In this episode, A.B. Ridgeway dives deep into the concerning statistics surrounding older Americans and their lack of retirement preparation. Alongside CBS News Money Watch Associate Managing Editor Amy Piki, A.B. highlights the reasons behind this unpreparedness and offers practical advice on how individuals can take charge of their retirement planning, even if they are late to start.

3 Key Takeaways:

1. A Significant Number of Older Americans Lack Retirement Accounts According to the episode, 27% of individuals aged 59 and older do not have any form of retirement account, making it difficult for them to achieve financial security in their later years.
2. Social Security Isn't a Retirement Plan The episode stresses that Social Security benefits are projected to be reduced to 77 cents on the dollar by 2035. Relying solely on Social Security for retirement can lead to financial struggles, emphasizing the need for personal savings.
3. It's Never Too Late: Catch-Up Contributions Those aged 50 and older can take advantage of catch-up contributions, allowing them to save more in tax-deferred retirement accounts. A.B. explains that this is a great way to build a retirement cushion, even if you're starting late.

3 Quotes:

1. "The idea that people don't even have these accounts is startling because you can't start something you don't even have."
2. "Saving for retirement is do-it-yourself. You have to develop your own plan, create your own individual retirement account, and contribute to your own 401k."
3. "No one is going to save you. If you depend on the government or Social Security alone, you might find yourself financially unprepared in retirement."

If you haven’t started saving for retirement, it’s time to take action. Whether it’s setting up an IRA or increasing your 401k contributions, your future self will thank you. For more personalized guidance, reach out to a trusted financial advisor like A.B. Ridgeway.

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

In this episode of Financial Advisors Say The Darndest Things, host A.B. Ridgeway explores the complexities of 401k plans, focusing on whether they are always a good investment—especially when there’s no company match. We dive into Dave Ramsey's advice to a caller, examine the difference between low and high returns, and unpack the concept of compound growth versus compound debt. A.B. Ridgeway also offers insight into the tax benefits of contributing to a 401k and why the performance of the investments inside the account matters more than the 401k itself.

Key Takeaways:

1. Company Match Isn't Everything: Even without a company match, contributing to a 401k offers significant tax advantages like pre-tax contributions and tax-deferred growth.
2. Compound Growth Works Both Ways: Compound interest can significantly accelerate wealth accumulation in investments, but it also applies to debt—creating what A.B. Ridgeway calls “compound debt.”
3. It's Not the 401k, It's the Investments: The performance issues aren't with the 401k itself but with the investments inside. Moving funds into an IRA post-employment can open up more diversified investment opportunities.

Memorable Quotes:

1. "The 401k itself is not an investment; it's just the coat that keeps the investment warm."
2. "Compound growth doesn’t just happen on the positive side. We might even coin a new term—compound debt!" — A.B. Ridgeway
3. "Four and 12 percent isn’t three times more; it's like 30 times more, because compound growth works on a curve, not a straight line." — Dave Ramsey

Stay tuned as A.B. Ridgeway delves deeper into how to navigate your financial future with wisdom and strategy, reminding us that understanding the fine print can make a world of difference in our investments.

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

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📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

video/audio credit: Dave Ramsey

In this episode, host A.B. Ridgeway covers the breaking news of Sean "Diddy" Combs' arrest and explores the deeper implications of wealth, success, and morality. While many focus on Diddy's financial success, Ridgeway reminds listeners that character matters more than material possessions. He draws connections between personal values and financial decision-making, urging the audience to focus on how wealth is earned, not just its accumulation.

Key Takeaways:

1. Wealth Without Morality is Empty – A.B. Ridgeway emphasizes that true success isn't measured by wealth alone but by the integrity behind earning it.
2. The Importance of Character in Financial Decisions – Ridgeway draws attention to the need to associate with people of good character rather than being dazzled by their financial status.
3. Money and Morality Should Be Aligned – Wealth should be accumulated ethically. Ridgeway encourages listeners to evaluate whether their financial pursuits align with their core values and faith.

3 Quotes:

1. "We need to disassociate ourselves with what people have and start associating ourselves with who people are."
2. "What does it profit a man to gain the whole world and lose his soul? And right now, he is struggling for his soul."
3. "Physically assaulting somebody is a crime, and that does technically make you a criminal."

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

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📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Article: NBC news

In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway, a certified private wealth advisor, reacts to a clip from The Ramsey Show that critiques common misinformation about 401ks. A.B. provides a detailed breakdown of why the advice presented in the clip is misleading, corrects factual inaccuracies, and offers listeners a clearer understanding of 401ks as part of a well-rounded retirement strategy.

3 Key Takeaways:

1. Misconceptions about 401k origins and purpose – The claim that 401ks were created after the Great Depression is incorrect. They were actually introduced in the late 1970s as a tax-deferred retirement vehicle, becoming popular in the 1980s.
2. Importance of research and context – Blindly accepting financial advice without doing proper research can be dangerous. Misinformation, especially when delivered with confidence, can lead people to make poor decisions about their retirement planning.
3. Inflation and investment returns – It’s essential to understand the difference between a savings account and a 401k. While inflation can erode purchasing power in low-interest savings accounts, a well-managed 401k can provide substantial returns over time, often far surpassing inflation rates.

3 Memorable Quotes:

1. "This girl took a lot of 401k information, put it in a blender, and tried to serve it. It just doesn’t look the same as the original form."
2. "The 401k didn’t come around until the late 70s, not after the Great Depression. We had pensions before then. This is important historical context that many people miss."
3. "We gotta be careful what we consume... Misinformation, especially when said with confidence, can mislead people into making bad financial choices."

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

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📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: Dave Ramsey

In this episode of Financial Advisors Say The Darndest Things, host A.B. Ridgeway tackles the alarming trend of Americans prematurely cashing out their 401k accounts. With rising inflation, medical emergencies, and job changes driving these decisions, A.B. discusses the dangers and long-term consequences. He also shares some practical tips on rolling over your retirement savings and emphasizes the importance of consulting your "Power 5" before making critical financial moves.

Key Takeaways:

1. Cashing Out Comes with Penalties – Withdrawing funds from your 401k before retirement can lead to significant tax penalties and long-term financial setbacks.
2. Consider a 401k Rollover – If you leave a job, it’s often better to roll your 401k into a new employer’s plan or an IRA rather than cashing out.
3. Consult Your Financial Team – Always consult with your financial advisor, accountant, and other key figures in your "Power 5" before making major financial decisions.

Quotes:

1. "Cashing out should be the absolute last resort in the most extreme circumstances."
2. "Even though you have a little bit of ease up front, on the back end it’s going to be even more difficult."
3. "We need to understand what we are doing before we make those financial decisions."

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

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📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway shares insights on becoming a 401k millionaire and highlights critical steps to ensure a secure financial future. Through expert advice and real-life examples, listeners will learn why many fall short in retirement savings and how to overcome these challenges.

Key Takeaways:

1. The Retirement Savings Crisis: Despite market growth, the average 401k balance remains low, with many not saving enough to sustain a comfortable retirement. Supersavers, who aggressively contribute, skew the averages, leaving most with minimal retirement funds.
2. Maximize Your Contributions: A staggering 28% of employees don't participate in their employer’s 401k plan. By not contributing the maximum amount, they miss out on potential employer-matched funds, essentially leaving free money on the table.
3. Balancing Aggressive and Conservative Investments: Being too conservative with your investments can be as detrimental as being too aggressive. It's essential to find the right balance that aligns with your risk tolerance while still achieving your long-term financial goals.

Memorable Quotes:

• “Safety doesn’t mean certainty when it comes to investing.” – A.B. Ridgeway
• “You have to make sure you stay within your risk tolerance and make it comfortable.” – Jeannie Thompson
• “If you’re not saving enough for retirement now, you’re putting your future at serious risk.” – A.B. Ridgeway

This episode is packed with practical advice on how to take control of your financial future and ensure you're on track to becoming a 401k millionaire.

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

In this episode, A.B. Ridgeway addresses a critical scam targeting individuals through fake Social Security emails and calls. He shares the story of Joyce House, who received a suspicious notice claiming her Social Security number was being revoked. Fortunately, she trusted her instincts and didn't fall victim to the scam. A.B. emphasizes the importance of vigilance, especially during tax season, and provides actionable advice for avoiding such fraudulent schemes.

3 Key Takeaways:

1. Beware of Suspicious Emails and Calls: Fraudsters may send emails that look official, such as using SSA logos and similar website domains like "SSA.US.gov." Always verify the source, especially when receiving unsolicited communications.
2. Trust Your Instincts: If something feels off, like Joyce’s experience when a scammer asked for personal information, don’t hesitate to hang up or stop responding. Always double-check details such as email addresses or phone numbers before taking action.
3. Build Your 'Power of Five': To protect yourself financially, A.B. recommends having a solid team of five key people: a financial advisor, an accountant, a lawyer, a power of attorney, and an executor. This team will guide and protect you through financial decisions and prevent potential scams.

3 Memorable Quotes:

1. "Your Social Security number might be the most valuable piece of information you have." — A.B. Ridgeway
2. "It said SSA.US.gov—sounds official, looks official, but we all know the official website is SSA.gov." — A.B. Ridgeway
3. "You need to have a team that’s going to guide you, or you're going to be at a greater risk of falling for these scams." — A.B. Ridgeway

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

In this episode, A.B. Ridgeway discusses the recent national data breach that leaked over three billion personal records, including social security numbers, and shares crucial steps on how to safeguard your financial information.

Key Takeaways:

1. Freeze Your Credit for Protection Freezing your credit at the major credit reporting agencies (Equifax, Experian, TransUnion, and Innovis) is one of the most effective ways to protect against identity theft. While it may require extra steps to unfreeze your credit when applying for loans, the added security is worth it.
2. Be Cautious with Emails Be wary of emails claiming your data has been compromised. Cybercriminals often use phishing tactics to trick you into clicking on links that allow them to steal your personal information.
3. Build a Financial Protection Team Surround yourself with a trusted financial team, including a financial advisor, accountant, lawyer, power of attorney, and executor. These professionals form your "Power Five" and are essential for safeguarding your financial well-being.

Top Quotes:

1. "First of all, we have to make ourselves aware. We need to create barriers between us and the scammers." – A.B. Ridgeway
2. "It is credit freeze, not credit lock. Freezes are free... every barrier to your credit is going to improve your security." – A.B. Ridgeway
3. "Surround yourself with your Power Five... the super five team that you're going to need to protect yourself." – A.B. Ridgeway

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

video/audio credit: ABC