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Speaker 1: Hey, buddy, how's it going.

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Speaker 2: I'm great, how are you? I always love it when

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Speaker 2: you start the episode. It's so different.

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Speaker 3: It's so different than what we normally do. And when

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Speaker 3: listeners hear something like this, they typically know that besties

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Speaker 3: are on the way besty episodes and it's man, it's

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Speaker 3: like smack dab in the middle of the Christmas break

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Speaker 3: the holiday season, And I wonder if folks even noticed

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Speaker 3: that we had some excellent besty episodes lined up for you.

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Speaker 1: We call them besties after all.

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Speaker 3: Why not only because you and I are best friends,

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Speaker 3: but also because these are.

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Speaker 1: The bestie episodes. These are good, still good. They're goodies.

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Speaker 2: Yeah, And if you haven't or if it's been a

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Speaker 2: long time since you've heard them, we hope that like

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Speaker 2: you enjoyed them, because, like gosh, there's still so much

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Speaker 2: good information, especially with the ones that we resurface for

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Speaker 2: like these are the Kreme de la Creme.

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Speaker 3: There's some there's a good word in there. But that

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Speaker 3: being said, we did want to publish a little bonus

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Speaker 3: episode here for you. We thought folks might want to

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Speaker 3: hear some fresh content. Recently, we spoke with our friend

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Speaker 3: Joe saw Sea Hi over at Stacking Benjamin's the show.

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Speaker 3: Actually that we referenced.

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Speaker 2: What I say in that three times fast. By the way,

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Speaker 2: it's not easy to say chose, I'll see, I'll.

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Speaker 1: See, yeah, you got it, you got it any more time.

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Speaker 3: But uh, he invited us on because he likes to

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Speaker 3: do a year and recap sort of episode, and we thought,

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Speaker 3: you know what, this might be a fun episode for

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Speaker 3: our listeners to.

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Speaker 2: Hear as well hear us getting interviewed and yeah, yeah,

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Speaker 2: talking about the really the things that we thought were

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Speaker 2: some of the most important trends of twenty twenty five,

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Speaker 2: how they impacted people's finances. And Joe haranged us about

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Speaker 2: losing to him in the Daffy Voices for Good challenge too.

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Speaker 1: Did we call him out for having one donor in

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Speaker 1: particular who brought the big bucks? I think I did.

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Speaker 1: I don't want to. I don't want to appreciate that this

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Speaker 1: was a relative so I don't want to see too

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Speaker 1: much of a sore loser.

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Speaker 3: And we're referencing the Daffy Voices for Good challenge that

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Speaker 3: we did, which our listeners did such an amazing job.

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Speaker 3: I mean, we already shared this with listeners, but I'm

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Speaker 3: so proud at the amount of money that we were

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Speaker 3: able to raise.

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Speaker 1: And if we do it again in twenty twenty six,

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Speaker 1: he's going down.

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Speaker 4: I'll say that I do.

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Speaker 1: I do think so. But yeah, this episode a little

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Speaker 1: bonus episode for you.

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Speaker 3: Here on Saturday. We'll have some more besties for you

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Speaker 3: next week. It's still the holiday season.

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Speaker 4: But it though in the beginning of January.

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Speaker 3: Yeah, yeah, come there early in January. That Monday, we

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Speaker 3: will be back at it excited to bring you the goods.

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Speaker 3: So until then, enjoy.

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Speaker 1: We are kicking off our holiday extravaganza weeks and I

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Speaker 1: can't wait. The next two weeks are gonna be so awesome.

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Speaker 1: Oh gee, I noticed as you sat down, You've got

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Speaker 1: a phenomenal mug in front of you.

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Speaker 5: Thank you, A lotion and cream. It keeps the wrinkles away.

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Speaker 5: I can't do much about the hairline, but the wrinkles

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Speaker 5: are gone.

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Speaker 1: Just go to Turkey, like one of my family members.

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Speaker 1: Did just go go to Turkey?

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Speaker 4: Not that important to me? I asked my barber.

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Speaker 5: She said something about it one time, and I said, ah,

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Speaker 5: maybe I'll do something about that. She goes, no, you're not,

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Speaker 5: and I just said, oh, really, She goes, no, because

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Speaker 5: if you actually cared, you'd have done it by now,

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Speaker 5: Like it's asked. It's fixing at this point, like you

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Speaker 5: needed to care about this five years ago.

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Speaker 1: I was like, the ship has left the dock.

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Speaker 4: She said, all right, I guess Okay.

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Speaker 6: There aren't enough dark alleys in Turkey where you can

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Speaker 6: get this fixed.

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Speaker 7: Yeah, but out of that I knew Holiday was born

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Speaker 7: a festivus for the rest of us.

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Speaker 6: Live from Joe's mom's basement. It's a stacking Benjamin show.

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Speaker 6: I'm Joe's Mom's neaghbordug. And on Friday, you heard what

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Speaker 6: our roundtable team thought we could learn from the events

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Speaker 6: of twenty twenty five. But what do others think today?

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Speaker 6: We welcome the hosts of the how to Money podcast.

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Speaker 6: Two dudes, you stackers beat like a guitar Hero drum

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Speaker 6: kit at a nine year old's birthday party last month

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Speaker 6: while raising money for charity. I mean to amazing, intelligent

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Speaker 6: and handsome dudes. Okay, that's a bridge too far. I

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Speaker 6: draw the line of intelligent all Lars Card and Matt

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Speaker 6: altmix In. Our headline segment will feature an ugly prediction

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Speaker 6: from Investment News about twenty twenty six. But don't worry.

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Speaker 6: I'll also share a TikTok minute about Ai yet again.

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Speaker 6: And I'll also share some incredible year end trivia. And

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Speaker 6: now two guys who Joe's mom says are the rear

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Speaker 6: ends of this podcast. Whatever that means, it's Joe and

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Speaker 6: oh Juju juja g.

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Speaker 1: I think she means doctor. Here we are at the

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Speaker 1: rear end of twenty twenty five. Yeah, we are helping

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Speaker 1: people dive in. That's what she means.

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Speaker 6: Yeah, you're you're right.

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Speaker 1: Hey, everybody, welcome to the beginning of the holiday extravaganza

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Speaker 1: that we have at the end of every year. At

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Speaker 1: the Stacky Benjamin Show, I am Joe Salcahi, And across

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Speaker 1: the card table from me, it is the one and

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Speaker 1: only the mister og the number one Funkal indeed.

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Speaker 5: Ogi numero rear ends. I was thinking looking like rump roast.

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Speaker 5: I was thinking like the prime rib roast.

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Speaker 6: Joe, did you notice that the font on the number

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Speaker 6: one Funkal mug is the Godfather?

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Speaker 4: Oh?

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Speaker 8: It is?

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Speaker 4: Oh it is it is.

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Speaker 6: I mean there's a subtle hint there, Like they all know.

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Speaker 1: We swear to God your fund, we swear to God

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Speaker 1: here right exactly, take a mug please please.

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Speaker 6: They have to come into his darkened office every Christmas

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Speaker 6: Eve with their hat in hand.

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Speaker 1: Well, let me tell you all what's coming up here

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Speaker 1: to round out twenty twenty five and kickoff twenty twenty

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Speaker 1: six today, of course, Doug, as you said, Joela Matt

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Speaker 1: joining us to talk about what their top five lessons

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Speaker 1: from twenty twenty five would be. We heard the roundtables,

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Speaker 1: now we'll hear theirs. We also have a TikTok minute

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Speaker 1: that is nearly as good as that guy from China

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Speaker 1: Airlines we talked about last week, China Airlines, that thing

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Speaker 1: that just happened that was really cool.

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Speaker 6: Yeah, yeah, definitely is a true story.

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Speaker 1: By the way, thanks to our stacker on Spotify, who

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Speaker 1: also sent us the link og that you sent saying, yeah,

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Speaker 1: that's a that's a fake deal, but this one's not.

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Speaker 1: This one is. We're gonna We're gonna protect some people

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Speaker 1: today in our TikTok minute. We also have a call in.

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Speaker 1: Anna's not here, and we have a call in today.

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Speaker 1: We normally don't do them without Anna here helping us

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Speaker 1: out with that, but today we're gonna take one because

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Speaker 1: it is You're end extravaganza. On Wednesday, Christmas Eve for

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Speaker 1: those who celebrate, we are playing Doug and the Three

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Speaker 1: ghost And if you haven't heard this story that we

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Speaker 1: totally came up with on our own about Doug being

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Speaker 1: visited by these three ghosts about his credit and its

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Speaker 1: happened and his money habits, not inspired by anything at

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Speaker 1: all in particular, just totally came up with it. So

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Speaker 1: that is then. And then on Friday we begin Friday, Monday, Tuesday, Wednesday, Thursday,

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Speaker 1: Friday of next week, we're gonna have six days, seven shows,

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Speaker 1: all kinds of goodness, some of our best guests from

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Speaker 1: twenty twenty three. We're diving back like we did last year,

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Speaker 1: three years and we're playing the best of three years ago.

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Speaker 4: Because everybody already heard this year.

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Speaker 6: Yes, we're hoping they forgot. It's like far enough back

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Speaker 6: that they forgot those and we're going to resurrect them

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Speaker 6: for them.

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Speaker 1: Well, and I'll tell you these mentors, Doug are our

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Speaker 1: shows that you want to hear again. I got really

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Speaker 1: excited about those and some of our top episodes with

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Speaker 1: just the three of us, and then our number one

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Speaker 1: show from twenty twenty five. We'll also use to kick

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Speaker 1: off twenty twenty six, So a great, great year coming up.

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Speaker 1: But we've got one more thing before we welcome Joela

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Speaker 1: Matt to the basement. We're unveiling it, guys. It's about time.

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Speaker 1: The stacking Benjamin's Vault is finally open. Finally the ferrets

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Speaker 1: that spin the wheel here in Mom's basement have made

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Speaker 1: the master product. You thought the guides were good, You

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Speaker 1: thought that, oh geez, practice was good. Now you can

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Speaker 1: get the vault.

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Speaker 6: Well, is this the thing? Like every guy has a

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Speaker 6: vault and when like and you've got your best buddy

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Speaker 6: and they're like, dude, if I ever die, Like, here's

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Speaker 6: where the vault is. It's all making you get rid

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Speaker 6: of it.

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Speaker 1: It's isn't that? But with your financial information. We call

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Speaker 1: it the vault because we know how important it is

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Speaker 1: to protect your identity. Stay away from unused subscriptions, get

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Speaker 1: off the text and email list the people that are

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Speaker 1: selling all your data. You get all these rando texts, Hey,

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Speaker 1: so what are you doing for dinner? You know those

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Speaker 1: come from just a few places that are constantly selling

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Speaker 1: your data. Protect your credit, run credit what ifs. It's

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Speaker 1: all finally here the super tool that we created with

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Speaker 1: the team at Array who protects millions of people like you,

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Speaker 1: and I was super happy to team up with them

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Speaker 1: to bring you the Stacku Benjamin's Vault. So check out

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Speaker 1: Statue Benjamin's dot com slash vault see how it works.

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Speaker 1: Finally take control of subscription management, identity protection, getting he

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Speaker 1: removed from trash list, controlling your credit Stacky Benjamin's dot

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Speaker 1: com slash vault gets you there. I'm excited. I've been

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Speaker 1: waiting to say that line og for a long long time.

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Speaker 4: We've been practicing at that's for sure.

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Speaker 1: We began developing this with the team at Array back

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Speaker 1: this summer, and so it's good to finally get it

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Speaker 1: out there. All right, the two guys who were super

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Speaker 1: happy to talk to today, even though Doug you said it Stackers,

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Speaker 1: you guys kick their butt in the Voices for Good Challenge.

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Speaker 1: We're so proud of the fact that you raise so

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Speaker 1: much money for Gifting Sense wonderful, Karen Hollins's tool that

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Speaker 1: helps kids learn financial literacy and you you can go

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Speaker 1: to Giftingsense dot org and check it out. We also

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Speaker 1: thought it was probably tying to bury the hatchet we

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Speaker 1: kind of talk a little trash about them, So good

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Speaker 1: time to acknowledge two guys who are really good dudes.

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Speaker 1: You actually have a fantastic show out of Money.

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Speaker 6: You better mute my mic because I still want to

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Speaker 6: dunk on them.

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Speaker 1: From How to Money coming down to the basement in

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Speaker 1: just a moment. But while we're waiting for them to

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Speaker 1: sit down, we got a couple sponsors that help us

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Speaker 1: keep on keeping on. We're gonna hear from them, and

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Speaker 1: then we're kicking off the holidays with Joel Lars Guard

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Speaker 1: and Matt Altms And I'm super happy these guys are

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Speaker 1: in Mom's basement. In fact, we are ending the year

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Speaker 1: with the biggest stars we've had all year, guys that

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Speaker 1: finish second place.

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Speaker 3: Oh my gosh, what a jerk. I'm leaving before this beginning. Say,

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Speaker 3: Joe brought us on just to drag us through the mud.

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Speaker 1: Just to say that you guys could go now. No,

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Speaker 1: it's a good friends. From How to Money, Joela, Matt,

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Speaker 1: How are you guys.

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Speaker 4: Not as good?

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Speaker 1: Now? Do it? Yeah?

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Speaker 3: I'll feeling pretty good about myself about our listeners, Joe,

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Speaker 3: until you just started rubbing our face and the fact

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Speaker 3: that that you kurb stopped us on the daff You're.

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Speaker 1: Talking about the Daffy Challenge.

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Speaker 4: Yeah.

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Speaker 1: Yeah, Stackers did a wonderful job. But you know what,

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Speaker 1: so did the How To Money audience. And what I

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Speaker 1: do want to say that was really Hey, it was

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Speaker 1: very hard trying to make fun of you guys for

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Speaker 1: a month. It's not easy making fun of guys that

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Speaker 1: I like as much as I annoyingly like you two.

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Speaker 1: But then the second thing is for a month. I

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Speaker 1: was like, when are all these celebrity podcasts that the

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Speaker 1: two of you and us that were going up againsthen

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Speaker 1: are they gonna catch us? Dude? They did?

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Speaker 3: So I think once you are a celebrity, you're allowed

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Speaker 3: to I mean, you're opening yourself. You are opening yourself

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Speaker 3: up to criticism just the fact that you have a podcast, right,

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Speaker 3: But if you are a true celebrity, okay, you are

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Speaker 3: open to all attacks. And I was were super disappointed

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Speaker 3: and the fact that like you've got some of these

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Speaker 3: other shows, these are like legit stars folks who are

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Speaker 3: on shows who what was it like one kid was

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Speaker 3: the voice on like how to Train Your Dragon or

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Speaker 3: is or something like a family favorite And I don't

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Speaker 3: know truly. I don't know much about these folks individually,

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Speaker 3: but uh yeah, it was a little the pointed to

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Speaker 3: see that they didn't seem like they're encouraging their audience

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Speaker 3: to participate, because I think if they had, they would

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Speaker 3: have seen some a bit more participation and more good

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Speaker 3: put out there in the world. But yeah, I guess

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Speaker 3: that's more our lane giving personal finance and being smart

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Speaker 3: with it and being generous.

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Speaker 1: But yeah, I think it's a bit disappointing.

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Speaker 3: Maybe we should just also say congratulations Joe stacking, Benjamin's

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Speaker 3: well done.

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Speaker 4: Proud of you guys.

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Speaker 1: You know what, he's rolling his eyes.

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Speaker 3: I did hear Joel say, Matt, you know it was

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Speaker 3: only like one or two big donors that Joe had.

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Speaker 4: It wasn't all dude.

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Speaker 1: You should have seen.

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Speaker 3: I swear it was. It was his relatives. He called

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Speaker 3: his uncle like he just like browbeat people around the

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Speaker 3: Thanksgiving dinner. That's what you did, Joe, Know how you

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Speaker 3: did this?

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Speaker 1: My dad does have sixteen brothers and sisters, so we

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Speaker 1: do have a large family. See, but I'll say this

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Speaker 1: that we had, as you guys did, we had a

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Speaker 1: huge number of people that gave. I was super excited

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Speaker 1: to see our community, your community. And even though you said, Matt,

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Speaker 1: that's our lane side of personal finance communities, we're not

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Speaker 1: known that way. Like people think that the reason you

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Speaker 1: listen to a money podcast is because you're a little

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Speaker 1: greedy and you want more and more and more for me, me, me,

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Speaker 1: and you you guys, And I know that's not true,

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Speaker 1: and I think we really did a great job proving it.

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Speaker 1: We were raising money for financial literacy, you guys were

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Speaker 1: raising money also for some cool, cool costs of stuff.

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Speaker 6: Yeah.

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Speaker 3: My big thing is unfortunately Sam Bankman freed drug tru

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Speaker 3: what was the effective altruism through the mud a little

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Speaker 3: bit speaking of dragging people through the mud, But I

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Speaker 3: mean my whole approach is for folks who are looking

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Speaker 3: to I mean, from a personal finance standpoint, you're looking

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Speaker 3: for the most value, right, and.

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Speaker 4: So the charities that give well assesses.

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Speaker 3: And more of the money that you're giving to them

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Speaker 3: is going to impacting lives and saving lives specifically.

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Speaker 1: So for me, I don't know, it makes it.

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Speaker 3: I like the ability to not have to research it

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Speaker 3: and the fact that they have gone through this vetting

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Speaker 3: process and yeah, such a thorough way makes me feel

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Speaker 3: good about every single cent, like on a global standpoint.

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Speaker 4: But then if, of.

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Speaker 3: Course, you know at least space when it comes to

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Speaker 3: being able to give locally, whether with you know, Joel

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Speaker 3: and I both give to our church, local schools, different

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Speaker 3: things like that. To be able to participate in locally,

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Speaker 3: I feel like that's like the that's the duality. I

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Speaker 3: like that approach, right, like on a grand scheme where

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Speaker 3: your money can really go far to literally save lives

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Speaker 3: as opposed to Okay, how do I want my personal

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Speaker 3: life and the people around me to be able to

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Speaker 3: benefit from my own charity?

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Speaker 1: Yeah? One hundred? Can we can we talk for a

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Speaker 1: second because I think our stack or audience might not

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Speaker 1: know what charities you guys were supporting. Joel, who was

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Speaker 1: Who are you supporting?

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Speaker 2: Yeah, I'll just say one of my favorites. It used

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Speaker 2: to be called rip Medical Debt. They changed their name

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Speaker 2: to Undo Medical Debt. I don't know why they changed

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Speaker 2: their name because rip medical debt such a yeah social

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Speaker 2: ring to it, right, They're all about eliminating medical debt

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Speaker 2: that people have accrued. Right, So think about like some

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Speaker 2: of the what we hear right from from listeners, what

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Speaker 2: what you see as just a nationwide terrible trend is

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Speaker 2: people have more debt than they've ever had before, is

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Speaker 2: what it feels it. And medical debt is one of

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Speaker 2: those things that puts people on shaky ground. People don't

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Speaker 2: know how to negotiate it down. And so that's one

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Speaker 2: of the nonprofits I was particularly trying to raise money

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Speaker 2: for us to help relieve people of that debt because

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Speaker 2: it can be sold for pennies on the dollar. And

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Speaker 2: that's what this organization does. They buy the debt and

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Speaker 2: then they forgive the debt, and so that person they

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Speaker 2: get a letter in the mail and it's like, hey,

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Speaker 2: guess what you thought you had twelve thousand dollars in

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Speaker 2: medical debt. You don't have it any longer. And it's

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Speaker 2: and undo medical debt. Didn't spend twelve grand. They spend

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Speaker 2: a whole lot less than that. So they can give

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Speaker 2: medical debt by the insane number. So that's that was

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Speaker 2: one of the nonprofits.

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Speaker 3: That's another way that feels like your dollars are going

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Speaker 3: a lot further because it's like, on paper, this is

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Speaker 3: how much that has been forgiven, but in reality, this

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Speaker 3: is how.

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Speaker 1: Much one hundred debts. Oh my gosh, yeah, that's super

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Speaker 1: cool that what was one of yours.

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Speaker 3: Let's see so give well was the organization that was

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Speaker 3: vetting some of the charities like so New Incentives Helen

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Speaker 3: Keller International. Both of these are international charities, where mosquito

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Speaker 3: netting was another one as well. But again, just the

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Speaker 3: ability for a very small amount of money to be

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Speaker 3: able to provide supplements where kids are avoiding some of

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Speaker 3: these lifelong diseases.

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Speaker 4: These insert athletic greens commercial here.

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Speaker 3: I know, I finally, dude, I try some ag one,

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Speaker 3: but you know, I mean, these are core nutrients and

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Speaker 3: minerals that we take for granted here in the very wealthy,

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Speaker 3: developed Western world. That's other parts of the world that

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Speaker 3: they don't have, right, And something as simple as mosquito

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Speaker 3: nets to prevent kids from getting malaria, and it takes

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Speaker 3: so little money to be able to set these individuals

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Speaker 3: and these families up, providing incentives for mothers to bring

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Speaker 3: their kids in to receive some of these supplements.

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Speaker 1: It's just it makes a huge impact.

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Speaker 3: And again, when you're looking to change the world, there's

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Speaker 3: only so much money that I have.

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Speaker 1: Joel's got a lot more than I do. It's true

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Speaker 1: so I'm trying.

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Speaker 3: To stretch my dollars, you know, just too little butter

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Speaker 3: over too much bread perhaps.

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Speaker 4: But yeah, do we hold it over him all the time?

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Speaker 1: What we can? It was such a fun way to

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Speaker 1: spend a month and such a warm feeling that on

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Speaker 1: our last show of the year that we're talking about

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Speaker 1: being able to give and our ability to give and

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Speaker 1: how helpful our communities were. You guys have been able

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Speaker 1: to help our stackers today too by being our guest

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Speaker 1: of honor in the seat of sharing. What were the

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Speaker 1: in your minds five of the biggest things that happened

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Speaker 1: in twenty twenty five that we can maybe learn some

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Speaker 1: lessons from you guys? Mind if we do these like

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Speaker 1: David Letterman style? Did you put them in? Oh?

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Speaker 4: Let's do it and like it? Oh?

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Speaker 3: Yeah, we weren't watching a whole lot of late night

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Speaker 3: TV back in the eighties and nineties.

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Speaker 2: Can we start with the clearest, most obvious one though,

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Speaker 2: it's the cracker barrel logo?

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Speaker 4: Change Joe, Like, that's the one I learned the.

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Speaker 1: Most lessons from. Watch your PR and marketing. Yeah, maybe

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Speaker 1: do a little PR marketing stuff before you have to

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Speaker 1: handle the emergency PR firm later to change it.

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Speaker 2: Harry and Space. That was another one that to me

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Speaker 2: really resonated deeply this year.

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Speaker 1: You know, Katie and I both cried after that, so

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Speaker 1: that I believe. Oh man, what was your number?

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Speaker 5: Five?

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Speaker 1: Gentlemen? Oh, are these in any particular order?

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Speaker 4: Which one written out?

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Speaker 3: We'll start with maybe some more of the empty promises

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Speaker 3: that let's just talk about politics, Joe speaking of can

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Speaker 3: we do religion, speaking of cracker barrel and alienating your audience.

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Speaker 1: We're just going to cut to the chase.

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Speaker 6: I think there are so.

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Speaker 3: Many people who are looking to government on both sides

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Speaker 3: of the aisle, right Like we saw this in previous administrations.

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Speaker 3: We see this now and they're looking to the government

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Speaker 3: to fix all their problems. And what I love about

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Speaker 3: personal finance is we hardly ever get into that stuff

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Speaker 3: because it's not about policy, Like we need to pay

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Speaker 3: attention to how certain things that are actually changing, how

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Speaker 3: they impact your tax fraggate and different just the different

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Speaker 3: laws pertaining to your money. But when it comes to

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Speaker 3: just the oh they're floating this idea, Oh you got this,

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Speaker 3: you got that.

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Speaker 1: Sometimes it's fun.

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Speaker 3: To talk about because it allows us to sort of

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Speaker 3: lash onto a deeper, more substantial truth than what that

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Speaker 3: means for individuals and how they handle their money. But

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Speaker 3: for the most part, what we talk about are things

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Speaker 3: that individuals can do, and there are constant whether its

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Speaker 3: student loan forgiveness like last administration, or whether it's you know,

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Speaker 3: at this point in time, additional health savings accounts or

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Speaker 3: or there city.

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Speaker 2: The tariff freebate checks right that were floated dish just right,

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Speaker 2: everybody's going to get two thousand dollars and which is

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Speaker 2: funny because it's like a problem that's then the solution

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Speaker 2: is the creation of the problem has been done by

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Speaker 2: the people in charge, and then it's like, let's create

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Speaker 2: a solution of the problem that we created. This is

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Speaker 2: like a perpetual thing in the world of politics. So

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Speaker 2: sorry to start off on a political note, but it's

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Speaker 2: just one of those things.

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Speaker 1: Getting it out of the way.

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Speaker 2: There's promises right and left, and you just have to

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Speaker 2: be discerning. And while it might sound great, like is

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Speaker 2: it actually going to come to fruition And yeah, the

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Speaker 2: student loan forgiveness thing didn't that was struck down. The

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Speaker 2: tariff thing, don't think that's going to happen. The tariffs,

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Speaker 2: I guess are another one of those things that was

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Speaker 2: like one of the big big things of this year.

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Speaker 3: Yeah, we actually don't have that one down, but that's

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Speaker 3: another one where yeah, should you invest based on what

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Speaker 3: you think what tariff aren't or aren't going to come through?

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Speaker 3: And yeah, I'm sure a lot of folks were thinking

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Speaker 3: that back in April.

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Speaker 1: But yeah, when I said yeah there, I didn't mean

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Speaker 1: yes you should. Yeah, I agree. And when I was

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Speaker 1: a financial planner, people would come into my office and

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Speaker 1: they'd see these headlines and the first thing they wanted

441
00:20:15,040 --> 00:20:17,720
Speaker 1: to talk about is, oh, like, pretend it's today, what

442
00:20:17,760 --> 00:20:19,320
Speaker 1: do you think about tariffs? What do you think about

443
00:20:19,320 --> 00:20:21,560
Speaker 1: the fact that even the government saying that the cost

444
00:20:21,600 --> 00:20:23,880
Speaker 1: of our healthcare is going to go sky high next year?

445
00:20:24,600 --> 00:20:26,159
Speaker 1: What do we do about the fact that, you know,

446
00:20:26,200 --> 00:20:28,399
Speaker 1: with the FED, the changing of the FED chairman, like,

447
00:20:28,440 --> 00:20:30,640
Speaker 1: what do we do about all that? And they come

448
00:20:30,680 --> 00:20:33,880
Speaker 1: in with all this stuff, and when we to your point,

449
00:20:34,200 --> 00:20:36,639
Speaker 1: would look at the financial plan and go, hey, you

450
00:20:36,640 --> 00:20:38,360
Speaker 1: know what, I'm not sure about that. We'll get back

451
00:20:38,359 --> 00:20:40,320
Speaker 1: to it. Let's put a pin in that. But in

452
00:20:40,400 --> 00:20:46,000
Speaker 1: the financial plan it says that by today your accounts

453
00:20:46,040 --> 00:20:50,240
Speaker 1: needed to be at the let's say eighty five thousand

454
00:20:50,280 --> 00:20:52,679
Speaker 1: dollars for you to be on track to be on

455
00:20:52,760 --> 00:20:55,760
Speaker 1: the ladder toward your goals. Are you ahead or behind

456
00:20:55,800 --> 00:20:58,600
Speaker 1: on that number? And then all of a sudden they

457
00:20:58,600 --> 00:21:01,440
Speaker 1: get off the idea of all the crap they can't control,

458
00:21:01,880 --> 00:21:03,760
Speaker 1: and they start digging through, you know, looking up their

459
00:21:03,760 --> 00:21:06,119
Speaker 1: four to one k, looking up their investment accounts, and

460
00:21:06,160 --> 00:21:08,679
Speaker 1: they go, oh, we're a little bit ahead or we're

461
00:21:08,720 --> 00:21:10,880
Speaker 1: a little bit behind. Then all of a sudden, we'll

462
00:21:10,920 --> 00:21:13,159
Speaker 1: talk about what do you have to do? Yeah, and

463
00:21:13,200 --> 00:21:14,879
Speaker 1: not about what is somebody else gonna have to do?

464
00:21:14,920 --> 00:21:17,800
Speaker 1: And you know what's cool, all this third party crap

465
00:21:17,880 --> 00:21:20,480
Speaker 1: never came back again. You just focused on what we

466
00:21:20,480 --> 00:21:20,800
Speaker 1: could do.

467
00:21:20,960 --> 00:21:23,919
Speaker 2: There was a recent survey of CFP professionals and it

468
00:21:24,080 --> 00:21:26,760
Speaker 2: found that more of their clients are coming in and

469
00:21:26,920 --> 00:21:30,120
Speaker 2: politics is one of the top line items on the discussion.

470
00:21:30,160 --> 00:21:32,679
Speaker 2: I think people are like, hey, this seems to be happening.

471
00:21:32,720 --> 00:21:34,760
Speaker 2: This is like what's going on? How is this going

472
00:21:34,800 --> 00:21:36,919
Speaker 2: to impact my finances? And the truth is, like, we

473
00:21:36,960 --> 00:21:41,159
Speaker 2: see legislation that dramatically impacts like whether it's a raising

474
00:21:41,200 --> 00:21:44,600
Speaker 2: of the standard deduction, whether it's the new Trump accounts

475
00:21:44,640 --> 00:21:48,199
Speaker 2: for kids, right, whether it is some tweak to the

476
00:21:48,240 --> 00:21:50,520
Speaker 2: tax code that really does change the incentives for what

477
00:21:50,560 --> 00:21:53,400
Speaker 2: we do around the margins. Like those things matter. That's

478
00:21:53,440 --> 00:21:55,880
Speaker 2: why our Friday flight exists to talk about the headlines

479
00:21:55,880 --> 00:21:57,480
Speaker 2: how they're going to impact your finances. We do it

480
00:21:57,480 --> 00:22:00,359
Speaker 2: every week. We think it's really important. But of course

481
00:22:00,480 --> 00:22:03,360
Speaker 2: the most important thing is the evergreen stuff that you're

482
00:22:03,359 --> 00:22:06,240
Speaker 2: doing with regularity, no matter who's in the White House,

483
00:22:06,280 --> 00:22:09,679
Speaker 2: no matter whether the Senate's sixty forty in favor of

484
00:22:09,680 --> 00:22:12,880
Speaker 2: red or blue. The actions we take are pretty consistent

485
00:22:12,920 --> 00:22:15,320
Speaker 2: throughout the years, even though there are tweaks to being

486
00:22:15,320 --> 00:22:16,200
Speaker 2: made around the margins.

487
00:22:16,640 --> 00:22:19,000
Speaker 1: Yeah, great stuff. That's a great place to start. Even

488
00:22:19,040 --> 00:22:22,159
Speaker 1: though you freak me out of politics, guys like Masts

489
00:22:22,160 --> 00:22:22,639
Speaker 1: for president.

490
00:22:23,240 --> 00:22:24,760
Speaker 3: I'm just tigued to go ahead, read the bandad off,

491
00:22:24,760 --> 00:22:26,280
Speaker 3: get it out of the way. But I like what

492
00:22:26,320 --> 00:22:28,040
Speaker 3: you say, like you're talking or maybe you said to

493
00:22:28,240 --> 00:22:30,080
Speaker 3: just focusing on what you can control, right, is it?

494
00:22:30,119 --> 00:22:33,080
Speaker 3: Stephen Covey The seven habits, like the circle of influence

495
00:22:33,119 --> 00:22:35,600
Speaker 3: and then finding ways as you learn more about personal

496
00:22:35,640 --> 00:22:38,919
Speaker 3: finances and like you are expanding your circle, and those

497
00:22:38,960 --> 00:22:40,880
Speaker 3: are things that you then have and impact a direct

498
00:22:40,920 --> 00:22:42,959
Speaker 3: impact over when it comes to your personal finances and

499
00:22:43,000 --> 00:22:44,560
Speaker 3: what it is the kind of difference is that you

500
00:22:44,560 --> 00:22:46,879
Speaker 3: can make in your own life that are going to

501
00:22:47,000 --> 00:22:50,680
Speaker 3: lead to substantial, lasting change versus the headline of the day.

502
00:22:51,040 --> 00:22:53,200
Speaker 1: Well, we got off to a great start. What's number

503
00:22:53,200 --> 00:22:54,119
Speaker 1: four on the list?

504
00:22:54,200 --> 00:22:54,439
Speaker 3: All right?

505
00:22:54,520 --> 00:22:57,840
Speaker 2: Number four is this past year was a year of

506
00:22:58,080 --> 00:23:02,600
Speaker 2: riskier financial products, talking about private equity inside of four

507
00:23:02,760 --> 00:23:08,360
Speaker 2: one k's we're seeing a rise in people day trading options,

508
00:23:08,400 --> 00:23:14,080
Speaker 2: We're seeing a rise in alternative investment opportunities out there,

509
00:23:14,480 --> 00:23:16,720
Speaker 2: and we've seen some of those things come crashing down.

510
00:23:16,800 --> 00:23:19,439
Speaker 2: So I think when we talk about kind of the

511
00:23:19,520 --> 00:23:23,520
Speaker 2: simple ways to invest often being the best, when people

512
00:23:23,560 --> 00:23:26,760
Speaker 2: are exposed and allowed to invest in more financial products

513
00:23:27,200 --> 00:23:29,800
Speaker 2: and there's a wider array more now than seems like

514
00:23:29,800 --> 00:23:33,520
Speaker 2: ever before, oftentimes those lead us astray, and they lead

515
00:23:33,560 --> 00:23:36,280
Speaker 2: to higher fees, they lead to man think about even

516
00:23:36,320 --> 00:23:39,919
Speaker 2: just some of those the alternative investment real estate platforms

517
00:23:40,200 --> 00:23:42,760
Speaker 2: and how people have lost most if not all of

518
00:23:42,760 --> 00:23:46,879
Speaker 2: their capital investing in real estate online. And so it

519
00:23:46,960 --> 00:23:49,200
Speaker 2: seems like this thing I'm going to diversify, Right, That's

520
00:23:49,200 --> 00:23:50,960
Speaker 2: like a way that you might even convince yourself that

521
00:23:51,000 --> 00:23:51,760
Speaker 2: this is a smart move.

522
00:23:51,840 --> 00:23:54,159
Speaker 3: I'm it's just a bit more sophisticated. It's like, you

523
00:23:54,200 --> 00:23:55,520
Speaker 3: know what, I'm not going to do what everyone else

524
00:23:55,560 --> 00:23:57,359
Speaker 3: is doing at work with a four one K is

525
00:23:57,400 --> 00:23:58,159
Speaker 3: kind of boring.

526
00:23:58,000 --> 00:24:00,000
Speaker 2: Right, the index funds, like I've heard about those things.

527
00:24:00,000 --> 00:24:01,919
Speaker 2: I'm doing that with some but man, I really I

528
00:24:02,000 --> 00:24:04,520
Speaker 2: should be doing something beyond that, right, Let me delve

529
00:24:04,560 --> 00:24:06,920
Speaker 2: into some of this stuff that's going to produce higher returns.

530
00:24:06,920 --> 00:24:08,159
Speaker 2: And of course when you go to the homepage of

531
00:24:08,160 --> 00:24:10,639
Speaker 2: any of those alternative investing sites, it sure looks like

532
00:24:10,680 --> 00:24:12,879
Speaker 2: you're going to the moon a lot faster. But what

533
00:24:12,960 --> 00:24:15,480
Speaker 2: happens is people to look at the fees, they don't

534
00:24:15,480 --> 00:24:18,120
Speaker 2: look at the details, and they don't realize that their

535
00:24:18,119 --> 00:24:20,600
Speaker 2: capital is at risk. And so we've seen a lot

536
00:24:20,600 --> 00:24:22,600
Speaker 2: of I think that come back to bite people on

537
00:24:22,640 --> 00:24:23,520
Speaker 2: the investing side.

538
00:24:23,960 --> 00:24:26,520
Speaker 1: It's really wild to me that on one hand you

539
00:24:26,600 --> 00:24:29,440
Speaker 1: see everybody on Wall Street saying, this is a good idea,

540
00:24:30,119 --> 00:24:33,200
Speaker 1: all these private equity investments inside four to one case,

541
00:24:33,200 --> 00:24:35,720
Speaker 1: we definitely need to do that. At the same time,

542
00:24:36,119 --> 00:24:39,240
Speaker 1: equity multiple, the real estate company I think you're talking about,

543
00:24:39,280 --> 00:24:41,680
Speaker 1: is blowing up right. I mean they now have had

544
00:24:41,720 --> 00:24:45,240
Speaker 1: to change their name, which is just whatever a company

545
00:24:45,240 --> 00:24:47,280
Speaker 1: has to change their name. In fact, the network you

546
00:24:47,320 --> 00:24:51,160
Speaker 1: guys are on had to change their name because.

547
00:24:51,119 --> 00:24:53,600
Speaker 2: Matt had to change his names multiple time because some

548
00:24:53,680 --> 00:24:55,280
Speaker 2: of the things he did in some of the towns

549
00:24:55,280 --> 00:24:56,040
Speaker 2: that he had to leave.

550
00:24:56,200 --> 00:25:00,520
Speaker 1: It's true. Yeah, yeah, it's absolutely horrible. Like are you

551
00:25:00,640 --> 00:25:02,919
Speaker 1: kidding me? So what's it about? Then? Why are so

552
00:25:02,960 --> 00:25:06,000
Speaker 1: many people talking heads that you see on CNBC or

553
00:25:06,080 --> 00:25:08,800
Speaker 1: Fox Business? Why do they keep saying this is a

554
00:25:08,800 --> 00:25:11,320
Speaker 1: good idea, we need this you hey, you got all

555
00:25:11,359 --> 00:25:13,200
Speaker 1: these opportunities out here. What do you think?

556
00:25:13,280 --> 00:25:16,720
Speaker 3: I mean, there's an element of novelty, right, Like, are

557
00:25:16,760 --> 00:25:20,120
Speaker 3: we or are we not more distracted more ADHD and

558
00:25:20,320 --> 00:25:23,400
Speaker 3: we're looking for the next new, shiny, bright thing. It's

559
00:25:23,440 --> 00:25:25,320
Speaker 3: either that or the fact that they're behind and they're

560
00:25:25,359 --> 00:25:26,600
Speaker 3: looking to make up lost time.

561
00:25:26,720 --> 00:25:26,960
Speaker 1: Right.

562
00:25:27,119 --> 00:25:31,000
Speaker 3: They didn't start investing when they first heard about compounding interests,

563
00:25:31,040 --> 00:25:32,880
Speaker 3: you know, in their early twenties, and maybe some folks

564
00:25:33,000 --> 00:25:35,359
Speaker 3: maybe they never heard about it. And I feel for

565
00:25:35,359 --> 00:25:37,359
Speaker 3: those folks. If you are in a situation where you

566
00:25:37,400 --> 00:25:40,520
Speaker 3: missed out on some of those early years. Yeah, maybe

567
00:25:40,600 --> 00:25:42,480
Speaker 3: maybe you are trying to pick up lost ground. But

568
00:25:42,800 --> 00:25:45,040
Speaker 3: I think more than anything, it's just folks. It's like

569
00:25:45,080 --> 00:25:47,919
Speaker 3: a novelty. It's a stimulus sort of environment that we

570
00:25:47,960 --> 00:25:49,840
Speaker 3: live in, right, Like we are used to the algorithms,

571
00:25:49,840 --> 00:25:52,919
Speaker 3: we are used to fifteen second clips of video. I

572
00:25:52,960 --> 00:25:55,520
Speaker 3: was talking to a comic recently and he's been in

573
00:25:55,560 --> 00:25:57,680
Speaker 3: some major movies and him and his.

574
00:25:57,640 --> 00:25:58,520
Speaker 4: Wife Chris Rock.

575
00:25:58,520 --> 00:26:02,239
Speaker 1: You heard it, Yeah, Chris Ruck. I can't believe by

576
00:26:02,240 --> 00:26:03,960
Speaker 1: the way, he didn't just go ahead and name drop j.

577
00:26:04,800 --> 00:26:07,240
Speaker 4: Yeah, he usually does, Truck. I'm a humble guy.

578
00:26:07,680 --> 00:26:10,320
Speaker 3: But like we were talking about this sort of series

579
00:26:10,320 --> 00:26:12,480
Speaker 3: that him and his wife created on YouTube, and then

580
00:26:12,800 --> 00:26:15,280
Speaker 3: he's just like, you know, it's how it is that

581
00:26:15,320 --> 00:26:17,320
Speaker 3: we create content and has changed, and like he's like,

582
00:26:17,359 --> 00:26:19,399
Speaker 3: I mean, I'm doing it to myself, Like you come

583
00:26:19,480 --> 00:26:21,840
Speaker 3: chop it up and create the small, quick, little hits,

584
00:26:21,960 --> 00:26:25,720
Speaker 3: but nobody's necessarily incentivized to go and watch the whole thing.

585
00:26:26,200 --> 00:26:29,800
Speaker 3: They kind of are fed the interesting, novel, entertaining thing,

586
00:26:29,840 --> 00:26:32,320
Speaker 3: and then they essentially move on. That's the environment that

587
00:26:32,320 --> 00:26:35,840
Speaker 3: we're in. You take that and expand that beyond entertainment,

588
00:26:35,880 --> 00:26:39,320
Speaker 3: and if you're talking about investments, I think we tend

589
00:26:39,359 --> 00:26:42,200
Speaker 3: to expect the same kind of that same dynamic. I

590
00:26:42,200 --> 00:26:44,800
Speaker 3: think we're looking for that same dynamic in other areas

591
00:26:45,040 --> 00:26:46,919
Speaker 3: in life, and a lot of ways, I think that

592
00:26:46,960 --> 00:26:50,320
Speaker 3: can lead to incredibly poor outcomes. Right Yeah, new and

593
00:26:50,840 --> 00:26:53,639
Speaker 3: shiny and novel and better and.

594
00:26:54,080 --> 00:26:56,400
Speaker 2: Actually always better just a shortcut, right. I'm thinking about

595
00:26:56,400 --> 00:26:58,080
Speaker 2: the game Shoots and Ladders that I play with my son.

596
00:26:58,119 --> 00:27:01,000
Speaker 2: He cheats every time we play, Like dude gets every

597
00:27:01,080 --> 00:27:02,760
Speaker 2: ladder and never hits a slide.

598
00:27:02,680 --> 00:27:04,240
Speaker 1: And it sounds like it It just sounds like an

599
00:27:04,280 --> 00:27:07,280
Speaker 1: excuse for losing to your kids. It is, it is,

600
00:27:07,520 --> 00:27:08,719
Speaker 1: And I berate him for this.

601
00:27:08,800 --> 00:27:11,399
Speaker 3: Joe, No, I know, but you want to catch all

602
00:27:11,400 --> 00:27:14,960
Speaker 3: the ladders, but man, yeah, there's all these potential slides

603
00:27:15,000 --> 00:27:17,960
Speaker 3: that can send you back tumbling down. And if you

604
00:27:18,040 --> 00:27:21,280
Speaker 3: look for the shortcuts, just watch out because there's certainly

605
00:27:21,560 --> 00:27:23,760
Speaker 3: a way that that shortcut could come back to bite you.

606
00:27:24,200 --> 00:27:27,119
Speaker 3: And like we're talking about like leverage gtfs, those are

607
00:27:27,160 --> 00:27:30,040
Speaker 3: something that have seen kind of more dollars, more influence,

608
00:27:30,440 --> 00:27:32,840
Speaker 3: and people don't realize that, like a couple bad days

609
00:27:32,840 --> 00:27:36,520
Speaker 3: of being in this tesla leveraged ETF, I could lose

610
00:27:36,560 --> 00:27:39,280
Speaker 3: all my money that I put in, it's very different

611
00:27:39,320 --> 00:27:42,080
Speaker 3: than just buying Tesla, because you think Tesla's a great

612
00:27:42,080 --> 00:27:43,879
Speaker 3: company that's going to stand the test of time and

613
00:27:43,920 --> 00:27:47,000
Speaker 3: be a good investment for years to come. So I guess, yeah,

614
00:27:47,080 --> 00:27:51,160
Speaker 3: just with many more risky financial products at our fingertips,

615
00:27:51,240 --> 00:27:54,000
Speaker 3: it's even more incumbent on us to be wary, to

616
00:27:54,040 --> 00:27:55,159
Speaker 3: be careful what we invest in.

617
00:27:55,280 --> 00:27:55,480
Speaker 4: Yeah.

618
00:27:55,920 --> 00:27:57,159
Speaker 3: The thing is too is like a lot of the

619
00:27:57,160 --> 00:27:59,399
Speaker 3: companies that are pushing these things are like you've got

620
00:27:59,440 --> 00:28:01,359
Speaker 3: to love hate relationship with right, So I'm thinking of

621
00:28:01,440 --> 00:28:03,560
Speaker 3: Robinhood in particular, and they've.

622
00:28:03,320 --> 00:28:04,360
Speaker 4: Got some awesome stuff.

623
00:28:04,720 --> 00:28:07,720
Speaker 3: The fact that they're offering a match for individuals on

624
00:28:07,880 --> 00:28:10,520
Speaker 3: roth irays like that is incredibly attractive. That's when I

625
00:28:10,520 --> 00:28:12,600
Speaker 3: started paying to have an account with them, because I'm like,

626
00:28:12,600 --> 00:28:14,320
Speaker 3: you know what, I've never had a match in my

627
00:28:14,440 --> 00:28:17,280
Speaker 3: entire life other than what we pay when we put

628
00:28:17,280 --> 00:28:20,199
Speaker 3: on our employer hat to ourselves. But truly, that is

629
00:28:20,240 --> 00:28:23,359
Speaker 3: being provided by another entity. And even their three percent

630
00:28:23,400 --> 00:28:26,880
Speaker 3: credit card flat across the board cash back, that's really attractive.

631
00:28:26,880 --> 00:28:29,080
Speaker 3: I'm using that card is on my phone right now.

632
00:28:29,720 --> 00:28:31,760
Speaker 3: But then they're also saying, hey, did you know that

633
00:28:31,840 --> 00:28:35,479
Speaker 3: you can leverage investing, you can large securities, all of

634
00:28:35,560 --> 00:28:39,160
Speaker 3: these these behaviors that I don't want to see more

635
00:28:39,240 --> 00:28:42,680
Speaker 3: of our listeners, more of the stackers out there partaking in.

636
00:28:42,760 --> 00:28:44,720
Speaker 3: And that's where it comes down to us as individuals,

637
00:28:44,840 --> 00:28:46,320
Speaker 3: kind of going back to the first point, right, to

638
00:28:46,360 --> 00:28:49,479
Speaker 3: take ownership and responsibility for our own money.

639
00:28:49,640 --> 00:28:49,880
Speaker 8: Yeah.

640
00:28:49,880 --> 00:28:51,800
Speaker 1: I think on my side, guys, I think the reason

641
00:28:51,800 --> 00:28:54,160
Speaker 1: we're seeing so many people on Wall Street say this

642
00:28:54,240 --> 00:28:55,840
Speaker 1: is a good thing, it's just a money grab. I

643
00:28:55,840 --> 00:28:58,400
Speaker 1: mean it totally is a hey, we need this. I mean,

644
00:28:58,560 --> 00:29:00,320
Speaker 1: the more we can get regulators out of our way,

645
00:29:00,320 --> 00:29:02,600
Speaker 1: the more money we can make more quickly. I get

646
00:29:02,600 --> 00:29:05,400
Speaker 1: my bonus. It's fantastic. I'm like, are you kidding me?

647
00:29:05,560 --> 00:29:06,000
Speaker 4: Was it that?

648
00:29:06,280 --> 00:29:10,040
Speaker 2: The whole point of Tony Robbins's latest book, right, was like, here,

649
00:29:10,080 --> 00:29:12,920
Speaker 2: here's how you get outsize returns by going with this

650
00:29:12,960 --> 00:29:15,880
Speaker 2: company I have a special relationship with. And you're like, oh, okay,

651
00:29:16,000 --> 00:29:18,640
Speaker 2: Like this is an advertorial in book form.

652
00:29:18,880 --> 00:29:21,720
Speaker 1: It's incredible and a long read too, Like a thick

653
00:29:21,800 --> 00:29:26,960
Speaker 1: book for an advertorial made it seem very professional. Yeah. Yeah,

654
00:29:27,000 --> 00:29:30,480
Speaker 1: the frustrating thing for people that are bored. Matt, to

655
00:29:30,520 --> 00:29:33,320
Speaker 1: your point, you know and they think, well, maybe I

656
00:29:33,560 --> 00:29:37,040
Speaker 1: maybe I'm missing something, Maybe there is a shortcut. Just

657
00:29:37,080 --> 00:29:39,640
Speaker 1: go look for people that have been through that before.

658
00:29:39,880 --> 00:29:42,560
Speaker 1: Because man, the number of stories we've seen people in

659
00:29:42,600 --> 00:29:46,240
Speaker 1: their fifties even who found a way to cobble together

660
00:29:46,280 --> 00:29:48,720
Speaker 1: a retirement, even though they started late and they didn't

661
00:29:48,720 --> 00:29:51,120
Speaker 1: do any of those things, they didn't do any of

662
00:29:51,160 --> 00:29:54,760
Speaker 1: those shortcuts. They actually built a foundation, which was super

663
00:29:54,760 --> 00:29:55,560
Speaker 1: cool to see.

664
00:29:55,920 --> 00:29:59,080
Speaker 3: Yeah, that comparison too. I think that we're all comparing

665
00:29:59,080 --> 00:30:01,640
Speaker 3: ourselves to people, but we don't know more than ever before,

666
00:30:01,680 --> 00:30:03,640
Speaker 3: and that makes it easier to justify.

667
00:30:04,400 --> 00:30:06,800
Speaker 2: Man, I started too late. I gotta like, I gotta

668
00:30:07,040 --> 00:30:09,560
Speaker 2: what's the catalyst to get me going? And oftentimes it

669
00:30:09,600 --> 00:30:13,440
Speaker 2: is riskier products, higher returns. Your eyeballs get bigger and

670
00:30:13,600 --> 00:30:16,400
Speaker 2: you're excited about that, then your and ultimately what happens

671
00:30:16,480 --> 00:30:18,280
Speaker 2: is it puts you further behind so much of the time.

672
00:30:18,360 --> 00:30:20,800
Speaker 3: Yeah, and Joe, so I'll segue us to number three

673
00:30:20,840 --> 00:30:23,000
Speaker 3: because you're talking about how like our parents and the

674
00:30:23,000 --> 00:30:25,520
Speaker 3: older generations, they built this foundation. They didn't partake in

675
00:30:25,520 --> 00:30:26,920
Speaker 3: any of those things. And one of the things they

676
00:30:26,920 --> 00:30:30,720
Speaker 3: did partake in is home ownership. And yes, that's how

677
00:30:30,720 --> 00:30:32,440
Speaker 3: a lot of folks were able to build wealth because

678
00:30:32,560 --> 00:30:34,800
Speaker 3: and that's it's still the number one asset that Americans have,

679
00:30:34,840 --> 00:30:37,160
Speaker 3: their their personal network tied up in right their home.

680
00:30:37,800 --> 00:30:40,240
Speaker 3: But that is changing and that's something that I think

681
00:30:40,240 --> 00:30:41,880
Speaker 3: we've continued to see this year. And so that's our

682
00:30:41,960 --> 00:30:45,840
Speaker 3: number three is that renting is not throwing away money.

683
00:30:45,880 --> 00:30:49,560
Speaker 3: And just because individuals our parents' generation, and there are

684
00:30:49,600 --> 00:30:51,280
Speaker 3: plenty of folks who'll die on this hill and they said,

685
00:30:51,600 --> 00:30:54,320
Speaker 3: you guys understand how much of my wealth is because

686
00:30:54,360 --> 00:30:56,040
Speaker 3: of this amazing property that I have.

687
00:30:56,160 --> 00:30:58,160
Speaker 1: And I'm not at all saying that, No, that's not true,

688
00:30:58,440 --> 00:30:59,040
Speaker 1: but I am.

689
00:30:58,920 --> 00:31:01,600
Speaker 3: Saying that because of how easy it is for folks

690
00:31:01,680 --> 00:31:05,480
Speaker 3: to invest, because of automatic enrollment in four one ks,

691
00:31:06,120 --> 00:31:09,840
Speaker 3: it's easier than ever four folks to use platforms like

692
00:31:10,000 --> 00:31:10,960
Speaker 3: said Robinhood.

693
00:31:11,120 --> 00:31:12,720
Speaker 4: This is why we have like a I've got a

694
00:31:12,720 --> 00:31:13,760
Speaker 4: love hate relationship with.

695
00:31:13,720 --> 00:31:15,440
Speaker 3: Them, because they do make it so easy for you

696
00:31:15,480 --> 00:31:16,960
Speaker 3: to invest in the market in a way that was

697
00:31:17,000 --> 00:31:19,760
Speaker 3: inaccessible to our parents and their parents as well. And

698
00:31:19,800 --> 00:31:23,040
Speaker 3: so the fact that individuals can now find a great

699
00:31:23,040 --> 00:31:25,400
Speaker 3: place to live that's affordable, that they're going to rent

700
00:31:25,960 --> 00:31:28,600
Speaker 3: without having to save up tens of thousands of dollars

701
00:31:28,600 --> 00:31:31,960
Speaker 3: in order to put down a decent down payment. I

702
00:31:31,960 --> 00:31:32,840
Speaker 3: think that's incredible.

703
00:31:33,000 --> 00:31:35,360
Speaker 2: They are receiving a good So a place to live

704
00:31:35,440 --> 00:31:38,480
Speaker 2: depends on economic cycles, right we talk about buying verse

705
00:31:38,480 --> 00:31:41,320
Speaker 2: renting in twenty eleven and buying verse renting in twenty

706
00:31:41,360 --> 00:31:45,680
Speaker 2: twenty five. They're completely different discussions based on prices, based

707
00:31:45,720 --> 00:31:48,560
Speaker 2: on interest rate, based on market trends. So you have

708
00:31:48,640 --> 00:31:51,160
Speaker 2: to also just kind of like lick your fingers, stick

709
00:31:51,160 --> 00:31:53,040
Speaker 2: it up to the wind and be like, where what's

710
00:31:53,080 --> 00:31:56,239
Speaker 2: going on right now? And the discrepancy between what you're

711
00:31:56,280 --> 00:31:57,800
Speaker 2: going to pay when you buy a house for that

712
00:31:57,840 --> 00:31:59,920
Speaker 2: mortgage and what you're going to pay in rent for

713
00:32:00,120 --> 00:32:03,000
Speaker 2: a similar single family home, You're going to save a

714
00:32:03,040 --> 00:32:05,360
Speaker 2: lot of money renting. In twenty twenty five and twenty eleven,

715
00:32:05,400 --> 00:32:07,840
Speaker 2: that wasn't the case, And so you just have to

716
00:32:07,880 --> 00:32:11,280
Speaker 2: like understand also, like what's happening in the market. The

717
00:32:11,320 --> 00:32:14,000
Speaker 2: housing market is in an interesting spot. Rents have been

718
00:32:14,160 --> 00:32:16,800
Speaker 2: declining in a lot of places, in particular in certain

719
00:32:16,800 --> 00:32:20,480
Speaker 2: markets like Austin or Boise that experienced extreme run ups,

720
00:32:20,520 --> 00:32:22,800
Speaker 2: and so I think that's really important to not just

721
00:32:22,880 --> 00:32:26,560
Speaker 2: be like assume that owning a home is the pathway

722
00:32:26,640 --> 00:32:28,320
Speaker 2: to building wealth, Like that's the way I'm going to

723
00:32:28,360 --> 00:32:31,080
Speaker 2: make it and realize, well, actually, a lot of people

724
00:32:31,080 --> 00:32:33,040
Speaker 2: that bought homes in the past year are kind of

725
00:32:33,080 --> 00:32:35,560
Speaker 2: kicking themselves, are having a hard time, hard go of it.

726
00:32:36,480 --> 00:32:38,760
Speaker 1: Well, I think that is the data changes, right, I

727
00:32:38,800 --> 00:32:40,600
Speaker 1: mean in the amount of money it takes for a

728
00:32:40,640 --> 00:32:43,960
Speaker 1: down payment now just continues to go sky high. I

729
00:32:44,040 --> 00:32:47,520
Speaker 1: was speaking to a gentleman in southern California. When he

730
00:32:47,600 --> 00:32:51,200
Speaker 1: bought his first house, he put down ten thousand dollars

731
00:32:51,400 --> 00:32:54,640
Speaker 1: maybe it's twelve thousand dollars now. For his daughter, who

732
00:32:54,720 --> 00:32:57,840
Speaker 1: has a good job making I think eighty five thousand

733
00:32:57,840 --> 00:33:01,240
Speaker 1: dollars right out of college, you know, nice solid start.

734
00:33:01,600 --> 00:33:05,400
Speaker 1: She's got to accumulate, you know, five times that just

735
00:33:05,440 --> 00:33:08,840
Speaker 1: to live anywhere close to that neighborhood, yeap, just to

736
00:33:08,880 --> 00:33:11,920
Speaker 1: sniff a house, right. Yeah. And then there's another thing too,

737
00:33:12,040 --> 00:33:14,440
Speaker 1: because I love the fact that Joel you mentioned economic

738
00:33:14,440 --> 00:33:17,640
Speaker 1: conditions are changing. But really, even with the old metrics

739
00:33:17,680 --> 00:33:19,400
Speaker 1: of don't buy a house unless you know you're going

740
00:33:19,480 --> 00:33:23,360
Speaker 1: to live there seven years, the statistics even have changed

741
00:33:23,720 --> 00:33:26,520
Speaker 1: from twenty eleven to twenty five when it comes to

742
00:33:26,880 --> 00:33:30,200
Speaker 1: job stability. Yeah, I mean people are working more jobs,

743
00:33:30,560 --> 00:33:34,080
Speaker 1: moving more frequently than they have even in twenty eleven.

744
00:33:34,400 --> 00:33:36,800
Speaker 2: Yeah, yeah, that's true too. I know people are worried

745
00:33:36,840 --> 00:33:40,720
Speaker 2: about the job market. We're still relatively low unemployment historically speaking,

746
00:33:40,720 --> 00:33:42,760
Speaker 2: but the job market, I think it also feels like

747
00:33:42,760 --> 00:33:47,080
Speaker 2: a whiplash because, like post COVID, it was an employees

748
00:33:47,480 --> 00:33:49,400
Speaker 2: market and it was like, are you gonna pay me

749
00:33:49,440 --> 00:33:51,680
Speaker 2: thirty percent more than my current employer? Then I don't care,

750
00:33:51,760 --> 00:33:54,040
Speaker 2: I'm not interested. So in some ways that was really

751
00:33:54,040 --> 00:33:56,040
Speaker 2: cool to see because we hadn't seen that much power

752
00:33:56,480 --> 00:33:58,959
Speaker 2: in the hands of workers, the ability to demand more,

753
00:33:59,040 --> 00:34:01,040
Speaker 2: the ability to jump and get paid a whole lot

754
00:34:01,040 --> 00:34:03,400
Speaker 2: more than they were, and that has changed. I don't

755
00:34:03,440 --> 00:34:05,760
Speaker 2: think it's maybe as bad as some of the headlines

756
00:34:05,800 --> 00:34:08,680
Speaker 2: want to make it sound, but I do think it

757
00:34:08,719 --> 00:34:10,560
Speaker 2: is obvious. It's clearly tougher than it was a few

758
00:34:10,600 --> 00:34:13,799
Speaker 2: years ago. But we've also had much more labor markets

759
00:34:13,800 --> 00:34:15,359
Speaker 2: in the United States and we're experiencing right now.

760
00:34:15,520 --> 00:34:16,680
Speaker 1: Joe, how many children do you have?

761
00:34:16,960 --> 00:34:17,560
Speaker 4: I have three.

762
00:34:17,920 --> 00:34:19,759
Speaker 1: If your kid's ever seen you make that head motion

763
00:34:19,920 --> 00:34:23,000
Speaker 1: when you're like uh uh, probably when I'm dancing with

764
00:34:23,280 --> 00:34:25,680
Speaker 1: their mother. They think you're the coolest dat on earth. No,

765
00:34:25,760 --> 00:34:28,759
Speaker 1: not at all. I'm surprised because with moves like that,

766
00:34:28,800 --> 00:34:29,520
Speaker 1: my friend, ever.

767
00:34:29,400 --> 00:34:31,799
Speaker 3: Since he grew out the mustache, I think they he

768
00:34:31,840 --> 00:34:33,160
Speaker 3: clicked up a couple of notches.

769
00:34:33,600 --> 00:34:35,839
Speaker 4: They do like the mustache. The kids are a fan

770
00:34:35,880 --> 00:34:36,080
Speaker 4: of it.

771
00:34:36,120 --> 00:34:38,000
Speaker 1: I will say that, I said while we were sitting

772
00:34:38,000 --> 00:34:39,920
Speaker 1: here at the card table before we went live. I

773
00:34:40,040 --> 00:34:42,640
Speaker 1: even told Joel he just looks like a private detective.

774
00:34:42,800 --> 00:34:45,719
Speaker 1: Like I just I don't know the mustache really does it.

775
00:34:45,920 --> 00:34:48,160
Speaker 2: I should probably wear a monocle. Maybe that'll add even

776
00:34:48,160 --> 00:34:48,880
Speaker 2: more to the mystique.

777
00:34:48,920 --> 00:34:52,239
Speaker 3: You could be alongside Benedict Cumberbatch. There, Yeah, she'll lock

778
00:34:52,280 --> 00:34:53,080
Speaker 3: Holmes reboot.

779
00:34:53,400 --> 00:34:55,200
Speaker 1: I didn't even want to think about that. So let's

780
00:34:55,200 --> 00:34:57,839
Speaker 1: move to number two again. What's second on our list

781
00:34:57,840 --> 00:34:59,759
Speaker 1: of twenty twenty five topics. We're going to go back

782
00:34:59,760 --> 00:35:00,880
Speaker 1: to p its briefly.

783
00:35:01,000 --> 00:35:04,560
Speaker 2: Here show Yes super fun the government shut down, longest

784
00:35:05,000 --> 00:35:08,440
Speaker 2: government shut down in the history of our country, and

785
00:35:08,480 --> 00:35:13,560
Speaker 2: it just points to something so freaking basic but so important,

786
00:35:13,600 --> 00:35:16,480
Speaker 2: which is to plan ahead for bad times.

787
00:35:17,040 --> 00:35:20,000
Speaker 3: This is obviously the emergency fund. Uh, everybody who listens

788
00:35:20,000 --> 00:35:22,160
Speaker 3: to this podcast knows about that. It's also something we

789
00:35:22,200 --> 00:35:24,960
Speaker 3: call the bare bones budget, which is planning ahead and

790
00:35:25,000 --> 00:35:27,040
Speaker 3: saying like, what could we cut in case of emergency,

791
00:35:27,040 --> 00:35:29,319
Speaker 3: And it's really important, we think, to have done that

792
00:35:29,480 --> 00:35:32,480
Speaker 3: due diligence ahead of time, because guess what really sucks

793
00:35:32,640 --> 00:35:34,960
Speaker 3: to get laid off on a Friday and then Saturday

794
00:35:35,080 --> 00:35:36,560
Speaker 3: be like, well, what are we gonna cut? You know,

795
00:35:36,640 --> 00:35:41,439
Speaker 3: and having done that exercise, I think puts power into

796
00:35:41,440 --> 00:35:44,000
Speaker 3: your hands to be able to know exactly what you're

797
00:35:44,040 --> 00:35:46,040
Speaker 3: going to do in the face of uncertainty and in

798
00:35:46,040 --> 00:35:47,520
Speaker 3: the face of not knowing when you're going to get

799
00:35:47,640 --> 00:35:50,799
Speaker 3: another paycheck, and so obviously tough position for a lot

800
00:35:50,800 --> 00:35:53,760
Speaker 3: of people on the government payroll for what nine hundred

801
00:35:53,800 --> 00:35:56,120
Speaker 3: thousand people to go through and to not know when

802
00:35:56,160 --> 00:35:57,640
Speaker 3: this is going to end and feel like it's a

803
00:35:57,680 --> 00:36:00,279
Speaker 3: political football and you are the football being kicked round.

804
00:36:00,840 --> 00:36:04,279
Speaker 3: That sucks, But there are ways to make that hurt

805
00:36:04,320 --> 00:36:08,239
Speaker 3: a little bit less with some solid personal finance planning. Yeah,

806
00:36:08,360 --> 00:36:10,239
Speaker 3: and it's kind of going back to what you're saying too, Joe.

807
00:36:10,239 --> 00:36:14,479
Speaker 3: I mean, it just highlights the fact that in my mind,

808
00:36:14,640 --> 00:36:17,160
Speaker 3: if you would have said twenty years ago, oh, I've

809
00:36:17,160 --> 00:36:20,720
Speaker 3: got a government job that's sort of synonymous with stability,

810
00:36:20,760 --> 00:36:23,480
Speaker 3: with an inability, I don't know, inability to.

811
00:36:23,840 --> 00:36:24,399
Speaker 4: Lose your job.

812
00:36:24,520 --> 00:36:27,320
Speaker 3: Something that feels very stable and upwards and kind of onwards,

813
00:36:27,440 --> 00:36:27,799
Speaker 3: like being.

814
00:36:27,719 --> 00:36:28,920
Speaker 4: A tenured professor or something.

815
00:36:29,040 --> 00:36:29,560
Speaker 6: Yeah.

816
00:36:29,640 --> 00:36:31,719
Speaker 3: Yeah, but for those folks, that's maybe one of the

817
00:36:31,719 --> 00:36:34,640
Speaker 3: biggest lessons learned. And of course, not ignoring the current

818
00:36:34,680 --> 00:36:39,400
Speaker 3: administration's stance towards the size of government. But like, aside

819
00:36:39,440 --> 00:36:42,319
Speaker 3: from politics, like I think it's fair to assess and

820
00:36:42,320 --> 00:36:47,880
Speaker 3: ask the questions, Hey, what jobs, what departments are necessary?

821
00:36:47,960 --> 00:36:49,760
Speaker 3: Is there a way for us to be more efficient?

822
00:36:49,800 --> 00:36:52,399
Speaker 3: I mean that's we do that constantly in our own lives, and.

823
00:36:52,360 --> 00:36:54,399
Speaker 1: So businesses do it. We reward them.

824
00:36:54,640 --> 00:36:57,000
Speaker 2: Yeah, yes, And both sides of the aisle care about

825
00:36:57,000 --> 00:36:59,480
Speaker 2: that and have done different things at different points in

826
00:36:59,560 --> 00:37:04,239
Speaker 2: time to reduce wasteful spending. Right is that where I

827
00:37:04,239 --> 00:37:06,919
Speaker 2: say right s Yeah, yeah, only if you agree, Joe.

828
00:37:07,000 --> 00:37:10,200
Speaker 2: I well, no, I mean like it not to get political,

829
00:37:10,239 --> 00:37:13,560
Speaker 2: but it happened back in the Clinton administration, and it's happened.

830
00:37:13,800 --> 00:37:14,000
Speaker 4: Yeah.

831
00:37:14,080 --> 00:37:17,160
Speaker 2: Both Republicans and Democrats have at a certain point given

832
00:37:17,200 --> 00:37:18,719
Speaker 2: at least lip service to the fact that they care.

833
00:37:18,800 --> 00:37:19,080
Speaker 7: Start.

834
00:37:19,520 --> 00:37:20,719
Speaker 4: Yes, that's the thing. Yeah too.

835
00:37:20,800 --> 00:37:22,560
Speaker 3: I mean regarding lip service, it seems like it's just

836
00:37:22,680 --> 00:37:24,640
Speaker 3: more is is it even lip service now?

837
00:37:24,680 --> 00:37:25,399
Speaker 1: Because that's the thing.

838
00:37:25,520 --> 00:37:27,839
Speaker 3: Like again, man, we really are to like dive into

839
00:37:27,880 --> 00:37:30,080
Speaker 3: the politics here, sorry Joe, But like where do we

840
00:37:30,120 --> 00:37:32,120
Speaker 3: try to take We try we talk about it. We

841
00:37:32,120 --> 00:37:35,120
Speaker 3: try to talk as a political and as both sides

842
00:37:35,120 --> 00:37:37,080
Speaker 3: of the aisle as possible. But when you've got to

843
00:37:37,160 --> 00:37:39,840
Speaker 3: current administration that says, oh, yeah, this is something that

844
00:37:39,880 --> 00:37:42,280
Speaker 3: we care about, and they created this entire new department,

845
00:37:42,400 --> 00:37:44,399
Speaker 3: and then you see the kind of spending that's going

846
00:37:44,440 --> 00:37:45,000
Speaker 3: on on.

847
00:37:45,080 --> 00:37:46,080
Speaker 4: Some ridiculous stuff.

848
00:37:46,080 --> 00:37:48,600
Speaker 3: It makes you question, that makes you scratch your head

849
00:37:48,600 --> 00:37:51,080
Speaker 3: and you start to wonder, oh, it's hardly even lip

850
00:37:51,080 --> 00:37:53,720
Speaker 3: service anymore. Like there is no concern from a fiscal

851
00:37:53,800 --> 00:37:57,200
Speaker 3: responsibility standpoint, Like we are so far past the days

852
00:37:57,200 --> 00:38:00,080
Speaker 3: of the Tea Party and any sort of semblance to

853
00:38:00,320 --> 00:38:04,040
Speaker 3: what taking a personal finance approach from on an individual

854
00:38:04,080 --> 00:38:05,960
Speaker 3: level and trying to apply that to the government. Like

855
00:38:06,000 --> 00:38:08,680
Speaker 3: in hindsight that I feel so quaint, doesn't it feel

856
00:38:08,719 --> 00:38:09,040
Speaker 3: so quaint?

857
00:38:09,120 --> 00:38:11,399
Speaker 4: It just nobody cares about that anymore? Yet nobody does.

858
00:38:11,480 --> 00:38:13,960
Speaker 1: Yees, I was thinking about even reversing that. Guys just

859
00:38:14,040 --> 00:38:17,840
Speaker 1: taking this idea of let's cut wasteful spending and just

860
00:38:18,360 --> 00:38:21,920
Speaker 1: rather than fight with people I don't know on Facebook

861
00:38:22,040 --> 00:38:27,240
Speaker 1: or x or wherever, pick your place, look inward and go, okay,

862
00:38:27,640 --> 00:38:31,759
Speaker 1: if I'm holding myself accountable here, rather than fight about

863
00:38:31,760 --> 00:38:34,560
Speaker 1: stuff I can't control in Washington, where are my wasteful

864
00:38:34,560 --> 00:38:37,719
Speaker 1: spending places? Yeah, and by wasteful, I don't mean being

865
00:38:37,880 --> 00:38:39,880
Speaker 1: judgy because there's stuff that I love, Like I'm not

866
00:38:39,920 --> 00:38:42,520
Speaker 1: cutting out my Andy's ice cream, Like I freaking love

867
00:38:42,600 --> 00:38:45,200
Speaker 1: Andy's ice cream. Those people know me. I got to

868
00:38:45,280 --> 00:38:48,800
Speaker 1: keep that business afloat. It's a focus helping the community

869
00:38:48,800 --> 00:38:51,120
Speaker 1: and everything. You know, I literally have a line item

870
00:38:51,160 --> 00:38:51,720
Speaker 1: on my budget.

871
00:38:51,760 --> 00:38:53,640
Speaker 3: Joe, when this new brewery that opened up in town,

872
00:38:53,719 --> 00:38:56,000
Speaker 3: and I said, you know what, craft beers having a moment,

873
00:38:56,080 --> 00:38:57,920
Speaker 3: Like in a tough moment, right, there's more breweries that

874
00:38:57,960 --> 00:38:59,480
Speaker 3: are closing that close this year.

875
00:39:00,000 --> 00:39:00,600
Speaker 1: It's our number one.

876
00:39:00,640 --> 00:39:04,000
Speaker 3: It's it's craft beer related. Just kidding, but I want

877
00:39:04,040 --> 00:39:05,839
Speaker 3: to make sure that they succeed, right. And so to

878
00:39:05,960 --> 00:39:08,279
Speaker 3: intentionally spend your money in a way that some people

879
00:39:08,320 --> 00:39:10,399
Speaker 3: would call wasteful, and we call that the craft beer

880
00:39:10,400 --> 00:39:12,760
Speaker 3: equivalent but I literally do that with a local brewery

881
00:39:13,000 --> 00:39:15,279
Speaker 3: and guess what, every date night, my wife and I

882
00:39:15,320 --> 00:39:16,480
Speaker 3: we swing by there and we have.

883
00:39:16,440 --> 00:39:18,239
Speaker 1: A beer and we chat and you love it and

884
00:39:18,280 --> 00:39:18,880
Speaker 1: we love it.

885
00:39:18,760 --> 00:39:20,680
Speaker 4: It's so great, not wasteful at all.

886
00:39:20,760 --> 00:39:22,960
Speaker 1: But when you're blowing cash on stuff that you don't

887
00:39:23,000 --> 00:39:27,080
Speaker 1: care about, door dashing some reheated meal or whatever that

888
00:39:27,120 --> 00:39:29,879
Speaker 1: you truly don't care about, you know, what are you doing?

889
00:39:30,800 --> 00:39:33,160
Speaker 1: Love that? What was the point of number two where

890
00:39:33,320 --> 00:39:34,200
Speaker 1: we where do we begin?

891
00:39:34,760 --> 00:39:38,840
Speaker 2: It was like government shut down, Be prepared. There's stuff

892
00:39:38,840 --> 00:39:40,600
Speaker 2: that can come out of left field and just kind

893
00:39:40,600 --> 00:39:42,840
Speaker 2: of smacky in the face. Most of the time. You

894
00:39:42,880 --> 00:39:45,960
Speaker 2: can't be like you don't have fore warning, but you

895
00:39:46,000 --> 00:39:47,920
Speaker 2: know what, you do have the ability to plan for

896
00:39:47,960 --> 00:39:48,759
Speaker 2: the unexpected.

897
00:39:49,560 --> 00:39:52,640
Speaker 1: This is also where I think, you know, the argument

898
00:39:52,800 --> 00:39:55,960
Speaker 1: of uh, don't pay down debt that has a low

899
00:39:56,000 --> 00:39:58,600
Speaker 1: interest rate, continue to just make payments on it also

900
00:39:58,719 --> 00:40:02,680
Speaker 1: falters because it's really focusing on free cash flow during

901
00:40:02,719 --> 00:40:05,200
Speaker 1: that time. Like people that had a lot of free

902
00:40:05,280 --> 00:40:10,000
Speaker 1: cash flow, I'll bet had a ton easier time getting

903
00:40:10,000 --> 00:40:12,480
Speaker 1: through the shutdown if they lost their job than people

904
00:40:12,480 --> 00:40:14,840
Speaker 1: that needed every single penny of that paycheck.

905
00:40:15,040 --> 00:40:17,160
Speaker 2: Yeah, that's true, although when you think about it, if

906
00:40:17,200 --> 00:40:20,320
Speaker 2: you're making extra payments towards let's say a low interest

907
00:40:20,400 --> 00:40:23,680
Speaker 2: rate mortgage, you're taking some of what you could have done,

908
00:40:23,719 --> 00:40:26,440
Speaker 2: which is kept it liquid in the case of an emergency.

909
00:40:26,440 --> 00:40:28,799
Speaker 2: You've given yourself optionality with that money, and you're not

910
00:40:28,880 --> 00:40:31,320
Speaker 2: losing much in the process. If it's in a higal

911
00:40:31,400 --> 00:40:33,520
Speaker 2: savings campaign three point seventy five and your mortgage is

912
00:40:33,520 --> 00:40:36,359
Speaker 2: three and a quarter, prepaying the mortgage, not only does

913
00:40:36,400 --> 00:40:38,080
Speaker 2: it not make a ton of math sense, but it

914
00:40:38,120 --> 00:40:40,719
Speaker 2: also cost you liquidity in the case of one of

915
00:40:40,719 --> 00:40:42,640
Speaker 2: those unforeseen circumstances coming down the pike.

916
00:40:43,200 --> 00:40:45,640
Speaker 1: Yeah. I like both sides of that argument. I like

917
00:40:45,680 --> 00:40:47,840
Speaker 1: my side better, but you know, whatever on my side's

918
00:40:47,840 --> 00:40:51,760
Speaker 1: probably yeah, But well, yeah, I do like the idea.

919
00:40:51,880 --> 00:40:54,279
Speaker 1: I do like the idea joll of this. This is

920
00:40:54,280 --> 00:40:56,280
Speaker 1: what I used to tell my clients that were paying

921
00:40:56,320 --> 00:41:00,960
Speaker 1: down debt directly to their loan, which was, if your

922
00:41:01,080 --> 00:41:04,719
Speaker 1: one payment away from paying your house off and you

923
00:41:04,800 --> 00:41:08,520
Speaker 1: can't afford to make that last payment, do they only

924
00:41:08,680 --> 00:41:11,719
Speaker 1: take away the one piece, little tiny chunk of the

925
00:41:11,760 --> 00:41:14,120
Speaker 1: house that you didn't pay or do they take the

926
00:41:14,280 --> 00:41:16,560
Speaker 1: entire house and they take the entire house.

927
00:41:16,600 --> 00:41:17,160
Speaker 4: It's true.

928
00:41:17,400 --> 00:41:20,000
Speaker 1: I still like the idea of it's not always about

929
00:41:20,000 --> 00:41:23,640
Speaker 1: the interest rate discussion. It is often about free cash flow.

930
00:41:23,640 --> 00:41:25,839
Speaker 1: I mean, we evaluate stocks based on free cash flow.

931
00:41:26,080 --> 00:41:29,120
Speaker 1: We'll evaluate you know people, healthy living is free cash flow.

932
00:41:29,120 --> 00:41:31,200
Speaker 1: And if I can create more free cash flow in

933
00:41:31,239 --> 00:41:33,120
Speaker 1: my life, how cool is that? Because then I can

934
00:41:33,160 --> 00:41:37,239
Speaker 1: go with Matt to the to the brewery and keep

935
00:41:37,239 --> 00:41:39,319
Speaker 1: them in the bilging ice cream after the fact too,

936
00:41:39,640 --> 00:41:42,960
Speaker 1: beer and ice cream. We'll get all the we're healthy

937
00:41:42,960 --> 00:41:46,239
Speaker 1: folks over here in the basements. Can't imagine? All right,

938
00:41:46,280 --> 00:41:49,319
Speaker 1: we're up to the number one. I got goosebumps, just

939
00:41:49,360 --> 00:41:51,880
Speaker 1: can't wait. Okay, what is the number one thing we

940
00:41:51,880 --> 00:41:54,040
Speaker 1: should have learned from in twenty twenty five? Do you

941
00:41:54,080 --> 00:41:55,400
Speaker 1: want to switch it up? Do you feel like we

942
00:41:55,480 --> 00:41:58,120
Speaker 1: need to go big or something that impacts We're gonna

943
00:41:58,120 --> 00:41:59,759
Speaker 1: go out. What are you gonna do? You're gonna pull

944
00:41:59,760 --> 00:42:03,360
Speaker 1: something instead of it kind of impacts everything?

945
00:42:03,520 --> 00:42:03,840
Speaker 4: Okay?

946
00:42:04,040 --> 00:42:04,320
Speaker 1: Sorry?

947
00:42:04,440 --> 00:42:06,520
Speaker 3: Is it okay that we're having an on air conversation

948
00:42:06,760 --> 00:42:09,840
Speaker 3: as to what's show we should actually deliver on the radio.

949
00:42:10,040 --> 00:42:13,560
Speaker 1: It's great radio. Everyone loves to know how the sausage

950
00:42:13,600 --> 00:42:13,799
Speaker 1: is made.

951
00:42:13,880 --> 00:42:14,879
Speaker 4: Jude, Yeah, they do.

952
00:42:15,400 --> 00:42:17,839
Speaker 3: I think AI like it's got to be at the top,

953
00:42:17,920 --> 00:42:20,160
Speaker 3: right because not only have we seen its impact when

954
00:42:20,160 --> 00:42:23,560
Speaker 3: it comes to investments, I mean, is or is not

955
00:42:24,080 --> 00:42:26,680
Speaker 3: the stock market run up? Does it have more or

956
00:42:26,760 --> 00:42:28,680
Speaker 3: less to do with the mag seven and pretty much

957
00:42:28,680 --> 00:42:30,680
Speaker 3: all the games that we've seen this year has.

958
00:42:30,880 --> 00:42:31,360
Speaker 4: To do with that.

959
00:42:31,600 --> 00:42:34,399
Speaker 3: Are we in a bubble? There's a lot of folks

960
00:42:34,440 --> 00:42:36,640
Speaker 3: who are saying that that that might be the case.

961
00:42:36,880 --> 00:42:40,720
Speaker 1: What do you think, Joe, bubble? Yay, nay. I think

962
00:42:40,920 --> 00:42:43,720
Speaker 1: at some point the stock market always comes down. Yeah,

963
00:42:44,040 --> 00:42:45,759
Speaker 1: that's what I think. I think it's not a matter

964
00:42:45,800 --> 00:42:47,960
Speaker 1: of if, it's a matter of when, and so if

965
00:42:48,000 --> 00:42:49,600
Speaker 1: you're prepared that it's going to happen. I don't know

966
00:42:49,600 --> 00:42:51,680
Speaker 1: if it's gonna happen tomorrow, next week or three years

967
00:42:51,719 --> 00:42:53,800
Speaker 1: from now. But it's always funny people like, do you

968
00:42:53,800 --> 00:42:55,279
Speaker 1: think the market's going to go down? Yes?

969
00:42:56,080 --> 00:42:57,600
Speaker 4: Yeah, yeah, yeah, it's just a matter of when and

970
00:42:57,640 --> 00:42:57,960
Speaker 4: how much?

971
00:42:58,040 --> 00:43:00,920
Speaker 1: Right, Yeah, yeah, so I think I don't know. That's

972
00:43:00,920 --> 00:43:01,760
Speaker 1: about my pay grade.

973
00:43:01,880 --> 00:43:04,520
Speaker 2: So from the macro level, from the stock market level,

974
00:43:04,560 --> 00:43:07,799
Speaker 2: AI certainly one of the biggest stories of the year,

975
00:43:08,280 --> 00:43:12,040
Speaker 2: and then on the micro level, when it comes to careers,

976
00:43:12,320 --> 00:43:14,800
Speaker 2: how AI is implemented, how that's impacting the job market.

977
00:43:14,840 --> 00:43:18,400
Speaker 2: Also when it comes to using AI for personal finance,

978
00:43:18,800 --> 00:43:22,400
Speaker 2: there's pros and cons to that in some ways, like

979
00:43:22,719 --> 00:43:25,960
Speaker 2: I was asking it about five twenty nine accounts in

980
00:43:26,000 --> 00:43:28,919
Speaker 2: my state and it totally led me astray and told

981
00:43:28,920 --> 00:43:30,799
Speaker 2: me that I could contribute half as much as I

982
00:43:30,880 --> 00:43:32,360
Speaker 2: was able to and get a tax break. So I

983
00:43:32,480 --> 00:43:34,719
Speaker 2: was like, glad, I know better than you. But then

984
00:43:34,719 --> 00:43:37,080
Speaker 2: there are other ways in which I've seen people be

985
00:43:37,120 --> 00:43:40,000
Speaker 2: able to use it effectively, Like one of those instances

986
00:43:40,000 --> 00:43:42,279
Speaker 2: being like I got this like really insane medical bill.

987
00:43:42,800 --> 00:43:44,880
Speaker 2: What do I do in response to this? And we

988
00:43:44,960 --> 00:43:47,920
Speaker 2: have podcast episodes about that with like experts. I know

989
00:43:47,960 --> 00:43:50,719
Speaker 2: you do two Joe, that's a really important topic. But

990
00:43:50,880 --> 00:43:53,720
Speaker 2: AI can help you like fight the man and clutch

991
00:43:53,719 --> 00:43:56,280
Speaker 2: your money back from the system that's trying to steal

992
00:43:56,320 --> 00:43:59,640
Speaker 2: your dollars because there's so much inefficiency in the healthcare

993
00:43:59,640 --> 00:44:02,319
Speaker 2: system and there's so much like overbilling, and there's so

994
00:44:02,360 --> 00:44:05,040
Speaker 2: many ways that you can go about even as simple

995
00:44:05,080 --> 00:44:07,000
Speaker 2: as like well how much money I do do I make?

996
00:44:07,000 --> 00:44:10,560
Speaker 2: And do I qualify for a full forgiveness of this bill?

997
00:44:10,600 --> 00:44:13,080
Speaker 2: That I've received in the mail. So I think AI

998
00:44:13,239 --> 00:44:15,160
Speaker 2: is one of those things where I'm curious to see

999
00:44:15,160 --> 00:44:17,960
Speaker 2: where it goes over the coming years. There's some pausities,

1000
00:44:18,000 --> 00:44:21,640
Speaker 2: but there's some negatives, and again, discerning individual like that's

1001
00:44:21,680 --> 00:44:23,440
Speaker 2: what so much comes down to, Right, You just have

1002
00:44:23,480 --> 00:44:25,200
Speaker 2: to be discerning in the age of AI because there's

1003
00:44:25,239 --> 00:44:26,440
Speaker 2: like a lot of fake stuff out there, and then

1004
00:44:26,440 --> 00:44:27,480
Speaker 2: there's some helpful parts of it.

1005
00:44:27,600 --> 00:44:27,759
Speaker 1: Yeah.

1006
00:44:27,840 --> 00:44:29,759
Speaker 3: Yeah, So like, so we're talking about it at an

1007
00:44:29,760 --> 00:44:32,040
Speaker 3: investment level, you're talking about it like on a personal level,

1008
00:44:32,080 --> 00:44:34,200
Speaker 3: how you can use it as a tool, but then

1009
00:44:34,400 --> 00:44:37,319
Speaker 3: just from a workforce standpoint as well, Right, And there's

1010
00:44:37,400 --> 00:44:41,120
Speaker 3: reports about it that it's capable of replacing currently twelve

1011
00:44:41,160 --> 00:44:44,520
Speaker 3: percent of the current workforce. I think that's something that

1012
00:44:44,560 --> 00:44:46,680
Speaker 3: we've got to really wrestle with and trying to figure

1013
00:44:46,760 --> 00:44:50,239
Speaker 3: out for And folks are like, I think that's one

1014
00:44:50,239 --> 00:44:52,000
Speaker 3: of the encouraging things too, Right, the fact that people

1015
00:44:52,040 --> 00:44:54,640
Speaker 3: are responding to it, Like you see folks who are

1016
00:44:54,640 --> 00:44:57,200
Speaker 3: applying to be computer science majors, like you are seeing

1017
00:44:57,200 --> 00:44:59,879
Speaker 3: people respond to the writing on the wall, and there's

1018
00:45:00,000 --> 00:45:02,759
Speaker 3: saying Okay, yeah, I don't see I don't see a

1019
00:45:02,800 --> 00:45:04,720
Speaker 3: future I thought I was going to do that, but

1020
00:45:04,800 --> 00:45:07,279
Speaker 3: let's maybe let's pivot a little bit, and I think

1021
00:45:07,480 --> 00:45:11,200
Speaker 3: giving I think as individuals we have to be especially

1022
00:45:11,239 --> 00:45:13,560
Speaker 3: if you are in an industry that is a bit

1023
00:45:13,560 --> 00:45:15,880
Speaker 3: more dynamic right now, you got to be away. You

1024
00:45:15,920 --> 00:45:19,399
Speaker 3: can't just like blindly enter into that and assume hope

1025
00:45:19,440 --> 00:45:21,160
Speaker 3: for the best. Like, these are decisions that we have

1026
00:45:21,200 --> 00:45:23,920
Speaker 3: to make, trade offs that we have to make and evaluate,

1027
00:45:24,160 --> 00:45:25,840
Speaker 3: like what is this going to mean for me for

1028
00:45:25,960 --> 00:45:28,160
Speaker 3: my industry as well? Not just using it like a tool,

1029
00:45:28,320 --> 00:45:30,279
Speaker 3: which I think everybody's pretty much doing right, Like there's

1030
00:45:30,320 --> 00:45:32,520
Speaker 3: no we're not going to argue one way or the

1031
00:45:32,560 --> 00:45:33,320
Speaker 3: other there.

1032
00:45:33,080 --> 00:45:35,440
Speaker 4: Like it's like essentially it's replaced Google for.

1033
00:45:35,480 --> 00:45:37,640
Speaker 3: Me, right, Like these are the same dumb questions of

1034
00:45:38,080 --> 00:45:39,720
Speaker 3: like if you look at my history, it's like stuff

1035
00:45:39,719 --> 00:45:41,680
Speaker 3: that I should know, but I just Google because I

1036
00:45:41,680 --> 00:45:42,880
Speaker 3: want to help a double check.

1037
00:45:42,960 --> 00:45:45,279
Speaker 1: Don't look at his history you don't want you don't

1038
00:45:45,280 --> 00:45:48,399
Speaker 1: want to know Joels is Katy Perry in space? Yeah

1039
00:45:48,400 --> 00:45:50,640
Speaker 1: it is. I love those memes, all the memes. I'm

1040
00:45:50,640 --> 00:45:51,360
Speaker 1: here for them.

1041
00:45:51,560 --> 00:45:54,239
Speaker 2: But there's something like thirty year olds are saying, like,

1042
00:45:54,280 --> 00:45:55,719
Speaker 2: but I was told to go to college and then

1043
00:45:55,719 --> 00:45:57,520
Speaker 2: everything would be fine. And I think we're seeing a

1044
00:45:57,560 --> 00:46:02,759
Speaker 2: generational shift too, where jens Ze teenagers are like, I'm

1045
00:46:02,800 --> 00:46:04,960
Speaker 2: seeing what's happening up there. I think I might need

1046
00:46:05,000 --> 00:46:06,560
Speaker 2: to take a different route. I'm seeing the writing on

1047
00:46:06,600 --> 00:46:08,440
Speaker 2: the wall with AI. I'm seeing what happened to the

1048
00:46:08,480 --> 00:46:11,320
Speaker 2: generation that went before me. And it's not that we

1049
00:46:11,360 --> 00:46:14,440
Speaker 2: would never suggest that like college is like a ripoff

1050
00:46:14,480 --> 00:46:17,000
Speaker 2: or a ridiculous idea for most people. But again you

1051
00:46:17,080 --> 00:46:19,279
Speaker 2: have to think twice, think about, well, how much is

1052
00:46:19,280 --> 00:46:20,160
Speaker 2: it going to cost, what sort of.

1053
00:46:20,239 --> 00:46:21,440
Speaker 1: Education am I get? What am I going to be

1054
00:46:21,480 --> 00:46:22,480
Speaker 1: able to do with that education?

1055
00:46:22,520 --> 00:46:24,239
Speaker 2: At the end of the day, in the world of AI,

1056
00:46:24,680 --> 00:46:27,440
Speaker 2: you have to ask those questions in a much deeper

1057
00:46:27,480 --> 00:46:29,440
Speaker 2: way to make a good decision. And I think in

1058
00:46:29,480 --> 00:46:31,520
Speaker 2: particularly the cost of it matters so much. If you

1059
00:46:31,520 --> 00:46:33,399
Speaker 2: can go to college for one hundred and fifty grand

1060
00:46:33,520 --> 00:46:36,080
Speaker 2: or if you can get that same degree for twelve

1061
00:46:36,080 --> 00:46:39,120
Speaker 2: thousand dollars, there really is that level of disparity between

1062
00:46:39,160 --> 00:46:41,680
Speaker 2: different schools that you can choose to go to, when

1063
00:46:41,719 --> 00:46:43,560
Speaker 2: it comes to scholarships, when it comes to financial aid,

1064
00:46:43,560 --> 00:46:46,320
Speaker 2: when it comes to prestige and getting the degree for

1065
00:46:46,360 --> 00:46:48,879
Speaker 2: a whole lot less matters even more now I.

1066
00:46:48,840 --> 00:46:52,280
Speaker 1: Think a great stoic perspective on everything you guys just said.

1067
00:46:52,640 --> 00:46:55,560
Speaker 1: It just makes me think of if, at any time

1068
00:46:55,600 --> 00:46:59,680
Speaker 1: in my life I feel complacent and like everything is safe.

1069
00:47:00,600 --> 00:47:04,719
Speaker 1: This year proved that that may be wrong. Yeah that

1070
00:47:05,960 --> 00:47:08,480
Speaker 1: you know, my job is safe because I'm a lawyer.

1071
00:47:08,640 --> 00:47:11,720
Speaker 1: Look at the destruction AIS had on the bottom layers

1072
00:47:11,840 --> 00:47:15,000
Speaker 1: of legal firms, in the number of jobs that got

1073
00:47:15,040 --> 00:47:17,840
Speaker 1: replaced there very quickly. Look at what's going to happen

1074
00:47:17,920 --> 00:47:21,160
Speaker 1: to truck drivers over the next several years. Is he's

1075
00:47:21,160 --> 00:47:24,560
Speaker 1: self driving trucks? You know, come online more and more

1076
00:47:24,560 --> 00:47:27,560
Speaker 1: and more. Look what's largely happened in well, shoot, pick

1077
00:47:27,680 --> 00:47:30,400
Speaker 1: a ton of fields in journalism where you know this

1078
00:47:30,520 --> 00:47:34,600
Speaker 1: Pakistani newspaper just got caught leaving the prompt at the

1079
00:47:34,640 --> 00:47:38,200
Speaker 1: bottom of the article that was supposedly written by a human.

1080
00:47:38,880 --> 00:47:42,799
Speaker 1: Oh this was great. It's just stellar journalism where it

1081
00:47:42,800 --> 00:47:47,480
Speaker 1: says write a piece for me x YZ. Well.

1082
00:47:47,520 --> 00:47:49,880
Speaker 4: The great thing is it can't touch podcasting, right.

1083
00:47:50,400 --> 00:47:53,399
Speaker 1: No, not at all, And yet this year we saw

1084
00:47:54,280 --> 00:47:56,840
Speaker 1: have you seen have you seen those fake podcasters? And

1085
00:47:56,880 --> 00:47:58,239
Speaker 1: how good they are? I haven't?

1086
00:47:58,280 --> 00:47:58,719
Speaker 3: Are they good?

1087
00:47:58,840 --> 00:48:01,319
Speaker 4: Like Google? The notebook, I should be worried.

1088
00:48:01,360 --> 00:48:04,960
Speaker 3: It's it's really impressive because they can imitate what people

1089
00:48:05,000 --> 00:48:08,080
Speaker 3: come to expect out of a podcast. But honestly, like,

1090
00:48:08,200 --> 00:48:11,960
Speaker 3: I mean, I'm not personally too concerned. Maybe I should be, Joe,

1091
00:48:12,040 --> 00:48:14,399
Speaker 3: you let me know after the fact, we'll hit, we'll

1092
00:48:14,400 --> 00:48:15,920
Speaker 3: stop recording, and then you let me know if I

1093
00:48:15,920 --> 00:48:17,360
Speaker 3: should be shaking in my boots.

1094
00:48:17,800 --> 00:48:20,400
Speaker 1: But I just think we should always be concerned. I mean,

1095
00:48:20,520 --> 00:48:23,120
Speaker 1: there should always be I think it's a great perspective,

1096
00:48:23,200 --> 00:48:25,080
Speaker 1: right when you plan, plan for the worst, and then

1097
00:48:25,080 --> 00:48:26,600
Speaker 1: when the best appens, you're always grateful.

1098
00:48:26,680 --> 00:48:28,879
Speaker 3: Yeah, yeah, I guess there's an element of always looking

1099
00:48:28,920 --> 00:48:30,680
Speaker 3: over our shoulder. But like what I'm speaking to is

1100
00:48:30,680 --> 00:48:32,640
Speaker 3: the fact that so much of what and I'm sure

1101
00:48:32,680 --> 00:48:34,040
Speaker 3: you've seen this, right, like so much of what we

1102
00:48:34,040 --> 00:48:37,440
Speaker 3: talk about. Yeah, we're talking about personal finance, but we are, man,

1103
00:48:37,760 --> 00:48:39,480
Speaker 3: this is going to start getting really insider baseball.

1104
00:48:39,520 --> 00:48:41,000
Speaker 1: But like we're drawing on personal stories.

1105
00:48:41,040 --> 00:48:44,440
Speaker 3: It's about stuff that we're doing today, things lessons that

1106
00:48:44,480 --> 00:48:45,759
Speaker 3: we have learned as individuals.

1107
00:48:46,400 --> 00:48:48,840
Speaker 1: You don't get that with no large language models. I

1108
00:48:48,840 --> 00:48:49,600
Speaker 1: don't know like it does.

1109
00:48:49,640 --> 00:48:53,600
Speaker 3: All is Gemini placing an instacart order and learning that

1110
00:48:54,480 --> 00:48:56,880
Speaker 3: it's paying fifty percent more, you know, for it's all

1111
00:48:56,920 --> 00:48:57,239
Speaker 3: the order.

1112
00:48:57,320 --> 00:48:58,000
Speaker 1: That's something that I.

1113
00:48:57,960 --> 00:49:01,719
Speaker 3: Literally I learned recently, you know, that really pissed me off.

1114
00:49:02,840 --> 00:49:04,960
Speaker 1: Like I was always embarrassed to share that because.

1115
00:49:04,719 --> 00:49:09,480
Speaker 3: I'm like, I'm like the frugal Aldi leftover eaten son

1116
00:49:09,520 --> 00:49:12,720
Speaker 3: of a gun that doesn't throw any of his leftovers away.

1117
00:49:13,360 --> 00:49:15,800
Speaker 1: And then I was like, oh my gosh, I got duped.

1118
00:49:16,239 --> 00:49:18,080
Speaker 3: They fooled me, They tricked me, And that's not something

1119
00:49:18,080 --> 00:49:19,839
Speaker 3: that happens to computers, right, Computers.

1120
00:49:19,480 --> 00:49:21,480
Speaker 1: All nice, and you went to Aldi in the first place,

1121
00:49:21,960 --> 00:49:23,120
Speaker 1: got ripped away from you.

1122
00:49:23,280 --> 00:49:26,520
Speaker 3: Yeah, yeah, yeah, there's something about that that feels doubly bad.

1123
00:49:26,640 --> 00:49:28,600
Speaker 1: Like if it happened at Whole Foods, I'm like, yeah,

1124
00:49:28,640 --> 00:49:29,440
Speaker 1: what do you expect?

1125
00:49:30,480 --> 00:49:32,400
Speaker 3: I was like artisanal beef jerky, of course I was

1126
00:49:32,400 --> 00:49:34,640
Speaker 3: going to pay premium for that, but not for my

1127
00:49:35,440 --> 00:49:38,000
Speaker 3: what's it the Aldi egg brand.

1128
00:49:37,800 --> 00:49:39,360
Speaker 1: Or whatever something Happy farms.

1129
00:49:39,800 --> 00:49:42,279
Speaker 3: Not for Happy Farms, Like come on, if I treat

1130
00:49:42,320 --> 00:49:46,080
Speaker 3: you like that, I'm getting Happy Farms cheese, Like I'm

1131
00:49:46,080 --> 00:49:49,400
Speaker 3: expecting to pay slightly more than like government cheese prices,

1132
00:49:49,480 --> 00:49:50,160
Speaker 3: you know, like, come on.

1133
00:49:50,920 --> 00:49:53,040
Speaker 1: Those are the types of stories that AI doesn't give you,

1134
00:49:53,239 --> 00:49:57,040
Speaker 1: but you do get on the How the Money podcast. So, guys,

1135
00:49:57,120 --> 00:50:00,560
Speaker 1: thanks for sharing five stories that we can learn from

1136
00:50:00,600 --> 00:50:03,239
Speaker 1: this year. Let's talk about what's going on and how

1137
00:50:03,320 --> 00:50:05,880
Speaker 1: to Money. You guys know both our listeners are probably

1138
00:50:05,920 --> 00:50:09,640
Speaker 1: asleep at this point, so say something that you normally

1139
00:50:09,640 --> 00:50:12,560
Speaker 1: wouldn't stay on air about what's coming up, Like some

1140
00:50:12,719 --> 00:50:16,920
Speaker 1: big reveal of some big topic that's going to happen

1141
00:50:16,960 --> 00:50:20,040
Speaker 1: at How the Money that the Stacker universe will know.

1142
00:50:20,120 --> 00:50:22,320
Speaker 3: First, Matt's going to start live streaming on Rumble, but

1143
00:50:22,320 --> 00:50:24,439
Speaker 3: he's going to do a nude and I just think

1144
00:50:24,480 --> 00:50:26,480
Speaker 3: it's going to be really appealing to a wide trying

1145
00:50:26,520 --> 00:50:28,839
Speaker 3: to supplement the how to Money income with a little

1146
00:50:28,840 --> 00:50:32,080
Speaker 3: bit of additional Holy fans kind of revenue is just

1147
00:50:32,120 --> 00:50:32,960
Speaker 3: streaming in.

1148
00:50:33,160 --> 00:50:37,440
Speaker 1: Here, Matt, here's my wallet, damn it, Just sign me up.

1149
00:50:37,520 --> 00:50:44,319
Speaker 3: I just got a notification that, like a Joe Joe

1150
00:50:44,400 --> 00:50:45,000
Speaker 3: ss just.

1151
00:50:45,239 --> 00:50:50,200
Speaker 1: So seally benefit here is that I don't.

1152
00:50:50,040 --> 00:50:51,680
Speaker 4: Have to pay taxes because that's a tip.

1153
00:50:51,840 --> 00:50:57,080
Speaker 1: That's right, see that we both win both ways.

1154
00:50:57,239 --> 00:50:58,040
Speaker 4: I love it, amen.

1155
00:50:58,200 --> 00:51:00,920
Speaker 1: Yeah, all because of the new government, what's coming up

1156
00:51:00,960 --> 00:51:01,920
Speaker 1: on how to many guys.

1157
00:51:01,800 --> 00:51:04,279
Speaker 2: Dude, we're going to keep podcasting. We're going to keep

1158
00:51:04,480 --> 00:51:05,880
Speaker 2: until the AI takes over.

1159
00:51:05,920 --> 00:51:08,360
Speaker 3: Till they read our microphones from our hands, the necessity

1160
00:51:08,360 --> 00:51:10,240
Speaker 3: for us to exist in any way for or fashion.

1161
00:51:10,280 --> 00:51:14,160
Speaker 3: We're gonna keep doing it and just keep interviewing interesting folks.

1162
00:51:14,200 --> 00:51:16,799
Speaker 3: We answered listener questions and the Friday flights I think

1163
00:51:16,840 --> 00:51:19,640
Speaker 3: are my favorite, or we're just like talking about stuff

1164
00:51:19,680 --> 00:51:21,839
Speaker 3: like this, like what is top of mind this week?

1165
00:51:21,840 --> 00:51:23,840
Speaker 3: How does it impact your money? And then typically and

1166
00:51:23,840 --> 00:51:25,880
Speaker 3: then we try to give like an evergreen sort of

1167
00:51:25,920 --> 00:51:28,359
Speaker 3: lesson that comes from it. Well, here's, yeah, here's how

1168
00:51:28,440 --> 00:51:30,440
Speaker 3: might impact your finances. But then what's the long term

1169
00:51:30,480 --> 00:51:32,320
Speaker 3: approach to that, because that's honestly how you win in

1170
00:51:32,360 --> 00:51:35,719
Speaker 3: personal finances taking that long term approach. Every time I

1171
00:51:35,760 --> 00:51:37,800
Speaker 3: try to go like the short term route, man, I

1172
00:51:37,880 --> 00:51:39,560
Speaker 3: end up screwing things up, whether it's like a home

1173
00:51:39,600 --> 00:51:42,200
Speaker 3: rento or like, yeah, like trying to get a gift

1174
00:51:42,200 --> 00:51:43,440
Speaker 3: from my wife and I'm like, I'm just gonna make

1175
00:51:43,480 --> 00:51:45,160
Speaker 3: it super quick, and then it's like a crappy gift

1176
00:51:45,160 --> 00:51:46,520
Speaker 3: and she's like, why'd you get this for me?

1177
00:51:47,360 --> 00:51:48,000
Speaker 4: Don't do that.

1178
00:51:48,000 --> 00:51:51,240
Speaker 1: That's that's at the how to Buddy Podcast, where finer

1179
00:51:51,320 --> 00:51:52,920
Speaker 1: podcasts are found.

1180
00:51:53,239 --> 00:51:53,719
Speaker 4: True story.

1181
00:51:54,040 --> 00:51:57,120
Speaker 1: Thank you so much for mentoring our stackers guys. Glad

1182
00:51:57,120 --> 00:51:58,040
Speaker 1: to be here, Thanks for having us.

1183
00:51:58,160 --> 00:52:00,200
Speaker 4: Great to see you. Joe.

1184
00:52:03,719 --> 00:52:06,840
Speaker 6: Hey, they're stackers. I'm Joe's mom's neighbor, Dug, and today

1185
00:52:06,880 --> 00:52:09,440
Speaker 6: I'm putting up the stockings. So when Santa climbs his

1186
00:52:09,640 --> 00:52:12,440
Speaker 6: fat button down our chimney, he'll know exactly what to

1187
00:52:12,480 --> 00:52:15,480
Speaker 6: do first. I put my own stockings squarely in the middle,

1188
00:52:15,640 --> 00:52:18,880
Speaker 6: of course, with Joe's way down at the end. That

1189
00:52:18,960 --> 00:52:22,120
Speaker 6: dude's getting cold anyway, so it doesn't matter. But speaking

1190
00:52:22,160 --> 00:52:25,640
Speaker 6: of Santa Claus, here's a term our newest stackers might

1191
00:52:25,719 --> 00:52:29,719
Speaker 6: not know. What's the term involving Saint Nick, which describes

1192
00:52:29,760 --> 00:52:32,360
Speaker 6: the upsurge of stocks that happens at the end of

1193
00:52:32,480 --> 00:52:35,440
Speaker 6: many years during the last week of December. I'll be

1194
00:52:35,560 --> 00:52:38,560
Speaker 6: back right after I go check out my own stock portfolio.

1195
00:52:39,200 --> 00:52:42,319
Speaker 6: Let's see. Uh, well, it looks like I've got beef

1196
00:52:42,360 --> 00:52:47,920
Speaker 6: stock and chicken stock. That's incredible. Damn they expired in

1197
00:52:47,960 --> 00:52:50,200
Speaker 6: twenty nineteen. I have to call my broker at the

1198
00:52:50,160 --> 00:53:03,520
Speaker 6: Piggy Wiggly. Hey, they're stackers. I'm souper lover and guy

1199
00:53:03,520 --> 00:53:06,720
Speaker 6: who insists chicken and Stars is way better than chicken

1200
00:53:06,760 --> 00:53:10,640
Speaker 6: noodle fight me, Joe's mom's neighbor, Doug, I gotta admit

1201
00:53:10,760 --> 00:53:13,759
Speaker 6: I'm feeling warm and cozy here in Joe's mom's basement. Heck,

1202
00:53:13,840 --> 00:53:16,279
Speaker 6: this hot water heater puts off enough heat that only

1203
00:53:16,320 --> 00:53:19,680
Speaker 6: three of my toes aren't even numb. But speaking of heat,

1204
00:53:19,880 --> 00:53:22,440
Speaker 6: the stock market often heats up the last week of

1205
00:53:22,480 --> 00:53:25,480
Speaker 6: the year, and investors have a Saint Nick related term

1206
00:53:25,520 --> 00:53:28,240
Speaker 6: for it. What do they call this surge in stock

1207
00:53:28,280 --> 00:53:31,480
Speaker 6: prices during the last five days of trading? It's called

1208
00:53:31,600 --> 00:53:35,000
Speaker 6: the Santa Claus Rally. And now here come two guys

1209
00:53:35,160 --> 00:53:37,800
Speaker 6: rallying back to the mics to finish out twenty twenty

1210
00:53:37,840 --> 00:53:43,279
Speaker 6: five in the strongest way possible. Well, you know, for

1211
00:53:43,400 --> 00:53:47,360
Speaker 6: them it's Joe and Og. Good effort, guys, good effort.

1212
00:53:47,440 --> 00:53:50,040
Speaker 6: You'll get back out there and try your best. Mom's

1213
00:53:50,040 --> 00:53:50,520
Speaker 6: proud you can.

1214
00:53:50,440 --> 00:53:54,080
Speaker 1: Get the participation trophy you participated in the Holiday's good

1215
00:53:54,080 --> 00:53:54,359
Speaker 1: for you.

1216
00:53:54,520 --> 00:53:56,439
Speaker 6: I cut up a whole bunch of oranges for you later,

1217
00:53:57,640 --> 00:53:58,719
Speaker 6: super do I get.

1218
00:53:58,640 --> 00:54:01,080
Speaker 1: A Caprice son as well. By the way, Doug, I

1219
00:54:01,080 --> 00:54:03,239
Speaker 1: haven't had chicken and Stars since I was like nine, og,

1220
00:54:03,360 --> 00:54:05,280
Speaker 1: whin's the last time you had Chicken and Stars?

1221
00:54:05,640 --> 00:54:06,160
Speaker 4: Maybe? Never?

1222
00:54:06,480 --> 00:54:07,359
Speaker 1: Actually, it's so.

1223
00:54:07,440 --> 00:54:09,360
Speaker 6: Much better than regular chicken and noodle?

1224
00:54:09,480 --> 00:54:11,239
Speaker 1: Is it? When's the last time you had it? Doug?

1225
00:54:11,680 --> 00:54:16,040
Speaker 6: Probably in the last two months. Really, we buy it regularly.

1226
00:54:16,080 --> 00:54:19,240
Speaker 6: I love chicken and Stars, Yes, absolutely.

1227
00:54:19,000 --> 00:54:21,560
Speaker 1: Now now I want to buy it.

1228
00:54:22,000 --> 00:54:25,160
Speaker 6: I just you're gonna be like, he's right, damn it.

1229
00:54:25,160 --> 00:54:27,000
Speaker 1: It's gonna set me back a dollar twelve and it's

1230
00:54:27,000 --> 00:54:27,399
Speaker 1: on you.

1231
00:54:27,719 --> 00:54:30,200
Speaker 6: That's crazy that that can of soup is a buck twelve.

1232
00:54:30,480 --> 00:54:32,920
Speaker 1: Yeah, and it's so basic. How about that. That's a

1233
00:54:32,920 --> 00:54:35,600
Speaker 1: blast from the past. Thanks to Joela Matt for hanging

1234
00:54:35,640 --> 00:54:37,720
Speaker 1: out o Gee, I saw the look on your face.

1235
00:54:38,239 --> 00:54:40,359
Speaker 1: Not surprising to you at all that they also thought

1236
00:54:40,480 --> 00:54:43,400
Speaker 1: AI the big news from twenty twenty five. Do you

1237
00:54:43,400 --> 00:54:45,040
Speaker 1: think it's gonna be I think it's gonna be even

1238
00:54:45,040 --> 00:54:46,200
Speaker 1: bigger in twenty twenty six.

1239
00:54:46,800 --> 00:54:49,600
Speaker 5: I'm waiting for it to do something magical. I think

1240
00:54:49,680 --> 00:54:53,759
Speaker 5: right now it's at some level souped up Google. And

1241
00:54:53,840 --> 00:54:56,279
Speaker 5: I find it funny that when you Google something now

1242
00:54:56,280 --> 00:54:57,600
Speaker 5: it's like the AI answer is this.

1243
00:54:57,760 --> 00:55:00,239
Speaker 4: It's like, so the other Google answer is this?

1244
00:55:00,600 --> 00:55:00,839
Speaker 8: Right?

1245
00:55:00,960 --> 00:55:01,200
Speaker 4: You know?

1246
00:55:01,320 --> 00:55:05,200
Speaker 5: Like it's just an in depth Google answer. It's supposedly

1247
00:55:05,840 --> 00:55:06,720
Speaker 5: you know AI.

1248
00:55:06,920 --> 00:55:07,200
Speaker 4: I don't know.

1249
00:55:07,280 --> 00:55:09,360
Speaker 1: It does try to be crazy when you ask Siria

1250
00:55:09,480 --> 00:55:12,239
Speaker 1: questions like would you like me to ask chat GPT? Well, no,

1251
00:55:12,320 --> 00:55:14,279
Speaker 1: I was hoping you could just answer it. I don't

1252
00:55:14,320 --> 00:55:16,360
Speaker 1: care as long as you give me the right answer,

1253
00:55:16,480 --> 00:55:17,239
Speaker 1: do whatever you want.

1254
00:55:17,440 --> 00:55:20,960
Speaker 6: Everybody is talking about and kind of bitching about the AI.

1255
00:55:21,120 --> 00:55:25,400
Speaker 6: That's more consumer facing, I'll say, with all the crazy

1256
00:55:25,480 --> 00:55:27,719
Speaker 6: videos that are getting made or you know, the chat

1257
00:55:27,760 --> 00:55:31,200
Speaker 6: shpet type answers. But the real miracle part that most

1258
00:55:31,239 --> 00:55:35,520
Speaker 6: of us aren't talking about, seeing thinking about is all

1259
00:55:35,600 --> 00:55:38,000
Speaker 6: of the coding that it can do, all of the

1260
00:55:38,120 --> 00:55:42,640
Speaker 6: heavy lifting on basic code structures to create apps that

1261
00:55:42,800 --> 00:55:45,040
Speaker 6: we never see the people are able to do now

1262
00:55:45,080 --> 00:55:48,799
Speaker 6: with almost no or much less coding experience. Stuff has

1263
00:55:48,800 --> 00:55:52,480
Speaker 6: to get cleaned up by more experienced technologists, but there's

1264
00:55:52,520 --> 00:55:56,920
Speaker 6: a lot of fundamental foundational tech stuff that it is

1265
00:55:57,000 --> 00:56:01,680
Speaker 6: doing that unfortunately, Yeah, it's making away some entry level jobs,

1266
00:56:02,080 --> 00:56:06,000
Speaker 6: but that's where I think the real impressive stuff is happening. Oh,

1267
00:56:06,239 --> 00:56:07,719
Speaker 6: we still see, we see all the other st.

1268
00:56:07,719 --> 00:56:11,359
Speaker 1: We're seeing the chrome, just the chromer on the edge. Yeah, Yeah,

1269
00:56:11,400 --> 00:56:13,080
Speaker 1: there's a bunch going on under the hood. Well, let's

1270
00:56:13,080 --> 00:56:16,080
Speaker 1: pivot away from that to our next segment, which is

1271
00:56:16,320 --> 00:56:19,919
Speaker 1: Pivett time, Nenbett time to talk to somebody who said,

1272
00:56:19,920 --> 00:56:23,080
Speaker 1: you know what, I better call Saul see I and Og.

1273
00:56:23,719 --> 00:56:25,360
Speaker 1: This is the part of the show where we shine

1274
00:56:25,400 --> 00:56:30,719
Speaker 1: a light on your questions. Normally we've been tackling these.

1275
00:56:30,719 --> 00:56:32,920
Speaker 1: In twenty twenty six, we'll be teckling with our friend

1276
00:56:32,960 --> 00:56:35,359
Speaker 1: Anna Ellam and we're going to be doing those a

1277
00:56:35,360 --> 00:56:37,560
Speaker 1: lot in twenty twenty six. So Stacky Benjamin's dot com

1278
00:56:37,600 --> 00:56:40,360
Speaker 1: slash voicemail and we already have a few, but we

1279
00:56:40,360 --> 00:56:43,280
Speaker 1: can always use more. But we do have a special

1280
00:56:43,280 --> 00:56:47,080
Speaker 1: one that Mom's Frank Gertrude said we should probably listen to today.

1281
00:56:47,840 --> 00:56:50,799
Speaker 1: This call comes to us from Nick.

1282
00:56:56,360 --> 00:57:01,680
Speaker 8: Hello, Joe and Og. This is Santa hmm, Nick calling

1283
00:57:01,760 --> 00:57:07,720
Speaker 8: from the North Alaska. I have to say I travel

1284
00:57:07,760 --> 00:57:11,120
Speaker 8: around the world once a year and love catching up

1285
00:57:11,160 --> 00:57:14,759
Speaker 8: on the show. It's a jolly good time, even though

1286
00:57:14,800 --> 00:57:20,040
Speaker 8: I don't learn a thing. Here's my question. I've got

1287
00:57:20,280 --> 00:57:24,440
Speaker 8: terrible budget problems. Several years ago, I told them missus

1288
00:57:24,440 --> 00:57:26,720
Speaker 8: that I give presents to a bunch of kids. I

1289
00:57:26,800 --> 00:57:30,480
Speaker 8: don't know pay it forward. She said, you will become

1290
00:57:30,520 --> 00:57:34,080
Speaker 8: a legend. That sort of thing. Well, I have to

1291
00:57:34,160 --> 00:57:39,120
Speaker 8: say it's gotten out of hand. Oh every stink in year,

1292
00:57:39,240 --> 00:57:44,080
Speaker 8: I load up my sleigh in my pickup with all

1293
00:57:44,160 --> 00:57:48,440
Speaker 8: of these toys. It used to be trucks, trains and barbies,

1294
00:57:48,760 --> 00:57:53,560
Speaker 8: but now they want iPads, xboxes and thousand dollar phones.

1295
00:57:53,960 --> 00:57:57,800
Speaker 8: I mean, I give these ankle biters everything they ask for,

1296
00:57:58,080 --> 00:58:01,480
Speaker 8: and they always just come back. I'm asking for more.

1297
00:58:02,720 --> 00:58:05,720
Speaker 8: I know what you're going to say, og, and before

1298
00:58:05,760 --> 00:58:09,280
Speaker 8: you say it, I've already tried to cut my costs.

1299
00:58:09,560 --> 00:58:12,880
Speaker 8: We had the great idea of stuffing things in socks

1300
00:58:12,960 --> 00:58:15,960
Speaker 8: to limit the amounts, but before you know it, that

1301
00:58:16,160 --> 00:58:19,760
Speaker 8: just became an add on. And now these rascals all

1302
00:58:19,800 --> 00:58:23,560
Speaker 8: expect a sock full of junk and their silly presence,

1303
00:58:24,000 --> 00:58:27,720
Speaker 8: oh greedy little and all for what all I get

1304
00:58:27,760 --> 00:58:31,240
Speaker 8: in return is a few Christmas cookies, And now they're

1305
00:58:31,240 --> 00:58:35,280
Speaker 8: all gluten free. Where's the fun in that? Between us?

1306
00:58:35,600 --> 00:58:38,000
Speaker 8: I've even gone so far as to hire a bunch

1307
00:58:38,000 --> 00:58:41,800
Speaker 8: of undocumented workers. They're out in my workshop behind the

1308
00:58:41,880 --> 00:58:45,800
Speaker 8: house making knockoff purses and jewelry as we speak. I

1309
00:58:45,840 --> 00:58:48,439
Speaker 8: wouldn't be surprised if the Feds knock on my door

1310
00:58:48,520 --> 00:58:53,440
Speaker 8: tomorrow and shut us down. And if that weren't a

1311
00:58:53,440 --> 00:58:58,240
Speaker 8: big enough problem, we used deer in our delivery system,

1312
00:58:58,640 --> 00:59:01,720
Speaker 8: and the animal rights people about breathing down my neck.

1313
00:59:02,040 --> 00:59:06,840
Speaker 8: I really truly don't know what to do anymore. So

1314
00:59:07,000 --> 00:59:10,120
Speaker 8: here's what I need to know. How do I cut

1315
00:59:10,200 --> 00:59:13,400
Speaker 8: when there's nothing left to trim? What would you do

1316
00:59:13,560 --> 00:59:17,120
Speaker 8: if you were me? Thanks, guys.

1317
00:59:17,720 --> 00:59:18,880
Speaker 1: That always sounds familiar.

1318
00:59:18,960 --> 00:59:21,920
Speaker 4: I feel like we've heard that before undocumented workers.

1319
00:59:22,360 --> 00:59:24,240
Speaker 1: But what do you do, o gee, when you're just

1320
00:59:24,360 --> 00:59:27,120
Speaker 1: trying to control your cost and you're really not sure

1321
00:59:27,880 --> 00:59:29,240
Speaker 1: where the income's coming from?

1322
00:59:29,720 --> 00:59:32,680
Speaker 5: Just say no? Tried that this year. My mom got

1323
00:59:32,720 --> 00:59:34,840
Speaker 5: all super mad. I called her and I said, Hey,

1324
00:59:34,840 --> 00:59:36,960
Speaker 5: I need you to do one thing for me when

1325
00:59:37,000 --> 00:59:38,959
Speaker 5: I was a kid, and tell me how this worked

1326
00:59:39,000 --> 00:59:40,840
Speaker 5: for you guys, Because Joe, you guys, you had a

1327
00:59:40,840 --> 00:59:43,040
Speaker 5: big family. Doug not as big of a family. I

1328
00:59:43,080 --> 00:59:45,600
Speaker 5: don't think with the nieces and nephews. Did you guys

1329
00:59:45,640 --> 00:59:48,320
Speaker 5: have big like Grandma Grandpa holiday parties where all the

1330
00:59:48,360 --> 00:59:50,760
Speaker 5: aunts and uncles, cousin's, nieces and nephews are at one place.

1331
00:59:50,880 --> 00:59:51,920
Speaker 4: Did y'all do that.

1332
00:59:52,400 --> 00:59:53,840
Speaker 1: Yeah, yeah, yeah.

1333
00:59:53,880 --> 00:59:58,000
Speaker 5: What was the rule on the kids getting presents? Which

1334
00:59:58,040 --> 01:00:01,240
Speaker 5: adults got what kid it's presence? And when did you

1335
01:00:01,360 --> 01:00:04,160
Speaker 5: stop being a kid? Any idea? Was it firm or

1336
01:00:04,240 --> 01:00:06,440
Speaker 5: was it just kind of whatever? In my house, it

1337
01:00:06,480 --> 01:00:09,800
Speaker 5: was always a pretty firm cut off. Oh, I don't know.

1338
01:00:09,920 --> 01:00:14,760
Speaker 1: I felt like sometime during college years, oh it just

1339
01:00:14,840 --> 01:00:15,880
Speaker 1: went yeah bye bye.

1340
01:00:16,640 --> 01:00:17,959
Speaker 6: Yeah, I would agree.

1341
01:00:17,760 --> 01:00:20,400
Speaker 4: Was very very crystal clear.

1342
01:00:20,640 --> 01:00:23,840
Speaker 5: Eighth after high school, you didn't get any presents except

1343
01:00:23,880 --> 01:00:26,000
Speaker 5: for Graham and Grandpa will get your president obviously, but

1344
01:00:26,320 --> 01:00:28,320
Speaker 5: you know, because before that, there was you know, aunts

1345
01:00:28,360 --> 01:00:30,680
Speaker 5: and uncles, we had godparents. That's how we did it.

1346
01:00:30,720 --> 01:00:33,040
Speaker 5: Was the godparents would give you gifts because we had

1347
01:00:33,080 --> 01:00:35,600
Speaker 5: lots of cousins. But yeah, it was very clear. It

1348
01:00:35,640 --> 01:00:37,600
Speaker 5: was like, once you're out of high school, we're done

1349
01:00:37,600 --> 01:00:39,520
Speaker 5: with that. Now you're just here as an adult to

1350
01:00:40,040 --> 01:00:41,640
Speaker 5: enjoy the company.

1351
01:00:41,720 --> 01:00:42,160
Speaker 4: Basically.

1352
01:00:42,720 --> 01:00:42,919
Speaker 6: Yeah.

1353
01:00:43,280 --> 01:00:44,720
Speaker 4: And so I sent that to my mom.

1354
01:00:44,760 --> 01:00:46,400
Speaker 5: I was like, hey, you know, this is what i'd

1355
01:00:46,400 --> 01:00:48,280
Speaker 5: like to do, and she's like, you deal with that

1356
01:00:48,320 --> 01:00:50,760
Speaker 5: with your siblings, and I'm like, well, the only person

1357
01:00:50,800 --> 01:00:52,920
Speaker 5: that affects is me, because I have an eighteen year

1358
01:00:52,920 --> 01:00:56,480
Speaker 5: old in college and my other brother who has like

1359
01:00:57,040 --> 01:00:59,400
Speaker 5: his kids are thirty and I'm like, I just I

1360
01:00:59,440 --> 01:01:01,320
Speaker 5: don't want there to be any surprises. And since you're

1361
01:01:01,400 --> 01:01:02,560
Speaker 5: the grandma.

1362
01:01:02,520 --> 01:01:04,200
Speaker 1: It should come from you declare it.

1363
01:01:04,480 --> 01:01:07,400
Speaker 5: Go this is how it's gonna be because it's my party.

1364
01:01:07,920 --> 01:01:10,560
Speaker 5: We've got a fight about it, but but yeah, that's

1365
01:01:10,560 --> 01:01:12,240
Speaker 5: what I would do. I would just go, No, you're thirty, man,

1366
01:01:12,240 --> 01:01:14,400
Speaker 5: you're not getting anything from I'm not the funcal for you.

1367
01:01:14,560 --> 01:01:16,400
Speaker 5: I'm the funcal for like the five year old ones.

1368
01:01:17,080 --> 01:01:18,320
Speaker 5: That's how I control costs.

1369
01:01:18,360 --> 01:01:18,520
Speaker 6: Well.

1370
01:01:18,520 --> 01:01:21,560
Speaker 1: I think sometimes it's also an income problem, right, I

1371
01:01:21,560 --> 01:01:23,280
Speaker 1: mean it truly is. You got to just go look

1372
01:01:23,280 --> 01:01:25,040
Speaker 1: for income opportunities, look for a way to kind of

1373
01:01:25,240 --> 01:01:28,840
Speaker 1: score Rais maybe all these different houses he stops at,

1374
01:01:28,880 --> 01:01:30,720
Speaker 1: maybe he gets a little something something from them.

1375
01:01:30,920 --> 01:01:33,360
Speaker 6: At my house, he's turning around that little screen that says,

1376
01:01:33,400 --> 01:01:34,680
Speaker 6: I'm just gonna ask It's just gonna ask you a

1377
01:01:34,720 --> 01:01:35,480
Speaker 6: couple of questions.

1378
01:01:35,880 --> 01:01:38,400
Speaker 4: Exactly does that happened to you?

1379
01:01:38,440 --> 01:01:38,640
Speaker 8: Guys?

1380
01:01:38,680 --> 01:01:38,840
Speaker 1: Yet?

1381
01:01:38,880 --> 01:01:41,000
Speaker 5: On the with the UPS Guy, he's like, I just

1382
01:01:41,040 --> 01:01:43,520
Speaker 5: need the name and quick signature, and I'm just gonna

1383
01:01:43,520 --> 01:01:43,760
Speaker 5: ask you.

1384
01:01:43,720 --> 01:01:44,640
Speaker 4: A quick question right here.

1385
01:01:44,880 --> 01:01:46,360
Speaker 6: Not with a UPS guy.

1386
01:01:46,440 --> 01:01:47,560
Speaker 4: Oh, now it doesn't happen with you.

1387
01:01:47,680 --> 01:01:50,320
Speaker 6: No, no, oh, no, I haven't had that.

1388
01:01:50,480 --> 01:01:52,280
Speaker 1: Thanks for the call, Nick. If you've got a call

1389
01:01:52,400 --> 01:01:55,360
Speaker 1: for us, we're happy to help stacking Benjamin's dot com

1390
01:01:55,360 --> 01:01:56,800
Speaker 1: slash voicemail.

1391
01:01:56,320 --> 01:02:01,560
Speaker 5: These ankle biers. G don't want to get no presence

1392
01:02:01,560 --> 01:02:03,520
Speaker 5: for no ankle biers anymore. I'm trying to get out

1393
01:02:03,520 --> 01:02:05,000
Speaker 5: of it. My mom won't help me.

1394
01:02:05,480 --> 01:02:08,760
Speaker 1: If there is a tradition here, that segment may be

1395
01:02:08,760 --> 01:02:11,920
Speaker 1: one of my favorite traditions. Let's do a quick headline.

1396
01:02:12,600 --> 01:02:15,919
Speaker 7: Hello, darlings, and now it's time to your favorite part

1397
01:02:15,920 --> 01:02:16,400
Speaker 7: of the show.

1398
01:02:16,720 --> 01:02:18,800
Speaker 5: I was stacking Benjamin's headlines.

1399
01:02:19,160 --> 01:02:22,560
Speaker 1: Our headline today comes to us from Investment News again.

1400
01:02:22,600 --> 01:02:24,640
Speaker 1: We had one last week, and I'm turning there again

1401
01:02:24,720 --> 01:02:28,280
Speaker 1: this week. O G because this piece written by Greg

1402
01:02:28,400 --> 01:02:33,280
Speaker 1: Greenberg expect change and investor behavior in twenty twenty six

1403
01:02:33,440 --> 01:02:38,240
Speaker 1: as prediction markets expand. And I'm like, what is prediction markets?

1404
01:02:40,080 --> 01:02:42,240
Speaker 1: Prediction mar Elsie.

1405
01:02:42,720 --> 01:02:46,760
Speaker 5: If you think gambling is is a dictave, this isn't

1406
01:02:46,800 --> 01:02:50,400
Speaker 5: gambling at all. This isn't sports betting. It's sports predicting.

1407
01:02:50,600 --> 01:02:51,440
Speaker 5: It's way different.

1408
01:02:51,640 --> 01:02:55,200
Speaker 1: This is a whole piece. It's a whole piece on

1409
01:02:56,240 --> 01:02:59,200
Speaker 1: sports betting moving further into the mainstream and now prediction

1410
01:02:59,280 --> 01:03:02,160
Speaker 1: markets and platform forms like robin Hood and Stackers. You

1411
01:03:02,240 --> 01:03:04,320
Speaker 1: just heard me let Matt talk about his love hate

1412
01:03:04,360 --> 01:03:07,040
Speaker 1: relationship with Robinhood without saying a word. Aren't you proud

1413
01:03:07,040 --> 01:03:10,240
Speaker 1: of me? I waited until they left before I'm saying anything.

1414
01:03:10,280 --> 01:03:13,640
Speaker 1: But they are accelerating into the space this year, adding

1415
01:03:13,680 --> 01:03:16,800
Speaker 1: these new features and so features. This whole piece o

1416
01:03:16,960 --> 01:03:22,000
Speaker 1: cheage is advisors talking about how do you work with

1417
01:03:22,240 --> 01:03:28,320
Speaker 1: clients to avoid this place where many of the brokerages

1418
01:03:28,960 --> 01:03:29,880
Speaker 1: seem to be headed.

1419
01:03:31,640 --> 01:03:33,880
Speaker 5: The question is how do you tell clients not to

1420
01:03:33,920 --> 01:03:35,720
Speaker 5: do this? Is that your question?

1421
01:03:36,080 --> 01:03:36,240
Speaker 8: Well?

1422
01:03:36,280 --> 01:03:38,120
Speaker 1: But what if they continue to do it? You know

1423
01:03:38,200 --> 01:03:38,560
Speaker 1: what I mean?

1424
01:03:38,760 --> 01:03:38,960
Speaker 4: Care?

1425
01:03:39,880 --> 01:03:43,160
Speaker 5: I mean, I mean it's on you. Well, okay, so

1426
01:03:43,400 --> 01:03:46,280
Speaker 5: at some level, this is no different than sports betting.

1427
01:03:46,360 --> 01:03:46,480
Speaker 4: Right.

1428
01:03:46,520 --> 01:03:49,640
Speaker 5: The headline that I got out of this was, I mean,

1429
01:03:49,680 --> 01:03:51,720
Speaker 5: not out of this particular piece here, but just this

1430
01:03:51,760 --> 01:03:55,280
Speaker 5: whole industry is this is a spin off of sports

1431
01:03:55,320 --> 01:03:58,919
Speaker 5: betting for the states that don't allow sports betting. It's

1432
01:03:58,960 --> 01:04:01,200
Speaker 5: like there's different apps and you know, because like, oh

1433
01:04:01,200 --> 01:04:03,880
Speaker 5: well this is fantasy sports. You can do that here

1434
01:04:03,920 --> 01:04:06,160
Speaker 5: for money, you just can't bet on how many touchdowns

1435
01:04:06,200 --> 01:04:08,560
Speaker 5: your favorite player is going to have. It's like, Okay,

1436
01:04:08,600 --> 01:04:11,880
Speaker 5: what are we doing. It's like when they little crass.

1437
01:04:11,880 --> 01:04:15,000
Speaker 5: It's like when they banned all the websites in different states.

1438
01:04:15,040 --> 01:04:17,120
Speaker 5: They're like, you can't go to those websites anymore unless

1439
01:04:17,120 --> 01:04:19,240
Speaker 5: you use a VPN, right, and then you can.

1440
01:04:19,600 --> 01:04:22,320
Speaker 1: It just reminds me of just it just reminds me

1441
01:04:22,360 --> 01:04:25,240
Speaker 1: of growing up in Michigan and there were no alcohol

1442
01:04:25,360 --> 01:04:30,920
Speaker 1: sales until noon on Sunday because John's position changed on alcohol.

1443
01:04:31,640 --> 01:04:34,920
Speaker 5: Exactly at noon is when Jesus said, and let there

1444
01:04:34,960 --> 01:04:35,760
Speaker 5: be drunks.

1445
01:04:36,600 --> 01:04:38,880
Speaker 1: This is when the water changed into why on the.

1446
01:04:38,840 --> 01:04:42,640
Speaker 5: Eighth day he said that must be drunk after the

1447
01:04:42,720 --> 01:04:43,640
Speaker 5: first quarter at the end of.

1448
01:04:43,640 --> 01:04:46,040
Speaker 1: Some of these arbitrary rules just cracked them.

1449
01:04:46,160 --> 01:04:49,480
Speaker 5: Yeah, I spend my life looking for incongruencies, so that

1450
01:04:49,520 --> 01:04:51,360
Speaker 5: those types of things really cracked me up. But this

1451
01:04:51,480 --> 01:04:54,720
Speaker 5: is basically nothing more. I'm going to use the sports

1452
01:04:54,720 --> 01:04:57,720
Speaker 5: betting piece of it. This is nothing more than a

1453
01:04:57,840 --> 01:05:01,360
Speaker 5: futures contract that you can do with.

1454
01:05:01,360 --> 01:05:02,040
Speaker 4: Your favorite team.

1455
01:05:02,040 --> 01:05:05,400
Speaker 5: And so the question is is this profoundly different than

1456
01:05:05,440 --> 01:05:09,080
Speaker 5: any other sort of futures or options trade. And as

1457
01:05:09,120 --> 01:05:12,280
Speaker 5: long as you understand that the mathematics are the same,

1458
01:05:12,360 --> 01:05:17,600
Speaker 5: which are an insane return if you're correct in exchange

1459
01:05:17,640 --> 01:05:23,320
Speaker 5: for zero dollars, not zero return zero dollars if you're incorrect, right,

1460
01:05:23,520 --> 01:05:26,240
Speaker 5: and the likelihood of being correct is you know whatever,

1461
01:05:26,320 --> 01:05:31,160
Speaker 5: and then that's how it's priced. So this is gambling

1462
01:05:31,240 --> 01:05:34,080
Speaker 5: at its finest. And if you do this with your

1463
01:05:34,080 --> 01:05:37,840
Speaker 5: investment portfolio as a way to entertain yourself, so be it.

1464
01:05:38,120 --> 01:05:41,880
Speaker 1: One of the advisors in this piece, Rob Wolfe said

1465
01:05:41,880 --> 01:05:48,160
Speaker 1: that emotion and confidence routinely overpowered discipline probability thinking when

1466
01:05:48,160 --> 01:05:52,280
Speaker 1: you're either doing sports based betting or you're doing these

1467
01:05:52,400 --> 01:05:57,080
Speaker 1: now these predictive market things. Adding client sport.

1468
01:05:57,320 --> 01:06:00,120
Speaker 5: Just say sports betting because it's the same, but there

1469
01:06:00,160 --> 01:06:00,760
Speaker 5: are other areas.

1470
01:06:00,840 --> 01:06:02,680
Speaker 1: Yeah, that's what I'm saying. This is gonna spill over

1471
01:06:02,720 --> 01:06:04,400
Speaker 1: into what do you think the Dow's gonna do? What

1472
01:06:04,440 --> 01:06:06,000
Speaker 1: do you think that you know who's going to win

1473
01:06:06,080 --> 01:06:08,400
Speaker 1: the election? Who's gonna you know, you can bet on

1474
01:06:08,520 --> 01:06:14,680
Speaker 1: whatever you want. Adding clients often underestimate how quickly small

1475
01:06:15,360 --> 01:06:18,720
Speaker 1: repeated losses add up over time. So we go from

1476
01:06:18,760 --> 01:06:22,480
Speaker 1: this thing where our brain this discipline probability thinking of hey,

1477
01:06:22,480 --> 01:06:25,760
Speaker 1: I'm gonna stick with the index fund because the probability

1478
01:06:25,840 --> 01:06:28,000
Speaker 1: is I'm gonna win much more often than I lose.

1479
01:06:28,040 --> 01:06:29,479
Speaker 1: And all I need to do is get these small

1480
01:06:29,520 --> 01:06:33,160
Speaker 1: incremental wins far more often than I get the small losses.

1481
01:06:33,440 --> 01:06:35,919
Speaker 1: But I love what Wolf says here, which is these

1482
01:06:36,000 --> 01:06:39,320
Speaker 1: tiny sometimes small losses, oh ge, they just add up quickly,

1483
01:06:39,360 --> 01:06:41,480
Speaker 1: and all of a sudden, now it turns into well,

1484
01:06:41,480 --> 01:06:43,920
Speaker 1: I just got to bet a little bigger to quote

1485
01:06:43,960 --> 01:06:44,680
Speaker 1: win it back.

1486
01:06:45,760 --> 01:06:49,200
Speaker 5: There's a whole town but built on this thinking. And

1487
01:06:49,960 --> 01:06:51,640
Speaker 5: you only have to go to Las Vegas one time

1488
01:06:51,640 --> 01:06:54,800
Speaker 5: with an open mind and say, these fine folks here

1489
01:06:54,840 --> 01:06:55,200
Speaker 5: did not.

1490
01:06:55,440 --> 01:06:59,040
Speaker 4: Borrow this money to build this big building. They've got

1491
01:06:59,040 --> 01:07:02,360
Speaker 4: a pretty good system here for extracting capital from the

1492
01:07:02,440 --> 01:07:03,360
Speaker 4: average citizen.

1493
01:07:03,400 --> 01:07:06,440
Speaker 1: Yeah, they know the ROI before they break round.

1494
01:07:06,720 --> 01:07:08,760
Speaker 4: I mean, the other day the power ball was at

1495
01:07:08,760 --> 01:07:09,120
Speaker 4: a billion.

1496
01:07:09,160 --> 01:07:10,840
Speaker 5: I don't know what it's at now if anybody won it,

1497
01:07:10,880 --> 01:07:13,120
Speaker 5: But you know, did you guys play it?

1498
01:07:13,120 --> 01:07:13,880
Speaker 4: When I was at a billion?

1499
01:07:13,960 --> 01:07:16,160
Speaker 1: One hundred percent played it absolutely?

1500
01:07:16,560 --> 01:07:17,600
Speaker 4: You know why.

1501
01:07:17,560 --> 01:07:19,720
Speaker 1: Somebody's got to donate to that thing to make it

1502
01:07:19,800 --> 01:07:20,800
Speaker 1: keep going up? Why not me?

1503
01:07:21,400 --> 01:07:22,520
Speaker 4: Yeah?

1504
01:07:22,560 --> 01:07:24,919
Speaker 5: Well, the reason that you buy the three dollars ticket

1505
01:07:25,000 --> 01:07:27,920
Speaker 5: or whatever, or thirty bucks worth of tickets because you

1506
01:07:28,000 --> 01:07:31,080
Speaker 5: bought ten of them, is because you go, some idiots

1507
01:07:31,080 --> 01:07:33,840
Speaker 5: got to win this thing. It's one in a trillion.

1508
01:07:33,920 --> 01:07:35,480
Speaker 5: But you know what, some a hole gets hit by

1509
01:07:35,520 --> 01:07:39,920
Speaker 5: lightning every year too, so so far, you know, might

1510
01:07:39,960 --> 01:07:40,560
Speaker 5: as well be me.

1511
01:07:40,880 --> 01:07:43,000
Speaker 1: I walk out in the parking lot, get hit by lightning,

1512
01:07:43,080 --> 01:07:44,520
Speaker 1: and I won. But in a different way.

1513
01:07:44,880 --> 01:07:48,240
Speaker 5: Yeah, that's how it works at the casino. That's how

1514
01:07:48,240 --> 01:07:51,560
Speaker 5: it works in the options market. I mean, the Internet

1515
01:07:51,640 --> 01:07:53,960
Speaker 5: is littered with people in the last five years who

1516
01:07:54,000 --> 01:07:56,000
Speaker 5: have figured out option trading, not figured out who have

1517
01:07:56,080 --> 01:08:00,480
Speaker 5: learned about option trading, and you see, just like everything else.

1518
01:08:01,200 --> 01:08:05,000
Speaker 5: This is why I absolutely abhor everything about social media,

1519
01:08:05,520 --> 01:08:08,240
Speaker 5: because you only see the stuff that people want you

1520
01:08:08,280 --> 01:08:10,760
Speaker 5: to see, you know, I mean, just look at it

1521
01:08:10,760 --> 01:08:13,760
Speaker 5: from like a reality TV show, right, What is the

1522
01:08:13,800 --> 01:08:17,879
Speaker 5: most exciting part about the reality TV shows? Just generally speaking,

1523
01:08:18,400 --> 01:08:19,360
Speaker 5: what do you like the most?

1524
01:08:19,680 --> 01:08:21,960
Speaker 1: Just the fact that it's unpredictable, what's going to happen next?

1525
01:08:22,840 --> 01:08:25,360
Speaker 4: That's not the answer. I is looking for Doug car crashes.

1526
01:08:25,840 --> 01:08:29,360
Speaker 5: Yes, absolutely, you want to see the big wins and

1527
01:08:29,400 --> 01:08:32,360
Speaker 5: the big losses, like you want to see the relationships

1528
01:08:32,360 --> 01:08:35,160
Speaker 5: that blow up because you know, you got the little

1529
01:08:35,160 --> 01:08:37,080
Speaker 5: sneak peak camera and you didn't know that Betty was

1530
01:08:37,200 --> 01:08:40,680
Speaker 5: cheating on Joe with Alan, and now Alan's gonna you

1531
01:08:40,720 --> 01:08:42,439
Speaker 5: already know, and you're waiting for that thing to come

1532
01:08:42,439 --> 01:08:44,439
Speaker 5: to a head, right because you want to see the

1533
01:08:44,560 --> 01:08:48,080
Speaker 5: trainer broadly specific on social media. We want to see

1534
01:08:48,080 --> 01:08:52,160
Speaker 5: the wild extremes. Nobody videotapes their day and goes, yeah,

1535
01:08:52,200 --> 01:08:54,240
Speaker 5: so today I got up at seven fifty like I

1536
01:08:54,280 --> 01:08:58,320
Speaker 5: always do, and it took a little longer shower than normal.

1537
01:08:58,360 --> 01:08:59,559
Speaker 4: It was fifteen minutes in.

1538
01:09:00,800 --> 01:09:04,040
Speaker 5: Yeah, I know, I ran out of cheerios, so today

1539
01:09:04,080 --> 01:09:06,799
Speaker 5: I just didn't have breakfast, you know. And I reacted

1540
01:09:06,840 --> 01:09:08,920
Speaker 5: to that like a normal person did and went, I'll

1541
01:09:08,960 --> 01:09:10,880
Speaker 5: have a pop tart instead, and then I had a

1542
01:09:10,920 --> 01:09:12,920
Speaker 5: cup of coffee and then I sat and watched the news.

1543
01:09:12,920 --> 01:09:16,760
Speaker 5: It's like, no, that's what real life is. But when

1544
01:09:16,800 --> 01:09:20,400
Speaker 5: you see people who, for lack of a better term,

1545
01:09:20,520 --> 01:09:23,360
Speaker 5: like to just brag about what's happening, they don't talk

1546
01:09:23,360 --> 01:09:26,240
Speaker 5: about all the boring stuff. They go, Hey, I put

1547
01:09:26,280 --> 01:09:28,439
Speaker 5: one hundred bucks in this option trade and made a thousand.

1548
01:09:28,840 --> 01:09:31,639
Speaker 5: I put ten thousand in this thing and you see

1549
01:09:31,640 --> 01:09:35,280
Speaker 5: all these big wins, these big giant success stories, because

1550
01:09:35,280 --> 01:09:39,559
Speaker 5: that's the interesting thing. When you're on Reddit. The stuff

1551
01:09:39,600 --> 01:09:41,599
Speaker 5: that they feed you is the stuff that you linger on,

1552
01:09:41,920 --> 01:09:44,760
Speaker 5: which is the stuff that is the most exciting stuff, right.

1553
01:09:45,080 --> 01:09:47,000
Speaker 5: I like reading the story of the idiot that put

1554
01:09:47,040 --> 01:09:48,840
Speaker 5: a thousand bucks in something and turned it into one

1555
01:09:48,880 --> 01:09:51,360
Speaker 5: hundred thousand. That's interesting to me. I go, Wow, what

1556
01:09:51,400 --> 01:09:54,200
Speaker 5: a lucky sob. That's pretty cool. But I also know

1557
01:09:54,240 --> 01:09:56,400
Speaker 5: the other side of that same thing. With Instagram, you

1558
01:09:56,400 --> 01:09:58,760
Speaker 5: see the stories about the people who you know, had

1559
01:09:58,760 --> 01:10:02,600
Speaker 5: the miraculous weight loss, or fly the private airplanes or

1560
01:10:02,600 --> 01:10:04,920
Speaker 5: whatever whatever it is, you know, shoot the great golf score.

1561
01:10:05,320 --> 01:10:07,360
Speaker 5: You don't see the story of the person who sat

1562
01:10:07,400 --> 01:10:10,759
Speaker 5: on the range for fifteen hours a day all summer

1563
01:10:10,800 --> 01:10:12,360
Speaker 5: to have the one good round.

1564
01:10:12,680 --> 01:10:15,240
Speaker 4: You know. It's just it's not the thing that's exciting.

1565
01:10:15,360 --> 01:10:18,000
Speaker 1: Well, it's why when you see when they're playing poker.

1566
01:10:18,040 --> 01:10:20,840
Speaker 1: When you watch poker on TV, they only show you

1567
01:10:20,880 --> 01:10:22,680
Speaker 1: the cool hands. They don't show you the hours and

1568
01:10:22,720 --> 01:10:25,559
Speaker 1: hours between the big hands.

1569
01:10:25,680 --> 01:10:28,920
Speaker 5: The casino system is built on there's got to be

1570
01:10:28,960 --> 01:10:30,639
Speaker 5: some idiot out there that's going to pull this lever

1571
01:10:30,720 --> 01:10:33,560
Speaker 5: and win a million bucks. Somebody's gonna do it, I

1572
01:10:33,640 --> 01:10:34,920
Speaker 5: might as well be me. And I'm gonna put a

1573
01:10:34,960 --> 01:10:36,840
Speaker 5: dollar in and see and I'm gonna put another dollar

1574
01:10:36,880 --> 01:10:38,920
Speaker 5: in and what's what's ten dollars? And if I just

1575
01:10:38,960 --> 01:10:40,840
Speaker 5: do you know, I just do ten dollars a day,

1576
01:10:41,000 --> 01:10:41,920
Speaker 5: like that's not a lot.

1577
01:10:42,560 --> 01:10:45,960
Speaker 1: I like the analogy around options that it's always been here,

1578
01:10:46,439 --> 01:10:49,960
Speaker 1: but I also think it's far more accessible than it's

1579
01:10:50,000 --> 01:10:53,120
Speaker 1: been because options were so opaque to so many people

1580
01:10:53,120 --> 01:10:57,520
Speaker 1: and now it's in our face, Robinhood, you know, gamification masters.

1581
01:10:57,800 --> 01:11:00,320
Speaker 1: In fact, one of the advisors, Taylor knovs as as

1582
01:11:00,360 --> 01:11:03,439
Speaker 1: a result of gamification, the culture has shifted, and I

1583
01:11:03,479 --> 01:11:06,600
Speaker 1: see people as likely to talk about this beating the

1584
01:11:06,640 --> 01:11:09,160
Speaker 1: market as they are a football game, like people are

1585
01:11:09,160 --> 01:11:11,680
Speaker 1: going to go oh on my app. I invested in

1586
01:11:11,720 --> 01:11:13,080
Speaker 1: the fact that I thought the market was going to

1587
01:11:13,080 --> 01:11:15,000
Speaker 1: go up tomorrow and guess what it did, And so

1588
01:11:15,439 --> 01:11:17,600
Speaker 1: I turned this amount of money into this amount of

1589
01:11:17,640 --> 01:11:20,040
Speaker 1: money and it's so cool. And again, because of social media,

1590
01:11:20,280 --> 01:11:22,599
Speaker 1: we're only going to see the wins, but it's going

1591
01:11:22,640 --> 01:11:25,559
Speaker 1: to be far more often on these platforms than we

1592
01:11:25,600 --> 01:11:28,240
Speaker 1: did with options, because what the hell's a put what

1593
01:11:28,280 --> 01:11:32,040
Speaker 1: the hell is a call? People got lost in the names,

1594
01:11:32,760 --> 01:11:35,160
Speaker 1: So let's talk about what really to do about it?

1595
01:11:35,200 --> 01:11:39,920
Speaker 1: What these advisors are talking about? Rob Wolf again says

1596
01:11:40,439 --> 01:11:43,400
Speaker 1: most of his clients og have some type of quote

1597
01:11:43,520 --> 01:11:47,320
Speaker 1: entertainment investment that captures their attention even for a brief time.

1598
01:11:47,720 --> 01:11:50,440
Speaker 1: And he says he's got this section of the portfolio

1599
01:11:50,520 --> 01:11:53,840
Speaker 1: he and his client have carved out called the entertainment

1600
01:11:53,920 --> 01:11:58,519
Speaker 1: capital bucket. So it just is entertainment. It's almost like

1601
01:11:59,080 --> 01:12:01,400
Speaker 1: when I go to Vegas, I set money aside and

1602
01:12:01,439 --> 01:12:03,160
Speaker 1: I'm like, I don't care if I win or lose.

1603
01:12:03,320 --> 01:12:06,439
Speaker 1: This is entertainment money. I'm just having fun with this money.

1604
01:12:06,520 --> 01:12:08,760
Speaker 1: This is not capital. If I lose it all, it's

1605
01:12:08,800 --> 01:12:10,920
Speaker 1: just the cost of entertaining myself. So how much money

1606
01:12:10,960 --> 01:12:13,720
Speaker 1: do I put in this? But his big thing is

1607
01:12:14,200 --> 01:12:18,960
Speaker 1: whether it's traditional day trading, collectibles, crypto, other more speculative stuff.

1608
01:12:19,800 --> 01:12:23,240
Speaker 1: He says he wants to make sure his clients label

1609
01:12:23,320 --> 01:12:25,280
Speaker 1: it correctly. It's not about whether you do it or not,

1610
01:12:26,120 --> 01:12:28,439
Speaker 1: Like it is a losing battle for advisors to go, yeah,

1611
01:12:28,439 --> 01:12:30,400
Speaker 1: you shouldn't do that, Well, they're going to freaking do

1612
01:12:30,439 --> 01:12:34,280
Speaker 1: it anyway. Instead, label it correctly, so in your brain,

1613
01:12:35,120 --> 01:12:37,040
Speaker 1: you don't cost yourself your entire future.

1614
01:12:37,880 --> 01:12:40,880
Speaker 5: Ultimately, this comes back down to your planning. And I'm

1615
01:12:40,920 --> 01:12:44,960
Speaker 5: a big believer in once the plan is good to go,

1616
01:12:45,640 --> 01:12:48,720
Speaker 5: then everything else is fair game. Because some person, to

1617
01:12:48,760 --> 01:12:51,320
Speaker 5: your point about entertainment, some person's entertainment is going to

1618
01:12:51,360 --> 01:12:53,600
Speaker 5: the movies and having a bag of popcorn and a

1619
01:12:53,680 --> 01:12:56,240
Speaker 5: cherry coke, and that's like a fine Tuesday afternoon. Some

1620
01:12:56,320 --> 01:13:00,000
Speaker 5: other people like to go skydiving, and some people think

1621
01:13:00,000 --> 01:13:01,880
Speaker 5: think that's a good way to spend a Tuesday afternoon.

1622
01:13:01,920 --> 01:13:06,520
Speaker 5: I'm not the judge of what you value as excitement

1623
01:13:06,680 --> 01:13:09,559
Speaker 5: or entertainment. If you like to go on vacation, and

1624
01:13:09,600 --> 01:13:11,760
Speaker 5: your vacation is I go to my lake house and

1625
01:13:11,800 --> 01:13:14,360
Speaker 5: I like to drink a cup of coffee and watch

1626
01:13:14,400 --> 01:13:16,679
Speaker 5: the sun come up over the lake. Some people say

1627
01:13:16,680 --> 01:13:19,000
Speaker 5: that sounds really super boring. I like to go on

1628
01:13:19,080 --> 01:13:21,920
Speaker 5: vacation and you know, do a big hike, or I

1629
01:13:21,960 --> 01:13:24,639
Speaker 5: like to go on vacation to these exotic locations. That's

1630
01:13:24,640 --> 01:13:26,840
Speaker 5: what really gets me excited. There's nothing right or wrong

1631
01:13:26,920 --> 01:13:30,040
Speaker 5: about that. What's wrong is if you do that and

1632
01:13:30,080 --> 01:13:32,360
Speaker 5: your plan is blown up. And it doesn't matter if

1633
01:13:32,360 --> 01:13:36,160
Speaker 5: you're blowing your plan up because you're you know, day

1634
01:13:36,160 --> 01:13:40,160
Speaker 5: trading crypto or betting on you know, football outcomes, or

1635
01:13:40,240 --> 01:13:42,959
Speaker 5: because you're blowing too much of your money on exotic

1636
01:13:43,000 --> 01:13:46,160
Speaker 5: trips that are nuke and your plan. All of that

1637
01:13:46,280 --> 01:13:49,479
Speaker 5: leads to the same graveyard, right, same outcome. If your

1638
01:13:49,479 --> 01:13:53,000
Speaker 5: plan is good, then the rest of it doesn't matter. Now,

1639
01:13:53,439 --> 01:13:56,400
Speaker 5: reasonable people can disagree as to, you know, how one

1640
01:13:56,400 --> 01:13:59,200
Speaker 5: should spend their free time and their access capital. And

1641
01:13:59,200 --> 01:14:02,719
Speaker 5: some people would say, just like anybody who goes, oh,

1642
01:14:02,960 --> 01:14:05,719
Speaker 5: skydiving is really stupid, and I can't believe you'd waste

1643
01:14:05,720 --> 01:14:08,120
Speaker 5: your money doing that. And that's the parlance we use, right,

1644
01:14:08,200 --> 01:14:10,400
Speaker 5: I can't believe you'd waste your money doing that. And

1645
01:14:10,479 --> 01:14:13,360
Speaker 5: I know people do skydiving, so that's not wasting their money.

1646
01:14:13,439 --> 01:14:15,200
Speaker 1: Like that's the best experience they could ever have.

1647
01:14:15,360 --> 01:14:17,200
Speaker 5: I love every second of it. That's what they want

1648
01:14:17,200 --> 01:14:19,800
Speaker 5: to spend their money on. Some people like to go,

1649
01:14:20,240 --> 01:14:22,800
Speaker 5: you know, and flaunt trips down the Rhane River.

1650
01:14:22,880 --> 01:14:26,200
Speaker 1: Who would do that, right, by the way, the Rhyan

1651
01:14:26,920 --> 01:14:28,639
Speaker 1: the Rhane would be next time? Probably?

1652
01:14:29,240 --> 01:14:32,280
Speaker 5: Yes, Okay, all right, some people think that's a waste

1653
01:14:32,320 --> 01:14:34,479
Speaker 5: of money. Some people like to spend it right. It's

1654
01:14:34,520 --> 01:14:36,880
Speaker 5: just I don't have any value judgments in how you

1655
01:14:36,920 --> 01:14:39,000
Speaker 5: spend your money. What I will tell you is if

1656
01:14:39,040 --> 01:14:42,759
Speaker 5: you're nuke in your plan because you think that, oh, well,

1657
01:14:43,160 --> 01:14:46,799
Speaker 5: this is my investment account, I'm investing in future trading.

1658
01:14:46,840 --> 01:14:49,280
Speaker 4: No you're not. You're gambling, and you might be right.

1659
01:14:49,720 --> 01:14:51,040
Speaker 4: That's the dangerous part. Honestly.

1660
01:14:51,640 --> 01:14:53,680
Speaker 5: I told the story a couple summers ago about when

1661
01:14:53,720 --> 01:14:55,719
Speaker 5: it was raining at the cottage and I went, holy crap,

1662
01:14:55,720 --> 01:14:58,559
Speaker 5: you can gamble in Michigan on your phone slots.

1663
01:14:58,640 --> 01:14:59,880
Speaker 1: That's a slippery slope.

1664
01:15:00,080 --> 01:15:01,519
Speaker 4: The worst thing that happened happened.

1665
01:15:01,600 --> 01:15:05,479
Speaker 5: I won eight thousand dollars on my phone on a

1666
01:15:05,520 --> 01:15:09,000
Speaker 5: Tuesday afternoon. I mean it was I guarantee I've given

1667
01:15:09,000 --> 01:15:11,360
Speaker 5: all that back and all the visits back to Michigan.

1668
01:15:11,000 --> 01:15:12,840
Speaker 1: Happened with my son. I taught him how to play

1669
01:15:12,840 --> 01:15:16,799
Speaker 1: craps in Vegas. He thought it was the greatest thing. Luckily,

1670
01:15:16,840 --> 01:15:18,360
Speaker 1: he lost before we left town.

1671
01:15:18,520 --> 01:15:20,120
Speaker 5: My kid did the same thing too. He went to

1672
01:15:20,520 --> 01:15:22,240
Speaker 5: the casino as soon as he turned eighteen. He won,

1673
01:15:22,360 --> 01:15:23,680
Speaker 5: you know, a hundred bucks, and he's like, that's the

1674
01:15:23,680 --> 01:15:26,200
Speaker 5: easiest hundred dollars I've ever made I'm going tomorrow. I'm

1675
01:15:26,200 --> 01:15:28,200
Speaker 5: going tomorrow. He went like a whole bunch and then

1676
01:15:28,240 --> 01:15:30,000
Speaker 5: he ended up losing it all on one chair. He goes,

1677
01:15:30,000 --> 01:15:32,320
Speaker 5: that's the dumbest thing ever. That really sucks.

1678
01:15:33,240 --> 01:15:35,400
Speaker 1: My son came back to the hotel room and slammed

1679
01:15:35,400 --> 01:15:37,280
Speaker 1: the you know, the hardest to slam a hotel door,

1680
01:15:37,320 --> 01:15:39,840
Speaker 1: and he still manage to slam the hotel door. And

1681
01:15:39,920 --> 01:15:44,559
Speaker 1: Cheryl's like, thank god he lost. Thank god it's so hot,

1682
01:15:44,600 --> 01:15:48,360
Speaker 1: and go Nick. He was on a hot streak. A

1683
01:15:48,400 --> 01:15:50,840
Speaker 1: fascinating story. And I do think I do think this

1684
01:15:50,920 --> 01:15:53,160
Speaker 1: is sticking around. Basically that's the morning. I do think

1685
01:15:53,200 --> 01:15:55,920
Speaker 1: investment news is on the sude. This is gonna get bigger.

1686
01:15:55,960 --> 01:15:57,960
Speaker 1: This is going to be big news in twenty twenty six.

1687
01:15:57,960 --> 01:16:00,640
Speaker 1: I don't think they're run willing to it on our

1688
01:16:00,640 --> 01:16:02,920
Speaker 1: show notes page at Stacking Benjamin's dot com. And people

1689
01:16:02,960 --> 01:16:05,000
Speaker 1: want to dive in more. And if you want to

1690
01:16:05,040 --> 01:16:06,840
Speaker 1: dive in even more to topics like this, the two

1691
01:16:06,880 --> 01:16:09,599
Speaker 1: to one newsletter you can sign up for. And man,

1692
01:16:09,640 --> 01:16:12,280
Speaker 1: we got a lot of great While we're giving out kudos,

1693
01:16:12,320 --> 01:16:14,880
Speaker 1: let's give some kudos to Kevin Bailey, who writes the

1694
01:16:14,880 --> 01:16:17,479
Speaker 1: two oh one, always following up and digging in deeper

1695
01:16:17,560 --> 01:16:21,680
Speaker 1: to these curated topics from the same topics that we

1696
01:16:22,080 --> 01:16:25,120
Speaker 1: talk about on the show. It's always free. You also

1697
01:16:25,240 --> 01:16:28,160
Speaker 1: then will know when we're going live on YouTube. If

1698
01:16:28,200 --> 01:16:30,320
Speaker 1: you sign up for the two to one, you'll also

1699
01:16:30,400 --> 01:16:33,639
Speaker 1: see when our bad groups, our Benjamin's after dark groups

1700
01:16:33,640 --> 01:16:36,679
Speaker 1: are meeting up. You'll get all the latest stack benjamins

1701
01:16:36,680 --> 01:16:38,840
Speaker 1: dot com slash two oh one. By the way, let's

1702
01:16:39,040 --> 01:16:41,559
Speaker 1: while we're talking about community wandering out on the back

1703
01:16:41,640 --> 01:16:47,240
Speaker 1: porch our our Benjamin's after Dark group in Minneapolis, Saint

1704
01:16:47,320 --> 01:16:50,840
Speaker 1: Paul had their end of the year party. I don't know, Doug,

1705
01:16:50,880 --> 01:16:54,240
Speaker 1: did you see this? What Chris Luger and Veronica Barness

1706
01:16:54,240 --> 01:16:59,000
Speaker 1: and our stackers They had an ugly christmaswater party, people

1707
01:17:00,040 --> 01:17:03,920
Speaker 1: aged and axe throwing, which I've always wondered ax throw, Like,

1708
01:17:03,960 --> 01:17:06,000
Speaker 1: what's the liability insurance on that place?

1709
01:17:06,439 --> 01:17:08,599
Speaker 6: Yeah, I don't know how they stay in business, you,

1710
01:17:08,960 --> 01:17:09,559
Speaker 6: I really don't.

1711
01:17:09,600 --> 01:17:10,400
Speaker 1: I always wonder.

1712
01:17:10,680 --> 01:17:13,519
Speaker 6: I do know. I walked into one one time and

1713
01:17:13,560 --> 01:17:16,120
Speaker 6: when I saw how much it costs, No, I'm out.

1714
01:17:16,280 --> 01:17:18,719
Speaker 6: I can do this in my backyard for free.

1715
01:17:18,840 --> 01:17:23,120
Speaker 1: The meetup group team they came up with cupcakes. The

1716
01:17:23,160 --> 01:17:28,639
Speaker 1: cupcake is a regular green frosted cupcake with an elf,

1717
01:17:28,960 --> 01:17:34,880
Speaker 1: and they have they put my face in the place

1718
01:17:34,960 --> 01:17:36,160
Speaker 1: of the ELF's face.

1719
01:17:37,479 --> 01:17:40,439
Speaker 6: I don't like the suggestive way you're straddling that candy cane, Joe.

1720
01:17:40,560 --> 01:17:43,639
Speaker 1: That is scary as hell. I'm afraid it's my face,

1721
01:17:44,000 --> 01:17:47,680
Speaker 1: Like ook, God, get that off there. Big thanks to

1722
01:17:47,800 --> 01:17:53,600
Speaker 1: our Benjamin's After Dark Group leaders who make financial literacy

1723
01:17:53,800 --> 01:17:55,760
Speaker 1: and just hanging out with like minded people so much

1724
01:17:55,760 --> 01:17:58,479
Speaker 1: more accessible. Right now, we have groups of Minneapolis, Saint

1725
01:17:58,479 --> 01:18:02,200
Speaker 1: Paul in Seattle, groups coming online in southern Minnesota and

1726
01:18:02,280 --> 01:18:05,880
Speaker 1: in Boston in the near future, and we're talking to

1727
01:18:06,000 --> 01:18:09,599
Speaker 1: people in Dallas right now, and had somebody reach out

1728
01:18:09,600 --> 01:18:13,280
Speaker 1: from Tucson. If you want to know more about starting

1729
01:18:13,360 --> 01:18:17,519
Speaker 1: a group, a bad group, Benjamin's After Dark Group right

1730
01:18:17,600 --> 01:18:19,599
Speaker 1: to meet Joe at Stecken Benjamins dot com.

1731
01:18:19,640 --> 01:18:22,639
Speaker 6: If the Tucson group gets together, I absolutely will go.

1732
01:18:23,560 --> 01:18:27,000
Speaker 6: I have a strong connection as long as at least

1733
01:18:27,080 --> 01:18:32,000
Speaker 6: one meetup is at Tanya's because they have Who's tekness

1734
01:18:32,080 --> 01:18:36,280
Speaker 6: burrito known to may Oh excellent. Yeah, if you're anywhere

1735
01:18:36,320 --> 01:18:39,160
Speaker 6: in the state of Arizona, go to Tanya's for the

1736
01:18:39,200 --> 01:18:42,360
Speaker 6: breakfast burrito in Tucson. It'll change your life.

1737
01:18:42,479 --> 01:18:45,120
Speaker 1: Oh gee, I love Doug's Bay. He's like, if you

1738
01:18:45,120 --> 01:18:47,360
Speaker 1: have it in Tucson, and if it's on the day

1739
01:18:47,439 --> 01:18:49,839
Speaker 1: that I already plan to be there, I'm not coming special.

1740
01:18:50,000 --> 01:18:51,400
Speaker 1: And if you have it in the morning so we

1741
01:18:51,400 --> 01:18:55,439
Speaker 1: can get a breakfast burrito and it's at Tanya's. Wow.

1742
01:18:55,560 --> 01:18:57,439
Speaker 6: Well, the great thing is they serve the breakfast burrito

1743
01:18:58,160 --> 01:18:58,960
Speaker 6: the whole time they're open.

1744
01:18:59,000 --> 01:19:00,479
Speaker 5: I mean to be fair. That's kind of how That's

1745
01:19:00,520 --> 01:19:03,880
Speaker 5: kind of my travel plans too. We're having a meetup,

1746
01:19:03,920 --> 01:19:05,439
Speaker 5: sounds great. As long as it's on the day that

1747
01:19:05,479 --> 01:19:08,439
Speaker 5: I'm going to be there and want, I can get

1748
01:19:08,439 --> 01:19:11,080
Speaker 5: there in the manner in which I please, and it

1749
01:19:11,160 --> 01:19:13,040
Speaker 5: starts on I want, and I get to leave whenever

1750
01:19:13,080 --> 01:19:13,439
Speaker 5: I want.

1751
01:19:13,640 --> 01:19:14,240
Speaker 1: It sounds great.

1752
01:19:14,240 --> 01:19:14,800
Speaker 4: I'll be there.

1753
01:19:15,320 --> 01:19:17,400
Speaker 6: I will go better than that because I can get

1754
01:19:17,439 --> 01:19:21,639
Speaker 6: to Tucson relatively easily. So yeah, put the group together,

1755
01:19:21,760 --> 01:19:24,599
Speaker 6: make it happen. Babor, Doug will be there. Just make

1756
01:19:24,680 --> 01:19:27,600
Speaker 6: sure that there's a Tanya's breakfast burrito waiting for me

1757
01:19:27,640 --> 01:19:28,839
Speaker 6: wherever you have your meetup.

1758
01:19:29,560 --> 01:19:32,439
Speaker 1: Two more things we want to talk about, community wise,

1759
01:19:32,479 --> 01:19:36,799
Speaker 1: but waiting for six months to finally release the Stacking

1760
01:19:36,800 --> 01:19:40,280
Speaker 1: Benjamin's Vault. So to keep your money safe, your credit,

1761
01:19:40,400 --> 01:19:43,600
Speaker 1: your privacy, your ID protection, get you off not just

1762
01:19:43,720 --> 01:19:48,040
Speaker 1: the normal subscription list that is sucking money out of

1763
01:19:48,080 --> 01:19:50,960
Speaker 1: your pockets, but also get you off of those lists

1764
01:19:50,960 --> 01:19:54,400
Speaker 1: that are sending you all kinds of spam and well

1765
01:19:54,439 --> 01:19:57,320
Speaker 1: and even worse than spam, frankly, the places where a

1766
01:19:57,360 --> 01:20:02,000
Speaker 1: bunch of the scammers go to buy your information. Get

1767
01:20:02,000 --> 01:20:04,519
Speaker 1: off all of those lists and more. There's so many

1768
01:20:04,560 --> 01:20:06,320
Speaker 1: things that you can do with the vault. We'll be

1769
01:20:06,320 --> 01:20:08,080
Speaker 1: talking about it over the course of next week. Stecku

1770
01:20:08,080 --> 01:20:11,479
Speaker 1: Benjamin's dot com slash fault. We have had some nice people, Doug,

1771
01:20:11,520 --> 01:20:16,320
Speaker 1: who've also said very kind things about us on podcasting platforms,

1772
01:20:16,800 --> 01:20:18,679
Speaker 1: and Doug, you've been raving about this one all day.

1773
01:20:19,040 --> 01:20:21,599
Speaker 6: I do mostly because I love who it came from. Joe.

1774
01:20:21,640 --> 01:20:24,760
Speaker 6: This is from Curly Q twenty twenty four. Can we

1775
01:20:24,880 --> 01:20:27,040
Speaker 6: just can we pause for a minute to talk about

1776
01:20:27,080 --> 01:20:30,760
Speaker 6: how great this person's fries are. They are absolutely the

1777
01:20:30,800 --> 01:20:31,679
Speaker 6: better fries Curly.

1778
01:20:31,800 --> 01:20:34,080
Speaker 1: I love Curly fries every chance. Do you want the

1779
01:20:34,120 --> 01:20:35,400
Speaker 1: regular fries to the Curly fries?

1780
01:20:36,000 --> 01:20:37,639
Speaker 6: No question, that's not even a question.

1781
01:20:38,200 --> 01:20:40,840
Speaker 1: Okay, how about this one. One of our new restaurants

1782
01:20:40,840 --> 01:20:43,840
Speaker 1: in town is a place called Bubba's. They have a

1783
01:20:43,880 --> 01:20:47,479
Speaker 1: few of these around the South. At Bubba's, Doug, you

1784
01:20:47,520 --> 01:20:51,799
Speaker 1: can get regular fries, season fries, or tater tots.

1785
01:20:52,400 --> 01:20:54,000
Speaker 4: Oh, tater tots.

1786
01:20:54,439 --> 01:20:57,400
Speaker 6: Yeah, until you said tater tots, that was an easy decision.

1787
01:20:57,479 --> 01:21:00,640
Speaker 6: But now I know. And if it was season tater a.

1788
01:21:00,680 --> 01:21:03,240
Speaker 1: Season tater tots for the win. If they make cur

1789
01:21:03,400 --> 01:21:04,720
Speaker 1: absolute tots.

1790
01:21:07,400 --> 01:21:11,320
Speaker 6: Like okay, take my wallet fight blown, Well, here's what

1791
01:21:11,520 --> 01:21:14,599
Speaker 6: the master of all fries said to us in a review.

1792
01:21:14,640 --> 01:21:18,200
Speaker 6: He said or she they said. A fun and valuable

1793
01:21:18,280 --> 01:21:23,200
Speaker 6: finance podcast, Stacking Benjamins delivers valuable financial insights without feeling overwhelming.

1794
01:21:23,840 --> 01:21:26,479
Speaker 6: The advice is practical, the hosts keep things entertaining, and

1795
01:21:26,520 --> 01:21:29,080
Speaker 6: the guest interviews are always worthwhile. A great listen for

1796
01:21:29,120 --> 01:21:33,200
Speaker 6: anyone wanting to improve their financial literacy. It's like they

1797
01:21:33,240 --> 01:21:34,439
Speaker 6: stole our mission statement.

1798
01:21:35,120 --> 01:21:37,479
Speaker 1: I feel I can thank you so much, Curly Cue,

1799
01:21:37,880 --> 01:21:41,280
Speaker 1: and I can't wait for you to hear some of

1800
01:21:41,320 --> 01:21:44,920
Speaker 1: the holiday extravaganza coming up this week. Because the best

1801
01:21:44,920 --> 01:21:49,200
Speaker 1: ofs that we chose from twenty twenty three so relevant today,

1802
01:21:49,560 --> 01:21:52,759
Speaker 1: so so so relevant today, and we're excited to I thought.

1803
01:21:52,600 --> 01:21:54,400
Speaker 6: For sure you were going to say, and I can't

1804
01:21:54,400 --> 01:21:57,160
Speaker 6: wait for you to invent curly tater tots.

1805
01:21:57,400 --> 01:21:59,880
Speaker 1: Please and it does have to be their oard, say

1806
01:21:59,920 --> 01:22:05,040
Speaker 1: it and go do God's work inventing curely tater tuts.

1807
01:22:05,520 --> 01:22:08,160
Speaker 1: All right, thank you so much for spending the year

1808
01:22:08,200 --> 01:22:11,599
Speaker 1: with us, Stackers. We've got so much more to come.

1809
01:22:12,000 --> 01:22:14,479
Speaker 1: We can't wait for you to hear it. Coming up

1810
01:22:14,560 --> 01:22:19,160
Speaker 1: on Wednesday, It is the Talest, Oldest Time Doug and

1811
01:22:19,200 --> 01:22:23,519
Speaker 1: the Three Ghosts. Doug speaking to Doug. What are the

1812
01:22:23,520 --> 01:22:25,320
Speaker 1: three things we should have on our to do list

1813
01:22:25,320 --> 01:22:26,680
Speaker 1: after hearing today's episode?

1814
01:22:26,920 --> 01:22:29,679
Speaker 6: Well, Joe, first, take some advice from Joel and Matt.

1815
01:22:29,800 --> 01:22:32,519
Speaker 6: If you focus on what you can control, the events

1816
01:22:32,560 --> 01:22:36,400
Speaker 6: of twenty twenty six and beyond won't control you. Second,

1817
01:22:36,479 --> 01:22:39,559
Speaker 6: how about our headline, Huh, betting on where the stock

1818
01:22:39,680 --> 01:22:43,920
Speaker 6: market heads next is awesome. If you want to lose money,

1819
01:22:44,240 --> 01:22:47,519
Speaker 6: let's stay with a winning hand. As Kenny Rogers said,

1820
01:22:47,720 --> 01:22:51,080
Speaker 6: you got to know when to hold them, and that's

1821
01:22:51,160 --> 01:22:55,080
Speaker 6: ninety nine percent of the time. By the big lesson.

1822
01:22:55,400 --> 01:22:57,440
Speaker 6: You didn't think I was going to sing that, did you?

1823
01:22:57,479 --> 01:23:01,200
Speaker 6: But the big lesson don't share it any betting analogies

1824
01:23:01,200 --> 01:23:03,640
Speaker 6: with Joe's mom. She'll brag that she's got two to

1825
01:23:03,680 --> 01:23:07,160
Speaker 6: one odds that I'm definitely loading the dishwasher after dinner tonight.

1826
01:23:07,880 --> 01:23:10,439
Speaker 6: Two to one. You can't say no to that, lady.

1827
01:23:10,439 --> 01:23:13,799
Speaker 6: It's one to one odds. She's like a cartel controlling

1828
01:23:13,840 --> 01:23:16,439
Speaker 6: the betting line here in the basement. I don't even

1829
01:23:16,479 --> 01:23:18,040
Speaker 6: really know what a cartel is, but I bet it

1830
01:23:18,040 --> 01:23:22,160
Speaker 6: looks a lot like her. Thanks to Joel and Matt

1831
01:23:22,200 --> 01:23:24,840
Speaker 6: for putting on their big boy pants, painting on a

1832
01:23:25,160 --> 01:23:28,439
Speaker 6: brave face, and shuffling down to the basement to join us,

1833
01:23:28,720 --> 01:23:31,360
Speaker 6: even though you all pounded them like a keyboard during

1834
01:23:31,479 --> 01:23:35,480
Speaker 6: tax season. During the Voices for Good Challenge Great Job Stackers,

1835
01:23:36,160 --> 01:23:39,080
Speaker 6: you can hear their great show How the Money wherever

1836
01:23:39,160 --> 01:23:43,000
Speaker 6: podcasts are streamed like wherever you're listening to us right now.

1837
01:23:44,040 --> 01:23:47,720
Speaker 6: This show is the property of sb Podcast LLC, Copyright

1838
01:23:47,720 --> 01:23:51,280
Speaker 6: twenty twenty five. It is created by Joe Salsea High.

1839
01:23:51,640 --> 01:23:54,160
Speaker 6: Joe gets help from a few of our neighborhood friends.

1840
01:23:54,479 --> 01:23:57,800
Speaker 6: You'll find out about our awesome team at Stacking Benjamins

1841
01:23:57,840 --> 01:24:00,160
Speaker 6: dot Com. Along with the show notes and how you

1842
01:24:00,160 --> 01:24:03,120
Speaker 6: can find us on YouTube and all the usual social

1843
01:24:03,160 --> 01:24:06,960
Speaker 6: media spots. Come say hello, oh yeah, and before I go,

1844
01:24:07,360 --> 01:24:10,080
Speaker 6: not only should you not take advice from these nerds,

1845
01:24:10,320 --> 01:24:13,400
Speaker 6: don't take advice from people you don't know. This show

1846
01:24:13,479 --> 01:24:17,080
Speaker 6: is for entertainment purposes only. Before making any financial decisions,

1847
01:24:17,240 --> 01:24:21,240
Speaker 6: speak with a real financial advisor. I'm Joe's mom's neighbor, Doug,

1848
01:24:21,240 --> 01:24:23,880
Speaker 6: and we'll see you next time. Back here at the

1849
01:24:23,960 --> 01:24:25,240
Speaker 6: Stacking Benjamin Show.

1850
01:24:26,000 --> 01:24:27,720
Speaker 1: Welcome the after show, everybody. This is the part of

1851
01:24:27,720 --> 01:24:30,560
Speaker 1: the show where we talk about important financial stuff and

1852
01:24:30,600 --> 01:24:34,320
Speaker 1: to end the year. I started the recording midway because

1853
01:24:34,439 --> 01:24:38,880
Speaker 1: talking about cleaning up, I was telling Og and Doug

1854
01:24:39,840 --> 01:24:43,000
Speaker 1: that I'm in the grocery store and you know, we

1855
01:24:43,080 --> 01:24:47,000
Speaker 1: buy the industrial strength packet a toilet paper, so I

1856
01:24:47,040 --> 01:24:51,240
Speaker 1: don't often pay attention to the price. And uh, there

1857
01:24:51,280 --> 01:24:54,719
Speaker 1: was an end catch tech with these mega.

1858
01:24:54,600 --> 01:24:56,720
Speaker 6: Roles, tell me how rich you are without telling me

1859
01:24:56,760 --> 01:24:57,439
Speaker 6: how rich you are.

1860
01:24:57,600 --> 01:25:00,000
Speaker 1: Remember, remember we did the show a couple of weeks

1861
01:25:00,120 --> 01:25:02,360
Speaker 1: Togo the Friday episode o Gee, where you're talking about

1862
01:25:02,520 --> 01:25:04,840
Speaker 1: would you make over X amount? You know no longer

1863
01:25:04,880 --> 01:25:07,600
Speaker 1: worry about the restaurant what number is it? Where you

1864
01:25:07,640 --> 01:25:11,080
Speaker 1: just don't pay attention to the price of the toilet paper. Oo. Come,

1865
01:25:11,120 --> 01:25:14,680
Speaker 1: that did make your analogy, but right on the end

1866
01:25:14,680 --> 01:25:17,880
Speaker 1: Cap has said on sale for twenty five bucks. It

1867
01:25:18,000 --> 01:25:22,920
Speaker 1: was the stuff I like, the ultra cushy absorbent. Yeah,

1868
01:25:23,479 --> 01:25:28,840
Speaker 1: super strong, just the stuff that feels nice. You know,

1869
01:25:29,520 --> 01:25:32,360
Speaker 1: I don't need to have the Doug truck stop toilet

1870
01:25:32,400 --> 01:25:36,479
Speaker 1: paper because when they give you those narrow toilet paper rolls,

1871
01:25:36,600 --> 01:25:39,599
Speaker 1: you're like, you're not fooling anybody. I'm gonna wrap this

1872
01:25:40,200 --> 01:25:42,840
Speaker 1: thing eighteen times to make up for the fact that

1873
01:25:43,120 --> 01:25:44,200
Speaker 1: you decided.

1874
01:25:43,800 --> 01:25:46,400
Speaker 6: To go hold on, no, no, no, you don't do that,

1875
01:25:46,520 --> 01:25:46,800
Speaker 6: do you?

1876
01:25:47,640 --> 01:25:48,559
Speaker 1: What do you mean? What do you do?

1877
01:25:49,040 --> 01:25:53,080
Speaker 6: It's a five square maximum purple No in our house, yeah,

1878
01:25:53,120 --> 01:25:53,759
Speaker 6: five squares.

1879
01:25:54,080 --> 01:25:55,400
Speaker 1: Even if you go cheap as.

1880
01:25:55,320 --> 01:25:56,960
Speaker 4: All get just talking about the truck stop.

1881
01:25:57,000 --> 01:25:59,360
Speaker 1: I'm talking about you go cheap with that narrow stuff.

1882
01:25:59,880 --> 01:26:02,040
Speaker 1: I'm sorry your five square rules gone.

1883
01:26:02,400 --> 01:26:05,280
Speaker 6: That's my complaint is that ours, while it's charming and

1884
01:26:05,320 --> 01:26:08,160
Speaker 6: it's supposedly the you know, quilted and the thick and

1885
01:26:08,200 --> 01:26:10,600
Speaker 6: all of that stuff, it's narrow and I don't get it.

1886
01:26:10,640 --> 01:26:12,240
Speaker 6: And you go look up on lot because I've been

1887
01:26:12,240 --> 01:26:14,360
Speaker 6: to other people's houses that have nice wide rolls of

1888
01:26:14,360 --> 01:26:17,200
Speaker 6: toilet paper, like I want that, and then I like,

1889
01:26:17,280 --> 01:26:20,120
Speaker 6: I measured mine, and I go online and see how

1890
01:26:20,160 --> 01:26:22,599
Speaker 6: wide there's the whatever the other brands are.

1891
01:26:23,000 --> 01:26:25,120
Speaker 1: This would be a great like Larry David skit, you

1892
01:26:25,160 --> 01:26:28,400
Speaker 1: walk out of somebody's bathroom just with your measure. You're

1893
01:26:28,400 --> 01:26:31,320
Speaker 1: at a holiday party and you're just going off. Where

1894
01:26:31,320 --> 01:26:32,040
Speaker 1: do you find this?

1895
01:26:32,080 --> 01:26:34,679
Speaker 5: It's like American Psycho, but instead of the business card,

1896
01:26:34,680 --> 01:26:35,760
Speaker 5: it's paper.

1897
01:26:37,760 --> 01:26:40,000
Speaker 6: And I'm still I'm still so I haven't pulled the

1898
01:26:40,000 --> 01:26:42,640
Speaker 6: trigger because like OGE, we're on subscribe and say I

1899
01:26:42,760 --> 01:26:44,720
Speaker 6: have been since COVID, so it's just too easy to

1900
01:26:44,800 --> 01:26:46,920
Speaker 6: let it roll and have the giant box show up

1901
01:26:46,960 --> 01:26:49,360
Speaker 6: on our doorstep. I feel like I might be ready

1902
01:26:49,360 --> 01:26:51,559
Speaker 6: to switch brands to get that extra eighth of an

1903
01:26:51,600 --> 01:26:52,200
Speaker 6: inch width.

1904
01:26:52,439 --> 01:26:53,640
Speaker 1: Gotta tell you it's worth it.

1905
01:26:54,400 --> 01:26:57,479
Speaker 5: My grandpa used to tell me that you only need

1906
01:26:57,479 --> 01:26:59,679
Speaker 5: one little square. And what you did was you poked

1907
01:26:59,680 --> 01:27:03,040
Speaker 5: a hole in the middle, right, and you took that

1908
01:27:03,080 --> 01:27:05,439
Speaker 5: little piece and you held on to that and then

1909
01:27:05,479 --> 01:27:09,080
Speaker 5: you'd use your hand, and then the paper was to

1910
01:27:09,120 --> 01:27:12,280
Speaker 5: wipe off your hand. And then that little that little

1911
01:27:12,640 --> 01:27:14,320
Speaker 5: that little piece that you poke through, which is the

1912
01:27:14,320 --> 01:27:16,840
Speaker 5: part the grandpa told you that.

1913
01:27:20,960 --> 01:27:22,640
Speaker 6: This explains so much.

1914
01:27:23,200 --> 01:27:26,880
Speaker 1: If you speaking of you only knew speaking of say

1915
01:27:26,920 --> 01:27:28,639
Speaker 1: you're wealthy, say you're red.

1916
01:27:28,439 --> 01:27:32,960
Speaker 5: Thick, without saying this is grandpa all right?

1917
01:27:33,000 --> 01:27:35,840
Speaker 1: Speaking of another thing, did you guys notice how much

1918
01:27:36,000 --> 01:27:38,679
Speaker 1: I I was kind of squirming around as I sat

1919
01:27:38,720 --> 01:27:39,719
Speaker 1: down at the card table.

1920
01:27:40,320 --> 01:27:43,120
Speaker 4: My belt was thick as ply as you thought, huh

1921
01:27:43,160 --> 01:27:44,759
Speaker 4: my not working?

1922
01:27:45,280 --> 01:27:48,519
Speaker 1: No, how does your how does you say you've eaten

1923
01:27:48,560 --> 01:27:51,120
Speaker 1: too many Christmas cookies without saying you've eaten too many

1924
01:27:51,360 --> 01:27:52,080
Speaker 1: Christmas cookies?

1925
01:27:52,120 --> 01:27:54,439
Speaker 6: Were digging in belt buckled, digging in a little bit.

1926
01:27:54,439 --> 01:27:59,000
Speaker 1: Wait, no, it broke it. My belt completely broke. Look

1927
01:27:59,000 --> 01:28:02,919
Speaker 1: at this, it is completely busted. Like it is busted.

1928
01:28:03,640 --> 01:28:06,280
Speaker 1: You broke the leather, dude, I broke No, no, no,

1929
01:28:06,360 --> 01:28:08,000
Speaker 1: it's the it's the little metal piece.

1930
01:28:08,040 --> 01:28:09,400
Speaker 4: Worse, it's the steel part.

1931
01:28:09,560 --> 01:28:13,519
Speaker 6: He broke the steel part. Time to put the shortbread away.

1932
01:28:14,360 --> 01:28:18,040
Speaker 1: Yeah, so talk about say your whatever without say or whatever,

1933
01:28:18,160 --> 01:28:19,519
Speaker 1: Oh my god, not good.

1934
01:28:19,560 --> 01:28:21,160
Speaker 4: Well, sort of problems in your house show.

1935
01:28:21,640 --> 01:28:24,160
Speaker 1: I'm not a quitter, though, so let's bring back out

1936
01:28:24,200 --> 01:28:25,040
Speaker 1: the Christmas cookies.