『Mike Milligan: The Retirement Asset Beyond Your Account Balance (Part 1)』のカバーアート

Mike Milligan: The Retirement Asset Beyond Your Account Balance (Part 1)

Mike Milligan: The Retirement Asset Beyond Your Account Balance (Part 1)

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Mike Milligan of One Oak Financial joins Coach Pete D’Arruda and Thomas Lipscomb to discuss retirement income as an asset. They explore the difference between an account balance and a plan for monthly spending, the uncertainty of market returns, and the role income can play in supporting a retirement lifestyle. Part one of their Financial Safari conversation.Call 800-661-7383 or text PLAN to 600-700.TranscriptAutomatically transcribed from this episode; timestamps are approximate.00:00 Welcome into the Financial Safari. Excited for our show today. I'm Thomas Lipscomb in studio alongside bestselling author Coach Pete D’Arruda. And joining us, we have on the line Mike Milligan, founder of One Oak Financial, host of One of a Kind Financial Show, and a friend of the show as well, a friend of Coach Pete's for a very long time. Hey, Mike, how you doing? I'm good, Pete. How are you? Good. Hey, Thomas, tell everybody where Mike is joining us from. So Mike is joining us from the beautiful land of Puerto Rico. Oh, Michael would say beautiful, right? Is it beautiful down here today? Oh, my gosh. It's 84. It's 84, 85 every day. It's absolutely gorgeous down here. And it's a little bit of a breeze. We haven't had that heat that you guys have had back in North Carolina, right? That has just kind of been stifling over the last month or so.00:46 It's been crazy. Same every day. Same every day. Watching the U.S. Open on TV the other day. And the players who aren't used to humidity, like even in the first set, they were like, they look like we're getting ready to die. We're used to this, Mike. I mean, I worked in the watermelon fields one year when I was in high school. And remember, I'd been working in the fields back in the day. I don't know if you ever did that. But you're a Scotland County guy, too, by the way, aren't you? Yeah, yeah, that's right. That's right. Coach Willard. Yeah, Coach Willard. Willard's watermelon. So a little history, folks. Mike Milligan there. My mom taught him seventh grade, and we found that out a couple years ago when we met. I didn't know who he was because I'm a little older. But my mom taught you, and that's pretty funny. That's funny, yes. That's right. Small world. Ten years different in age. We ran the same streets. As a matter of fact, we were talking, you know, before the show today,01:33 we were talking about just some things, you know, that happened back in Scotland County. Good old LBG. You had to make your own fun back in the day. Yes, you did. The good thing there was no social media to tell everyone about the fun you were making. Yeah. Nowadays, kids are getting into trouble. They post everything. Thomas, we always talk about, like, Pete and I, when we went through elementary, middle school, and high school in Scotland County in North Carolina, North Carolina was the 50th ranked school in education in the nation. Oh, wow. I didn't know that. Wow. There are 100 counties in North Carolina. Scotland County was 100th. So we literally got the worst education in America. The lowest below. Wow. Hey, you're talking junk about my mom? And yet, here we are. The college goes back in the road.02:20 You cannot be serious. Be serious. I said U.S. Open. So might as well play a little macro there. No, I mean, it is. My mom took it serious. My dad was a college professor. But, yeah, unfortunately, they don't put in. Well, back in the day, we had the mobile home classrooms, and we had the cinder block schools. Look at these Taj Mahals they're building now. I think they're putting money into the wrong places these days. Instead of building big buildings, they should build big mines. That's good. I like that. And the problem was is, like, when your mom had us in her class, right, there were 28 middle school kids in there, right? And we were more worried about, like, man, that girl looks good now because hormones were kicking off. Right? We weren't worried about, like, you know, Pythagorean's theorem or, you know, the atomic symbol of hydrogen. Right? We just weren't interested in it.03:06 We were interested in what we're going to do in the field later today and what we're going to do in the break. Unless you're going to be a chemist in the future, it really doesn't matter what the atomic symbol of hydrogen is. It's more important to worry about life. And what the most important thing is is to establish a plan in your life, even if you're not the kind of person that likes to write things down, at least have it in your mind. And when we do a plan, Mike, we like to call it Plan Once, Plan for Life. And it's how to give every dollar you own a color and a job and put a check back in your mailbox every single month for as long as you live when you retire. And stop the quiet leaks that have been eating your money alive while you weren't looking. Those are called financial termites. We put a plan together. We eliminate those financial termites, which could save you 2% to 3% to even 4% hidden fees a ...
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