The Runway Decade Podcast Bill Bush, CRPS® and Pete Bush, CFP®

In this insightful episode of The Runway Decade Podcast,  hosts Bill and Pete delve into understanding your current financial situation as a foundational step towards achieving your future goals. They underscore the importance of awareness in financial planning, examining the significance of knowing where you are before you can determine where you're going. Through a candid discussion, they explore practical strategies for organizing financial documents, assessing financial health, and outlining a path for future financial success.
Episode Highlights:
00:07: The episode kicks off with an introduction to the podcast's central theme focused on the importance of building and maintaining confidence for those who are on the “runway” toward retirement.
00:31: Bill and Pete humorously explore the initial question of "where are you going?" highlighting the  crucial first step in any journey, especially in financial planning. This lighthearted banter sets the tone for an episode dedicated to understanding one's current financial position as a precursor to any forward planning.
00:58: The discussion turns to the metaphor of needing to know your current location before embarking toward your destination, paralleling it with the necessity of understanding your present financial circumstance prior to setting future financial goals. This segment emphasizes the foundation of financial advising: Where are you, and where do you need to be?
01:39: The hosts reflect on a personal anecdote about finding "You are here" signs in theme parks, using this as an analogy for navigating through one's financial life. This part is essential for understanding the comparison between physical and financial navigation, reinforcing the episode's theme of situational awareness.
02:30: Hidden complexities in individuals' financial situations are discussed, highlighting the common issue of overlooked or forgotten assets. This part of the conversation emphasizes the importance of thoroughness in gathering financial data to ensure a comprehensive understanding of one's current standing.
03:08: Clarifying the current financial picture is defined as gathering and organizing all relevant financial documents. The hosts underline the initial steps necessary for financial advisors to assist clients in achieving clarity on their financial status, focusing on the importance of simplification and categorization.
03:44: Practical steps towards financial organization are outlined, including the categorization of different financial documents. This instruction provides listeners with actionable advice on beginning their journey toward financial clarity.
04:48: Discussion shifts to the significance of reviewing previous years' tax returns as part of understanding one's financial situation. The conversation delves into how past financial decisions reflect current financial health and potential future strategies.
06:08: The episode introduces a strategic organizer tool, facilitating listeners' financial organization efforts. This segment offers valuable resources to the audience, guiding them in the practical application of the episode's themes.
07:14: Bill and Pete explore the emotional barriers to financial organization and the psychological benefits of overcoming these hurdles. They delve into the human aspect of financial advising, discussing how emotions can impede or facilitate financial planning.
08:03: The importance of self-assessment in financial planning is emphasized, with a nod to Socrates' quote, "To know thyself is the beginning of wisdom." This philosophical reflection underpins the episode's message about the foundational role of self-awareness in financial planning.
09:29: The hosts conclude the episode by recapping the significance of understanding one's current financial situation as the steppingstone to achieving future financial goals. They remind listeners of the resources available for download to assist in the organization process.
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In this engaging episode of the Runway Decade Podcast, Bill Bush and Brother Pete delve into their journey since the release of their book, "The Runway Decade," reflecting on how quickly time has flown and the importance of planning for retirement. They explore the crucial first steps in retirement planning, emphasizing the power of envisioning a clear and compelling retirement vision, and offer practical advice on making this vision a reality. The dialogue is rich with anecdotes, insights, and a deep dive into the strategies for achieving a fulfilling retirement.
Episode Highlights:
- **00:00:23** Bill Bush introduces the podcast and their focus on the critical timeframe for retirement planning, utilizing the analogy of a runway to discuss the accelerated passage of time and its implications on planning for the future.
- **00:01:20** The dialogue shifts to the significance of the book's launch and the precious timeframe of a decade in the context of retirement planning. They recount personal reflections on aging and the rapidity of time, tying it back to the necessity of early and thoughtful retirement planning.
- **00:02:06** Bill and Pete pivot to the topic of developing a retirement vision, underscoring the invaluable exercise of picturing one's retirement party. This imaginative process aims to crystallize a detailed and aspirational vision of retirement, which lays the groundwork for targeted planning and goal setting.
- **00:03:30** The conversation delves deeper into the strategy of visualizing the future to escape the busyness of the present. They illustrate how stepping out of daily tasks and envisioning a blank canvas for the future can profoundly impact retirement planning efforts.
- **00:04:18** They engage in a thoughtful discussion around the details that shape a retirement vision, such as who is present in the envisioning exercise and the specifics that make the vision tangible and personal. This level of detail helps solidify the connection between current actions and future outcomes.
- **00:05:09** Reflecting on the concept of "writing the history of the future," the hosts encourage listeners to adopt a proactive stance toward retirement planning. By vividly imagining and planning for desired outcomes, individuals can significantly influence their future circumstances.
- **00:06:40** Bill shares a personal anecdote about planning for his daughter's education, illustrating how a long-term vision and incremental steps can lead to the realization of significant life goals, drawing a parallel with retirement planning.
- **00:08:04** The conversation turns to the philosophical and motivational underpinnings of retirement planning. They instill a sense of agency and responsibility, broaching the topic of public perceptions and personal accountability in securing one's own retirement future.
- **00:09:40** Bill and Pete discuss the modern retirement planning landscape, including the rise of defined contribution plans like 401(k)s, and the importance of actively managing these tools to ensure a secure retirement.
- **00:11:17** The hosts offer practical advice on how to begin creating a retirement vision, touching upon lifestyle preferences, financial goals, and the importance of dreaming big to achieve an ideal retirement.
- **00:12:04** Insights are shared on considering the practical aspects of retirement, such as housing, debt, and healthcare. They stress the significance of strategic planning in addressing these key areas to achieve a comfortable and secure retirement.
- **00:13:34** The episode highlights a success story of a couple entering retirement debt-free and emphasizes the profound impact of such achievements on the quality of retirement life.
- **00:15:04** Bill and Pete introduce resources available on their website to aid listeners in crafting their retirement vision. They champion the idea that tailored, introspective questions can lead individuals to articulate and pursue their uni

In this episode of the Runway Decade Podcast, co-hosts Bill Bush and Brother Pete embark on a deep dive into the common hurdles people face as they approach retirement, emphasizing the critical issues of procrastination, financial fears, and organizational challenges. They share personal stories, provide practical advice, and interview specialists to explore solutions for overcoming these obstacles and making progress towards secure retirement planning.

Episode Highlights
 **00:00:02**: The podcast kicks off with a vivid flight-themed introduction, setting the stage for a conversation aimed at navigating the journey towards retirement. The hosts highlight the importance of preparation and anticipation, similar to pre-flight checks, as a metaphor for approaching retirement planning with careful consideration and readiness. **00:00:23**: Bill Bush and Brother Pete share their excitement about an upcoming family trip to the Derby, using it as a springboard to discuss the importance of traditions and making memories, subtly likening it to the significance of building and maintaining a
retirement plan that can support life's meaningful moments. **00:00:40**: The mention of bringing their 81-year-old mother to her first Derby underscores the theme of seizing opportunities, regardless of age, and the joy of experiencing life's firsts. This anecdote serves as a motivational call to listeners to not delay their financial planning endeavors and to embrace new experiences.  **00:01:08**: The conversation transitions into the main topic of the episode: common barriers to financial progress as retirement approaches. The co-hosts point out that many people in their fifties experience a range of obstacles, from procrastination to a lack of organization, underlining that these challenges are both common and surmountable with the right approach. **00:02:17**: Brother Pete emphasizes how procrastination stems from a deeper issue of inertia and discusses the psychological barriers that prevent people from taking the first step towards retirement planning. He suggests that self-reflection on the reasons behind procrastination can reveal actionable steps, thereby transforming a static state into progress. **00:03:18**: The co-hosts discuss the tangible and intangible costs of procrastination, highlighting how delaying financial planning can have far-reaching consequences that outweigh the perceived immediate expenses of taking action. They encourage listeners to consider the broader implications of inaction. **00:04:22**: Bill and Pete use a playful song reference to illustrate the concept of taking one step at a time. This lighthearted moment reinforces the message that small, consistent actions can lead to significant progress over time, especially when it comes to daunting tasks like retirement planning. **00:05:05**: Financial fears are dissected as the co-hosts discuss how fear of the unknown and fear of making mistakes can paralyze decision-making. They use Mark Twain's quote to remind listeners that many of our fears never come to fruition, urging a proactive rather than fear-based approach to financial planning. **00:07:23**: By addressing the challenge of organizational hurdles, Bill and Pete compare financial organization to sorting a junk drawer. This analogy brings humor and relatability to the discussion, making the point that organizing one's financial life is both necessary for clarity and less daunting than it may initially seem.  

Key Takeaways
Procrastination and inertia are significant barriers to retirement planning, but they can be overcome by breaking the process down into manageable steps and focusing on the long-term benefits of taking action now.  Financial fears often stem from uncertainty and the unknown. Engaging in open discussions about finances and seeking professional advice can help alleviate these fears by providing clarity and paving the way for informed decision-making. Organization is cr

In this episode of the Runway Decade Podcast, hosts Bill Bush and Brother Pete delve into a variety of intriguing topics ranging from personal anecdotes about their recent feature in Cigar Aficionado Magazine to detailed insights on investment strategies, particularly in the face of a presidential election year. Their discussion transcends the excitement surrounding the 150th running of the Kentucky Derby, extending to the significance of maintaining a diversified investment portfolio and the impact of election cycles on market performance.
 
Episode Highlights:
 
**00:00:02**: Bill offers a lively introduction to the episode, emphasizing the podcast's theme with a metaphorical "cleared for takeoff" message that sets the tone for an engaging discussion on investments, personal experiences, and the anticipation surrounding the Kentucky Derby.
 
**00:00:23**: Brother Pete warmly greets listeners, expressing excitement for the year 2024 and the immediate event on their calendar - the 150th Kentucky Derby, setting the stage for a blend of personal experiences with broader economic and investment insights.
 
**00:00:40**: Pete shares anecdotes about receiving messages from friends who saw them in Cigar Aficionado Magazine, linking personal interests and public recognition with the traditions of the Kentucky Derby, creating a relatable entry point for listeners tuned into the episode.
 
**00:01:16**: A memorable moment with their mother is shared as they talk about taking her to the Kentucky Derby, which has been a long-held dream of hers. This personal story seamlessly transitions into discussing the Derby as a bucket list event, highlighting the familial and emotional significance behind their investment in the event.
 
**00:02:39**: The conversation pivots to investment themes, where humorously, the Derby is ruled out as a good investment theme but is recognized as a source of fun and a life experience worthy of one's bucket list, highlighting the balance between financial investments and investing in life experiences.
 
**00:03:24**: Bill and Pete tackle the concept of recency bias in investment psychology, emphasizing how investors' recent memories can disproportionately influence their expectations for the future, leading into a broader discussion on how to approach long-term investing with a level head.
 
**00:04:15**: Insights into market trends and the importance of staying diversified in one's investment portfolio are detailed. The Bush brothers discuss the fluctuating nature of investment returns and the importance of hedging bets across various asset classes.
 
**00:06:01**: They break down the statistical likelihood of experiencing positive vs. negative years in the stock market, reinforcing the value of patience and a long-term perspective in investing, supported by historical data to ease the concerns of jittery investors.
 
**00:07:40**: The episode then segues into discussing the anticipation and uncertainties surrounding the presidential
election year and its potential impacts on the investment landscape, injecting a timely thematic element linked to the
broader socio-political environment.
 
**00:09:32**: Importantly, they expound on how fear and uncertain events often lead investors to move towards safer assets, but remind listeners that historically, staying invested or continuing regular contributions has often yielded better outcomes than reacting to immediate uncertainties.
 
**00:10:21**: Interest rates and their influence on investment decisions, especially in a high-interest rate environment, are addressed, suggesting how current economic conditions might shape investment strategies differently than election anxieties alone.
 
**00:12:09**: The Bush brothers contemplate the uniqueness of the upcoming election, potentially seeing incumbent figures from both major political parties vying for the presidency,

In February's episode of the Runway Decade Podcast, hosts Bill Bush and Brother Bill Bush delve into the intricate world of taxes, particularly focusing on the importance of tax planning for the upcoming season and strategic approaches to retirement. They discuss the timing and strategies for IRA and HSA contributions, the significance of Roth conversions, and the value of tax diversification in retirement accounts. The episode provides a comprehensive overview of tax-efficiency and retirement planning.
 
 
Episode Highlights:
 
·         00:00:02- The episode kicks off with a standard safety briefing metaphor suggesting the episode has been cleared for takeoff, signaling an in-depth journey into tax season and its implications.
 
·         00:00:23 - Bill Bush introduces himself and the podcast, highlighting the timing of the episode around tax season and the importance of preparing tax documents like the 1099s and W-2s. This sets the stage for a broader discussion on tax filing, extensions, and the various documents individuals and businesses need to gather for accurate tax reporting.
 
·         00:01:18- The hosts explore the idea of either receiving a large refund or opting for more consistent financial flow throughout the year. This segment unpacks the dilemma many face during tax season - whether to adjust withholdings to increase monthly income or to opt for a large tax refund, effectively loaning money to the government interest-free.
 
·         00:02:50 - They discuss actionable steps that can still impact your 2023 taxes, like contributing to IRAs or HSAs, highlighting the importance of deadlines and the benefits these contributions can bring, especially from a tax deduction perspective.
 
·         00:03:47- Bill emphasizes the significance of tax diversification for retirement, explaining how having a mix of taxable, tax-deferred, and tax-free accounts can provide financial flexibility in retirement. This strategy can help manage taxation on withdrawals and optimize the available funds.
 
·         00:04:40 - Illustrating the concept of having enough liquid savings to cover initial years of retirement to manage risks associated with a down market, the conversation shifts towards strategies that ensure financial stability during early retirement years without having to liquidate investments at inopportune times.
 
·         00:06:22 - The discussion moves to different investment accounts and strategies for tax efficiency and wealth growth, including Roth conversions and the strategic use of HSA accounts. They delve into the pros and cons of different approaches in preparation for retirement.
 
·         00:08:13 - Exploring the potential for higher tax rates in the future, the hosts share strategies for Roth conversions to lock in current lower rates, discussing the importance of evaluating one's individual tax scenario to make informed decisions.
 
·         00:09:54 - They touch on the generational differences in utilizing Roth accounts and the changing perspectives on retirement savings, emphasizing that Roth conversions and contributions are not just for younger people but can be part of a broader strategic plan at any age.
 
·         00:11:29 - Addressing the Secure Act's implications on retirement planning, particularly around Roth 401(k)s and traditional IRAs, they note the changing landscape of retirement account regulations and strategies to adjust for those planning their retirements.
 
·         00:13:08 - A personal story illustrates why it's crucial to have a clear vision of one's retirement goals, including where to live and expected lifestyle, to accurately plan for income needs and tax strategies.
 
·         00:14:36- The hosts tackle tax optimization strategies, suggesting real-time adjustments to withh

On today's episode of the "The Runway Decade Podcast," hosts Bill Bush and Pete Bush, advisors at Horizon Financial Group discuss the new year, the excitement for growth at Horizon Financial, and the critical importance for individuals turning 50 to consider comprehensive financial planning.
 
Episode Highlights:
·         01:40: The discussion focuses on the positive outcomes for Horizon Financial Group and its clients in the previous year. They express anticipation for the growth and opportunities in the new year.
·         02:51: The hosts talk about to the move into a new building in 2023, where Bill reflects on the significance of this move and emphasizes the importance of having long-term goals and being prepared for unexpected opportunities.
·         04:19: The hosts talk about the challenges of resisting tempting treats during the holiday season, such as chocolates, candies, and Mardi Gras King Cakes in Louisiana.
·         05:31: Bill mentions turning 59 in August and reflects on the changes and milestones experienced during his 50s, such as moving back to Baton Rouge.
·         07:46: Pete poses a key question, asking whether this will be the year for individuals to make a financial plan. The hosts discuss the awakening that occurs in one's early 50s when the realization of retirement and financial planning becomes more apparent.
·         09:37: The conversation delves into the financial challenges faced by Gen Xers, including student debt and the shift from traditional pensions to 401(k) plans. The hosts mention the responsibilities of the "sandwich generation," dealing with both children and aging parents.
·         10:58: Pete emphasizes the importance of acting, making a plan, and seeking advice. He encourages listeners to make progress on their financial goals and use the matrix as a tool for self-assessment.
·         11:28: Bill and Pete discuss the concept of financial leaks, emphasizing the importance of stopping the leaks in one's financial life. They highlight the significance of assessing savings rates and managing unexpected expenses.
·         12:47: Pete introduces the concept of the retirement bill, comparing it to a mortgage. He encourages listeners to calculate how much they need for retirement and treat it like a bill to be paid down.
·         15:30: Pete and Bill emphasise the importance of seeking advice and taking action to avoid financial regret and anxiety.
 
Key Points:
1.    The hosts express enthusiasm for Horizon Financials’ growth in the upcoming year and stress the essential role of thorough financial planning.
2.    The conversation underscores the importance of financial planning for individuals hitting the milestone of turning 50, emphasizing the need to evaluate and address potential financial leaks.
3.    Listeners are urged to proactively pursue their financial objectives, with an emphasis on seeking advice, crafting a plan, and taking tangible steps to sidestep regret and anxiety.
 
Tweetable Quotes:
·         "Turning 50 is monumental, and as the older Gen Xers approach retirement, it's time to ask, 'Is this the year to create a solid financial plan?'" - Pete
·         "In the runway decade, turning 50 is a pivotal point. Evaluate your financial matrix, address potential leaks, and set the stage for a confident retirement." - Pete
·         "As we navigate through 2024, remember, political dynamics may change, but your financial goals remain. Seek advice, make a plan, and thrive!" - Bill
 
Resources Mentioned:
·         https://www.runwaydecade.com/