WEBVTT - How to Navigate the Great Wealth Transfer

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. Welcome to Marin Talks

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<v Speaker 1>to Your Money, the personal finance edition of Meron Talks

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<v Speaker 1>Money and these bonus podcasts and they are very good

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<v Speaker 1>bonus We talk about the best strategies for making the

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<v Speaker 1>most of your money. I'm Maren Sunset Web and with

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<v Speaker 1>me senior reporter and Money Distilled author John Steppeck Hi mail,

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<v Speaker 1>Hey John. Okay. So this week we're answering a question

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<v Speaker 1>from Kevin who says he is a millennial. I've reminded

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<v Speaker 1>that is anyone born between nineteen eighty one and nineteen

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<v Speaker 1>ninety six, and it's about him profiting or sorry, benefiting.

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<v Speaker 1>Profiting is the wrong word, benefiting from the great Wealth Transfer?

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<v Speaker 1>Now what is the great Wealth Transfer? It's this idea

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<v Speaker 1>that the older generation are one of the just generations

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<v Speaker 1>ever and their money is gradually going to filter down.

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<v Speaker 1>These are Vanguard numbers. By twenty thirty are projected eighteen

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<v Speaker 1>point three trillion dollars will be transferred globally, and by

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<v Speaker 1>twenty fifty, Vanguard expects seven trillion to pass between generations

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<v Speaker 1>in the UK alone. So that's all about the aging population.

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<v Speaker 1>It's about increased wealth concentration, and it's about these longer

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<v Speaker 1>life expectancies that have allowed the older generation to build

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<v Speaker 1>up these fairly massive fortunes. Right, so we have this transfer.

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<v Speaker 1>It's an extraordinary opportunity for inheritance and I suppose for

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<v Speaker 1>financial advisors as well along the way. It might be

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<v Speaker 1>a challenge for older people to try and figure out

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<v Speaker 1>how to do it, and it's a challenge, I guess,

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<v Speaker 1>for everybody to figure out how to manage that money

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<v Speaker 1>when it comes. And we all know the old stories

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<v Speaker 1>about her generational wealth disappears, right, somebody makes it, the

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<v Speaker 1>next generation spends a lot of it, and by the

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<v Speaker 1>third generation is basically all gone. And in fact, vank

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<v Speaker 1>God do have some research on this from the US

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<v Speaker 1>that shows that as many of many of ninety percent

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<v Speaker 1>of wealthy families have their wealth completely disappeared by the

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<v Speaker 1>third generation down. So if you're getting this money, you

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<v Speaker 1>really want to find a way to hang on to it,

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<v Speaker 1>or at least manage it well or even you know,

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<v Speaker 1>spend it well. So here's the question, Kevin, and by

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<v Speaker 1>the way, lucky Kevin has inherited some money and is

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<v Speaker 1>expecting to continue to inherit money in the nearest future.

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<v Speaker 1>He wants to know what to do with it. So

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<v Speaker 1>in his letter, so long a letter, he says, I

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<v Speaker 1>don't want to just stick it in bitcoin or gold

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<v Speaker 1>Fair or a generic SMP five hundred tracker. I find

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<v Speaker 1>it stressful as I worry I could lose it. You

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<v Speaker 1>could or invest it unwisely, also possible, or have it

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<v Speaker 1>wiped out by inflation, also very very possible. Kevin's got

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<v Speaker 1>a good handle on the risks here. What are the

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<v Speaker 1>best ways to get good, well rounded advice at a

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<v Speaker 1>low cost. Currently TikTok is nudging me to a global

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<v Speaker 1>well I mean, I guess you're getting very cheap advice

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<v Speaker 1>from TikTok. Whether it's well rounded, I mean, I don't

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<v Speaker 1>know about that. But your show makes me want to

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<v Speaker 1>use an active manager. Okay, John, So I'm going to

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<v Speaker 1>start here with our usual disclaimer. We are not accountants,

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<v Speaker 1>We are not financial advisors, we are not fund managers.

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<v Speaker 1>This is not financial advice. We do not know all

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<v Speaker 1>the nuances of Kevin's financial situation. Although we already envious

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<v Speaker 1>of him, I'm only two minutes into the podcast. We

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<v Speaker 1>can give him some general knowledge that we hope will

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<v Speaker 1>help inform him on decisions he'll want to make with

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<v Speaker 1>his money. But actually, do you know what, Before we

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<v Speaker 1>get onto Kevin, I wanted to start with Warren Buffett.

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<v Speaker 1>Have you seen his letter?

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<v Speaker 2>Actually no, I haven't.

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<v Speaker 1>Not his latest Warren Buffett put uta a letter on

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<v Speaker 1>the World Press release. I guess you'd call it from

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<v Speaker 1>Buckshire halfaway on Monday this week, in which he talks

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<v Speaker 1>about how he's distributing his money and gifts he's making

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<v Speaker 1>into his foundation, etc. But along the way he talks

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<v Speaker 1>at me such an interesting man. He talks about his

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<v Speaker 1>will and how it's written, and his children, and he

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<v Speaker 1>makes his woman. He's quite old, you know. Father time

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<v Speaker 1>always wins, he says, but he can be fickle, indeed

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<v Speaker 1>even unfair and even cruel, sometimes ending life at birth

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<v Speaker 1>or soon thereafter, while at other times waiting a century

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<v Speaker 1>or so before paying a visit. To date, I've been

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<v Speaker 1>very lucky. But before long he will get around to me.

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<v Speaker 1>That will be a very sad day. His children are

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<v Speaker 1>seventy one, sixty nine and sixty six, So when he

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<v Speaker 1>talks about what he's given to his children, he doesn't

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<v Speaker 1>want to create a dynasty. And his cornerstone of the

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<v Speaker 1>whole thing is that wealthy parents should leave their children,

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<v Speaker 1>and this is the key bit, should leave their children

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<v Speaker 1>enough so they can do anything, but not enough that

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<v Speaker 1>they can do nothing. I hope that's what Kevin.

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<v Speaker 2>Is getting unless he offer I think's playing more for yeah, yeah.

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<v Speaker 1>And the other well, I think he's only he's left

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<v Speaker 1>is his children are getting money, and the tens of

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<v Speaker 1>millions rather than the hundreds of millions. And then they

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<v Speaker 1>already got ten million from their mother, and I can't

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<v Speaker 1>remember the details of what else he might give them.

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<v Speaker 1>But again, they're not going to be rich, but they

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<v Speaker 1>are going to have an insane amount of money at

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<v Speaker 1>their fingertips to give us philanthropic gifts.

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<v Speaker 2>I mean, that's that's rich. And also, I mean I

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<v Speaker 2>do think that I think Buffett is that's very sensible

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<v Speaker 2>and all the rest. At the same time, it's got

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<v Speaker 2>the same sort of underlying tone as a lot of

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<v Speaker 2>his other quotes, which is that out of the context,

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<v Speaker 2>you know, you can take them the wrong way. But

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<v Speaker 2>I mean, for most people, leaving your kids tens of

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<v Speaker 2>millions is enough to do nothing. His particular realm of

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<v Speaker 2>super billionaires that you know, this is it supplies to it.

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<v Speaker 1>But it's good.

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<v Speaker 2>It's a good concept.

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<v Speaker 1>Okay, So what do you think? What do you think?

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<v Speaker 1>John is enough to do anything? But not nothing? What's enough?

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<v Speaker 2>It really does depend on your background, because because because

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<v Speaker 2>of lifestyle inflation, I mean, at their their level, you know,

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<v Speaker 2>the kinds of houses they'll be expecting to live in,

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<v Speaker 2>the kinds of places they'll expect to go to, the

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<v Speaker 2>kind of lifestyle they're going to expect to have will require.

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<v Speaker 1>Although Buffett lives and as everyone always says, he lives

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<v Speaker 1>in a relatively humble house. I've driven past it myself

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<v Speaker 1>on my visit to Omaha, quite nice actually, and they

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<v Speaker 1>were talking about it being very humble. It's actually very nice.

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<v Speaker 1>But that's only because we're English. In our house is

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<v Speaker 1>a crap and their houses a big and nice. You know,

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<v Speaker 1>if we drive past any old house in America, we

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<v Speaker 1>think it's amazing. It's necessarily puffet.

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<v Speaker 2>I mean a Buffet is unusual. I mean he's unusual

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<v Speaker 2>in a lot of ways, you know, and by no

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<v Speaker 2>means remotely traditional either. I mean my point is that

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<v Speaker 2>they higher up than just your social standing and your

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<v Speaker 2>social states. And I mean one reason because all the

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<v Speaker 2>problems at the moment. Is Peter Touching points to is

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<v Speaker 2>the idea of elite over production. And what it is

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<v Speaker 2>is you get an awful lot of kids who go

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<v Speaker 2>to UNI and whose parents owned a house when they

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<v Speaker 2>were x age, and you know, you find that you're

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<v Speaker 2>you know, you think yourself being in the middle class.

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<v Speaker 2>You've probably got a middle class job, but you're hitting

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<v Speaker 2>forty and you're still living in a one bedroom flat

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<v Speaker 2>where you know, a newborn baby or something like that.

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<v Speaker 2>And yeah, by the standards of someone brought up in

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<v Speaker 2>Eastern house say, you might be extremely wealthy, but you

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<v Speaker 2>certainly can't do nothing. In fact, you feel as if

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<v Speaker 2>you haven't got anything like the amount of money you

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<v Speaker 2>need to live even a more middle class life. And

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<v Speaker 2>I got a lot of sympathy about that person because

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<v Speaker 2>it's absolutely true. So I just think that number, I

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<v Speaker 2>don't think you can you can pull that number of

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<v Speaker 2>out of a heart without knowing about someone's background and

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<v Speaker 2>what lifestyle expectations are.

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<v Speaker 1>All right, right, all right, all right, I just wandered.

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<v Speaker 1>I just wanted to listen. I know, the endless lecturing. Listen, everybody, listen.

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<v Speaker 1>I want you to send me in your number. What

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<v Speaker 1>is the number that would make you feel that you

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<v Speaker 1>could do anything, the number that would make you feel

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<v Speaker 1>that you could choose any career, but you wouldn't necessarily

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<v Speaker 1>do nothing. I'm really interested in this. I've got it is.

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<v Speaker 1>I've got a number of mine. We will discuss this

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<v Speaker 1>when the other numbers come and send me your numbers,

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<v Speaker 1>and I will give you my number right now. There

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<v Speaker 1>is one other thing that I want to read from

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<v Speaker 1>this buffet letter. I will Keven. I'm coming to you.

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<v Speaker 1>I'm coming to you. But there's one thing he said.

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<v Speaker 1>This is so important that this is not for Kevin.

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<v Speaker 1>This is for the people who might leave money to Kevin.

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<v Speaker 1>This is buffet. I have one further suggestion for all parents,

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<v Speaker 1>whether they are of modest or staggering wealth. When your

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<v Speaker 1>children are mature, have them read your will before you

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<v Speaker 1>sign it. Be sure each child understands both the logic

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<v Speaker 1>for your decisions and the responsibilities they will encounter on

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<v Speaker 1>your death. If any have questions or suggestions, listen carefully

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<v Speaker 1>and adopt those found sensible. You don't want your children

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<v Speaker 1>asking why when you are no longer able to respond.

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<v Speaker 1>I think that is incredibly valuable advice. Incredible. And you've

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<v Speaker 1>seen so many families driven apart by wills that they

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<v Speaker 1>don't understand, leave them confused, leave them angry, leave them jealous,

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<v Speaker 1>leave them absurdly them poorer than they expected to be, etc.

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<v Speaker 1>And it's a terrible thing. So this, if you can

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<v Speaker 1>do this in advance, this this honesty between families, and

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<v Speaker 1>I think that's incredibly valuable, So much valuable advice from

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<v Speaker 1>Warren over the years. But I think that one absolutely

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<v Speaker 1>nailed it right, Kevin. We are actually now going to

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<v Speaker 1>pay you some minor attention, John. What should Kevin do?

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<v Speaker 2>He's right about notes, thinking they're all in the bitcoin

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<v Speaker 2>or gold, the generic.

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<v Speaker 1>Although we will I will interrupt you there and say,

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<v Speaker 1>look how well Charlie's bold strategy has done. That's back.

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<v Speaker 1>Go read my news letter from two weeks ago, learn

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<v Speaker 1>about how if she had both over the last and

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<v Speaker 1>while you would have done rather well. Of course, I

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<v Speaker 1>entirely agree with John, you shouldn't go sticking it into both.

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<v Speaker 2>No, I think the thing he said at the start

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<v Speaker 2>like we don't know the rest of his circumstances, and

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<v Speaker 2>those actually really my So he needs to get an

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<v Speaker 2>overall view of how much money he's already got invested,

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<v Speaker 2>including an I'm assuming his auto enrollment pension. See where

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<v Speaker 2>all that is already allocated, and then if he's happy

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<v Speaker 2>with that allocation as it stands, then just top that

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<v Speaker 2>up with the money. But by the sounds of it,

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<v Speaker 2>he probably hasn't thought about that yet, So I think

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<v Speaker 2>what he first of all needs to do is look

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<v Speaker 2>at it, because I'm assuming he's got some savings. So actually,

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<v Speaker 2>so where are those just now? Kevin? Are you happy

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<v Speaker 2>with the way those are distributed? And if you're not,

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<v Speaker 2>figure out how you do want to distributed. And by that,

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<v Speaker 2>I just mean what percentage you want in equities, what

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<v Speaker 2>percentage you want in bonds, and what percentage you want

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<v Speaker 2>in cash and gold basically, And the other thing I

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<v Speaker 2>would say there is he's millennial, so he's still quite young.

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<v Speaker 2>He's younger than me, younger than us. He's he should

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<v Speaker 2>have a heavy weighting to equities, assuming that he's got

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<v Speaker 2>a normal human being's risk appetite, because equities are the

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<v Speaker 2>thing that do best in the long run and the

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<v Speaker 2>other thing that should deliver a return above and inflation

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<v Speaker 2>as long as what's happened in the past one hundred

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<v Speaker 2>and nigy years continues to happen. It's not advice, it's

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<v Speaker 2>boarding suggestions. But but that's it. We are money, now

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<v Speaker 2>are you happy to be that? Where that is? You know?

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<v Speaker 2>Add to that, as long as the money's for the

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<v Speaker 2>long term I'm assuming it is. If it's for the

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<v Speaker 2>house deposit, then obviously he needs to stick it in

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<v Speaker 2>a cash savings account and wait till he's built up

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<v Speaker 2>in off. But that doesn't sound like what it's for.

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<v Speaker 1>No, And I suppose a thing we should say again,

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<v Speaker 1>it doesn't seem that this is Kevin. But if you

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<v Speaker 1>haven't got six months worth of cash in an easy

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<v Speaker 1>access account, it is not. You're not yet ready to

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<v Speaker 1>invest at all. So I'm really hoping that Kevin is

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<v Speaker 1>inheriting enough that he the six months of cash and

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<v Speaker 1>nothing to him pennies and he's got that already in

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<v Speaker 1>a nice higher interest in scent access accounts account. That

0:11:49.360 --> 0:11:50.960
<v Speaker 1>that's just paying, that's just paying for your friend.

0:11:51.000 --> 0:11:52.600
<v Speaker 2>I mean other things you could look at as if

0:11:52.600 --> 0:11:56.520
<v Speaker 2>he's got a mortgage and he wants they can certain

0:11:56.559 --> 0:11:59.520
<v Speaker 2>amount of security that goes by having paid that down

0:11:59.600 --> 0:12:02.000
<v Speaker 2>more than you need to know. You could look at

0:12:02.000 --> 0:12:04.160
<v Speaker 2>doing that to me a lot of the thing that's

0:12:04.160 --> 0:12:07.560
<v Speaker 2>actually more a psychological choice. Certainly in the recent past

0:12:07.640 --> 0:12:09.600
<v Speaker 2>you've been able to get an investment that's on much

0:12:09.640 --> 0:12:12.680
<v Speaker 2>better than the interest ry on your mortgage. At the

0:12:12.720 --> 0:12:16.280
<v Speaker 2>same time, I remember James Ferguson once saying years and

0:12:16.400 --> 0:12:20.880
<v Speaker 2>years ago that it's never a bad idea to pee

0:12:21.000 --> 0:12:25.520
<v Speaker 2>down your mortgage, And I mean in terms of the

0:12:25.520 --> 0:12:29.200
<v Speaker 2>psychological impact, that's definitely are I think that's a fair thing.

0:12:29.240 --> 0:12:29.800
<v Speaker 2>You see.

0:12:30.160 --> 0:12:33.040
<v Speaker 1>Yeah, I think it's the same with maxing out a

0:12:33.080 --> 0:12:37.160
<v Speaker 1>pension quite early. Wouldn't it feel great to have put

0:12:37.400 --> 0:12:39.760
<v Speaker 1>the maximum in for say five years or something. I

0:12:39.800 --> 0:12:41.800
<v Speaker 1>know that you've got a really really good base, and

0:12:41.840 --> 0:12:44.200
<v Speaker 1>if you don't contribute later, everything's going to be fine.

0:12:44.760 --> 0:12:47.800
<v Speaker 1>So you know that rapper that your mortgage rapper, your

0:12:47.840 --> 0:12:51.280
<v Speaker 1>pension rapper, your is a rapper having those all filled

0:12:51.400 --> 0:12:55.080
<v Speaker 1>up so during those years of your late twenties early thirties,

0:12:55.280 --> 0:12:57.400
<v Speaker 1>so that you can then sit back and go, that's

0:12:57.440 --> 0:13:01.120
<v Speaker 1>all done. My base financial security is a show, definitely,

0:13:01.480 --> 0:13:03.599
<v Speaker 1>and now I have much much more financial freedom I

0:13:03.679 --> 0:13:05.600
<v Speaker 1>might have before. I really like that idea. But one

0:13:05.640 --> 0:13:07.440
<v Speaker 1>of the things that he's really asking in this is

0:13:07.480 --> 0:13:09.280
<v Speaker 1>do I go passive or do I go active? And

0:13:09.280 --> 0:13:11.120
<v Speaker 1>that we've both written about this and talked about this

0:13:11.320 --> 0:13:13.520
<v Speaker 1>a lot over the years. So as you listen to

0:13:13.559 --> 0:13:15.319
<v Speaker 1>one of our round Up podcasts from last week where

0:13:15.360 --> 0:13:17.839
<v Speaker 1>we talk a lot about how expensive the US market

0:13:17.920 --> 0:13:20.560
<v Speaker 1>is and about how over the long term, buying expensive

0:13:20.679 --> 0:13:22.680
<v Speaker 1>is usually a bad idea and buying cheap is usually

0:13:22.720 --> 0:13:25.760
<v Speaker 1>a good idea. One of the things that is assumed

0:13:25.760 --> 0:13:28.640
<v Speaker 1>in that conversation is that if you believe that the

0:13:28.760 --> 0:13:31.280
<v Speaker 1>US market is in a dangerous situation, you must also

0:13:31.400 --> 0:13:35.120
<v Speaker 1>believe that passive investments are in a dangerous situation, in

0:13:35.160 --> 0:13:37.600
<v Speaker 1>that the US now makes up a huge amount of

0:13:37.679 --> 0:13:41.600
<v Speaker 1>the global industries, well over sixty percent, and the big

0:13:41.640 --> 0:13:43.720
<v Speaker 1>tech stocks in the US make up a very high

0:13:43.800 --> 0:13:47.360
<v Speaker 1>level of the US index. If you're a passive investor,

0:13:47.400 --> 0:13:49.840
<v Speaker 1>you will be automatically holding a huge amount of the

0:13:49.880 --> 0:13:54.120
<v Speaker 1>US and a huge amount of the very few giant

0:13:54.280 --> 0:13:56.040
<v Speaker 1>tech stocks in the US.

0:13:56.160 --> 0:13:59.719
<v Speaker 2>Just for clardity here, yes, we're using passive to me

0:14:00.400 --> 0:14:05.240
<v Speaker 2>a global track of whereas obviously you could buy you

0:14:05.240 --> 0:14:07.920
<v Speaker 2>could buy a passive fund that only invested in the

0:14:07.960 --> 0:14:09.520
<v Speaker 2>foot C two FT for example.

0:14:09.760 --> 0:14:10.800
<v Speaker 1>Absolutely, and so.

0:14:10.760 --> 0:14:13.600
<v Speaker 2>We're not really talking about low course versus high court. Well,

0:14:13.679 --> 0:14:17.600
<v Speaker 2>we're literally talking about doing nothing but following the exact

0:14:17.640 --> 0:14:20.080
<v Speaker 2>makeup of the global equity market index.

0:14:20.280 --> 0:14:22.800
<v Speaker 1>Yeah, which is one of the things that that Kevin

0:14:22.840 --> 0:14:24.960
<v Speaker 1>asked about, you know, shitty buy one of these big,

0:14:25.040 --> 0:14:28.440
<v Speaker 1>big bang global global trackers. And the answer is there's

0:14:28.560 --> 0:14:32.600
<v Speaker 1>risk inherent in it. Yeah, So you can go passive.

0:14:32.600 --> 0:14:34.080
<v Speaker 1>But if you're going to go passive, make sure that

0:14:34.120 --> 0:14:36.600
<v Speaker 1>it's a much more diversified way of going passive. As

0:14:36.680 --> 0:14:39.400
<v Speaker 1>John says, maybe you don't want that big global tracker,

0:14:39.800 --> 0:14:42.640
<v Speaker 1>Maybe you want maybe you want a bit of a

0:14:42.680 --> 0:14:44.920
<v Speaker 1>small cap UK, maybe you want some large CAB UK,

0:14:45.040 --> 0:14:47.200
<v Speaker 1>maybe you want some emerging markets, et cetera. But you

0:14:47.240 --> 0:14:49.640
<v Speaker 1>want to I would say, and again not advice. You

0:14:49.680 --> 0:14:52.160
<v Speaker 1>don't want to be too weighted to the expensive part

0:14:52.200 --> 0:14:54.200
<v Speaker 1>of the global market over the next few years.

0:14:54.360 --> 0:14:56.680
<v Speaker 2>Yeah, I mean I think that makes sense. Some of

0:14:56.680 --> 0:15:00.640
<v Speaker 2>it also depends on your appetite for get and involved

0:15:00.680 --> 0:15:05.000
<v Speaker 2>with your own asset allocation, and that then kind of

0:15:05.000 --> 0:15:09.560
<v Speaker 2>boils down in your own personal tolerance and then in

0:15:09.600 --> 0:15:12.440
<v Speaker 2>your own judgment your own ability to manage this stuff

0:15:12.600 --> 0:15:15.360
<v Speaker 2>and make the effort. I mean, I do think at

0:15:15.360 --> 0:15:17.800
<v Speaker 2>this stage, because we talked about this a couple of

0:15:17.840 --> 0:15:19.720
<v Speaker 2>weeks ago. I think in one of the podcasts. The

0:15:19.800 --> 0:15:24.360
<v Speaker 2>difference may help with Stewart, the difference between accumulating assets

0:15:24.400 --> 0:15:28.240
<v Speaker 2>and decumulating and the thing about this side, the accumulating side,

0:15:28.520 --> 0:15:31.280
<v Speaker 2>it's actually not that difficult, and it is something that

0:15:31.320 --> 0:15:35.040
<v Speaker 2>you can probably manage yourself, unless you get extremely complicated

0:15:35.480 --> 0:15:39.520
<v Speaker 2>personal life. It's only whenever you come to start taking

0:15:39.520 --> 0:15:41.240
<v Speaker 2>the money out that it starts to get a bit

0:15:41.280 --> 0:15:45.360
<v Speaker 2>More's the sensitivity of various things goes right up, like

0:15:45.400 --> 0:15:47.440
<v Speaker 2>when you take the cash out and the cash flows

0:15:47.440 --> 0:15:50.720
<v Speaker 2>and sequencing risk and all that stuff. But the saving side,

0:15:50.720 --> 0:15:53.200
<v Speaker 2>as long as you can be bothered sitting aside a

0:15:53.280 --> 0:15:56.240
<v Speaker 2>day every three months or so to kind of make

0:15:56.280 --> 0:15:57.720
<v Speaker 2>sure that you're up to dating what's going to be

0:15:57.760 --> 0:16:01.240
<v Speaker 2>your portfolio, is pretty manageable for a more person, I think.

0:16:01.480 --> 0:16:03.040
<v Speaker 1>Well, the only thing I would say to that is

0:16:03.080 --> 0:16:06.200
<v Speaker 1>that Kevin does say I find this stressful, and one

0:16:06.240 --> 0:16:08.240
<v Speaker 1>thing I wanted to say is, actually, do you know

0:16:08.320 --> 0:16:13.080
<v Speaker 1>what it is stressful? It is stressful investing money, having money,

0:16:13.280 --> 0:16:16.560
<v Speaker 1>worrying about money. It is stressful and there's no getting

0:16:16.600 --> 0:16:19.560
<v Speaker 1>away from that. And if you find it particularly stressful,

0:16:19.720 --> 0:16:22.400
<v Speaker 1>then you should hire a wealth manager to do.

0:16:22.320 --> 0:16:23.160
<v Speaker 2>It for you.

0:16:22.640 --> 0:16:27.440
<v Speaker 1>You know that you can offload that responsibility onto somebody else.

0:16:27.720 --> 0:16:30.280
<v Speaker 1>It's going to cost you, but you can do that,

0:16:30.320 --> 0:16:32.120
<v Speaker 1>and you can do it cheaply. There are online wealth

0:16:32.160 --> 0:16:34.200
<v Speaker 1>management companies now that can manage this for you. You

0:16:34.240 --> 0:16:37.320
<v Speaker 1>can do it expensively by actually having you know a

0:16:37.360 --> 0:16:39.280
<v Speaker 1>person who buy you lunch at Christmas and talk to

0:16:39.320 --> 0:16:41.240
<v Speaker 1>you about it a lot. There are different ways to

0:16:41.280 --> 0:16:45.320
<v Speaker 1>do this, but if you find having money and managing

0:16:45.360 --> 0:16:48.360
<v Speaker 1>money keeps you up at night, get someone else to

0:16:48.400 --> 0:16:48.680
<v Speaker 1>do it.

0:16:49.080 --> 0:16:52.160
<v Speaker 2>Yep, that's absolutely fear and Chaine should is kind of

0:16:52.320 --> 0:16:54.360
<v Speaker 2>a fee based manager.

0:16:54.240 --> 0:16:56.720
<v Speaker 1>A flat fee based manager rather than a commission based manager.

0:16:56.720 --> 0:16:59.000
<v Speaker 2>Do you think yeah, rather than you know, a percentage

0:16:59.000 --> 0:17:00.000
<v Speaker 2>of your of your mind?

0:17:00.040 --> 0:17:01.680
<v Speaker 1>Mmmmmm? Do you know what I think? This is a

0:17:01.720 --> 0:17:06.119
<v Speaker 1>completely different podcast or it is an extension podcast. So

0:17:06.280 --> 0:17:08.720
<v Speaker 1>over the next month or so we will do a

0:17:09.160 --> 0:17:12.720
<v Speaker 1>Marin Talk to Your Money podcast on wealth managers online

0:17:12.880 --> 0:17:16.240
<v Speaker 1>and and not online, and we'll discuss that more thoroughly.

0:17:16.280 --> 0:17:19.119
<v Speaker 1>So Kevin, listen out for that one. Listen out for

0:17:19.160 --> 0:17:21.960
<v Speaker 1>that one. Anything else, John, We're kind of hoping to

0:17:21.960 --> 0:17:28.240
<v Speaker 1>meet you now, Kevin Dinner. Thanks for listening to this

0:17:28.280 --> 0:17:30.520
<v Speaker 1>week's Merrin Talks to Your Money. If you like our show,

0:17:30.600 --> 0:17:33.440
<v Speaker 1>rate review, and subscribe wherever you listen to podcasts. Also

0:17:33.520 --> 0:17:35.520
<v Speaker 1>be sure to follow me and John on x or

0:17:35.520 --> 0:17:39.960
<v Speaker 1>Twitter at marinas w and John Underscore Stepic. This episode

0:17:40.040 --> 0:17:42.679
<v Speaker 1>was produced by some Mesadi, production support from Moses and

0:17:42.960 --> 0:17:46.040
<v Speaker 1>and sound designed by Blake Maple's questions and comments on

0:17:46.040 --> 0:17:48.760
<v Speaker 1>this show and all our shows always welcome. Our show

0:17:48.800 --> 0:17:52.240
<v Speaker 1>email is Merror Money at Bloomberg dot net and that

0:17:52.359 --> 0:17:54.280
<v Speaker 1>is the same address that I want you to send

0:17:54.359 --> 0:18:00.240
<v Speaker 1>your number into.