Tyler: Money's for a lot of things. And money in my mind is to really help ensure against the unpredictable parts of life. Money, at least for. We work predominantly, predominantly with retirees. And so what we find is that money is there to absorb all the unknown and how much depends on what your lifestyle is, what we're insuring against and combining that with all the things that you want to do. So it's really just a tool to help insure against short term volatility and unknowns.

Yohance: I feel like in your chapter though, the unknown was more of a. The client just didn't know what they could do.

Tyler: That's part of the unknown is what can I do with this money? It's, and it's once you factor in what all those other known things are for that we're saving for. So every client has a different number of how much cash that we think they should have on hand. And sometimes we come up with a really scientific number and the client says, I'm still not happy with that. Let's just add on some arbitrary dollar amount. And that's what we call their sleep well at night bucket. Or Taylor's kind of coined the term swan throughout his podcast and other materials. Your swan bucket sleep well at night. And so once you, once a client checks, yeah, yeah, maybe he stole from somebody else.

Yohance: Don't give him I know who I stole it from now. Great. Okay.

Tyler: So once you solve for all of that and someone gets really comfortable with what their number is, that helps them identify how much excess there is in the plan. And to the extent there's any excess, then it's their job to figure out what should we do with that money. And in our, in our job, in our, in our firm, we work with a lot of really diligent savers, people quite who quite frankly frankly have over saved for retirement. And so it really becomes a function of what do you want to do with this money? What do you want this money to do for you? And so we've had some clients come up with some pretty wild ideas. The most wild, I should say in terms of just percentage of their overall net worth and is the quantifiable wild. That's what my chapter is about. And we had a client who identified what that number is, how much excess they had, and they decided to move from in our office, we're about two miles from the beach. Client lived right across the freeway and they decided to close the distance to the beach by that extra mile and a half. And so now they Live within a couple blocks of the beach and in San Diego that that runs a pretty good premium. So they were able to take some excess in their plan and say, you know what, this is money that we're just going to die with anyways, so let's enjoy it. How much can we enjoy? And. And if we have a place like this, we can build it up and have family here and, and just do some things that we thought was really only a dream. And so it's only fitting that it ends up in the money is for dreaming section, because this is something the client had really just thought about for really 30 years as really a pipe dream. And so once they started to put some numbers to it, it really took about three years to really for them to realize, like, wow, you guys are actually right. There is something here that we didn't really anticipate. We've just been living like broke college students this whole time, and now we have all this money we can do something with. So it really helps by starting to quantify what are the unknowns we're trying to solve for. To the extent there's anything above and beyond that, then you can dare to dream.

Yohance: I just had a similar conversation with a client today, something like that, where he and his wife, towards the end of our session, we were talking about upcoming travel that we each had on our calendars. And there was a conference, a medical conference that he wanted to attend or wants to attend, but was unsure because of the finances, although he get reimbursed. Like I said, I got to spend the money first and then get reimbursed. And it's the conference that I'm participating in as a financial advisor. And from that, the share that came is that he and his wife have been wanting to go to Chicago or to go to New York as a couple for 10 years and haven't made it happen. And you know, they have young kids now, so a lot of life is centered around them also taking care of aging parents. And I said, well, can you get a babysitter for your kids long enough to get away? And I said, yeah, we could figure that out. And so what came from that is maybe not Chicago, but New York was more important because the wife always had wanted to go to New York to experience Christmas. So he, her husband said, think about Home Alone Christmas. That that's her vision of what New York looks like during Christmas time. And I said, well, how about like the week between Christmas and New Year's? And they kind of shrugged to that because, you know, the Kids are out of school, etc. I said, what about just like the weekend after Thanksgiving? She's like, that would be perfect. I said, all right, well, I don't know that it's in the plan this year. Let's put it in the plan for next year. The. Everything changed for the last 10 minutes of that meeting. All of a sudden, the wife was sitting straight up, she's smiling, she's paying attention, holding on to every word that's being said, because now we're bringing a dream to life. And I said, I said, I don't know how we're going to pay for it just yet, but between the spending you have on your credit card and the points that you get there, and then the extra cash that we're going to come up from doing financial planning, we can squirrel away enough money to make this a dream, a reality. And it almost. It seemed like they never even thought about spending their credit card points. It's like, that's flights, that's hotel is just sitting right there. Your spending is there.

Tyler: Yeah.

Yohance: Oh, so, yeah, no, I agree with you. 100. Getting clients to dream. Getting clients to understand what resources that they have so that they can actually, like you said, do all these things that they say they want to do. And I think that's really important that we help clients to do that. I want to go back to this swan, sleep well at night. Now, you said that's associated with the more, Less sexier term cash reserve. Am I right?

Tyler: Yeah. Correct.

Yohance: So is there a formula that you use for clients that you prescribe to them, or do you allow them to dictate that number? I know you said sometimes they just have another number. Need a hundred thousand. But what is the. What is, what's some of the science or I guess, art that you. That you and your firm use to help clients figure that out?

Tyler: Yeah, it's. It's pretty simple. It's going to be. And there's different schools of thoughts around all of this, but we always just start with the minimums. What, what does the textbook say a client should have when they're relying on their portfolio for income? And the first one is the emergency fund, so it's really just a function of their spending. If you're spending $100,000 per year, your emergency fund should cover half of that. So six months of spending should be in cash, liquid accessible, ready to deploy. Much like in your chapter with Stella, you know, you don't know when a hurricane is going to hit and your job's going to Go belly up.

Yohance: Thank you, Tyler.

Tyler: And so the money then becomes a tool to help ensure against short term volatility. And so we can't predict what the future is, but we can have a plan that can help absorb some of that shock along the way. So emergency fund is number one. Six months of living expenses. Next is for someone in retirement. We want a full 12 months of living expenses on hand, just in case that we don't want to turn on money from the portfolio or turn on income from the portfolio in a really volatile time. So we think back to last time we had to shut down distributions was Q2, Q3, 20, 22 stocks were down double digits.

Yohance: Oh, yeah. Remember that? Yeah. And it happened like, kind of silently in the middle of the night, or I think it was the middle of December or something like that.

Tyler: Yeah, it was slowly. Yeah, we hit December, and then everything just started going down like a couple of percent. And before you real, you're just like, ah, it's just a couple of percent, not just a couple of percent. Then you line up six months of this, and you're like, holy smokes, we got to do something.

Yohance: I think we down like 19. Like, we almost hit the bear market. We're like 19, I think, from depending on the index.

Tyler: But, yeah, it was just a bloodbath. And so we tell our clients, yeah, we're going to hold on to some bonds and some cash for. For our safety net, but when your safety net is also down double digits, it doesn't feel good. Exactly. So we need to reserve ourselves the right to be able to turn off those portfolio distributions. So we adhere to the guidance guardrail strategy of dynamic retirement distributions. But really what it boils down to is if you have 12 months of cash on hand as well, you can afford yourself the flexibility to give your portfolio a breather. And then once, once things recover, we can then start to replenish that cash target a little bit more. So we're up to living or 12 months of living expenses. Back to emergency fund. And then next is these others or taxes. So if someone doing Roth conversions, you're gonna have a $30,000 tax bill. We need to make sure that we have a plan to build up that money over the course of the year. So when that money is due to the IRS or the state that we're not just. We're not surprised. Like, holy smokes, we need $30,000 right now to pay this bill at the end of this week. Like, we know it's coming. It's part of our diligent tax planning. We need to have a plan. Cause we know we're gonna part ways with this money within the next 12 months. And then other items would be, hey, I'm gonna buy a new car next year. Or I really, I'm gonna, you know, give my, my, you know, Super Fund A, a 529 for my grandson. I want to make sure I have money for that. So whatever those others are, I'm taking the whole trip, the whole family on vacation. So we just identify all those different inputs and say, well, by the book, you need to have $250,000 in cash. And most people look at us like we're crazy when they hear that for the first time. But when you start to break it down and say you're at a different stage of life, we're not here to try to squeeze every last percentage out of every last dollar, don't get me wrong, we want to participate in growth, but we also want to make sure that we're ensuring against those unknowns. And so again, no amount of planning is going to say, hey, you're going to have a car wreck on September 15, 2027. You're going to need a new car that day. We don't, we can't do that. We don't have a crystal ball. And so we need to just plan for a, or create a plan that can absorb that shock along the way. And so those tend to be pretty, I say accurate, but they tend to be pretty digestible numbers for people to begin setting aside purpose to why we're holding money in cash. And that's really what it's all about, is assigned purpose to that cash. And some people look at that formula and then say, you know what? But I would feel a whole lot more comfortable having an extra 100k on top of that. And it's always an arbitrary amount. But as long as we're saying, okay, that's money, we're willfully setting aside and adding to our cash targets. And then we're going to be taking risk with these other things. And also built into those other things are going to be your some safety nets as well. Because we're just talking about liquid cash or money market or high yield savings, like that's what we're defining as liquid cash. Bonds and everything else and all the other allocations that go into your overall safety net, that's a different piece. Because cash is our short term, bonds are our intermediate term, and then stocks are our long term. So every single one of those buckets is invested Differently to be able to absorb some shock, whether that lasts 6 months, 12 months, 18 months, 5 years, or 10 years, that determines the risk profile of the overall portfolio that we're managing.

Yohance: Have you ever found yourself in a situation where the client calls and asks for money and it's too much like, have you ever had to tell a client no when they ask for a withdrawal?

Tyler: Good question. Never on the spot. Actually, the only time we've had to tell clients to back off is when they're not back off, but when they've had to peel back some of the or reduce some of their expectations is when we're thinking about, hey, you just retired this year, you're going to spend 60 grand on travel. Well, that's going to put you over these guardrails by a certain amount. And if the people who are already taking Social Security, like, they're already maximizing all their other sources of fixed income and like that's going to be what it is. We just say, look, go enjoy that first year of retirement. You only get it once. But we're going to have to start to reduce one of these three areas. So spend some time to think about what those things are. I've never been in a position to tell someone like, you just can't do it. I think part of that's just the function of the type of clients we work with. Retirees. Some of the minimums we have in place, I think kind of deter a lot of those conversations. But we have some clients who are heavy spenders and we've had to kind of pare back those conversations down to what are some of the things we're willing to sacrifice if things go beyond our control. I mean, if we're having a conversation now when the markets have been up double digits for the last three years, four years, it's a better time to have that conversation now than when the market's down double digits and all of a sudden not only telling them not to spend, but now their portfolio just got cut by 30%. Like, that's. That sends a really bad signal. So we're always proactive in trying to be on the other side and play that devil's advocate to identify what are those areas that we are comfortable with chipping away at as far as our overall spending. So, no, as an answer to your question, but there are ways we try to proactively stay ahead of that and make sure that we're having those conversations, but not in the, in the most gut wrenching stretches of time.

Yohance: So it sounds like the answer Is. It's not a no. It's a yes and yes, Mr. Mrs. Client. I know you're in the honeymoon phase of your retirement and you want to take the entire family to Disneyland Tokyo. Actually, that's probably be better off. I hear it's cheaper than Disney World Florida.

Tyler: Yeah, no kidding.

Yohance: But you want to go to all three. You want to go to the three Disney parks on three different continents. Okay. And you want to take the whole family, like, great, I understand you want to do that. And if you do that, we may have to make some changes in the future as far as distributions are concerned versus no, you're dreaming too big. Take that off the table. So it's more of showing them the numbers and letting them lead themselves to the solution. Because ultimately, I mean, they could just say, it's my money, I want it, take it. I'm gonna deal with the consequence of it later.

Tyler: Okay, yeah, that's. That. That would create a different conversation for sure. But I kind of look at, I mentioned the guardrails. You know, it's all built upon what's your safe withdrawal rate. We always look at that in terms of a speed limit. Like your safe withdrawal rate is a speed limit. It's okay to speed every now and then, but we're not going to sit there and speed for the next five years or 10 years, especially if there's no other income source that, that are kicking in. A lot of times, what we see with clients who retire, let's say you retire at 60, well, you're not taking Social Security yet. Maybe a pension hasn't kicked in yet, and maybe you're in your gap years and we're accelerating some spending because you earn your go go years. We're doing Roth conversions, so there's additional tax drag. We find in a lot of cases that clients in those gap years, they're spending the most that they ever will from their portfolio in retirement. So that creates this sequence of returns risk where you're, you're accelerating spending early. And if you hit a negative market, then like, that's only exasperating a problem that needs to, that needs more time to recover, that we're not really allowing space to recover because of the amount of spending from the portfolio. But we really just rationalize it in terms of if we're, if we're going to speed for a couple of years, can the plan still sustain itself once other sources of income kick on? Which I guess the. What got us on this topic is if you have a client who's already Taking Social Security and already taking RMDs. And like all those things are happening and there's really not a lot of excess income that's coming in later. Then that tells us like this projection has us speeding for too long. Let's fix it. Let's find out where, where we can try to take our foot off the gas just a bit and what those little levers are that we can pull.

Yohance: So I want to, I want to ask about the 4% rule and then come back to it, but you said something that I want to make sure that our listeners can at least have get some sort of grounding concept in. You said sequence of returns. Can you explain that for the, for the ninth graders in the room?

Tyler: Yeah, absolutely. So the sequence of returns, that's just the timing of market performance relative to when you retire. And so the sequence of returns risk means if you stack on a bunch of iterations of different retirement scenarios. And you would say, like maybe, let's use a real example. If you retired in the year 2000, your sequence of returns risk is extremely high because we went straight into the dot com bubble. By the time you started climbing out, we went through 0809. So your sequence of returns again had nothing to do with the timing of your retirement. You just absorbed a much higher risk in those first decade of retirement, what

Yohance we refer to as, oh no, the next one was the lost decade. Which one was the lost decade?

Tyler: That's the lost decade. Yeah. 2000.

Yohance: It is the lost decade. Yeah, that's the lost decade. Yes, yes, yes.

Tyler: It's just for not because of your lack of savings or your, your poor spending habits. It's just you retired at a time where the market was not favorable to your portfolio at a time when you needed it most. And so that's part of that goes back to you insure against the sequence of return risk by having adequate cash on hand to check those different boxes so you can withstand short term volatility. Give the portfolio a breather when possible, because sometimes you just can't. But if we can buy ourselves some time by being strategically allocated in cash and the right kinds of bonds, then we stand to weather that storm a little bit more effectively.

Yohance: So let's talk about the 4% rule because a lot of retirees will read about this. There's plenty of articles about the 4% rule. There was an article, I think recently it was Bloomberg or one of those that even said the 4% rule is dead. How, how do you view the 4% rule and its effectiveness in Today's planning

Tyler: environment, its effectiveness is back of the napkin math. That's, that's pretty much how we use it. It's just kind of a starting point. The 4% rule is just looking in a vacuum saying if you just invest your money, however, there's no like 60, 40, there's no like asset classes you need to target. It's just if you want to live off your portfolio, then 4% per year tends to be the, the average drawdown that you can take from that portfolio and still have enough money to make it all the way to age 90 or 100, have a successful retirement. Where I think the gaps are in that. Again, it's just a rule of thumb. There's all sorts of rules of thumbs that have their own downfalls. That's why we link to or subscribe to the guidance guardrail philosophy. If you ever need to read a white paper, I want to link to it in the show notes and put some people to sleep. You can do that. But it just basically says we can take a more aggressive withdrawal rate if we adhere to certain rules. And part of those rules is having a properly balanced portfolio. You need to have things in the portfolio that work together. You can't just say, I'm going to buy Netflix stock and just let it ride. You have to have right asset classes that mix together well, the right kinds of bonds, the right amount of cash on hand. And if you do all those things and if the market goes down a certain percentage, then you are up for a pay cut. So you say, okay, I can decelerate my spending just a little bit. And it helps people rationalize in a down market just what that delta is like. If I'm spending 10,000amonth, but I now need to only spend nine, well, that doesn't mean I can't, I have to stop traveling. It just means maybe I just, instead of eating out every weekend, I go every other week. Maybe instead of buying that new car this year, I wait till next year. It's like those are the types of decisions we're making, not just let's panic and shut it down. It's all about signaling. And I think it just really resonates well with retirees who are leaning on their portfolio to say I can afford to be more aggressive if I adhere to a rules based approach where the 4% rule is just, it's a little more static and kind of lacks some, some of the, I guess the key dynamics that we really look to apply to a real life situation.

Yohance: So it sounds like the 4% rule, then is, can be if, if some planning is applied to it, the 4% rule winds up being almost a baseline or a more conservative look at what's possible when the real number thanks to what's his name, you know, his name that's on television all the time. Supposedly. If we say his name on LinkedIn, we go viral. The financial advisor guy, Dave Ramsey. Yeah, I think it was last year where Ramsey said that, I think he a hot take. He said that you could actually withdraw like 10 of your portfolio or something. And yeah, because he said the average mutual fund returns, yeah, 15%. And I was like, okay, there is maybe one mutual fund that did that. And yes, if you happen to buy that mutual fund in 1983 like you did, sure, you can do a 10% withdrawal and yeah, you got 15% compounded returns. But not everybody's going to get that in their 401k. That's calling in. But that's, that's just my thoughts on the matter.

Tyler: And I think part of it though is like just, it's a matter of setting expectations, of being conservative in the right moments. We're never going to promise somebody them moon and say like yeah, we are going to get 10%. Like yes, you can always point to something that did earn that amount. But it's about being realistic too. And not only realistic, but also trying to account for inflation as well. Like the 4% rule, I guess by, by way of its own, it does kind of account for inflation because it's 4% of a growing pie, assuming you're eating some returns on your money. But the guard rails actually have some inflation assumptions built into it where you get some inflation bumps as you go. But if the market's negative, then you just don't get an inflation bump that year. So it helps you kind of keep up your spending as things get more expensive. And for us it's all just rules based. And if we can just adhere to a set of rules that has a long history of, of playing out with a high degree of confidence, then we're, we're going to sit there and just continue to adhere to those rules because it just makes it. Put it this way, the more we can remove emotion and behaviors from the, from the conversation, the better off things are. I mean that kind of goes right back to why how dare you hold $250,000 in cash when the market's returning. If you're Dave Ramsey 15%, 10%. It's like it's not about optimizing every dollar. It's about making sure you have an optimal plan that can absorb all those unknowns that we can't pretend to know at this moment in time.

Yohance: Indeed. So, Tyler, let's shift to the book.

Tyler: Yeah.

Yohance: So is this your first foray into being an author?

Tyler: It is. First foray outside of just some sloppy handwritten notes or a couple blog posts. But yeah, this is first time published work. It was very. It was much different than writing a blog post for either stay wealthy or our defined blog. So very humbling experience, but fun nonetheless. I was remiss that I didn't say yes to the first one. I was. I remember when I signed up for it, I did all like the walkthroughs with the agc. And then when it came time to like, all right, this is real. This is the timeline. I was about to have my second kid. The business was like busiest ever been. We were kind of like starting to grow and completely understaffed. And I was like, I. I can't in good conscience say yes to this book. So when it came, the first one did well enough. I definitely jumped at the opportunity to participate. So how about yourself?

Yohance: This was my first as well. Other than some newsletters and blog posts and occasional, occasional rants on LinkedIn, congrats was this was the first. And I promised a mentor that I would continue and begin writing my own feature length film, if you will.

Tyler: Nice.

Yohance: It's a lot harder than writing a chapter. I will share that with you. Yeah, it's, it's. But. But I'm excited now that I can see the output and like, okay, I'm excited about this. My favorite part of this was when we were choosing the covers, it all, it just became so real. I was like, oh, wow, we're actually picking the COVID It was pretty cool.

Tyler: My only fear when we were picking the COVID I just felt like because they went through so many iterations, I was like, I'm pretty sure this, my comment on this one just contradicts my last comment on the last one. I gotta remember what I say next time.

Yohance: No, I just said, I'm just gonna deal with what's in front of me. Like, it's a. The target is moving. Great. Okay, well, I'll just shoot this direction. But yeah, I was happy that I did for the COVID we have. I did say I thought this one was okay. But then when I found it was it, I was like, oh, it's great. It's amazing. Better than whatever I said before. This is it. Because it became it. So.

Tyler: Which I'M excited about definitely simplified. I think I. There was like a one with like rainbows or a couple like multi colors on it. That might have been the one that I, I like the most. But I was probably channeling my inner 4 year old since they're all about rainbows and colorful drawings.

Yohance: I. I know all about that. I know where's. Is there. Yeah. So rainbows and colorful drawings. Yep. Yep. They're.

Tyler: Oh, perfect.

Yohance: Yeah. Yeah. For those of you listening, I'm pointing to the things behind my head that are. That my daughter drew.

Tyler: Yeah.

Yohance: Hey, thank you. So, yes, that's where you find me is on YouTube. If you're listening right now, you can also watch us and see our beautiful faces. But Tyler, for people that want to find you, how can they find you?

Tyler: That's. That's a good question. I. I have not been the face of Defined Financial all these years. I've been in the background for the last seven. But I.

Yohance: Now you're a published author. No, you are a face.

Tyler: If you Google me, you find me. But like, yeah, I'm not, I'm not really big on social media actually. It's something that's been a goal of mine this year as we kind of get staffed up and get some more processes in place. But no more excuses. With this book, I've taken a bigger effort of getting More active on LinkedIn. You can find me on LinkedIn, you can find me on Instagram, you can find me as an occasional contributor to the Stay Wealthy blog as well as the Defined Financial blog. Those are run by my friend, longtime partner.

Yohance: Yep. We'll put links to both of those in the show notes. Indeed.

Tyler: But yeah, pretty much. I always think that as we were building, as we were growing this firm, it was like, you know, there's nothing I could do from a marketing standpoint that Taylor wasn't already doing a thousand times better than me. And I was thinking from a planning standpoint you could probably. I'd hope he'd say the same thing about me. So we kind of stayed in our lanes and that's kind of turned into, I guess me being a little more of a recluse or a hermit here. But it's fun to get out and share just some of our experiences and I look forward to doing more of that in the future. I can't say I'm going to commit to a whole book, at least not in the next two years. But in terms of generating more content, I've got a blog post coming out here shortly that I'll be on the Stay Wealthy podcast talking about with Taylor on just some research that we've been doing with Social Security. So starting to get a little more academic, if you will.

Yohance: Oh, wait. Oh, no, you can't. Nope, Nope. Taking the bait on that one. So are you investigating this whole Social Security going broke in 2032 thing? Does it have anything to do with that?

Tyler: It does not. It is. It is way more objective than that. Yeah, I. We get questions on that all the time, and it's just like, we can only deal with what's right in front of us. I will say the only thing.

Yohance: Understood. But it's. But. But, Tyler, it's around the corner. Like, like we're talking within five years now. We're talking within what, two more congressional elections and two more presidents. Like, this is. We are at the point where if we don't do something, Social Security, it could be subject to a 20 cut. I mean, how. I mean, do you. Do you just have more faith in our folks up in Washington than I do right now?

Tyler: No, I, I don't. What I, What I can say is we're only working with retirees, so I guess my, My, My vision is a little more narrowed. They're not gonna. If they take it away from people who are already earning it, the world will burn down. Yes.

Yohance: Okay, we're. I agree with you there. Yeah. If they take it away from people already earning it, like, so you and me.

Tyler: I wouldn't count on it. I'm not counting on it. Any of my planning work. The one thing we are doing for our retirees to attest to that same thing is. Or try to plan for that same thing is, look, we don't know what's going to happen, but we just nerf our cost of living adjustments and our planning work. So Social Security traditionally is about two and a quarter percent for the last 20, 30 years, annual living adjustments, but we bumped that down to one and a half. And so, like, eventually we start to see in later plans as we project things out through 100, that we don't keep up with inflation as a result of that. So that's one way we try to plan it in. But like, I just. I'm hard pressed to think that they're going to take it away from people already earning it, especially if you really want to get nerdy about it. With the, The. The. One of the last acts of the Biden administration was to eliminate the windfall elimination provision and the government pension. That was only to help retirees and people already earning it they're not thinking about anyone else who hasn't yet claimed. So that pretty much to me said, let's just not plan on any of this. If I was planning for 35 year olds like myself, I would just say forget it, get used to paying into it and because you're self employed, paying in double. But you won't see, you won't see any of that money. So have fun with that.

Yohance: Okay. All right. So yeah,

Tyler: I could talk about that for a long time. But yeah, those are just.

Yohance: Yeah, we can nerd. That's for a different podcast. I'll have to bring you back for the only human podcast where we can nerd out as advisors and have advisor speak. You know, on here I made you explain sequencing returns. On the other podcast I would said adviser. If you don't know that yet, look it up. So here on the Money Script podcast, there is a question that we like to ask all of our guests. And you surprise did not get this question in any of the prep work, but if you listen to an episode or two, maybe you picked up on it. So the question is, Tyler, what is your first memory of money?

Tyler: My first memory of money was I was seven years old and I should say earliest and most impressionable. I was 7 years old and I just started playing baseball for the first time. And it's just very, very relevant because my son's starting his first. He's in rookie ball right now. So it's like it's machine pitch, so it comes out 40 miles an hour. Like you gotta hit. My mom told me. And of course like you go through the first few games, you don't get any hits. And at that point in those days, it was kids pitching to kids. And like, you know, you get hit by pitches, balls are going all over the place. But my mom said, if you get a home run, I'll give you 100 bucks. And so it's like second to last game of the season. Guess who knuckles up and hits their only home run of their entire baseball career from 7 to 14? I did. And I took that hundred dollars and my mom took me to the bank and I opened up a bank account. And so I just got done telling my son that same exact story. No more than a week ago, he was asking, did you ever hit a home run? I'm like, well, actually there was a spot in time.

Yohance: How old are you, Tyler?

Tyler: I'm 35.

Yohance: Okay, Tyler, this one's for your son. Make sure he hears this part.

Tyler: He's not gonna listen. I'm gonna specifically black out this episode.

Yohance: Oh, no, no. He needs to hear this part. He needs to hear this part.

Tyler: Hey, he's already agreed to 50 bucks a piece, so it's good.

Yohance: Yeah. No, no, no, no, no, no, no, no. Do not do that to him. Let's see. I'm doing the quick math here.

Tyler: Gotta be 300 my guess.

Yohance: Oh, wait, I did it wrong. Present value. Sheesh. I should have just did the rule 72 to get us there. 28 in future value. There we go. Oh, it's not too bad. So tell your son that the home runs are now $228.79 a piece.

Tyler: 28. You got it. You got it. Well, in his mind, he's still young enough to think that getting $50 for me and $50 for my wife is probably somehow more than a hundred. So I hope he hears that kid a thing or two about money. We.

Yohance: We do.

Tyler: We do.

Yohance: And start it with inflation. So, Tyler, thank you so much for spending some time on the Money script podcast. Thank you for being a contributor to Even More Than Money. Really enjoyed your chapter. So my team, we're reading the book right now, so we're actually coming up on Money is for Dreaming. So I'm excited to. To see how they start dreaming a bit about the money that. That they have. Team. I'm meeting my the Invest employees here on the team. And will I see you at Future Proof coming up here soon?

Tyler: I will. This year I will only be there for the golf outing, which is actually only. It's on Sunday at noon, so I won't be at the house. Are you gonna be there?

Yohance: I'm playing golf. I signed up.

Tyler: There you go. Cool. Yeah, no, I'll see you there.

Yohance: I. I went out and. Because it's hot in Texas, so there's not a lot of golf going on this time of year. But I did get to the driving range this weekend and for the first time in my life, I hit a 308 yard bomb and it went straight.

Tyler: Nice.

Yohance: Now what did every other hit now I'm still sore from that swinging. Yeah, but 308, my average is like 255. This is the first time in my. And my longest was 268. So it's the first time anything with that far, I, I immediately put the golf club down and got my truck and drove home.

Tyler: It was like as I said, you can't, you can't expect. You can't come to expect that because you're going to get a whole lot of heckling on T1 over there. Have you, have you played in the. The AGC or the.

Yohance: Oh, yeah, yeah, yeah. What? Not last. If it was. Was it last year or the year before? I think it was last. I want to say it was last year.

Tyler: Yeah.

Yohance: Yeah. So.

Tyler: Well, I look forward to getting out there. And if you don't hit the fairway on your first drive, you better believe

Yohance you'll be hearing from me, please. That's just why I'm out there practicing. I'm like, okay, I'll be back this weekend.

Tyler: So cool, man. Well, I want to thank you for having me on. I really appreciate you setting this up and, and yeah, sharing a book contribution with you is awesome. Just some of the names on that book are just amazing to be even mentioned with or much less printed on a page with. And I guess the, the last thing I'll say is I love the work that you do in the behavioral financial planning space. Taylor and I are always talking about your various episodes or hey, check out this, this episode from Mule Hunts. It's something that, that we certainly follow and it can apply into real financial planning scenarios that are just beyond the dollar, which is a lot of what this book is about. So it's a great theme to carry through in our personal lives as well as our professional. And yeah, you can find this book anywhere. Amazon, Barnes Noble, Target, Walmart, anywhere you can buy a book, you're going to find it. So, yeah, look forward to. I probably won't pass any of your other advisors here soon, but there's been a name that has been mentioned that I hope I get more clicks than and we'll see what we can do. If I do, I'm going to tell them about it in future proof.

Yohance: All right. I'm going to make sure you have your individualized link set up.

Tyler: All right, Johance?

Yohance: All right.

Tyler: Much appreciate it. Love what you do.

Yohance: You too. Take care.

Tyler: See in a couple weeks. Bye.