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Speaker 1: These foochs when the top of the hour news is scary.

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Speaker 2: Enough, quite happening minutes away by fifty five KRC.

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Speaker 3: Tonight, the Fed lowers interest rates, protecting your family from scammers,

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Speaker 3: and we do answer your actual questions you're listening to

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Speaker 3: simply money, presented by all Worth Financial on Bob Sponseller

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Speaker 3: along with Brian James. Well, it came as absolutely no surprise,

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Speaker 3: but this time it was a bit unique, Brian, because

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Speaker 3: it happened during a government shutdown where data is a

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Speaker 3: little bit harder to come by. The Federal Reserve did

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Speaker 3: lower interest rates today.

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Speaker 4: Yep, the lowered rates by quarter of a point, so

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Speaker 4: that puts interest rates between three seventy five and four percent.

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Speaker 4: This is the second time this year that they've lowered

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Speaker 4: interest rates, and the forecast is more to come. So

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Speaker 4: why are we doing this? This isn't like you said,

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Speaker 4: it's not a big shocker here. We're just at that

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Speaker 4: time of the economic cycle. Less to do with inflation

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Speaker 4: this time around, though, and more to do with the

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Speaker 4: labor market. So the reason is because we've had climbing

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Speaker 4: unemployment insurance claims and that suggests that labor market demand

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Speaker 4: is continuing to cool off because businesses are just slowing

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Speaker 4: down a bit, and that's an indicator it's time to

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Speaker 4: tap the gas.

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Speaker 5: And so that's what we've done here, And so the.

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Speaker 4: Government shutdown a delayed publication of most of these economic statistics,

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Speaker 4: including that unemployment rate.

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Speaker 5: But anyway, it was last estimated at about four point

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Speaker 5: three percent in August.

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Speaker 3: Yeah, I guess the thing counterbalancing the slightly weakening labor

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Speaker 3: market is we did get milder than expected inflation readings

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Speaker 3: last week.

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Speaker 2: You know.

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Speaker 3: That showed CPI consumer price Index rose three percent in

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Speaker 3: the last twelve months through September. The core inflation rate

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Speaker 3: was also at three percent, So at least temporarily, a

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Speaker 3: lot of these worries earlier in the year about tariff

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Speaker 3: driven extreme inflation are a bit on the back burner,

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Speaker 3: although we still have that big elusive trade deal to

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Speaker 3: work out with China, President Trump and President Chi. Supposedly

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Speaker 3: you're going to sit down and talk about that, you know,

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Speaker 3: yet this week, So we'll see what happens.

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Speaker 4: Yeah, And all signs point to more rate cuts too

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Speaker 4: coming in to the future. Because remember the thing we

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Speaker 4: like in almost as much as the rate cut announcements

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Speaker 4: is what do they indicate their thinking in advance here.

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Speaker 5: So the.

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Speaker 4: Statement that came out last month's after last month's quarter

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Speaker 4: point rate cut referenced additional adjustments to the policy rate.

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Speaker 4: The federal meet again in December, and of course we're

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Speaker 4: going to go through this again. If the shutdown is

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Speaker 4: still dragging on, we're still going to be flying a

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Speaker 4: little bit blind.

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Speaker 5: But as we're sitting here right now.

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Speaker 4: The market does seem to believe that there will be

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Speaker 4: future rate cuts coming for the balance of quarter four.

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Speaker 3: So let's get into the potential impact on you for

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Speaker 3: all of this meaning lower rates. I mean, let's face it,

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Speaker 3: lower interest rates can mean borrowing costs or cheaper for businesses,

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Speaker 3: and that boost profits, which boosts stock prices. And we're

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Speaker 3: already kind of seeing that, you know, the market's pricing

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Speaker 3: this in this market continues to inch higher and higher

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Speaker 3: growth stocks, especially tech and consumer discretionary sectors often benefit

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Speaker 3: the most because their future earnings look more attractive when

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Speaker 3: discounted at lower rates. And we're starting to see finally

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Speaker 3: a little signs of life out of small cap stocks

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Speaker 3: for exactly this reason. A lot of these small caps

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Speaker 3: tend to have a bit more debt on their balance sheets,

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Speaker 3: and when the cost of that debt goes down, you know,

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Speaker 3: that means more profits for these companies. And Brian, we're

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Speaker 3: still in the middle of We're right smack in the

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Speaker 3: middle of earning season. We got a lot of bank

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Speaker 3: earnings out over the last week. Those numbers are good.

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Speaker 3: We're going to get some big tech earnings, you know,

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Speaker 3: ongoing the rest of this week.

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Speaker 2: So we'll see how the report cards come in.

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Speaker 3: But hey, anytime the cost of money goes down, that's

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Speaker 3: usually a good thing for everybody.

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Speaker 4: Absolutely, And I would throw out one more reminder for

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Speaker 4: the bazillion time of how important it is to stay diversified.

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Speaker 4: Despite when we think we have our face, you're on

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Speaker 4: the pulse of the market. A lot of people out

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Speaker 4: there decided, you know what, I just want to reduce expenses,

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Speaker 4: and I'm just going to sit on the S and

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Speaker 4: P five hundred and.

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Speaker 5: That is large cap stocks.

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Speaker 4: That is literally the five hundred largest companies of the

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Speaker 4: United States, and that is a great core holding. I

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Speaker 4: can't imagine we'd ever say otherwise. That said, if that's

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Speaker 4: all you've been doing, then you're missing out. You're leaving

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Speaker 4: some money on the table here, because, as Bob just mentioned,

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Speaker 4: the small caps and the midcaps are running a little

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Speaker 4: bit because they will benefit. Those are the companies that

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Speaker 4: are just the reason they're small is they're trying to

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Speaker 4: grow from nothing and they're using bank dollars to do it.

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Speaker 4: They can increase their profit margins as those interest rates fault.

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Speaker 4: Not to mention if you've been ignoring international stocks and

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Speaker 4: emerging markets, and SP five hundred is up about seventeen

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Speaker 4: percent as we're speaking, twenty six percent for the internationals

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Speaker 4: and about thirty three percent for the emerging market, So

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Speaker 4: you're leaving money on the table if you're not staying

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Speaker 4: diversified properly and.

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Speaker 2: Speaking of different asset classes.

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Speaker 3: I mean, let's face it, bond prices typically rise when

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Speaker 3: interest rates are cut too. Why because existing bonds with

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Speaker 3: higher yields become more attractive when new bonds are issued

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Speaker 3: at lower interest rates. A lot of people remain very

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Speaker 3: confused about how bonds work. I had a meeting in

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Speaker 3: my office yesterday with a very very intelligent, retired gentleman

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Speaker 3: who still needed me to kind of walk him through,

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Speaker 3: you know, bonds.

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Speaker 2: One oh one and how this all works. And I

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Speaker 2: think a lot of people get confused on that.

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Speaker 3: So you know, we're seeing again signs of life out

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Speaker 3: of the bond market. It's been kind of quiet and

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Speaker 3: in the background. But not only have you gotten a

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Speaker 3: pretty decent return out of bonds, but that might continue

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Speaker 3: here if rates continue to go down.

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Speaker 2: You know, the only thing.

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Speaker 3: That gets heard on this is savings account rates and

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Speaker 3: CDs and other money market funds. You know, if as

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Speaker 3: the Fed lowers rates, the interest rate you know, being

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Speaker 3: paid on these short term instruments, these liquid instruments will

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Speaker 3: come down too. So you know, just we're calling that out,

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Speaker 3: but beware, do not you know, watch your saving's account

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Speaker 3: rate fall down and say, well, gosh, I need to

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Speaker 3: go buy tech stocks with this money. Remember you got

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Speaker 3: an emergency fund for a reason, and that's emergency liquid

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Speaker 3: ready money. It shouldn't all of a sudden become speculative

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Speaker 3: because Apple breaks out, you know, of a short term.

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Speaker 4: Right, And I think that the middle point there too

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Speaker 4: is that if you've got a pile of money sitting

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Speaker 4: out there and some you know, some people are sitting

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Speaker 4: on cast, that's well more than their emergency fund, just

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Speaker 4: just for that security, Well, be realistic about how often

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Speaker 4: you're actually going to need to tap into that, and

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Speaker 4: if the answer is not all of it very very frequently,

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Speaker 4: then go ahead and lock some of it up one, two,

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Speaker 4: maybe three years in a CD and preserve some of

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Speaker 4: these interest rates where they are.

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Speaker 5: It's still going to be safe.

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Speaker 4: Yes, it'll be locked up, but you've probably got other

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Speaker 4: assets you could tap into if the wheels truly fell off.

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Speaker 4: You're going to keep some of it liquid anyway, So

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Speaker 4: but don't let the opportunity pass you by as these

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Speaker 4: rates fall.

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Speaker 3: You're listening to Simple Money present up by all Worth

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Speaker 3: Financial on Bob Sponsorer along with Brian James. Well, you know,

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Speaker 3: everything is not one hundred percent hunky dory out there,

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Speaker 3: despite record in the stock market. Something we want to

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Speaker 3: touch on tonight is the credit sector. Brian. It's starting

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Speaker 3: to show a few cracks. Markets seem to be shrugging

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Speaker 3: it off for now, but let's unpack you know a

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Speaker 3: little bit of volatility that went on late last week

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Speaker 3: earlier this week in the credit market. It's just something

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Speaker 3: to keep an eye on.

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Speaker 4: Yeah, So what we're talking about here is when companies

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Speaker 4: take out loans and they take them out of course

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Speaker 4: from banks and what do both sides do to protect

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Speaker 4: from that. So recent reports are showing that several institutions

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Speaker 4: are setting aside hundreds of millions of dollars for potential

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Speaker 4: loan losses. That that can be a sign of a

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Speaker 4: slowing economy, which also so can lowering interest rates, of course,

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Speaker 4: so let's not be surprised by this, but this is

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Speaker 4: just companies kind of planning for the future, even as

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Speaker 4: the broader market seems pretty comfortable. Things are going okay,

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Speaker 4: but some institutions are starting to set aside those dollars.

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Speaker 4: So some quick examples here, there's a company called Tricolor Holdings.

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Speaker 4: They're a subprime auto lender and a First Brands group

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Speaker 4: they're an autopart supplier. Both of those kind of ran

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Speaker 4: into try and that was raising some red flags, you know,

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Speaker 4: beyond the obvious here a little bit so big bank

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Speaker 4: executive that's triggering them to be more cautious.

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Speaker 5: Jamie Diamond, we hear about him from him all the time.

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Speaker 4: Of JP Morgan Chase has said, and I quote, when

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Speaker 4: you see one cockroach, there's probably more, And he's just

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Speaker 4: referring to if one company is having trouble, then probably

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Speaker 4: it's elsewhere too, you just might not be seeing well.

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Speaker 3: And as you already mentioned, a lot of what we're

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Speaker 3: talking about here is in the subprime space. And for

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Speaker 3: those folks at home where stars you know we're talking

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Speaker 3: about if you own high yield bond funds, those tend

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Speaker 3: to be funds that have below you know, triple A

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Speaker 3: even double A credit, you know, rated credit, and that's

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Speaker 3: where some of the cracks are coming in. I heard

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Speaker 3: an excellent interview yesterday morning with Brian moynihan, the CEO

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Speaker 3: of Bank of America. He seemed to think that, you know,

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Speaker 3: this is pretty isolated at this point to some of

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Speaker 3: these subprime lenders, some of these private you know, private capital,

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Speaker 3: private credit les that we've talked about before. So it's

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Speaker 3: just a reminder when you chase yield, whether that's in

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Speaker 3: private credit or highyield bond funds you got, you do

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Speaker 3: have to remember that you are taking credit risk when

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Speaker 3: you get into those instruments.

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Speaker 2: So make sure that you're.

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Speaker 3: Not over allocating to that sector or any of those

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Speaker 3: sectors just to chase yield, because the wheels can come off. Brian,

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Speaker 3: I've seen it over my career. You know, if we

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Speaker 3: have a credit crisis. These things can drop almost as

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Speaker 3: much as a decline in the stock market, So you

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Speaker 3: just got to keep an eye on it.

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Speaker 4: I don't know what you're getting into, and remember them.

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Speaker 4: It's not just interest rate decisions by the FED that

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Speaker 4: moves the credit markets. It's also the market itself. There

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Speaker 4: is supply and demand at play, just like there is

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Speaker 4: in the stock market. When investors get confident or lose confidence,

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Speaker 4: they will move the market and that does have an

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Speaker 4: effect on interest rates. That trickles all the way down

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Speaker 4: to your savings accounts and your mortgages and so forth.

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Speaker 5: So learn what you own.

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Speaker 4: Make sure you don't own anything that's going to sneak

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Speaker 4: up on you in that portfolio.

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Speaker 3: This is a good time, you know, if you if

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Speaker 3: you do work with a good fiduciary advisor, or if

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Speaker 3: you are a self directed investor. Either way, you know,

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Speaker 3: now's a good time to just kind of have an

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Speaker 3: audit of the credit quality of your fixed income instruments

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Speaker 3: in your portfolio. Just make sure that there aren't some

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Speaker 3: potential land mines out there. And you know, when when

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Speaker 3: the market anticipates something is awry here, you'll see some

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Speaker 3: of those prices start to fall, and again, if that's

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Speaker 3: more volatility, then you may be bargained for. Talk to

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Speaker 3: your advisor or take proactive action to maybe move up

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Speaker 3: a little bit on the credit risk scale, to make

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Speaker 3: sure you keep yourself out of harm's way, because there's

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Speaker 3: nothing worse than going through a stock market correction and

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Speaker 3: also feeling like you're safe and diversified and managing your

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Speaker 3: overall risk profile by having money in bonds, but getting

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Speaker 3: too aggressive in your bond portfolio and then have everything

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Speaker 3: go down at the same time.

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Speaker 2: That that's a real gut punch.

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Speaker 4: Yeah, and so just make sure that again, just to reiterate,

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Speaker 4: make sure we're looking at quality over yield chasing. So

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Speaker 4: you're going to want to look at high quality corporates,

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Speaker 4: triple B and above treasuries, investment grade munities, and not

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Speaker 4: speculative stuff because you're chasing yield. And make sure that

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Speaker 4: you're using the appropriate bonds for your tax bracket.

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Speaker 5: There are tax free opportunities.

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Speaker 4: A lot of people have forgotten this because interest rates

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Speaker 4: have been on the floor for so long, so we've

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Speaker 4: kind of forgotten that. If we own you live in

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Speaker 4: if you live in Ohio and you own Ohio municipal bonds,

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Speaker 4: for example, then you will not pay state taxes there.

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Speaker 5: And that's the different rules for different states.

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Speaker 4: But regardless, all municipal bonds will avoid federal taxes. The

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Speaker 4: rates are lower, the yields are lower. Understand the difference.

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Speaker 4: You have to look at the compare a CD or

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Speaker 4: a corporate bond with a municipal bond using a tax

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Speaker 4: equivalent calculation to understand what are you giving up if

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Speaker 4: you pay taxes on the yield versus if you take

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Speaker 4: a lower but tax free yield.

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Speaker 5: It may or may not be beneficial.

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Speaker 4: But that's why you need to have an advisor in

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Speaker 4: your corner or understand how those calculations work.

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Speaker 3: Yeah, and building a ladder portfolio of the individual bonds can

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Speaker 3: help you on both ends. It can help you on

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Speaker 3: the maturity standpoints, so you know everything tied to one

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Speaker 3: time frame and from a credit risk standpoint.

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Speaker 2: Here's the Allworth advice.

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Speaker 3: Don't mistake call markets for zero risk, monitor credit, focus

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Speaker 3: on transparency and position now for the unexpected. Next the

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Speaker 3: company that just did something only two others have done

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Speaker 3: before and you likely already own part of it. You're

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Speaker 3: listening to simply money presented by all Worth Financial on

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Speaker 3: fifty five KRC the talk station, and that they're using

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Speaker 3: the pain of the American people as their leverage.

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Speaker 5: This is our only moment of leverage.

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Speaker 2: What's Trump do China?

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Speaker 6: The day's use after Hurricane Melistity is on Jamaica the

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Speaker 6: disaster area fifty five KRZ the talkstation.

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Speaker 7: All Worth Financial a registered investment advisory firm. Any ideas

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Speaker 7: presented during this program are not intended to provide specific

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Speaker 7: financial advice. You should consult your own financial advisor, tax consultant,

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Speaker 7: or estate planning attorney to conduct your own due diligence.

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Speaker 3: You're listening to Simply Money, here's that I buy all

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Speaker 3: Worth Financial on Bob Sponseller along with Brian James. If

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Speaker 3: you can't listen to Simply Money every night, subscribe and

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Speaker 3: get our daily podcast. And if you think your friends

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Speaker 3: or family or both could use some financial advice, tell

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Speaker 3: them about us as well. Just search Simply Money on

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Speaker 3: the iHeart app or wherever you find your podcast.

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Speaker 2: Straight Ahead at six forty three.

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Speaker 3: From duplicate insurance policies to tax trapped mutual funds and

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Speaker 3: embedded gains, we answer real listeners questions that could help

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Speaker 3: you streamline your financial plan. Well, Brian, tonight a milestone

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Speaker 3: for what could be the most popular US company in history.

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Speaker 4: That's right, we're talking about Apple today. Was I'm not

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Speaker 4: sure if there's a could be in there. I think

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Speaker 4: it probably is. That's probably more recognizable than these days

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Speaker 4: than a lot of the other ones that might.

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Speaker 5: Qualify for that for that title.

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Speaker 4: But Apple become the third public country and a company

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Speaker 4: in history to reach a market valuation for trillion dollars

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Speaker 4: in Nvidia did this recently, as did Microsoft. So no

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Speaker 4: shock that a lot of these headlines are coming out

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Speaker 4: of the out of the technology industry. So they did this,

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Speaker 4: how did they cross that line? Well, the launch of

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Speaker 4: the new iPhone seventeen and the slimmer iPhone Air, which

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Speaker 4: is slimmer everywhere except where that big fat camera is.

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Speaker 4: But that's not what we're here to talk about today,

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Speaker 4: generated stronger than expected up.

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Speaker 5: And you looked at one of these I did. I

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Speaker 5: did look at him. I'm an Android guy, right, I

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Speaker 5: like my freedom, But I did. I did. I was

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Speaker 5: curious about what was out there.

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Speaker 4: But yeah, so, so stronger than expected upgrades both US

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Speaker 4: and China and the last couple iPhones didn't seem to

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Speaker 4: generate as much interest as these two have, so that

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Speaker 4: is pushing them beyond where they've been in the past

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Speaker 4: into the stratosphere evaluation. In addition, services businesses, now this

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Speaker 4: is what's this is what's known as the app Store,

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Speaker 4: the subscriptions you can get there, and the cloud services

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Speaker 4: that they offer. Those are forecast to exceed one hundred

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Speaker 4: billion dollars that's billion with a B and annual revenue

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Speaker 4: for the first time. So again, a pretty good run

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Speaker 4: for Apple here and also responding to just an overall

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Speaker 4: healthy economy with a lot.

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Speaker 5: Of growth prospects.

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Speaker 3: Brian, here's what I think might be going on with

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Speaker 3: the iPhone, and I might be you know, a case

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Speaker 3: in point here. I had an iPhone thirteen and so

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Speaker 3: my battery I was just having to charge my battery

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Speaker 3: too much.

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Speaker 2: And I think this might be what's going on.

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Speaker 3: You know, I went and looked at the seventeen, and

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Speaker 3: it's faster, it's got a better battery. I don't think

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Speaker 3: there's any new, you know, tremendous bells and whistles to

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Speaker 3: this thing that make it revolutionary.

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Speaker 2: This is what I mean.

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Speaker 6: I did.

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Speaker 3: I bought the seventeen Pro Max. Because I'm getting older,

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Speaker 3: my eyesight's getting worse. I wanted that bigger screen just

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Speaker 3: so I could blow stuff up.

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Speaker 4: Cinematic quality movies with your phone is absolutely I wouldn't

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Speaker 4: you know.

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Speaker 2: Me, I use my camera all the time.

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Speaker 5: Are important.

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Speaker 3: Yeah, I might even make a movie of you. I

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Speaker 3: might take a movie of you talking on this show.

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Speaker 3: That's not terrifying. There's a reason we're on the radio.

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Speaker 3: But I'm gonna put I'm gonna put it out on TikTok.

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Speaker 3: Look in the mirror, both of us and realize made

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Speaker 3: faces for radio, all right, but no in all you know,

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Speaker 3: all joking aside. I think we're getting into a period

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Speaker 3: now where people just need to replace their phones because

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Speaker 3: they're getting old.

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Speaker 4: Yeah, sixteen kind of fell on its face, didn't get

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Speaker 4: a lot of demand. So that means if you didn't

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Speaker 4: buy one, then your battery, like you said, your battery

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Speaker 4: and all the other things are just that much older.

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Speaker 4: So yeah, I think that a lot of the demand

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Speaker 4: that's coming from it's just time to do it. These

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Speaker 4: are the things we have to get used to. Writing

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Speaker 4: a check for something we shove in our pockets every

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Speaker 4: three four years.

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Speaker 3: All right, Well, while we're talking about milestones and market

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Speaker 3: moving names like Apple, here's another angle that's worth your attention.

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Speaker 3: What happens behind the scenes in this broad benchmark index

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Speaker 3: we call the S and P five hundred. You know,

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Speaker 3: you probably already own Apple, and this is why this

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Speaker 3: matters to your portfolio. Two companies are about to be

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Speaker 3: added to the S and P five hundred. One is

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Speaker 3: a spin off of well International and the other is

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Speaker 3: a spin off of DuPont.

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Speaker 2: When's the last time we talked about DuPont stock, Brian.

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Speaker 4: Exactly, Yeah, these are these are not exactly the darlings

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Speaker 4: of the investment world these days. It's like it's nineteen

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Speaker 4: fifty and we're talking about the industry that the titans

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Speaker 4: of industry here. So but anyway, so that this is

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Speaker 4: this is how the S and P five hundred works.

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Speaker 4: It's not the it's not a static list of five

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Speaker 4: hundred companies. It does get updated based on what companies

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Speaker 4: are doing well and who earns the right to be there.

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Speaker 4: That these this is literally the five hundred largest companies

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Speaker 4: in the United States. A good, bad, are indifferent. It's

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Speaker 4: just based on the size of that company and that

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Speaker 4: does change over time, reflecting who the winners are and

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Speaker 4: who the losers are.

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Speaker 3: Well, and that's good news for you if you're probably

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Speaker 3: diversified and you own some of these you know s

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Speaker 3: and P five hundred ETFs or mutual funds, because you

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Speaker 3: already own the companies to Brian's point, that haven't yet

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Speaker 3: grabbed headlines like Apple have. But you know, we could

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Speaker 3: be sitting here a year from now and talking about

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Speaker 3: completely different companies. And if you already have a i

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Speaker 3: mean your portfolio, you will participate. I mean case in point,

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Speaker 3: who who even heard of Navidia five six years ago?

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Speaker 5: And look for me? But that's because I'm a technology

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Speaker 5: heard and that was before.

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Speaker 2: Yeah, exactly, well go there, But bad example on my part.

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Speaker 4: But so there's one one person within the sound of

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Speaker 4: your voice was aware of Nvidia before five years ago.

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Speaker 4: So hey, real quick, let's talk about the let's talk

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Speaker 4: about so what's going away. Well, if we're putting more in,

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Speaker 4: what's coming out? So CarMax is one of them that's

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Speaker 4: going to be removed by the end of the month,

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Speaker 4: that's being replaced. This is the the spinoff from DuPont

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Speaker 4: Solstice Advanced Materials Eastman Chemical is going to be is

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Speaker 4: gonna come out November fourth, twenty five. That used to

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Speaker 4: be a really good stock exactly. You know this again,

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Speaker 4: it's it's the removing of the old and replacing with

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Speaker 4: the new.

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Speaker 2: And is this just just based on size?

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Speaker 4: These companies are smaller now because the demand for their

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Speaker 4: products and services just hasn't held up while others have

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Speaker 4: moved up to take their place. So it's just this

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Speaker 4: just interesting. We can talk about this probably once once

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Speaker 4: every couple of years here to uh to to kind

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Speaker 4: of update people on how that index works.

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Speaker 2: Well, promise me, Brian that beyond meat will never get

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Speaker 2: added to this index.

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Speaker 4: I know you love your plant based burgers, but I

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Speaker 4: think they got a little run ahead of them before

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Speaker 4: they're going to get put in the S and P

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Speaker 4: five hundred.

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Speaker 2: All right, here's the all Worth advice.

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Speaker 3: Owning the benchmark index means you're already holding tomorrow's stars today,

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Speaker 3: so make sure your portfolio captures that breath, not just

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Speaker 3: the spot like names. Next, we're going to talk about

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Speaker 3: why cyber crimes against seniors are becoming a family emergency

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Speaker 3: literally in what you can do about it. You're listening

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Speaker 3: to Simply Money, presented by all Worth Financial on fifty

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Speaker 3: five KRC the talk station.

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Speaker 8: What's happening in the a sports gambling, money laundering is

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Speaker 8: one big political game.

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Speaker 2: The New York City Mayor's Race, The day's news.

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Speaker 1: You have never had a job, fifty five KRS the

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Speaker 1: talk station.

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Speaker 2: Another summer is ended. Our radio station. You're listening to.

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Speaker 3: Simply Money, presided by all Worth Financial. I'm Bob Sponsller

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Speaker 3: along with Brian James, joined tonight by our technology and

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Speaker 3: cybersecurity guru, mister Dave hat Ter.

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Speaker 2: Dave, it's always great to have you with us tonight.

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Speaker 3: You want to talk about elder scams and this is

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Speaker 3: something that seems to be growing and growing in regularity,

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Speaker 3: and it's something we all need to be aware of

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Speaker 3: and make plans to prevent.

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Speaker 6: Yeah, guys, sadly this appreciate you having me on. It's

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Speaker 6: always I think this is an important topic because you

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Speaker 6: know I have elderly parents, I know many of your

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Speaker 6: listeners do, and this is a growing concern. So just

441
00:20:42,880 --> 00:20:45,080
Speaker 6: one stat and this is a great site for folks,

442
00:20:45,160 --> 00:20:48,440
Speaker 6: by the way, just for general stats and information. The

443
00:20:48,560 --> 00:20:52,000
Speaker 6: Internet Prime Complaints Center IC three, which is run by

444
00:20:52,119 --> 00:20:55,679
Speaker 6: the FBI. They put out a fraud report every year

445
00:20:55,760 --> 00:20:57,760
Speaker 6: that's got all kinds of stats in it. And again

446
00:20:57,800 --> 00:20:59,400
Speaker 6: the site is just useful in a lot of ways.

447
00:20:59,440 --> 00:21:04,359
Speaker 6: I encourage able to bookmarkt IC three dot gov. Elderfront

448
00:21:04,440 --> 00:21:07,520
Speaker 6: losses hit four point eight eight billion and twenty twenty four,

449
00:21:07,680 --> 00:21:10,200
Speaker 6: a staggering forty three percent jump from the previous year.

450
00:21:10,680 --> 00:21:14,119
Speaker 6: The average senior victim lost over eighty three thousand dollars.

451
00:21:14,760 --> 00:21:17,119
Speaker 6: And then another good site for some insight into this

452
00:21:17,480 --> 00:21:20,600
Speaker 6: is the Federal Trade Commission FTC FTC dot gov. So

453
00:21:20,680 --> 00:21:23,640
Speaker 6: here's a headline from a public service announcement they put out.

454
00:21:24,400 --> 00:21:28,280
Speaker 6: Business and government impersonators go after older adelse life savings.

455
00:21:28,840 --> 00:21:31,240
Speaker 6: And then they have some stats in there too they say,

456
00:21:31,280 --> 00:21:34,960
Speaker 6: in fact, reported losses of over one hundred thousand dollars

457
00:21:35,200 --> 00:21:39,359
Speaker 6: increase nearly sevenfold from twenty twenty to twenty twenty four. So,

458
00:21:39,680 --> 00:21:41,720
Speaker 6: you know, I hate to always be the doomsday guy,

459
00:21:41,880 --> 00:21:44,080
Speaker 6: the guy with the ten four hat, always warning about

460
00:21:44,119 --> 00:21:46,120
Speaker 6: this stuff, but you know, I don't want to see

461
00:21:46,160 --> 00:21:49,399
Speaker 6: people lose their entire life savings. And this is we

462
00:21:49,560 --> 00:21:53,640
Speaker 6: spend more time online and every facet of our lives working, education,

463
00:21:54,080 --> 00:21:57,480
Speaker 6: you know, school, you name it, think about it. What

464
00:21:57,680 --> 00:22:00,080
Speaker 6: are you not doing online? Nowadays? It just created to

465
00:22:00,160 --> 00:22:02,800
Speaker 6: that many more attack vectors for the bad guys. You're

466
00:22:02,840 --> 00:22:06,200
Speaker 6: throwing things like artificial intelligence and the ability to generate,

467
00:22:06,240 --> 00:22:10,560
Speaker 6: to clone someone's voice, to generate incredibly realistic videos, incredibly

468
00:22:10,600 --> 00:22:13,840
Speaker 6: realistic texts, to kind of eliminate all the old school

469
00:22:13,960 --> 00:22:15,960
Speaker 6: tells like well, I got an email asking me to

470
00:22:16,040 --> 00:22:18,080
Speaker 6: do something weird and I need to send gift cards

471
00:22:18,080 --> 00:22:20,320
Speaker 6: to the hamlet and county sheriffs can arrest me, but

472
00:22:20,440 --> 00:22:21,920
Speaker 6: the grammars all weird and so forth.

473
00:22:22,040 --> 00:22:22,760
Speaker 2: All that's gone.

474
00:22:23,320 --> 00:22:26,120
Speaker 6: The bad guys have access to low cost or free

475
00:22:26,200 --> 00:22:28,760
Speaker 6: tools that make it really easy for them to run

476
00:22:28,840 --> 00:22:31,680
Speaker 6: these sort of scams at scale. And again, you don't

477
00:22:31,720 --> 00:22:32,240
Speaker 6: have to take my.

478
00:22:32,320 --> 00:22:32,720
Speaker 5: Word for it.

479
00:22:32,840 --> 00:22:35,000
Speaker 6: You can see what the FBI is saying, You see

480
00:22:35,040 --> 00:22:37,800
Speaker 6: what the FTC is saying. And at one last point,

481
00:22:37,880 --> 00:22:40,600
Speaker 6: and then I'll let you guys start asking some specific questions.

482
00:22:41,359 --> 00:22:45,200
Speaker 6: Is you know this again, the documentation is all out there.

483
00:22:45,720 --> 00:22:49,159
Speaker 6: The scams are increasing, They're targeting elderly people in some cases,

484
00:22:49,240 --> 00:22:51,520
Speaker 6: but you know, we're all subject to all kinds of scams,

485
00:22:51,560 --> 00:22:54,359
Speaker 6: and this kind of education is important, as is a

486
00:22:54,440 --> 00:22:58,280
Speaker 6: healthy dose of skepticism and vigilance. You know, the Hamlet

487
00:22:58,320 --> 00:23:00,119
Speaker 6: and County sheriff is not going to call you you

488
00:23:00,560 --> 00:23:02,800
Speaker 6: and tell you that because of a parking ticket, they're

489
00:23:02,840 --> 00:23:05,680
Speaker 6: coming at three to arrest you if you don't buy

490
00:23:05,760 --> 00:23:08,360
Speaker 6: gift cards or send an INMO payment, right, they don't

491
00:23:08,400 --> 00:23:09,160
Speaker 6: operate that way.

492
00:23:09,520 --> 00:23:10,160
Speaker 5: Hey, hey, Dave.

493
00:23:10,240 --> 00:23:12,439
Speaker 4: So yeah, and then those are those are those are

494
00:23:12,440 --> 00:23:15,160
Speaker 4: all great examples. But you're right, this isn't new news anymore.

495
00:23:15,320 --> 00:23:16,920
Speaker 4: And I think but the one, the one that is

496
00:23:17,000 --> 00:23:19,040
Speaker 4: new is the to me is the deep fake stuff.

497
00:23:19,080 --> 00:23:20,920
Speaker 4: I don't think we've even scratched the surface on that.

498
00:23:20,960 --> 00:23:23,399
Speaker 4: I have yet to hear a story, you know, about

499
00:23:23,440 --> 00:23:25,320
Speaker 4: somebody losing an awful lot of money yet to that.

500
00:23:25,400 --> 00:23:27,240
Speaker 4: But that is coming and it's going to be huge.

501
00:23:27,600 --> 00:23:30,920
Speaker 4: So these articles you said is extremely helpful here, but

502
00:23:31,040 --> 00:23:33,840
Speaker 4: they reference an awful lot about cyber insurance. So I

503
00:23:33,840 --> 00:23:35,359
Speaker 4: don't want to drag you off course here, but is

504
00:23:35,400 --> 00:23:37,520
Speaker 4: this something that we should be considering? I mean, maybe

505
00:23:37,560 --> 00:23:39,280
Speaker 4: we all have home insurance, we have fire insurance, we

506
00:23:39,320 --> 00:23:41,639
Speaker 4: got flood insurance in some case. Is it we at

507
00:23:41,680 --> 00:23:43,840
Speaker 4: a point where we should all consider cyber insurance?

508
00:23:43,880 --> 00:23:45,240
Speaker 5: Do you think uh.

509
00:23:45,520 --> 00:23:46,919
Speaker 2: I think it's worth it as.

510
00:23:46,840 --> 00:23:50,520
Speaker 6: A business, absolutely, But I also find that many small

511
00:23:50,600 --> 00:23:52,720
Speaker 6: businesses that I talked to about this stuff because in

512
00:23:52,800 --> 00:23:54,680
Speaker 6: my real job, I'm now talking about this all the

513
00:23:54,760 --> 00:23:55,960
Speaker 6: time and trying to help business.

514
00:23:57,240 --> 00:23:59,080
Speaker 5: Come on, David, this is your real job.

515
00:24:01,560 --> 00:24:01,720
Speaker 3: You know.

516
00:24:02,160 --> 00:24:04,360
Speaker 6: People will say, well, I've got cyber insurance. I don't

517
00:24:04,359 --> 00:24:05,720
Speaker 6: like to care about this, and I just like to

518
00:24:05,760 --> 00:24:08,639
Speaker 6: remind folks, well, your fire insurance does not keep your

519
00:24:08,680 --> 00:24:11,200
Speaker 6: building from burning down. You know, ideally it helps you

520
00:24:11,320 --> 00:24:14,159
Speaker 6: recover should that happen. So you can't just say well,

521
00:24:14,200 --> 00:24:15,440
Speaker 6: I got insurance, I'm good to go.

522
00:24:15,640 --> 00:24:15,760
Speaker 5: Right.

523
00:24:15,880 --> 00:24:19,320
Speaker 6: You need a strategy where you're trying to parden your environment,

524
00:24:19,520 --> 00:24:23,080
Speaker 6: defend yourself against these kind of attacks. Be smart, be vigilant,

525
00:24:23,200 --> 00:24:26,440
Speaker 6: move slow, and then you know, be resilient. Part of

526
00:24:26,480 --> 00:24:29,600
Speaker 6: that resilience, you know, in addition to backups and so forth,

527
00:24:29,840 --> 00:24:32,960
Speaker 6: might be insurance. You know, as an individual, does it

528
00:24:33,080 --> 00:24:36,280
Speaker 6: make sense to get some kind of personal cyber insurance, Maybe,

529
00:24:36,560 --> 00:24:38,440
Speaker 6: especially if you have a lot of risk, if you're

530
00:24:38,480 --> 00:24:40,800
Speaker 6: a high net worth person. But I think there's a

531
00:24:40,800 --> 00:24:42,680
Speaker 6: lot of things you can do. Guys. Again, the first

532
00:24:42,680 --> 00:24:45,600
Speaker 6: step is always knowledge, right, I mean, you can't defend

533
00:24:45,640 --> 00:24:47,080
Speaker 6: against something you don't know about.

534
00:24:48,119 --> 00:24:49,400
Speaker 2: Knowledge skepticism.

535
00:24:49,600 --> 00:24:52,280
Speaker 6: It's doing the simple things we talk about all the time, strong,

536
00:24:52,400 --> 00:24:56,679
Speaker 6: unique passwords, multifacture authentication. It's also doing things like freezing

537
00:24:56,720 --> 00:24:58,720
Speaker 6: your credit. I'm sure you guys would agree, you know,

538
00:25:00,160 --> 00:25:03,520
Speaker 6: if I have frozen mind, yeah, and until I need

539
00:25:03,640 --> 00:25:06,920
Speaker 6: to get credit, I keep it frozen. I unlock it

540
00:25:06,960 --> 00:25:08,920
Speaker 6: when I need it, and I lock it back. You know,

541
00:25:09,000 --> 00:25:11,640
Speaker 6: it's not foolproof, but you know you're raising the bar.

542
00:25:11,760 --> 00:25:14,080
Speaker 6: You're making yourself a much more difficult target for the

543
00:25:14,160 --> 00:25:17,280
Speaker 6: bad guys because in most of these cases, especially you know,

544
00:25:17,400 --> 00:25:22,200
Speaker 6: these targeting of elders, they're not specifically targeting individuals. They're

545
00:25:22,200 --> 00:25:25,000
Speaker 6: going for low hanging fruit. And if you take the

546
00:25:25,119 --> 00:25:28,600
Speaker 6: kind of advice we're giving out here, if you harden yourself,

547
00:25:28,720 --> 00:25:31,359
Speaker 6: if you do these basic practices, you're going to be

548
00:25:31,400 --> 00:25:33,639
Speaker 6: a much more difficult target. They're just going to move on.

549
00:25:34,240 --> 00:25:35,480
Speaker 2: And again the skepticism.

550
00:25:35,840 --> 00:25:38,280
Speaker 6: You know, I encourage any of your listeners pick up

551
00:25:38,280 --> 00:25:40,200
Speaker 6: the phone and try to call Microsoft or Google and

552
00:25:40,280 --> 00:25:43,879
Speaker 6: get help. And my point is they are not looking

553
00:25:43,960 --> 00:25:45,959
Speaker 6: at your computer and going, hey, I think you've got

554
00:25:46,040 --> 00:25:47,920
Speaker 6: a virus. I'm going to call you up today and

555
00:25:48,040 --> 00:25:50,840
Speaker 6: tell you let me help you remove this virus. If

556
00:25:50,880 --> 00:25:54,080
Speaker 6: you get a call, an unsolicited call from a company

557
00:25:54,119 --> 00:25:55,919
Speaker 6: that claims you have some kind of virus and they

558
00:25:55,960 --> 00:25:58,720
Speaker 6: want to help you, the likelihood that that is not

559
00:25:58,840 --> 00:26:01,560
Speaker 6: a scam is probably greater than all three of us

560
00:26:01,600 --> 00:26:04,800
Speaker 6: getting hit by a meteor. Right now, it is a scam, right,

561
00:26:05,400 --> 00:26:10,760
Speaker 6: So again, vigilance, knowledge, skepticism, and you know, when you

562
00:26:10,800 --> 00:26:13,040
Speaker 6: look at the numbers, one of these reports say there's

563
00:26:13,040 --> 00:26:15,200
Speaker 6: eighty five trillion dollars in wealth out there in the

564
00:26:15,240 --> 00:26:19,000
Speaker 6: baby boom and silent generation. The bad guys know this, right,

565
00:26:19,680 --> 00:26:21,760
Speaker 6: They know there's an enormous amount of money. They know

566
00:26:22,280 --> 00:26:25,040
Speaker 6: in a lot of cases, older people may not even

567
00:26:25,080 --> 00:26:28,080
Speaker 6: be aware that it's possible to create a very you know,

568
00:26:28,200 --> 00:26:31,200
Speaker 6: a perfect deep fake audio or video. And you know,

569
00:26:31,280 --> 00:26:35,119
Speaker 6: you guys mentioned there is documented evidence already more in

570
00:26:35,119 --> 00:26:38,919
Speaker 6: a corporate setting of large scale fraud that's been perpetrated

571
00:26:39,080 --> 00:26:42,359
Speaker 6: using deep fake voice cloning and videos. I encourage your

572
00:26:42,359 --> 00:26:46,119
Speaker 6: folks go look up the story about the Ferrari CFO

573
00:26:46,320 --> 00:26:49,120
Speaker 6: who got a nearly got deep fake voice cloned into

574
00:26:49,200 --> 00:26:52,800
Speaker 6: fraud from the so called Ferrari CEO. And these are

575
00:26:52,800 --> 00:26:54,199
Speaker 6: people that know each other personally.

576
00:26:54,480 --> 00:26:56,480
Speaker 5: This is the real gave us a segment maybe for

577
00:26:56,640 --> 00:26:58,240
Speaker 5: next week. I'm in right that one.

578
00:26:58,359 --> 00:27:03,200
Speaker 2: Now why I would look into it well documented, Dave.

579
00:27:03,480 --> 00:27:05,720
Speaker 2: I was going to ask about the whole phone thing

580
00:27:05,880 --> 00:27:06,840
Speaker 2: and voice cloning.

581
00:27:07,720 --> 00:27:09,560
Speaker 3: Yeah, so I'll just ask it this way. I mean,

582
00:27:09,600 --> 00:27:12,200
Speaker 3: are we now at a point where it's just because

583
00:27:12,240 --> 00:27:16,480
Speaker 3: I know what I do. I never answer my phone ever, ever, ever,

584
00:27:17,240 --> 00:27:19,520
Speaker 3: unless I know who's calling me, I just don't answer

585
00:27:19,600 --> 00:27:20,000
Speaker 3: my phone.

586
00:27:20,080 --> 00:27:21,760
Speaker 2: Are we at the point now where.

587
00:27:22,119 --> 00:27:26,679
Speaker 3: Our advice to folks, especially elderly and maybe vulnerable folks,

588
00:27:27,400 --> 00:27:31,119
Speaker 3: just give that blanket advice, do not answer your phone

589
00:27:31,280 --> 00:27:32,920
Speaker 3: unless you know who it is.

590
00:27:33,040 --> 00:27:35,080
Speaker 2: Are we at that point? Is that the best way

591
00:27:35,160 --> 00:27:37,360
Speaker 2: to protect folks? I think?

592
00:27:37,440 --> 00:27:39,800
Speaker 6: So I can tell you I do not ever answer

593
00:27:39,880 --> 00:27:42,200
Speaker 6: my phone from a number I don't recognize, and I'm

594
00:27:42,240 --> 00:27:44,960
Speaker 6: even sometimes skeptical if it is an number I do recognize,

595
00:27:45,000 --> 00:27:47,880
Speaker 6: because keep in mind, guys, spoofing what's in my mind

596
00:27:47,960 --> 00:27:50,159
Speaker 6: is the biggest driver of all this, creating something that

597
00:27:50,240 --> 00:27:53,760
Speaker 6: looks realistic but isn't. It's fairly easy to do in

598
00:27:53,800 --> 00:27:57,639
Speaker 6: any digital mechanism. It's really easy to send a phone

599
00:27:57,680 --> 00:27:59,520
Speaker 6: call from any number you want, if you know what

600
00:27:59,600 --> 00:28:01,639
Speaker 6: you're doing in it does not require a lot of skills.

601
00:28:01,680 --> 00:28:03,560
Speaker 6: So you know, if I could find one of your

602
00:28:03,640 --> 00:28:05,600
Speaker 6: two cell phone numbers, or if I happen to have it,

603
00:28:05,880 --> 00:28:07,720
Speaker 6: I could easily spoof a call that would look like

604
00:28:07,800 --> 00:28:10,160
Speaker 6: it came from your cell phone. I could easily send

605
00:28:10,200 --> 00:28:11,920
Speaker 6: a text that looks like it comes from you. And

606
00:28:12,040 --> 00:28:16,440
Speaker 6: you know, same thing with emails. So skepticism, vigilance, don't

607
00:28:16,480 --> 00:28:18,920
Speaker 6: answer the phone. If it's important, they'll leave a message,

608
00:28:19,200 --> 00:28:21,920
Speaker 6: or they'll contact you some other way. Go read what

609
00:28:22,040 --> 00:28:25,639
Speaker 6: the government says. You know, IRS, FBI. They are not

610
00:28:25,800 --> 00:28:28,560
Speaker 6: going to call you and tell you some terrible thing

611
00:28:28,680 --> 00:28:30,119
Speaker 6: is going to happen to you if you don't make

612
00:28:30,160 --> 00:28:32,440
Speaker 6: it in when a payment by five pm. They don't

613
00:28:32,480 --> 00:28:35,119
Speaker 6: operate that way, and they state that clearly on their

614
00:28:35,160 --> 00:28:38,240
Speaker 6: own websites. So again there's there's tons of useful information

615
00:28:38,320 --> 00:28:41,080
Speaker 6: out there that can help people avoid these kind of scams.

616
00:28:41,240 --> 00:28:43,560
Speaker 2: FTC dot gov, IC three dot gov.

617
00:28:44,360 --> 00:28:48,280
Speaker 6: But it all starts with skepticism and caution, like don't

618
00:28:48,320 --> 00:28:50,440
Speaker 6: answer your phone. If you don't recognize the number, they'll

619
00:28:50,480 --> 00:28:52,600
Speaker 6: leave a message, and if they don't, must not be important.

620
00:28:53,280 --> 00:28:55,240
Speaker 2: All right, good stuff as always, Dave.

621
00:28:55,440 --> 00:28:58,120
Speaker 3: You're listening to Simply Money, presented by all Worth Financial

622
00:28:58,200 --> 00:29:00,720
Speaker 3: on fifty five KRCV Talkstation.

623
00:29:02,520 --> 00:29:04,200
Speaker 2: Mark Levin, you know America.

624
00:29:04,560 --> 00:29:06,840
Speaker 8: We spend an awful lot of time in this country

625
00:29:07,280 --> 00:29:11,680
Speaker 8: responding to an unreality created by the people who hate America,

626
00:29:11,880 --> 00:29:14,760
Speaker 8: created by people who get sucked into the narratives that

627
00:29:14,880 --> 00:29:17,520
Speaker 8: are pushed out there each and every day. And they're posting,

628
00:29:17,640 --> 00:29:20,000
Speaker 8: and they're posting, and they're posting, and they'll move on

629
00:29:20,120 --> 00:29:21,560
Speaker 8: to the next thing, and the next thing and the

630
00:29:21,640 --> 00:29:22,000
Speaker 8: next thing.

631
00:29:22,040 --> 00:29:25,000
Speaker 1: That's what the media and they do, Mark Levin, Tonight

632
00:29:25,080 --> 00:29:28,720
Speaker 1: at ten oh six on fifty five KRS the Talk Station.

633
00:29:29,400 --> 00:29:31,880
Speaker 2: Your opinions are welcome to here. Why do we keep

634
00:29:31,960 --> 00:29:34,240
Speaker 2: letting thousands of people come over and do nothing about it?

635
00:29:34,680 --> 00:29:38,080
Speaker 2: My family's safety is at risk. Fifty five KRC the

636
00:29:38,360 --> 00:29:38,920
Speaker 2: Talk Station.

637
00:29:43,200 --> 00:29:45,760
Speaker 3: We're listening to Simple Money, presented by all Work Financial.

638
00:29:45,840 --> 00:29:48,840
Speaker 3: I'm Bob Sponseller along with Brian James. Do you have

639
00:29:48,880 --> 00:29:51,280
Speaker 3: a financial question you'd like for us to answer. There's

640
00:29:51,320 --> 00:29:53,560
Speaker 3: a red button you can click while you're listening to

641
00:29:53,600 --> 00:29:56,320
Speaker 3: the show. If you're listening to the show on the

642
00:29:56,520 --> 00:30:00,320
Speaker 3: iHeart app. Simply record your question and it will come

643
00:30:00,400 --> 00:30:03,719
Speaker 3: straight to us. All right, Brian, get ready for Martin

644
00:30:03,840 --> 00:30:06,880
Speaker 3: from Westchester. He says, we've hit the income limit for

645
00:30:07,040 --> 00:30:11,440
Speaker 3: ROTH contributions, but we keep hearing about the backdoor WROTH.

646
00:30:11,600 --> 00:30:15,239
Speaker 4: How do you do that correctly without triggering the pro

647
00:30:15,520 --> 00:30:17,840
Speaker 4: rata rule? Great, great question, And this is now we're

648
00:30:17,840 --> 00:30:19,840
Speaker 4: getting into some tax planning. I love tax planning.

649
00:30:19,880 --> 00:30:21,960
Speaker 2: This, This is right in your wheel where we how

650
00:30:22,000 --> 00:30:22,800
Speaker 2: we move the needle in.

651
00:30:22,800 --> 00:30:23,880
Speaker 5: Financial planning nowadays.

652
00:30:23,880 --> 00:30:26,040
Speaker 4: So for a lot of savers hitting that Wroth IRA

653
00:30:26,200 --> 00:30:28,640
Speaker 4: income limit, Bob feels like that door just slam shut.

654
00:30:28,680 --> 00:30:30,680
Speaker 4: I can't put any more in because I'm earning too much.

655
00:30:30,960 --> 00:30:34,280
Speaker 4: There's a perfectly legal side entrance called the back door WROTH.

656
00:30:34,480 --> 00:30:36,360
Speaker 4: The trigger is doing it right because there's there's a

657
00:30:36,440 --> 00:30:39,320
Speaker 4: rule out there that could could discount some of the

658
00:30:39,400 --> 00:30:39,920
Speaker 4: benefit of it.

659
00:30:40,120 --> 00:30:42,920
Speaker 5: So anyway, here's what a backdoor roth IRA works.

660
00:30:43,760 --> 00:30:46,720
Speaker 4: The reason it exists is because there are income limitations

661
00:30:47,000 --> 00:30:49,840
Speaker 4: to whether you can make a contribution. If you exceed

662
00:30:49,920 --> 00:30:53,280
Speaker 4: those income limitations, you can do it with an extra

663
00:30:53,400 --> 00:30:55,120
Speaker 4: hop in the middle. What you can do is you're

664
00:30:55,200 --> 00:30:59,080
Speaker 4: making a non deductible contribution to a traditional IRA. This

665
00:30:59,240 --> 00:31:01,960
Speaker 4: is no different then a contribution you'd ever make to

666
00:31:02,040 --> 00:31:04,280
Speaker 4: it to any kind of IRA, you're just sticking money

667
00:31:04,320 --> 00:31:06,520
Speaker 4: in there. The non deductible part will come up when

668
00:31:06,520 --> 00:31:08,240
Speaker 4: you do your taxes and you find out Nope, you

669
00:31:08,240 --> 00:31:10,200
Speaker 4: can't deduct that, so you don't have to label it

670
00:31:10,320 --> 00:31:12,080
Speaker 4: or anything crazy on the front end, and then you

671
00:31:12,240 --> 00:31:15,880
Speaker 4: immediately convert those dollars to a ROTH. What we're doing

672
00:31:15,920 --> 00:31:19,800
Speaker 4: here is the income limitation only applies to contributions new

673
00:31:19,880 --> 00:31:22,280
Speaker 4: money flowing into the ROTH. By the time, it's already

674
00:31:22,280 --> 00:31:24,800
Speaker 4: in there, whether you deduct it or not, it's already

675
00:31:24,840 --> 00:31:27,680
Speaker 4: in there. Of course, it's it's an existing pile of money,

676
00:31:27,680 --> 00:31:30,800
Speaker 4: which means we're talking about a conversion from traditional to ROTH.

677
00:31:31,280 --> 00:31:34,200
Speaker 5: So let's answer Martin's question. This is what he actually asked.

678
00:31:34,640 --> 00:31:37,520
Speaker 4: What can happen though, is if you have traditional pre

679
00:31:37,720 --> 00:31:39,959
Speaker 4: tax dollars in an IRA, then you're going to run

680
00:31:39,960 --> 00:31:40,840
Speaker 4: into the pro rata rule.

681
00:31:40,880 --> 00:31:41,880
Speaker 5: So here, let's give an example.

682
00:31:41,920 --> 00:31:44,480
Speaker 4: You've got ninety five thousand dollars in pre tax IRA

683
00:31:44,680 --> 00:31:47,160
Speaker 4: money and you're going to add five thousand after tax

684
00:31:47,240 --> 00:31:50,080
Speaker 4: for a backdoor. When you convert the five thousand, the

685
00:31:50,160 --> 00:31:52,960
Speaker 4: IRS is going to say only five percent of that

686
00:31:53,080 --> 00:31:55,640
Speaker 4: is after tax, so ninety five percent of it becomes

687
00:31:55,720 --> 00:31:58,760
Speaker 4: taxable anyway. So that's what we want to avoid if

688
00:31:58,800 --> 00:32:01,920
Speaker 4: you basically want to have any traditional pre tax dollars.

689
00:32:02,120 --> 00:32:04,080
Speaker 4: So if you've got the ability to do so, you're

690
00:32:04,120 --> 00:32:06,480
Speaker 4: gonna want to move those pre tax iras into your

691
00:32:06,520 --> 00:32:09,000
Speaker 4: four oh one K. Therefore, you do not have an IRA,

692
00:32:09,160 --> 00:32:11,000
Speaker 4: and you just have to be in that state by

693
00:32:11,120 --> 00:32:13,560
Speaker 4: New Year's Eve and then everything will be clear for

694
00:32:13,920 --> 00:32:15,200
Speaker 4: the for the year. But make sure you don't have

695
00:32:15,240 --> 00:32:17,920
Speaker 4: any pretax iras at all. Move those dollars to four

696
00:32:17,960 --> 00:32:20,200
Speaker 4: oh one K, then you can do your conversion. We're

697
00:32:20,200 --> 00:32:22,160
Speaker 4: going to move on to Karen and Loveland. So Karen's

698
00:32:22,160 --> 00:32:24,719
Speaker 4: got a couple of life insurance policies, bought those over

699
00:32:24,760 --> 00:32:26,680
Speaker 4: the years, and she wants to know which ones do

700
00:32:26,720 --> 00:32:28,360
Speaker 4: you keep versus which ones is your place?

701
00:32:28,360 --> 00:32:31,080
Speaker 3: How do you make that decision, Bob, Well, Karen, I'd

702
00:32:31,120 --> 00:32:33,160
Speaker 3: start with your financial plan, you know, and this is

703
00:32:33,200 --> 00:32:35,600
Speaker 3: where I always start. How much life insurance do you

704
00:32:35,800 --> 00:32:40,080
Speaker 3: still need giving your current situation and for how long

705
00:32:40,240 --> 00:32:43,560
Speaker 3: do you need it? In other words, update your financial plan,

706
00:32:43,840 --> 00:32:46,760
Speaker 3: you know, up to current your current status based on

707
00:32:46,800 --> 00:32:49,560
Speaker 3: the needs of your family. Now that'll help you determine

708
00:32:49,800 --> 00:32:52,800
Speaker 3: how much life insurance you need and for how long.

709
00:32:53,160 --> 00:32:55,160
Speaker 3: A good advisor ought to be able to run those

710
00:32:55,240 --> 00:32:58,120
Speaker 3: numbers and give you those answers. Once you've got those answers,

711
00:32:58,520 --> 00:33:00,680
Speaker 3: then you start to look at these pop policies. You know,

712
00:33:00,760 --> 00:33:04,720
Speaker 3: are they term policies, are they permanent policies with cash value?

713
00:33:05,240 --> 00:33:08,400
Speaker 3: You can also evaluate what your potential long term care

714
00:33:09,280 --> 00:33:10,320
Speaker 3: situation might be.

715
00:33:11,440 --> 00:33:11,800
Speaker 2: Brian.

716
00:33:12,160 --> 00:33:14,280
Speaker 3: You know, we talked about this a couple times over

717
00:33:14,280 --> 00:33:16,000
Speaker 3: the last couple of weeks. A lot of times people

718
00:33:16,000 --> 00:33:19,640
Speaker 3: will take these old cash value life insurance policies and

719
00:33:19,920 --> 00:33:23,240
Speaker 3: use them to handle a potential long term care need

720
00:33:23,360 --> 00:33:26,520
Speaker 3: by just on a tax free basis. Think think the

721
00:33:27,320 --> 00:33:31,400
Speaker 3: insurance equivalent of an IRA rollover. It's referred to as

722
00:33:31,440 --> 00:33:34,160
Speaker 3: a ten thirty one or ten thirty five exchange. You

723
00:33:34,320 --> 00:33:37,680
Speaker 3: move that existing life insurance policy into a hybrid policy,

724
00:33:38,120 --> 00:33:40,520
Speaker 3: and now you've got some death benefit and some long

725
00:33:40,640 --> 00:33:41,600
Speaker 3: term care protection.

726
00:33:41,960 --> 00:33:43,640
Speaker 2: There's a lot of things that you can do.

727
00:33:43,920 --> 00:33:47,120
Speaker 3: Some people don't need any insurance at all, and then

728
00:33:47,200 --> 00:33:49,640
Speaker 3: you start to look at the tax impact of cashing

729
00:33:49,720 --> 00:33:52,520
Speaker 3: out of some of these policies versus doing some other things.

730
00:33:52,600 --> 00:33:56,000
Speaker 4: So just redeploying your assets from something you don't need

731
00:33:56,040 --> 00:33:58,400
Speaker 4: into something you do. No different than converting your kids

732
00:33:58,640 --> 00:34:01,560
Speaker 4: or your former adult kids a bedroom into a sports bar.

733
00:34:01,600 --> 00:34:03,400
Speaker 5: Or a hobby room or something something I don't need

734
00:34:03,480 --> 00:34:04,040
Speaker 5: versus something I do.

735
00:34:04,240 --> 00:34:06,760
Speaker 2: But again, it starts with a financial plan. Find out

736
00:34:06,800 --> 00:34:09,440
Speaker 2: how much insurance you actually need and for how long

737
00:34:09,520 --> 00:34:12,880
Speaker 2: you need it, and then go from there. All right, Brian,

738
00:34:12,960 --> 00:34:16,200
Speaker 2: you're gonna hear from another Brian from Cincinnati says, we've

739
00:34:16,280 --> 00:34:20,000
Speaker 2: got mutual funds in taxable accounts that keep distributing these

740
00:34:20,120 --> 00:34:24,239
Speaker 2: pesky gains. Is it smarter to move toward ETFs or

741
00:34:24,280 --> 00:34:27,840
Speaker 2: are there hidden costs to switching? Well, hello Brian and Cincinnati,

742
00:34:27,960 --> 00:34:28,600
Speaker 2: are you me?

743
00:34:29,680 --> 00:34:30,040
Speaker 5: No, you're not.

744
00:34:30,120 --> 00:34:31,799
Speaker 4: You've got a legit question here, And this is something

745
00:34:31,800 --> 00:34:34,759
Speaker 4: we run into all the time, because, yeah, mutual fund

746
00:34:34,800 --> 00:34:37,359
Speaker 4: If somebody has built up a good sized pile of money,

747
00:34:37,400 --> 00:34:39,319
Speaker 4: then they probably did it a long time ago when

748
00:34:39,400 --> 00:34:41,320
Speaker 4: mutual funds were really the only game in town. So

749
00:34:41,360 --> 00:34:44,440
Speaker 4: we're going back fifteen twenty, maybe longer than that. And

750
00:34:44,520 --> 00:34:46,320
Speaker 4: if you've built up a pile of money, good on you.

751
00:34:46,480 --> 00:34:49,000
Speaker 4: That's a great thing. But mutual funds aren't the most

752
00:34:49,040 --> 00:34:51,600
Speaker 4: efficient things out there anymore. They used to be, but

753
00:34:51,719 --> 00:34:55,200
Speaker 4: now there's better options. Exchange traded funds are more efficient

754
00:34:55,520 --> 00:34:58,920
Speaker 4: because they will not have those same distributions. Not enough

755
00:34:58,960 --> 00:35:00,680
Speaker 4: time here to get into why that is, but they

756
00:35:00,719 --> 00:35:02,680
Speaker 4: still represent the same thing. For example, an S and

757
00:35:02,719 --> 00:35:04,840
Speaker 4: P five hundred index ETF is going to be a

758
00:35:04,880 --> 00:35:06,680
Speaker 4: more efficient tool than a mutual fund.

759
00:35:07,200 --> 00:35:08,400
Speaker 5: And lots of reasons for that.

760
00:35:08,520 --> 00:35:11,279
Speaker 4: So, yes, to answer your question, it's a smarter move

761
00:35:11,360 --> 00:35:13,600
Speaker 4: to look toward ETFs. Yes, there are going to be

762
00:35:13,640 --> 00:35:16,160
Speaker 4: hidden costs because presumably you've been doing this for a

763
00:35:16,200 --> 00:35:18,640
Speaker 4: long time, you've got gains built up. There shouldn't be

764
00:35:18,680 --> 00:35:21,359
Speaker 4: really any transactional costs or anything like that. That would

765
00:35:21,360 --> 00:35:23,480
Speaker 4: be a rare case. But you're going to pay taxes.

766
00:35:23,719 --> 00:35:26,319
Speaker 4: That doesn't mean it's a bad idea, because remember, if

767
00:35:26,320 --> 00:35:28,239
Speaker 4: you've got a long runway, I'm going to guess we

768
00:35:28,320 --> 00:35:30,000
Speaker 4: have no idea how old Brian is, but let's pretend

769
00:35:30,000 --> 00:35:32,000
Speaker 4: he's me, he's fifty, it's got a long runway to go.

770
00:35:32,840 --> 00:35:36,400
Speaker 4: And so therefore, taking some sacrifice now in terms of

771
00:35:36,560 --> 00:35:39,040
Speaker 4: eating some of those capital gains taxes and converting to

772
00:35:39,480 --> 00:35:43,240
Speaker 4: what i'd be looking at is something that involves direct indexing,

773
00:35:43,360 --> 00:35:46,800
Speaker 4: so that you can not only get a more efficient

774
00:35:46,840 --> 00:35:49,160
Speaker 4: portfolio with fewer distributions, you can actually go the other

775
00:35:49,280 --> 00:35:52,040
Speaker 4: direction and start to harvest some of those tax losses

776
00:35:52,080 --> 00:35:55,239
Speaker 4: as they occur because you own individual securities versus those

777
00:35:55,360 --> 00:35:58,000
Speaker 4: mutual funds or ETFs. But to answer question, yeah, you're

778
00:35:58,040 --> 00:36:00,200
Speaker 4: going to want to pay attention to capital gains. All right,

779
00:36:00,200 --> 00:36:02,160
Speaker 4: we got time for one more quickie, so we're gonna

780
00:36:02,160 --> 00:36:04,400
Speaker 4: go to Jeff and Hebrew. Jeff says, they're retired and

781
00:36:04,440 --> 00:36:07,480
Speaker 4: they've got income coming. Should they be reinvesting the dividends

782
00:36:07,480 --> 00:36:09,840
Speaker 4: and interest or should they use those to fund living expenses?

783
00:36:09,880 --> 00:36:12,600
Speaker 2: Bob Well, Jeff, there's no magic answer to this.

784
00:36:12,800 --> 00:36:14,560
Speaker 3: I think you got to be looking at your tax

785
00:36:14,719 --> 00:36:18,960
Speaker 3: situation rather than worrying about, you know, whether to use

786
00:36:19,120 --> 00:36:22,239
Speaker 3: dividends and interest to fun living expenses, meaning, you know,

787
00:36:22,760 --> 00:36:26,080
Speaker 3: depending on the composition of your portfolio, ira versus non,

788
00:36:26,200 --> 00:36:31,440
Speaker 3: ira versus roth, I'd let the tax situation dictate how

789
00:36:31,560 --> 00:36:35,040
Speaker 3: you construct your retirement income strategy and then go from there.

790
00:36:35,760 --> 00:36:38,480
Speaker 3: Coming up next, we've got Brian's bottom line where he's

791
00:36:38,520 --> 00:36:40,600
Speaker 3: going to talk about it. It's it's great because it's

792
00:36:40,640 --> 00:36:44,719
Speaker 3: finally time to talk about lowering mortgage rates.

793
00:36:44,800 --> 00:36:47,000
Speaker 2: Brian has some thoughts on that coming up next.

794
00:36:47,239 --> 00:36:49,760
Speaker 3: You're listening to Simply Money, presented by all Worth Financial

795
00:36:49,840 --> 00:36:52,399
Speaker 3: on fifty five KRC, the Talk station.

796
00:36:53,520 --> 00:36:55,239
Speaker 1: You do do you?

797
00:36:55,520 --> 00:36:55,680
Speaker 3: I do?

798
00:36:55,840 --> 00:36:58,319
Speaker 8: Got to put up these Halloween decorations, do some work,

799
00:36:58,600 --> 00:36:59,120
Speaker 8: the laundry.

800
00:36:59,239 --> 00:37:01,400
Speaker 2: We do have to go shout and will this is

801
00:37:01,480 --> 00:37:02,839
Speaker 2: what we do. We do the rest.

802
00:37:02,920 --> 00:37:03,759
Speaker 5: It's time to do it.

803
00:37:04,400 --> 00:37:06,400
Speaker 2: We do traffic and weather, doing the news at the

804
00:37:06,480 --> 00:37:08,200
Speaker 2: top and bottom of the album. This is the most

805
00:37:08,239 --> 00:37:10,880
Speaker 2: important thing we can do. Do check in. Let's do

806
00:37:11,000 --> 00:37:11,759
Speaker 2: it the way you want.

807
00:37:11,880 --> 00:37:12,600
Speaker 1: I do need to know.

808
00:37:12,760 --> 00:37:15,920
Speaker 2: It's important that we do it today. While doing your day,

809
00:37:16,000 --> 00:37:18,000
Speaker 2: There's always more to do. I ain't doing nothing today.

810
00:37:18,080 --> 00:37:20,040
Speaker 2: I do have something to say, so let's do it.

811
00:37:20,120 --> 00:37:22,880
Speaker 2: On fifty five KRS the talk station.

812
00:37:24,239 --> 00:37:26,080
Speaker 6: I am so worried that next month I have to

813
00:37:26,160 --> 00:37:28,920
Speaker 6: choose between groceries for my kids or gas for my car.

814
00:37:29,239 --> 00:37:32,720
Speaker 9: Talk about it here fifty five KRC, the talk Station.

815
00:37:37,200 --> 00:37:39,600
Speaker 9: You're listening to Simple Money, presented by all Work Financial.

816
00:37:39,880 --> 00:37:42,960
Speaker 9: Bob Sponsorer along with Brian James and Brian. You want

817
00:37:43,000 --> 00:37:46,600
Speaker 9: to talk about mortgages tonight we are back in.

818
00:37:46,800 --> 00:37:47,439
Speaker 5: Back in time.

819
00:37:47,520 --> 00:37:50,120
Speaker 4: Remember the days, Bob, not that long ago where people

820
00:37:50,160 --> 00:37:52,560
Speaker 4: were refinancing two and three times a year. Well, we're

821
00:37:52,680 --> 00:37:54,920
Speaker 4: kind of getting back there. We've had several years of

822
00:37:55,160 --> 00:37:58,080
Speaker 4: higher rates, you know, and let's kind of quantify this

823
00:37:58,360 --> 00:38:00,520
Speaker 4: with history here. You might be saying, now there was

824
00:38:00,600 --> 00:38:02,560
Speaker 4: seven or seven and a half percent mortgage, maybe even

825
00:38:02,600 --> 00:38:03,040
Speaker 4: higher than that.

826
00:38:03,120 --> 00:38:05,200
Speaker 5: In some cases, people still got to live their lives.

827
00:38:05,760 --> 00:38:08,120
Speaker 4: Jobs change, people have to move for whatever reason, and

828
00:38:08,200 --> 00:38:09,640
Speaker 4: mortgages are just requirements.

829
00:38:09,640 --> 00:38:10,320
Speaker 5: You got to deal with it.

830
00:38:10,680 --> 00:38:13,360
Speaker 4: We all got spoiled with those two and three percent mortgages,

831
00:38:13,400 --> 00:38:15,560
Speaker 4: and I think a lot of us convinced ourselves that

832
00:38:15,680 --> 00:38:17,759
Speaker 4: that was a god given right, was just a good

833
00:38:17,760 --> 00:38:20,279
Speaker 4: period of time, and let's not kick ourselves too hard

834
00:38:20,320 --> 00:38:22,000
Speaker 4: because life happened and we had to go ahead and

835
00:38:22,000 --> 00:38:25,440
Speaker 4: get a seven eight percent mortgage. That said, it's now

836
00:38:25,600 --> 00:38:28,440
Speaker 4: time to start paying attention to maybe refinancing. If you

837
00:38:28,520 --> 00:38:30,200
Speaker 4: bought a home a few years ago at seven and

838
00:38:30,239 --> 00:38:32,959
Speaker 4: a half percent percent or higher, I would start looking

839
00:38:33,000 --> 00:38:36,719
Speaker 4: at refinance quotes today. We said earlier that the Fed

840
00:38:36,840 --> 00:38:39,040
Speaker 4: just cut interest rates and there's more rates coming based

841
00:38:39,080 --> 00:38:42,600
Speaker 4: on what their future indications are as well as what

842
00:38:42,680 --> 00:38:43,800
Speaker 4: the market thinks is happening.

843
00:38:43,880 --> 00:38:46,160
Speaker 2: So this will work out the best.

844
00:38:46,160 --> 00:38:48,480
Speaker 4: If you've got at least twenty percent equity, your credit's

845
00:38:48,520 --> 00:38:50,440
Speaker 4: in good shape, and you plan to stay in that

846
00:38:50,520 --> 00:38:53,120
Speaker 4: home five plus years, the break even in the long

847
00:38:53,200 --> 00:38:54,239
Speaker 4: term savings makes sense.

848
00:38:54,280 --> 00:38:56,680
Speaker 5: So a lot of people were very frustrated. It's stressful

849
00:38:56,719 --> 00:38:58,000
Speaker 5: to move anyway. Darn it.

850
00:38:58,160 --> 00:38:59,560
Speaker 4: Now I got to do this and the rates are

851
00:38:59,600 --> 00:39:01,000
Speaker 4: up at seven one and a half percent. Why do

852
00:39:01,120 --> 00:39:03,239
Speaker 4: things never go my way? Well, life gives you a

853
00:39:03,320 --> 00:39:05,320
Speaker 4: second chance, and you're coming up on those times. So

854
00:39:05,600 --> 00:39:07,200
Speaker 4: doesn't mean you have to rush out and do this

855
00:39:07,360 --> 00:39:09,480
Speaker 4: right now. We're in a declining rate environment. There's not

856
00:39:09,600 --> 00:39:11,160
Speaker 4: much to indicate it's going to go the other way

857
00:39:11,200 --> 00:39:14,440
Speaker 4: anytime soon. So if maybe you don't have the equity

858
00:39:14,480 --> 00:39:16,440
Speaker 4: built up, then in the short run, you're gonna want

859
00:39:16,440 --> 00:39:18,120
Speaker 4: to build up some cash. Try to find ways to

860
00:39:18,200 --> 00:39:20,320
Speaker 4: do it, you know, over the next several you know,

861
00:39:20,400 --> 00:39:22,440
Speaker 4: maybe three to six months, figure out where you can

862
00:39:22,480 --> 00:39:25,440
Speaker 4: carve out some extra cash as well. And if you've

863
00:39:25,480 --> 00:39:27,799
Speaker 4: got some credit issues out there, maybe your score isn't

864
00:39:27,840 --> 00:39:29,759
Speaker 4: quite what it needs to be, well, you've got time

865
00:39:29,800 --> 00:39:32,719
Speaker 4: to kind of start cleaning that up because now now

866
00:39:32,880 --> 00:39:33,560
Speaker 4: is the time to do it.

867
00:39:33,680 --> 00:39:35,000
Speaker 5: We are in a declining rate environment.

868
00:39:35,000 --> 00:39:36,839
Speaker 4: You might even get a better opportunity than where we're

869
00:39:36,840 --> 00:39:38,879
Speaker 4: sitting right now, but now is the time to start

870
00:39:38,920 --> 00:39:40,680
Speaker 4: planning for it, so you can pull the trigger at

871
00:39:40,680 --> 00:39:41,239
Speaker 4: the right time.

872
00:39:42,120 --> 00:39:43,960
Speaker 2: Yeah, Brian, A good rule of thumb, you know, to

873
00:39:44,080 --> 00:39:44,560
Speaker 2: your point.

874
00:39:45,000 --> 00:39:47,319
Speaker 3: You know in every situation is different, but you got

875
00:39:47,400 --> 00:39:50,720
Speaker 3: to look at the fees associated with refinancing, closing costs,

876
00:39:50,760 --> 00:39:52,840
Speaker 3: all that. But a good rule of thumb to start

877
00:39:52,880 --> 00:39:56,399
Speaker 3: with is if the rate drops about one percent from

878
00:39:56,560 --> 00:39:59,000
Speaker 3: you know where you currently are, it's time to start

879
00:39:59,080 --> 00:40:01,720
Speaker 3: shopping it. You can usually, you know, come out ahead

880
00:40:01,760 --> 00:40:03,040
Speaker 3: on that game, would you agree, Oh?

881
00:40:03,080 --> 00:40:04,960
Speaker 4: Absolutely, so again, if you're at seven and a half

882
00:40:05,000 --> 00:40:06,680
Speaker 4: percent rate, I'm looking right now at a bank that

883
00:40:06,719 --> 00:40:08,719
Speaker 4: won't be named because we don't advertise for banks, but

884
00:40:08,760 --> 00:40:10,440
Speaker 4: I always look at this site because they plaster it

885
00:40:10,520 --> 00:40:12,719
Speaker 4: right on the front page. Thirty year fixed for six

886
00:40:12,760 --> 00:40:16,279
Speaker 4: point h nine percent, fifteen year for five thirty nine

887
00:40:16,560 --> 00:40:18,719
Speaker 4: and again these are low. Look at the interest rate

888
00:40:18,800 --> 00:40:20,640
Speaker 4: as well as look at the closing costs, and you're

889
00:40:20,680 --> 00:40:22,840
Speaker 4: going to come out ahead. Don't rush out and do

890
00:40:22,960 --> 00:40:25,359
Speaker 4: this right now. But start thinking about it, learn how

891
00:40:25,400 --> 00:40:26,800
Speaker 4: it works, because a lot of people, a lot of

892
00:40:26,840 --> 00:40:29,160
Speaker 4: the people I'm talking to are first time home buyers,

893
00:40:29,440 --> 00:40:31,239
Speaker 4: just got stuck with that higher interest rates. Time to

894
00:40:31,320 --> 00:40:32,080
Speaker 4: learn about refis.

895
00:40:32,480 --> 00:40:33,560
Speaker 2: Thanks for listening tonight.

896
00:40:33,680 --> 00:40:35,920
Speaker 3: Tune in tomorrow where we're going to have a former

897
00:40:36,200 --> 00:40:39,120
Speaker 3: actual voting member of the Fed with us to talk

898
00:40:39,280 --> 00:40:42,560
Speaker 3: interest rates. You've been listening to Simply Money, presented by

899
00:40:42,600 --> 00:40:46,000
Speaker 3: all Worth Financial on fifty five KRC, the talk station,

900
00:40:47,719 --> 00:40:48,360
Speaker 3: Mark Laden.

901
00:40:48,640 --> 00:40:50,799
Speaker 8: Probably the people who should be listening aren't, but there

902
00:40:50,800 --> 00:40:52,880
Speaker 8: are a lot of people who tune in by accident.

903
00:40:52,960 --> 00:40:55,680
Speaker 2: Then they start listening. I get this wherever I go listen.

904
00:40:55,800 --> 00:40:56,719
Speaker 2: I listened for a week.

905
00:40:56,760 --> 00:40:57,400
Speaker 1: I listen to two.

906
00:40:57,480 --> 00:40:59,440
Speaker 2: I said, I like this guy. I like what he

907
00:40:59,480 --> 00:40:59,920
Speaker 2: has to say.

908
00:41:00,200 --> 00:41:03,880
Speaker 1: Mark Levin Tonight at ten o six on fifty five KRC,

909
00:41:04,320 --> 00:41:05,239
Speaker 1: the talk station.

910
00:41:06,239 --> 00:41:07,560
Speaker 7: When I was in Iraq, our cond