TPWM 6-26-21 FINAL.mp3: Audio automatically transcribed by Sonix

TPWM 6-26-21 FINAL.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
The following page program is prerecorded and sponsored by Take Point Wealth Management on the Nature Coast of Florida take point on retirement, a well rounded show from a well-rounded team leading you into retirement. Listen, Saturday mornings for an hour of simple retirement advice from your friends at Take Point Wealth Management, Saturday Mornings seven thirty four Garnette is an investment advisor, representative of Retirement Wealth Advisors Inc. and SEC registered advisor Take Point in wealth management. This station and RWA are not affiliated. Exposure to ideals and financial vehicles discussed should not be considered investment advice or recommendation to buy or sell any financial vehicle. This information should not be considered tax or legal advice, and individuals should consult with professionals specialized in fields of tax, legal, accounting or investments regarding the applicability of this information for their situation. Past performance is not a guarantee of future results. Investments will fluctuate, and unredeemed may be worth more or less than when originally invested. And now that we got that out of the way, it is time for Take Point on retirement. It's a show brought to you every Saturday at this time and only on this station from some good friends of mine. Take point wealth management along the Nature Coast here to assist you into a stress free retirement, judiciary services and so much more. Whatever the case may be, their goal is to lead you into that stress free, financially secure future. And that's why the professionals make their way into the studio every Saturday. I'm J.W. once again. Good morning and welcome again. Take point. Wealth management can be reached at three five to six one six zero five one one at three five to six one six zero five one one. Lead advisor retirement planner Eric Arnet and of course, Randy Woodruff is usually in the studios arantes here. Eric's not because they've been awfully busy at this point, wealth management, but they do have room for you three five to six one six zero five one one. Randy Woodruff, good morning, sir.

Speaker2:
Good morning, J.W.. Glad to be here. Yeah, yeah. Eric is actually on a training seminar this

Speaker1:
Week that's so important.

Speaker2:
Went to Nashville. Yes. In the financial services, brought in the CPA profession, as well as other other businesses out there. Continuing education is such an important part of staying on top of all the latest developments and then all the latest ideas. And I'll use the word techniques as well as that could be beneficial for customers and clients to perhaps take advantage of. So Eric is in Nashville and getting some three days of some pretty intense training and new things that are out. So I'm looking forward to hearing from him. He gets back and the things he's learned up there.

Speaker1:
So now is this part of the Securities and Exchange Commission or is it something that as far as fiduciary services go, maybe a second step or a third step for those that are seeking more qualifications? Or is it just standardized and standardized?

Speaker2:
So like, for instance, me as a CPA to have had eighty hours of continuing education every two years? Oh, OK. So it's just basically keeping up with the latest and greatest, I say, tax codes in terms of the CPA world or tax changes, of course, in the CPA world and in the financial services business. I mean, we're reading every day. I mean every day. I get an email from my tax research company every day except the weekends of not so much things that have changed because tax rules and the code doesn't change every day. But there's always, always new private letter rulings coming out, court cases that are getting decided that have an impact on how the tax code is being interpreted. And then, of course, in the financial services world, there's all kinds of new services and I should say new products as well. That's the main thing is all kinds of new products coming out there. We've talked on this show many times about how just with annuities or life insurance, so much has changed in the last ten to fifteen years and and how one Orsay one product can potentially cover a couple of different risks if it's structured properly. So so estate planning is a big area as well that we help our clients out with. So I'm sure executing some of that latest and greatest ideas up there as well. So looking forward to him coming back and sharing with me what he's learned and also with the listeners as well, what he's learned while he's up there

Speaker1:
All to benefit the client, of course. And that's what it's all about. You, the client will take point wealth management. Let them take the lead on your retirement, three five to six one six zero five one one, but so much more than just retirement and financial security. And listening to Randy Woodruff, who is a team member of Take Point Wealth Management, actually helped Erik Arnett, lead advisor, retirement planner, start take point wealth management, also CPA as well. Randy Woodruff in our studios. Erik Arnet going through some training at this time, so was unable to join us. But once again, Randy Woodruff. And if you'd like to introduce yourself real quick before we get started, Randy, for some of our listeners that don't know about take point, Erik or yourself, how are you tied in with take point wealth management? What other services do you offer? You have your own CPA firm, of course. Tell us how it all happened from the very beginning.

Speaker2:
Great question. So I don't Erik, for 20 years he moved to town, town being Burstow, Springhill, everybody. Twenty plus years ago, we met pretty much as soon as he got here. I've been friends ever since and Erik was involved in trust department management and. Services for years with some banks here that are in town and then about 10 years went on his own, and then we we collaborated about two or three years ago and formed Take Point. We're partners in that business together. We office together. So I walk down the hall. If I have a question that I have that relates to what we do together, a take point, how we can help a client out, he'll walk down the hall and ask me questions about taxes when he's with a client or call me into a meeting. Worked with the people in the past has always worked well. But having someone in my office that I'm actually a partner with is worked out so much better for me because it's a much deeper commitment to each other in terms of being in business together to win, doing what's right for the client being available and just solving those client problems right away, as opposed to the client having a discussion, getting up, leaving, having to go to another office with another adviser a week or two later, you just lose a lot in that transition. So being able to take office together, to talk pretty much every day and to work on clients together simultaneously has really made a difference in our our practices and for our clients. You know, they they really enjoy the fact that we're right there and they can call one or both of us and get questions answered.

Speaker1:
That's great. Like, if you ever have to go to court, you want to make sure that the attorneys and a team is on your side and available at your disposal, and that's what they do. I take point wealth management. They do have attorneys at their disposal, by the way, as well as CPAs and so much more, three five to six one six zero five one one. That's three five to six one six zero five a one one take point wealth management along the Nature Coast, whom I recommend. And you can see and hear from Randy Woodruff the quality and professionalism out of take point wealth management in their offices and not just one office. They have several offices up and down the Nature Coast. Isn't that true?

Speaker2:
Yes, it is. You mentioned also, too, that I have a CPA firm, Suncoast CPA group. My father started the firm back in 1974. I came on in ninety four from college and I have an office and works for anyone in Spring Hill and service, you know, a vast array of clients in terms of many different industries. You know, being around here for Bascome was it is actually my twenty seventh anniversary or year that I started at the firm twenty seven years ago. So here again before I got here, since I've been here, our firm has been involved with so many different kinds of businesses, be health care and construction and real estate and hospitality and the service industry. And we've had several little niche industries as well over the years that clients that have had some really unique businesses that we've worked with over the years as well. So our firm does tax returns for individuals, corporations, partnerships, estates, trusts, produce for nonprofit work. We have several people in our offices that are certified in cookbooks, has become a very useful program for for most small businesses. I could think back when when cookbooks first came out and we had a client, we had a kind of cookbooks, it was like, oh my gosh, the books are going to be a train wreck because they were people. It was so new. It wasn't near as User-Friendly as it is today. People were new to it. So we had, you know, back in the 90s, if someone came in and cookbooks, it was like, oh, gosh, this is kind of a mess.

Speaker2:
But now we have so many of our clients on cookbooks and actually a lot of people know how to use it. Well, it's actually made up made I say accounting, if you will, a whole lot easier for us has gone from data entry to more being a consultant, you know, a software consultant and and doing more of the advising of the client, how to properly prepare financial statements that can have instant access to help them run their business and hopefully run their business more efficiently and more profitably. So great software that's come out over the years, that's really benefit small business. And I'm also a realtor, licensed realtor, and I've got two other business partners, Anthony Conatus and Rob Rodriguez. And we both have our office, our licenses at Berkshire Hathaway. We have a team called the Suncoast Team. We have several realtors on the team as well, and working with clients up and down the Nature Coast. And just like it's worked out well with Eric. And I take point, the same things happened in real estate. I've had clients that we've had clients for years. They've got real estate, they have needs. They want to buy some property, sell some property or to buy a home. They want to buy some commercial rentals or residential rentals, been able to work with Anthony Rob and transition his clients over to them to help out meet those needs has been very, very beneficial.

Speaker1:
Well, you're listening to the voice of Randy Woodruff, a team member and part owner of Take Point Wealth Management in Business with Iran. That lead advisor, retirement planner. As you can hear, there's so much more to take point wealth management can offer you other than just a sound secure portfolio. You need to give them a call today. I recommend and suggest take point wealth management three five to six one six zero five one one. And of course, your main office is in the Brooksville Springhill area, Hernando County. And you also have offices where else?

Speaker2:
We are opening our offices back up in Tampa in West Chapel area, and then we have a satellite up in Ocala area as well. Right.

Speaker1:
So within our listening area. So as you're listening and you got your choices, they'll come to you. You can come to them. But the first step is always the most important thing. You need to take that first step now to make sure that you've got that secure, stress free retirement in place. Your plan is important if you fail to. Plan that you plan to fail every five to six one six zero five one one three minutes left before we're going to take a break, Randi. So talking about real estate, you want to talk about that more or do you want to wait?

Speaker2:
I do. I want to share with you I want to close this segment out with a story, but I want to talk about real estate next segment, too. But I want to share with you, with you a real life example that happened with our real estate team, probably about million last month or two, as we all are, where real estate right now is so hot right now. Real estate prices are. We've all heard stories. We heard the stories back in the day, back in, you know, four or five, six, seven, where they were multiple offers on homes. That's happening again, even more so now than it did back then. You know, one of the things that if you're selling your home, you're going to be careful of is are you pricing it correctly? I want to share with you a story, a brief story of how we did that for a client and how we really helped them out if one of our team members get a lead on a listing from a colleague of hers. And so just looking at the property appraisers website about the details of the house, we came up with a value of like two hundred twenty two hundred twenty five thousand dollars that we were going to go out to the house and we did. But we got out of the house, realized the superior quality of construction and other upgrades that were not visible in the pictures on the property appraisers website. We actually won that listing in a house for two nine when I'm getting an all cash offer in the mid to 50s. And it did close. So it's very important that if you if you want to list your house or any other kind of property in this time, that you make sure that your realtor has experience as a lot of experiences and just, you know, in the game for the last year or two, but has been around, you know, real estate and construction, like Anthony's been in a real estate appraiser in Hernando County for 25 years.

Speaker2:
And so he's appraised or been involved in appraisal reports with his staff, thousands of homes. You know, so that experience is very important to help a client achieve their, you know, basically their top dollar, if you will, in terms of the sales price. And in these times right now, more than ever, you really need somebody that knows the market. And here again, if most agents should go out and take a look at the home, they're going to be listing because they have to take pictures and everything. Anthony, knowing the quality of the construction and being able to see it, identify it, having been on the appraisal side, looking to build value to place a hopefully the highest number possible in the appraisal business, he's consciously looking for ways to build the price up, to get the highest value possible and the appraisal. And he uses that same technique, looking to put a price on or an estimated value for a client that's looking to sell their home. And Anthony's training all of our agents and he'll go out with them as well. If they have a more complicated type home, Anthony will go out with them, spend time with them and show them what he sees and what he's looking at. So is they in their career, they'll be able to identify those things, those same things, and help add value to a client.

Speaker1:
So that validates the example that you gave us with that story then. That's because that's what facilitated that sale, basically, correct? Very good.

Speaker2:
So the team has a lot of depth. You know, my other business partner, Rob Rodriguez, he's also a licensed mortgage originator. You have if you're helping a client sell the home and they're the buyers having a hard time getting financed. You know, Rob, to his affiliation with the mortgage broker here he works for has access to all kinds of different products, all different kinds of lenders can help that, get that client find the best rate and hope for the best loan as well to help them, you know, secure that home if you're looking for a home. We'll talk about that when we come back from the break. But if you're looking to buy a home right now, we'll talk about how difficult it is and some of the ways you can prepare before you start actually looking to make sure that you have the best chance of securing that dream home,

Speaker1:
If you will. Looking forward to that, because as we know, we see it everyday in the news that the real estate market here in Florida especially is just always making news on a daily basis. And we're looking forward to hearing what Randy Woodruff has to say next. A real estate agent, a course certified public accountant and a team member of Take Point Wealth Management, Judiciary Services up and down the Nature Coast here to assist you, three five to six one six zero five one one. By the way, speaking of assisting you into a financially secure future, a stress free retirement, they got a consultation, financial analysis and evaluation they want to give to you, our listeners, for free. It's a fifteen hundred dollar value, folks. If you give them a call now, that's yours. Once again, no obligations, no cost free, five to six one six zero five one one a fifteen hundred dollar value through take point wealth management. Ask for the take point blueprint on retirement. It's yours just for calling them to day three five to six one six zero five one one. We'll be back after this. Take point on retirement, a well rounded show from a well-rounded team leading you into retirement. Listen. Saturday mornings for an hour of simple retirement advice from your friends at take point to wealth management. Saturday mornings, seven thirty. Be smart girl, take point wealth today, three five to six one six zero five one one or take point wealth dotcom to learn more.

Speaker1:
All right, here we go as we continue into your stress free retirement, a show called Take Point on retirement. Why is that? Because Take Point Wealth Management is the sponsor of the show, and it's all about your stress free retirement. So, once again, as we turn over the microphones to the professionals in the studios, Eric Arnet, lead advisor, retirement plan or not, with us today. It is a prerecorded program, by the way, aired on Saturdays at this time and only on this station. But lead advisor retirement plan or garnette? Not with us today in his place and is always here almost every week is Randy Woodruff, certified public accountant and part two of that Take Point wealth management team. And he offers so much more, as you heard earlier. If not, he'll once again tell you why he's qualified, the professional in the field and ready to help you and assist you into that financially secure future. Three five to six one six zero five one one is the number to call if you need a judiciary service. Now, they're the ones to find wealth management up and down the nature coast within our listening area, three five to six one six zero five one one. Once again, Randy Woodruff.

Speaker2:
Thank you, J.W.. We rounding out that last session, last session. I wanted to start this one out with with some recommendations on people that are looking to buy a home. And as we all know, the real estate market is hot. And you probably heard bidding wars going on. Yeah. If you're looking to buy a home, you definitely want to make sure you're well positioned in terms of your been preapproved for a loan. And you also have plenty equity put equity to put down. What we're seeing quite a bit of is that homes are going for 10, 20, 30, 40, 50 or more thousand dollars over the asking price. And if you're going to be able to close on a home that's going that much over the asking price, you're going to have to have some cash to put down is probably not going to appraise. And so you're going to have to have cash. If you're if you're financing, you had to have cash to put down to cover the shortfall. And you need to have significantly more than that to put down. What we're seeing is on on quacky homes, multiple cash offers in excess of the list price.

Speaker1:
That's what I'm hearing. And cash always

Speaker2:
Wins. Cash is king. As the saying goes, cash is king. But if you want to have an opportunity to to buy a house in this market and you don't have enough cash to pay for the entire thing, you definitely want to call the Suncoast team. I'll give you I'll give you our number there at the end. Actually, the number is one digit off of the take point. It's three five to six one six zero five one to allow us to give my cell phone number out as well. It's three five two five eight five thirty eight forty one. Please call either number to get a hold of the Sancho's team and we'll get you in contact with Rob Rodriguez, one of our our team members, and he can help you get that mortgage in place, because if you can't pay for the house cash, which a lot of folks can't pay for a house cash, you want to make sure that you have already pre-approved. And here again, you need to have plenty of of cash to come to closing with because you just want to if you want to buy a house and you're you're going to finance it and you're going to put 20 percent down, don't have any other cash to basically make up that difference between the list price or the appraised value and what the contract price says is going to be next to impossible to find a house in these times.

Speaker2:
Right now, I know it's going to end any time soon. As I mentioned, I'm a realtor and I spend most of my time working with with commercial clients and doing it also. But with business brokering, I belong to a service called Co-star and I get an email every day. And one of the things they've talked about over the last few days is there is a significant shortage of apartments and single family rentals, you know, so there's also a significant shortage of people of home for people who actually buy as well. So there's a housing shortage and it's more acute or more noticeable here in the southeast and basically the entire south of the U.S., you know, from Arizona to Texas and Florida, Georgia, the Carolinas as well. But definitely people when they're retiring, you know, they want to be in the sun, you know, they want to be out, maybe go outdoors and spend most of their time outdoors in retirement and or people are coming here from these northern states that were, I'll say, more draconian in their in their actions taken for covid than we were here. And we all heard of the lockdown's that were going on up there. And thank God we live here in Florida. We did have those lockdowns. We're pretty much free the whole time. And people are recognizing that.

Speaker1:
And some of the states are still partially closed. They are.

Speaker2:
So it's going to be difficult for a while to find a house here in Florida. Back to you. You may want to just try to build a house that may be your best bet. You get the time, the way you find property. If you can find property, there are there are again, lot prices have shot up significantly. I was buying back in 2015. I bought a dozen lots. Central Highlands on a paved road for between four and five or six thousand dollars apiece. Now they're going for 30s and 40s or more, the same lots. And so so, yeah, the prices have definitely shot up. I'm actually building houses is where I get to inspect homes under construction. So I'm having a hard time myself, finding lots to build back homes on. And so before I could, you know, basically easily find him, now I'm I'm having a problem. So, yes, it is a challenge building a home as well. But I think if you need to go through a conventional loan process, we don't have a lot of equity to put down to to pay cash or are be way above that 80-20 rule. You know, 80 percent loan, 20 percent equity and a mortgage. Your best bet probably is to build a house. You have to wait because it's taking about three to four months to get permitted on a house and then to build the house is taking depending upon the house, your building could take another, you know, nine, 10, 12 months or longer. So you could be potentially, by the time you find a lot closed-in a lot get permit to get the home because you could be year and a half out as well. Mm. So those are the realities, the unfortunate realities of real estate in Florida, which is I mean, if you have real estate, you're selling it. It's great that Riadh is great. You're trying to buy real estate here in Florida. It's not a very pleasant reality, but it is. You know, it is what it is definitely

Speaker1:
A seller's market.

Speaker2:
Yeah, it is. But being prepared, you know, knowing what what's what's going on, being prepared, like I said, getting, you know, getting with us and letting Rob Rodriguez help you get the best mortgage. And then we do have buyer's agents as well on the Suncoast team. They can help you find that dream home as well. But here again, be patient with us. It is going to be difficult.

Speaker1:
Speaking of building the home and real estate here in Florida in general, we see it trickle down, like you said, even with the apartments and single family homes or duplexes or condominiums, whatever the case may be, you can see that because folks are moving down here expecting to purchase a home, can't find it or within their range or whatever the case may be, and they're being locked out or shut out. So they have to look for other housing arrangements. So that's why the apartments are being taken up. And it's not just that, but people that are seeing the price that you can get for their home. They want to just go ahead and say, well, dump it now and get that price way above what I'm asking or would it's appraised at and not having a place to move because it's far outweighs their expenditures to get a new house somehow or another. So you're looking for housing arrangements as well. And that's why you see the apartments in the duplexes. Enough are filling up as well. But speaking on new home, just

Speaker2:
Housing's got a lot more expensive, too. I was reading on co-star this morning and it was yesterday. I think I forget the time frame. But maybe five years ago, six years ago, the average cost of a home was three and a half times someone's annual family's annual income. Now it's up to four and a half. Really? Yeah. So the five, six, seven years has gone up significantly in terms of what it cost for based upon your income, what percentage of your income is taking has become greater. So people are finding that because of all the price increases, especially in hot markets like Florida, Texas, Arizona, they're being priced out of the home buying market and they're having to rent. They want to be in Florida and they can't afford to buy anything. So they're having to rent. So multi-family apartments, duplexes, triplex is they're hard to get into here as well. I've even hearing people are buying, you know, a motor home, a fifth wheel, and there's no room in RV parks either. Wow. Yeah. So people are getting in Florida any way they can.

Speaker1:
So so we'll starting to see inflation in that area and taxation as well. That's playing a part in that, I'm sure. But as far as lumber futures, you know, we saw just recently, only about three months ago, how lumber prices were skyrocketing and all of a sudden lumber futures are down 30, 40 percent. You know, if you're building a new home, is that good or bad on the economy?

Speaker2:
So I think the price of lumber coming down is definitely going to be going to be good. I mean, there's there's now we've had to significantly increase the cost of our spec homes because of the increase in in lumber prices. And we've had to stay on top of those price increases to make sure we don't wind up getting behind and potentially losing money. So we're very much keeping track of all the costs that we know where the price of houses that appropriately if we actually put them on the market. So so I think because of covid, you know, there was some supply chain disruptions across all different kinds of industries, heard stories that maybe some of the supply chain disruptions were. You know, I will say they were on purpose, but they could be they could have been maybe they weren't as acute as they were made out to be. And some of them may have been some some price increases. It didn't need to be there. I'm not saying that happened, but I've heard that rumor. Not sure if that's true or not. But overall, you know, getting all these commodity prices back in line and getting the supply chain problems worked out would definitely be good for the economy, make it more predictable. People can make good decisions.

Speaker2:
You know, it's one of the things we talk about with Take Point is trying to take trying to take the volatility out of retirement. Same thing with real estate right now. Real estate is very volatile. So if you're if you're looking to get into real estate, I had a conversation with someone yesterday about not buying a house and it was going to be a house they were going to live in for many, many years. And they were asking me, you know, should they go ahead and buy at these elevated prices? I'm like, well, you know, you have to live somewhere. It's we always like we always like to buy low, sell high, whether we're buying real estate, buying stock or whatever it is we like to buy low, sell high. We all do. But sometimes we just can't time it that way. So I would say general advice. I would say if you had you if you need a house and you have the cash to go ahead, buy a house, try to get the best deal that you can try to buy in an area that you know is the is going to stay. The prices are going to stay elevated. So when you do get ready to sell, you're going to you may still make money as well.

Speaker2:
When you when you go and sell your house and try to buy a home that is easy to resell. There's homes out there based on the way they were designed or based upon where they're located at, are not going to be easy to resell. So try not to try to put all those things into consideration or take those into consideration. When you're looking to buy a house back or all those things in when you get ready to resell, you could hopefully get the the highest resale value. But if you have to live somewhere, you know, and you're going to be here for many, many years in Florida, go ahead and buy something, try and get the best deal. But I don't know that I would be buying up a lot of investment properties right now with the prices the way they are, we kind of let things kind of settle out, you know, after a year or two. But here again, there's always deals out there. If you look hard enough that always, you know, in a situation they have to get out of it. We have to put some money into something. You're going to redevelop it or going to get it resold or whatever. But there's opportunities out there just harder to come by.

Speaker1:
We're listening to Randy Woodroffe, team member, take point of wealth management. He is, of course, part of that team. Take point. Randy Woodgrove, also a certified public accountant and a real estate broker. Eric Arnet, lead advisor, retirement planner with Take Point Wealth Management, is in training as we speak and record this prerecorded program that plays every Saturday at this time and only on this station talking about real estate, especially the boom happening here in Florida. And before we move on, we've got to take a quick break, but we will be back. Before we do that, I want to ask one last question of Randy. Randy, what is the difference between an assessed value and an appraised value assessed value?

Speaker2:
Great question. Assessed value is typically what the local property appraiser will assess a home for, and that's where it's assessed for for property taxes. Appraised value is the true fair market value. And typically those are never the same. Right. I know right now your assessed value is probably going to be lower than your appraised value. As we saw back during the Great Recession, the assessed value is for a few years there was higher than the appraised value because home prices were dropping 10 plus more percent per year.

Speaker1:
So underwater is what we

Speaker2:
Said underwater, way underwater. So but yeah, but typically now the assessed value is less than the appraised value. So I've heard people talk about just going off the assessed value to come up with a value for their home. And those are the ones that are pleasantly surprised by how much your home is actually worth in this market. Right.

Speaker1:
Ok, that's why you got to be careful. That's why you got to seek the professionals. That's why we bring them to you right here on this station every Saturday. Seven thirty eight thirty professionals in a studio to assist and help you give you the answers that you need and are looking for in this time and day. It's so important, especially when you're looking at retirement, getting up in those years. You got to have that stress free retirement in place. You've got to have those plans in place. You got to have take point wealth management on your side, their phone number three five to six one six zero five one one three five to six one six zero five one one. Check them out online and take point. Wealth management dot com search engine take point. Well, that'll bring it. Eric Arnett, Randy Woodruff and the crew at Take Point Wealth Management offices up and down the Nature Coast within our listening area. They're here to serve you and ready for you to call them. Also take advantage of that blueprint that's right there, 1400 of our value. That's the take point blueprint on retirement. It's a fifteen hundred dollar evaluation, analysis, consultation. You're free. And we're not talking just a fifteen minute sit down, folks.

Speaker1:
We're talking days that they'll take with you to make sure that you're in the right place and they're in the right place as well. Together, working as a team take point. Wealth management, that's what they're all about, three five to six one six zero five one one. It's a fifteen hundred dollar value that take point blueprint on success in retirement is yours for our listeners today. Five to six one six zero five one one, don't hesitate, call now and we'll be back after this. Let's take a pause for station identification. You're listening to ninety nine nine FM WAAX job. Homosassa retirement is important. That's why I would like to introduce you to Take Point Wealth Management, a group ready to lead you into the best years of your life with financial responsibility, market management, asset protection and resources to simplify your future with stability, honor, integrity and plain old hard work. Take advice from those with your best interest at heart. Take point wealth dotcom piggin point for you in sometimes uncertain territory. Past performance is not indicative of future results, which may vary. The value of investments and income derived from investments can go down as well as up.

Speaker1:
Your returns are not guaranteed and a loss of principal may occur. Just some important information to pass on to you from our friends and take point. Wealth management, my friends as well. And I'm so proud to introduce them to you. Take point. Wealth management is here to assist you into that stress free retirement that financially secure a future. It's all found through point wealth management. Whatever the case may be. You have a question. They have a lot of professionals on their side, a lot of experience, a lot of training. And you can see that through their years of experience right here in the local community, up and down the nature coast of Florida within our listening area offices to serve you and of course, their webinars as well, where you can reach out online, fill out a simple form and their website can do all that online. Once again, it take point. Wealth management, dotcom lead advisor, retirement planner Eric Arnet, speaking of which is in training as we speak in his place once again. As always, Randy Woodruff to continue this program called Take Point on Retirement. We've got certified public accountant, a real estate agent, take point team member Randy Woodruff.

Speaker2:
Let's transition away from real estate and get into some retirement planning topics that we show is all about. And we talked a little bit in the real estate part of the program. Some volatility right now in real estate with commodity prices and just construction and also just buying homes. There's there's lack of supply. So prices are volatile. If you're looking for real estate, you're experiencing that. We definitely want to experience that retirement asset we're trying to eliminate as volatility and uncertainty and anxiety during retirement. You get a question. Yeah.

Speaker1:
Would you call real estate a tangible asset?

Speaker2:
I would. OK, tangible is make of it tangible things you can touch and see and feel in intangible assets or stock, things that stocks, patents, copyrights, those kinds of things, things that are intangible. Typically you hear intangible assets, a being on company books at goodwill companies, not copy. Those are examples of intangible assets that companies, especially with, if they've acquired the companies, know they may pay a certain amount of value for the tangible assets or the intangible assets, which is is the value of the ongoing business. Could be copyrights, patents. Right. And things like that that add value licenses. Those are all intangible type of assets.

Speaker1:
But that doesn't happen in real estate.

Speaker2:
Typically, it's everything you everything you buy in real estate is the is the asset in itself. Now, if you get into commercial property, like residential real estate is typically priced on fair market value. Of course, right now things are priced on fair market value plus, plus, plus, plus demand. When you get into buying commercial property income type properties, you get into what's called a cap rate basically comes down to an annual rate of return. Companies might pay more for, let's say, an apartment complex right now, especially a larger apartment complex as a concentration of income. And if it's well-run and well maintained or if you have a nice commercial strip center and you have a lot of like a credit tenants in there that are publicly traded companies, that is more valuable than a strip center that doesn't have a lot of credit tenants in there. Somebody could maybe assert that having a commercial strip center with a bunch of credit tenants in their quality perpetrated companies in their tenants, there's some goodwill paid for that because you're getting the benefit of those bigger companies and their ability to stay in business and pay the rent. Somebody does pay for for that right when they buy that. So if you have commercial properties and you're looking to maybe sell them down the road one day, you want to try as much as I possibly can to get good credit tenants in there, because you will be able to basically wind up with the higher sales price

Speaker1:
And a turnkey operation is that totally opposite.

Speaker2:
Turnkey operation typically talks about a business, someone selling their business. And I do business brokering as well. And then when I talk to clients selling their business, I like to hopefully get to them two or three years before they're going to sell their business so we can present their business as much of a turnkey operation as possible. Some businesses, when you go talk to them, their their books aren't exactly up to date and I kept really well. So if I have a client is buying a business and we're looking at a set of books, that is there's things missing out on the books. They're they don't tie back to the tax return. The value goes down substantially because you can't rely upon what you're looking at. Now you have to get into a bunch of due diligence and sometimes even the due diligence can be difficult. So turnkey, you know, the buyer can come in, take over the business in the business. Basically, I would say it runs itself, but it's got enough infrastructure, procedures, systems in place that that happen where the owners, they're not your larger businesses will have executive officers in place, like I'd be a CEO, is CFO, is CFO, and and they're paid to to handle a certain portion of the business.

Speaker2:
And so when you get into larger businesses, you will have a suite of professional suite of officers that run the business. And so if you're fortunate to have your business be of that size, you can actually get a much higher sales price as well, because your larger companies, like your private equity firms, they're looking for businesses that throw off cash flow and don't need a bunch of management. Happens sometimes in a small business when the owners pull out of the business, the business suffers a significant decline in revenue and cash flow in value because that that major stabilizing force is now gone. So if you can grow your business to a certain size, to where the business you have, the infrastructure people, team system processes in place, that you can step away from the business for a week, a month, two months, and things flow nicely without you. That's where you're really going to achieve the most value for your business. And that's kind of a turnkey operation where you basically

Speaker1:
Basically self-sustaining, ready to go. Well, that's why it's so important to have the professionals in our studio. And Randy Woodruff, once again, certified public accountant team take point. A member and of course, real estate agent as well, does some corporate business brokering.

Speaker2:
Yeah, with the business brokering it, I recommend clients start thinking about their business that they want to sell long before they want to sell it, because there's some prep work that goes into it, just like selling your home. If you want to sell your home, you want to make sure that landscaping is nice, is cleaned up, then same thing with the business, but it takes longer to do that. And you hear lots of times in small businesses where, well, I put 20, 30, 40, 50 thousand dollars of cash a year in my pocket. You know, you hear that sometimes when you're working with someone that's selling their business to buy what my potential buyers and I tell my client, hey, if if it's not on paper, we're not buying it. So hopefully if you're listening and you have a business or, you know, someone that has a business, that you want to make sure that as you get ready to sell your business, that, you know, your books properly reflect every single transaction going on in the business because that will generate a higher sales price for you.

Speaker2:
Wow. Great association. Yeah. Yeah. So what you want to make sure that you start prepping for sale long before you actually want to sell and you've got two or three years of good, solid, accurate financial statements. It makes sense. And that tie back to tax returns, that, that, that revenue ties back to bank statements, especially the larger the business means, typically, the larger the sales price, which means more due diligence will be done before somebody spends money on that business. And plus, if the buyer needs financing, they're going to have to go get an appraisal, just like just just like on said they want SBA financing after get an appraisal, just like on a house. If you're selling your house and your house does it appraised for what you're selling it for less, the buyer came up with cash. You have to lower your sales price or walk away from that sale or look for another buyer. Same thing in business. It just takes a lot longer to prep. You want to make sure that you're a few years out from that sale day getting ready.

Speaker1:
I've heard some business owners refer to their business as their baby. And if that's their baby, they've invested so much time and money into it, then, yeah, you'd want to take care of that baby from the very beginning. And that's also important to have the professionals on your side, like Randy Woodruff, certified public accountant, the business broker, and, of course, real estate agent with Take Point Wealth Management, Judiciary Services as well. Years, years of experience and, of course, years of serving the local community along the Nature Coast. Once again, the phone number to call three five to six one six zero five one one take point wealth management, check it out online for yourself. So much more than just a portfolio three five to six one six zero five one one. And speaking of which, along those same lines, we just made national news recently because we broadcast from Hernando County, Brooksville, something to do with the water tower. What happened there?

Speaker2:
Yeah, we

Speaker1:
Are. You don't have to comment on it if you don't want to.

Speaker2:
Oh, no, no. Yeah, no. We're famous for all the wrong reasons. I've read and been talking to people. We basically the city of Brooksville was selling some, I think, surplus property, which is probably a good thing to do under Hernando County, sold off a bunch of real estate that I guess they were given, if you will, from the total corporation. When they were building out Spring Hill, there was several areas set aside for parks. It just wasn't cost effective to put the parks in in these areas. The county has sold off a lot of these different sites to business owners or people who want to buy and build the home. So it's good to see Brooksville doing the same thing. But I think the parcel with the water tower in the building next door, we're all under one legal description. And if when I gather when I needed to split the property in two and write a legal description for both properties, I think that the legal description that the water tower was included in the sales contract for the building in the parking lot next to it. And so the whole thing went from I from what I gather so and luckily I forget the name of the the buyer, but he was gracious enough to work with the city to get that solved and I guess cost efficient manner. Free. And so thank him for that, I understand somebody lost their job because of that that unfortunate mishap, but yeah,

Speaker1:
The lessons learned. I mean, that's why you say due diligence.

Speaker2:
Those are the things that can happen in real estate. And I just I did some developments on property on Spring Lake, and I took a larger piece of property and broke it up and made several lots out of it in each land. Had to have it so legal. I had the surveyor engineer do that. But I can see where that's a very call it a complicated process. Yeah. So you want to make sure that whoever's doing it knows what they're doing. And then once you get through new legal ways, you want to make sure they're they're set properly and that as you begin to dispose of property that have to legal as you make sure you got the right legal, I guess that was it done so well onto financial planning. They say we're looking to take point, reduce volatility and lead you into a stress free retirement. Some of the things that help reduce stress is having a good plan. As we talk about on this show, often a failure to plan is a plan to fail. One of the things that I've I've looked at in my own portfolio is for is for the need to basically make sure that as I age, I just turned 50. I suggest it's no longer just about seven months now, but I still have kind of still doing a lot of business development. But I'm definitely assessing the risk that I take more carefully than I have in the past because I'm 50. I still got you know, I want to say at least 20 working years left where I can be productive. But same time I have less and less time to make it up. Said the same thing is true for anybody.

Speaker2:
Listening is that as we age, we have less and less time to make up. So we want to make sure that as you as you are doing your retirement planning, evaluate your portfolio and actually come in and see us and let us evaluate your portfolio for you. We find so often that people have so much risk in their portfolio. They had no idea. They had no idea. They had you know, they have a big basket of mutual funds. And in these mutual funds are our stocks that that carry with them a lot of a lot of, I would say risk. But they have a lot of volatility, lot of movement. And so and as we talked about, we want to make sure that our retirees have a stress free retirement and have volatility in a portfolio does not make for a stress free retirement. So please come in and see us. You bring us your statements. Let us go through your portfolio. Let us show you the risk that you have with the returns you have and let us build a portfolio for you that can reduce risk, hopefully increase return and help get you to that stress free retirement plan that you're looking for. Another thing, too, we find that happens quite often is as people near retirement age and I get this question whether in retirement or there may retirement for 30 years, if you will, people think that they don't have to pay taxes on Social Security or they get to be. I've been asked that maybe 85 years old. Do I have to pay taxes? Yes, you do. As long as you're making money, the government wants their pound of flesh. If you wait.

Speaker1:
If you're just living on Social Security.

Speaker2:
If you're living on Social Security, no, you pay it, pay taxes. But if you have a significant portfolio with with income coming off of it and Social Security, there's a good chance that up to 85 percent of your of your Social Security could be taxed as income. That would have whatever tax rate you're in. Right. So that's a surprise for most people. That is a rich retirement that they weren't planning on or didn't know about. But just keep in mind, folks, that doesn't matter what age you are. You potentially are always going to be paying tax depending upon your income.

Speaker1:
Oh, my gosh. That's why they always say two things are sure, taxes and death, taxes. And now we're going to continue on that in just a bit. But we got to take a short break. I hope you stick around with us for one last segment of take point on retirement, a show brought to you by my friends at Take Point Wealth Management, of course. Randy Woodruff in the studios with us. Erik Arnett doing some training at this time that is also so important. They do keep up on their training and compliance. It's so important to them. And that, of course, is a reflection on you and your stress retirement. That's what we're talking about. Get your portfolio into take point wealth management for that stress test. Take point wealth management, check them out online or give them a call, three five to six one six zero five one one. They've got a free analysis that they want to pass on to you. It's called the Blueprint on Retirement. That's the take point blueprint on retirement. A fifteen hundred dollar value yours if you call them now three five to six one six zero five one one. No obligation, no cost. That's the take point blueprint on retirement. Fifteen hundred dollar value yours now as our listeners three five to six one six zero five one one. We'll be back with our last segment, Randy Woodruff, and take point on retirement after this. Eric Arnet is an investment advisor, representative of Retirement Wealth Advisors LLC and SEC registered adviser Bigfooting Wealth Management. This station and RWA are not affiliated. Exposure to ideas and financial vehicles discussed should not be considered investment advice or recommendation to buy or sell any financial vehicle.

Speaker1:
Any comments regarding safe and secure investments in guaranteed income streams refer only to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to claims paying ability of the issuing company and are not offered by retirement wealth advisors. By the way, some new products being offered on the market are annuities, and we've talked about those in the past. If you just tuned in for the first time, this is a show called Take Point on Retirement. And we're talking about all the products that are available to you for that stress free retirement from our friends at take point wealth management up and down the nature coast of Florida here to serve you and to take point on your financial future. That's right. Make sure it's a strong financial future. If you turn to take point, they will take the lead on that. And you've got a lot of professionals in your corner would take point wealth management more than just Eric Arnet, lead advisor and retirement planner, and Randy Woods, a certified public accountant office's main office, of course, in Hernando County and several other offices, as well as Tampa and north around Ocala, Orlando area. You've got offices to serve you there. If you want to pop in and give them a call, make an appointment, they'll come to you three five to six one six zero five one one as we continue with Randy Woodruff in our studios this morning.

Speaker2:
Thank you, J.W.. Good to be back. You know, carrying on with our last segment, talking about surprises in retirement or it's a ways to not just surprises, but ways to adjust in retirement or things to adjust for. You know, one of the things that as I'm sitting down doing taxes with clients that I've noticed over the years is the increasing health care costs, you know, because as we all have experience as we age, you know, we we need glasses. We we need more dental work done as we continue. It can continue to age that are getting better. I'll have clients come in from time to time and they're there. They're grumbling about how much they had to spend in health care this year. They had one one spouse had to have new hearing aids. One spouse had to have a bunch of dental work done once. One spouse had to have major

Speaker1:
Surgery,

Speaker2:
Maybe major surgery, eye surgery, done cataract surgery or something. You know, there's always something going on. So one of the things you want to make sure you're planning for is, is the fact that, you know, your health care costs are going to go up in retirement. You want to make sure you've you've got adequate cash flow to fund those. And typically, unfortunately, there are typically a surprise some of those health care costs. I mean, some of them we could plan for, but some of them pop up at the worst time. So therefore, make sure you got some get some extra extra cash flow to cover those needs. I'm also one of the things we talked about on the show and see quite often is the lack of estate planning quite common, actually. You know, how how people's estates are not properly planned out for and how they're going to you know, when the first spouse passes away, how the assets are going to transition to the surviving spouse or the second spouse passes, what happens after that? And it happens across all different, I'll say, income levels, networth levels. It's surprising. You've got I got clients that are that are you know, they're their net worth is is not as great as other people. And they're fully playing down other documents, again, in the same place. They're ready to go. Other people, wealthy clients are lucky to have a will back that ring. Some of our documentation for the show. And Prince, the singer Prince who died in twenty sixteen, it was discovered that he had no valid will and his estate is still in litigation.

Speaker2:
So there's an example of how someone that's rich and famous and has access to the best lawyers, accountants, financial advisors, and his estate was still not properly set up. So, folks, I'm not here again that way, criticizing Prince at all. I'm just saying that's an example of how everybody is is potentially not properly structured and should give everyone some encouragement to not feel bad about coming in and talking to us and going, OK, I know I should be better structured than I am as I pass. Yeah, but I'm not. So please help me. We're definitely happy to help. We've got, you know, several attorneys we can work with to help you get your stay properly structured. So here again, for your surviving spouse and your heirs, it's stress free. Yeah, but we're always striving for here at this point is stress free. Let's talk about some other topics here as relates to retirement. One of the things that's important is, you know, what is your retirement horizon? You know how what age are you currently and when do you expect to actually get into retirement? Is it two years, five years, 10 years, or are you already getting retirement? And you have to make do with what you have to make it last for the rest of your life. So it's important that you take an honest assessment of where you're at. You're 50 or 55 or 60. How many more years can you do? You actually want to work? Put down what your current monthly expenses are, what your current income is, how much you can actually save.

Speaker2:
What do you actually have save for retirement? And what are you actually going to need in retirement? How much of a gap do you have? You know, you're the retirement gap. How much of a gap do you actually have to achieve where you need to be? So you could have that stress for retirement. So the sooner you do that, you may not like what you find out. You may wish you were further along, but the sooner you know, the better. Here again, you can plan. If you don't know, you really don't know where you're at. You just continuing to bury your head in the sand and not face the consequences. Once you know and you quantify it, then you can put a plan in place to hopefully get you there, get you as close as possible to where you need to be. You know what is. Your after tax rate of return going to need to be a retirement, and that's something we talk about here on the show quite often, is taxes, taxes, white working taxes and retirement. We're constantly talking to our clients about having tax free buckets of income with Roth IRAs and indexed universal life insurance policies. And those are all very important to give us as planners. Some different strategies we can work with as we work with clients. OK, we may want to recognize more taxable income, one year or less, one year, depending upon what's going on in your portfolio.

Speaker2:
You may have some real estate that's not part of your of your financial portfolio in terms of being in the market, but it is part of your overall net worth that. Like right now we're talking to clients that have investment properties going, hey, you know, if you were thinking about exiting real estate, run a real estate and and wanting something that's less, I want to say, less risky, but requires less work, less management and also is more liquid, you know, now is definitely a good time to consider selling investment, real estate, transitioning into something more liquid and more stable. So all those transactions could have a tax impact for you. So that's where Eric and I if we if we have different buckets of income, we can we can work with those in an annual basis structure. The best, I'll say, income plan to minimize your tax liability. One of the things that hearing a lot right now to actually the last year and a half with covid as they were passing all the stimulus bills, you would hear something passed the House, but not the Senate or pass the Senate, but not the House. And the president signed it or whatever. They modified it while the stimulus bills came. Also, lots of tax changes as well. So even though now we're kind of especially here in Florida, past the pandemic, we're coming out of the pandemic. We're still hearing talk of stimulus bills, but we're still hearing with these bills a lot of potential tax changes.

Speaker2:
We've probably talked about on our show continuously that tax rates are going to have to go up in the long term to fund all the spending. And that was before the pandemic really started. And all this trillions and trillions of dollars of spending now. And you're hearing a lot of potential tax changes for what they call wealthy people. But that's just the beginning. It's just going to trickle down over time to everybody else as well. So there's talk of no longer folks above a certain income level, the more preferred capital gains tax rates, no longer being able to do tax deferred exchanges over certain income level. The overall tax rates going up. We need to be aware of these things. But just remember that there's a lot of people out there that are pressing for time on on the news channels, just spouting off all kinds of ideas until it actually passes the House, the Senate and the White House is not law. So it can be very confusing listening to the radio and the TV and all the different potential talking points that people have. And sometimes I get calls or somebody says, hey, they just did this, I did that. I have to go. Sometimes I'm like, what? Did I miss something? You know, because because I get a call from somebody that I think is is in the know that's that pays attention and reads a lot. And sure enough, I find out that, you know, the House passed it, you know, that the the Senate didn't.

Speaker2:
So just be careful. Don't react to what you hear in the fake news or the news at all. Just, you know, it allowed a lot of these politicians are pushing for airtime. Some of them have other political aspirations. And, you know, that's how they're looking to get in front of the many people as they can. And the news is the way to do that. So they just make sure that you don't react to to news that really isn't real. So one of the fallacies that I want to talk about as we close out the show, we get a couple of questions, too, if we have time, is that Social Security is all you're going to need to live on in retirement. I can't tell you how how false that really is. I mean, if you want to live a comfortable retirement, you need a lot more than just Social Security. May made a lot of money during your lifetime. You know, your Social Security payments could be high on a monthly basis. But regardless whether as expensive as everything is getting nowadays, inflation, you know, inflation is is rising faster than the inflation adjustment for Social Security. So and also here again, they tax they could potentially tax your Social Security, too, if you have other income. So don't plan on Social Security as your only source of retirement, because if you do, you're you're not you're not going to live a stress free retirement.

Speaker1:
And we write our own retirement, don't we? And the government tells us we can retire at 67 to collect Social Security. But if we a set up and ready to retire at fifty five, then we can do that.

Speaker2:
We definitely can't. You can't draw Social Security right, until until 62 or your full retirement age of 67. But you can definitely put other funds and begin enjoying those golden years, as they call them. You know, sooner than most if you planned properly.

Speaker1:
So that's why it's so important to be prepared and planned.

Speaker2:
Absolutely. Let's get to a couple of questions and see which we got we have here. OK, our first question is for fill in the Weeki Wachee area. Phil says, My spouse and I are 70 and 67 years old and retired. We have a fixed and variable annuity, is this a good investment for monthly income? I mean, as Eric and I have spoken on many occasions about annuities, we are a big fan of annuities and how they can be a good income replacement. You know, people have traditionally been investing in stocks, bonds, and with the bond market, you know, not being very favorable at the present time. We've been transitioning our clients out of bonds and have been for a while into into annuities. And we just we had a client the other day that we talked to Ben in business his whole life and worked for himself and so didn't have a pension per say. But you acquired quite a accumulated quite a bit of wealth. And so one of the things he wanted to have is as a for comfort level, it is to have a fixed amount of income in retirement. And so we structured him an annuity so he could have that, I'll say pension in retirement. He had other funds as well that we're investing, but we set him up. One of the things we set him up in is he's going to have that fixed amount for life and for the rest of his life and potentially be some money there left for his spouse as well, depending upon how depending on how long he lives. So so, yes, we we Eric and I are big fans of of annuities, and they have a great place in most people's retirement portfolio.

Speaker1:
Ok, and that's tied in with a life insurance policy that's different.

Speaker2:
So, you know, life insurance policies are a great another way to accumulate wealth and also to have tax free income in retirement. But it's a different kind of product and serves a different purpose.

Speaker1:
It's good to have both. Definitely. OK, now you do offer a book called Annuity 360 that's free to our listeners, too. And you could pick that up by contacting Take Point Wealth Management three five to six one six zero five one one. Check them out online at take point wealth management, dotcom or just take point wealth management right there in the old search engine. It'll take you to their website and you request that free book, their annuity 360 yours for the asking.

Speaker2:
I highly recommend people read that book. Yeah, I mean, it's an easy read and it's it's a really takes the I'll say the mystery out of annuities. And it really we like to before we even talk to clients about it and we'd like to have them read that book just so they have an education. So they come in educated, prepared, and it really, really is is beneficial. Next question. We have Vince in Brooksville. I'll be 64 years old this year. I'm thinking of taking Social Security benefits at full retirement age and putting the money in a money market account for four years and continue to work until age 70. I will put a thousand dollars in monthly and use the rest as a safety net. Now, at age 70, I'll return and have I retire and have Social Security, the money market and my fourth rib. Should I wait until I turn 70 to start collecting Social Security? Well, that's a great question. One of the things that people need to assess and be honest with themselves. And taking Social Security before for retirement age or before 70 is how long are you going to live now? Nobody knows the exact day and time we're going to pass away, but I think we all can be honest with ourselves and know our health history. You know, had you taken very good care of your body your entire life, if you had you've had a rough lifestyle. Chances are, you know, things are going to break down more and in retirement as you age and you may not live as long. Also, genetics plays a big factor in how long we live. So I think it's good to be honest with yourself in your younger years.

Speaker2:
You take good care of your body or did you not? And then look at your genetic history and then make that decision based upon that. But if you think that you are not going to live as long as you would like to or years attitude in your family to with some sort of health history, then you may want to draw that Social Security out sooner rather than later. You want to be careful if if you're Invensys going to wait until his full retirement age to start drawing so there won't be a penalty for taking out so sick before full retirement age. Trying to time death is like trying to time the market. Right. But but there are some some things you can look at. So I talk to my clients and tell them, hey, if you think that you're going to not live as long as you want to, then go and start drawing Social Security as early as you can save the money up. Because depending upon Orsatti, how much money, if you're married or not married, how much money is Social Security your spouse is going to get? It may be beneficial to get something from Social Security. If you passed away early, at least you got something out of it. And as opposed to getting nothing and the money that you take out and save can pass onto your heirs. So it's a it's a it's that's a tough question. It all depends on facts and circumstances. And it's not just dollars and cents. It's health and other factors as well that go into that into that decision.

Speaker1:
Well, thank you, Randy Woodruff. Once again, take point team member to take point to wealth management, so-called take point on retirement. And one last question I have before we go. Just yes or no, can you outlive your Social Security benefits? No. OK, there you go. Thank you very much. And if you have a question, you need to contact point wealth management info at take point on retirement. Dotcom, the name of the show in the name of the business, of course, take point to wealth management. That's definitely an advisor. Retirement planner and Randy Woodruff, our guest today. As always, Eric, of course, on training and he'll be back next week, will be back next week as well. Folks, thanks for joining us today. We'll see you then.