1
00:00:01,360 --> 00:00:03,640
Speaker 1: This episode is brought to you by P and C Bank.

2
00:00:04,000 --> 00:00:06,760
Speaker 1: A lot of people think podcasts about work are boring,

3
00:00:07,000 --> 00:00:10,840
Speaker 1: and sure they definitely can be, but understanding a professionals

4
00:00:10,920 --> 00:00:14,160
Speaker 1: routine shows us how they achieve their success little by little,

5
00:00:14,560 --> 00:00:18,200
Speaker 1: day after day. It's like banking with P and C Bank.

6
00:00:18,680 --> 00:00:21,480
Speaker 1: It might seem boring to safe plan and make calculated

7
00:00:21,480 --> 00:00:24,599
Speaker 1: decisions with your bank, but keeping your money boring is

8
00:00:24,640 --> 00:00:27,960
Speaker 1: what helps you live or more happily fulfilled life. P

9
00:00:28,080 --> 00:00:32,879
Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

10
00:00:32,960 --> 00:00:35,600
Speaker 1: Boring since eighteen sixty five is a service mark of

11
00:00:35,600 --> 00:00:38,840
Speaker 1: the PNC Financial Service Group, Inc. P and C Bank

12
00:00:39,280 --> 00:00:42,000
Speaker 1: National Association Member FDIC.

13
00:00:44,600 --> 00:00:45,279
Speaker 2: Erness What's Up?

14
00:00:45,360 --> 00:00:47,839
Speaker 1: You ever walk into a small business and everything just

15
00:00:47,960 --> 00:00:51,159
Speaker 1: works like the checkout is fast, the receipts are digital,

16
00:00:51,680 --> 00:00:54,640
Speaker 1: tipping is a breeze, and you're out the door before

17
00:00:54,680 --> 00:00:58,840
Speaker 1: the line even builds. Odds are they're using Square? We

18
00:00:58,960 --> 00:01:01,320
Speaker 1: love supporting business is that run on Square because it

19
00:01:01,440 --> 00:01:04,399
Speaker 1: just feels seamless. Whether it's a local coffee shop, a

20
00:01:04,480 --> 00:01:06,920
Speaker 1: vendor at a pop up market, or even one of

21
00:01:06,920 --> 00:01:10,039
Speaker 1: our merch partners. Square makes it easy for them to

22
00:01:10,120 --> 00:01:13,920
Speaker 1: take payments, manage inventory, and run their business with confidence,

23
00:01:14,280 --> 00:01:17,640
Speaker 1: all from one simple system. If you're a business owner

24
00:01:17,800 --> 00:01:21,200
Speaker 1: or even just thinking about launching something soon, Square is

25
00:01:21,280 --> 00:01:23,360
Speaker 1: hands down one of the best tools out there to

26
00:01:23,400 --> 00:01:27,399
Speaker 1: help you start, run, and grow. It's not just about payments,

27
00:01:27,720 --> 00:01:30,640
Speaker 1: it's about giving you time back so you can focus on.

28
00:01:30,560 --> 00:01:32,000
Speaker 2: What matters most ready.

29
00:01:32,040 --> 00:01:35,399
Speaker 1: To see how Square can transform your business, visit Square

30
00:01:35,480 --> 00:01:40,000
Speaker 1: dot com backslash, go backslash eyl to learn more that

31
00:01:40,200 --> 00:01:45,640
Speaker 1: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate.

32
00:01:45,760 --> 00:01:48,160
Speaker 1: Let's Square handle the back end so you can keep

33
00:01:48,160 --> 00:01:49,400
Speaker 1: pushing your vision forward.

34
00:01:51,680 --> 00:01:53,800
Speaker 3: This is a question that I haven't been asking. I've

35
00:01:53,840 --> 00:01:57,480
Speaker 3: never heard a very long time. But so you can

36
00:01:57,520 --> 00:02:03,200
Speaker 3: sell a life insurance policy, and there's like funds that

37
00:02:03,280 --> 00:02:06,800
Speaker 3: actually buy life insurance policies from people elderly people. It's

38
00:02:06,840 --> 00:02:09,480
Speaker 3: kind of like a reverse mortgage in a sense. So

39
00:02:09,639 --> 00:02:12,680
Speaker 3: like let's say somebody is seventy years old and they

40
00:02:12,720 --> 00:02:15,480
Speaker 3: have a two hundred thousand dollar life insurance policy and

41
00:02:15,520 --> 00:02:18,360
Speaker 3: they need money, like they don't have any money to

42
00:02:18,360 --> 00:02:20,160
Speaker 3: actually live, but they do have an asset which is

43
00:02:20,160 --> 00:02:23,720
Speaker 3: a life insurance So now the company would buy the

44
00:02:23,760 --> 00:02:27,080
Speaker 3: life insurance policy, let's say for forty thousand dollars, so

45
00:02:27,120 --> 00:02:30,480
Speaker 3: it's forty thousand to you, but they'll based on the

46
00:02:30,600 --> 00:02:33,359
Speaker 3: expectancy that you'll probably die within the next seven years.

47
00:02:34,320 --> 00:02:37,360
Speaker 3: So it's like, Okay, I paid forty thousand today for

48
00:02:37,639 --> 00:02:41,200
Speaker 3: two hundred thousand dollars that will mature in seven years.

49
00:02:41,639 --> 00:02:41,880
Speaker 2: Right.

50
00:02:43,280 --> 00:02:47,040
Speaker 3: So that's something that like I said, I haven't been

51
00:02:47,040 --> 00:02:49,240
Speaker 3: asked that question in a long time, but I guess

52
00:02:49,240 --> 00:02:51,320
Speaker 3: they saw a commercial and they was asking me about it.

53
00:02:51,400 --> 00:02:55,519
Speaker 3: So that is something that you can It is a strategy,

54
00:02:56,320 --> 00:02:59,240
Speaker 3: but it is important to keep in mind if somebody's

55
00:02:59,240 --> 00:03:02,240
Speaker 3: going to buy an ass said, usually they're not buying

56
00:03:02,280 --> 00:03:06,960
Speaker 3: it unless they're going to make a high rate of return, right,

57
00:03:07,000 --> 00:03:07,640
Speaker 3: it's like anything.

58
00:03:08,760 --> 00:03:09,960
Speaker 4: Yeah, So.

59
00:03:12,360 --> 00:03:14,880
Speaker 3: That's why it's important to have other planning in place,

60
00:03:15,280 --> 00:03:16,919
Speaker 3: Like last week we talked about retirement plan and we

61
00:03:17,000 --> 00:03:19,400
Speaker 3: talking about investing, because you don't want to get to

62
00:03:19,400 --> 00:03:21,880
Speaker 3: a point where that's your only asset to sell because a,

63
00:03:22,240 --> 00:03:25,320
Speaker 3: I mean, yeah, you're short changing the amount, but also

64
00:03:25,840 --> 00:03:28,160
Speaker 3: now you no longer have that life insurance policy as

65
00:03:28,160 --> 00:03:30,600
Speaker 3: far as the beneficiary is not if you were going

66
00:03:30,639 --> 00:03:31,799
Speaker 3: to leave it to your grandkids.

67
00:03:32,160 --> 00:03:34,640
Speaker 4: Now they're screwed.

68
00:03:34,840 --> 00:03:35,839
Speaker 2: Yeah they're done.

69
00:03:36,880 --> 00:03:40,280
Speaker 3: But yeah, that's that's something that you know, hedge funds

70
00:03:40,320 --> 00:03:44,440
Speaker 3: have been doing for a while and by a life

71
00:03:44,440 --> 00:03:46,400
Speaker 3: insurance policy. They go and they look, it's like a

72
00:03:46,400 --> 00:03:51,280
Speaker 3: distressed asset. They see who's vulnerable, they see who who might.

73
00:03:51,200 --> 00:03:53,000
Speaker 4: Be selling the life insurance is crazy.

74
00:03:53,520 --> 00:03:55,360
Speaker 5: Chat, record labels have been doing the same thing, and

75
00:03:55,360 --> 00:03:58,080
Speaker 5: they've been giving the moment the money when they die.

76
00:03:58,280 --> 00:03:59,680
Speaker 4: We're gonna talk on blackout.

77
00:03:59,480 --> 00:04:02,240
Speaker 3: But everything's a business. Everything is a business in America.

78
00:04:02,320 --> 00:04:05,080
Speaker 3: And yeah, they found out that that was actually a

79
00:04:05,160 --> 00:04:09,800
Speaker 3: viable business opportunity that they can because it's guaranteed and

80
00:04:09,840 --> 00:04:11,920
Speaker 3: they paid the premium, so they'll take over. They'll pay

81
00:04:11,920 --> 00:04:15,200
Speaker 3: the premium, but in return they'll get the death benefit

82
00:04:15,200 --> 00:04:17,680
Speaker 3: when you die.

83
00:04:16,240 --> 00:04:20,080
Speaker 2: They how expensive is the premium, Well, it's the same

84
00:04:20,080 --> 00:04:22,880
Speaker 2: premium that whatever it was, so okay.

85
00:04:22,920 --> 00:04:26,360
Speaker 1: So that would be like if somebody got a life

86
00:04:26,360 --> 00:04:31,760
Speaker 1: insurance policy on their elderly parents, very similar in that sense,

87
00:04:31,760 --> 00:04:33,560
Speaker 1: where the premium is going to be a little bit more.

88
00:04:33,560 --> 00:04:35,200
Speaker 2: Obviously, it depends when you get it.

89
00:04:35,240 --> 00:04:37,120
Speaker 3: Like I'm saying, like somebody can get life insurance when

90
00:04:37,120 --> 00:04:39,680
Speaker 3: they're forty years old, right, and they have it and

91
00:04:39,720 --> 00:04:42,839
Speaker 3: they paid premium for thirty years and that is seventy

92
00:04:42,920 --> 00:04:45,240
Speaker 3: So you ask the term. They don't do it on term.

93
00:04:45,279 --> 00:04:47,159
Speaker 3: They do it on whole because term is expired. So

94
00:04:47,160 --> 00:04:49,320
Speaker 3: it's all based off of calculations. So they want to

95
00:04:49,320 --> 00:04:52,839
Speaker 3: do it on the probability that you're So that's why

96
00:04:52,839 --> 00:04:55,400
Speaker 3: like the seventies a sweet spot because like seventy eight

97
00:04:55,640 --> 00:04:57,080
Speaker 3: is like the life is back in see eighty two

98
00:04:57,160 --> 00:04:59,359
Speaker 3: or something like that. So you buy it on an

99
00:04:59,400 --> 00:05:04,520
Speaker 3: elderly person, Yeah, that person probably already had life insurance

100
00:05:04,520 --> 00:05:06,000
Speaker 3: for a while. Because you can't get life insurance in

101
00:05:06,040 --> 00:05:08,280
Speaker 3: seventy it's gonna be difficult. So they probably already had

102
00:05:08,279 --> 00:05:11,360
Speaker 3: it for at least twenty years. So if their premium,

103
00:05:11,440 --> 00:05:14,000
Speaker 3: if they paid the premium since they were fifty, they're

104
00:05:14,040 --> 00:05:15,880
Speaker 3: just gonna take it over. They're gonna take the premium

105
00:05:15,920 --> 00:05:20,240
Speaker 3: payments over and now when this so they're just sitting there,

106
00:05:20,360 --> 00:05:24,279
Speaker 3: sit and wait for you to die and then bus

107
00:05:24,320 --> 00:05:26,160
Speaker 3: and then when you exactly. So, now, if you've got

108
00:05:26,160 --> 00:05:29,119
Speaker 3: a whole portfolio, if you got one hundred million dollars

109
00:05:29,160 --> 00:05:31,640
Speaker 3: in life insurance that you've that you've purchased for let's

110
00:05:31,640 --> 00:05:37,760
Speaker 3: say twenty million dollars, you've essentially you're buying money with

111
00:05:38,200 --> 00:05:41,120
Speaker 3: the maturity date is so it's like bonds in a sense, right,

112
00:05:41,120 --> 00:05:44,520
Speaker 3: where it's it's guaranteed. You're paying a premium. So let's

113
00:05:44,520 --> 00:05:46,440
Speaker 3: say that premium over the So let's say it by

114
00:05:46,440 --> 00:05:48,160
Speaker 3: the time you finished paying a premium, you're gonna pay

115
00:05:48,160 --> 00:05:50,400
Speaker 3: forty thousand on your forty million on your portfolio. So

116
00:05:50,720 --> 00:05:53,240
Speaker 3: you're going to spend forty million, but you're gonna get

117
00:05:53,240 --> 00:05:54,000
Speaker 3: two hundred.

118
00:05:53,720 --> 00:05:56,640
Speaker 2: Million guarantee because everybody's gonna die.

119
00:05:56,800 --> 00:05:57,080
Speaker 4: Yeah.

120
00:05:57,640 --> 00:05:59,800
Speaker 1: Yeah, But is that transferable? So like what if the

121
00:06:00,080 --> 00:06:01,840
Speaker 1: and who's buying it? Well, you said it's a hedge fund,

122
00:06:01,839 --> 00:06:03,680
Speaker 1: so it's a little bit different. But if it was

123
00:06:03,720 --> 00:06:06,440
Speaker 1: an individual, is that transferable? Is that something that can

124
00:06:06,480 --> 00:06:08,320
Speaker 1: be passed down? Like how does that? However?

125
00:06:08,480 --> 00:06:09,280
Speaker 4: Is what transferable?

126
00:06:09,320 --> 00:06:11,240
Speaker 1: So like, if let's say me as an individual or

127
00:06:11,240 --> 00:06:12,680
Speaker 1: I have an l C or a company that is

128
00:06:12,720 --> 00:06:15,960
Speaker 1: now buying these insurance policies, let's say I do it

129
00:06:16,000 --> 00:06:19,479
Speaker 1: on twenty people, that goes that's under my portfolio, right,

130
00:06:20,279 --> 00:06:24,120
Speaker 1: that is a transferable asset to my like.

131
00:06:24,120 --> 00:06:24,920
Speaker 2: My son, my daughter.

132
00:06:26,080 --> 00:06:29,520
Speaker 3: No, it's going to go to your company, the company. Yeah, yeah,

133
00:06:29,560 --> 00:06:32,440
Speaker 3: so it's not like a personal thing. It's in corporate.

134
00:06:32,760 --> 00:06:34,560
Speaker 3: So I guess it's kind of like a reverse mortgage.

135
00:06:35,000 --> 00:06:37,480
Speaker 3: We haven't spoke about that in a while. But what's

136
00:06:37,480 --> 00:06:39,760
Speaker 3: that called? I had a cool settlement?

137
00:06:40,040 --> 00:06:42,440
Speaker 4: Settlement Okay, to get some insurance on some of your career.

138
00:06:47,120 --> 00:06:47,839
Speaker 2: What is it life?

139
00:06:48,240 --> 00:06:50,680
Speaker 4: I hear, my boy, I hear.

140
00:06:52,240 --> 00:06:54,440
Speaker 2: For sure, like, no, can't sure.

141
00:06:54,560 --> 00:06:56,400
Speaker 3: But also if you have if you have an elderly

142
00:06:56,880 --> 00:06:58,640
Speaker 3: if you have an elderly person in your family, just

143
00:06:58,680 --> 00:07:00,520
Speaker 3: make sure because they'll get tar get it. So they

144
00:07:00,600 --> 00:07:02,920
Speaker 3: might not fully understand. They say, oh, somebody gonna give

145
00:07:02,960 --> 00:07:05,960
Speaker 3: me forty thousand dollars today. That sounds good, like you know,

146
00:07:06,200 --> 00:07:08,640
Speaker 3: and like I said, it's like a reverse mortgage in

147
00:07:08,640 --> 00:07:10,560
Speaker 3: the sense where a lot of times people can't pay

148
00:07:10,560 --> 00:07:15,200
Speaker 3: their mortgages anymore, so somebody, oh, kind of they'll they'll pay,

149
00:07:15,520 --> 00:07:17,960
Speaker 3: they'll buy out the home so they're still they still

150
00:07:18,000 --> 00:07:18,880
Speaker 3: living at home.

151
00:07:18,800 --> 00:07:19,440
Speaker 2: Until they die.

152
00:07:19,480 --> 00:07:21,960
Speaker 3: But when they die, now the home goes back to

153
00:07:22,320 --> 00:07:25,760
Speaker 3: the fund or the bank or whoever is. So it's like, okay,

154
00:07:26,120 --> 00:07:28,560
Speaker 3: I'm gonna take care of your mortgage. That sounds good.

155
00:07:28,880 --> 00:07:32,120
Speaker 3: Through somebody until they until they realize that, Yeah, they're

156
00:07:32,120 --> 00:07:35,679
Speaker 3: paying your mortgage for three years to get your home. Yeah,

157
00:07:35,960 --> 00:07:37,880
Speaker 3: so it's like, what's three years of a mortgage payment

158
00:07:38,000 --> 00:07:40,600
Speaker 3: for a million dollar home for real?

159
00:07:41,120 --> 00:07:42,320
Speaker 4: Seven hundred thousand?

160
00:07:42,800 --> 00:07:45,320
Speaker 5: Oh my god, be careful, that's.

161
00:07:46,000 --> 00:07:49,160
Speaker 3: So yeah, So got to be gotta be careful, all right?

162
00:07:50,400 --> 00:07:53,800
Speaker 3: In the prey absolutely, Yeah, people's always going. It's always

163
00:07:53,800 --> 00:07:55,360
Speaker 3: gonna be away to It's always a way to make money.

164
00:07:55,520 --> 00:07:57,120
Speaker 4: Firetical settlement word of today.

165
00:07:57,680 --> 00:07:59,720
Speaker 3: God, there's always a way to make money in America.

166
00:08:00,080 --> 00:08:03,920
Speaker 1: Just got to figure it out where the ted dbs.

167
00:08:06,200 --> 00:08:09,640
Speaker 3: Okay, so what does what does the phrase the bigger

168
00:08:09,640 --> 00:08:14,320
Speaker 3: the base, the higher, the higher in space reveal about

169
00:08:14,400 --> 00:08:16,000
Speaker 3: market dynamics in twenty twenty three?

170
00:08:16,200 --> 00:08:17,440
Speaker 5: Yeah, because I think we're going to get to a

171
00:08:17,440 --> 00:08:20,920
Speaker 5: place depending on what this fair cut is. If you

172
00:08:20,960 --> 00:08:23,200
Speaker 5: look at let's say Intel, I know I've put on

173
00:08:23,240 --> 00:08:25,440
Speaker 5: Intel for a long period of time. If we look

174
00:08:25,440 --> 00:08:28,640
Speaker 5: at the chart, they are at levels from two thousand

175
00:08:28,680 --> 00:08:30,520
Speaker 5: and eight, two thousand and nine.

176
00:08:30,800 --> 00:08:31,760
Speaker 2: If you truly.

177
00:08:31,480 --> 00:08:33,600
Speaker 5: Believe that the government giving them money is going to

178
00:08:33,720 --> 00:08:37,880
Speaker 5: help long term, this would be a good place to

179
00:08:38,160 --> 00:08:41,080
Speaker 5: begin to build a base in this company. Building a

180
00:08:41,120 --> 00:08:43,120
Speaker 5: base is just buy a bunch of shares at a

181
00:08:43,160 --> 00:08:45,959
Speaker 5: certain price and then expecting it to go up for

182
00:08:46,720 --> 00:08:48,839
Speaker 5: four or five years later. Intel, I don't think we'll

183
00:08:48,880 --> 00:08:51,280
Speaker 5: do that, but I think when we're having these moments

184
00:08:51,320 --> 00:08:54,199
Speaker 5: of consolidation and people are being afraid if the rate

185
00:08:54,280 --> 00:08:56,760
Speaker 5: cuts are going to happen, find an asset that you

186
00:08:56,920 --> 00:09:00,280
Speaker 5: like that is distressed in the same fashion by bunch

187
00:09:00,280 --> 00:09:02,199
Speaker 5: of shares at a particular price, give it four or

188
00:09:02,200 --> 00:09:04,120
Speaker 5: five years to go up. And the NBA okay now

189
00:09:04,120 --> 00:09:07,240
Speaker 5: in video they are over indexing on AI. They are

190
00:09:07,240 --> 00:09:10,360
Speaker 5: the main supplier in the AI space. So that's why

191
00:09:10,400 --> 00:09:12,719
Speaker 5: I say Intel won't do well. But if you look

192
00:09:12,760 --> 00:09:15,160
Speaker 5: in crypto, if you look in small caps, you may

193
00:09:15,200 --> 00:09:17,439
Speaker 5: be able to find a company that is not moving

194
00:09:17,480 --> 00:09:19,959
Speaker 5: incredibly fast and then be able to buy a bunch

195
00:09:20,000 --> 00:09:21,439
Speaker 5: of shares at that price and then three or four

196
00:09:21,480 --> 00:09:22,439
Speaker 5: years it's going to go up.

197
00:09:22,600 --> 00:09:24,440
Speaker 2: Yeah. It reminded me of the kind of what we

198
00:09:24,520 --> 00:09:25,320
Speaker 2: talked about last.

199
00:09:25,200 --> 00:09:30,000
Speaker 1: Week, where when you see downturn, on the other side

200
00:09:30,000 --> 00:09:31,040
Speaker 1: of that, it's potential games.

201
00:09:31,120 --> 00:09:31,360
Speaker 4: Yep.

202
00:09:31,760 --> 00:09:34,960
Speaker 1: So the longer that the company trade sideways and some

203
00:09:35,000 --> 00:09:36,719
Speaker 1: of these companies are really good, like a lot of

204
00:09:36,760 --> 00:09:38,760
Speaker 1: times people look like, isn't that a good company. Yes,

205
00:09:38,800 --> 00:09:42,439
Speaker 1: it is a good company. It's just consolidating right now. Right,

206
00:09:42,520 --> 00:09:45,320
Speaker 1: it's trading sideways. But on the other end of that

207
00:09:45,480 --> 00:09:47,800
Speaker 1: is that when it's down like that or it's trading sideways,

208
00:09:47,840 --> 00:09:49,960
Speaker 1: there's going to be If it's a great company, the

209
00:09:50,000 --> 00:09:52,400
Speaker 1: potential growth there is there, and so you have a

210
00:09:52,480 --> 00:09:54,280
Speaker 1: growth stock that that will perform well.

211
00:09:54,520 --> 00:09:55,000
Speaker 2: But it takes.

212
00:09:55,000 --> 00:09:57,840
Speaker 1: It takes discipline, it tastes seasoning, and it takes patience.

213
00:09:58,160 --> 00:10:00,480
Speaker 1: It is because when you see in the video go

214
00:10:00,520 --> 00:10:02,439
Speaker 1: of one hundred and forty three percent, or you see

215
00:10:03,160 --> 00:10:04,880
Speaker 1: super micro go, you're.

216
00:10:04,720 --> 00:10:06,480
Speaker 2: Watching these things, you're like, wait, I'm missing it. I'm

217
00:10:06,480 --> 00:10:10,079
Speaker 2: missing it. And sometimes the winds are in. Let's talk

218
00:10:10,080 --> 00:10:10,600
Speaker 2: about Apple.

219
00:10:10,760 --> 00:10:13,480
Speaker 4: Yeah, just seven years ago, Yeah, it was straight.

220
00:10:13,640 --> 00:10:15,600
Speaker 1: Why is it not moving? Why is it not moving? Well,

221
00:10:15,640 --> 00:10:19,240
Speaker 1: it was consolidating and obviously the pandemic happened and boom,

222
00:10:19,520 --> 00:10:21,920
Speaker 1: Apple goes on the run. Amazon has done it before too,

223
00:10:22,000 --> 00:10:26,000
Speaker 1: So solid companies will consolidate. Sometimes it'll take five six months.

224
00:10:26,040 --> 00:10:30,240
Speaker 1: I know people are looking at Google like, just give

225
00:10:30,280 --> 00:10:34,080
Speaker 1: it time when it's in a consolidation phase. Realize that

226
00:10:34,080 --> 00:10:35,520
Speaker 1: there's going to be a upside that you can have

227
00:10:35,840 --> 00:10:38,320
Speaker 1: extreme extreme growth in So just.

228
00:10:38,200 --> 00:10:40,439
Speaker 4: Be patients, always paced that you have to do it

229
00:10:40,480 --> 00:10:42,480
Speaker 4: in the quality company. That's the key.

230
00:10:42,559 --> 00:10:44,800
Speaker 3: I forgot one thing about the viatical settlement that chat

231
00:10:44,800 --> 00:10:47,600
Speaker 3: GPT reminded me, which makes it even more like shows

232
00:10:47,640 --> 00:10:50,640
Speaker 3: you how like American capitalism works. So most of the

233
00:10:50,640 --> 00:10:53,280
Speaker 3: time it's actually done, I said in the life, but.

234
00:10:54,720 --> 00:10:55,559
Speaker 2: So is it.

235
00:10:55,679 --> 00:10:58,160
Speaker 3: Viatical settlement is a financial arrangement in which a person

236
00:10:58,240 --> 00:11:01,800
Speaker 3: with the terminal or chronicle illness that life insurance policy

237
00:11:01,880 --> 00:11:04,439
Speaker 3: for a third party for a lump sum payment to buyer.

238
00:11:04,480 --> 00:11:07,640
Speaker 3: The policy becomes beneficiarting and assumes responsibility for paying the

239
00:11:07,640 --> 00:11:12,800
Speaker 3: policy's premium upon original payer's death. Typically the payer the

240
00:11:12,800 --> 00:11:18,760
Speaker 3: payment the seller receives. So this is the important part.

241
00:11:21,400 --> 00:11:23,920
Speaker 3: It's usually for people who need immediate cash to cover

242
00:11:24,040 --> 00:11:26,680
Speaker 3: medical bills and living expenses or financial needs while they're

243
00:11:26,679 --> 00:11:29,120
Speaker 3: still alive. So it's like, all right, you have brain cancer,

244
00:11:30,360 --> 00:11:32,480
Speaker 3: you got six months to live, and you don't have

245
00:11:32,600 --> 00:11:35,480
Speaker 3: enough money to actually so it's a multi layered conversation.

246
00:11:35,720 --> 00:11:38,199
Speaker 3: This speaks to the American health system as well. People

247
00:11:38,200 --> 00:11:40,240
Speaker 3: don't have enough money actually pay their medical bills, right,

248
00:11:40,280 --> 00:11:42,240
Speaker 3: So it's like, now you got somebody in Wall Street

249
00:11:42,280 --> 00:11:46,640
Speaker 3: that's like, Okay, this person in Nebraska has brain cancer

250
00:11:47,160 --> 00:11:49,280
Speaker 3: and they're about to die, but they don't have enough

251
00:11:49,320 --> 00:11:52,199
Speaker 3: money to actually even get chemo. You got a half

252
00:11:52,240 --> 00:11:54,400
Speaker 3: a million dollar life insurance policy. I'm gonna give you

253
00:11:54,440 --> 00:11:57,920
Speaker 3: fifty thousand dollars so at least you can get chemo

254
00:11:58,080 --> 00:12:03,200
Speaker 3: therapy for a couple of months after that your your

255
00:12:03,240 --> 00:12:04,560
Speaker 3: life insurance Polsey's mine.

256
00:12:05,880 --> 00:12:07,640
Speaker 5: This happened a lot in eight with a patients in

257
00:12:07,640 --> 00:12:09,520
Speaker 5: the nineties as well too. That was a big cash

258
00:12:09,559 --> 00:12:12,040
Speaker 5: scrap for a lot of investors that it came out

259
00:12:12,080 --> 00:12:13,720
Speaker 5: maybe ten years after that they were doing that.

260
00:12:14,800 --> 00:12:17,120
Speaker 4: Yeah, it's sad and sick.

261
00:12:17,400 --> 00:12:20,680
Speaker 5: Yeah, it's a crazy world we live in, especially on

262
00:12:20,720 --> 00:12:21,520
Speaker 5: that insurance side.

263
00:12:21,520 --> 00:12:23,000
Speaker 2: But yeah, what you're gonna do.

264
00:12:23,120 --> 00:12:25,720
Speaker 3: Somebody's always gonna it's always gonna be what do you do,

265
00:12:25,880 --> 00:12:26,880
Speaker 3: a shark in the water?

266
00:12:27,120 --> 00:12:29,480
Speaker 2: Always arbitrage if you need it, what you're gonna do?

267
00:12:30,120 --> 00:12:33,520
Speaker 5: Yeah, but pay attention to the numbers. They're looking for

268
00:12:33,559 --> 00:12:36,839
Speaker 5: five X return number. I've told you about endlessly every

269
00:12:36,880 --> 00:12:39,360
Speaker 5: asset class are looking to exit around the same area.

270
00:12:40,360 --> 00:12:43,199
Speaker 5: Please be careful and going back to the healthcare issue.

271
00:12:43,240 --> 00:12:45,280
Speaker 5: This is one with these conversations about how much money

272
00:12:45,320 --> 00:12:48,080
Speaker 5: do you need and levels of wealth. You can go

273
00:12:48,200 --> 00:12:51,640
Speaker 5: bankrupt really fast in two or three months if going

274
00:12:51,640 --> 00:12:54,200
Speaker 5: through chemo and radiation. If you don't have the money

275
00:12:54,240 --> 00:12:56,360
Speaker 5: and insurance doesn't cover it, you can run up a

276
00:12:56,400 --> 00:12:58,160
Speaker 5: bill for two three hundred thousand dollars in two or

277
00:12:58,160 --> 00:12:58,640
Speaker 5: three months.

278
00:12:58,720 --> 00:12:59,120
Speaker 4: For sure.

279
00:12:59,360 --> 00:12:59,920
Speaker 2: It's crazy.

280
00:13:00,080 --> 00:13:02,000
Speaker 3: We gotta talk about long term care one week too,

281
00:13:02,080 --> 00:13:05,920
Speaker 3: because that's another way you go. Even nursing homes. Those

282
00:13:05,960 --> 00:13:07,559
Speaker 3: nursing homes like thirty thousand dollars a.

283
00:13:07,480 --> 00:13:09,400
Speaker 2: Month a month.

284
00:13:10,200 --> 00:13:14,200
Speaker 4: Some are the house. Yeah, yeah, it is real.

285
00:13:14,480 --> 00:13:16,839
Speaker 3: Yeah, that's like a month. So if you don't have

286
00:13:17,360 --> 00:13:20,520
Speaker 3: what happens is that they exhaust. So with them, that's

287
00:13:20,559 --> 00:13:23,560
Speaker 3: an interesting case study too because they're like, okay, well

288
00:13:24,160 --> 00:13:27,000
Speaker 3: the government comes in with like medicaid, medicare or whatever.

289
00:13:27,760 --> 00:13:29,640
Speaker 3: But they only do that when you exhaust, when you

290
00:13:29,679 --> 00:13:32,559
Speaker 3: have no money, So you got to exhaust all your

291
00:13:32,559 --> 00:13:36,000
Speaker 3: retirement account, all your bank account. They like, you literally

292
00:13:36,080 --> 00:13:39,720
Speaker 3: have to be poor then the government will come in

293
00:13:39,880 --> 00:13:43,520
Speaker 3: and supply some help. So yeah, that's another thing. You

294
00:13:43,800 --> 00:13:45,839
Speaker 3: save your whole life for your four to one k

295
00:13:46,240 --> 00:13:49,520
Speaker 3: and then you get dementia and now that four one

296
00:13:49,600 --> 00:13:52,280
Speaker 3: k is going in a year. So that's why you

297
00:13:52,320 --> 00:13:54,360
Speaker 3: got to plan for that as well. Or now you

298
00:13:54,360 --> 00:13:56,800
Speaker 3: gotta live it with your your son or your daughter

299
00:13:56,880 --> 00:13:58,760
Speaker 3: and now you put it. That's a tremendous stress that

300
00:13:58,760 --> 00:14:01,160
Speaker 3: you got to put on there because it's like you're

301
00:14:01,160 --> 00:14:03,600
Speaker 3: not gonna have your parents just out in the whim.

302
00:14:03,960 --> 00:14:05,840
Speaker 4: Yeah, they're not equipped to take care of them.

303
00:14:06,080 --> 00:14:09,240
Speaker 2: To build the west wing for all of this.

304
00:14:09,440 --> 00:14:11,040
Speaker 3: Oh yeah, it all comes in. It all comes into

305
00:14:11,080 --> 00:14:15,439
Speaker 3: play man. You got you cash is king and preparation.

306
00:14:15,040 --> 00:14:18,320
Speaker 2: Is important, absolutely, yeah, on all fronts. Like it was

307
00:14:18,400 --> 00:14:20,040
Speaker 2: like I had this conversation with my parents, it was

308
00:14:21,600 --> 00:14:22,280
Speaker 2: how does this work?

309
00:14:22,320 --> 00:14:23,960
Speaker 1: Do you take care of your children your whole life

310
00:14:23,960 --> 00:14:26,160
Speaker 1: for your children to didn't take care of you while

311
00:14:26,200 --> 00:14:28,320
Speaker 1: having children, So how do we break this cycle?

312
00:14:28,480 --> 00:14:30,720
Speaker 2: It's planning that the answer is a lot of planning.

313
00:14:31,320 --> 00:14:34,440
Speaker 1: That's the overall answer that we came to the conclusions

314
00:14:34,480 --> 00:14:37,160
Speaker 1: like planning right, because if I'm preparing for the next

315
00:14:37,160 --> 00:14:40,120
Speaker 1: generation to take care of the generation before me, it's

316
00:14:40,160 --> 00:14:40,520
Speaker 1: a string.

317
00:14:41,200 --> 00:14:43,320
Speaker 2: It can be or it can be. We've been blessed.

318
00:14:43,320 --> 00:14:46,480
Speaker 1: I'm extremely blessed I'm not complaining, but like everybody's not

319
00:14:46,520 --> 00:14:49,040
Speaker 1: in my situation, and everybody may not have a situation

320
00:14:49,160 --> 00:14:50,280
Speaker 1: like hey mom and dad.

321
00:14:50,080 --> 00:14:53,000
Speaker 2: You can come live with me. So what the planning.

322
00:14:52,640 --> 00:14:55,840
Speaker 1: Part has to The conversation needs to happen, but the

323
00:14:55,880 --> 00:14:57,720
Speaker 1: planning phase needs to happen right after the conversation.

324
00:14:57,840 --> 00:15:01,280
Speaker 3: So I just chat. GBT says in New York City

325
00:15:02,920 --> 00:15:05,400
Speaker 3: nursing home could exceed fifteen thousand dollars the moth sorry,

326
00:15:05,440 --> 00:15:07,920
Speaker 3: so maybe not thirty That's just been a minile if

327
00:15:07,960 --> 00:15:08,960
Speaker 3: you want other you.

328
00:15:08,920 --> 00:15:11,280
Speaker 2: Know, fifteen bands is a lot, no for sure.

329
00:15:11,360 --> 00:15:16,080
Speaker 3: Fifteen yeah, and that's not for exceptional care. This space level, right,

330
00:15:16,080 --> 00:15:18,280
Speaker 3: and if you want like all the specialists to come in.

331
00:15:18,400 --> 00:15:19,400
Speaker 4: And private doctors.

332
00:15:19,440 --> 00:15:22,200
Speaker 1: There a whole telling somebody to pay I mean asking

333
00:15:22,240 --> 00:15:25,440
Speaker 1: someone fifteen thousand when they've lived on fixed income potentially

334
00:15:25,440 --> 00:15:26,720
Speaker 1: for the past ten to fifteen years.

335
00:15:26,720 --> 00:15:27,120
Speaker 2: It's crazy.

336
00:15:27,200 --> 00:15:30,680
Speaker 1: Then asking somebody who might be their their children to

337
00:15:30,800 --> 00:15:34,200
Speaker 1: Now most people are renting, but let's say you are

338
00:15:34,200 --> 00:15:41,040
Speaker 1: average mortgage three thousand dollars fifteen thousand, wow, yeah, healthcare.

339
00:15:40,800 --> 00:15:42,400
Speaker 5: And then to not get the best covers, like if

340
00:15:42,440 --> 00:15:44,800
Speaker 5: your family is in those nursing homes. You better go

341
00:15:44,920 --> 00:15:47,240
Speaker 5: check the abuse levels.

342
00:15:47,280 --> 00:15:48,440
Speaker 1: You want to put them in the best one. You

343
00:15:48,440 --> 00:15:50,600
Speaker 1: want to have them in close proximity to where you

344
00:15:50,680 --> 00:15:51,400
Speaker 1: are so you can get.

345
00:15:51,280 --> 00:15:55,000
Speaker 3: The room you have a roommate. Yeah, that's like, oh yeah, no.

346
00:15:55,040 --> 00:16:00,720
Speaker 3: This medical system, man, medical medical system, biggest big in America,

347
00:16:00,800 --> 00:16:02,920
Speaker 3: absolutely biggest business in America.

348
00:16:03,400 --> 00:16:06,000
Speaker 4: At every level. They'll find a way to extract money

349
00:16:06,000 --> 00:16:09,920
Speaker 4: out of you college tuition, marriage.

350
00:16:09,840 --> 00:16:12,120
Speaker 5: Healthcare, and then it's a crazy part. They'll put you

351
00:16:12,120 --> 00:16:13,400
Speaker 5: in a nursing home and they put you on more

352
00:16:13,440 --> 00:16:15,840
Speaker 5: medicine to run the insurance up. They end up having

353
00:16:15,840 --> 00:16:16,560
Speaker 5: to pay out of pocket.

354
00:16:17,480 --> 00:16:18,800
Speaker 2: Insurance is a whole.

355
00:16:18,600 --> 00:16:20,800
Speaker 4: Less, it's a whole.

356
00:16:23,120 --> 00:16:25,480
Speaker 1: Gotta make sure they then when you need it, they

357
00:16:25,480 --> 00:16:27,440
Speaker 1: don't want you to use it. Then when you do

358
00:16:27,560 --> 00:16:30,040
Speaker 1: use it, they help your premium. Yeah, it's like there's

359
00:16:30,040 --> 00:16:31,120
Speaker 1: a race that you can't win.

360
00:16:31,400 --> 00:16:35,080
Speaker 6: An illegal alien from Guatemala charged with raping a child

361
00:16:35,120 --> 00:16:38,920
Speaker 6: in Massachusetts. An MS thirteen gang member from Al Salvador

362
00:16:39,160 --> 00:16:43,280
Speaker 6: accused of murdering a Texas man of Venezuelan charged with

363
00:16:43,360 --> 00:16:47,240
Speaker 6: filming and selling child pornography in Michigan. These are just

364
00:16:47,360 --> 00:16:51,120
Speaker 6: some of the heinous migrant criminals caught because of President

365
00:16:51,160 --> 00:16:54,680
Speaker 6: Donald J. Trump's leadership. I'm Christine Noman, the United States

366
00:16:54,760 --> 00:16:59,480
Speaker 6: Secretary of Homeland Security. Under President Trump, attempted illegal border

367
00:16:59,560 --> 00:17:03,120
Speaker 6: crossing are at the lowest levels ever recorded, and over

368
00:17:03,200 --> 00:17:06,399
Speaker 6: one hundred thousand illegal aliens have been arrested. If you

369
00:17:06,480 --> 00:17:10,320
Speaker 6: are here illegally, your next you will be fine nearly

370
00:17:10,400 --> 00:17:14,440
Speaker 6: one thousand dollars a day, imprisoned, and deported. You will

371
00:17:14,480 --> 00:17:18,120
Speaker 6: never return. But if you register using our CBP home

372
00:17:18,160 --> 00:17:21,520
Speaker 6: app and leave now, you could be allowed to return legally.

373
00:17:21,880 --> 00:17:26,640
Speaker 6: Do what's right. Leave now. Under President Trump, America's laws,

374
00:17:26,800 --> 00:17:29,280
Speaker 6: border and families will be protected.

375
00:17:29,359 --> 00:17:31,479
Speaker 2: Sponsored by the United States Department of Homeland Security.