#46 – Historical Market Highs, Housing Logjams, Treasury’s TGA, and One Impressive Retirement Life Map

Wes Moss [00:00:55]:
And then this past week it was Dow hitting 44,000s and P500 hitting 6,000. We get some serious round numbers, some new all time highs, inflation numbers, what this all means for the economy. And I want to talk about housing. And guess what, Jeff Lloyd joins us here in studio makes for an even better day here on a Sunday morning.

Jeff Lloyd [00:01:17]:
Wes, thanks for having me back. Happy Sunday. And there’s a lot to cover. Think about the last two, two and a half weeks. We’ve had a lot of going on in the economy, in the markets, just a lot to talk about.

Wes Moss [00:01:31]:
It’s incredible. And so it’s almost as though we don’t even know where to start. Where I will start is even though it’s nice this weekend, fast forward maybe five days, maybe seven. I don’t know what the accuracy of that looks like on the forecast, but I see some 30s at least in the night when it comes to temperatures here. So it gets, we’re finally for real fall and maybe even a little blush of winter, which you know what that brings out.

Jeff Lloyd [00:02:00]:
JEFF lloyd, what does that bring?

Wes Moss [00:02:03]:
The pumpkins go in the trash, the lights come out and the Christmas lights coming out.

Jeff Lloyd [00:02:08]:
That’s right.

Wes Moss [00:02:09]:
And this is something that my wife, she loves the Christmas light thing more than anything. I mean I like them and I drove through my neighborhood and there’s some Christmas lights. Lynn loves them and we just haven’t done it for a couple of years. I think six years ago we did it on our house one year, you know, we got, we did the whole, oh, if you just buy the lights then we can, you know, it’s a lot up front. But then next year you don’t have to buy them again and we’ll put them back up. Of course, the company goes out of business. So it’s just, I don’t ever believe These light companies, and there’s one going around the neighborhood. Lynn sees some lights already go up here.

Wes Moss [00:02:50]:
We’re again, it’s not even Thanksgiving. But this is when you start really thinking about if you’re gonna put up some lights, this is the time to do it. So Lynn finds a new service. They come out, they put up the lights. She’s so excited. She goes and picks up the kids at, I think at basketball. And now it gets dark at like, you know, 2:00 in the afternoon. You get home at 6:00.

Wes Moss [00:03:14]:
She goes, look, the lights are up. Wait till you guys see my, my 8 year old so excited. He’s like, I can’t wait to see the lights. She pulls up to the house and half the house has the lights and the other half has blown a circuit.

Jeff Lloyd [00:03:26]:
So this is like National Lampoon’s vacation. Lights aren’t working.

Wes Moss [00:03:31]:
I get a call from her, she’s running around trying to figure out what, how to get the other half of the house working. And she, she is hot at this point. And she’s going around, she’s the ground trying to reset the ground and the outlets and the lights aren’t coming on. And she’s on the phone and she’s cursing and swearing. She. I’ve spent all this, we spent all this money with these lights. I want to. And the lights aren’t on.

Wes Moss [00:03:58]:
And I was like, babe, can we just talk about this when I get home? So she’s out running around. It’s Lynn Griswold. She’s, it’s straight out of National Lampoon. She is so mad that half the house doesn’t work. They didn’t do a good job on the trees. It’s like this big. It just felt like this giant waste of money. So that’s the bad news.

Wes Moss [00:04:19]:
The good news is she called them that next morning and they came out with an electrician and figured out where to plug everything in. And finally the next day, the whole house works. Only problem which I hadn’t really thought of is as they are on throughout the night, which maybe is not a good idea, is that it’s like daylight in my bedroom at night. So even the blackout shades, it’s coming through.

Jeff Lloyd [00:04:43]:
But the lights, well, that’s, that’s one way to combat daylight savings. Just cover your house in lights and you don’t have to worry about the darkness anymore.

Wes Moss [00:04:51]:
I mean, in so many ways I feel like I’m living a real life Christmas vacation. The lights coming in, the lights don’t work and what happened? They put a staple through one of the electrical lines and that’s why the one side, that’s why half didn’t work.

Jeff Lloyd [00:05:05]:
It was a staple.

Wes Moss [00:05:06]:
Well, it was one staple, one bowl, one staple. And they plugged too many things into one outlet, of course. So anyway, the lights are on and they look pretty good. Not amazing, but they look pretty good.

Jeff Lloyd [00:05:20]:
And you’re good with the lights going up pre Thanksgiving.

Wes Moss [00:05:23]:
They’ve got to go up pre Thanksgiving because you got to get your money’s worth out of it. And you know what, I want the lights down though. Right? As soon as Christmas is over, you want the lights out. So you want to get them up early, get them off.

Jeff Lloyd [00:05:35]:
They come down on the 26th, I hope so.

Wes Moss [00:05:38]:
We’ll say, we’ll say. All right, let’s get to markets here. Speaking of light, so what, so what’s happened here? We’ve got presidential election, we got a Fed meeting. This is what, two weeks ago. We have fresh inflation data from this past week. Earnings season absolute galore. We’re in the thick of it over the last couple of weeks, again we think about all these macro issues, big picture with the election. And again, the House has been called now by multiple news outlets.

Wes Moss [00:06:06]:
So we’ve got a complete GOP sweep, Republicans in the White House, in the Senate and now in the House of Representatives. What does that look like as far as history, that configuration? And we had a jobs report. I mean we’re talking about major events here, every single one of them in themselves a big event. But we’ve had all of these over the last couple of weeks. So it’s been crazy. And what has happened this past week? Jeff Lloyd to markets.

Jeff Lloyd [00:06:34]:
Look, this past week we saw the Dow Jones close above 44,000 for the first time ever. We saw.

Wes Moss [00:06:40]:
Did we just close at 43 and 42?

Jeff Lloyd [00:06:44]:
We just saw. We did. And we just saw the s and P500 close above 6,000 for the first time ever this year. We’ve already had over 50 new all time highs for the S&P 500.

Wes Moss [00:06:59]:
And that’s been a really big theme so far this year. And this is where so far this has continued to play out and rhyme with history. The history is always, of course, it’s not the perfect guide, but it certainly helps. And I think the way my gut as an investor thinks market’s hit a high, you’d rather be putting money to work after the market’s down 5%, 10%, 15%. So the thought around all time highs is there’s Some reservation. Hey, the market’s already done well, where do we go from here? And I think it’s been very important to remember and look at history and what the pattern shows us is that when you start getting all time highs they tend to come in these giant bunches is not even right. It’s these bushels almost. These are bundles.

Wes Moss [00:07:52]:
If you go back to 2013, we started to hit some all time highs. We had 45 of them. And this is S&P 500. In 2014 we had 53 all time highs. Remember an all time high can just be a one, can be one point on the S&P 500. It doesn’t have to be a massive move, but it’s just inching or plowing new ground. 2017 we had 62 all time highs. 2021 we had 70 all time highs.

Wes Moss [00:08:18]:
And then so far this year we’ve just, we’re now we’re over 50 all time highs and so they, they tend to continue. And I think the reasoning behind that is that it takes a lot of things to be going right. Both macro micro. So big picture, smaller picture which I would. I look at earnings as micro economics. These are individual companies saying they did well or didn’t do well. Individual companies saying they did well or didn’t do well. And there’s 500 of them in the S&P 500 and there’s thousands of publicly traded companies.

Wes Moss [00:08:50]:
And all of those single data points in themselves may not matter all that much, but collectively they matter. It’s everything when it comes to markets. Earnings, that is the fuel that drives markets either higher or lower. The lack of fuel, lack of earnings. Markets doesn’t like that. It certainly doesn’t do well. But as we stand so far this year, if I can find some of these earnings numbers here, Jeff, you may have them read.

Jeff Lloyd [00:09:16]:
I’m looking at them right now. We’re about 90% through with S&P 500 earnings season so far. Of the 92% of S&P 500 companies that have reported earnings, 82% have either fallen in line with earnings expectations or exceeded them. So that reflects a healthy earnings season. And that’s what we like to see.

Wes Moss [00:09:43]:
And sales. So that’s the other thing. So yes, the ultimate number is what’s the ultimate profit kick out for XYZ company. But remember, you can do that in a couple ways. You can sell more, but you also have better margins. So we have gone through cycles where margins just get better but revenue doesn’t necessarily get better. We have a Healthier, let’s call it s and P500 broader market. When sales are also going up, what’s the revenue picture look like?

Jeff Lloyd [00:10:11]:
So almost 70% of S&P 500 companies that have reported have beat on the sales slash revenue component.

Wes Moss [00:10:20]:
So you put it all together here. Yes, the macro environment, yes, it’s been nerve wracking and you get this bubbling up of anxiety around a presidential election. But here we are, call it two weeks later or so and there’s just this collective sigh of relief. And I actually see this from both sides. The Republicans I talk to are pretty excited and they’re happy that Trump won. And then we’re also seeing a House and a Senate now that are both Republican or gop. And I also for the die hard Democrats in my life as well, there’s not as much angst, at least from what I’ve seen. I Remember back in 2016, people were depressed that didn’t want Trump in office for weeks, for months.

Wes Moss [00:11:10]:
This time around it’s more matter of fact, it’s more up. The election results were what they were. Now maybe it’s because it was so decisive and Trump won all seven swing states. So it wasn’t even close. And the reaction I’ve gotten from folks who were not Trump fans is that, well, okay, we know the results. And that in itself, just knowing where we stand and not having a one week, two week, one month recount for the election, I think that’s where a lot of the relief has come in. And I think this is a good friend of our family. I remember checking in with her the next day or we went to an event, I think two days after the election.

Wes Moss [00:11:52]:
I was like, how are you doing? How are you feeling? And I think she goes, yeah, I’m fine. This time around. She’s like, I’m not going to let the election make me depressed for the next month. So to me, just the removing of the uncertainty. And look, we’ve, even if you didn’t want Trump in office, you know, he’s a known quantity. You’ve known him now for eight full years. And that in itself, there’s some comfort around that, hey, we kind of know what we think is going to happen moving forward. It also has not hurt that the markets have, we’ve had a pretty good last couple of weeks.

Wes Moss [00:12:28]:
Of course, the day after the election was one of the biggest, the fifth largest increase for markets in the history of the world on a percentage basis. Dow was up 1500 points essentially in one day. And a lot of that Momentum has continued. You pulled some numbers that look at market returns under each president, each individual presidential term going back to how far?

Jeff Lloyd [00:12:53]:
Going back to 1896, starting with William McKinley.

Wes Moss [00:12:58]:
Now this, what you pulled was S&P 500 and Dow combined or is it just S&P 500?

Jeff Lloyd [00:13:05]:
So it was Dow returns up until 1928 and then after that. Just because it was S and P 500.

Wes Moss [00:13:12]:
Makes sense. Okay.

Jeff Lloyd [00:13:13]:
Right.

Wes Moss [00:13:14]:
All right.

Jeff Lloyd [00:13:14]:
And this was the past 22 presidents and it measures S&P 500 and endow performance under each president.

Wes Moss [00:13:23]:
Before we look at the top three and the bottom three, one thing that you notice that was just interesting is that we think of presidential terms of course in four, in years of four, because we’ve had term limits now for many, many, many cycles. But there were all these, there were a bunch of different terms over the course of presidential history. So you’ve got to also account for that is that some of these presidents had longer than four years. So they had a little bit extra time that helped out their market returns or they had a little bit extra time and it didn’t help their market returns. So who were our. Let’s start with our, let’s start with our top three. Number three on the list.

Jeff Lloyd [00:14:10]:
Number three on the list with a return of 182% during his tenure. During his eight year tenure, Barack Obama, 182%.

Wes Moss [00:14:21]:
How about number two?

Jeff Lloyd [00:14:23]:
Number two, 209%.

Wes Moss [00:14:26]:
Bill Clinton, over 200% for Bill Clinton, over 200%.

Jeff Lloyd [00:14:31]:
And that number one, and this is.

Wes Moss [00:14:34]:
One that I wouldn’t have guessed, I wouldn’t have, I didn’t know this without looking it up. The number one presidential term which lasted, let’s see here, five and a half.

Jeff Lloyd [00:14:47]:
Years or so, President Calvin Coolidge at about 256%.

Wes Moss [00:14:54]:
That’s quite a run.

Jeff Lloyd [00:14:56]:
That’s quite a run. It’s a great run. He should be recognized a little bit more I think in US Presidential history for that feat.

Wes Moss [00:15:04]:
All right, how about bottom three? I’ll start with the, this is the third from the worst market rate of return over his tenure. And that would have been Richard Nixon at minus 20%, the second to worst period of time. And this is over eight years. Am I right here? If I look at this chart? Yes. This is eight years, George W. Bush. And if you look at the timing here. So his, the market went down 40 over the period of time George W.

Wes Moss [00:15:36]:
Was in office. And if you think about the time he started and this is timing is everything. At least when you look at this list. He started January of 2001, which was peak, peak all time high from the boom, boom, boom from the 90s. Remember the NASDAQ peaked out. I remember this vividly. It was March of 2000 and things just went south from there. He took over in oh one and of course, September 11th.

Wes Moss [00:16:02]:
We just, there was a lot happening then. Number one on the list, net negative 82% during his tenure was who?

Jeff Lloyd [00:16:09]:
Jeff Lloyd, Herbert Hoover down 82%. That is some stock market damage.

Wes Moss [00:16:17]:
That’s damage damage because he took over right as essentially right around the as the Depression was really starting to manifest. And we had a really tough period of time after that. More Money Matters straight ahead. 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 from Money Matters. 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 at yout wealth, that’s y o u r your wealth.com Jeff Lloyd, we talked a lot about housing this week, and there’s just, it is the, the market just there’s nothing happening right now.

Wes Moss [00:17:13]:
It’s like a total log jam.

Jeff Lloyd [00:17:16]:
You drive around the neighborhood, you just don’t see as many houses for sale as you used to.

Wes Moss [00:17:22]:
So I was, I had a conversation with a happy retiree this week who he’s been in Georgia for a long time, has really made a plan to get to Florida. And as soon as he did that, of course, only a few months later, hurricanes hit, water in the house. It’s really a difficult situation. Ultimately, things have turned out. But part of that plan was to sell a house here, a townhouse here in Atlanta. And this is up in let’s call it Marietta. And it took a long time for that to happen. And it was kind of just he was surprised at how long it took.

Wes Moss [00:17:57]:
But that’s the big picture macro story for the vast majority of America. Sure, there’s little pockets where things are happening maybe at a quicker pace. But if you look at existing home sales, so existing home sales measures anytime there’s a transaction, so somebody puts a house on the market and it gets sold, it counts. Of course, this is not new homes, right? This is existing. And if you look at that chart, if back in 2004, 2005, that number was six and a half seven, almost seven and a half million at an annual pace back in 2005. Where are we today? Latest number is just shy of 3.9 million. So it’s been cut virtually in half from where we were, call it 15 years ago. If you go back in time, how long ago were existing home sales? This low? June of 1995.

Wes Moss [00:18:51]:
So the amount of homes being sold in 2024, you got to go all the way back to 1995 to see this little activity. So it makes sense. And so far I would say we’re in a. Because I was getting pretty optimistic around that starting to pick up because the Fed is going to lower rates. That should mean lower mortgage rates. They were already starting to go down, but so far that hasn’t really manifested. So we’ve got essentially, I was hoping for the housing log jam to start to break up and start flowing and it just happened. So we’ve had this, I’d call it a housing market letdown.

Wes Moss [00:19:27]:
However, it doesn’t mean that it’s all bad news for housing and the economy in 2025. So here we are, 2024. So far the stock market’s been great and I guess we can’t have everything we wish for. We wanted a great stock market and a better, more housing work that was starting to really work again, but there’s just been no relief. And what’s also ironic about this, let’s go back to mid September. So we’ll go back two months from where we are today, two days. And I think it was September 18th when the Fed lowered rates. Two days before the Fed started to cut rates, the US 10 year treasury yield, which matters for mortgage rates, was about three and a half percent.

Wes Moss [00:20:09]:
Mortgage rates had at that point gone all the way from almost 8%, all the way down to 6%. So we were set, we were excited. Wait a minute, maybe we get to the 5 1/2% handle which Jeff Floyd, you say that’s the, that’s the sweet spot.

Jeff Lloyd [00:20:23]:
That is where you get home buyers interested in buying a new home and.

Wes Moss [00:20:29]:
Home buyers saying it’s okay to sell this place because I can handle 5%.

Jeff Lloyd [00:20:33]:
5 and take on a new mortgage.

Wes Moss [00:20:35]:
So it helps both sides of the equation. Mortgage rates get down to 6%. Now where are we? Since the Fed has lowered rates two months ago, now the 10 year is at 4.3%. So it’s gone up almost three quarters of a percent. The 30 year mortgage rate’s up the same. It’s up 3.8% roughly.

Jeff Lloyd [00:20:56]:
Yeah, it’s back up to almost 7. It’s at 6.8% for a 30 year mortgage just in the last month and a half.

Wes Moss [00:21:05]:
Yeah. So I think the good news is this, the rise in yields. Yields go up for a variety of reasons, but one of the main reasons is that we’ve had a good economy and the economy continues to be strong. And so far, inflation appears to be at bay. Jeff Lloyd, we just had the cp, the Consumer Price Index. Inflation numbers that came out on Wednesday, 2.6 year over year, ticked up a.

Jeff Lloyd [00:21:31]:
Little bit to 2.6 on a year over year basis.

Wes Moss [00:21:35]:
Again, mortgage, as you can imagine, because rates have gone back up, mortgage applications are in decline. Mortgage rates are markedly higher than where they were in September. And it feels now we’re kind of further and further away from that magical 5.5% number that we think it’ll take to get the housing market to unlock. So we have this twofold problem. We have a lack of homes on the market and a lack of buyers looking all alongside somewhat prohibitively high housing prices. And really the bigger problem, though, is just too few homes. You just don’t have enough homes on the market. And the ones that do go on the market, even though there’s not that many buyers, there’s still plenty of people looking and a house pops up, boom, people want to buy it and that’s why prices have stayed stable.

Jeff Lloyd [00:22:23]:
It’s kind of like a double whammy when it comes to affordability, higher home prices and higher mortgage rates.

Wes Moss [00:22:31]:
But there may be some relief on the way.

Jeff Lloyd [00:22:33]:
Okay, that’s good news, Wes. That’s what we want to hear.

Wes Moss [00:22:35]:
There may be some, where do we go from here? We have a new administration and Trump is a real estate guy. That’s it’s always done for. Well, that’s, that’s his business. He’s real estate guy. And real estate people like lower interest rates. Now, I think every president wants lower rates because it’s stimulative to the economy, but particularly in the mind of Trump, he wants lower rates. And as we covered a little bit last week, and maybe I’ll just sum it up this week in more sentence as opposed to an entire segment of radio, is that there’s some mechanical issues called from the treasury happening in early 2025 that could also help push rates lower come January, we hit the debt ceiling likely again and we’re gonna have another fiscal showdown. Now, maybe not be that big of a showdown because we have pretty much we have Republican control in all the chambers of the House, Senate, and the White House.

Wes Moss [00:23:32]:
But in the meantime, the treasury is preparing to unleash roughly $700 billion from its TGA. The treasury and that money, where’s it going to go? It’s going to go into the real economy. So we’re going to get an injection of cash into the economy liquidity. And that could help loosen financial conditions, boost demand for bonds with a lower bond supply because the government doesn’t have to issue as many bonds because they have lots of cash in the account already. And that could lead to lower treasury bond yields. And if we get lower yields, then that could help mortgage rates as well. On top of all that, we’ve got the Fed that’s still in interest rate cutting mode. So they’re expected to continue to cut for a while.

Wes Moss [00:24:16]:
Here’s the question, where does the Fed want to go with rates? Because we have had very tight policy, restrictive, we’re putting the brakes on high rates makes everything more expensive. We do less, we do less as consumers. And it’s been restrictive now that inflation now Again this week 2.6% is somewhat under control. The rate of inflation under control, the neutral rate. The Fed doesn’t right now want to be accommodative, but they also don’t want to be restricted. So what’s kind of the Goldilocks rate should be around a 1% real rate, which means their rate Fed funds rate minus inflation, they want it around one. That means we would be at a fed funds rate of about three and a half. Three and a half at the Fed minus two and a half inflation.

Wes Moss [00:25:02]:
That’s your one percent real rate. That’s typically the target. So maybe we’ll see some housing and interest rate relief as we head into 2025 and a more interest rate friendly environment for the economy as a whole. So I think, and if that were to play out, and we don’t know if this is going to play out, a, the odds of recession would continue to fall. That’s good news. And that sounds like good news for investors to me. Now, if you go back and look at what the term of Trump when he was president the last time, if you go from essentially Election Day, which would have been November of 16, he was president 17, 18, 19, 20. Yes, we had one big drawdown because of COVID So February, March of 2020 market dropped 35%.

Wes Moss [00:25:53]:
But then it recovered by the end of that year. And if you go from the election date of when Trump first was elected to essentially January 1st, which is about a month and a half before the Markets got hit with COVID and the world got. And we got hit with COVID The S&P 500 was up 76% over that period of time. The other thing that happened, 30 year mortgage rates dropped from when he, when he began office to when he left office or January right before he left office. We’re down 25%. Now. Part of that was because the Fed had the lower rates because of. Well, actually if I’m looking at this chart, rates were down 25% from when he started to January 1st.

Wes Moss [00:26:38]:
And that’s before we were hit by the pandemic. So it was still not in just response.

Jeff Lloyd [00:26:46]:
That was before the fed funds rate effectively went to zero.

Wes Moss [00:26:51]:
So they are potentially interest rate relief, even though we started to see it in August, September of this past year, then that’s kind of backed up. Maybe we’ll start to see a little bit of rate relief as 2025 starts to get underway.

Jeff Lloyd [00:27:10]:
And remember, Wes, we’ve talked about the fed and their 2% inflation target, but we’ve kind of said over the last couple years just does 2% really mean 2.0% or do we just want to get in a normalized 2.5% range somewhere here?

Wes Moss [00:27:31]:
I don’t know. Maybe I’ll just do this from memory, but if you look at CME Group does Fed fund futures, they essentially forecast where rates might be going out a couple of months. If I look here, it is. If I look at the March Number, this is March 2025. So five months or so from now, there is about a 78% chance that we will see rates in the 4.0. So 4% as low as that to the four and a half percent range. So that’s obviously lower than where we are today. Could be a lot lower than where we are today.

Wes Moss [00:28:06]:
And that’s at least what the market itself is forecasting. Let’s take a look at one more thing before we forget.

Jeff Lloyd [00:28:13]:
Yeah, Wes, let’s. Now that we basically know partisan control, that’s what we call this, the partisan control in Washington. Who’s controlling the White House as well as Congress, both the House of Representatives in the Senate, we now know Republicans are going to be in charge of both those. And from a historical perspective, that’s been good news for investors. The average return under that party of control is almost 13% per year.

Wes Moss [00:28:43]:
Again, most of the political configurations are pretty good. Some are even higher than that at 15 and a half, some are 14. This one’s kind of smack dab in the middle of the different partisan control configurations, Republican Congress, Republican President, on average, over the course of history, all the way back to 1933, averaging 12.9% historically. Again, I’m not going to say that it’s going to repeat itself, but it also doesn’t look like a headwind to me. I love this. And I don’t remember if I can’t remember if we talked about this here on Money Matters or just the Retire Sooner podcast, maybe both. We talked about the retirement life map. As a quick reminder, Harvard did a study called Retire Without Regrets and it was published in the Harvard Business Review.

Wes Moss [00:29:33]:
There’s a really I love any time you can do a longitudinal study. It’s not just a snapshot in time, but when you follow people over the course of 10, 20 years, I think is a really amazing way to get data and understand life cycles, anthropology of retirement. And so we talked about that and really, I think the biggest takeaway, which is again, not, not a shock, but it’s those who had a really clear vision and a plan for figuring out what two years into retirement wanted to be. And one of the exercises they did is they had this group of retirees that they followed over a decade plus draw out on a piece of paper a retirement. They didn’t really name it, but I call it a retirement life roadmap. And I did this exercise. I did it with my dad and my stepmom and they actually came up with these cool drawings about where they wanted to live and visit. And as I talked about it, I asked if someone would, if you wanted to do one of these things, send it in.

Wes Moss [00:30:40]:
And I got an email this week from someone who I think ironically from her, there was a little drawing of Pennsylvania of somebody who lives near where I probably grew up and just had one of my favorite retirement roadmap life maps that I’ve seen and drew out on. Let’s call her Mary. There’s something about Mary’s retirement life plan that I really love. Here’s just a taste of some of the things that she’s working on or what she wants retirement to be in the next year to two years. Teaching science, book club, gardening, church. And a lot of these had little drawings for the little garden drawing was cool. Learning piano, she had a little keyboard, learning pickleball, learning Spanish. A lot of learning here.

Wes Moss [00:31:31]:
For Mary, Travel, travel to the UK, traveled to all 63 national parks. Hiking, volunteering, exercise, weights, yoga. She had a little weight, do a little weight drawing, yoga, cardio and working with the conservancy. And to boot eating healthier. It’s an amazing retirement life map. It was in colored pencil, wasn’t overly complicated. But if she ends up doing what she drew, which I think she will, there’s a big smiley face on there and a couple hearts. She’s the quintessential happy retiree.

Wes Moss [00:32:09]:
Not because of what exactly she’s doing. The fact that she has these aspirations to do all these different things. And that to me is a roadmap to a happy retirement. Can we just end it there?

Jeff Lloyd [00:32:21]:
Jeff Lloyd that may be the happiest way that we’ve ended a show in quite some time here on Money Matters.

Wes Moss [00:32:28]:
I’m your host Wes Moss. You can find me and the great Jeff Lloyd. Easy to do so@yourwealth.com that’s y o u r your wealth.com have a wonderful rest of your day.

Mallory Boggs [00:32:46]:
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. Investing involves risk, including possible loss of principal. 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.

Mallory Boggs [00:33:34]:
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.