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Speaker 1: Or to make any event, the affordability crisis, lower interest

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Speaker 1: rate checky helloween, Narcot's Terrace Out of the Water, fifty

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Speaker 1: five KR and the talk station five the fifty five

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Speaker 1: case the talk station. It's Monday, and a very happy

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Speaker 1: one to you. Always been an extra happy because this

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Speaker 1: time eight o five every Monday we hear from Brian

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Speaker 1: James Malworth Financial what we call money Monday. Welcome back,

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Speaker 1: Brian James Mallworth Financial. It's a pleasure to have you

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Speaker 1: on as always.

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Speaker 2: Happy super Bowl Monday to you, sir. I spent yesterday

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Speaker 2: not really caring either.

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Speaker 1: Not caring. That was pretty much how I left it.

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Speaker 1: I did turn off the television right before halftime. No,

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Speaker 1: it wasn't necessarily because of the halftime performances. It was

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Speaker 1: because I have to go to bed, yeah and plug.

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Speaker 1: It's not worth the sacrifice this time around one now.

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Speaker 1: And I really wasn't real happy about Seattle ultimately winning either. Anyhow,

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Speaker 1: I didn't have a stake in the game, and of

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Speaker 1: course I wasn't interested in the halftime show, even though

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Speaker 1: John Kasik loved it.

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Speaker 2: Yeah to eat their own you know, I can't remember

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Speaker 2: the last halftime show that I've been interested in, and

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Speaker 2: that a political statement. They're just two artsy fartsy and

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Speaker 2: weird for I'm with you all day long.

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Speaker 1: Maybe that's a sign of age, you know, you just

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Speaker 1: you kind of lose track of modern music the older

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Speaker 1: you get.

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Speaker 2: So I'm way too many signs of age these days, Brian.

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Speaker 1: Amen, brother, I'm still living in the eighties and nineties

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Speaker 1: music wise. Anyway, let's get over to well, get yourself

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Speaker 1: a financial planner. It's so damn important. So let's are

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Speaker 1: we dealing with another tech bubble here, Brian James, with

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Speaker 1: this artificial intelligence fears battering stocks again? I saw the

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Speaker 1: article you attached to the New York Times.

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Speaker 2: Yeah, so it does appear that we've got a bit

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Speaker 2: of a but this isn't up. You know, we have

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Speaker 2: a bubble every time we get excited about something, and

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Speaker 2: there's always some catalyst behind the market moving things, and

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Speaker 2: you know, a lot of times it winds up being

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Speaker 2: a bubble of varying sizes. Sometimes the bubble bursts all

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Speaker 2: at once, and sometimes the air goes out slowly like

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Speaker 2: a balloon. But so where we are now while we're

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Speaker 2: talking about this, so global software tech stocks plunge sharply

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Speaker 2: last week after AI firm Anthropic released major upgrades and plugins.

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Speaker 2: If you were watching the Super Bowl, you saw a

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Speaker 2: couple of commercials for something called Claude. That's Anthropic, And

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Speaker 2: the reason for this is investors are interpreting this as

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Speaker 2: a threat to traditional software business models. The reason that

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Speaker 2: Claude is such a threat is because they've shifted toward

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Speaker 2: automation of actual real business workflows. And that sounds like

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Speaker 2: business mumbo jumbo, but we're talking about legal review, document drafting, analytics,

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Speaker 2: and coding tasks, actual real tasks that people do every

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Speaker 2: day for money, not just simple chat or coding help.

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Speaker 2: And this is raising fears that AI could actually replace

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Speaker 2: substantial parts of existing software functionality. So there's just as

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Speaker 2: an example, there's a legal workflow AI plug in that

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Speaker 2: was singled out as a catalyst for accelerating the sell offs,

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Speaker 2: especially in the legal software and data analytics analytics companies

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Speaker 2: like r E l X and Walter's Clure. So these

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Speaker 2: are fairly detailed examples. But the whole point of this

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Speaker 2: is the claud is currently perceived to be an actual

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Speaker 2: threat to the human brains doing previously human jobs. Now

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Speaker 2: we'll see we get wound up about this kind of

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Speaker 2: thing there. You know, a year and a half, two

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Speaker 2: years ago, there was a Chinese replacement deep something I

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Speaker 2: can't even remember anymore, but it was supposedly better and

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Speaker 2: cheaper than open AI's chatch Ept, and it came and

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Speaker 2: went in a span of a few months. So we'll

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Speaker 2: see if this is really just an actual problem for

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Speaker 2: the AI industry or you know, honestly, this is what

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Speaker 2: AI is supposed to do, So this could be actually advancement.

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Speaker 2: So I don't know whether we need to be worried

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Speaker 2: about it or just looking at it saying, hey, you know,

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Speaker 2: competition rears its ugly ahead again and somebody's gonna win,

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Speaker 2: somebody's gonna lose.

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Speaker 1: Well, isn't this just the obvious next step in artificial intelligence?

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Speaker 1: I mean, whether it's here right now, this is ultimately

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Speaker 1: where we're going to be, isn't it.

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Speaker 2: You would think so. But the so, it's not the

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Speaker 2: tech stocks, it's not the competition necessarily that is the

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Speaker 2: focus here. If Claude is the real deal, then it's

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Speaker 2: it's companies like Microsoft. It's companies that have knitted together

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Speaker 2: a lot of different things for humans to use. Well,

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Speaker 2: the perception is that Claude could replace a lot of

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Speaker 2: those things. So it's not just that Claude is a

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Speaker 2: threat to the chatchypts and the larger AI tools of

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Speaker 2: the world. It's the threat to the things that aren't

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Speaker 2: exactly themselves AI that are made for human beings to use.

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Speaker 1: Okay, I'm a little reluctant to ask this, but I'm

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Speaker 1: trying to ask if you can do like a real

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Speaker 1: vanilla example, like walk through an illustration of maybe some

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Speaker 1: software application or something that's going to go the way

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Speaker 1: the dodo if in fact, these these fears are are

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Speaker 1: are true, you know, put like a.

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Speaker 2: Well, I mean, I guess I would think of something

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Speaker 2: like like the Microsoft Office tools that are out there.

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Speaker 2: I mean, it's get This is kind of a really

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Speaker 2: over the simplified example, but that's what I'm looking for. Yeah, sure,

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Speaker 2: grave for me. Yeah, so so I would. I would.

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Speaker 2: I would think of this as in terms of, you know,

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Speaker 2: for those tools out there to produce documents and spreadsheets

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Speaker 2: all that kind of thing that is a huge, huge

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Speaker 2: part of Microsoft's uh, you know, annual revenue. Right although subscribe,

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Speaker 2: by the way, that's a subscription model anymore. You're not

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Speaker 2: buying a buying a pile of CDs because that's the

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Speaker 2: way that software has gone over the past couple of decades. Well,

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Speaker 2: that may no longer be needed. If if if AI

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Speaker 2: is able to produce these types of documents and things,

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Speaker 2: then you don't need a human being to interface between

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Speaker 2: between the chair and the computer to produce a document

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Speaker 2: or a spreadsheet. AI will take care of it for

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Speaker 2: you and send it to the people who matter on

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Speaker 2: the higher levels who need to review this data. Wow.

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Speaker 1: So it's like saying, hey, chat GVT, you know, create

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Speaker 1: fill in the blank. We're saying, hey, this software, I

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Speaker 1: need a spreadsheet with all this data, make it for me,

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Speaker 1: and it does.

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Speaker 2: Yeah, exactly. So that's what leaders of companies will be

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Speaker 2: looking to do. And so it's not necessarily those leaders yet,

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Speaker 2: it's the business analysts underneath them, and there's a lot

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Speaker 2: of them out there who are pulling that data today,

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Speaker 2: collating it from twelve different resources, and putting some kind

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Speaker 2: of presentation together about it so that the leadership of

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Speaker 2: the company can look at those things. Well, that level

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Speaker 2: of management is kind of under threat right now, as

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Speaker 2: are the tools that they use, which is why we're

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Speaker 2: talking about the impact on the stock market.

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Speaker 1: This is a double hit then. Yeah, manufacturers of the

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Speaker 1: software that really their business model is predicated on us

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Speaker 1: keep paying subscriptions, so if the need for that software disappears,

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Speaker 1: their business model collapses. But the using of this artificial

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Speaker 1: intelligence also will eliminate a whole lot of jobs out

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Speaker 1: in the world for people who are number crunchers or

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Speaker 1: like spreadsheet filler inner type people that we won't need

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Speaker 1: them anymore either.

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Speaker 2: Correct, And that's just today's example of it. Now, again,

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Speaker 2: I want to stress that this is just the market's

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Speaker 2: opinion on one day. You know, Anthropic came out with

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Speaker 2: some good, good results and some good detail on what

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Speaker 2: they're capable of doing. But again, we just saw this

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Speaker 2: a year and a half ago with that Chinese company

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Speaker 2: that was going to replace Chat GPT and then it

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Speaker 2: was revealed to not be the real thing. I don't

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Speaker 2: think that's the case here at all, because Anthropic is

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Speaker 2: a pretty well known company and those are some pretty

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Speaker 2: powerful tools. But I think the market is kind of

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Speaker 2: ignoring for the moment the impact it could have in

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Speaker 2: driving competition across these different tools. I'm sure Microsoft is

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Speaker 2: not going to fold and stand down and just say, well,

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Speaker 2: I guess we've been beaten at our own game. Remember

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Speaker 2: Microsoft has a massive investment in open Ai themselves, and

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Speaker 2: so I'm sure this is just just more sign of competition,

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Speaker 2: but just some chopping us.

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Speaker 1: In the waters for now, fair enough, And I guess

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Speaker 1: the NASDAK is what will be most implicated by this.

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Speaker 1: If it, whatever it happens to be, hits the fan,

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Speaker 1: that's where it's going to be reflected mostly, isn't it.

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Speaker 2: Yeah, But there will also be the NASDAK is of

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Speaker 2: course more focused on those technology tools, so there'll be

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Speaker 2: other companies that benefit from this. U S and P.

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Speaker 2: I'm looking at more because remember who's Remember we talked

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Speaker 2: about this all the time, but remember the S and

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Speaker 2: P is largely driven by seven companies, you know, the

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Speaker 2: mag seven out there, and they're all technology companies. So

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Speaker 2: nobody will escape the ups and downs of this because

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Speaker 2: it is just so ingrained in all the technology of

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Speaker 2: how we drive the economy forward every day.

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Speaker 1: Well, clearly you're going to be watching this as a

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Speaker 1: financial planner on behalf of your clients. What does this

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Speaker 1: suggest to people who are invested in the markets? Four oh,

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Speaker 1: one K and otherwise, I mean, can we get ahead

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Speaker 1: of what seems to be the inevitable Brian.

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Speaker 2: James, Well, hopefully you're the The inevitable to me is

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Speaker 2: the ability for companies to be more efficient. So it

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Speaker 2: doesn't really change anything you should be doing now. Now,

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Speaker 2: if you're in one of these sectors, if that's your

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Speaker 2: job that is threatened by this, well then yeah you

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Speaker 2: might want to polish up some skills, maybe find a

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Speaker 2: new path. But I'll bet I'll bet that's not news

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Speaker 2: to anybody out there who's been paying attention to AI.

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Speaker 2: Your graphic designers and those types of roles out there,

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Speaker 2: those are the ones probably under threat. I mean, look

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Speaker 2: look at how many those commercials were yesterday were designed

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Speaker 2: by AI. You can still kind of tell, and I'm

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Speaker 2: pretty sure those aren't graphic designers and video specialists putting

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Speaker 2: those together anymore. But otherwise, it's a matter of efficiency,

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Speaker 2: and these are the types of things that can draw

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Speaker 2: the markets up because it's a way for companies to

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Speaker 2: save money and make widen that profit margin. At the

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Speaker 2: end of the day, that's all that matters. I don't

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Speaker 2: always wave the flag with excitement that we have the

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Speaker 2: ability to do this because it is going to have

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Speaker 2: an impact on a lot of people. So the recommendation

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Speaker 2: is no different than ever. Hopefully you've always had a

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Speaker 2: backup plan. If you're in one of these careers that

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Speaker 2: could be wiped out or at least reduced by AI,

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Speaker 2: then I hope there is a plan B in terms of,

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Speaker 2: you know, making sure you can get yourself and your

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Speaker 2: family through a rough period employment wise. But otherwise this

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Speaker 2: is just more things moving the market forward.

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Speaker 1: Well, and you know sort of the next tier of that.

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Speaker 1: If a lot of people can lose their jobs as

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Speaker 1: a consequence of this, that's a lot of people who

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Speaker 1: are no longer going to be investing in the market.

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Speaker 1: Notwithstanding the fact that the market may be resilient and

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Speaker 1: still be an opportunity to grow. You're gonna limit the

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Speaker 1: number of people have disposable the come to put away, right,

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Speaker 1: and that.

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Speaker 2: Will surface politically, I would think all have some kind

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Speaker 2: of mass layoffs over these types of things. Then there's

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Speaker 2: going to be and then there already are some discussions

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Speaker 2: about should there be rules over AI or should we

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Speaker 2: just let it be the wild West. Right now, it

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Speaker 2: seems like this administration leans toward the wild West in general.

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Speaker 2: So I don't anticipate anything huge hitting the floor of

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Speaker 2: Congress for them to vote on anymore anytime soon.

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Speaker 1: No, And I think part of me wants to say

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Speaker 1: that's a good thing, because I don't think our members

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Speaker 1: of Congress have any understanding of what this even is,

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Speaker 1: let alone I mean to be in a position to

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Speaker 1: legislate over it anyhow. Coming up, we'll talk with Brian

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Speaker 1: James about healthcare inflation, how it affects you and is

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Speaker 1: it possible to even plan for the completely unknown in

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Speaker 1: your retirement. That plus, looking forward to the last topic,

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Speaker 1: financial infidelity. Are you hidinge? Are are you committing financial

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Speaker 1: shenanigans behind your spouse's back? Apparently people are sounds like

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Speaker 1: a bad idea. More with Brian James after mentioned Zimmer. Yeah,

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Speaker 1: Zimmer Heating and air Conditioning for coming up on eighty years,

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Speaker 1: Go to go Zimmer. That's go Zimmer dot com. Fifty

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Speaker 1: five car the talk station HYR Radio, Leady Talk Station,

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Speaker 1: Happy Monday, doing Money Monday with Brian James. From all

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Speaker 1: words financial, Brian James, like a peace of God. How

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Speaker 1: is it possible to even anticipate what you're gonna need

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Speaker 1: by way of medical expenses when you're in retirement? How

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Speaker 1: can you possibly prepare for the great unknown? I mean,

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Speaker 1: you know, are you going to be healthy or are

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Speaker 1: you going to get a cancer diagnosis? And anyway, that's

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Speaker 1: where we have you, Brian James.

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Speaker 2: Well, the way to anticipate it for most people is

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Speaker 2: to anticipate it at all. I think a lot of

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Speaker 2: people simply look at well, here's what our spending is on,

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Speaker 2: you know, grocery store utilities and vacations and whatever, and

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Speaker 2: that must be all that we have to think about. Well,

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Speaker 2: that's not really the case. Of course, your healthcare is

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Speaker 2: probably as good as it's ever going to get. We

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Speaker 2: are all. If you're listening to this show, you are

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Speaker 2: probably not getting healthier. You're slowly, slowly getting less healthy. Yes,

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Speaker 2: because that's just reality. Let me take it to me

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Speaker 2: chiming in based on personal experience. You are right the

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Speaker 2: warranty has expired. Yes, did not get that extended warranty?

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Speaker 2: Maybe not should That's one of the junk mail things

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Speaker 2: have paid attention to. Really, But anyway, so a reason

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Speaker 2: we're talking about this today, Barons came out with a

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Speaker 2: new article. Not a ton of this information. There's one

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Speaker 2: big chunk in here where I'm like, oh, that kind

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Speaker 2: of raising my eyebrows a little bit. But most of

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Speaker 2: this is how we've been building financial plans for our

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Speaker 2: clients for a long time. Hopefully not the only ones

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Speaker 2: doing this out there. But the key points out of

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Speaker 2: this article from Baron's healthcare inflation is rising faster than

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Speaker 2: general inflation GO figure. Official data shows about three and

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Speaker 2: a half percent annual inflation on healthcare versus two point

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Speaker 2: eight percent for the overall CPI type numbers. But the

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Speaker 2: analysts are saying that that the real retiree medical costs

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Speaker 2: often rise closer to six percent annually when age related

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Speaker 2: usage and insurance premiums are factored in there too. So

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Speaker 2: what we've been doing to counteract this for a very

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Speaker 2: long time is when we build financial plans for people,

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Speaker 2: we will take the data they provide us and figure

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Speaker 2: out what is your lifestyle like, and then we're going

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Speaker 2: to carve out a separate goal that has nothing to

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Speaker 2: do with that, because you already said the reason nobody

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Speaker 2: gets to know what this is what their healthcare expenses

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Speaker 2: are going to be. So all we can really do

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Speaker 2: is rely on Medicare. Medicare the organization has provided I

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Speaker 2: did year over year out of pocket costs for people

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Speaker 2: for decades now, and that assumes the cost of the

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Speaker 2: premiums themselves, which for Medicare is a couple hundred bucks

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Speaker 2: now it's over two this year for everybody. And then

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Speaker 2: if you have certain types of income, you have irma

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Speaker 2: kick in and that might raise that premium a little bit.

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Speaker 2: But we also assume alongside of that the cost of

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Speaker 2: a supplemental policy. Medicare will cover approximately eighty percent of

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Speaker 2: your expenses. A supplemental policy is a choice that you

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Speaker 2: will make, but most people do and that'll get the

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Speaker 2: extra twenty percent. And then the rest of it is

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Speaker 2: out of pocket expenses for office visits and copes and

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Speaker 2: all that kind of stuff. So what we normally do

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Speaker 2: is we budget about six thousand dollars a month per person,

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Speaker 2: so twelve I'm sorry month, six thousand, say boy, yeah,

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Speaker 2: buckle your seatbelts. It's all downhill from here. Six thousand

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Speaker 2: a year for an individual, so twelve thousand for a

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Speaker 2: married couple, and then we inflate that by closer to

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Speaker 2: five percent at least. Now this article, where I said

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Speaker 2: I was raising my eyebrows a little bit, here's the

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Speaker 2: big part that I saw. And this is the first

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Speaker 2: reference I've seen to this. Premiums for Medicare Part B

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Speaker 2: projected to grow about seven percent annually through twenty thirty four,

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Speaker 2: and then the others are closer to five percent. So

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Speaker 2: that is the number that is a little larger than

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Speaker 2: I have seen recently. But again, if you're planning for it,

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Speaker 2: just use different assumptions and make sure you've carved that

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Speaker 2: out separately from your living expenses.

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Speaker 1: Okay, And it seems to me that you would benefit

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Speaker 1: by anticipating a higher percentage jump and bud budgeting for

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Speaker 1: that and that way, if you don't have to spend it,

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Speaker 1: you don't correct. Yeah.

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Speaker 2: Absolutely, And that's true for every last expense. You're ever

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Speaker 2: gonna have pack a lot of extra expense in there

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Speaker 2: to make sure you've got some fudge factor built into,

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Speaker 2: you know, to make sure you can absorb those shocks. Now,

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Speaker 2: on the topic of healthcare inflation, one interesting thing that

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Speaker 2: I noticed a few years ago when we had crazy

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Speaker 2: inflation is that healthcare didn't really move. So when we

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Speaker 2: had been nobody was talking about the cost of going

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Speaker 2: to the doctor or anything like that. We were all

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Speaker 2: talking about eggs in the grocery store and all those things.

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Speaker 2: Healthcare really did not rise at all during our crazy

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Speaker 2: inflation years not that long ago. So what that tells

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Speaker 2: me is, first of all, okay, we can excel a

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Speaker 2: little bit. But on the other hand, maybe it was

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Speaker 2: overpriced to begin with. Do you think just a little bit,

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Speaker 2: you know, it.

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Speaker 1: Seems to me there's this mystery about why healthcare is

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Speaker 1: so damn expensive. Someone should be able to solve that.

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Speaker 2: I think because we have monetized everything that can be

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Speaker 2: monetized in this country, and there must be a profit

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Speaker 2: margin attached to everything.

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Speaker 1: Well, and the legal system they've set up, regulatory and otherwise,

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Speaker 1: is I designed to prop that whole mess up from ye?

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Speaker 2: Anyhow are the United States a profit margin? Brian Thomas?

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Speaker 1: I know, I hate to diss on capitalism, and I'm

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Speaker 1: not in favor of socialized medicine because I've seen what

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Speaker 1: happens in other countries. Basically you can just give up

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Speaker 1: the idea of even getting served by a doctor. But

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Speaker 1: this business model is a wreck. I mean, can we

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Speaker 1: start just getting rid of PBM's pharmacy Betts benefit managers?

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Speaker 1: Let's just start right there.

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Speaker 2: Sure, just make sure that whatever Congress people that those

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Speaker 2: the owners of those companies have been supporting are on

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Speaker 2: board as well. You just hit the nail on the head.

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Speaker 2: Brian James.

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Speaker 1: Is there such a thing is financial infidelity? Yes, and

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Speaker 1: many believe it's just as bad as actually like infidelity cheating.

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Speaker 1: We'll talk with Brian James about that one to find

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Speaker 1: out if what it's going on in your world that'll

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Speaker 1: be next. Don't go way fifty five KRC dot com.

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Speaker 2: This simply money Man.

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Speaker 1: It is hey twenty nine to think about. KRCY talksas

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Speaker 1: a Right Times with Brian James. Money Monday is what

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Speaker 1: we called the segment. I was particularly taken by this topic.

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Speaker 1: We're gonna be talking about now the idea of I

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Speaker 1: guess financial infidelity Brian James just as bad as like

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Speaker 1: having sex out of our having sex behind your spouse's

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Speaker 1: back is financial secrets.

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Speaker 2: Well, you titillating headline here, right, So I got our attention.

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Speaker 2: We're gonna talk about on the radio today. But this

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Speaker 2: is a survey from bank rate and it basically is

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Speaker 2: comparing physical infidelity with financial infidelity. And of course there's

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Speaker 2: a survey that goes with this. So there's numbers we

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Speaker 2: got to share. Almost one in two US adults and

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Speaker 2: committed relationships don't fully share financial deals with their partner.

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Speaker 2: You know, that's a big headline number, and that seems wrong.

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Speaker 2: But I have a feeling again you're just a person

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Speaker 2: reading the survey, and a lot of people would say, well,

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Speaker 2: you know, we're in a we're in a good financial situation.

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Speaker 2: I don't talk about every single penny I want to

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Speaker 2: spend with my spouse because we don't really have to

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Speaker 2: worry about that, we don't have to operate that way.

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Speaker 2: This is different than I am purposely keeping secrets from

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Speaker 2: my spouse because I because I don't want him or

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Speaker 2: her to know about these things. But anyway, more survey numbers,

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Speaker 2: about forty three percent believe that keeping financial secrets is

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Speaker 2: as bad as physical cheating, and about nine percent see

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Speaker 2: I think this is the real number, right, That one

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Speaker 2: out of two number is that's the eyepopper, But here's

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Speaker 2: the real one. About nine percent admit to holding major debts, expenses,

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Speaker 2: or income from their partner. That's the to me, that

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Speaker 2: is the big headline that isn't quite as big as

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Speaker 2: we might want to hope. For those of us looking

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Speaker 2: for more salacious details out of these.

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Speaker 1: Things, well, the statement in the article financial secrets undermine trust,

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Speaker 1: I would argue, no, they spring from a lack of trust.

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Speaker 2: Yeah, I would say, hits it six to one a

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Speaker 2: half the other You can label it whatever you want.

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Speaker 2: Something's broke. So I have one of my favorite war

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Speaker 2: stories from doing this job for close to thirty years.

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Speaker 2: I shouldn't say favorite because it was a little bit sad,

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Speaker 2: but the one that hits closest to home. I had

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Speaker 2: a woman about five or six years ago who came

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Speaker 2: in just knowing her husband had passed away unexpectedly, and

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Speaker 2: she was just sorting through and dealing with his affairs

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Speaker 2: and things. She found about eighty thousand dollars worth of

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Speaker 2: credit card debt that she had no knowledge. Okay, this

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Speaker 2: is what we're talking about here right in what he

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Speaker 2: had done. He was down at Turfway. He had run

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Speaker 2: up a bunch of bills betting on the horses and

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Speaker 2: some other things too, and she was desperate and panicked

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Speaker 2: and scared because of course the collection companies had caught wind.

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Speaker 2: And so here's an important important tip for anyone who

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Speaker 2: finds themselves in this situation. If your name was not

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Speaker 2: on that credit card, then it is not your debt.

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Speaker 2: Does not marry matter that you were married to this person.

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Speaker 2: So we had to react very very quickly when she

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Speaker 2: left the voicemail to make sure, because she said something

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Speaker 2: about I'm going to call them right now and just

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Speaker 2: pay him so they'll leave me alone. She was about

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Speaker 2: to spend eighty thousand dollars, so she did not have to. Fortunately,

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Speaker 2: we got her in front of a lawyer who explained

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Speaker 2: it all. She walked away from the debt, ignored those

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Speaker 2: phone calls. But this is what it leads to, right,

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Speaker 2: not only the heartbreak of losing a spouse, but uncovering

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Speaker 2: what that spouse was involved in, and the worst panicking

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Speaker 2: that somehow involves you even though you didn't know.

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Speaker 1: Well, you know, I'm old enough to know several friends

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Speaker 1: and acquaintances who've ended up getting divorced because of this

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Speaker 1: type of thing. One specifically, his wife had racked up

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Speaker 1: fifty thousand dollars in a credit card he didn't even

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Speaker 1: know she had, and I always scratched my head over that.

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Speaker 1: Maybe you just answer the question if you're not buying

434
00:19:32,320 --> 00:19:35,159
Speaker 1: stuff and things with that debt, But for example, if

435
00:19:35,200 --> 00:19:37,439
Speaker 1: you're gambling with it, then I can see how you

436
00:19:37,440 --> 00:19:40,679
Speaker 1: could hide it from your spouse. But I don't recall

437
00:19:40,720 --> 00:19:42,960
Speaker 1: that gambling was involved here. So if your spouse is

438
00:19:43,000 --> 00:19:44,720
Speaker 1: bringing home a bunch of stuff, you might want to

439
00:19:44,720 --> 00:19:46,720
Speaker 1: be account You want might one to account for how

440
00:19:46,760 --> 00:19:49,400
Speaker 1: they acquired it, particularly if you're if you're on a budget.

441
00:19:49,640 --> 00:19:51,159
Speaker 1: I just don't understand how you can get away with

442
00:19:51,240 --> 00:19:53,359
Speaker 1: racking up this kind of debt behind the scenes, unless

443
00:19:53,359 --> 00:19:56,960
Speaker 1: it is it's something you're spending money on that you

444
00:19:57,000 --> 00:19:59,040
Speaker 1: don't have something physical to show for it.

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00:19:59,080 --> 00:20:01,280
Speaker 2: Right, I mean, this could be trips, it could be

446
00:20:01,600 --> 00:20:03,960
Speaker 2: it could just be cash advances, you know, those kinds

447
00:20:03,960 --> 00:20:06,000
Speaker 2: of things. There are people out there that do this stuff.

448
00:20:06,000 --> 00:20:07,840
Speaker 2: It doesn't all show up in a cardboard box on

449
00:20:07,880 --> 00:20:11,080
Speaker 2: the porch, so you know. But the answer is the same,

450
00:20:11,119 --> 00:20:14,120
Speaker 2: and none of this is surprising. Hopefully the trust is there.

451
00:20:14,119 --> 00:20:16,200
Speaker 2: But at least once a year, sit down with your spouse,

452
00:20:16,240 --> 00:20:18,560
Speaker 2: even if you're in solid financial shape, sit down with

453
00:20:18,560 --> 00:20:21,000
Speaker 2: a spouse and just make sure we know, do an inventory.

454
00:20:21,000 --> 00:20:24,080
Speaker 2: Where is everything? And what is everything? Almost more important

455
00:20:24,119 --> 00:20:25,639
Speaker 2: than where is the what? Why do we have this?

456
00:20:25,680 --> 00:20:28,080
Speaker 2: What is this for? And make sure there's a plan

457
00:20:28,119 --> 00:20:28,480
Speaker 2: for it.

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Speaker 1: Isn't that necessarily one of the benefits of having a

459
00:20:30,920 --> 00:20:33,520
Speaker 1: financial planner because you go in there with your spouse

460
00:20:33,560 --> 00:20:35,760
Speaker 1: and you lay it all out for the financial planners

461
00:20:35,760 --> 00:20:37,720
Speaker 1: so you can plan for the future, right, Isn't that?

462
00:20:37,800 --> 00:20:40,360
Speaker 2: Yeah? And here's an example, and this happens more often

463
00:20:40,359 --> 00:20:42,280
Speaker 2: than not. There's no infidelity here, but it's just a

464
00:20:42,359 --> 00:20:44,399
Speaker 2: general we're in good shape, so we don't really pay attention.

465
00:20:44,440 --> 00:20:47,240
Speaker 2: And then sometimes I can uncover some holes in the bucket.

466
00:20:47,560 --> 00:20:50,199
Speaker 2: So for example, people will say, well, we save X

467
00:20:50,200 --> 00:20:53,840
Speaker 2: amount of dollars, so we spend about this much. We

468
00:20:53,880 --> 00:20:55,800
Speaker 2: have this much coming in, so we're saving x amount

469
00:20:55,840 --> 00:20:57,720
Speaker 2: of dollars. Okay, cool, that's great. How long has that

470
00:20:57,760 --> 00:21:00,360
Speaker 2: been the case? A couple three years? Now? Awesome? Where

471
00:21:00,400 --> 00:21:02,560
Speaker 2: are those dollars? Because I don't see it in your

472
00:21:02,560 --> 00:21:04,560
Speaker 2: savings accounts, I don't see it piling up in the bank.

473
00:21:04,800 --> 00:21:07,679
Speaker 2: I don't see credit card debt either necessarily, but I

474
00:21:07,720 --> 00:21:09,879
Speaker 2: think we might be spending more than we're estimating. Now.

475
00:21:09,880 --> 00:21:12,120
Speaker 2: That is not that has nothing to do with infidelity.

476
00:21:12,280 --> 00:21:14,239
Speaker 2: That just has to do with how easy it is

477
00:21:14,280 --> 00:21:17,399
Speaker 2: for even well meaning, well intentioned people to take their

478
00:21:17,440 --> 00:21:19,600
Speaker 2: eyes off the ball. Because if there isn't a financial

479
00:21:19,600 --> 00:21:21,879
Speaker 2: problem brewing, if I've got enough money in my checking account,

480
00:21:21,920 --> 00:21:24,360
Speaker 2: then whatever I'm doing might be working must be working fine.

481
00:21:24,359 --> 00:21:26,119
Speaker 2: Therefore I don't have to make any changes. But you

482
00:21:26,160 --> 00:21:28,120
Speaker 2: got to step way back from those trees to see

483
00:21:28,119 --> 00:21:28,720
Speaker 2: the whole forest.

484
00:21:29,000 --> 00:21:30,560
Speaker 1: Well, you know, a couple of the points that were

485
00:21:30,600 --> 00:21:33,480
Speaker 1: made in the article, like credit card statements can reveal

486
00:21:33,680 --> 00:21:36,160
Speaker 1: maybe that your spouse is having an affair, because why

487
00:21:36,280 --> 00:21:38,920
Speaker 1: you have a hotel credit charge on your credit card?

488
00:21:39,400 --> 00:21:42,359
Speaker 1: You know, I had a business meeting that day. Remember

489
00:21:42,400 --> 00:21:43,960
Speaker 1: I was at a business meeting to find out, Oh no,

490
00:21:44,800 --> 00:21:46,880
Speaker 1: you're with some other person at a hotel room.

491
00:21:46,880 --> 00:21:47,320
Speaker 2: That's one thing.

492
00:21:47,320 --> 00:21:50,000
Speaker 1: But how does one take out a home equity line

493
00:21:50,000 --> 00:21:51,200
Speaker 1: of credit in secret?

494
00:21:52,200 --> 00:21:54,359
Speaker 2: You know these? But well, sometimes it can be just

495
00:21:54,400 --> 00:21:56,520
Speaker 2: by convincing a spouse, Hey, I do all the financial stuff.

496
00:21:56,520 --> 00:21:57,879
Speaker 2: Here's just a little thing we got to do, so

497
00:21:57,960 --> 00:21:59,320
Speaker 2: just sign here and I'll take it. And you know,

498
00:21:59,359 --> 00:22:01,480
Speaker 2: one while other spouse is dealing with the kids, there

499
00:22:01,480 --> 00:22:03,199
Speaker 2: are fifty other things. Fine, I'll just sign my name

500
00:22:03,240 --> 00:22:05,119
Speaker 2: and walk off, walk away with it. Be careful with

501
00:22:05,160 --> 00:22:08,159
Speaker 2: those kinds of things, of course, because they're you know,

502
00:22:08,720 --> 00:22:10,840
Speaker 2: that is how it comes up right, and it might

503
00:22:11,280 --> 00:22:13,480
Speaker 2: again it might even be well intentioned, or it could

504
00:22:13,480 --> 00:22:15,359
Speaker 2: have been. In that example, a home equity line that

505
00:22:15,440 --> 00:22:16,879
Speaker 2: was signed for seven or eight years to go to

506
00:22:16,880 --> 00:22:18,960
Speaker 2: buy a car or something legit and has just been

507
00:22:19,000 --> 00:22:21,879
Speaker 2: sitting undrawn and nobody thinks about it anymore. Well, that

508
00:22:21,880 --> 00:22:23,800
Speaker 2: can be a resource for that spouse who maybe doesn't

509
00:22:23,840 --> 00:22:26,880
Speaker 2: have the best of intentions. Fair enough, Brian James, appreciate

510
00:22:26,920 --> 00:22:29,080
Speaker 2: all the information you give us every Monday for Monday Monday.

511
00:22:29,119 --> 00:22:32,119
Speaker 2: I appreciate all worth loaning you out for this particular segment,

512
00:22:32,119 --> 00:22:33,879
Speaker 2: and I'll look forward to having another conversation with you

513
00:22:33,960 --> 00:22:36,160
Speaker 2: next Monday. My friend, sounds good today, warm. We'll talk

514
00:22:36,160 --> 00:22:37,280
Speaker 2: to you in a week, all right, look forward to it.

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Speaker 2: Eight thirty five.

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Speaker 1: Right now, if you have KARS the talk station, krsit

517
00:22:39,920 --> 00:22:42,680
Speaker 1: cares Chris Kluk. Since Ava has got lots of things,

518
00:22:42,800 --> 00:22:44,800
Speaker 1: let you know about my veteran friends. Who's going to

519
00:22:44,880 --> 00:22:47,600
Speaker 1: be in the studio to talk about that stuff next?

520
00:22:47,760 --> 00:22:48,800
Speaker 1: I hope you can stick around.

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Speaker 2: This is fifty five KARC an iHeartRadio station paid for