YFP 308: YFP Planning Case Study #6: Balancing Retirement Savings With a Major Purchase & Education Planning

The team at YFP Planning discusses a case study that includes balancing retirement savings with a major purchase and education planning.

Episode Summary

If we don’t earmark our cash for specific items, we’re very likely to spend it. In this YFP Planning Case Study, Tim Baker, CFP®, RLP®, Kelly Reddy-Heffner, CFP®, CSLP®, CDFA®, and Angel Melgoza, MS CFP® use a hypothetical couple (Joe and Jane Script) to discuss balancing retirement savings with a major purchase and education planning. After being provided with an overview of the couple’s finances and their goals for the future, Kelly and Angel pick apart their investment approach and offer advice for how they could make it more sound. From the importance of saving with the intention of avoiding getting hit with a surprise tax bill, this episode will make you think more deeply about the way you approach your financial plan!

Key Points From the Episode

• Setting the scene for the Joe and Jane case study.
• Joe and Jane’s net worth and their assets and liabilities.
• Goals that Jane and Joe have for the future.
• Kelly and Angel share their thoughts on the first steps Joe and Jane should take to optimize their financial situation.
• How Angel recommends Jane and Joe deal with the funding of their children’s college education.
• The importance of being open to making adjustments to your financial plan.
• Working out which elements of your financial plan to prioritize. 
• Why many people end up saving less money than they could.
• How to avoid getting hit with a surprise tax bill. 
• Angel’s approach to insurance. 
• Documents that you should have in place to protect your family in case of your death or disability.

Episode Highlights

“When I talk to clients and I look at their balance sheet, the first thing I want to make sure is that you have a sound emergency fund.” — Angel Melgoza [0:08:15]

“We can’t do everything. We have to prioritize and decide what makes the most sense to overall have the best plan for the future.” — Kelly Reddy-Heffner [0:13:16]

“We tend to save, but we also tend to spend anything that is not earmarked.” — Kelly Reddy-Heffner [0:19:05]

Links Mentioned in Today’s Episode

• RightCapital
• YFP Planning: Fee-Only Financial Planning for Pharmacists
• YFP Disclaimer
• Tim Baker on LinkedIn
• Angel Melgoza on LinkedIn
• Kelly Reddy-Heffner on LinkedIn
• Subscribe to the YFP Newsletter

Episode Transcript

[INTRODUCTION]

[0:00:00] TB: What is up, everyone? Welcome to our sixth edition of YFP Planning case study. Really excited to get into this one today. We’re going to talk about Joe and Jane Script. It’s a really creative name that we have here. We’re going to do something a little bit different for this particular case study. We’re going to basically set the client up in our planning tool, which is RightCapital. We’re going to stay, not necessarily so much in a spreadsheet, but in the planning tool and outline the details of Joe and Jane Script and their family and what they’re looking for. I am once again joined by our lead planners, Kelly Reddy-Heffner and Angel Melgoza.

[INTERVIEW]

[0:00:36] TB: Really excited for you guys to be here to chat about the scripts. What’s going on? Kelly, first to you, what’s going on in life? 

[0:00:43] KRH: Not too much. End of tax season, doing quarterly meetings and hoping that it stops raining in Pittsburgh at some point. 

[0:00:53] TB: Yeah. Crazy weather. When you guys were out here after tax season it was like spring-esque. Now it’s really cold again. It’s super weird. I put a vote for warmer weather here too. Angel, you’re probably accustomed to some warmer weather. How’s it going where you are? 

[0:01:12] AM: Very warm. Hot and humid actually. We’re preheating to our summer already. Yeah. 

[0:01:18] TB: Awesome. Let’s get into it guys. I’m going to share my screen, so apologies for those listening on the podcast, because this will be very visual. We’re going to talk through some concepts, but if you’re interested, check out the YouTube channel, we will have our beautiful smiling faces on the YouTube with a screen share of what we’re working through with the client. I’m going to work through this. What we’re looking at here is a snapshot and what this tells us at a very high level just what is going on with the client. I’m going to dig into some of the juicy details about Joe and Jane; the job, the balance sheet, some of the goals. 

The first thing I’m going to look at for Joe and Jane is just like where are they at? What are they doing? What’s the family look like? Joe recently accepted a new MSL job based out of Louisville, Kentucky. They’re both Louisville, Kentucky, University of Kentucky grads. That’s where they went to pharmacy school. Joe is an MSL. Jane is an oncology staff utilization pharmacist. They have twins Addison and Sean, age 11. Their home is in Louisville. They filed their taxes jointly, but they’re actually from the Boston area. They have a lot of family in the Boston area. 

The balance sheet really looks like this. I’m going to click into the balance sheet. Their balance sheet at present, their net worth is about, we’ll call it $894,000. They have about $1.3 million in assets with about $386,000 in liability. The assets break out a good amount in cash accounts, so they’re joint checking, they have $35,000, they have 80,000 in joint savings, so that’s 115,000, that’s liquid. Then they have a non-qualified or a joint taxable account that has about 15,000 in it. 

Then most of their investments are in qualified assets. Joe has an old 401k that he’s rolling over to YFP planning for us to manage that has about $196,000 in it. He’s currently contributing to his new 401k with his new MSL job that has 5500. Jane, her 401k is currently at 236,000. Joe has a Roth, it has about 85,000. He also has an HSA that has about 15. Then the kids, they both have 529s that are identical, about 19,000 that they’re currently contributing to. They own their home in Louisville. The property’s worth about 575,000 with a mortgage that has about 281,000 left. 

The other liabilities they have is a joint credit card that has about 15,000 that they normally pay off. They have a HELOC for home improvement that’s hanging out there that has about 19. Jane has a car note at 28. Then Joe still has some lingering student debt that’s about 12,500. One of the surprises that they had when they went to file, we were talking about tax season earlier guys, is they found out that about $30,000 tax bill and those are some surprises that are not fun to get, but they basically have to figure out how to pay off this $30,000 tax bill to the IRS. 

Overall net worth about 893. Now, to pivot to some of the goals that they have, they very much want to make sure they get back to Boston to see family. They want to make sure that they’re supporting the twins’ activities in sports. Between the two of them have more frequent date nights. From a career lifestyle, they want to make sure that in the future, they have the ability to work less if they can. They’d love to be able to purchase a vacation home, maybe pivot into a retirement home in Florida. They’d love to take a domestic, annual big trip with the family. 

One of the big goals that they have is to take the whole family to Australia before the kids go off to college in the next seven-ish years. Then they have some legacy goals where they want to be able to pay 100% of the twins’ college, at least for the four years of undergrad. They want to be able to give back to the University of Kentucky and also some other charities. That’s the picture of where they’re at. I know we have some topics of discussion listed here, but Kelly, what would you say jumps out at them. We didn’t get really too much into some of the insurance stuff, which we can dip into. Obviously, they have some debt that they have to work through, but what are some of the big things that you would tackle first with Joe and Jane? 

[0:05:30] KRH: At first glance, definitely a bit of a large cash position, so trying to figure out what is their spending to see like what the emergency fund should or could be and then seeing if they have some resources left to take care of some of the debt. The little student loan out there would probably be top of mind, making sure the credit card really is paid off each month. Those would be really important things to tackle early on, I would say. 

[0:06:05] TB: Yeah. I think one of the cool things that the tool has shown us is just a liquidity analysis. How much should you keep in that emergency fund? The target that we have here, if you assume current monthly expenses, which I think we should confirm, right? That’s one of the things that sometimes you can put in a box like what we spend, but when we actually connect actual spend accounts, it’s more than that. But their target for their emergency fund is about 40,000 and their actual liquidity between their checking and their savings is about 115. 

There’s probably a scenario that we could peel off some of those extra dollars and potentially pay off the credit card to your point, Kelly, to make sure that that is completely paid off, which the balance is 15,000 at this point. You also have a 19,000-hour home equity, which was one of your highest interest rates. If we look at the interest rates, and again, we didn’t necessarily go through this from the jump, but the mortgage is not bad, 281,000, three and a quarter percent. Home equity, line of credit, 6% which is a little bit higher. 

Jane’s car, which is about 28,000, 4%. Joe’s student loan, three and a half percent, so not terrible. The IRS would have to figure out what the payment plan is for that. I just put in a placeholder of three percent. Then the joint credit card, obviously 24%. Making sure we tackle this first. I agree. I think something along the lines of like right sizing in the cash position to either clear out debt or the conversation that we could have is does it make sense to put dollars towards things like an education goal or retirement? 

Again, I wouldn’t necessarily be sleeping very soundly at night if I knew that I owed the IRS money or if I had a credit card balance hanging over my head. I think a good analysis to go through with the two of them, just to see how do we deploy these extra resources, so to speak? Angel, how about you? When you look at their scenario at a high level, what jumps off the page for you? 

[0:08:12] AM: I have to echo Kelly’s thoughts here. Really, when I talk to clients and I look at their balance sheet, the first thing I want to make sure, because of course you have two little ones, is that you have a sound emergency fund. If you have an excess cash position, I think the second thing I’d like to look at is, of course, any debt that’s over. My rule of thumb is usually 6%. I think credit cards fall within that. Paying down that is just as good as investing. It goes back to the old saying of paying, saved as a penny earned. 

[0:08:43] TB:  Yup. Yeah. I think that’s one of the things is like, if you can guarantee a 6% investment, that’s not terrible. That’s where the S&P is, once you account for inflation over long periods of time. Definitely, looking at the debt would probably be first on the list. How about Angel, when you look at one of the big things that they have that I think is probably not one that we get a lot of in terms of, “Hey, this is my education plan for my kids,” it’s more of, “I’m not really sure how I want to approach the education.”

A lot of pharmacists, again, they feel the pain and the sting of student loans. They would rather not replicate that for the kids, but when you look at, “Hey, we want to send both of them 100% for four years in the next seven years or so,” how would you break that down for them in terms of the feasibility of it? 

[0:09:36] AM: I mean, twins are 11 years old right now. They’re not too far behind on the saving aspect of it, but of course, we want to make sure that we try to meet our clients’ goals as much as possible within the confines of keeping things realistic. When I say realistic, of course there’s so many ways to fund college from student loans to savings and cash flow. But there’s really only one way to fund your own retirement. When I get clients that are adamant and that’s just the number one most important thing to them, I just like to just go back and say, “Okay, well, what happens if you have to work a little longer to do this. Four or five, six more years? Are you okay with that?” 

One of the things that I love about RightCapital that it shows us, is there going to be a shortfall? If there’s a shortfall, how do we right that ship? But from a rule of thumb perspective, I mean, kids are still 11 years old. We don’t know if they’re going to get scholarships. We don’t know if they’re even going to be one to go to college. I would say a good starting point is maybe funding a third of the college tuition. 

[0:10:40] TB:  Yeah. If we look at the analysis on the tool and we messed around with the twins. We basically said, “Hey, both Joe and Jane are University of Kentucky grads so maybe one of their kids will go to Kentucky.” We picked Sean as the recipient of that. When we looked at that and we looked at Sean’s college goal and we basically looked up University of Kentucky, one of the interesting things is we can actually click in and we can choose either in-state or out-of-state. If we assume that we’re going to be in-state, the total cost for in-state tuition is about 35,600 per year. 

If we compare that to Addison’s college goal, it’s actually more. Addison’s college goal, if we use a goal to fund a public four-year in-state, it’s actually a little bit less at 28,000. But the interesting thing is right now what they’re saving, they’re saving about 200 bucks per month. $2,400 per year into the twins’ 529. $400 total, but separate 529s. If you look at the analysis, Sean, if we assume he’s going to the University of Kentucky, they’re not at 100%. They actually have a funding shortfall of about $157,000. That’s about 23% to the goal. 

Now Addison should be a little bit ahead, because if we use the four-year average versus University of Kentucky, she’s at 30%. The funding shortfall is about 112,000. This is probably an exercise, Kelly, in saying, “Hey, this is the reality of where we’re at today.” We know the goal is 100%. We’re pretty well below that. We’re not far from that one third rule that we always talk about. How would you approach it? I mean, Angel talked about affecting retirement, but maybe there are some levers that we can pull today to get closer to that, but how would you approach that with this particular client in terms of looking at the numbers? 

[0:12:47] KRH: Well, I think once you talk through some of those goals, I do think that Angel is right, like that conversation of how it directly impacts other goals. Most people do wish to retire at some reasonable point in time. I think that the next step is to show how retirement’s looking and how on track the household is for that. Often, we can’t do everything. We have to prioritize and decide what makes the most sense to overall have the best plan for the future. This already looks, like you said, Tim, in the range. We’re at 30% for Addison, a little bit lower for Sean with decisions. I would look at retirement and I’d also start laying the groundwork for having conversations with their children as well about what is going to be available and how to make good choices. Yeah, I guess I would look at the retirement numbers next to see, do those look like they’re in great shape? How are investments flowing for that? 

[0:14:00] TB: Yeah. I think that’s a great segue. I do want to come back to the tax bill, because I know we’ve had some discussion about that off-camera and what that looks like. Let’s look at the retirement analysis. Angel, can you set the tone here in terms of what we’re looking at? Right now, what they’re showing is a 54 probability of success, which doesn’t look that great. To Kelly’s point it might be where we’re looking at things like the vacation home that we haven’t yet talked about, sending the kids 100% through college, working longer in retirement and maybe rank order in those things in terms of what’s most important. How would you approach, you know, this is more of a dire outlook in terms of how the probability of success is looking here? 

[0:14:48] AM: One of the things I like to go over with clients is the 30,000 square foot view of it all before we really dive into the details and just let them know, “If we keep on going at the pace you’re going. If we keep your goals the same, that 54% or as I like to say, five out of 10 times you’re going to have to make adjustments. When adjustments need to be made, that’s what we’re here for to help you out with, of course.” That’s what this probability really says. I mean, the software in and of itself runs thousands of simulations of probabilities. Of course, because the clients are a little younger, there’s more than that. But it lays a good foundation to say there needs to be a change done and that’s what we’re here to help you with. 

[0:15:30] TB: Yeah. I think one of the things that we haven’t even talked about is just even like the way that they are invested might be a little bit more conservative compared to maybe what they need to be. I think looking in terms of other levers to pull might be where you don’t necessarily have to save any harder, but they have to maybe take a little bit more risk with their investments. That might be something to look at. 

Yeah. I think one of the things that can be lost here is that if you look at it, it’s like half the time you’re going to fail, half the time you’re going to succeed. It’s not really about that. It’s really, to your point, it’s like, we’re going to make adjustments on the fly meaning like, if we don’t do these things, the idea is that at the end of the rainbow when the plan is over is typically at Joe and Jane’s death, there’s still money there. If there’s not, then that’s what they would say is a failure, so to speak. 

Let’s talk about the Florida home. One of the big things that we were looking at when we were talking about their goals and some of the cash flow, we’re looking at a blueprint of, “Hey, we’re going to take it in annual vacation every year.” I use this nerdy lifestyle cargo, some new vehicle every seven years. Q7Y, so nerdy script shorthand. We have an Australia trip baked in here. What I basically did was just added it to the 10,000 that we’re saving, plus the 15. We’re saying like 25,000 for a family of four to go to Australia. No idea what that costs, so that would be something that we’d have to adjust as we approach that. 

Then the big outflows that really occur at Sean and Addison’s college in 2030 when Joe is 50 and Jane is 46, and really for the next four years. Then what he’s saying, or what they’re saying is that, “Once the kids are out of college, we’d like to be able to move on a vacation home.” I think what we’re seeing is that if we assume a vacation home is half a million and we put 20% down, we just see the plan be a bit exasperated. It’s like, “Hey, we don’t have enough cash money to put towards this.” It’s starting to pull from things like retirement accounts, which we would say probably don’t want to do that, correct? 

[0:17:43] AM: That’s right. 

[0:17:45] KRH: Yes. 

[0:17:46] TB: Then what’s the process here? As again, it goes back to what’s most important? How would you – Kelly, how would you break this down in terms of just prioritizing the goals for the client? 

[0:17:56] KRH: I definitely think part of it is conversation and talking through what is most important, like when you start to see data align that everything may not be possible. This is quite a bit of stress on a budget to have the four years of college for two children at the same time. Then the vacation home to be on the backside of that. The college timing is unlikely to change, but like the vacation home, if it’s done at a different time interval, does that make a difference? But looking at the numbers, the stressor is pretty significant. It pulls quite a bit from the retirement accounts. 

Then it’s looking at savings capacity. If you’re having the conversation that these items are all very important, you’d like to do as many as possible, then it’s looking to see, is there room each year now where you could be saving more if this is really what’s most important? We tend to save, but we also tend to spend anything that is not earmarked. We talk a lot about smart goals like, if college is a goal, if the Florida home is a goal. Really looking at how much you need to be putting into each account and do you have that like, some of the cash flows when we had looked off screen, look like there’s years where there could be some additional resources. Like, can we start there and say, “If you really get a little bit more intentional with saving, like those unsaved cash flows and the second to last, can you take some from there and help better meet the goals?” But we do tend to spend what we make. We tend to spend the extra almost before we’re going into goals a lot of times. 

[0:19:59] TB: Yeah. I think to your point, Kelly, if you look at their cash position, again, they have some debt, but there’s probably per their plan, they’re running a surplus of unsaved cash flows that if you say, “Hey, double your education or double the amount of money.” Right now, they’re putting 200 bucks into a taxable account, which we’re earmarking for a vacation home, 200 bucks to Addison’s 529 per month, 200 bucks to Sean’s 529. If you double that, maybe these numbers are closer to zero, maybe there is more of a shortage, but those are the things I think that, it goes back to one of the things we talk about all the time on the podcast is just like investing or saving with intention. 

I think it’s easier to do that than to put it in a dark hole, which is like a savings account. Now it’s good to have that when you do have a tax bill and things like that, but those would be the things that I would be pressing on. It’s like, can we do more from the aspect of dollars going into those three accounts? Even Joe’s 401k. He’s putting in 10% and he gets a decent match. Jane’s maxing that out. Can we get to 11, 12? What’s the road to get them to max out so we’re not seeing so much of a surplus of cash or basically on spend cash, but we’re directing them more intentionally towards the goals, if that makes sense?

Can we pivot and talk about the surprise tax bill? Like, this does happen, right? How does this happen? What are the ways to get in front of this? Cause this is never fun to go and file your taxes and say, “Hey, congratulations.” It’s better if you have $30,000 back, although we know that having that $30,000 in hand throughout the course of the year is important. When you’re on the other side of that, not many people are just putting money aside to pay the tax man. Why does this happen? Angel, how can we get in front of this? What are your thoughts with regard to the tax bill? 

[0:21:57] AM: One way it happens is that you don’t pay enough taxes during the year. Typically, what we do here is we do tax projections with tax professionals’ mid-year to see, are you on pace to paying your fair share of taxes? If you’re not, of course, we have to adjust that through your employer. Of course, that’s how to get in front of it, just to see, are you on pace to pay your fair share from this year’s taxes? 

[0:22:24] TB: Yeah. Probably what happened, because Joe’s employment is new, he left his old employer, is that the withholding was never set up correctly. Kelly, we know the tax bills, there are things that you can do to reduce that, but at the end of the day, you can’t circumvent that, right? Part of the problem that maybe why they’ve amassed more cash recently if we make that assumption is because we weren’t withholding enough to pay the IRS as we were earning those paychecks. 

[0:22:56] KRH: It’s an excellent first red flag like, “Oh, there’s more in my paycheck than I expected.” That’s probably the first place I would go is withholding. I do think working with the tax professional can be very helpful. I think the purpose of a projection is to minimize that huge surprise like, there’s going to be things that change. Over the course of a year, an average client household might change a job, which we have here, additional family member, the kids going to college, contributing to the 529 accounts can have an impact on the state tax. 

Doing a Roth conversion, at first, I was like, oh, maybe that bill was somebody decided to move a pretax into a taxable account and didn’t have professional advice on what might happen. Lots of things happen over the course of the year. A projection is not going to get to the penny, but it could help eliminate a big unpleasant surprise that would give a couple of months to change the withholding to look at the retirement contributions and get prepared. 

[0:24:09] TB: Yeah. Shout out to Sean Richards at YFP Tax. These are some of the things that he’s going to be doing with clients, a projection to get in front of some of those surprises. The tool that we have here gives a rough number based on last year of like, “Hey, at the end of this, Joe and Jane, we think that you’re going to have to pay about $42,000 in taxes. If we’re halfway through the year and you’ve paid around 20, 21,000, we’re good.” Again, very much broad strokes, but definitely would want to work with a tax professional to make sure that those types of surprises are mitigated because even things can happen at the very end of the year. It could be that Jane got a bonus that was higher than she thought and we have to make sure that the right amount is withheld. 

The other thing that we see for some of these tax surprises is like, if you do have side hustles, you’re making 1099 income and you’re not paying tax on top of that, it might make sense to withhold more from your W2 paycheck just to soften the blow a little bit. That would be one thing that hopefully we’re not going to replicate in the future and get in front of. The last area guys I want to just focus on is the insurance piece. 

We’re not going to get into disability, because I don’t think we have a whole lot of detail on that. But when you look at the life insurance right now, they’re really just showing a life insurance policy through Joe’s employer that’s about 50,000. Jane has 162,000 through her group policy. Obviously, I think with college on the docket, a mortgage, young kids, this is probably insufficient where we probably need to look at policies. Angel, how would you purchase with the client? 

[0:25:49] AM: There are a couple of ways, but I mean, I like to use rules of thumb to begin with. I mean, typically I like to look at our clients’ income, make sure they have either 10 times or 15 times insured, but there’s a formula that we use where it’s very need-based. We look at final expenses, the nationwide average. We look at liabilities that are happening, things like mortgages, things like student loans or other liabilities included in that. Definitely, because you have children, we like to throw in maybe about $100,000 up front if something does happen, if somebody predeceases the other, to make sure that your kids go to college and get educated. Then after that, we just throw in a couple of years of income to make sure that there’s a readjustment period and that any savings that you would have made while you were alive go into an account or your spouse can not take a dip in lifestyle. 

[0:26:46] TB: Yeah. I think you can definitely use the rules of thumb. I would probably sleep more comfortably at night if they had probably a million dollars each at a minimum between the two of them on top of their group policies. I think you can very much break it down by liabilities, adjustment period, all that stuff. I think some work to be done definitely with that. How about Kelly, if we look at the other part of wealth protection, believe it or not, they’re pretty decent. I think when the twins were born, they went through a lot of the state documents. Anything that you would call out here, maybe outside of just updating documents and just making sure that they’re good, that you would want them to work on from a state plan perspective?

[0:27:26] KRH: I’m excited that they have any documents in place, so that was a huge check mark. I don’t know if it’s just our discomfort with this conversation, it slightly surpasses the life insurance in terms of discomfort, but these documents are very important, especially with two young children, but even with a two-person household like, it just makes things so much easier. I’m amazed at the number of stories, I don’t know if it should relate to us, even though it’s famous people that are in the news, just how difficult it is to get through. I feel like there was just a recent article about another famous person in the news who passed away suddenly unexpectedly and his wife has been navigating for months, even though the state laws are friendly for the spouse. 

Always making sure that they’re up to date. Certainly, the guardian is big with having younger children. In this case, they don’t have a trust. That is a conversation with an attorney to see if – oh, actually living trust would be good to add to that. Sorry, I did not see those were not checked off. Yeah, that would probably be the one thing on the list just to make sure if anything is needed there. We are not attorneys at YFP, so we would default to legal expertise, but we can help provide guidance on looking into resources, documents needed, how to have those conversations with each other and with a professional. 

[0:29:07] TB: Yeah. I think this is a phased process, right, Kelly? It’s education of, “Here. These are the things you probably need.” Then bugging clients to get them in place. Then probably the last phase is, I think next level is make sure that you have a legacy folder. It’s all in one spot. The people that know that the people, the guardian, the executor know where to find this stuff. But to your point, it’s a tough one for us to really execute, because unless you have some experience with this, because again, not many of us want to think about our premature death or disability. Definitely the will, the power of attorneys for property, for health, the living will, even a basic beneficiary check, just to make sure that all of the things are where they should be. This tool actually has, I think a pretty good list of the different accounts out there and who’s the beneficiary and who’s the contingent beneficiary. 

Going through that every couple of years, I think is a good, good practice. Probably, just some little bit of touch up to do much more work on the life insurance side from a wealth protection perspective, but pretty okay from the estate plan. We just need to brush it up and make sure it’s current and well-rounded. We’ll leave it there. Kelly, Angel, thank you so much for joining me for this sixth installment of the case study. Hopefully we changed up a little bit. Hopefully this will be meaningful for our listeners out there and really looking forward to doing the next one with you. 

[0:30:37] AM: Thanks for having us. 

[END OF INTERVIEW]

[0:30:40] As we conclude this week’s podcast, an important reminder that the content on this show is provided to you for informational purposes only and is not intended to provide and should not be relied on for investment or any other advice. Information of the podcast and corresponding material should not be construed as a solicitation or offered to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. 

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Thank you again for your support of the Your Financial Pharmacists Podcast. Have a great rest of your week.

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