind of wealth you often need in retirement. So when you get started late, it's tough. Even if you raise your savings rate dramatically, it's difficult because you've lost all those years of compounding. Probably the most important thing I have to drive home,

and it's not often well received by people on the other end of the line, is you probably have to drive home and it's not often well received by people on the other end of the line is you probably have to work longer because if you work longer a lot of good things happen. A, you're earning more money and therefore you can save more money. B, you don't start the drawdown for a number of years. You've delayed that. That's absolutely key. It gives your pool of capital longer to grow. But the third thing is precisely because you are working longer, that early savings year in your 50s, you may have enough time, the 10 to 15 years, to put that in more aggressive investments that could give you better returns. Now again, you need to get specific advice on that from a good planner slash advisor. But I

think that's the first thing I want to say. If you didn't get off to a good start and you're a little behind the eight ball, often working longer is something you have to do. I'm also a big fan of inheritances. Try to get an inheritance if you possibly can. Treat your parents extremely well in the next 10 years if they're still around. Actually, we've already received all the inheritance that we're going to be receiving.

So we don't have nothing. We just, you know, we're now looking forward and being like, oh, how can we sort of maximize our last Working years you've really got to make sure that whatever you're doing is in the most tax-efficient manner, too You want to optimize the savings you are able to put aside So you want to talk to a good advisor about your TFSA our RSP combination? I think going to a fee only financial plan or for a financial plan makes sense. You pay somebody $2,500 or $3,000. It sounds like a lot of money,

but they're very knowledgeable people who have no bias as they give you a comprehensive financial plan including a state planning insurance needs analysis, etc. And lay out the right approach to take and again help you with the tax efficiency of your decisions as to which container to put your savings in. And then I go back to the point I made earlier, unfortunately, starting late often means working later, which by the way, I don't think is that big a deal for a lot of people. They end up enjoying continuing to work. There's a little less pressure as they get older and they like parts of that. It doesn't mean you have to work five days a week, but keeping some income coming in as you're going often makes a great deal of sense. Okay all right so you don't have any super secret short-term no there's no if I had any really short-term low-risk high-return investments

I wouldn't even share them with you I would keep them from myself because I wouldn't want to spoil them by having everybody rush into them no unfortunately there are no magical answers there really aren't again going back to talking about working a little bit longer, the other thing I've seen some very prudent people do is they get accustomed during those years of working to cutting back their expenses a bit. They get accustomed to trying to deal with a little bit less, going out less frequently and so on and so forth and so they control their spending a little bit which obviously is as important as keeping a fair to good income. So none of these are fun necessarily but there are things you

have to do to make the math work. Right okay. Okay thanks for calling in. All right thank you. Hello? Hey it's Dave Chilton the wealthy. How are you? I'm good, how are you doing? Good, where are you calling from? I'm calling from Sudbury today. Ah, I've been to Sudbury a lot of times, giving speeches, love it up there. Little chilly, obviously.

I used to go there in our RSP season, January, February. I prefer it in the summer, but I love it up there and thanks for calling in. What's your name and what's your question? My name's Ryan and my question has to do with paying yourself first. So when you say you should pay yourself your first, you know, 10, 15% of your income right off the paycheck,

is that, you know, pre-tax, post-tax, deductions? Does that change if you have a benefit, like a pension plan? Yeah. Great question Ryan and you know I'm amazed that I haven't been asked this question thousands of times over the years but I haven't been. I've been intentionally vague on stage especially about whether I mean 10 to 15 percent of gross or net. The typical rule of thumb is 10 to 15 percent of your net income but my feeling was if I was intentionally

vague and somebody thought I meant gross income, even better, they would save more. And so I kind of always stayed away from giving specific examples because I wanted people to save more. Now you see when you look at the math very closely the industry and the math experts seem to have settled on if you're starting in your 20s, save 15% of your net income. That's the number you most often hear. I'll be the first to admit that with housing costs where they are, with the cost of living where it is,

it's very difficult for a lot of young people to set aside 15% of their net income in long-term growth, but that's the objective. And even worse news, by the way, is if you're not starting until your mid-30s, early 40s, et cetera, that percentage has to go up. So this is a challenge, no doubt, but that is the goal. You made an excellent point built into your question.

What if you have a pension at work? Well, that changes everything. I mean, that's gonna provide you with a retirement income. Specifics, I don't know, not knowing you, of course, but that has to be measured here. Often, you're contributing to that pension, whether it's defined contribution or defined benefit That has to all be counted into this and of course with a lot of group

Our RSPs for every dollar you put in your employer may match with 50 cents and a dollar and you have to count that as well Are there any exceptions to all of this sure always lots of them I can give you one that jumps to mind some people are in the very fortunate position of knowing beyond a shadow of a doubt, they're gonna inherit a lot of money at some point. In fact, some people if they're inheriting it from grandparents know that it's gonna be relatively early in their adult life and they can factor that in. Unfortunately, of course, few of us are in that position.

If you're inheriting from your parents, you don't know how long they're gonna live. And nowadays, one of them could live to be 85, 95, 105, 115. So you really have to be careful of counting on that. You may not inherit until too late in life. So again, 10 to 15% of your net income, certainly though affected by whether or not you're a member of a pension plan

or all the details around it. Thank you, that was a great answer, appreciate it. Okay, thanks for calling in Ryan. Say hi to all the Sudbury people for me. Will do, have a great day. Thanks you too This is Dave Chilton the wealthy barber who is on the line hi, it's Blake Knievel. How are you? Hey good Blake. Where are you calling from? Kitchener ah

My neighbor I'm in Waterloo. Yeah nice close by Yeah, nice and close by we're getting calls from all over the country, but it's nice to hear from somebody in the area. We've got a beautiful, beautiful day today. Yeah. And you and I have chosen to spend it inside talking financial planning. What a pair of losers. But we're together at least, and so let's go forward. What's your question? Yeah, my wife and I bought a house recently here in Kitchener, I was wondering in working with other families have you seen any creative or smart ways to help budget for major home expenses so things like replacing a

roof or an air conditioner instead of falling back on an emergency fund? Blake you're gonna laugh when I and I answer this honestly not only don't I see clever ways to do it I don't see people doing it anymore it's it's, but times have changed. Back in my day, a lot of people used a bank account to set up money for those exact types of things. And generally you're thinking things like a roof repair, something you know that's a fairly significant expense, your next car, and maybe even your next vacation.

Remember, this was long before people went on a vacation, or two a year. In fact, a very common expression when I was young was people would say, hey, where are you going on vacation this year? And people would say, it's not our year. And they went every second, third or fourth year. In my case, we went on one away vacation in quotes

in my entire youth. And so people set up accounts for those types of things. You see it less often now. One of the reasons you see it less often is because people are so pinched with the price of homes, you know what you just bought one, along with the high cost of living. If people are funding their RSP slash TFSAs for long-term savings, it's tough to also set aside that money. But you're doing the right thing by doing so because if you don't do it, you have to board at the time or

sabotage your long-term growth plans by invading one of your retirement accounts. So you're thinking about how do I pre-plan is a very good one. No magical answers here because you don't know precisely when those expenses are going to come. Maybe you do with the car. You've got to be thinking I'm going to keep this liquid. I'm going to go with high interest savings accounts, maybe GICs if I'm looking two and three years out. Sometimes you're planning for something seven to ten years down the road, maybe a roof in which case you could use a little bit more aggressive balance of things between equities and GICs etc. But there's no magical answers, but at least you're ahead of the curve. Yeah that's great. Thanks Dave. Okay good, thanks for calling in. Hey I'm calling from Camrose, Alberta. Nice, love it there. So Mary, how can I help you? What's your questions today? Okay, so the question that I have is, what advice do you have

for how to choose a retirement financial planner? I'm 64 and I'm thinking about retiring soonish. Do you have a checklist or a set of questions I should ask before hiring an advisor? Great question. I'm asked that question a lot. I wish I had a perfect answer. I don't, but I think I can give you some helpful tips. I mean, the person's communication skills are absolutely crucial to them adding value

in this relationship. So sitting down with her, sitting down with him, talking about your financial situation and really listening to how they handle themselves. What kinds of questions do they ask you? What's the chemistry like? etc. All of that matters. I mean this really is a relationship and you want to see that there's some sort of bond there. You're looking for empathy, you're looking for strong listening skills, all of it. I think it takes multiple meetings by the way. So this is a fair amount of work to choose and advise but I think

it's worth the effort in many instances I've always said you're looking for someone who is well-read not easy to establish that but do they have the CFP designation? Etc. I like some with experience when you're heading towards retirement And I know some younger financial advisors are gonna have the issue with that and say Dave. That's not fair I'll be the first to admit. I've seen some excellent financial plans lately from younger advisors. I really have I'm not just saying that to be politically correct But I really think with some of the things they're gonna be looking at it helps to have been around a while To have been doing this for 10 15 20 years minimum and then they've seen it all and they can kind of walk you through The potential minefields etc. So that's another point any financial advisor

Who's focusing on trying to beat the stock market and focusing more on the investment end of things, I'd be very wary of. In general, that's a tough thing to do. You want them talking more about comprehensive financial planning, estate planning, insurance needs analysis, tax efficiency, all of those types of things. I would ask for some references. Talk to those people about these same matters. Were they good communicators? Did you hear from them a lot? Did they communicate effectively about all matters? Make it understandable? Did they talk above your head or speak at your level? These are

all the kinds of questions that you're asking. Final thing is even the best advisors will agree with this. Nobody cares as much about your money as you do. So you can't just advocate all responsibility here. You have to do some reading. Most of this is not as tricky as people make it out to be. It really isn't. You you know listen to the podcast that we're putting out and do all those types of things. You put some effort in over a six month period and all of a sudden it starts making more sense. Things fit together. You realize this isn't that complicated. You feel more comfortable. Doesn't mean you should do it on your

own. You definitely want to get some professional advice but you want to work with them not just have them work for you. So that's kind of the general way I look at it. I hope it helped. Thanks a lot Dave, really did. Okay good thanks for calling. Okay bye. Hello it's Dave Chilton the wealthy barber who I have in the line. Hi this is Max can you hear me? I can hear you perfectly Max. Where are you calling from? Awesome. I'm calling from London, Ontario. How are you doing? I'm very well. I'm in London frequently I go between Waterloo and Sarnia a lot and my family's from the two areas

And so I drive through London all the time nice to hear your voice. Do you have the spectacular weather we have right now? It is quite nice out. Hopefully it continues and we get a nice warm spring. That's good. Good to hear from you. What's your question? Yeah. So I was wondering, when investing in a TFSA, is it better to invest the entire contribution limit at once at the start of the year or better to add in a set amount monthly to take

advantage of dips in the market and dollar cost averaging? This is a great question and I think I have a great answer. I say not so immodestly. First off, at least put the money in the TFSA container at the start of the year for sure. Because if you just put it into the container on a monthly basis, you leave a part of it sitting out there in a taxable account.

That makes no sense. So put it in the TFSA right away. Now, once it's in the TFSA, the question becomes if I'm a young person like you, you sound young with your voice and I'm going to invest in say equity funds, index funds, ETFs. Do I put it all in the market at once or do I go with the dollar cost averaging approach taking 1 12th per month over the course of the year? There's no perfect response. There's no definitive answer because of course it's based on market returns. year. There's no perfect response. There's no definitive answer because of course it's based on market returns. Interestingly, even though I love dollar

cost averaging, you're putting in a fixed amount of money each month and therefore you buy more shares at the lower prices, your average cost per share is lower than the average price per share, that gives you a little bit of a tailwind going forward. History shows you're better to put it all in at once at the start of the year in most cases, about two-thirds of the time. Why? Because the stock market is the best performing of the investment assets. It tends to outperform sitting in the bank account by so much that it's the right way to go over the long term. Again, you sound young. You're gonna be doing this year after year after year after

year for decades. Therefore, I think the odds really favor you putting it in upfront each year. That's what I would the odds really favor you putting it in upfront each year. That's what I would tend to do even though I'm one of dollar cost averaging's biggest fans. Now most people don't have the option to do that. They don't have all the money saved to put into the TFSA and then on into the ETF at the start of the year.

They have to do it on a monthly basis, whether it's through payroll deduction, pre-authorized checking, their group RSP at work, and so they don't have that choice. But if you do, I would tend to put it all in at the start of the year. Couple other points though. Sometimes psychologically, emotionally, people like moving it in more slowly. They feel that then if the market cracks,

they're less likely to panic because they're still in their buying, picking up more shares, more shares at lower prices. They find that psychologically soothing, and it makes them more likely to stick with the program and not get out, hey, that is very valuable stuff, I get it, I have a lot of friends like that and I would never talk them out

of sticking with the monthly program, but they felt again, it was going to matter to them psychologically. The second thing is some people try to do it at the start of the year in most instances, but when they try to outguess the market and think it's too expensive, they go back to the monthly route. Now, I'm not a fan of market timing, but again, because both methods make a lot of sense to me, you're putting the money in the TFSA, or at least you're getting it in equities

for the long term, I don't argue too much. Markets are quite expensive right now, for example. So some people are saying, even though I believe in going fully into the market at the start of the year, if I have that option, in this particular case, I'm going to go in one 12th per month because I think the markets may correct. I'm never smart enough to know when market corrections are coming. In fact, I almost always get that wrong. And so I don't tend to try to do that.

If I have the money at the start of the year and I was your age, I'd probably just put it into the equity fund, the ETF and leave it there and keep doing that year after year for the longterm. Great. Thank you so much, Dave. Okay. Thanks for calling and keep doing that year after year for the long term. Great. Thank you so much, Dave. Okay. Thanks for calling in, Max. Have a good rest of your day. You too. Hello. Hello. It's Dave Chilton, the wealthy barber. Who do I have on the line? Julie Ross. What's your question? Yes. I wanted to ask you if you feel that the 4% rule is still something valid in today's market for retirees? Julie I'm an almost embarrassed to say this because it makes me sound

like such a geek but at one point I think I might have been the world's biggest 4% expert. I threw myself into studying it to the nth degree about 20-25 years ago. So love the question. That being said, it's an interesting subject matter and a more complex one than is often recognized to the point we're going to do a full podcast on the four percent rule at some point soon. So make sure you keep an eye out for that. Let me give you a few points. First off, a lot of people may not know what is the 4% rule. It's basically a rule developed by a fellow in California that put this together. He studied using all kinds of scenarios, worst-case scenarios, kind of a Monte Carlo type approach. What will happen if

somebody draws down 4% of their pool of capital in retirement for 30 years? Will they make it to the end and still have money? Again, it depends on how returns go in the market, what inflation does, etc. But will they most likely make it no matter what happens? And he concluded yes they would. He worked hard to figure out that was about the right number to not guarantee but almost guarantee you would make it through the 30 years. And it's become something that we've generally accepted. It was excellent research. The Trinity study came out after and confirmed it. We've had a lot of people with international markets look at it now and say, because they haven't been as strong as the American markets and maybe won't be going forward, let's use 3.5%. In Canada, the 4% rule has proven to

be quite effective, etc. So there's lots of positives. How was the portfolio constructed? That's a key part of this, by the way. It was 50% stocks, 50% bonds. It was rebalanced on an ongoing basis. A couple of key points. Number one is that 30 years for a lot of people may not be enough. We have people retiring earlier and living to be longer. If you go past the 30, 35 and 40, for example, the odds of the money running out do go up.

In fact, they can get to 15, 20 and 25 percent depending on a number of variables. But there's something else that doesn't get discussed a lot which has always fascinated me. When the study was put together initially, they looked at historical market returns but they didn't take off any kind of expense for paying your advisor embedded in the mutual fund, embedded in the ETF, all those types of things. Let's say that totals 100 basis points or 1%. That's coming out too.

That has to be factored in and it should be. And therefore the 4% you may feel a little safer with 3. But there's all kinds of other interesting factors too. Where's the money coming from? So when you say, okay, I need 4%, let's just say you do need the 4%. Do you need it on a pre-tax or after-tax basis? And then you have to start thinking all that through now if you need a lot more than four you can't just take it because you Will in all likelihood run out of money depending upon how aggressive you are in Canada

For example, it's why I've always tried to point out to people when you look at your net worth statement If one person has two million dollars in an RRSP and another person has two million dollars in a TFSA, holy smokes that second person is in a lot better position because if they pull out four percent a year, 80,000, then adjust upward for inflation every year, that's 80,000 tax-free. Whereas the money coming out of the RRSP of course is taxable. Now the 30 years that we looked at before and the four percent rule didn't get involved in all that. It was just saying the likelihood of you running out of money. Where I'm heading with all of this is you need to sit down with an advisor.

You need to figure out where are my assets, what are my needs, how are my needs likely to play out over time. I'll still have some major expenses. Look at the investment assets carefully. Where are they? What's the most tax-efficient way to get at them? It's still a good general guideline. It really is. However, I would tend to be a little more conservative for most people but also I would sit down with a financial advisor who's got the proper software and she or he works through with you the various scenarios and lays out a comprehensive plan and again the most tax-efficient way to get all at all this money. They may end up taking out a lot more than 4% out of one or two of these buckets slash

containers, not necessarily spending it all but taking it out for tax reasons and less out of others etc. Good general guideline but don't just do it without talking to an expert and advisor ahead of time. Again we'll expand on all these points in an upcoming podcast. out all these points in an upcoming podcast. Did I just bore you so much with that answer that you've completely departed? I do that a lot. Ask my kids. My kids often just don't even respond when I finish. You're good. I just didn't know if you were on a pause. I

appreciate that. There has been a lot of talk with cost of living, you know, keeping up with everything that's going on in the US. There's a lot of different factors. So I appreciate your insight on that. Thank you so much. All right. Thanks for calling in. You're welcome. I look forward to the podcast. Thank you. Hey, that was a lot of fun. We'll do these more. DM us if you want to come on and ask a question. I like this format.