The WWW Podcast

How to ACTUALLY Retire Early: Wisdom from Someone Who Made It Happen

• Wes Cuprill • Season 1 • Episode 20

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In this eye-opening interview, discover how Pam went from data entry operator to early retiree through patient investing and smart company benefits - learn how to actually retire early without get-rich-quick schemes or six-figure salaries. Find out the exact strategies she used, common retirement mistakes to avoid, and how to actually retire early by maximizing your employer benefits, managing company stock, and making the most of catch-up contributions, plus her candid advice on what she wishes she'd done differently.

Chaptersđź•“
00:00 - Intro
00:24 - Introducing Pam Weisbrod
01:01 - Interview pt 1
09:11 - Sponsor
10:13 - Interview pt 2
21:04 - Final Thoughts
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>> Pam Wisebrad:

Pay yourself first. Every time I got a raise before I got that first paycheck, I, increased my contribution another at least one more percent over time. Then you're at the max and that much more. Your safe ably.

>> Wes Cuprill:

Hello there and welcome to another episode of the WWW Podcast. My name is Wes Cuprill, and in this episode I have a very special guest on the show. Pam Wisebrad is a longtime client of money and clarity, and I thought it would be hugely beneficial to have her on for an interview so I could ask her all of the various things that she did to plan for retirement and what, all she's doing in retirement to live out a successful and fulfilling one. So, without further ado, here's my interview with Pam Wisebrad.

>> Wes Caprill:

Pam, thank you so much for agreeing to be a guest on the Wealthwise Women podcast today.

>> Pam Wisebrad:

No problem. Glad to do it.

>> Wes Caprill:

So I think one thing that is often overlooked in this world of podcasting is interviews with people who have actually done the thing that we're talking about. We too often bring in experts who give advice, but we don't focus on those who have actually successfully implemented said advice. which is why I thought it would be very powerful to have on as guests of the show, women clients of ours who have actually successfully implemented financial advice and retired successfully. And your name immediately came to mind when we thought of somebody to have on as a guest. So I greatly appreciate you taking the time to be here. That being said, I think a great place to start would be, is if you wouldn't mind, tell the audience a little bit about you, your background, and a little bit about your career before retirement.

>> Pam Wisebrad:

All right, my name is Pam and my background is basically, blue collar. I babysat as a teenager, worked in a fast food restaurant, worked in a nursing home in retail, and then worked at a local insurance company for 41 years. I started there as a data entry operator and retired as a database engineer. And I did take advantage of the college reimbursement from the company, and I got my Bs at UC and also went through the company's first programming class.

>> Wes Caprill:

Awesome. So you've been through it all, you ran through the gambit of it all?

>> Pam Wisebrad:

Yes.

>> Wes Caprill:

So during your working years, what strategies did you employ to save money? Were there various accounts that you opened? what all did you do exactly?

>> Pam Wisebrad:

Well, coming from a blue collar background, I didn't have any of first except a savings account. That was the only one that was really mentioned, in my household. But once I started Working at the insurance company, we were given stock as part of our Christmas bonus and I saved that. And I would hear the various programmers talking about stock dividend splits, dividend reimbursement. So I asked questions and I slowly learned. the company did offer stock loan. And so I saved up and purchased a few shares and then used that to purchase more shares, because you could use that as collateral. And I listened to questions that people were talking about and I asked my own questions of various people that in my two departments that were more experienced. So my stock grew and grew and eventually I wasarded stock options and some of my cowork workers explained how to, to exercise them and so forth. And so I would set up a schedule and exercise those. So because they were in my case lucrative. I also heard about our IRAs and I had a small one. but eventually my income kind of exceeded some of the limits there. Yeah, I took a personal finance class as part of my college, courses and I learned a bit more, especially about interest for both savings and on debt. and that helped, help me manage my money more. And around this time I determined that all my eggs were pretty much in one basket, which was company stock and then the company. We had a pension at our company. But eventually they in addition to saying hey, your pension is basically, or your retirement is basically your pension and Social Security and your company stock, you know, the marketplace was a little more volatile than. And the thing with PNG stock for example, was very much on people's mind. And so the company eventually started, another option for retirement, a 401. But because of our pension they did not have a match to it, but at least you could save more. So, I took advantage of that and then I also dabbled in a little bit of stock. but after losing some money I kind of backed away from that. And unless I was very, very comfortable with the company, I didn't purchase anything there.

>> Wes Caprill:

Patience is the name of the game I'm hearing.

>> Pam Wisebrad:

Yes, it is, it is.

>> Wes Caprill:

And what I love hearing about that is in today's world everybody's all about get rich quick Bitcoin and all that other stuff. But the fundamentals of patients still hold true.

>> Pam Wisebrad:

Very true. a lot of people I know at the company would sell their stock immediately and you know, saying, oh, you know, it could go down or I need the money now. I just said, you know, I need it in the future.

>> Wes Caprill:

Play the long game. Absolutely, absolutely.

>> Pam Wisebrad:

Y.

>> Wes Caprill:

So I'M guessing you wouldn't say there was really anything outside of the box that you did, per se.

>> Pam Wisebrad:

No, my box, you know, was where I was comfortable, you know, what I basically learned and just what I was comfortable with, not going to be real risky.

>> Wes Caprill:

Makes sense. All right, now for the self serving questions for myself. When did you first engage a financial advisor?

>> Pam Wisebrad:

Well, you know, after the company started the 401, I realized that really all of my eggs were in one basket. I did choose the option in the 401 where I wasn't putting it in more. Company stock might have been a good choice, might not, I don't know. but I still had a tremendous amount of company stock. So I was looking at my pie of where my investments were and I had a pension, I had some savings, I had a lot of stock and then I had a little bitty IRA and then I was starting this 401. So, again, the PNG thing and some other stocks that also GE for example, made me realize that maybe not having this much company stock, even though I felt that our company was very stable, it still made me a little nervous. So I talked to some people at work and got the names of their financial advisors and did a little research and then chose, went and visited Dan, and I ultimately chose Matson and Comprell because that's the name of the time. Yes, Y. that's where I started.

>> Wes Caprill:

So wanting to very honored that you picked us.

>> Pam Wisebrad:

I'm glad I did.

>> Wes Cuprill:

This episode of the Wealthwise Women podcast is brought to you by Money and Clarity. Wall street likes to make personal finance and investing complicated, but we are here to tell you that it isn't. But saving and investing for your future can bring with it stress, emotions and uncertainty as well as many questions like how much do I need to have saved for retirement? What happens if the market declines? And probably the most important question of all, will I be okay? That's where we come in. Not only can we help simplify the financial planning process, we can also help guide you through all the emotions and uncertainty that come with planning for your future. So give us a call today at AH, 513-563-7526 or go to visitwithm.com to schedule a free no obligation consultation. We'll discuss how we might be able to help you achieve your financial goals and provide you peace of mind knowing that you will be okay.

>> Wes Caprill:

Another self serving question. What ways have we been most helpful for you? Maybe not specifically, but how has the advisor been most helpful for you?

>> Pam Wisebrad:

Well, a couple of things. One in helping me look at the whole picture, looking at where everything was coming from. Looking like at the pie, so to speak. What percentage of pieces were each thing in my grand picture. So that helped me realize that what I was thinking, that the company stock was pretty much the majority of my basket. it was also helpful to realize that if I did sell company stock, what would I do with it? You know, what would I do with the proceeds? How much should I sell? What's the tax implications?

>> Wes Caprill:

Yeah, tax plan is a big one with that.

>> Pam Wisebrad:

Yeah. And then how much money I had? How long would it serve me in the future? Did I have enough at when could I retire? what would my quality of life be when I retired? and another area was eventually. Not right at first because I didn't have many there yet, but eventually it was if I wanted money, where should I take it from? Which piece of the pie was the best to do that? And then of course I had that small ira and to the other suggestion it was made was to convert that to a Roth IRA since it was smaller. And then I did create also a Roth ira. Those are all things, I sold the stock or some stock and invested that with Matson and Comprill. And so that, that did help help me understand where my, that my pie wasn't so heavily stock oriented.

>> Wes Caprill:

One stock oriented de risk you a little bit. Yeah. Bring your risk exposure down.

>> Pam Wisebrad:

Yes.

>> Wes Cuprill:

Yeah, yeah.

>> Wes Caprill:

So you've worked with dad obviously. So I think this is more of a question of did dad do his job properly. But it's also I think good for other people when they're trying to about hiring an advisor. What are some things that they need to look for? so the question being is there anything looking back that you wish we had done differently or I guess dad had done differently. I'm going to blame him.

>> Pam Wisebrad:

I think the big thing is I have a lot of taxable income now in retirement and maybe know getting a better picture of maybe having some of that either. At the time I was contributing to more tax free kind of investment. But I don't know.

>> Wes Caprill:

Yeah, I mean hindsight'always 20 20, so you don't necessarily know at the time. And I think that's something that we have actually done a bit more is that tax planning type of work. But that is very good to know. I appreciate you sharing that. All right. For you financial regrets, do you have.

>> Pam Wisebrad:

Any, I would say I'd probably wish I had started a little earlier with the firstificationeah. And then also maybe balance a little bit more between taxable and non taxable.

>> Wes Caprill:

Okay, that makes sense. is there any advice that you would give to people nearing retirement or perhaps even those who are, just starting their careers.

>> Pam Wisebrad:

nearing retirement? I would say the big thing is, get rid of your credit card debt. If you have any. Leave your credit cards at home, which is kind of hard to do in this day of online shopping. but sometimes just think about what you want to buy and say, do I really need that?

>> Wes Caprill:

Sleep on it.

>> Pam Wisebrad:

Yeah. And partly now that I've downsized a little bit, I realize how much I got rid of and I'm like, wow, I kind of wish I hadn't bought that in the first place. the other thing is, as you get older, you have a catch up that you can take advantage of. and I definitely would encourage people to take advantage of those catch ups. if you have any kind of debt that worries you, talk to an advisor and say, what debt should I get rid of or consolidate? That kind of thing always. And this doesn't matter what age you are. Pay your credit cards off every month, do not carry a credit card balance. contribute to a savings account also to have enough, you know, immediate money. my goal at one point was six months, you know, because at that time, still working, you're still afraid. Well, it's my jobnn be here tomorrow, you know, that kind of thing. but you know, now in retirement, you know, because I can call you all and get money.

>> Wes Caprill:

Yes.

>> Pam Wisebrad:

You don't have the penalty, right? I like to keep enough that I don't have to call for the little things. But for anybody, as you start, your career, start early, start saving early, understand and take advantage of what your employer has to offer. If they have an HSA, an FSA, 401s. Not a lot of companies anymore have pensions, but if they do understand how the pension works, if you have company stock, look at it, is it something that is available to you and if so, is it worthwhile getting, if you get bonuses, develop a plan. What you're going to use that bonus for.

>> Wes Caprill:

Don't blow it.

>> Pam Wisebrad:

Yeah, right, yeah. And if there is a match to your contribution, at least contribute that much to your 401 or to whatever retirement advantage it is. So pay yourself first. the big thing that I did too, that made it easier to save was every time I got a raise before I got that first paycheck, I increased my contribution another at least one more percent so that I was. You don't miss the money if you do it that way. You.

>> Wes Caprill:

If you don't know you have it. Yep, exactly.

>> Pam Wisebrad:

Right. So, that was. That was a big thing. And, you know, over time, then you're at the max and that much more. You're safe.

>> Wes Caprill:

Ab.

>> Wes Cuprill:

So this is why I wanted you.

>> Wes Caprill:

On as a guest. It's great advice, a wealth of wisdom.

>> Pam Wisebrad:

Yeah. And I have to admit, one of the big things was taking advantage of whatever your company has to offer. And, you know, you may not know what they have. Talk to your coworkers. Sometimes you have when you on board at a company, they'll tell you all this. But so much it's goingne. It's all going splash.

>> Wes Cuprill:

It is.

>> Wes Caprill:

It's all complicated because they don't want you to take advantage of it for.

>> Pam Wisebrad:

Right. So talk to your coworkers and if you hear them mentioning something, ask them about it. So my cowork workers were amazing. They. I'm really grateful for them.

>> Wes Caprill:

That's good. Yeah. And I think that's, you know, part of the reason behind this podcast. Bring down those barriers and make the conversation less taboo. People don't like talking about money, and I'm not saying you need to tell people how much you're worth, but you need to be comfortable having those financial conversations.

>> Pam Wisebrad:

that.

>> Wes Caprill:

And we're slowly but surely getting there.

>> Wes Cuprill:

All right, so more of a fun question.

>> Wes Caprill:

What have you been doing in retirement? Anything fun? What have you been doing to make it fulfill?

>> Pam Wisebrad:

Well, I spent the first three summers working in the national parks, Yellowstone and Glacier. And that was a lot of fun.

>> Wes Caprill:

I'll bet.

>> Pam Wisebrad:

So it was hard work, but it was fun. And then, unfortunately, I went through breast cancer treatment, so that took up a bunch of time. So now, you know, I'm like, oh, I need to travel to all the places that I wanted to go. So I've been doing some volunteer work and I've been doing trips to. I've been to Italy. I've been to France and Australia. So I'm just going to all those things on my bucket list.

>> Wes Caprill:

Just do it. Right.

>> Pam Wisebrad:

That's right. Don't put it off. Because several people I know that've retired say, oh, I have this house for issue, or I have this or whatever excuse. Now they're gone, or they're part_ner gone. So, you know, it's Just not. It's not w to put it off because it may never happen.

>> Wes Caprill:

It may never happen. Yeah. You know, don't live in fear of the resources. Live in fear of losing out on time. You know, take advantage of the have. Yeah.

>> Pam Wisebrad:

Yes.

>> Wes Caprill:

Yeah. Well, that's great to hear. you know, that's all I have. I really appreciate you taking the time, to be here and tell us all about that. I think, everything you shared is very insightful and very valuable for people.

>> Pam Wisebrad:

Well, I'm glad to help, so I hope it helps somebody.

>> Wes Caprill:

You know what? If it helps just one person, then we're doing our job, right?

>> Pam Wisebrad:

That's true. Because after going through breast cancer, I tell people, get your mammogram. And if one person does it, the message has been sent.

>> Wes Caprill:

Absolutely. Pam, thank you so much, and, look forward to the next time we get to meet.

>> Wes Cuprill:

I hope you enjoyed that interview with Pam as much as I did. I think she shares a lot of great actionable strategies and tips that anybody can use in planning for retirement. Obviously, what I loved about a lot of what she said is that patience really plays into planning successfully for retirement. It's all about saving as much money as you can and letting it grow in the market. Time in the market is probably the most beneficial thing for anybody when it comes to building wealth for your golden years. If you'd like to meet with me to discuss how we might be able to help you build a successful retirement plan like we did for Pam, simply go to visit with mc.com to book a day in time that works best for you. I'll see you next week.

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Wes Cuprill

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