{"id":18547,"date":"2025-07-24T22:49:19","date_gmt":"2025-07-24T22:49:19","guid":{"rendered":"https:\/\/finderica.com\/?p=18547"},"modified":"2025-07-24T22:49:19","modified_gmt":"2025-07-24T22:49:19","slug":"podcast-98-retired-not-done-how-scott-garrett-took-control-of-his-financial-future","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=18547","title":{"rendered":"Podcast 98: Retired, Not Done &#8211; How Scott Garrett Took Control of His Financial Future"},"content":{"rendered":"<div>\n<p>In this episode of <em>Boldin Your Money<\/em>, Steve Chen chats with Scott Garrett, a retired software engineer and active member of the Boldin community. Scott talks about how he went from selling forklift parts to leading tech teams, and why he and his wife decided to retire earlier than planned. After dealing with job stress from a company buyout and feeling like his work no longer aligned with his values, Scott realized he had saved enough and had the confidence, thanks to the Boldin platform to call it quits. They talk about real-life retirement planning stuff: how to handle your spending, adjust when the market changes, deal with health insurance, do smart tax moves, and how weird it feels to go from saving to spending. Scott also shares how he formed a small support group of other Boldin users to swap tips and stay motivated. The episode is packed with honest advice on what it really takes to retire early and stay on track, both financially and emotionally.<\/p>\n<p>Watch the video on our <a href=\"https:\/\/youtu.be\/kTiiqkgfrVw?si=c8wMX8Gb9vs63n4f\" target=\"_blank\" rel=\"noopener\">YouTube Channel<\/a>:<\/p>\n<p>\n  <iframe title=\"Retired, Not Done: A Software Engineer&#039;s Bold Move to Financial Freedom | Scott Garrett (ep. 98)\" width=\"788\" height=\"443\" src=\"https:\/\/www.youtube.com\/embed\/kTiiqkgfrVw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><br \/>\n  <\/iframe>\n<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-listen-now\">Listen Now<\/h2>\n<p><a href=\"https:\/\/the-newretirement-podcast.simplecast.com\/episodes\/scott-garrett\" target=\"_blank\" rel=\"noopener\">Listen to the podcast on Simplecast<\/a> or right here:<\/p>\n<p>\n  <iframe height=\"200px\" width=\"80%\" frameborder=\"no\" scrolling=\"no\" seamless=\"\" src=\"https:\/\/player.simplecast.com\/aafb7f20-97cb-4f9e-8ec6-6ea1e9e590a3?dark=false\" style=\"max-width: 800px; display: block; margin: 0 auto;\"><br \/>\n  <\/iframe>\n<\/p>\n<h3 class=\"wp-block-heading\" id=\"h-callouts\">Callouts:<\/h3>\n<p>[12:20] <a href=\"https:\/\/amzn.to\/3UwJ1qB\" target=\"_blank\" rel=\"noopener\">Die with Zero: Getting All You Can from Your Money and Your Life By Bill Perkins<\/a><\/p>\n<p>[59:09] <a href=\"https:\/\/www.facebook.com\/groups\/newretirement?utm_source=ActiveCampaign&amp;utm_medium=email&amp;utm_content=We%20are%20here%20to%20help&amp;utm_campaign=3%205-facebook-group\" target=\"_blank\" rel=\"noopener\">Boldin Facebook group<\/a><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-transcription\">Transcription<\/h2>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=0.51\" target=\"_blank\" rel=\"noopener\">00:00:00<\/a>):<\/strong><\/p>\n<p>This episode is brought to you by the Boldin Financial Planning Platform. Formerly NewRetirement, create a financial plan for free Boldin.com. Welcome to Boldin Your Money. I\u2019m your host Steve Chen, and today I\u2019m excited to have Scott Garrett join us. So Scott\u2019s a member of the Boldin community and we met when he sent us a bunch of feedback, which we deeply appreciated. We jumped on a zoom earlier and got all his feedback, talked about AI and stuff like that. He retired early. We\u2019re going to talk about his journey to that and he we\u2019re going to talk about his future and how he\u2019s thinking about his plans now he\u2019s retired. So with that, Scott, welcome to our show.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=42.45\" target=\"_blank\" rel=\"noopener\">00:00:42<\/a>):<\/strong><\/p>\n<p>Thanks for having me.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=43.8\" target=\"_blank\" rel=\"noopener\">00:00:43<\/a>):<\/strong><\/p>\n<p>Yeah, so Scott, it would be great if you could share just a little bit about your background and why you decided to retire early.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=52.59\" target=\"_blank\" rel=\"noopener\">00:00:52<\/a>):<\/strong><\/p>\n<p>Yeah, so obviously I was a software engineer. Well, I managed software engineers. When I retired I was a software engineer, but it didn\u2019t start out that way. Obviously most people don\u2019t start out there. I think life is like a river. It takes you where it wants you to go. You think you\u2019re going to do something and the next thing you know you\u2019re doing something different. So I used to sell forklift parts. That was what I did and I saw a need for some software, decided somebody had to write some software to look these up. It\u2019s just way too time consuming. So me and a business partner got together, we wrote that. We did okay. It was going to be my million dollar idea, but guess what? It didn\u2019t make me a million dollar, but that\u2019s fine. We ended up selling out to what I would consider to be the NAPA of forklift parts.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=99.33\" target=\"_blank\" rel=\"noopener\">00:01:39<\/a>):<\/p>\n<p>They sell aftermarket, not OEM parts. Did that worked for them for 15 and a half years. Finally decided it was time to break off, do my own thing. Interesting story. I didn\u2019t graduate with my computer science degree until I was 43 years old, so I was working as a software engineer for something like 20 years before that, but it was kind of nice to get that opportunity and then I got to go do some medical software. Pharmacy solution was one, I really enjoyed that. Then off to blood transfusion software and that\u2019s when I started managing teams more than getting hands on the code. I liked doing it up until those last few years. So those last few years were kind of rough.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=145.26\" target=\"_blank\" rel=\"noopener\">00:02:25<\/a>):<\/strong><\/p>\n<p>What changed in the last few years? Was this around COVID or something or?<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=148.92\" target=\"_blank\" rel=\"noopener\">00:02:28<\/a>):<\/strong><\/p>\n<p>No, it wasn\u2019t a COVID thing. We were acquired, we were a small company. I used to call it the gravy train with biscuit wheels. It was the best job I ever had. I really enjoyed it. I liked the people I worked with and then we got acquired by a private equity group and then from there it was acquisition, acquisition, something like 17 acquisitions in I think five years. It was unrealistic growth, trying to keep that double digit growth number. Anybody in corporate knows what I\u2019m talking about, that double digit growth, man, you got to have it. That EBITDA number, you got to have it and the stress started to build. The anxiety started to build more and more with less and less because it makes sense. Let\u2019s get rid of people and we make more profit. I don\u2019t always understand that and ultimately I was starting to do things, being asked to do things that rubbed up against my moral compass and at that point I said, this is getting to be a little too much for me, not enough sleep. 24 hour on calls and I just said, it\u2019s just time. I wouldn\u2019t have left though. I\u2019ll tell you I wouldn\u2019t have left. I love the people I worked with, but I wouldn\u2019t have left if I hadn\u2019t have had confidence that I wasn\u2019t going to be out of money and destitute. That confidence is everything,<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=237.58\" target=\"_blank\" rel=\"noopener\">00:03:57<\/a>):<\/strong><\/p>\n<p>Right? Totally. Yeah. It\u2019s interesting. I think private equity owns like 40% of the company equity in the country right now. It\u2019s ramped super hard and also it\u2019s tied to companies can stay private longer or exist in this kind of private world and the number of companies that are public I think has gone from 8,000 to 4,000 over the past 20 years. It\u2019s also much harder to go public. So many more firms, private equity becomes the exit. But yeah, there is, they\u2019re like a factory for companies where my brother runs a private equity backed firm. It\u2019s like they bought his company on. Some people get equity cashed out from that. He stayed on as a CEO and then they basically bolt on, they make the company more efficient, fire 20% of the people. So now you increase your ebitda, borrow money, buy the next company fire 20% of those people grow it a bit and keep, and it works. I mean it works financially. It doesn\u2019t build a long term skill.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=312.62\" target=\"_blank\" rel=\"noopener\">00:05:12<\/a>):<\/strong><\/p>\n<p>It does work financially. That\u2019s the game plan. I mean if you look at private equity, that is they have a certain set of plan book that they follow, a game plan they follow, and we were doing it to the T. Exactly what you just said doesn\u2019t change.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=333.31\" target=\"_blank\" rel=\"noopener\">00:05:33<\/a>):<\/strong><\/p>\n<p>So you retiring early was basically two things. One, you weren\u2019t as in love with the environment, that the environment changed at work and then also you had built the financial confidence that you could do this and so you were just like, all right, I can make this decision.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=349.06\" target=\"_blank\" rel=\"noopener\">00:05:49<\/a>):<\/strong><\/p>\n<p>That wasn\u2019t the original plan. Originally I was going to work until my 60th birthday. That was the original plan. And both my wife and I, in our latter years for the last seven years we worked together at the same company. She and the legal department and me in engineering, we both were just getting worn out and we just decided, hey, if we can leave, we should. And some of the folks that you\u2019ve had on your podcast in the past, someone will talk about that. When you get enough and you have enough, why do you keep working? At what point do you have enough and you\u2019re trading? I always tell my kids this, if you\u2019re going to trade your time for money, get the most you can out of it, but at the end, when it\u2019s all said and done, once you have enough, quit trading your time for money, start trading your time for experiences, live your life.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=408.35\" target=\"_blank\" rel=\"noopener\">00:06:48<\/a>):<\/strong><\/p>\n<p>So you think, are you done with full-time work then?<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=412.82\" target=\"_blank\" rel=\"noopener\">00:06:52<\/a>):<\/strong><\/p>\n<p>Yeah, I don\u2019t see, I mean obviously we can\u2019t tell the future no matter how much we can guess and we can use planning tools if there\u2019s a global recession that lasts for six or seven years or something like this comes along, which not saying that\u2019s going to happen, but you just don\u2019t know. And if it was bad enough and we couldn\u2019t tighten up, I mean obviously when the markets go down you tend to spend less. That\u2019s something that honestly, that\u2019s something that even your software can\u2019t really account for. It doesn\u2019t know it. It\u2019s saying, Hey, how much am I going to spend every month? But there\u2019s really nothing in there to say, well, but if the market goes down, I\u2019m not going to spend 10,000 a month, I\u2019m going to spend 7,000 or 6,000 or I\u2019m going to cut back on travel, I\u2019m going to cut back on these things and I don\u2019t really think a software package is going to be able to do a lot of that in a meaningful way.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=470.63\" target=\"_blank\" rel=\"noopener\">00:07:50<\/a>):<\/strong><\/p>\n<p>Yeah. Well one of the things that we are going to roll out, we\u2019re talking about this right now, is guardrails. So the ability to say, Hey, if I have say $2 million now and I\u2019m spending and I\u2019m forecasting to spend $10,000 a month or withdraw $10,000 a month, if my returns and like we say we have good returns and that goes up to two and a half million or something like that, then I could, or over time that I could take my spending up to 11,000 or something, 12,000 or whatever. But if it goes down to 1.3 million might have or 1.4 million, I might have to cut my spending to 8,000 or 8,500. It very often is not. One thing we want to make clear to people is that in our software, a lot of people index on chance of success, which is really the chance of needing to make a change. And we want to make it clear that hey, even if say you have a 90% chance of success, that means that 90 of a hundred times you probably don\u2019t need to make a change. I mean it\u2019s all forecasting, but you probably can keep spending and you\u2019ll be on track, but in the 10 out of a hundred you might have to make a small change. It\u2019s not necessarily, it doesn\u2019t work like you\u2019re out of money, just you have to make a small change. And I think communicating that clearly is a big part of this.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=555.3\" target=\"_blank\" rel=\"noopener\">00:09:15<\/a>):<\/strong><\/p>\n<p>Sure. You talk about the guardrails. I\u2019m glad to hear you said that because I\u2019m actually using a spreadsheet. My wife and I, we don\u2019t use a whole lot of spreadsheets. That is one we use. What we do is we use the software to determine what it thinks we should have at the end of the year. So January 1st we say, okay, what does it say we\u2019re going to have at the end of the year? Because that is giving us our chance of success on that. And so what we do is we write that number down, then January 1st of the next year, we compare that against what the software said and if the number is higher, we have more money than the software said, well then our chances have gone up. But if we have less, then our chances have gone down. And so then we use that just like you said, to drive our monthly spending or annual spending, whatever you want to call it, to fall in line with that. And so I think the guardrails is something that I think a lot of people can certainly use. I know we\u2019ll use it.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=614.55\" target=\"_blank\" rel=\"noopener\">00:10:14<\/a>):<\/strong><\/p>\n<p>Yeah. Well this planned actuals idea I think is also something else we\u2019re looking at, which is, I was talking to Joe Kuhn about this. Do you follow Joe Kuhn?<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=624.06\" target=\"_blank\" rel=\"noopener\">00:10:24<\/a>):<\/strong><\/p>\n<p>Absolutely. My wife follows him religiously.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=627.45\" target=\"_blank\" rel=\"noopener\">00:10:27<\/a>):<\/strong><\/p>\n<p>Yeah,<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=628.29\" target=\"_blank\" rel=\"noopener\">00:10:28<\/a>):<\/strong><\/p>\n<p>He talked and he\u2019s a great guy. He\u2019s a great guy. He is. Just got a great personality.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=631.38\" target=\"_blank\" rel=\"noopener\">00:10:31<\/a>):<\/strong><\/p>\n<p>A hundred percent. Yeah. I met him. He actually came out here, he was out in Mill Valley. He was like, I\u2019m going to be in California. I think it was his daughter who was going to Berkeley or something like that. And he\u2019s like, let\u2019s have dinner. So we had dinner. It was great. Yeah, good guy. Same in person as he is on YouTube and yeah, he talks about this where he goes on a year, he\u2019s got his portfolio set and he is got his spending plan set and then he kind of goes through the year and spends his money and kind of keeps track of things at the end of the year, kind of does a checkpoint, does a rebalancing and re-forecasting, kind of tunes up his budgets and stuff like that and then does it again.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=673.35\" target=\"_blank\" rel=\"noopener\">00:11:13<\/a>):<\/strong><\/p>\n<p>And that\u2019s what we\u2019re trying to do now. We have a little bit of headwinds. I mean we have an 18-year-old that is getting ready to start Rockhurst University in city Missouri for her BSN, and it\u2019s not the cheapest school. Luckily she\u2019s done the right thing and she\u2019s got a $98,000 scholarship, which is good, but it still costs over $200,000 to go there. So we still got to come up with some cash and it\u2019s a good thing we set that aside. I will have to go back to the software because it allowed me to say, I\u2019m going to have these one-time expenses, these twice a year where I\u2019m going to have to pay Rockhurst and this is what I got to pay \u2019em, give or take tuition seems to be going up every year, so let\u2019s hope that doesn\u2019t happen. And it allowed me to see is this possible or do I need to keep working even though I\u2019m stressed out, I\u2019m really ready to leave. Do I need to put in that extra year so I can cover this extra tuition? So the software gave me that confidence. I was like, now we got this, we\u2019ve got this. We can step away.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=740.26\" target=\"_blank\" rel=\"noopener\">00:12:20<\/a>):<\/strong><\/p>\n<p>Yeah, we try to do that. I mean let people model these kind of spending changes or one time spending spikes because a lot of times also people spend less overtime. A lot of folks, they\u2019re optimizing for having their maximum wealth when they\u2019re 90 years old and it\u2019s like with the back to <a href=\"https:\/\/amzn.to\/4jUeDBe\" target=\"_blank\" rel=\"noopener\">Die with Zero<\/a>. It\u2019s like, well, maybe your maximum wealth should be way younger when you can really use your money and you\u2019re necessarily going to need whatever, a ton of money when you\u2019re not going to be spending it unless, I mean, hey, maybe we\u2019re going to have super duper health, AI enabled health should be good, but we\u2019ll see.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=775.21\" target=\"_blank\" rel=\"noopener\">00:12:55<\/a>):<\/strong><\/p>\n<p>I dunno about that, but you\u2019re right. Ours is in the same boat. It\u2019s highest net worth in our nineties.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=784.54\" target=\"_blank\" rel=\"noopener\">00:13:04<\/a>):<\/strong><\/p>\n<p>Well, it\u2019s good. So A BSN, is that a nursing degree?<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=788.98\" target=\"_blank\" rel=\"noopener\">00:13:08<\/a>):<\/strong><\/p>\n<p>Yeah, it\u2019s a bachelor\u2019s of nursing science, nursing, I dunno, BSN, Bachelor\u2019s of Science in Nursing I think. I don\u2019t know. There\u2019s like an RN thing and then I think you can go one step further and you still have to take the nursing thing and get your RN or whatever. I\u2019m not really sure. My wife handles all this stuff, but honestly I just hope that she\u2019s successful in life and that\u2019s really what we care about the most. We\u2019re retired man. We can\u2019t be supporting a third wheel for the rest of our life.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=823.51\" target=\"_blank\" rel=\"noopener\">00:13:43<\/a>):<\/strong><\/p>\n<p>I know you got to get people launched successfully. Right. I totally appreciate that. Yeah, we think about the same thing. I mean our kids are in the mid launching. Yeah, well, getting a nursing degree should be good. I don\u2019t think there\u2019s a high demand for nurses and my mother-in-law\u2019s a nurse and she goes, which works, where the heck she wants, makes really good money and seems to have, she actually just retired too, but had a super good life.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=851.56\" target=\"_blank\" rel=\"noopener\">00:14:11<\/a>):<\/strong><\/p>\n<p>The BSN thing is kind of a deal where you can work when you want and travel to different places if you want. Hey, take gig work. And it allows people to travel the country. You see this on YouTube where people live in RVs and they travel the world by simply working six weeks at a hospital making some money and they move around and then take the next job and it works for them. See it all the time. I know,<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=878.68\" target=\"_blank\" rel=\"noopener\">00:14:38<\/a>):<\/strong><\/p>\n<p>I mean I\u2019m interested in getting a Sprinter band, but those things are super expensive.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=883.39\" target=\"_blank\" rel=\"noopener\">00:14:43<\/a>):<\/strong><\/p>\n<p>We have an RV, we know exactly what they cost.\u00a0<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=887.2\" target=\"_blank\" rel=\"noopener\">00:14:47<\/a>):<\/strong><\/p>\n<p>We could do a whole,<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=889.14\" target=\"_blank\" rel=\"noopener\">00:14:49<\/a>):<\/strong><\/p>\n<p>The best two days of owning an RV the day you buy it and the day you sell it. Just keep that in mind. Same with the boat, same with an airplane.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=897.38\" target=\"_blank\" rel=\"noopener\">00:14:57<\/a>):<\/strong><\/p>\n<p>Yeah, I know the saying about the boat. I didn\u2019t know that it applied to RVs as well, but I believe it.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=904.37\" target=\"_blank\" rel=\"noopener\">00:15:04<\/a>):<\/strong><\/p>\n<p>It does.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=905.69\" target=\"_blank\" rel=\"noopener\">00:15:05<\/a>):<\/strong><\/p>\n<p>All right. Awesome. Yeah, well I would Any other kind of best practices that you\u2019ve adopted as you were getting ready to transition to retirement?<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=916.94\" target=\"_blank\" rel=\"noopener\">00:15:16<\/a>):<\/strong><\/p>\n<p>Originally before we found Boldin, we was out looking and there\u2019s a couple of Phi Calc is one, you can put in some stuff. There\u2019s another one, I think it\u2019s called Fire Calc. They\u2019re very rudimentary. They don\u2019t take into account a lot of stuff like taxes or any of that stuff, but they will give you some confidence. Empower is actually one that\u2019s a little better I think than some of the others for free. It has a very, very rudimentary retirement planner that you could put in, get a chance, what\u2019s your chances of success? So we were looking at those and we just got to the point where we actually were very close to hiring a financial planner, a fee for service because I\u2019m not a person that really believes in the assets under management. I think the cost is too expensive, but a fee for service advisor that we watched on YouTube for years and we were very close to doing it and I said, yeah, I\u2019m going to Google one more time.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=983.33\" target=\"_blank\" rel=\"noopener\">00:16:23<\/a>):<\/p>\n<p>And that\u2019s when we ran across Boldin and the free trial and I was like, I\u2019m going to give this a shot and see. And I was like, there was other software packages. There was a couple that we did three of them as a matter of fact, one of \u2019em was just absolutely awful and didn\u2019t have enough. It just didn\u2019t do enough in the end. Empower was stronger and more powerful than that. The other one was pretty good, but it wasn\u2019t very intuitive and there was a few tools that were missing. Roth conversions is a big one. Monte Carlo was a big one. And then we did the Boldin thing and we\u2019re like, this is pretty good. This is pretty good. This is not too far off from what I\u2019m sure a lot of us watch YouTube videos of financial plans and so on and kind of get some ideas and you see the software they\u2019re using.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1028.96\" target=\"_blank\" rel=\"noopener\">00:17:08<\/a>):<\/p>\n<p>You\u2019re like, well, here\u2019s the main features in that software package that I want. I want this, this, this and this. That\u2019s what I would pay an advisor to do for me. I don\u2019t want him to tell me how to invest because I\u2019ve got that down. I\u2019ve been doing that. I\u2019ve been doing it for a lot of years. Otherwise I\u2019d be broke right now if I didn\u2019t know how to do it. And by the way, I didn\u2019t put all of our money in crypto. I just didn\u2019t do that. I didn\u2019t do the Bitcoin thing, but I know a lot of people put some money in there. But I found that the Boldin did have all the tools we needed that I was looking for at the time to be able to give us some confidence and that\u2019s why we ended up going with it. That was the reason.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1069.68\" target=\"_blank\" rel=\"noopener\">00:17:49<\/a>):<\/p>\n<p>First it was we could get it directly to the consumer as opposed to going through a financial planner just to get access, which was a bonus because there are a lot of folks like myself that we really don\u2019t, don\u2019t think a financial planner is going to be worth the money we spend with them. Not saying that that\u2019s for everybody. My mother-in-law, she has a financial planner. She\u2019s assets under management, likes \u2019em. She likes what they\u2019ve done for them. They\u2019ve been successful with their portfolio and she feels confident with them. And I wouldn\u2019t take that away from anybody, but if you have the confidence on the other side that Hey, I know how to do the investment, I\u2019ve been doing it, I feel good with it. I have backup plans to my plan, I just want to run the numbers. Do I have enough? And that\u2019s where I think Boldin really, really, really helps out. I mean a lot without that, we\u2019d have never left. We\u2019d have never left. I\u2019d be working until I\u2019m 90 still thinking, well, I hope it don\u2019t run out of money.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1137\" target=\"_blank\" rel=\"noopener\">00:18:57<\/a>):<\/strong><\/p>\n<p>Did you have your own spreadsheet before this? I mean, I mean it sounds like you had your own models and stuff like that mean<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1142.16\" target=\"_blank\" rel=\"noopener\">00:19:02<\/a>):<\/strong><\/p>\n<p>Yeah, we did have some spreadsheets. Mostly trying to forecast what we would earn being conservative, but saying if we earn a modest six, six and a half percent a year on average, what are we going to have? When are we going to think we\u2019re going to be out? We had a number in our heads, if we get to this amount, we are going to be able to withdraw even at a 4% rate. We\u2019re going to be able to withdraw roughly this much money. And so we said, well, what do we spend? And at the time, I guess I didn\u2019t realize how much we were actually spending. I don\u2019t think anybody does. You don\u2019t realize when you\u2019re making money, you don\u2019t realize always that amount of money you\u2019re spending on, oh, that\u2019s fine, I\u2019ll just go have the RV detail. It\u2019s only $1,200 or you act like it\u2019s nothing, but it is something, and I kind of wish some of those decisions I could pull back and put that money and then like, nah, it\u2019s fine being dirty. I\u2019ll wash it with a brush out in the driveway.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1209.06\" target=\"_blank\" rel=\"noopener\">00:20:09<\/a>):<\/strong><\/p>\n<p>Totally. What do you use for spend tracking?<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1214.07\" target=\"_blank\" rel=\"noopener\">00:20:14<\/a>):<\/strong><\/p>\n<p>It\u2019s funny, we\u2019ve always had a budget. We\u2019ve run a budget for a very long time, but I got to the point when we retired because we didn\u2019t have the same inflow that we did, you don\u2019t have any money coming in, it\u2019s all going out. We paid off all of our debt years and years and years ago, including our house, we just didn\u2019t have a debt payment. So when we retired, we moved our spending all into one bank structure. With that, I can simply go in, log in and say, what have I spent this month under my budget? Now my wife is still keeping the budget up. I haven\u2019t looked at it in probably six months. I just figure it like this. We know we\u2019re not really getting money inbound, so it\u2019s all what we\u2019re spending outbound. So I\u2019m just looking at what is our balance and luckily the markets have done fairly well, and so our balance is actually higher than the day we retired.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1277.02\" target=\"_blank\" rel=\"noopener\">00:21:17<\/a>):<\/p>\n<p>Which power works actually quite well for that because you can set a custom range and say, what was my balance on this date, the date I retired versus today? And you can say, well, did it go down? You expect that, Hey, I\u2019ve spent so much money, it should have gone down that amount or earned something. And it shows in the green. We haven\u2019t actually dropped, we\u2019ve actually increased with that. I\u2019m not worried about that side of it. So I\u2019m just looking at are we staying within the budget that we said how much we\u2019ll spend monthly that we put into Boldin. So we said we\u2019ll spend 9,000 a month. That\u2019s what we have. We\u2019ll spend 9,000 a month. That\u2019s what we said. So every month I go, look, did we spend 9,000 or less? And my theory is if it\u2019s less than that, well I\u2019m winning, right? I\u2019m winning because my chance of success is great and that\u2019s the only thing we do. So I don\u2019t really use a budget anymore. I used to,<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1335.73\" target=\"_blank\" rel=\"noopener\">00:22:15<\/a>):<\/strong><\/p>\n<p>Alright, hey folks, we\u2019re back. We had a brief technical outage that took us out for about two days and now we\u2019re back and I put the same shirt back on. But Scott has changed his t-shirt and that\u2019s why he looks a little bit different. But we are going to stitch these two sides of the podcast together. It was actually on my side. I think my docking station choked out and it was like a slow, slow decline. Welcome back. Thanks for making the follow up time. I think where we left it was we were talking about budgeting and how you use the platform over the course of time to think about your plan and then track it over time. Could you describe that a little bit?<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1377.55\" target=\"_blank\" rel=\"noopener\">00:22:57<\/a>):<\/strong><\/p>\n<p>Yeah, I think if I recall, we were left off at the point where I was saying knowing what the software is saying I\u2019m going to have, and then I track that in a spreadsheet. So if the software says at the end of December 31st, 2025, if it says I\u2019m going to have X dollars, I make a note of that on the first of 2025, so the very first day. That way at the end of the year I can track that and if the software has given me a high probability and yet I\u2019m either over or under that projected amount, the projected amount that it was using to get those calculations, to get that probability, and it was just important for us to say if it\u2019s lower than that, we can look at our spending because you got to be flexible in retirement and be able to modify your lifestyle slightly. And so we\u2019ll look at that and if we have more money than the software projected, we might give ourselves a little raise that year. If it\u2019s less, we might give ourselves a haircut and tighten up a little bit, maybe take more RV trips and less international trips. Those could be costly. So that\u2019s what we\u2019ve been doing and I really like that approach because I think it keeps me within a set of guardrails from running off the road so I don\u2019t end up crashing and burning.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1471.82\" target=\"_blank\" rel=\"noopener\">00:24:31<\/a>):<\/p>\n<p>Once you leave the job market and you get a little stale after a couple of years trying to pop back in and say, Hey, I\u2019m 60 and I want to pop back into the job market and by the way, I\u2019d still like to make a similar salary to what I used to make. Let\u2019s just face it. That\u2019s just not going to happen. It\u2019s just not going to happen.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1492.19\" target=\"_blank\" rel=\"noopener\">00:24:52<\/a>):<\/strong><\/p>\n<p>Yeah, I think a lot of folks, they do anticipate that they\u2019ll be able to work longer than they can and some people are forced out, but then yeah, people do leave and then I think being realistic about your earning power and potential makes sense. Having said that, there\u2019s also market forces at work. Unemployment is still pretty low right now and despite all the doom and gloom about AI replacing jobs, I think there\u2019s a real threat. If a lot of boomers or older workers that have a lot of experience leave, it could create issues. So I do see, personally, I just see folks and I think the data does show this, people will leave their main job, but then many of them consult for a few years. They\u2019re working fractionally and they\u2019re doing okay and they kind of use that as a glide path out. Do you see that with any of your friends?<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1542.23\" target=\"_blank\" rel=\"noopener\">00:25:42<\/a>):<\/strong><\/p>\n<p>I\u2019m the youngest of my friends are all still full-time employed. The number of \u2019em that kind of made fun of me really are like, I can\u2019t believe you\u2019re leaving. You\u2019re going to be back. And those kinds of comments aren\u2019t super helpful because you\u2019re already nervous leaving early, you don\u2019t need a dozen of your friends telling you that. However, no, all of them are still working, but I do have some acquaintances that are a little bit older and I haven\u2019t really seen \u2019em do that. I mean most of them just leave and they\u2019re done. But I also believe that a lot of \u2019em, for lack of better term, I don\u2019t think they\u2019re very good at planning their own finances. I think lack of financial literacy is a major problem across the world, but really in the US especially, it\u2019s a yellow economy. I love that people like to spend all their money.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1600.91\" target=\"_blank\" rel=\"noopener\">00:26:40<\/a>):<\/p>\n<p>It really helps my investments go up. But on the other hand, I hate seeing people strapped in debt. So I just think that a lot of people will leave the workforce and they may have a few hundred thousand, maybe a half a million, and that\u2019s a lot of money. If you\u2019re a blue collar worker and you have worked making 40, 50, 60,000, 70,000 a year, 500,000 is just a wealth of money. That equates to a lot, a lot of years of living frugally to save that. But then you hit retirement and expenses can be unknown, especially if you don\u2019t have a plan, if you haven\u2019t looked at taxes, if you haven\u2019t looked. So many people my age were told a 401k is the right savings instrument, which it is up to a point, but you are robbing Peter to pay Paul when it comes to those taxes.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1657.29\" target=\"_blank\" rel=\"noopener\">00:27:37<\/a>):<\/p>\n<p>So you have 500,000 in your 401k account, but you have a partner. There\u2019s somebody that\u2019s a partner in that with you and it\u2019s called the government, it\u2019s called taxes, and they\u2019re going to come for their pound of flesh at some point. So you don\u2019t have 500,000, you have less than that. You owe somebody. That\u2019s why I think if people had a little more financial literacy, they would be saving. One of the newer things that came out not too long ago that my wife and I utilized was the Roth 401k at work. So we started putting our part in there, but when I talked to a lot of the people that were younger and older than me, they didn\u2019t even know what it was. Even though the company had offered it for two years, they had no idea. So I do think that a lot of people do maybe jump out a little early and it seems really good and they seem like they have that pile of money that\u2019s going to last them, but they quickly find that they\u2019re eating into that.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1712.88\" target=\"_blank\" rel=\"noopener\">00:28:32<\/a>):<\/p>\n<p>So they have to come to that realization, I\u2019m going to have to cut my expenses substantially in order to make this work. Especially if you go into retirement with debt. Debt is the killer of wealth and frankly, I kind of consider and I tell my kids this, I consider debt to be indentured servitude. Yeah, you\u2019re getting that money, you took it and now you\u2019re going to work for somebody in order to pay that back plus whatever interest that\u2019s been accrued on that, especially if it\u2019s credit card debt, which is astronomical. I do not like credit cards at all. We do have one, don\u2019t get me wrong. I\u2019m not on the Dave Ramsey no credit card thing. We do have one that\u2019s used for travel. It is our travel credit card offers us some perks, especially like insurance and stuff when we travel, which could be helpful if we were on a cruise or we were in Mexico or Europe or something and something happened and we needed attention, medical attention, that could come in very handy. But we don\u2019t rely on that credit card and we pay it off a couple times a month because I think it\u2019s because we\u2019ve been out of debt for so long that having anything show up that\u2019s a negative net worth gets. I\u2019m OCD, so my eye starts to twitch and I\u2019m like, okay, I\u2019m going to pay this real quick. I\u2019m going to just pay this off. Maybe it\u2019s a little too much, but that\u2019s the way we think about debt and retirement and budgeting, especially before you retire, you really need to have that budget in place.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1806.82\" target=\"_blank\" rel=\"noopener\">00:30:06<\/a>):<\/strong><\/p>\n<p>Yeah, one of the things I\u2019ve learned from just doing this podcast is one of the big indicators for folks that lead to success is just having a high savings rate. And that implies a lot. That implies earning potential, managing expenses, being careful with debt. If you can have a high savings rate, that\u2019s one, and then it\u2019s invest. You have to invest. I mean it is hard to save your way to true. It\u2019s basically impossible I think to save your way to financial independence, but if you save and you invest and just capture the returns of the market, you should be fine as long as you, it\u2019s like that. I think that a way to think about it is if you\u2019re a blue collar worker, whatever, you\u2019ve got a mainstream job and you make $60,000 a year. Yeah, if you save 10 times that 600,000, you\u2019d have to make a 10% return to equal your salary. But if you save 20 times, then you only have to make a 5% return to make your salary. But hopefully you\u2019ll be getting social security and some other stuff so you don\u2019t, you can have a lower safe withdrawal rate and ideally build wealth, but understanding those numbers is key.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1880.35\" target=\"_blank\" rel=\"noopener\">00:31:20<\/a>):<\/strong><\/p>\n<p>Yeah, sure. I mean, anybody who\u2019s saved for any amount of time that goes and looks at their retirement accounts or where they have their money invested will notice that at one point your earnings from your investment has exceeded what you\u2019ve actually put into that account. And you may have invested 300,000, but that account could be worth 700,000. So it\u2019s actually grown more. The key is to try to replace a good part of your income if possible, with the earnings from your retirement accounts, from those returns. And in order to do that, I think I see so many people that are too conservative early on. If in your thirties, maybe even in your forties and you are going in with this 60-40 portfolio kind of thing, I just think that you are leaving so much money on the table, you\u2019re not going to need that money.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1939.09\" target=\"_blank\" rel=\"noopener\">00:32:19<\/a>):<\/p>\n<p>You\u2019re not going to need it, you shouldn\u2019t need it. And it\u2019s not an emergency fund. You see this too much. I think during COVID, so many people used their 401Ks as like a savings account because there was no penalty for making a 401k withdrawn. People were pulling money out left and right, robbing their future self. I think they should have sent themselves a letter into the future and say, well, this is what I did to you. I bet you wish you wouldn\u2019t have done it because you saw a lot of that. So I do think that, again, it goes back to financial literacy.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=1975.55\" target=\"_blank\" rel=\"noopener\">00:32:55<\/a>):<\/p>\n<p>If you don\u2019t invest aggressively enough early on, you\u2019re not going to get that growth the way you need to support what you want when you get older. I mean, I would\u2019ve loved to have saved enough that I exceeded what I was drawing off of these accounts would\u2019ve exceeded what I was making working, but with my wife and I both having professional jobs making a fairly decent salary, it would\u2019ve been pretty impossible. Well, I wouldn\u2019t say impossible, but we would\u2019ve had to save another decade or so to hit that point and we would\u2019ve had to save, plus have that additional growth on what we already had decide. But then when you look at it, I think a lot of people, they look at what they make and they\u2019re like, well, listen, I\u2019m going to need that much. Well, you\u2019re not going to need that much. You don\u2019t need that much.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2021.3\" target=\"_blank\" rel=\"noopener\">00:33:41<\/a>):<\/p>\n<p>You\u2019re no longer putting money into your accounts. So you could take that right off the top of what you made. You\u2019re no longer paying. Well, most people, I don\u2019t know, pay as many taxes in retirement as they did when they were working. I know in our case it isn\u2019t because we made sure to save money in taxable brokerage accounts, Roth accounts, et cetera. So yes, a good portion is still in a 401k because that was legacy, right? There wasn\u2019t, first off, we didn\u2019t really know about brokerage account. I\u2019ll be honest with you. We didn\u2019t know early on because we were still in that learning phase, but most of the money when we were working went into that straight pre-tax 401k, and I think a lot of people are in that boat and they see 65, 70 even a hundred percent of what they\u2019ve saved in that account, and it\u2019s great that they saved, but you can\u2019t retire early on a 401k.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2076.83\" target=\"_blank\" rel=\"noopener\">00:34:36<\/a>):<\/strong><\/p>\n<p>Yeah, no. Right, because you can\u2019t claim until 59 and a half, right?<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2080.52\" target=\"_blank\" rel=\"noopener\">00:34:40<\/a>):<\/strong><\/p>\n<p>You\u2019re not going out of the workforce at 50. My wife retired at 47, so I was a little bit older than her. That\u2019s why the old school shirt, but I\u2019m a little bit older than her. I\u2019m seven years older than her, so I went out of the workforce at 55 because I worked a few months longer than she did.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2102.27\" target=\"_blank\" rel=\"noopener\">00:35:02<\/a>):<\/strong><\/p>\n<p>And how long have you been retired now?<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2104.97\" target=\"_blank\" rel=\"noopener\">00:35:04<\/a>):<\/strong><\/p>\n<p>My wife retired March of 2024 and I retired May 31st, 2024.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2111.72\" target=\"_blank\" rel=\"noopener\">00:35:11<\/a>):<\/strong><\/p>\n<p>Okay, so you\u2019re a little over a year into this right now.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2115.83\" target=\"_blank\" rel=\"noopener\">00:35:15<\/a>):<\/strong><\/p>\n<p>A little over a year into it, and I can tell you from my perspective that first time you don\u2019t get a paycheck. You\u2019re so used to that automatic payment every two weeks it drops to your bank and you open your account Friday morning and you\u2019re like, I look at all this money, but then I didn\u2019t get a check. I got the first one I worked and then I got that final check and then next, the two weeks after that, I didn\u2019t get a check and it was a little nerve wracking. I don\u2019t think people realize that all of a sudden that it\u2019s reality strikes that now I have to actually take money and that\u2019s hard to do when you have been a saver, it\u2019s hard to turn that switch and say, well, now I have to do drawdowns, so I\u2019m taking money. I\u2019m not saving money, and it does take some time.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2167.29\" target=\"_blank\" rel=\"noopener\">00:36:07<\/a>):<\/p>\n<p>I know people tell you this, but it does. You are excited that you don\u2019t have to get up and go to work and don\u2019t have to deal with the stress or whatever that your work has. But on the other side, you have the stress of, okay, I have to change my mindset. I stressed out over my job for over a month. I still had, if anybody that\u2019s has a stressful job knows are you lay down to go to sleep and you\u2019re still thinking about, Hey, I got to do this tomorrow. I got to remember to do this and maybe grab your phone and text message yourself. Hey, don\u2019t forget to do this or send yourself an email. I actually dealt with that even after it was no longer my problem. I was still having those lay down at night, having a hard time sleeping. I was thinking about work thing. So I don\u2019t think people realize that it shuts off instantaneously. It slowly goes away. It probably took me two months to quit thinking about work.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2219.73\" target=\"_blank\" rel=\"noopener\">00:36:59<\/a>):<\/strong><\/p>\n<p>Do you think it would be good? I was listening to you, it\u2019s super interesting and I\u2019ve heard this from other folks, but do you think it\u2019d be good to start paying yourself before you stop working? Just get used to that motion of like, Hey, six months before I\u2019m going to start this drawdown thing, so I\u2019m used to it and you\u2019re double paying, right? Your income will be higher.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2239.8\" target=\"_blank\" rel=\"noopener\">00:37:19<\/a>):<\/strong><\/p>\n<p>I don\u2019t think it\u2019ll work, Steve, because mentally you already know what you\u2019re doing. The finality is when that paycheck doesn\u2019t hit because it\u2019s still going to be there every other Friday or whatever day you get paid every week or every month, whatever your pay schedule is. I don\u2019t think it works. I think you just have to hit the wall and say, wow, this is really the finale and I\u2019m not going to get another paycheck going forward. It\u2019s just not going to happen. I think even if you started paying yourself early, your accounts are still growing because you\u2019re getting that influx into those accounts and I don\u2019t think it would work. I just don\u2019t think it would work for me.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2282.64\" target=\"_blank\" rel=\"noopener\">00:38:02<\/a>):<\/strong><\/p>\n<p>Yeah, okay. Yeah, I\u2019m not sure. It\u2019s probably not a tax efficient idea either. It\u2019s not tax efficient. You\u2019re also double paying yourself and stuff like that. Did you engineer a retirement paycheck? Do you pay yourself automatically take money out or do you just kind of pull it out as you need it?<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2300.49\" target=\"_blank\" rel=\"noopener\">00:38:20<\/a>):<\/strong><\/p>\n<p>No, no, we don\u2019t do that. And when I went into this, this is where things change. I went into this thing. Maybe we could just set up an automatic transfer of cash from our brokerage account to our checking account. We could just do it every week. So we still have that money. The problem is is that you have money tied up in the market and the markets are volatile at best. As you saw early in this year, markets were getting crushed and now they\u2019ve not only come back, but they set new records. So just two days ago is when we took and harvested cash to last us through the end of the year because we were like, okay, wait a minute. The market just hit a record. What better time to take it? Now that doesn\u2019t mean that tomorrow won\u2019t be the next record because you can\u2019t time the market.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2354.77\" target=\"_blank\" rel=\"noopener\">00:39:14<\/a>):<\/p>\n<p>This doesn\u2019t happen. But we knew, well, if it\u2019s at its highest, it\u2019s the highest it\u2019s been all year. Well really ever. I\u2019m going to go ahead and take a paycheck now. So what we try to do is we\u2019re looking for it either to hit a high or we\u2019re looking for it to be at a, what I\u2019d say a fair spot to take a withdrawal. And then we try to take out anywhere from three to six months depending on the expenses. We took out a little extra because we have a daughter at university this fall, and I know the tuition fee is going to be pretty expensive because yeah, that\u2019s a cash transaction. They want their money now. Yeah,<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2396.95\" target=\"_blank\" rel=\"noopener\">00:39:56<\/a>):<\/strong><\/p>\n<p>I think so many people struggle with this and really think about, and there\u2019s many ways to do it. I think we touched on Joe Kuhn before, but Fritz Gilbert, he I think keeps three years. Some people, and I think actually Joe May do the same thing. They\u2019re keeping over a year in cash out, and so they\u2019re just like, Hey, it\u2019s the bucket strategy. But they\u2019ll do, they\u2019ll replenish it when the market\u2019s good. And then if things like the first Q1 and Q2 are kind of super volatile, they\u2019ll just be like, okay, fine, I\u2019m going to ride it out and with my cash, but then they\u2019re not also getting returns on that cash. So that\u2019s the,<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2437.21\" target=\"_blank\" rel=\"noopener\">00:40:37<\/a>):<\/strong><\/p>\n<p>Well, they might, so we have that same kind of have a two bucket strategy. So we have our investment accounts, we keep the bulk of our money in, but we try to keep enough cash in a high yield savings account We\u2019re getting right now we get 4%. It is paid out monthly. So we are getting compounding interest and we keep enough cash in there so that in the off chance that there is a down market, which did happen earlier this year. So we were able to draw cash not out of our retirement accounts because we were starting to run out. We\u2019re getting to the point we\u2019re like, Hey, we are going to need to get some money and to live on. So we just took that from our money market account and said, well, we\u2019ll just take it from here. We didn\u2019t replenish it this time. I probably should have, but we didn\u2019t take that much out. And I was like, well, it\u2019s okay. It can write another little bit because I knew I was going to need to take out tuition money, not only for the fall, but also for the spring, because spring has to be paid in December. So fall gets paid here next month and then spring in December. So I have two tuition payments this year, not just one.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2509.28\" target=\"_blank\" rel=\"noopener\">00:41:49<\/a>):<\/strong><\/p>\n<p>So you really have, well you, you\u2019re fully invested in one bucket. You\u2019ve got a money market account at 4% and another bucket, and then it sounds like you have a spending account over here that you\u2019re just<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2518.49\" target=\"_blank\" rel=\"noopener\">00:41:58<\/a>):<\/strong><\/p>\n<p>Yeah. So I guess that would be three buckets. I guess that is, I don\u2019t know. I looked at the three bucket thing and I was like, yeah, it just seems so complex. I just going to go with easy. I got my checking account, which has the money we spend, spend, spend, and then the money market and then our invested accounts because entirely we\u2019re not very conservative on our investment accounts. We\u2019re just not.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2543.12\" target=\"_blank\" rel=\"noopener\">00:42:23<\/a>):<\/strong><\/p>\n<p>Right. Well, I think it\u2019s good. I mean if you have a long time horizon, you actually need to be taking the appropriate level of risk. We need to take the appropriate level of risk when we\u2019re accumulating and decumulating, especially with longtime horizons.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2555.03\" target=\"_blank\" rel=\"noopener\">00:42:35<\/a>):<\/strong><\/p>\n<p>Sure, sure. And I love what you guys did. So one of the things I thought was super cool was when you guys put the average rate of return and you could choose those like, hey, this is what I\u2019m invested in. And so we picked the proper investment, but then what we did is we run the software in pessimistic. So it takes several percentage points away from that amount, and that\u2019s where we plan from. We plan from pessimistic. If we hit optimistic, I get to do the woo-hoo, that\u2019s great. Maybe we can take a six month world cruise or whatever that dream vacation that people want to do or whatever that thing is that they wanted to do. But if really only we really only get about 6% returns total, then I know that we\u2019re still fine. But if we do get that 10% or whatever it is, I can\u2019t remember what that number was. Well, that\u2019s gravy on what\u2019s already some biscuits and gravy that\u2019s already tasty. So I\u2019ll take that extra gravy.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2620.88\" target=\"_blank\" rel=\"noopener\">00:43:40<\/a>):<\/strong><\/p>\n<p>Your gravy train with your biscuit wheel,<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2622.8\" target=\"_blank\" rel=\"noopener\">00:43:42<\/a>):<\/strong><\/p>\n<p>The gravy train with biscuit wheels.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2625.95\" target=\"_blank\" rel=\"noopener\">00:43:45<\/a>):<\/strong><\/p>\n<p>Yeah. Well it\u2019s interesting. I bet we should talk again in a few years. So I was talking with Fritz Gilbert, he\u2019s been retired six years, kind of similar story. He retired in his mid fifties and then we just did a podcast and he is been getting wealthier after stopping working. So I think he planned in a way, and he is frugal and so he\u2019s still, and this is what you kind of see, people that have done a good job of saving and planning and are just used to building wealth, keep doing that. Now the question is, I don\u2019t know if it\u2019s good to again end up with your highest terminal wealth, like, oh, I might have over 10 million, but whatever, some big number when I\u2019m 90 years old and I\u2019m not really going to be fully utilizing it.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2676.39\" target=\"_blank\" rel=\"noopener\">00:44:36<\/a>):<\/strong><\/p>\n<p>No, that\u2019s not really good. And we\u2019ve noticed the same thing, but you got to remember right now that even though you\u2019re building more wealth, we started out with a certain dollar amount when we retired and that is actually increased. So if I go look at it today from the date we retired, because again, I have a spreadsheet for this. This is the one thing I do. I told you I have that guardrail spreadsheet so I know what it was the day we retired. So we have actually accumulated wealth even though we purchased an rv, which wasn\u2019t entirely inexpensive. We\u2019ve lived, we\u2019ve taken I think 5, 6, 7 cruises. We\u2019ve gone to Mexico, Florida, we\u2019ve done some nice trips, but our wealth is accumulating. But remember the markets are on a tear right now and there\u2019s no guarantee that that will continue. So I believe you should be increasing your wealth when the markets are doing their best in retirement because the lean years will come and if you continue to let that grow and it grows three, 400,000 possibly before that market downturn hits, you\u2019re just going to be sitting in a much better position than you would\u2019ve been if you were drawing it and it was literally going down month, over month, over month.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2751.69\" target=\"_blank\" rel=\"noopener\">00:45:51<\/a>):<\/p>\n<p>I just think that that\u2019s when you\u2019re taking the fat days because the lean days are going to be they\u2019re coming, it doesn\u2019t matter. We\u2019ve been on kind of what I would call the fat days in the market for probably a little too long. I\u2019m a little nervous about it, but there\u2019s no point in being too nervous because it\u2019s going to work out and we have a plan for that. And that\u2019s the point of having that chance of success right there on that big homepage. It says, Hey, you still have a good chance because we ran a thousand simulations and even if stuff is awful, you\u2019re going to be okay. You\u2019ll be fine. But I think you have to trust it. And that\u2019s where I think being from coming from software engineering and working with software my whole life or most of my life, you have to decide is that software trustworthy and really is it trustworthy?<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2813.7\" target=\"_blank\" rel=\"noopener\">00:46:53<\/a>):<\/p>\n<p>And early on, what I noticed when I told you earlier, I did several packages before we chose Boldin, which was NewRetirement at the time, but Boldin now. And the first thing I noticed was the software was well put together, right? First thing you noticed is there\u2019s a lot of data, but if you ever noticed it loads extremely quick, that means somebody knows how to properly code because otherwise it would be slow as molasses asynchronous loading in the background. Clearly there was money spent on it, there was stock put into it, there was an architectural plan on the backend. Clearly financial planners were consulted along the way and it started over time. You are like, okay, do I trust this? Because man, listen, I\u2019ve been in the business long enough to know that I\u2019ve seen software that\u2019s been in the field 10 years and then a major bug is found and it\u2019s like, how did it last 10 years?<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2875.06\" target=\"_blank\" rel=\"noopener\">00:47:55<\/a>):<\/p>\n<p>And nobody caught it because you wouldn\u2019t have noticed it until later on. So as I went through it, I started to get more comfortable and I just compared it against other software packages, even though they weren\u2019t as robust from, because you guys added tools go lower, you got all the tools, but there are very, very simple planners like Empower. It\u2019s got a very, very simple planner. I wouldn\u2019t risk my retirement on Empower, but I could compare that and say, Hey, how does that look? Does it still look pretty close? Oh yeah, pretty close within a few percentage. And then you go to the next one, you\u2019re like, well, that\u2019s pretty close. They\u2019re within a few percentage. Then you start to get the trust that, hey, this is really trustworthy. Then you said, okay, I can trust this now that I have my trust, I can use that as my primary planner all the time. And we switched over and I think you guys did a really good job. I really do. And I say that because I know behind the scenes what this could look like if it was not properly coded and it wasn\u2019t properly hosted and you know what I mean? It has all of the pieces to make it a good piece of software.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2944.57\" target=\"_blank\" rel=\"noopener\">00:49:04<\/a>):<\/strong><\/p>\n<p>Yeah. Well thanks for noticing that. A quick shout out to Dave Gynn. He\u2019s someone I\u2019ve known for like 30 years and was our principal architect. He actually retired, but when he came here, he is like, Hey, I want to re-architect this whole thing. We\u2019ve rebuilt our platform a few times. It\u2019s actually good in software to rebuild things and speed responsiveness matters a lot. Scalability. We have a hundred thousand people a month in their plans now and then it\u2019s growing and it needs to keep running fast and be secure. And we work with Raytheon and Nationwide as enterprise customers. They\u2019re putting us through the security ringer in terms of how we manage data or SOC two, type two. There\u2019s a lot, there is a lot going on here and I appreciate that you notice it, so thank you. Our team will appreciate it.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=2994.96\" target=\"_blank\" rel=\"noopener\">00:49:54<\/a>):<\/strong><\/p>\n<p>It\u2019s funny that you bring that up. I\u2019ve been through a lot of stock audits of, I\u2019ve been through a security audit every year. Every single year we went through security audits and these guys, they put the screws to it. Some of these guys are pretty good. And so it\u2019s good to hear that you guys have all those accreditation, especially on the so side and the security side, because that\u2019s important to people.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3018.01\" target=\"_blank\" rel=\"noopener\">00:50:18<\/a>):<\/strong><\/p>\n<p>Yeah, a hundred percent. Yeah. A lot of it\u2019s for inside baseball. It\u2019s just, it is the environment and stuff, but it\u2019s also the human capital best practices that you have the right level of roles and responsibilities in the company and not everybody has access. Few people have access to the data and we manage that really tightly and stuff like that. Okay, cool. Well look,<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3041.96\" target=\"_blank\" rel=\"noopener\">00:50:41<\/a>):<\/strong><\/p>\n<p>I could tell it\u2019s fast. It\u2019s really fast. Somebody knows how to write some good code. I\u2019ve noticed right away. I don\u2019t sit and watch it load.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3050.51\" target=\"_blank\" rel=\"noopener\">00:50:50<\/a>):<\/strong><\/p>\n<p>Yeah, yeah, right. Yeah, I appreciate that. Alright, well look, I actually want to ask you another quick question. Just one thing that you mentioned too is you kind of formed your own group, right? Of people that are thinking about retirement or doing financial planning. I was just curious why you did that and kind of how it came about.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3069.77\" target=\"_blank\" rel=\"noopener\">00:51:09<\/a>):<\/strong><\/p>\n<p>Okay, so it\u2019s going to be kind of funny. You guys have a <a href=\"https:\/\/www.facebook.com\/groups\/newretirement?utm_source=ActiveCampaign&amp;utm_medium=email&amp;utm_content=We%20are%20here%20to%20help&amp;utm_campaign=3%205-facebook-group\" target=\"_blank\" rel=\"noopener\">Facebook group<\/a>, the Boldin Facebook group, and I joined the group. I noticed there were a lot of people asking questions and a lot of people had answers. The problem was is that the people answering the questions weren\u2019t necessarily financial planners and everybody has a different level of knowledge. I mean, I don\u2019t think I know everything. I know I don\u2019t know everything. I wasn\u2019t trained to know everything, but there were a lot of people giving some pretty bad advice on there and I thought, wow, this is, and people would correct them, which hats off to those people like, don\u2019t follow this, this\u2019ll lead you in a bad spot. I started thinking I would really like to be able to ask some questions and not just get overwhelmed with just junk really, because it\u2019s on Facebook, anybody can comment.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3116.84\" target=\"_blank\" rel=\"noopener\">00:51:56<\/a>):<\/p>\n<p>And so that\u2019s what you were seeing. I would ask a question and I would get just a lot of opinions, but no real facts. So I thought it\u2019d be really nice for other people that a use Boldin because we\u2019re all looking at the same interface and following the same set of rules that are either retired or hopeful or into retirement thinking about it. And so I posted out on your Facebook group, I said, is there anybody in Kansas City? And I specifically said the Kansas City Metro. Is there anybody in Kansas City Metro that wouldn\u2019t mind once a month getting together? We can go have a coffee, talk about our plans, our questions, time horizons, et cetera, just to try to help each other, motivate each other, cheer each other on either be fans for each other. Well, I got a lot of responses and one was in Kansas City and the rest were across the US and I thought, you know what?<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3179.78\" target=\"_blank\" rel=\"noopener\">00:52:59<\/a>):<\/p>\n<p>That\u2019s okay. We can do a virtual call. So I picked out, there are about six of us and a lot more we\u2019re trying to get on the group, but I feel like there\u2019s an optimal size for the group. If you get too many people, it\u2019s not a productive, everybody\u2019s talking over each other. So it was important for us to keep the group small enough that we could all have meaningful conversations within our hour allotted time. That\u2019s what we allot once a month. And what we\u2019ve seen since we started this group, there was a guy that had been retired for quite some time with some pretty complex investment instruments, which really surprised me how complex his investment instruments was. We had a gal that was a handful of weeks from retiring and she has recently retired, just came back from five weeks in Europe after that was her retirement thing.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3235.53\" target=\"_blank\" rel=\"noopener\">00:53:55<\/a>):<\/p>\n<p>We have a guy here in Kansas City, north Kansas City, and she\u2019s 90 days out, a little less now. It\u2019s been a while. And so she\u2019s getting ready to do her fall into her retirement and she\u2019s already given her notice of when she just wants to get through the insurance and benefits elections through at her company. Once that\u2019s done, which is later this year, she\u2019s out. And I think there\u2019s one other that\u2019s still working. And so what we\u2019re doing there is we are helping each other. We talked about the change in the Monte Carlo, we talked about how are you doing this? How are you doing taxes? What withdraw strategy are you using to get there? Some people have a pension, some people, one\u2019s a government employee and I believe, I may be wrong, but I believe they may be already drawing a pension or qualified for that pension.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3290.04\" target=\"_blank\" rel=\"noopener\">00:54:50<\/a>):<\/p>\n<p>So it\u2019s kind of important. One of \u2019em has a bunch of Airbnbs, and so that\u2019s what she\u2019s doing. And what we do is we advocate for each other, we build each other up and I think seeing others that have gone through it, so we have somebody that\u2019s already retired and they have a lot of good knowledge and actually they\u2019re quite familiar with Bold and software. They actually have taught us a thing or two. And so I really feel like that small group of people, you become friends, even if it\u2019s just on the phone, on a video call for once a month, but hopefully when we\u2019re all retired, maybe we can plan something all get together, maybe take a cruise, go to the beach, a resort or something and spend some time together and just hang out a bit. But it all came together because of the software we all use.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3343.02\" target=\"_blank\" rel=\"noopener\">00:55:43<\/a>):<\/p>\n<p>That was the key that we\u2019re all wanting to retire or retired, and we all use this software package. So because of that, how about we come together and share knowledge and somebody has something going on, they can lean on us, they can ask us questions and we can answer. Now, we don\u2019t show our plans. A lot of people, your finances, your money is your business. So we are not actively saying, well, I\u2019ve got this amount of money and I want to draw that. That\u2019s not what this is about. Now, if some people want to do that and they want their plan to be more open, that\u2019s really on them. That\u2019s not something I personally would do. I think that\u2019s your money is your personal mine and my wife\u2019s business and no one else\u2019s. So we really like it. I thought about starting a second group because of the demand, but then I also thought I\u2019m retired and I really don\u2019t want the responsibility because even though this group, I tend to be the one that schedules all the meetings and so on. And that\u2019s okay. I don\u2019t mind. I mean, I\u2019ve done this for years. This is kind of what my career was, you know, schedule a lot of meetings. Totally.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3411.97\" target=\"_blank\" rel=\"noopener\">00:56:51<\/a>):<\/strong><\/p>\n<p>Well, it\u2019s interesting. I mean, we have seen this emerge. I have now talked to a couple groups that have just spontaneously emerged like this, and it is like that. Eight people, eight to 10. But yeah, you have to keep the right size. And some people are like, Hey, we\u2019re open. We share. We will get out there, but we don\u2019t really know it. They tend to be a little bit geographically distributed, but they become friends and they\u2019re kind of comparing notes and best practices. So it depends. Yeah, we are interested in leaning into this because we do feel like it\u2019s a great way for people to build literacy, build trust, and learn from other people, but that are not selling anything and just kind of going through the same process with them. And then also the folks that are doing this are obviously the most enthusiastic people and probably and know the most. How do we spread that to that knowledge to other people and bring them along? And that\u2019s like there\u2019s some unlock in here and we\u2019re thinking about it, but yeah, we\u2019ll have to recruit you to come. You can come over here and help us run all the group efforts, the community efforts.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3480.1\" target=\"_blank\" rel=\"noopener\">00:58:00<\/a>):<\/strong><\/p>\n<p>I\u2019m going to tell you a little something about a lot of the people on my group, a lot of them have went to your financial planners and had a plan, I guess it\u2019s called a plan review or something. And a lot of them have already done that. And actually I believe, and I could be wrong, but I think one of them may have scheduled it because the other ones talked about the fact that they had it done and that person, and I\u2019d have to ask my wife to be sure if that\u2019s what I heard. I kind of got a little distracted. My dog was jumping on me during that conversation. She was like, Hey, what do you got? You got a treat in that pocket. And I did it, but I\u2019m pretty sure she scheduled one and had one after hearing that others had done it. And I tell you, I found that everyone that purchased the financial planner review was happy with the person they spoke to, felt they were very knowledgeable and then left with a little more confidence than they had going into it. Because when you\u2019re a self planner, but you\u2019re not trained, I mean, I could skydive, but I don\u2019t think I\u2019d want to pack my own parachute.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3549.1\" target=\"_blank\" rel=\"noopener\">00:59:09<\/a>):<\/p>\n<p>I\u2019m just saying, and I feel like a lot of people that are doing this and using the software, that\u2019s why I think you offer this, but is that, yeah, they think they\u2019ve got this pretty good. They\u2019ve been pretty successful over the years building their wealth and they bought the software to see where they were. But again, that\u2019s like packing your own parachute. To some people, they\u2019re like, yeah, but man, if I could just get somebody that really, really, really understood to just say, you know what? You\u2019re in pretty good shape here. I think that gives a lot of confidence. And for that, I actually feel like that that\u2019s probably a great service. And there\u2019s probably a point where my wife and I may also do that, but mostly for tax purposes because our RMDs are going to be pretty substantial, mostly because I think a lot of people don\u2019t realize when you retire early, you\u2019re responsible for your insurance until age 65.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3603.56\" target=\"_blank\" rel=\"noopener\">01:00:03<\/a>):<\/p>\n<p>And the problem with that is that if you want an A subsidy, which I don\u2019t know how the big beautiful bill, what do they call it? The one big beautiful bill, I don\u2019t know. I understand it\u2019s going to change that a little bit. I think that was the subsidies were expanded during COVID. And then I think all it is is the expansion of those is getting pulled back. Because the A CAI think was in law, I think that was signed, but I think what it was was the expansion of the A CA subsidies that\u2019s getting repealed back. I\u2019d have to do more research, but I\u2019m pretty sure that\u2019s what it\u2019s, and so we\u2019re actually benefiting a little bit from that. But the problem is, is that most people, I don\u2019t care who you are, there\u2019s only so much income you can have to get a subsidy, so Roth conversions to lower your tax bill and getting a subsidies, I just don\u2019t think you can effectively do both.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3657.5\" target=\"_blank\" rel=\"noopener\">01:00:57<\/a>):<\/p>\n<p>You got to make a choice. You\u2019re either going to save on your insurance or you\u2019re going to save on your taxes. Now granted, probably saving on the taxes long-term might be a better payoff, but early in retirement, the last thing you want to do is draw your accounts. You\u2019re going to be paying taxes out of those. In my case, I would have to pay the taxes out of the brokerage accounts, my tax brokerage accounts. So what you end up with is you\u2019re drawing that back, and that\u2019s the sooner, the sooner that drops and is depleted, the faster I have to start taking from those pre-tax accounts and I have to pay taxes. So not only that, but you\u2019re paying money to the government, so they already had their hand in it, but you\u2019re going to see your net worth go down because you\u2019re paying that to the government and you\u2019re getting no living out of it. And those first four or five years in retirement that you just don\u2019t want to see your account take a drop, this sequence of return risk. You really, really, really, really, really do not want to be a month in and have the market crash or have very, very large expenses above what you planned for. And so we\u2019re kind of pushing them off and I think maybe we\u2019re right, maybe we\u2019re wrong, and this is where we may end up.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3734.63\" target=\"_blank\" rel=\"noopener\">01:02:14<\/a>):<\/strong><\/p>\n<p>Yeah, there\u2019s a trade off. It\u2019s interesting. I saw something on Reddit recently where someone was like, I\u2019m thinking about doing one massive Roth conversion all at once, paying all the taxes, getting everything in the Roth, and then basically trying to have no taxes for the rest of my life or super low tax.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3752.1\" target=\"_blank\" rel=\"noopener\">01:02:32<\/a>):<\/strong><\/p>\n<p>I mean, you could do it. You could do it. Is it tax efficient? I mean, depending on what you\u2019re converting, you could be in some pretty high tax brackets.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3759.12\" target=\"_blank\" rel=\"noopener\">01:02:39<\/a>):<\/strong><\/p>\n<p>No, would be, this was a seven figure kind of situation was crazy. I mean, our users are trying to operate within that. They\u2019re making that trade off that you\u2019re making, which is taxes now versus get and reposition the assets into a Roth and then lower taxes later, lower income and lower taxes later. But yeah, no, I hear you. It\u2019s a trade off and we try to make that more visible. You can put the Irma means testing stuff in there, and I know some people do the a CA stuff.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3788.97\" target=\"_blank\" rel=\"noopener\">01:03:08<\/a>):<\/strong><\/p>\n<p>Yeah, I mean one of the things that we\u2019re doing, because we don\u2019t want to pull all of our money from brokerage accounts because we still have our standard deduction between for both of us. So married filing jointly, we have a standard deduction. So because I\u2019m 55, I qualify for the rule of 55 for my 401k that I left because of that, it\u2019s going to allow me. So what we\u2019re doing is we\u2019re literally taking off what our standard deduction is every year so that we can at least fill that tax bucket and then with our standard deduction should wipe that income out. That\u2019s what we\u2019re doing. Now the good news is even though Boland doesn\u2019t just say, Hey, you can do this, the money flows allow that to happen. And I want to shout out, I know you shout out to, I think you said Dave, I got a shout out to Nancy because listen, Nancy\u2019s fantastic and we got on some of, I think they were some calls where she had that.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3849.96\" target=\"_blank\" rel=\"noopener\">01:04:09<\/a>):<\/p>\n<p>She talked about certain things like classes, some learning material you had. I think I talked to her specifically about one issue I was having with the withdrawal order because back in the day it would just randomly pick \u2019em, not randomly. I\u2019m sure there was something behind the scenes, but my wife was 47 and it was like, okay, you need to take from her retirement account. And I\u2019m like, no, that\u2019s a 10% penalty. So she showed us how to fix that, but you guys fixed it. You rolled out, it\u2019s been a while, but you\u2019ve rolled out that order of withdrawal<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3884.67\" target=\"_blank\" rel=\"noopener\">01:04:44<\/a>):<\/strong><\/p>\n<p>Withdrawals. And<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3886.08\" target=\"_blank\" rel=\"noopener\">01:04:46<\/a>):<\/strong><\/p>\n<p>I was so happy that I didn\u2019t have to have that 1, 2, 3, 4, 5 in front of the accounts like I used to. But Nancy had a That\u2019s what I love. She was like, yeah. She\u2019s like, here\u2019s the workaround. And I know in software and as an end user, you never want to hear that workaround, but I got to tell you, she had the answer for all of the things that I had problems for. And then she was like, but it\u2019s on the roadmap. We\u2019re going to have this for you, so just give us another three months and we will have this for you. And sure enough, there it is. So kudos to Nancy. I want to make sure she knows that. I mean, for me and my wife personally, she did fantastic and we really appreciate everything she did.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3932.17\" target=\"_blank\" rel=\"noopener\">01:05:32<\/a>):<\/strong><\/p>\n<p>I will definitely let her know. Well, yeah, she is an incredible person and also just totally into the work. And a former school teacher, her story was she taught Spanish in upstate New York near where I grew up, and we met her through bogleheads and then she\u2019s like, Hey, I think I can help. I want to help out. Let\u2019s build some classes and then let\u2019s do coaching. And now she has a super senior role in our business. And yeah, it is like a lot of our roadmap is we learn with our users, what are they doing? What are they trying to get done? Oh, we have to do a workaround. And it\u2019s like, okay, we\u2019re feeding that in. I mean, she has literally a list of 160 things that we want to get built into this platform.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=3975.22\" target=\"_blank\" rel=\"noopener\">01:06:15<\/a>):<\/strong><\/p>\n<p>I think in my case, because I don\u2019t know how many people retire as early as we did, right? Compared to people who hit the typical retirement age. So for you guys, you have to hit that what I call the beaten path. This is 90% of our users are this path, and I\u2019m over in the weeds over on the side. So yes, I would love for there to be some features that are specific for my case, but I also have to temper my expectations along the lines that nobody\u2019s going to spend a whole lot of money to make custom software changes for me. I would love it if you would, but I\u2019d assume that would come with a big bill from you guys on the other end. Well, I can do it, but it\u2019s going to be $62,000.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4024.75\" target=\"_blank\" rel=\"noopener\">01:07:04<\/a>):<\/strong><\/p>\n<p>Well, we\u2019re trying to, I mean, it\u2019s interesting. It\u2019s changing. Anyway. Well, Scott, I mean this is amazing. I just want to shift gears a little bit and then I think we\u2019ll wrap it up, but I don\u2019t know if you have any last thoughts for our audience since you\u2019ve lived through this and things that you\u2019ve learned and would want to pass on and how you\u2019re thinking about the next phase for yourself too.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4049.95\" target=\"_blank\" rel=\"noopener\">01:07:29<\/a>):<\/strong><\/p>\n<p>So the first thing that I have to tell everybody, you got to pay your debt off if you want to retire successfully. I mean, I know there are people that are successful that go in with a $3,000 a month mortgage. I couldn\u2019t even imagine the stress I would feel going in with a 3000 mortgage. So number one, get out of debt including your house if you can do it. I get that not everybody gets that opportunity. And some people, I think you brought it up, Steve, is that some people get pushed out circumstances and they leave out maybe a little earlier than they anticipated. But the truth being is that if you can pay off your debt, pay your debt off, because debt is the worst thing to have going in there. To your point, you\u2019ve have a high savings rate and you got to be invested appropriately for what your age is and your retirement horizon.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4103.18\" target=\"_blank\" rel=\"noopener\">01:08:23<\/a>):<\/p>\n<p>How far out is horizon is your retirement date? Because if you\u2019re not aggressive enough, you\u2019re not going to have enough saved. But then once you hit retirement, you have to have that honest conversation or before retirement, you have that honest conversation of how comfortable you are with being maybe a hundred percent equities or do you want to be 90% equities or 50%? What is that comfort level? Because again, I think I told you my mother-in-law is retired and she\u2019s more conservative, and that\u2019s because that\u2019s what makes her feel better. It isn\u2019t really about what makes others around you feel better. What about makes you feel comfortable? Because I can tell you, once you go into retirement, you do have that first little bit of stress about I don\u2019t have a paycheck. And you start to draw down. And if you already have stress from, Hey, I feel like I\u2019m not investing, I\u2019m not aggressive enough or I\u2019m too aggressive.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4162.46\" target=\"_blank\" rel=\"noopener\">01:09:22<\/a>):<\/p>\n<p>If you\u2019re not in your comfort zone, that is going to add stress to an already, what is that first couple, probably first year or so, kind of a stressful situation. You are retiring and your life doesn\u2019t change. If in the past you were somebody your kids came to for, Hey, I got in a bind and they need money. And you were always the person that, okay, I\u2019ll help you out. Well, that\u2019s a problem because now you\u2019re taking out of the plan that you never planned for it. You\u2019re taking money out. So for us, we went to our kids because we\u2019ve unfortunately been sometimes the fixers and we went to \u2019em ahead of time and we said, listen, next year we\u2019re retiring, we\u2019re not going to bail you out. So whatever happens to you happens to you. So get your life together. And at that time, I think some owed us a little money and we just said, forget about the money, don\u2019t worry about it. But you\u2019re not getting any more.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4220.36\" target=\"_blank\" rel=\"noopener\">01:10:20<\/a>):<\/strong><\/p>\n<p>Debt is forgiven, but we\u2019re not going to bail you out. The credit back, the credit backstop is stopped.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4225.19\" target=\"_blank\" rel=\"noopener\">01:10:25<\/a>):<\/strong><\/p>\n<p>Yeah, I actually think we might\u2019ve all given them a gift across all of them and said, I\u2019m pretty sure we did. And said, this is it. Don\u2019t ask anymore. Now did that stop \u2019em from asking? Well, no. So you do have to do this. So if you have kids, hopefully your kids don\u2019t find themselves in a bad position. Anybody can. I mean, you could have a kid\u2019s very, very successful, but find out that they\u2019re leveraging a lot of debt and one layoff could change their life and they could come looking for money. So just because you have a son or a daughter that\u2019s very, very, very successful, a divorce, a job loss, maybe making some mistakes and buying that house they couldn\u2019t afford and that big F three 50 and that Lexus SUV to haul the kids around and oh, I\u2019d really love to have a boat.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4277.94\" target=\"_blank\" rel=\"noopener\">01:11:17<\/a>):<\/p>\n<p>And you find out that they leverage debt for every single one of the things that they don\u2019t own anything. They owe everything and they could come. It only takes a very small change in life. So I think going in, I think the number one, try to get out of debt. Make sure you\u2019re aggressive early on in trying to build your wealth, double digit saving rate, being probably a little more aggressive in your investments than you\u2019re comfortable with. But then as you start to get to retirement, that\u2019s when you really need to have that hard conversation. What do I feel comfortable with? Because you don\u2019t want to go into retirement and have that uncomfortable feeling like, oh my God, if the market goes down, my plan is blown out of the water. And I think the other thing is when the market goes down, people leave your money alone, do not cash out. I don\u2019t even know how many times, I\u2019m not going to mention a family person, but pretty wealthy. And when COVID hit in March, they withdrew all of their money from the market when it was down and in April and it hit record heights,<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4344\" target=\"_blank\" rel=\"noopener\">01:12:24<\/a>):<\/strong><\/p>\n<p>Right? Yeah. And then did they go back in? And<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4347.69\" target=\"_blank\" rel=\"noopener\">01:12:27<\/a>):<\/strong><\/p>\n<p>As far as I know, they\u2019re still not in just,<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4350.42\" target=\"_blank\" rel=\"noopener\">01:12:30<\/a>):<\/strong><\/p>\n<p>Yeah, this is the thing people can, it\u2019s interesting. I think people don\u2019t understand that their own worst risk is themselves. For most people, it\u2019s their own behavior and it\u2019s this emotional stuff and they\u2019re like, yeah, sell it. There\u2019s actually studies on this. Retail investors, I think their average return is like 2% across the board because they do this, it\u2019s worse than just throwing in the bank or whatever. It\u2019s just like they cannot control themselves. They sell low and they buy high. They\u2019re excited because high, let\u2019s get in. Market tanks are like, I\u2019m freaking out and they sell and then they have a hard time getting back in. This is where I do think sometimes having a trusted resource to help you manage your own behavior, understanding yourself is such a key part of this, of success.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4401.69\" target=\"_blank\" rel=\"noopener\">01:13:21<\/a>):<\/strong><\/p>\n<p>Sure. I would say that\u2019s true. If you are that person in emotions or driving your investment decisions, your best bet probably is to find a good financials advisor, put your money with him, and then stay out of his way for the most part. I mean, you don\u2019t just trust him carte blanche. Now you don\u2019t trust anybody car blanche with your money. It\u2019s your money you need to know. But when the market, maybe you\u2019re best to remove the stock ticker from your phone and don\u2019t watch the financial news and let that guy do it for you because he\u2019s investing with his brain. You are investing with your heart. He\u2019s going to win a hundred percent of the time every time, every single time. Even if it\u2019s costing you 1% a UM, maybe it\u2019s worth it because to your point, if you\u2019re selling out when the market\u2019s low, it\u2019s a no win. You\u2019re not winning. You\u2019re going to lose every time.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4455.04\" target=\"_blank\" rel=\"noopener\">01:14:15<\/a>):<\/strong><\/p>\n<p>I feel like that\u2019s the biggest value for a lot of folks. It\u2019s like being able to go to someone when you\u2019re like, I want to hit the sell button and not doing that is key. And it\u2019s really hard, especially there\u2019s capitulation in the market. That\u2019s when you want to buy. It\u2019s when people believe that there\u2019s no future hope is when you actually need to be investing and everybody\u2019s selling. When the market\u2019s absolutely bottoming, it\u2019s sell when there\u2019s blood in the streets.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4482.43\" target=\"_blank\" rel=\"noopener\">01:14:42<\/a>):<\/strong><\/p>\n<p>Oh yeah. I thought to myself, I said, man, I wish I had our money\u2019s invested, but if I would\u2019ve been working when Tesla\u2019s stock went down like it did, I was just saliva in my mouth. I was like, I want to buy that stock right now. They\u2019re coming back because they have too much in the pipelines. They have too much going on. It\u2019s not just about them selling individual cars anymore. Then they\u2019re making robots. They\u2019re going to invest in X ai, they\u2019re doing battery packs. They\u2019ve got probably the best self-driving package out there. Granted still got a few glitches, but when they get those glitches fixed, it\u2019s not geofenced like Waymo. Waymo is geofenced because they\u2019ve driven every route and they know every street. When you can eliminate that pre-programming and a person can get in their car from California and it drive all the way to New York by itself, okay, that\u2019s worth a trillion dollars.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4544.59\" target=\"_blank\" rel=\"noopener\">01:15:44<\/a>):<\/strong><\/p>\n<p>Yeah, no, it is pretty amazing how this stuff is. Stuff that we, for long time, we were like where the self-driving are the flying cars, but now it feels like we are entering this age. You see rockets landing themselves, right? And yeah, we\u2019ve got batteries and self-drive. I\u2019ve taken the Waymo and my cousin has done FSD in the Tesla and he is like, yeah, it\u2019s pretty amazing. But yeah, I\u2019ll drive to Tahoe to go skiing and I\u2019m like, Ugh, it\u2019d be great if I could hit a button and it would do this and I could do other stuff instead of navigating my car around. I mean, I like to drive sometimes, but I don\u2019t want to be driving all the time and it does feel like this is going to happen.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4583.44\" target=\"_blank\" rel=\"noopener\">01:16:23<\/a>):<\/strong><\/p>\n<p>Those long trips, sometimes when we cruise out of Texas, we are just like, well just drive down. It takes a little longer, but by the time you drive to the airport, go through security, you wait, get on the plane, you\u2019re saving a few hours is all you\u2019re saving and you\u2019re paying a whole lot more for it. It would be so nice to hop in the car and say, Hey, take me to Galveston and just let it go. And you maybe play cards with your significant other on the way there. But I also noticed, because he also owns XAI Rock for just came out and it blew everybody out of the water. I mean, not just a little bit by a substantial amount.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4623.88\" target=\"_blank\" rel=\"noopener\">01:17:03<\/a>):<\/strong><\/p>\n<p>No, there\u2019s some amazing stuff going on. It\u2019s pretty amazing. Alright, well look, Scott, clearly we\u2019re going to do another podcast because there\u2019s a lot of material that we can cover here. I do think we got to get you in here helping with communities though, and maybe get you in here helping with ai.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4642.1\" target=\"_blank\" rel=\"noopener\">01:17:22<\/a>):<\/strong><\/p>\n<p>I want to know about the ai, but I could say that if you need some help with some communities, let me know what you\u2019re planning to do. I actually think maybe if you were going to do communities and you were going to be the place where they meet up that you can maybe create a webpage where they can sign up for a group first name only, no other geographical information, and then if those people choose to share some personal information about their net worth or whatever, high likelihood is that nobody\u2019s going to know who they are. Some am amenity to that because I wouldn\u2019t feel comfortable myself with the community sharing their net worth if somebody has<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4680.26\" target=\"_blank\" rel=\"noopener\">01:18:00<\/a>):<\/strong><\/p>\n<p>Well, people could opt in. Yeah, people could opt in and say, Hey, I want to be in a more anonymous community, or I want to be in a more sharing community. But there is a lot of this trust stuff, so it needs to be a curated experience, but it\u2019s valuable. They\u2019re like, as a founder guy, there are these founder groups and CEO groups that people meet up and they compare notes. It\u2019s in all these different areas.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4702.07\" target=\"_blank\" rel=\"noopener\">01:18:22<\/a>):<\/strong><\/p>\n<p>Well, I\u2019m looking forward to the AI stuff, so I don\u2019t know who you\u2019ve chosen. Have you chosen an AI yet? Have you chosen which AI you plan to go with?<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4710.92\" target=\"_blank\" rel=\"noopener\">01:18:30<\/a>):<\/strong><\/p>\n<p>Well, we\u2019ve done, so here\u2019s what\u2019s happening with ai. We do use it internally for creating content building tool. I mean, it doesn\u2019t do all the work, but it helps us accelerate things internally. It\u2019s just productivity. And then we do use it for support. And that\u2019s been a really big win because it\u2019s not only, we had done tens of thousands of support questions and written all the support texts, like articles, Nancy\u2019s all over that stuff. And then we trained it on that and now it\u2019s handling 60 to 70% of questions and multi-threaded questions and resolving like 80% of \u2019em. So it\u2019s definitely helped us scale the support. And we\u2019re known for support. We have a bunch of ideas about how to bring it to life inside the product in terms of asking questions about your plan, summarizing data, pulling out insights and stuff like that. So there\u2019s a bunch of stuff that is under consideration.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4763.63\" target=\"_blank\" rel=\"noopener\">01:19:23<\/a>):<\/p>\n<p>We\u2019re going to be rolling out some initial features, but we\u2019re trying to accelerate the work that we\u2019re doing. And ultimately we do want to build an AI financial advisor or an AI enabled platform. We don\u2019t think people are going away. I don\u2019t think people still like to talk to people and hear their stories, but we do think we can make people more productive. The coach is more productive, the advisor is more productive. People using the software, more productive, make it easier to use and explain everything that\u2019s going on there. So you\u2019ll see that\u2019s coming down the pipeline on our side.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4791.17\" target=\"_blank\" rel=\"noopener\">01:19:51<\/a>):<\/strong><\/p>\n<p>Well, I think that\u2019s important. I think some of the things that I noticed was early on, the Roth conversion Explorer had no way to apply it to the plan. You could get the information, but it was up to you. Now there\u2019s apply it to the plan, but if asking some complex questions about, Hey, should I withdraw this money here and here and here, or what\u2019s the best combination because I need my modified adjusted gross income to be 50,000 or less, and AI is going to be able to run those scenarios, look at my plan and say, here\u2019s what you should do based on this. And if that\u2019s not, here\u2019s that alternate plan. You know how it does. It\u2019ll give you plan A, plan B. And then being able to say, you know what? I want to apply that. I want it to apply. I\u2019m going to do it.<\/p>\n<p>(<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4839.84\" target=\"_blank\" rel=\"noopener\">01:20:39<\/a>):<\/p>\n<p>And I think that isn\u2019t replacing an advisor. I don\u2019t think nobody\u2019s thinking we\u2019re going to completely replace an advisor, because you\u2019re right, that human interaction of human touch is not going away for a long, long time. But I think asking some pretty simple questions and not having to engage your advisor for some simple, Hey, I would like to do this, and getting good information is a worthwhile adventure. And I think that that\u2019s something that you guys are probably more positioned than others to do it because some of these others, they\u2019re so tied to the advisor side of it that you got to be very careful. I worked in an industry like that where you had to be very careful because if you made the dealers mad, that was why we were dealers who sold parts. If you made them mad, they wouldn\u2019t sell your parts, so you couldn\u2019t sell directly to the end user that would make them mad. And so there was this struggle along the way and you\u2019re kind of in that same boat where you have to tread lightly in what you do.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4905.39\" target=\"_blank\" rel=\"noopener\">01:21:45<\/a>):<\/strong><\/p>\n<p>Yeah, no, we\u2019ve been pretty intentional about this. We do have to be really thoughtful about how we\u2019re the incentives for what we do and how we get paid. And that\u2019s why we charge users directly versus get paid indirectly. I mean, there\u2019s lots of ways we could make money indirectly, but we would rather charge users and be completely transparent and then how we work with advisors and other service providers, but we are successfully navigating that. We charge them too. We basically, ultimately we feel like the value we provide is to the end user. So they should pay us. And if advisor wants to give it to someone, they\u2019re still paying for the software for the end user. The advisor can be working in that process, but we are not getting paid. Ultimately, it\u2019s between the platform and the end user. And that\u2019s how, that\u2019s the fundamental construct. And it seems simple, but this is where nobody was doing it. And it\u2019s a core thing. It\u2019s like architecting your software. We\u2019re architecting our business model and being pretty intentional about it,<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4962.87\" target=\"_blank\" rel=\"noopener\">01:22:42<\/a>):<\/strong><\/p>\n<p>But you are going to have to charge extra for the ai. It\u2019s too costly. Sorry,<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4966.41\" target=\"_blank\" rel=\"noopener\">01:22:46<\/a>):<\/strong><\/p>\n<p>You\u2019re going to have<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4967.1\" target=\"_blank\" rel=\"noopener\">01:22:47<\/a>):<\/strong><\/p>\n<p>To wait. I don\u2019t want to have to pay more, but unfortunately I\u2019m going to pay more.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=4971.6\" target=\"_blank\" rel=\"noopener\">01:22:51<\/a>):<\/strong><\/p>\n<p>Yeah, well we were talking about that internally, the tokens, and we\u2019re trying to get our hands around it because yeah, it\u2019s like cloud computing. So the stuff that costs us money is cloud computing. I mean, from a software is account linking costs us money. And then yeah, if we\u2019re doing LLM stuff and paying tokens and stuff like that, then we have to make sure that we\u2019re not getting creamed on the backend. But we\u2019ll be, again, we can be transparent about, explain this is what\u2019s happening, here\u2019s what it\u2019s taking. Well look Scott, we\u2019ll definitely do another podcast. So hey, thanks for coming on and sharing your story and what you\u2019re learning and why you use planning leading into, but then also living in retirement, which is fantastic and appreciate all the feedback you\u2019ve given us and also doing the community stuff. That\u2019s fantastic to hear about. Thanks for taking the time to originally just contact us with your feedback, which is how we got in touch. So I appreciate that.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=5018.62\" target=\"_blank\" rel=\"noopener\">01:23:38<\/a>):<\/strong><\/p>\n<p>My pleasure, my pleasure. I\u2019m glad you had me on. It\u2019s been great to get to talk with you.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=5023.03\" target=\"_blank\" rel=\"noopener\">01:23:43<\/a>):<\/strong><\/p>\n<p>Yeah, no, likewise. And we have a couple guys in Kansas City, so if you want to meet up with Gerry who has Enterprise, or Brett, our CTO, who\u2019s actually there, we should make that happen. Or maybe if your group\u2019s happening, it\u2019d be great to get people together and hopefully if you\u2019re in San Francisco or I\u2019m sure I\u2019ll get to Kansas City at some point. I look you up.<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=5038.24\" target=\"_blank\" rel=\"noopener\">01:23:58<\/a>):<\/strong><\/p>\n<p>Sounds good.<\/p>\n<p><strong>Steve Chen (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=5039.17\" target=\"_blank\" rel=\"noopener\">01:23:59<\/a>):<\/strong><\/p>\n<p>Okay. Alright. Thank<\/p>\n<p><strong>Scott Garrett (<a href=\"https:\/\/www.rev.com\/app\/transcript\/Njg3ZmQwMDUyY2VmYTQ2N2RkMzM0NTVkMWExamJiZlUyendK\/o\/VEMwNDc3NTI5OTE4?ts=5040.28\" target=\"_blank\" rel=\"noopener\">01:24:00<\/a>):<\/strong><\/p>\n<p>You Steve. Take care.<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.boldin.com\/retirement\/podcast-98-retired-not-done-how-scott-garrett-took-control-of-his-financial-future\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this episode of Boldin Your Money, Steve Chen chats with Scott Garrett, a retired software engineer and active member of the Boldin community. Scott talks about how he went from selling forklift parts to leading tech teams, and why he and his wife decided to retire earlier than planned. After dealing with job stress<\/p>\n","protected":false},"author":2,"featured_media":18549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[348],"tags":[2326,191,718,7477,3149,4856,2914],"class_list":{"0":"post-18547","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement","8":"tag-control","9":"tag-financial","10":"tag-future","11":"tag-garrett","12":"tag-podcast","13":"tag-retired","14":"tag-scott"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/18547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18547"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/18547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/18549"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}