1 00:00:20,706 --> 00:00:21,206 Love 2 00:00:23,893 --> 00:00:26,121 In a traveling mister rochelle. 3 00:00:30,338 --> 00:00:32,270 Yes. I left the thomas. 4 00:00:33,933 --> 00:00:34,911 In a traveling 5 00:00:35,604 --> 00:00:36,081 shaw. 6 00:00:39,994 --> 00:00:40,494 Yes 7 00:00:46,059 --> 00:00:46,958 Just like a 8 00:01:06,855 --> 00:01:08,710 I have never met. 9 00:01:10,841 --> 00:01:13,175 But I learned to find the time. 10 00:01:17,004 --> 00:01:18,305 I have never. 11 00:01:20,924 --> 00:01:22,180 But I plan to. 12 00:01:24,692 --> 00:01:25,729 Yes, I do. 13 00:01:26,925 --> 00:01:29,339 Because he looks so fine 14 00:01:30,674 --> 00:01:31,174 that. 15 00:01:58,563 --> 00:02:00,871 Welcome to the Tom Show for our financial 16 00:02:00,871 --> 00:02:02,941 hour brought to you by the Pre financial 17 00:02:02,941 --> 00:02:04,792 group. Where we make your money work for 18 00:02:04,792 --> 00:02:05,671 you, Joining us. 19 00:02:06,390 --> 00:02:09,506 Chad S, and here is our host, Tom 20 00:02:09,666 --> 00:02:10,145 D p. 21 00:02:10,958 --> 00:02:13,527 So this is the fourth song 22 00:02:14,459 --> 00:02:17,164 I played from the Album pretzel logic. 23 00:02:18,214 --> 00:02:19,169 Us steel dan, 24 00:02:19,805 --> 00:02:20,305 and 25 00:02:20,998 --> 00:02:21,817 it's basically, 26 00:02:24,101 --> 00:02:26,425 the it's a it's kind of a 12 27 00:02:26,425 --> 00:02:27,722 bar blues is 28 00:02:29,453 --> 00:02:31,148 shuffle if you will. But 29 00:02:31,604 --> 00:02:32,321 the vocals, 30 00:02:32,814 --> 00:02:36,084 or the lyrics are kind of about time 31 00:02:36,084 --> 00:02:38,158 travel going back in time. 32 00:02:39,354 --> 00:02:41,109 You know, I'd love to be a singer 33 00:02:41,109 --> 00:02:42,680 in a traveling menstrual show, 34 00:02:43,437 --> 00:02:45,747 I'd like to be with Napoleon. That's the. 35 00:02:46,783 --> 00:02:48,616 Platform. Yeah. This is good. This is this 36 00:02:48,616 --> 00:02:49,355 is a good 37 00:02:49,732 --> 00:02:52,377 cleanup up. He said you must be jo 38 00:02:52,377 --> 00:02:54,471 song, where did you get the 39 00:02:57,399 --> 00:02:57,957 What's good. 40 00:02:58,849 --> 00:03:00,605 Gotta be joking someone? Where did you get 41 00:03:00,605 --> 00:03:01,164 those shoes? 42 00:03:02,761 --> 00:03:04,357 You know, it reminds me of a... 43 00:03:05,794 --> 00:03:07,630 Do you ever watched the movie patton? 44 00:03:08,998 --> 00:03:09,237 Like, 45 00:03:09,953 --> 00:03:13,373 in the movie patent, Patton talks about having 46 00:03:13,373 --> 00:03:13,873 been 47 00:03:15,458 --> 00:03:16,813 at former wars. 48 00:03:17,610 --> 00:03:20,421 He thought of himself as having been 49 00:03:21,197 --> 00:03:21,697 rein, 50 00:03:22,472 --> 00:03:22,871 you know, 51 00:03:23,762 --> 00:03:26,950 And, oh, I... They were at some plain, 52 00:03:28,623 --> 00:03:30,615 in Greece, maybe Malta, 53 00:03:30,949 --> 00:03:33,175 He talked about a a battle that was 54 00:03:33,175 --> 00:03:33,493 there, 55 00:03:34,765 --> 00:03:36,434 and he said I was there. 56 00:03:37,149 --> 00:03:38,421 Sometimes I look at the market, 57 00:03:39,057 --> 00:03:40,193 and I feel like 58 00:03:40,503 --> 00:03:42,116 You know, I've I've been rein. 59 00:03:43,842 --> 00:03:45,216 It... It's... This is, 60 00:03:46,386 --> 00:03:47,658 I've seen all this before. 61 00:03:48,788 --> 00:03:51,023 All these emotions. And yet they feel so 62 00:03:51,023 --> 00:03:51,342 new. 63 00:03:53,098 --> 00:03:55,891 And history doesn't always repeat in certain crimes. 64 00:03:56,131 --> 00:03:56,370 Yeah. 65 00:03:57,103 --> 00:03:59,200 That's a good that's a good point, but, 66 00:03:59,339 --> 00:04:01,015 you know, you you pulled out this, 67 00:04:03,011 --> 00:04:04,369 really interesting article. 68 00:04:07,256 --> 00:04:08,393 That is about 69 00:04:09,406 --> 00:04:09,906 a 70 00:04:11,000 --> 00:04:12,774 a study done by Vanguard. 71 00:04:14,902 --> 00:04:15,402 And 72 00:04:15,873 --> 00:04:17,643 what they looked at was 73 00:04:19,765 --> 00:04:20,265 people 74 00:04:20,877 --> 00:04:23,363 who rolled over their 04:01 k's 75 00:04:23,737 --> 00:04:25,898 into a vanguard our ray. 76 00:04:27,972 --> 00:04:30,843 And something like over half of them had 77 00:04:30,843 --> 00:04:33,577 stayed in cash for the last 8 years 78 00:04:34,034 --> 00:04:35,150 can money market funds, 79 00:04:35,882 --> 00:04:37,472 about a about a third of them had 80 00:04:37,472 --> 00:04:39,699 stayed in money market funds. So basically, they 81 00:04:39,699 --> 00:04:42,005 missed out on 7 years of market returns, 82 00:04:42,164 --> 00:04:43,619 and this is when cash was 83 00:04:44,009 --> 00:04:45,605 nothing. I mean, it wasn't wasn't earning any. 84 00:04:45,844 --> 00:04:47,280 So a third of them at stayed in 85 00:04:47,280 --> 00:04:48,238 cash. Right. Okay. 86 00:04:49,674 --> 00:04:50,174 Now 87 00:04:51,764 --> 00:04:52,664 I've been around 88 00:04:53,043 --> 00:04:53,543 this 89 00:04:54,002 --> 00:04:56,020 business for long enough to know 90 00:04:57,198 --> 00:04:58,258 that you simply 91 00:04:58,637 --> 00:04:59,137 never... 92 00:05:01,525 --> 00:05:02,025 Build 93 00:05:02,638 --> 00:05:03,616 any kind of 94 00:05:05,343 --> 00:05:06,616 staying in cash. 95 00:05:08,464 --> 00:05:09,745 It just doesn't happen. 96 00:05:11,104 --> 00:05:12,865 And if you're in cash, 97 00:05:14,944 --> 00:05:16,784 it should simply be an interval. 98 00:05:18,795 --> 00:05:23,123 Because the way money is made in investing 99 00:05:23,182 --> 00:05:24,160 is by being 100 00:05:24,936 --> 00:05:26,234 invested and 101 00:05:29,651 --> 00:05:30,151 Vanguard 102 00:05:30,605 --> 00:05:33,071 concluded, and this is an article from Bloomberg. 103 00:05:35,639 --> 00:05:37,879 I don't know why anybody would subscribe to. 104 00:05:38,279 --> 00:05:40,519 Well, actually, it's a... It's Wall Street Journal, 105 00:05:40,680 --> 00:05:43,000 Bloomberg burton ripping them off. So they reprint 106 00:05:43,000 --> 00:05:43,479 it. Yep. 107 00:05:45,173 --> 00:05:47,170 It's a joke. It's kind of an inside 108 00:05:47,170 --> 00:05:47,969 joke we have here. 109 00:05:49,008 --> 00:05:52,058 Americans with cash heavy Ira gave up. More 110 00:05:52,058 --> 00:05:54,284 than a hundred and 72000000000 111 00:05:54,284 --> 00:05:55,421 dollars a year 112 00:05:55,954 --> 00:05:58,817 in retirement wealth they could have generated by 113 00:05:58,817 --> 00:06:01,544 investing in stocks and bonds. The 114 00:06:02,490 --> 00:06:02,990 Vanguard 115 00:06:03,683 --> 00:06:04,183 study 116 00:06:04,797 --> 00:06:06,331 concludes. Now that's 117 00:06:07,342 --> 00:06:08,479 completely a blanket 118 00:06:09,345 --> 00:06:12,365 sort of statement predicated upon everybody being in 119 00:06:12,365 --> 00:06:14,352 the S and P 500 or something like 120 00:06:14,352 --> 00:06:16,913 that and nobody ever is. They don't break 121 00:06:16,913 --> 00:06:18,748 down the mix of stocks and funds. But 122 00:06:18,748 --> 00:06:21,062 right. Know. The the point of the article, 123 00:06:21,222 --> 00:06:23,616 the point of the study is that... 124 00:06:24,255 --> 00:06:24,310 Yeah 125 00:06:27,611 --> 00:06:28,088 people, 126 00:06:32,879 --> 00:06:34,655 I think people have a fear 127 00:06:35,033 --> 00:06:36,330 of getting it wrong. 128 00:06:37,504 --> 00:06:39,998 Sometimes that fear is greater 129 00:06:41,268 --> 00:06:42,406 than the fear 130 00:06:43,263 --> 00:06:45,737 of missing out on gains. 131 00:06:46,694 --> 00:06:48,312 That's all I can conclude 132 00:06:52,384 --> 00:06:53,604 I will say this 133 00:06:54,064 --> 00:06:54,564 that 134 00:06:55,104 --> 00:06:58,631 having been in the investment business as long 135 00:06:58,631 --> 00:06:59,347 as I have. 136 00:07:01,256 --> 00:07:02,608 I started in the business, 137 00:07:05,088 --> 00:07:07,497 when you still somewhat had 138 00:07:08,666 --> 00:07:09,620 fixed commissions, 139 00:07:10,575 --> 00:07:12,108 so that where you went 140 00:07:12,897 --> 00:07:14,114 you you didn't have 141 00:07:15,766 --> 00:07:19,273 firms were not negotiating commissions. And we had 142 00:07:19,273 --> 00:07:20,285 no such thing 143 00:07:20,643 --> 00:07:23,276 as Ira and 4 1 case. Within a 144 00:07:23,276 --> 00:07:23,776 year 145 00:07:24,312 --> 00:07:25,828 of me getting in the business, 146 00:07:27,343 --> 00:07:30,628 Ira got started, 04:01 case got started, 147 00:07:31,344 --> 00:07:32,082 and then 148 00:07:33,412 --> 00:07:35,401 the commission rates began to come down. 149 00:07:37,470 --> 00:07:39,415 Started and now commissions are 150 00:07:39,868 --> 00:07:40,583 almost 0. 151 00:07:43,523 --> 00:07:44,023 The 152 00:07:47,034 --> 00:07:49,575 In order to gain information about stocks and 153 00:07:49,575 --> 00:07:52,195 bonds back in 19 78 or 80, 154 00:07:53,069 --> 00:07:56,205 you had to subscribe... Very expensive services 155 00:07:56,659 --> 00:07:59,123 that gave you a lot of information that 156 00:07:59,123 --> 00:08:01,928 you couldn't understand today. There are basically 157 00:08:02,382 --> 00:08:02,882 free 158 00:08:03,415 --> 00:08:03,550 the 159 00:08:04,706 --> 00:08:07,737 services out there for lots of folks. 160 00:08:08,933 --> 00:08:11,326 And yet there are still many, many people 161 00:08:11,326 --> 00:08:12,384 who are completely 162 00:08:12,762 --> 00:08:13,535 uneducated about 163 00:08:14,133 --> 00:08:16,206 how to invest their own money. They don't. 164 00:08:17,961 --> 00:08:21,571 They they haven't either they either haven't taken 165 00:08:21,630 --> 00:08:22,768 advantage of 166 00:08:24,037 --> 00:08:24,537 the 167 00:08:24,914 --> 00:08:26,212 information that's available 168 00:08:27,626 --> 00:08:29,939 or they just don't know how and they 169 00:08:29,939 --> 00:08:31,056 haven't learned how. 170 00:08:33,223 --> 00:08:35,389 And this is why I have a job 171 00:08:36,237 --> 00:08:37,293 is because 172 00:08:38,538 --> 00:08:39,355 my job 173 00:08:40,699 --> 00:08:42,000 is to help you 174 00:08:42,459 --> 00:08:43,360 the investor, 175 00:08:44,699 --> 00:08:47,019 get your toe in the water, get your 176 00:08:47,019 --> 00:08:49,019 money working for you, 177 00:08:50,470 --> 00:08:52,005 and moving in the right 178 00:08:53,098 --> 00:08:53,337 direction, 179 00:08:53,975 --> 00:08:55,590 getting the money invested 180 00:08:56,205 --> 00:08:57,081 and growing. 181 00:08:59,562 --> 00:09:02,105 Because many of you just won't do it 182 00:09:02,105 --> 00:09:02,899 or don't do it. 183 00:09:03,852 --> 00:09:05,147 And now 184 00:09:05,997 --> 00:09:06,497 Vanguard, 185 00:09:07,845 --> 00:09:08,904 is showing us 186 00:09:09,605 --> 00:09:10,485 that it's a fact. 187 00:09:11,365 --> 00:09:13,045 A lot of folks just aren't doing it. 188 00:09:13,764 --> 00:09:14,220 And 189 00:09:15,134 --> 00:09:17,123 in their summary, I actually looked at looked 190 00:09:17,123 --> 00:09:18,793 up the Vanguard study as well, but they're 191 00:09:18,793 --> 00:09:20,884 saying that their estimation 192 00:09:21,354 --> 00:09:23,582 for investors under the age of 55, and 193 00:09:23,661 --> 00:09:25,036 I think they're assuming the 194 00:09:25,650 --> 00:09:26,764 investor is in cash, 195 00:09:27,878 --> 00:09:29,889 but they... If they roll over their funds 196 00:09:30,677 --> 00:09:33,537 And I... It's not age 55 to 65. 197 00:09:33,696 --> 00:09:35,682 It's just investors under age 55, 198 00:09:36,238 --> 00:09:38,238 they think that if you put money in 199 00:09:38,238 --> 00:09:40,221 a target date fund that's appropriate to your 200 00:09:40,221 --> 00:09:40,459 age. 201 00:09:41,094 --> 00:09:42,918 It means you'll add about a hundred and 202 00:09:42,918 --> 00:09:43,791 30000 203 00:09:43,791 --> 00:09:46,191 dollars to your balance in your Ira. And 204 00:09:46,191 --> 00:09:48,736 that's just hard fun. Right. That's not even 205 00:09:48,736 --> 00:09:51,544 trying to to do anything other than participate 206 00:09:51,601 --> 00:09:52,794 in the broad market. Yeah. 207 00:09:54,004 --> 00:09:56,241 I mean, it's it's it's mind boggling. And 208 00:09:56,321 --> 00:09:58,339 I mean, it's the reasons that people don't 209 00:09:59,117 --> 00:10:01,285 invest the money, sometimes they're they're afraid that's 210 00:10:01,285 --> 00:10:02,872 getting ready to go down. But sometimes, I 211 00:10:02,872 --> 00:10:04,459 mean, that... This is what I I found 212 00:10:04,459 --> 00:10:07,656 government shocking was, they surveyed, some people 213 00:10:08,204 --> 00:10:10,357 who had rolled their money over in 20 214 00:10:10,357 --> 00:10:11,894 23 and found that 215 00:10:12,272 --> 00:10:14,106 68 percent of them who were sitting in 216 00:10:14,106 --> 00:10:15,941 cash, thought they had invested. They had no 217 00:10:15,941 --> 00:10:17,616 idea they weren't invested. So they just... I 218 00:10:17,616 --> 00:10:17,695 mean, 219 00:10:18,586 --> 00:10:18,904 I mean, 220 00:10:19,700 --> 00:10:21,131 you gotta pay a little bit of attention 221 00:10:21,211 --> 00:10:23,279 I think. So they thought just by virtue 222 00:10:23,279 --> 00:10:24,813 of putting it in the Ira. 223 00:10:25,363 --> 00:10:27,988 It somehow got invested. Well, that's just not 224 00:10:27,988 --> 00:10:30,136 reading the instructions. Right. They they thought there 225 00:10:30,136 --> 00:10:31,966 was a some type of a 04:01 k. 226 00:10:32,299 --> 00:10:33,575 You know, was gonna be the same where 227 00:10:33,575 --> 00:10:35,887 maybe there was a default investment, but the 228 00:10:35,887 --> 00:10:37,880 laws and rules are different for Ira than 229 00:10:37,880 --> 00:10:39,076 for 4 or 1 case. So, 230 00:10:39,952 --> 00:10:42,220 basically, you You have to 231 00:10:42,834 --> 00:10:46,039 for. 4 1 or a an ira by 232 00:10:46,255 --> 00:10:49,142 nature of what its name is it's an 233 00:10:49,597 --> 00:10:49,836 individual. 234 00:10:50,649 --> 00:10:51,370 Retirement account, 235 00:10:52,250 --> 00:10:55,389 individual, which means that it is your retirement 236 00:10:55,450 --> 00:10:57,549 account, which means that you 237 00:10:58,822 --> 00:11:00,596 are the responsible party 238 00:11:01,529 --> 00:11:02,905 for getting the money 239 00:11:03,679 --> 00:11:04,816 in your Ira 240 00:11:05,271 --> 00:11:06,679 invested the way you 241 00:11:07,436 --> 00:11:08,868 individually want to invest it. 242 00:11:09,903 --> 00:11:10,619 By nature, 243 00:11:11,415 --> 00:11:12,711 an individual 244 00:11:13,326 --> 00:11:15,793 retirement account can never be part of a 245 00:11:15,793 --> 00:11:16,293 pool 246 00:11:17,560 --> 00:11:19,313 like AA41K 247 00:11:19,313 --> 00:11:19,552 is. 248 00:11:20,509 --> 00:11:23,058 It's never gonna be a joint account. 249 00:11:25,063 --> 00:11:28,403 Individual retirement account is an individual account. It 250 00:11:28,403 --> 00:11:30,947 always... You can leave it to a spouse 251 00:11:30,947 --> 00:11:31,822 or a loved 1. 252 00:11:32,394 --> 00:11:35,749 As the beneficiary. But while you're alive, it's 253 00:11:35,749 --> 00:11:38,806 only your account. Therefore you alone 254 00:11:39,918 --> 00:11:40,896 are responsible 255 00:11:41,673 --> 00:11:44,864 for how it gets invested? Now, can you 256 00:11:44,864 --> 00:11:47,192 come to an adviser and say, I want 257 00:11:47,192 --> 00:11:49,365 you to manage my individual 258 00:11:49,821 --> 00:11:51,834 retirement account for me. Absolutely. 259 00:11:53,724 --> 00:11:54,759 That's why we're here. 260 00:11:56,128 --> 00:11:56,628 But 261 00:11:57,719 --> 00:12:00,980 you have to make that investment decision. The 262 00:12:00,980 --> 00:12:03,382 money is not gonna get invested. On its 263 00:12:03,382 --> 00:12:06,488 own just because you rolled it into a 264 00:12:06,488 --> 00:12:09,515 brokerage account that says Ira on it. By 265 00:12:09,515 --> 00:12:09,913 default, 266 00:12:12,080 --> 00:12:14,320 that money will probably go in a money 267 00:12:14,320 --> 00:12:16,559 market fund. And you're gonna get paid whatever 268 00:12:16,559 --> 00:12:18,959 the money market funds getting paid and up 269 00:12:18,959 --> 00:12:20,480 until a year and a half, 2 years 270 00:12:20,480 --> 00:12:22,975 ago, they were paying effectively 0. 271 00:12:23,534 --> 00:12:24,674 So if you 272 00:12:25,054 --> 00:12:26,914 were keeping your money in 273 00:12:27,375 --> 00:12:30,184 a money market fund for the... Last 6, 274 00:12:30,343 --> 00:12:31,137 7 years, 275 00:12:32,329 --> 00:12:34,553 you weren't getting very much in the way 276 00:12:34,553 --> 00:12:35,053 of 277 00:12:36,301 --> 00:12:37,254 interest or dividends. 278 00:12:38,366 --> 00:12:38,866 And 279 00:12:40,208 --> 00:12:43,013 I guess, I I hesitate to sc any 280 00:12:43,149 --> 00:12:44,738 potential listeners, but I'm gonna do it anyway. 281 00:12:46,089 --> 00:12:47,996 It's a case of being penny wise and 282 00:12:47,996 --> 00:12:50,800 pound absolutely worried about, Hey, I don't wanna 283 00:12:50,800 --> 00:12:53,032 pay a a management fee? What have you 284 00:12:53,032 --> 00:12:55,025 given up? What is the opportunity cost because 285 00:12:55,025 --> 00:12:56,595 you've sat in cash? I mean, these 286 00:12:57,190 --> 00:12:59,095 investors. I mean, what the Vanguard study also 287 00:12:59,095 --> 00:13:01,977 found is they... Somebody had funded a a 288 00:13:02,033 --> 00:13:04,494 rollover in cash, and it stayed in cash 289 00:13:04,494 --> 00:13:05,208 for 12 months. 290 00:13:05,859 --> 00:13:07,537 He was highly likely. It would still be 291 00:13:07,537 --> 00:13:09,694 in cash 6 years later. So... Good. Yeah. 292 00:13:10,014 --> 00:13:11,691 I mean, I just can't even imagine losing 293 00:13:11,691 --> 00:13:12,410 out on that much. 294 00:13:13,224 --> 00:13:16,729 In lost... I mean, opportunity cost lost market 295 00:13:16,729 --> 00:13:17,229 returns 296 00:13:17,686 --> 00:13:20,155 because some power are just. Yeah. 297 00:13:21,210 --> 00:13:22,570 They might even have known about it, and 298 00:13:22,570 --> 00:13:24,169 they said, I'm okay with that. You know? 299 00:13:24,409 --> 00:13:25,929 Yeah. At least the money is there. They... 300 00:13:26,250 --> 00:13:28,089 What they're not taking into account. 301 00:13:29,783 --> 00:13:32,497 Is what inflation is doing to their money. 302 00:13:32,736 --> 00:13:33,774 There are many people. 303 00:13:35,769 --> 00:13:37,626 And part of what we do 304 00:13:39,213 --> 00:13:40,964 with the show and and what we're talking 305 00:13:40,964 --> 00:13:41,362 to people. 306 00:13:42,078 --> 00:13:44,408 If we're if we're investing money 307 00:13:45,022 --> 00:13:46,318 in dollar den 308 00:13:47,011 --> 00:13:48,302 security which we do. 309 00:13:49,340 --> 00:13:51,575 We're therefore going to have to talk about 310 00:13:51,575 --> 00:13:51,974 dollars. 311 00:13:52,932 --> 00:13:53,810 What are dollars? 312 00:13:54,688 --> 00:13:56,386 Dollars are a 313 00:13:57,017 --> 00:13:58,233 means of exchange 314 00:13:58,767 --> 00:14:00,279 to unit of exchange. 315 00:14:01,473 --> 00:14:02,212 And as 316 00:14:02,667 --> 00:14:03,405 the government 317 00:14:04,513 --> 00:14:05,890 the fed, the treasury 318 00:14:06,427 --> 00:14:07,624 prints more money, 319 00:14:08,820 --> 00:14:11,372 those dollars become deb debate, and that thing 320 00:14:11,372 --> 00:14:13,707 is called inflation and what it means 321 00:14:14,179 --> 00:14:16,334 is that it takes more of those dollars 322 00:14:16,334 --> 00:14:17,154 to buy 323 00:14:18,969 --> 00:14:21,922 a certain thing or a certain basket of 324 00:14:21,922 --> 00:14:22,422 things 325 00:14:23,453 --> 00:14:26,499 each year. There people have been talking about 326 00:14:26,636 --> 00:14:28,944 how Guy bought a hundred and 50 dollars 327 00:14:28,944 --> 00:14:30,399 worth of stuff at Walmart 328 00:14:31,029 --> 00:14:32,465 2 and a half years ago, It's now 329 00:14:32,465 --> 00:14:34,937 it costs 400 or something. Right I don't 330 00:14:34,937 --> 00:14:36,772 know if that's true or not. I do 331 00:14:36,772 --> 00:14:38,447 know that it's more expensive now. 332 00:14:39,324 --> 00:14:39,824 And 333 00:14:41,093 --> 00:14:41,889 if you're... 334 00:14:43,641 --> 00:14:45,472 The the the only reason, 335 00:14:46,666 --> 00:14:47,962 the only reason 336 00:14:49,866 --> 00:14:50,663 to invest. 337 00:14:52,256 --> 00:14:54,349 The only reason to invest 338 00:14:55,522 --> 00:14:58,567 is to crease the purchasing power of the 339 00:14:58,567 --> 00:15:00,481 dollars that you invest. That's it. 340 00:15:01,199 --> 00:15:03,193 People can say, oh, I like buying companies 341 00:15:03,193 --> 00:15:04,788 and stuff like that. You don't like buying 342 00:15:04,788 --> 00:15:06,120 them if they don't increase 343 00:15:06,559 --> 00:15:08,559 you know, the purchasing power of your money, 344 00:15:09,120 --> 00:15:12,740 there is absolutely no reason to invest other 345 00:15:12,960 --> 00:15:15,613 than to increase the purchasing power, of the 346 00:15:15,613 --> 00:15:17,925 money you invest in there to have it 347 00:15:17,925 --> 00:15:19,461 grow because now 348 00:15:19,838 --> 00:15:21,751 you can buy more stuff with it as 349 00:15:21,751 --> 00:15:23,447 long as you're getting ahead 350 00:15:23,759 --> 00:15:25,829 of what inflation is taken away from you. 351 00:15:26,306 --> 00:15:28,716 Folks, if you're not... If you're a retirement 352 00:15:28,774 --> 00:15:31,321 investor, and you're not thinking about this stuff 353 00:15:31,321 --> 00:15:33,884 at least from time to time of you're 354 00:15:33,884 --> 00:15:34,602 dropping the ball. 355 00:15:35,959 --> 00:15:36,837 Not getting it done. 356 00:15:37,715 --> 00:15:39,253 It well, in in the 357 00:15:39,870 --> 00:15:41,946 the T of this, though is that, I 358 00:15:41,946 --> 00:15:42,105 mean, 359 00:15:42,996 --> 00:15:44,666 inflation has been running rampant. And I just... 360 00:15:44,984 --> 00:15:47,153 I'm, I'm not convinced that we've accurately 361 00:15:48,084 --> 00:15:50,072 tracked it. I mean, it could not agree 362 00:15:50,072 --> 00:15:52,021 with you the Cpi since 363 00:15:52,477 --> 00:15:55,744 to is basically, things cost 10 percent more 364 00:15:55,744 --> 00:15:57,497 your money's worth the last, you know, 365 00:15:58,388 --> 00:16:00,779 80... Some stuff up way more than it 366 00:16:00,779 --> 00:16:02,772 was. Right. I mean, but on average, that's 367 00:16:02,772 --> 00:16:04,684 that's how much you've lost. So whatever, you 368 00:16:04,684 --> 00:16:05,503 know, if you're 369 00:16:06,134 --> 00:16:07,730 if you're getting some sort of an income 370 00:16:07,730 --> 00:16:09,247 from your retirement portfolio, 371 00:16:10,125 --> 00:16:11,880 what you're buying with the with the income 372 00:16:11,880 --> 00:16:14,929 it's generating is is increased by... 10 percent. 373 00:16:15,089 --> 00:16:17,646 So you're gonna have to either do without 374 00:16:17,646 --> 00:16:18,146 or, 375 00:16:18,525 --> 00:16:20,602 hopefully, have your money invested where it's actually 376 00:16:20,602 --> 00:16:23,173 keeping up with with that inflation. So that's 377 00:16:23,173 --> 00:16:24,848 something we focus on here. I mean, 1 378 00:16:24,848 --> 00:16:26,284 thing I wanna point out, you're talking about 379 00:16:26,284 --> 00:16:28,278 growth and of your purchasing power. 380 00:16:28,916 --> 00:16:30,989 That can come in a common... A combination 381 00:16:30,989 --> 00:16:33,958 of of growth from an underlying stock, but 382 00:16:33,958 --> 00:16:35,156 it can also come by, 383 00:16:36,115 --> 00:16:38,113 a company that maybe it's more mature, but 384 00:16:38,113 --> 00:16:40,270 they're generating a dividend, they're paying a dividend 385 00:16:40,270 --> 00:16:42,036 that's that's ahead of the rate of inflation. 386 00:16:42,195 --> 00:16:44,654 Which can compound over time. Right. You can 387 00:16:44,654 --> 00:16:46,241 reinvest what you don't need and and compound. 388 00:16:46,400 --> 00:16:48,383 But, I mean, they're... We're looking at the 389 00:16:48,383 --> 00:16:50,549 total return of the whole... Portfolio and the 390 00:16:50,549 --> 00:16:52,389 components of the portfolio when we put this 391 00:16:52,389 --> 00:16:54,009 together. We've spent a lot of time 392 00:16:54,309 --> 00:16:56,549 trying to create something that works in harmony, 393 00:16:57,110 --> 00:16:57,610 and 394 00:16:58,083 --> 00:17:00,313 generates the income you need and and and 395 00:17:00,313 --> 00:17:01,986 has some growth so you can keep up, 396 00:17:02,145 --> 00:17:04,057 but your purchasing power won't fall behind. 397 00:17:05,092 --> 00:17:06,388 Yeah. It 398 00:17:08,446 --> 00:17:09,184 this isn't 399 00:17:09,557 --> 00:17:10,351 rocket science. 400 00:17:10,906 --> 00:17:13,605 We're not really doing a rocket science show 401 00:17:13,605 --> 00:17:16,575 today. We're... We're we do do. We normally 402 00:17:16,575 --> 00:17:17,215 do. Yeah Yeah. 403 00:17:17,934 --> 00:17:19,934 We do. Mike's not here. So we can 404 00:17:19,934 --> 00:17:20,494 do it. Well, that's... 405 00:17:21,375 --> 00:17:22,150 Yeah. But 406 00:17:23,070 --> 00:17:25,890 when we do a rocket science show, it's 407 00:17:26,509 --> 00:17:27,150 real cool. 408 00:17:28,029 --> 00:17:28,349 But 409 00:17:30,750 --> 00:17:31,204 the 410 00:17:31,722 --> 00:17:34,269 it's it's as a... An old football term, 411 00:17:34,429 --> 00:17:37,932 it's blocking and tackling. It's simply doing the 412 00:17:37,932 --> 00:17:38,648 simple things. 413 00:17:39,699 --> 00:17:42,336 You know, investing takes time. You have to 414 00:17:42,336 --> 00:17:43,215 focus on 415 00:17:45,132 --> 00:17:47,623 what you're doing, putting the money into and 416 00:17:47,623 --> 00:17:50,015 if you're not a person that knows how 417 00:17:50,015 --> 00:17:51,849 to do that or wants to do that. 418 00:17:52,806 --> 00:17:55,677 For yourself, that's why you talk to an 419 00:17:55,677 --> 00:17:56,450 adviser. Is 420 00:17:57,606 --> 00:17:57,766 Okay. 421 00:17:58,484 --> 00:18:00,240 Because we have had folks come in here 422 00:18:00,240 --> 00:18:02,096 and they... They're... The money's in cash 423 00:18:03,272 --> 00:18:03,772 and 424 00:18:04,643 --> 00:18:06,630 Yes. They wanna get it invested. But you 425 00:18:06,630 --> 00:18:07,925 have to make that 426 00:18:08,538 --> 00:18:10,071 sort of mental leap 427 00:18:10,923 --> 00:18:13,961 to say to yourself, I know I'm not 428 00:18:13,961 --> 00:18:14,358 getting... 429 00:18:16,507 --> 00:18:18,838 I'm I'm not where I need to be 430 00:18:19,293 --> 00:18:21,203 in terms of the growth of my money. 431 00:18:22,014 --> 00:18:23,772 And my money is not gonna keep up 432 00:18:23,772 --> 00:18:25,930 with inflation, and I'm not gonna be able 433 00:18:25,930 --> 00:18:27,789 to buy as many things with it 434 00:18:28,567 --> 00:18:29,766 as I would like to. 435 00:18:30,565 --> 00:18:31,065 And 436 00:18:31,856 --> 00:18:34,155 this is not an easy thing for some 437 00:18:34,155 --> 00:18:35,845 folks to come to because 438 00:18:36,375 --> 00:18:38,833 it it's it it involves an emotional. 439 00:18:39,483 --> 00:18:42,110 I think the use and and care of 440 00:18:42,110 --> 00:18:42,610 money 441 00:18:43,065 --> 00:18:45,237 is way more emotional 442 00:18:45,612 --> 00:18:46,886 than it is intellectual. 443 00:18:47,618 --> 00:18:50,011 I really do. I I think that 444 00:18:51,367 --> 00:18:53,760 there's a lot of emotion in it. There's 445 00:18:53,760 --> 00:18:56,892 a fear of not having or missing out 446 00:18:57,443 --> 00:19:00,732 all those fears that people have in life 447 00:19:01,427 --> 00:19:02,326 get transferred 448 00:19:02,941 --> 00:19:04,318 into their finances. 449 00:19:05,172 --> 00:19:05,672 And 450 00:19:07,656 --> 00:19:10,838 one's gotta be fairly strong at times. If 451 00:19:10,838 --> 00:19:13,622 you don't like doing all that stuff yourself, 452 00:19:14,194 --> 00:19:15,785 or you'd like to have someone to help 453 00:19:15,785 --> 00:19:18,489 you walk through it. That's what we do. 454 00:19:18,728 --> 00:19:18,967 Listen. 455 00:19:19,682 --> 00:19:20,080 And 456 00:19:21,846 --> 00:19:23,998 It's not always easy. I mean, that this 457 00:19:23,998 --> 00:19:24,498 job 458 00:19:25,113 --> 00:19:25,852 can be 459 00:19:26,388 --> 00:19:27,424 a tough job. 460 00:19:28,554 --> 00:19:29,990 I mean, I gotta work with Chad. 461 00:19:30,707 --> 00:19:33,020 And and Elizabeth and Mike. I mean, you 462 00:19:33,020 --> 00:19:35,492 know, come on. You know that conditions can 463 00:19:35,492 --> 00:19:37,247 get such that even though you know... 464 00:19:38,219 --> 00:19:38,719 That 465 00:19:39,176 --> 00:19:41,651 your company you're invested in that's now under 466 00:19:41,651 --> 00:19:42,470 fire is 467 00:19:42,848 --> 00:19:43,348 still 468 00:19:43,805 --> 00:19:45,801 fine. Nothing's really happened. Well, that short term, 469 00:19:45,881 --> 00:19:48,073 the market get a most Gonna be an 470 00:19:48,212 --> 00:19:49,032 intellectual choice 471 00:19:49,491 --> 00:19:52,448 based on research. Right. Which is the other 472 00:19:52,448 --> 00:19:54,387 part of what we're trying to say 473 00:19:54,766 --> 00:19:55,506 is that 474 00:19:56,219 --> 00:19:57,577 if you've done the research, 475 00:19:58,935 --> 00:20:00,234 and and research 476 00:20:00,613 --> 00:20:02,850 in this business is a acc thing. 477 00:20:03,663 --> 00:20:05,180 You do it this year. You do it 478 00:20:05,180 --> 00:20:07,016 next year. You do it. You've done it 479 00:20:07,016 --> 00:20:09,731 for 10 years. You start seeing things you've 480 00:20:09,731 --> 00:20:11,348 seen before, and that's 481 00:20:11,726 --> 00:20:12,226 why 482 00:20:13,098 --> 00:20:15,567 experience can be very helpful to you in 483 00:20:15,567 --> 00:20:16,285 this business. 484 00:20:16,842 --> 00:20:18,515 This is what we do. You know, you 485 00:20:18,515 --> 00:20:21,166 can call us as Elizabeth gonna tell you 486 00:20:21,463 --> 00:20:23,391 how to do it. How to call us. 487 00:20:25,624 --> 00:20:27,139 Do you want me to kick on in? 488 00:20:27,299 --> 00:20:29,213 Because I can do that? Just as long 489 00:20:29,213 --> 00:20:30,887 as you don't kick me in. 490 00:20:32,178 --> 00:20:32,815 That's next. 491 00:20:33,531 --> 00:20:34,247 That's coming. 492 00:20:36,158 --> 00:20:38,546 You've been listening the top show with chad 493 00:20:38,546 --> 00:20:40,473 stu or a host Tom pre brought to 494 00:20:40,473 --> 00:20:42,548 you by Pre financial group where we make 495 00:20:42,548 --> 00:20:43,904 your money work for you. 496 00:20:44,942 --> 00:20:47,756 If you would like to meet with us 497 00:20:48,149 --> 00:20:50,730 and get a plan together, it is 498 00:20:51,589 --> 00:20:52,809 never too soon 499 00:20:53,109 --> 00:20:53,990 to start a plan. 500 00:20:54,789 --> 00:20:55,589 Sooner the better, 501 00:20:56,962 --> 00:20:58,713 We are a great sounding board, and it's 502 00:20:58,713 --> 00:21:01,022 not as difficult as these guys have made 503 00:21:01,022 --> 00:21:03,989 it sound. Sometimes it it is very simple 504 00:21:04,046 --> 00:21:04,546 incredible. 505 00:21:05,160 --> 00:21:06,949 It's a very simple process. 506 00:21:07,408 --> 00:21:07,568 Credit. 507 00:21:08,367 --> 00:21:10,444 If you'd like to start that process, call 508 00:21:10,444 --> 00:21:12,761 it. 8593. 509 00:21:13,080 --> 00:21:15,325 Gonna scare off. 0 400. 510 00:21:15,723 --> 00:21:18,346 Was that number again? 23304 511 00:21:18,346 --> 00:21:18,823 hundred. 512 00:21:19,618 --> 00:21:21,367 You can also go our website at duke 513 00:21:21,367 --> 00:21:22,798 pre financial dot com. 514 00:21:23,529 --> 00:21:25,680 And click on the radio at click on 515 00:21:25,680 --> 00:21:28,230 the book now tab on our homepage. You 516 00:21:28,230 --> 00:21:29,903 can also click on the radio tab to 517 00:21:29,903 --> 00:21:30,541 hear another. 518 00:21:31,194 --> 00:21:33,349 Or any addition of the Tom Show. 519 00:21:34,627 --> 00:21:36,542 We appreciate you listening the financial hour, we 520 00:21:36,542 --> 00:21:38,778 will be right back with the second segment, 521 00:21:39,416 --> 00:21:39,975 stay tuned. 522 00:22:02,920 --> 00:22:04,276 This is Tom D pre. 523 00:22:04,834 --> 00:22:08,140 At pre Financial group. We believe proper management 524 00:22:08,357 --> 00:22:09,814 of retirement assets 525 00:22:10,430 --> 00:22:12,206 is a long term process. 526 00:22:12,902 --> 00:22:15,388 If you've been listening, we've been advertising for 527 00:22:15,388 --> 00:22:16,581 over 20 years. 528 00:22:17,217 --> 00:22:19,842 We know that choosing an advisor can take 529 00:22:19,842 --> 00:22:21,933 a long time to decide 530 00:22:22,402 --> 00:22:24,860 and it's a long term engagement when you 531 00:22:24,860 --> 00:22:25,574 do decide. 532 00:22:26,129 --> 00:22:27,026 Our accountability 533 00:22:27,477 --> 00:22:29,460 must also be up to the nature of 534 00:22:29,460 --> 00:22:32,407 the job and with 46 years in the 535 00:22:32,407 --> 00:22:35,340 investment business, we're used to being accountable. 536 00:22:36,132 --> 00:22:39,654 For more information, on how we manage retirement 537 00:22:39,654 --> 00:22:44,934 assets, call us at 85923304 538 00:22:44,934 --> 00:22:45,255 hundred. 539 00:22:45,749 --> 00:22:47,994 Or go to our website at pre 540 00:22:48,445 --> 00:22:51,222 dot com. Also, be sure to listen to 541 00:22:51,222 --> 00:22:54,733 the Tom Dip show at news radio 06:30 542 00:22:54,733 --> 00:22:55,233 w 543 00:22:56,324 --> 00:22:58,256 or on your favorite podcast 544 00:22:58,631 --> 00:22:59,131 platform. 545 00:23:13,433 --> 00:23:13,933 Remember 546 00:23:27,711 --> 00:23:29,244 Were still september. 547 00:23:30,334 --> 00:23:33,076 When your daddy was quite surprised. 548 00:23:35,365 --> 00:23:36,821 To you with the 549 00:23:38,074 --> 00:23:38,574 the 550 00:23:42,063 --> 00:23:42,563 Was 551 00:23:44,841 --> 00:23:45,341 upstairs 552 00:25:28,099 --> 00:25:30,089 Welcome back to the Tom Du show brought 553 00:25:30,089 --> 00:25:32,000 up to you by a pre financial group 554 00:25:32,000 --> 00:25:33,513 where we make your money work for you. 555 00:25:33,832 --> 00:25:34,389 Joining us. 556 00:25:35,345 --> 00:25:36,061 Chad S. 557 00:25:36,871 --> 00:25:39,330 And here is our host, Tom Du. 558 00:25:40,123 --> 00:25:40,282 Okay. 559 00:25:41,075 --> 00:25:42,844 This is a song from 560 00:25:43,216 --> 00:25:44,089 a different album. 561 00:25:45,057 --> 00:25:48,397 It's called countdown to ecstasy. It's still by 562 00:25:48,397 --> 00:25:49,113 steel dan. 563 00:25:49,669 --> 00:25:52,612 It's called My school, and it's talking... 564 00:25:53,659 --> 00:25:55,245 About bard college, 565 00:25:55,880 --> 00:25:57,546 which is up on the Hudson River in 566 00:25:57,704 --> 00:25:58,577 Duchess County, 567 00:25:59,291 --> 00:26:00,005 play this part. 568 00:26:05,584 --> 00:26:07,253 Okay. Well, that... This is kind of a 569 00:26:07,253 --> 00:26:09,001 frame. Don't don't turn it off yet. 570 00:26:09,813 --> 00:26:12,684 Alright. And evidently in 19 69, 571 00:26:13,242 --> 00:26:15,336 there was a large drug bust 572 00:26:16,352 --> 00:26:19,734 for marijuana on the campus of 573 00:26:20,504 --> 00:26:20,901 barred, 574 00:26:21,615 --> 00:26:22,512 44 575 00:26:22,726 --> 00:26:24,869 students were put in jail here. Here we 576 00:26:24,869 --> 00:26:25,107 go. 577 00:26:26,712 --> 00:26:28,786 Oh, that's just other the pm. I thought 578 00:26:28,786 --> 00:26:29,105 that was... 579 00:26:30,062 --> 00:26:31,976 Where he said about. How about now? Yeah. 580 00:26:32,294 --> 00:26:35,085 Where says California Tunnels it. There you go. 581 00:26:40,539 --> 00:26:41,019 I love that. 582 00:26:42,299 --> 00:26:43,740 They almost can see it tumbling. 583 00:26:44,793 --> 00:26:47,265 Okay. He says, I've never going back at 584 00:26:47,265 --> 00:26:47,765 all 585 00:26:48,143 --> 00:26:49,041 because of that 586 00:26:49,817 --> 00:26:52,450 thing that happened. He actually did go back. 587 00:26:53,726 --> 00:26:55,974 For talk about the drive burst? No. 588 00:26:56,692 --> 00:26:57,910 Backed up to 589 00:26:58,686 --> 00:27:00,063 Anna New York 590 00:27:00,600 --> 00:27:02,616 on the Hudson River where barred 591 00:27:02,993 --> 00:27:03,870 college is. 592 00:27:04,604 --> 00:27:06,462 Bart college is like a 593 00:27:07,400 --> 00:27:08,300 type college 594 00:27:09,717 --> 00:27:12,765 founded by an epi companion guy. Used to 595 00:27:12,765 --> 00:27:15,469 call Saint Stephen's college, and they changed it 596 00:27:15,469 --> 00:27:16,185 to his name. 597 00:27:16,901 --> 00:27:17,776 And anyway, 598 00:27:19,619 --> 00:27:21,548 Donald Fa got put in jail 599 00:27:22,239 --> 00:27:25,414 because he was in around marijuana being sold, 600 00:27:25,969 --> 00:27:27,239 and he had long hair. 601 00:27:28,926 --> 00:27:31,000 It was a long here. Anyway, at least 602 00:27:31,000 --> 00:27:32,436 he didn't have a man bun. Right? Yeah. 603 00:27:32,914 --> 00:27:35,068 I don't know what he. But all I 604 00:27:35,068 --> 00:27:37,221 can tell you is that it's a good 605 00:27:37,221 --> 00:27:37,721 song 606 00:27:38,593 --> 00:27:40,588 And a lot of people don't like steel 607 00:27:40,588 --> 00:27:43,620 dan. I mean, they... It's just the lyrics 608 00:27:43,620 --> 00:27:44,120 or 609 00:27:44,897 --> 00:27:45,796 q kinda 610 00:27:46,269 --> 00:27:46,769 cryptic, 611 00:27:47,465 --> 00:27:51,395 and they just think the song sounds similar 612 00:27:51,453 --> 00:27:53,367 in this... Let me tell you. I think 613 00:27:53,367 --> 00:27:55,861 they're fantastic music makers 614 00:27:56,411 --> 00:27:59,527 And I think the the music gets better 615 00:28:00,533 --> 00:28:02,832 with every passing year. And these are early 616 00:28:02,832 --> 00:28:03,332 albums 617 00:28:03,799 --> 00:28:06,034 that I've played from. You know, Pretzel logic 618 00:28:06,034 --> 00:28:06,833 was an early album. 619 00:28:08,190 --> 00:28:09,946 So was countdown to x. See. I mean, 620 00:28:10,026 --> 00:28:11,782 you get into these out later albums like 621 00:28:11,941 --> 00:28:12,500 Gal show, 622 00:28:13,475 --> 00:28:14,275 and Asia, 623 00:28:15,394 --> 00:28:15,955 those are... 624 00:28:16,674 --> 00:28:19,734 You're basically into jazz now. I mean, and 625 00:28:21,089 --> 00:28:23,403 these guys are really good. I I don't 626 00:28:23,403 --> 00:28:26,435 know. III tell people, 1 1 week, I 627 00:28:26,435 --> 00:28:28,351 say, start listening to Tommy. 628 00:28:29,003 --> 00:28:30,749 And then now I'm saying... By the who. 629 00:28:31,226 --> 00:28:33,051 Star listening to this sit steel dan. 630 00:28:33,845 --> 00:28:35,512 I feel like on the music part of 631 00:28:35,512 --> 00:28:37,020 it, it's simply my job. 632 00:28:38,149 --> 00:28:40,807 To point out good music from the past 633 00:28:41,266 --> 00:28:43,044 that I can assure you 634 00:28:43,903 --> 00:28:46,240 is not being played in waiting rooms 635 00:28:46,874 --> 00:28:49,742 or at workout gyms or you're not gonna 636 00:28:49,742 --> 00:28:51,915 hear this music on media, 637 00:28:53,486 --> 00:28:56,137 anywhere outside of, say deep cuts on 638 00:28:56,687 --> 00:28:59,949 sirius axiom or something. Because otherwise, you're just 639 00:28:59,949 --> 00:29:01,540 not hearing it. Well, and you've touched on 640 00:29:01,540 --> 00:29:03,074 this before, but they have 641 00:29:03,782 --> 00:29:05,452 used to be a great honor. I guess, 642 00:29:05,532 --> 00:29:08,237 it it always was. But to be asked 643 00:29:08,237 --> 00:29:10,248 to play on an album. That's steel 644 00:29:10,558 --> 00:29:12,144 Dan was producing. I mean, they had some 645 00:29:12,144 --> 00:29:14,785 phenomenal musicians. They had they did nothing, but 646 00:29:15,078 --> 00:29:15,578 interchange 647 00:29:16,743 --> 00:29:19,455 session musicians and they you know, Donald Fa 648 00:29:19,455 --> 00:29:20,803 was sad, we ought to get so and 649 00:29:20,803 --> 00:29:23,183 so on this and song and whatnot, and 650 00:29:23,183 --> 00:29:24,690 they would they would switch it around. 651 00:29:25,499 --> 00:29:28,061 And there were really some good sec... Session 652 00:29:28,116 --> 00:29:30,282 musicians out there. Alright. Let's get to our 653 00:29:30,655 --> 00:29:31,948 topic here since 654 00:29:32,732 --> 00:29:34,265 our half hour 655 00:29:34,877 --> 00:29:36,148 is fleeing away. 656 00:29:37,101 --> 00:29:39,246 Someday you will have to spend your nest 657 00:29:39,246 --> 00:29:39,484 egg. 658 00:29:40,120 --> 00:29:42,027 Why you need to plan ahead for that. 659 00:29:42,519 --> 00:29:44,034 Let me just tell a story. 660 00:29:48,022 --> 00:29:49,298 That pertains to this. 661 00:29:50,335 --> 00:29:51,313 I've had several 662 00:29:53,625 --> 00:29:55,164 typically, this is 663 00:29:55,544 --> 00:29:56,044 elderly 664 00:29:56,504 --> 00:29:57,004 or 665 00:29:57,704 --> 00:29:59,644 women usually that 666 00:30:00,358 --> 00:30:03,291 our clients, many of whom have way more 667 00:30:03,291 --> 00:30:04,187 money than 668 00:30:04,877 --> 00:30:05,669 anybody's got. 669 00:30:07,017 --> 00:30:07,517 And 670 00:30:08,781 --> 00:30:10,557 1 of the reasons that they 671 00:30:11,094 --> 00:30:12,471 have so much money 672 00:30:14,043 --> 00:30:14,543 is 673 00:30:15,160 --> 00:30:16,377 because they have this 674 00:30:17,324 --> 00:30:19,092 peculiar your turn of mind 675 00:30:20,813 --> 00:30:21,313 where 676 00:30:21,844 --> 00:30:23,826 whatever's in their investment account, 677 00:30:24,793 --> 00:30:26,932 They kinda pretend like they don't have it, 678 00:30:27,963 --> 00:30:30,737 and whatever's in their checking account, that's how 679 00:30:30,737 --> 00:30:31,846 much money they've got. 680 00:30:32,498 --> 00:30:35,689 And so what happens is you might have 681 00:30:35,689 --> 00:30:37,284 a a lady that's got 682 00:30:38,879 --> 00:30:41,112 a million and a half or 2000000 or 683 00:30:41,112 --> 00:30:41,612 more 684 00:30:42,404 --> 00:30:43,305 in her 685 00:30:45,045 --> 00:30:47,765 investment accounts, including her Ira, and then she's 686 00:30:47,765 --> 00:30:49,045 got 22000 687 00:30:49,045 --> 00:30:49,545 dollars 688 00:30:50,418 --> 00:30:53,310 in her checking account. So she kinda mentally 689 00:30:54,086 --> 00:30:56,080 pretends like that's all the money she's got. 690 00:30:57,835 --> 00:30:59,031 This happens a lot. 691 00:31:00,082 --> 00:31:03,371 And many of those people simply will never 692 00:31:05,101 --> 00:31:07,651 spin their nest. They're not ever going to. 693 00:31:07,890 --> 00:31:10,372 They're gonna die with it in their account. 694 00:31:10,610 --> 00:31:11,666 It's gonna go 695 00:31:12,517 --> 00:31:13,732 to un 696 00:31:14,185 --> 00:31:14,685 heirs 697 00:31:15,218 --> 00:31:16,172 who could, you know, 698 00:31:16,901 --> 00:31:19,126 who who who are not grateful for what 699 00:31:19,126 --> 00:31:20,182 they're being given 700 00:31:21,033 --> 00:31:21,533 because 701 00:31:23,910 --> 00:31:24,410 Granny 702 00:31:24,950 --> 00:31:26,009 or mother 703 00:31:26,950 --> 00:31:28,009 just refused 704 00:31:28,630 --> 00:31:29,750 to spend any money. 705 00:31:30,390 --> 00:31:32,150 I mean, I'm sitting next to 1 now. 706 00:31:32,881 --> 00:31:33,437 Like that. 707 00:31:34,072 --> 00:31:34,469 And 708 00:31:36,693 --> 00:31:37,090 you know, 709 00:31:38,360 --> 00:31:39,393 she's shaking her head, 710 00:31:40,678 --> 00:31:43,462 You know your license. Some somebody's gotta gotta 711 00:31:43,462 --> 00:31:45,372 protect the. What are we gonna... What what 712 00:31:45,372 --> 00:31:46,644 what are we gonna do, Honey? 713 00:31:48,652 --> 00:31:50,567 I don't know to which you are a 714 00:31:50,567 --> 00:31:53,679 referring. Yeah. Okay. Yeah. Well, even, you say 715 00:31:53,679 --> 00:31:55,195 even though... I mean, there people out there 716 00:31:55,195 --> 00:31:56,726 who have 200000 717 00:31:56,726 --> 00:31:59,515 dollars in their checking account, and they don't 718 00:31:59,515 --> 00:32:01,666 wanna have that number drop below 200000. It's 719 00:32:01,666 --> 00:32:02,384 might as well be 0. 720 00:32:03,674 --> 00:32:06,794 The checking account is the absolutely worst place. 721 00:32:07,434 --> 00:32:09,595 Now if you're gonna keep 200 that... Alright. 722 00:32:10,234 --> 00:32:12,394 Let's assume you don't wanna invest in stocks 723 00:32:12,394 --> 00:32:14,502 in money. I... And that my last 724 00:32:15,274 --> 00:32:17,500 half hour was completely wasted on you. 725 00:32:18,851 --> 00:32:20,600 You didn't wanna listen to it. You're knocked... 726 00:32:20,774 --> 00:32:22,442 Gonna listen. So you're gonna keep money in 727 00:32:22,442 --> 00:32:24,609 cash. At least make sure 728 00:32:25,460 --> 00:32:28,001 it's in a money market fund because right 729 00:32:28,001 --> 00:32:30,089 now, money market funds are paying 730 00:32:30,878 --> 00:32:33,430 on the upper end of 4 percent, almost 731 00:32:33,430 --> 00:32:34,227 5 percent. 732 00:32:35,025 --> 00:32:35,264 You know, 733 00:32:36,300 --> 00:32:38,055 if you're gonna have 200000 734 00:32:38,055 --> 00:32:39,411 bucks sitting around, 735 00:32:40,305 --> 00:32:41,605 earn 10000 736 00:32:41,664 --> 00:32:44,545 dollars on it over the next year. If 737 00:32:44,545 --> 00:32:46,805 that's if rates don't pre precipitation 738 00:32:47,517 --> 00:32:49,186 That was gonna be my next question because 739 00:32:49,186 --> 00:32:51,014 we talk all the time about how people 740 00:32:51,014 --> 00:32:53,080 have hung their hats on money market funds. 741 00:32:54,034 --> 00:32:56,154 And that's not always gonna produce what it's 742 00:32:56,274 --> 00:32:59,459 producing Well We we're we we us another 743 00:32:59,459 --> 00:33:02,167 boat. We had an abe operation in my 744 00:33:02,167 --> 00:33:02,667 opinion 745 00:33:03,122 --> 00:33:06,164 where money market rates basically got down to 746 00:33:06,164 --> 00:33:08,394 0 for an extended period of time. I 747 00:33:08,394 --> 00:33:10,306 don't believe they'll ever be that low again, 748 00:33:10,545 --> 00:33:11,501 not in my career. 749 00:33:12,074 --> 00:33:14,568 Are they gonna stay at 5 percent, probably 750 00:33:14,706 --> 00:33:14,945 not. 751 00:33:15,584 --> 00:33:17,838 I think if you see the Fed genuinely 752 00:33:17,976 --> 00:33:20,369 start cutting interest rates, and some are now 753 00:33:20,369 --> 00:33:21,940 saying it could be as soon as the 754 00:33:22,139 --> 00:33:25,750 August meeting and not the September meeting. But 755 00:33:25,808 --> 00:33:27,882 let's just assume that they do begin to 756 00:33:27,882 --> 00:33:28,121 cut. 757 00:33:28,759 --> 00:33:31,231 You'll see over the next 30 to 60 758 00:33:31,231 --> 00:33:31,731 days 759 00:33:32,601 --> 00:33:35,088 the rate on money market funds decline 760 00:33:35,861 --> 00:33:37,849 about as much as the Fed cut. Right? 761 00:33:38,405 --> 00:33:38,962 Well, I mean, 762 00:33:39,678 --> 00:33:41,450 this article that it was 763 00:33:42,237 --> 00:33:44,624 a financial planner was behind it, So, Mean, 764 00:33:44,783 --> 00:33:47,169 you got a financial planner focus here. But 765 00:33:47,169 --> 00:33:47,726 what he said, 766 00:33:48,442 --> 00:33:50,207 I mean, this this 1 paragraph I thought 767 00:33:50,207 --> 00:33:52,060 was really... What that guy's is saying 768 00:33:52,515 --> 00:33:53,867 if he's a financial planner. 769 00:33:55,220 --> 00:33:56,970 He's trying to get money out of your 770 00:33:56,970 --> 00:33:57,209 estate. 771 00:33:58,338 --> 00:34:00,010 So you don't die with it in your 772 00:34:00,010 --> 00:34:01,864 state. That's part of 773 00:34:02,400 --> 00:34:04,391 what's behind that? Or every part of the... 774 00:34:04,630 --> 00:34:06,914 Your money is you've put thought into 775 00:34:07,752 --> 00:34:10,623 be spent. But he said that some have 776 00:34:10,623 --> 00:34:13,094 accumulated a substantial amount of wealth, which is 777 00:34:13,094 --> 00:34:15,248 your point. I mean, but instead of spending 778 00:34:15,248 --> 00:34:17,489 and enjoying the fruits of their labor, they 779 00:34:17,489 --> 00:34:20,107 remain stuck in an accumulation mindset and continue 780 00:34:20,107 --> 00:34:21,138 to focus on saving. 781 00:34:22,249 --> 00:34:22,487 Okay. 782 00:34:25,284 --> 00:34:26,744 I'm sorry, mister 783 00:34:27,125 --> 00:34:27,844 financial adviser. 784 00:34:29,125 --> 00:34:30,425 That's not gonna change 785 00:34:30,724 --> 00:34:33,045 for a lot of people. They like to 786 00:34:33,045 --> 00:34:33,545 save 787 00:34:34,498 --> 00:34:37,712 But what they can do to mentally sub 788 00:34:40,645 --> 00:34:41,762 their own behavior, 789 00:34:44,174 --> 00:34:47,054 and do what you're suggesting is to shift 790 00:34:47,054 --> 00:34:47,875 some money 791 00:34:48,414 --> 00:34:51,054 from their holdings into areas where it's gonna 792 00:34:51,054 --> 00:34:52,755 be invested in things like 793 00:34:53,067 --> 00:34:53,964 trips or 794 00:34:54,495 --> 00:34:56,186 given money to this or that 795 00:34:57,114 --> 00:35:00,628 and still keep saving from their cash flow 796 00:35:01,414 --> 00:35:03,408 if that what floats their boat, 797 00:35:04,046 --> 00:35:06,918 you can do both. You you just push 798 00:35:06,918 --> 00:35:07,577 some money 799 00:35:08,193 --> 00:35:10,666 from your savings aside into something else. 800 00:35:11,400 --> 00:35:13,320 Then go back to saving again. I mean, 801 00:35:14,679 --> 00:35:16,760 right You don't always have to be saving 802 00:35:16,760 --> 00:35:19,480 with the goal of always having more money. 803 00:35:20,375 --> 00:35:21,275 Because if 804 00:35:22,934 --> 00:35:24,714 if you're still able to save 805 00:35:25,734 --> 00:35:28,474 based on your consistent cash flow, then 806 00:35:28,788 --> 00:35:31,094 You can take some money aside and and 807 00:35:31,094 --> 00:35:32,606 give it or spend it or do whatever 808 00:35:32,606 --> 00:35:33,639 you wanna do with it. Right. 809 00:35:34,355 --> 00:35:36,422 Well, in in his his point, which I 810 00:35:36,422 --> 00:35:38,028 think is good point is people come up 811 00:35:38,028 --> 00:35:40,572 with investment policy statements that they write down. 812 00:35:40,731 --> 00:35:42,559 This is what I'm saving for, etcetera. 813 00:35:43,115 --> 00:35:44,546 You can do the same thing and come 814 00:35:44,546 --> 00:35:46,946 up with a spending policy where You take 815 00:35:46,946 --> 00:35:48,457 a look at how much am I going 816 00:35:48,457 --> 00:35:50,445 to need? Have accumulated this much of nest 817 00:35:50,445 --> 00:35:50,604 egg, 818 00:35:51,717 --> 00:35:53,944 how much can I safely take out each 819 00:35:53,944 --> 00:35:55,932 year without fear of running out of money? 820 00:35:56,744 --> 00:35:58,664 Oh, well, that's not enough well, then I 821 00:35:58,664 --> 00:36:00,105 know it now before it's too late, and 822 00:36:00,184 --> 00:36:01,545 I can go get a part time job 823 00:36:01,545 --> 00:36:03,704 and only take take less out. So being, 824 00:36:03,864 --> 00:36:05,625 it's just putting some thought into how you're 825 00:36:05,625 --> 00:36:06,159 spending the money 826 00:36:06,918 --> 00:36:08,514 1 thing I thought he he had a 827 00:36:08,514 --> 00:36:09,732 good suggestion was 828 00:36:10,189 --> 00:36:13,062 make your bucket list, but put your deadline 829 00:36:13,062 --> 00:36:14,908 to put a deadline on on some of 830 00:36:14,908 --> 00:36:16,892 these some of these items on your bucket 831 00:36:16,892 --> 00:36:19,114 list because you don't wanna find yourself saving 832 00:36:19,114 --> 00:36:20,543 up, and I'm gonna do it 1 day, 833 00:36:20,702 --> 00:36:21,360 and then 834 00:36:21,750 --> 00:36:23,349 you get too old to enjoy or you 835 00:36:23,349 --> 00:36:25,429 have health episode and you can't do what 836 00:36:25,429 --> 00:36:27,349 you had wanted to do. So just... I 837 00:36:27,349 --> 00:36:29,269 mean, just... It's really about coming up with 838 00:36:29,269 --> 00:36:29,670 a 839 00:36:30,564 --> 00:36:32,399 thoughtful way of of how you're going to 840 00:36:32,399 --> 00:36:35,111 spend your money, But it also that that 841 00:36:35,111 --> 00:36:36,308 deadline what it does is it gives you 842 00:36:36,308 --> 00:36:37,367 a trigger to 843 00:36:37,839 --> 00:36:39,354 realize, hey, you can't take it with you. 844 00:36:39,594 --> 00:36:40,630 Let's go ahead and enjoy some of this. 845 00:36:41,588 --> 00:36:42,088 Absolutely 846 00:36:43,581 --> 00:36:44,720 that's absolutely 847 00:36:45,097 --> 00:36:46,873 right. Right. Because 848 00:36:49,893 --> 00:36:52,121 Spending money is a funny thing for people. 849 00:36:53,554 --> 00:36:55,088 I I'm gonna tell you something 850 00:36:55,558 --> 00:36:57,705 that I have noticed. I'm gonna call it 851 00:36:57,705 --> 00:36:58,443 the Naples 852 00:36:58,818 --> 00:36:59,136 effect. 853 00:37:00,885 --> 00:37:02,952 So you have people that say live in 854 00:37:02,952 --> 00:37:04,167 places like Lexington 855 00:37:05,353 --> 00:37:06,492 maybe Pittsburgh, 856 00:37:06,869 --> 00:37:07,369 maybe 857 00:37:08,147 --> 00:37:09,105 maybe Saint Louis. 858 00:37:10,302 --> 00:37:13,469 And they they live in houses that 859 00:37:14,383 --> 00:37:15,177 are nice, 860 00:37:16,289 --> 00:37:17,584 but they're not os 861 00:37:18,514 --> 00:37:19,014 because 862 00:37:19,705 --> 00:37:22,747 in their hometown, they don't wanna be regarded 863 00:37:24,250 --> 00:37:25,046 as being 864 00:37:26,399 --> 00:37:26,899 os 865 00:37:27,354 --> 00:37:27,991 type people. 866 00:37:29,424 --> 00:37:30,777 Then they go down to Naples, 867 00:37:31,509 --> 00:37:34,634 or somewhere like that. And this other side 868 00:37:35,963 --> 00:37:37,735 of their nature comes out 869 00:37:38,523 --> 00:37:41,410 and they they spend that money down there 870 00:37:42,262 --> 00:37:44,887 because they're not in their hometown anymore, 871 00:37:45,538 --> 00:37:47,682 now they're in sort of a town of 872 00:37:47,682 --> 00:37:48,182 strangers, 873 00:37:48,953 --> 00:37:49,453 but 874 00:37:50,065 --> 00:37:51,677 everybody's kind of in a contest 875 00:37:52,448 --> 00:37:54,195 to see who looks the richest. 876 00:37:55,164 --> 00:37:57,344 And so therefore, they spend money 877 00:37:57,885 --> 00:38:00,605 down in Florida somewhere that they would never 878 00:38:00,605 --> 00:38:01,105 spend 879 00:38:01,405 --> 00:38:02,785 in Lexington in Kentucky 880 00:38:04,053 --> 00:38:06,302 because they don't wanna look like os 881 00:38:06,755 --> 00:38:07,391 big spend. 882 00:38:08,027 --> 00:38:09,140 They get down to Florida, 883 00:38:09,935 --> 00:38:11,922 they don't give a rats ass, You know, 884 00:38:12,811 --> 00:38:14,479 I don't care what this person thinks up 885 00:38:14,479 --> 00:38:16,147 me or doesn't think of me. In fact, 886 00:38:16,465 --> 00:38:18,848 I would... And so the the whole personality 887 00:38:18,848 --> 00:38:21,572 changes. So you will see sometimes 888 00:38:22,599 --> 00:38:25,019 that occur. And people will go 889 00:38:25,799 --> 00:38:28,280 places and spend all kinds of money they 890 00:38:28,280 --> 00:38:29,400 would never spend at home. 891 00:38:30,847 --> 00:38:31,959 And in that case, they've 892 00:38:33,547 --> 00:38:35,295 you, they they have their bucket list. It's 893 00:38:35,295 --> 00:38:36,725 to go blow a bunch of money to 894 00:38:36,725 --> 00:38:38,870 do. And and they go blow money and 895 00:38:38,870 --> 00:38:40,632 they're succeeding. Yeah. I mean, 896 00:38:41,427 --> 00:38:43,731 there's... Well, I'm not gonna get into stories 897 00:38:43,731 --> 00:38:44,128 of that. 898 00:38:45,001 --> 00:38:45,501 But 899 00:38:46,273 --> 00:38:47,567 I would say that 900 00:38:48,355 --> 00:38:49,735 you don't wanna be 901 00:38:53,715 --> 00:38:56,195 stupid about how you do this. You should 902 00:38:56,195 --> 00:38:57,574 think about it and 903 00:38:57,888 --> 00:38:58,705 and be 904 00:39:01,141 --> 00:39:01,641 measured 905 00:39:02,172 --> 00:39:05,187 about it. Remember that everything you buy and 906 00:39:05,187 --> 00:39:05,687 keep 907 00:39:06,873 --> 00:39:08,871 is going to go to somebody else. 908 00:39:10,230 --> 00:39:12,867 If you buy an experience like a trip 909 00:39:12,867 --> 00:39:14,485 or go somewhere that's 910 00:39:14,878 --> 00:39:17,344 that's gonna be something that you remember. It's 911 00:39:17,344 --> 00:39:18,083 more personal, 912 00:39:20,128 --> 00:39:21,264 but items 913 00:39:22,212 --> 00:39:24,602 will ultimately go to somebody else, and then 914 00:39:24,602 --> 00:39:26,514 they'll have to deal with it. 1 of 915 00:39:26,514 --> 00:39:28,847 the big things right now we're seeing 916 00:39:29,715 --> 00:39:31,169 is antique furniture 917 00:39:31,941 --> 00:39:32,441 that 918 00:39:34,247 --> 00:39:36,076 perhaps a parent or a grandparent, 919 00:39:37,364 --> 00:39:40,813 bought or had and inherited, and it was 920 00:39:41,430 --> 00:39:43,582 considered that it was gonna be passed along 921 00:39:43,582 --> 00:39:45,655 through the family at in item. 922 00:39:46,308 --> 00:39:48,324 Well, what they're finding is that 923 00:39:48,860 --> 00:39:51,514 number 1, that stuff isn't worth near 924 00:39:52,450 --> 00:39:55,401 what it was worth, maybe 25, 30 years 925 00:39:55,401 --> 00:39:55,561 ago, 926 00:39:56,451 --> 00:39:57,508 because the market 927 00:39:58,043 --> 00:40:01,088 for it is not there because younger people 928 00:40:01,384 --> 00:40:03,612 are not interested in it. Just like they're 929 00:40:03,612 --> 00:40:06,724 not interested in history. They're not interested in 930 00:40:06,724 --> 00:40:09,817 in antique. According to an antique dealer that 931 00:40:09,975 --> 00:40:12,458 I spoke with last week, they are coming 932 00:40:12,592 --> 00:40:14,990 back. Yeah. But it... It's probably not gonna 933 00:40:14,990 --> 00:40:18,088 be in... That's like saying top insiders are 934 00:40:18,088 --> 00:40:18,644 coming back. 935 00:40:19,279 --> 00:40:21,050 Sure they are. 8 936 00:40:21,598 --> 00:40:23,430 When did they ever go out? I had 937 00:40:23,430 --> 00:40:25,501 a conversation with an antique dealer about 2 938 00:40:25,501 --> 00:40:27,093 weeks ago and he said, no. They're not. 939 00:40:27,253 --> 00:40:29,323 He said Chinese antique are are really hot. 940 00:40:29,562 --> 00:40:30,062 But 941 00:40:30,533 --> 00:40:32,206 but that's just the difference of the pit. 942 00:40:33,481 --> 00:40:34,995 Dealer add something want to sell to you. 943 00:40:35,314 --> 00:40:37,465 I don't know. I'm not buying. Yep. Yeah. 944 00:40:37,799 --> 00:40:39,632 That's the thing Nobody is buying. The The 945 00:40:39,632 --> 00:40:40,371 thing is 946 00:40:41,146 --> 00:40:44,651 it's not gonna come back probably in the 947 00:40:44,651 --> 00:40:46,085 way it did before. 948 00:40:46,723 --> 00:40:47,223 And 949 00:40:48,091 --> 00:40:50,556 people's tastes change, You know, down in Atlanta. 950 00:40:50,715 --> 00:40:51,533 They take 951 00:40:52,067 --> 00:40:53,021 old antique. 952 00:40:53,657 --> 00:40:55,270 They strip all the 953 00:40:56,852 --> 00:40:59,077 outer lack... It used to be so taboo 954 00:40:59,077 --> 00:41:01,064 if you stripped it. And kill the value 955 00:41:01,064 --> 00:41:02,812 of the. And they... And it turned, and 956 00:41:02,812 --> 00:41:03,845 then they pickle it. 957 00:41:04,893 --> 00:41:07,831 And people in buck or wherever we're just 958 00:41:07,831 --> 00:41:09,418 eat it up. They think that's the greatest 959 00:41:09,418 --> 00:41:11,165 thing in the world. And to me, you're 960 00:41:11,165 --> 00:41:13,388 just showing your ass. And the decor marks 961 00:41:13,388 --> 00:41:15,391 it up, 30 percent Yeah top it. Yeah. 962 00:41:15,550 --> 00:41:17,460 Of course. Then you're still paying less for 963 00:41:17,460 --> 00:41:18,893 that than you are for a new piece 964 00:41:18,893 --> 00:41:20,404 of brand new furniture at some of these 965 00:41:20,404 --> 00:41:22,177 places. Well, some of the less 966 00:41:23,364 --> 00:41:25,439 people There there's a... There... Here's another thing. 967 00:41:25,598 --> 00:41:27,513 We got way off the truth. No. We're 968 00:41:27,513 --> 00:41:29,029 not. And this is about spending. 969 00:41:29,907 --> 00:41:32,075 It's about what people do with money. That's 970 00:41:32,075 --> 00:41:34,385 another thing. You walk into that place in 971 00:41:34,625 --> 00:41:35,023 Atlanta, 972 00:41:36,696 --> 00:41:37,196 the 973 00:41:37,972 --> 00:41:40,313 what's it what's that restaurant we eat in 974 00:41:41,161 --> 00:41:41,899 okay cafe 975 00:41:42,271 --> 00:41:44,096 is in the front of it. And in 976 00:41:44,096 --> 00:41:46,158 the back of it, there's a furniture place. 977 00:41:46,729 --> 00:41:48,802 And 1 of them is is that hickory 978 00:41:48,802 --> 00:41:49,302 chair 979 00:41:49,679 --> 00:41:50,157 back there. 980 00:41:50,954 --> 00:41:53,425 And they've got stuff like a little hut 981 00:41:53,425 --> 00:41:53,983 like that. 982 00:41:55,273 --> 00:41:58,141 That's about that size over there for 13000 983 00:41:58,141 --> 00:42:01,248 dollars. Right? And it's new. It's not antique. 984 00:42:02,297 --> 00:42:04,442 But somebody's gonna buy that because it came 985 00:42:04,442 --> 00:42:07,063 from that store, and it costs that much, 986 00:42:07,380 --> 00:42:08,810 and they're gonna put it in their house 987 00:42:08,810 --> 00:42:09,548 in buck 988 00:42:09,922 --> 00:42:11,193 and be so proud of it. 989 00:42:11,923 --> 00:42:14,469 But... And that's not a 13000 dollar piece 990 00:42:14,469 --> 00:42:16,378 of furniture. Beauty is in the eye the 991 00:42:16,378 --> 00:42:17,333 behold. Well, okay. 992 00:42:18,527 --> 00:42:21,328 If it makes them happy and they aren't 993 00:42:21,328 --> 00:42:23,083 spending money that they need later on to 994 00:42:23,083 --> 00:42:24,998 take care of their needs. Then and it's 995 00:42:24,998 --> 00:42:27,870 all they've. Made some nice profits for the 996 00:42:27,870 --> 00:42:31,002 seller. That's. Now it's now it is subjective. 997 00:42:31,242 --> 00:42:34,039 And and that's exactly what you're getting down 998 00:42:34,039 --> 00:42:36,516 to what's pretty in the eye of the 999 00:42:36,516 --> 00:42:38,527 behold. You look at a boat. A boat 1000 00:42:38,527 --> 00:42:41,547 is an absolute non essential expense. A horse. 1001 00:42:41,866 --> 00:42:42,842 You go non 1002 00:42:44,092 --> 00:42:44,409 maybe. 1003 00:42:44,966 --> 00:42:47,374 But but but the the thing is 1004 00:42:47,921 --> 00:42:49,770 I look... Oh, you go down to Jupiter 1005 00:42:49,826 --> 00:42:51,119 and look at the boats 1006 00:42:51,571 --> 00:42:52,047 out there. 1007 00:42:52,840 --> 00:42:55,141 Did people need these boats? Of course, they 1008 00:42:55,141 --> 00:42:55,697 don't need them. 1009 00:42:56,426 --> 00:42:58,013 You go down there Memorial day. 1010 00:42:58,727 --> 00:43:00,077 Look how many of them are sitting in 1011 00:43:00,077 --> 00:43:00,711 the slip. 1012 00:43:01,505 --> 00:43:03,727 I remember in Houston 1 time driving down 1013 00:43:03,727 --> 00:43:04,362 to Gal. 1014 00:43:04,854 --> 00:43:07,327 Past this big yacht basin. Memorial day weekend. 1015 00:43:08,124 --> 00:43:09,879 90 percent of the boats were sitting in 1016 00:43:09,879 --> 00:43:11,953 the slip. Nobody was using. And we're not... 1017 00:43:12,192 --> 00:43:14,639 These boats that we're talking about are not 1018 00:43:14,759 --> 00:43:17,006 little run about. No. I mean they are 1019 00:43:17,300 --> 00:43:20,319 task the familiar 7 800 bonnie carlo. Right? 1020 00:43:20,557 --> 00:43:22,623 Yeah. Well, in on that. I mean, the 1021 00:43:22,623 --> 00:43:24,625 the thing I think as important is people 1022 00:43:24,625 --> 00:43:27,192 just don't put enough effort or time into 1023 00:43:27,726 --> 00:43:29,633 planning for how they're going to spend how 1024 00:43:29,633 --> 00:43:30,928 the accumulation 1025 00:43:31,317 --> 00:43:33,459 And sometimes, you just want a second opinion 1026 00:43:33,459 --> 00:43:35,839 where somebody takes a look at your plan 1027 00:43:35,839 --> 00:43:38,114 and helps you vet it and says you're 1028 00:43:38,234 --> 00:43:39,429 you're good to go with this. This is 1029 00:43:39,429 --> 00:43:41,101 going to help you. And, I mean, that's 1030 00:43:41,101 --> 00:43:43,092 says service we provide. I mean, I I 1031 00:43:43,092 --> 00:43:44,446 don't know how many people we meet with 1032 00:43:44,446 --> 00:43:47,017 where we're talking about exactly that topic. And 1033 00:43:47,169 --> 00:43:48,764 what they leave with is peace of mind. 1034 00:43:48,924 --> 00:43:50,440 They, hey, I'm gonna be okay or at 1035 00:43:50,440 --> 00:43:52,274 least I have a plan that's gonna allow 1036 00:43:52,274 --> 00:43:53,789 me to be okay. Well, the plan is 1037 00:43:53,789 --> 00:43:56,523 the key part. Right. It's knowing where your 1038 00:43:57,154 --> 00:43:58,268 and where you need to go. 1039 00:43:59,222 --> 00:43:59,722 And 1040 00:44:00,575 --> 00:44:01,689 knowledge is power. 1041 00:44:02,166 --> 00:44:04,394 There's no other way. If if you know 1042 00:44:04,394 --> 00:44:05,508 what you gotta do, 1043 00:44:06,319 --> 00:44:08,393 it's much easier to the right knowledge. 1044 00:44:09,032 --> 00:44:10,968 That's right. And that's where we come in 1045 00:44:11,425 --> 00:44:12,702 at pre Financial Group. 1046 00:44:13,994 --> 00:44:17,194 Give us a call 85923304 1047 00:44:17,194 --> 00:44:17,514 hundred. 1048 00:44:18,234 --> 00:44:20,234 You can also schedule an appointment directly on 1049 00:44:20,234 --> 00:44:22,809 the website at pre financial dot com on 1050 00:44:22,809 --> 00:44:23,609 our homepage. 1051 00:44:24,969 --> 00:44:25,469 Our 1052 00:44:25,769 --> 00:44:27,869 our portfolio reviews are complimentary, 1053 00:44:29,139 --> 00:44:31,199 and we don't try to ever sell you 1054 00:44:31,199 --> 00:44:31,674 anything. 1055 00:44:33,417 --> 00:44:35,318 If you don't want it, you don't have 1056 00:44:35,318 --> 00:44:36,684 to take it. I mean, we we're gonna 1057 00:44:36,684 --> 00:44:38,036 give you what we think is the right 1058 00:44:38,036 --> 00:44:40,978 advice for you the right plan and we 1059 00:44:40,978 --> 00:44:42,489 want the buy in because if you're buying... 1060 00:44:42,728 --> 00:44:44,159 If you're bought into it, then you're gonna 1061 00:44:44,159 --> 00:44:45,590 stick with it, so we could actually work. 1062 00:44:45,845 --> 00:44:47,765 For you over time. Yeah, and our goal 1063 00:44:47,765 --> 00:44:49,684 is to educate God and empower. 1064 00:44:50,724 --> 00:44:52,724 Thank you for listening to the financial hour.