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Speaker 1: Welcome to the show. I am Rashaan McDonald, the host

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Speaker 1: of Money Making Conversations Masterclass, where we encourage people to

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Speaker 1: stop reading other people's success stories and start planning their own.

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Speaker 1: Listen up as I interview entrepreneurs from around the country,

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Speaker 1: talk to celebrities and ask them how they are running

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Speaker 1: their companies, and speak with dog profits who are making

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Speaker 1: a difference in their local communities. Now, sit back and

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Speaker 1: listen as we unlock the secrets to their success on

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Speaker 1: Money Making Conversations Masterclass. Hi, I'm Rashan MacDonald, our host

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Speaker 1: this weekly Money Making Conversation Masterclass show. The interviews and

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Speaker 1: information that this show provides off for everyone. It's time

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Speaker 1: to stop reading other people's success stories and start living

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Speaker 1: your own. I'm here to help you reach your American dream.

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Speaker 1: If you want to be a guest on my show,

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Speaker 1: please visit Moneymakingconversations dot com and click to be a

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Speaker 1: guest button. My next guest, I'm Very Excited, is a

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Speaker 1: prominent financially buyer. Is It recognized by Forbes as one

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Speaker 1: of America's top financial security professionals for three consecutive years,

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Speaker 1: and it's the host of the Financial Quarterback radio show please,

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Speaker 1: Welcome to Money Making Conversations Masterclass. Josh Jolynski.

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Speaker 2: How you doing, Josh, great Rashan, thanks for having me.

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Speaker 1: I'm gonna make some public here, Josh. I'm over sixty, okay,

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Speaker 1: I'm over sixty okay, And you.

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Speaker 2: Don't look at day over fifty.

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Speaker 1: I'm over. I'm over, brother, I'm over. And what happens

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Speaker 1: is in my peer group, you know, we get to

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Speaker 1: a certain point fifty, forty, especially forty, we started getting

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Speaker 1: nervous fifty and we haven't figured out what we're gonna do.

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Speaker 1: And they think these they think social Security has a

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Speaker 1: plan waiting on them that's gonna save their lives. Where

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Speaker 1: has this this false theory that social Security has a

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Speaker 1: check that you will be able to live on. Where

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Speaker 1: did they come from?

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Speaker 3: I have no clue. I was gonna say the devil,

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Speaker 3: you know. I think the idea was maybe that their

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Speaker 3: grandparents lived on Social Security after they paid off their house.

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Speaker 3: You know, maybe the depression era mindset. I remember my

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Speaker 3: grandmother in North Carolina would live under social Security checks,

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Speaker 3: so maybe that was where it was. You know, so

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Speaker 3: I don't know who's living on so old security today though.

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Speaker 2: You know, maybe it came from twenty forty years ago,

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Speaker 2: right now.

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Speaker 3: My grandmother, you know, she passed away in the nineties,

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Speaker 3: so maybe the eighties, the nineties. But I don't know

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Speaker 3: anybody living on Social Security today.

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Speaker 1: You can't. You can't. Let's go, let's clear that up.

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Speaker 1: On this show. You listening to Josh, she's the financial quarterback,

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Speaker 1: popular show on Park, popular packcas you get him on

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Speaker 1: Spotify downloaded. But more importantly, the information that you're giving

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Speaker 1: me on this show I use. When I heard words inflation,

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Speaker 1: We're just talking about everyday people, Josh, you know, and

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Speaker 1: they run for office. You listen to the six o'clock

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Speaker 1: or seven o'clock news, they talk to the word inflation.

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Speaker 1: What exactly is inflation? All I know is that my

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Speaker 1: gas is high, eggs is six dollars. They used to

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Speaker 1: be cheaper than that. I've shopped with coupons now and

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Speaker 1: the coupons don't help value like they used to. And

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Speaker 1: then they come up they talk about, well, you know,

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Speaker 1: I think it's September. Of September, they said that inflation

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Speaker 1: was under control. We can drop the interest rate, but

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Speaker 1: to control interest we have to raise the interest rate.

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Speaker 1: Please explain to me Rashon McDonald and my audience. You're

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Speaker 1: the financial quarterback, Josh, what is going wrong? When I

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Speaker 1: hear interest rate going up to stop something inflation, but

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Speaker 1: my prices keep going up? How's that working well?

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Speaker 3: I think the inflation economists say is getting better, right,

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Speaker 3: But I don't know if we feel that it's getting

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Speaker 3: better because there was such a jolt of inflation for

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Speaker 3: the last four or five years due to COVID.

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Speaker 2: But first, let's talk about what inflation is. Inflation is.

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Speaker 3: There's so many definitions, but I'll go to Milton Friedman's

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Speaker 3: definition on inflation. If what is his definition on inflation?

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Speaker 3: I heard this back in the day, and I remember

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Speaker 3: inflation is always and everywhere a monetary phenomenon. Yes, what

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Speaker 3: the heck does that mean? And someone said, if velocity

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Speaker 3: is about well, I don't want to this. That sounds confusing,

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Speaker 3: but let me make it simple for you. Inflation is

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Speaker 3: when you go to the grocery store, okay, and you

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Speaker 3: get that bag of chips and there's half the amount

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Speaker 3: of chips that there was five years ago. Some people

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Speaker 3: call that shrink inflation. It's basically your dollar doesn't go

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Speaker 3: as far as it used to. A stamp was how

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Speaker 3: much twenty years ago versus today? A gallon of milk

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Speaker 3: was so much? And any time there is something in

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Speaker 3: plentiful supply.

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Speaker 1: I love your.

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Speaker 3: Questions because they get me to think, like, how do

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Speaker 3: I make this simple.

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Speaker 2: For the everyday American? Right, we're like in these bubbles

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Speaker 2: and you just hear it. You don't even know what.

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Speaker 3: It is, but I think it's too many dollars chasing

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Speaker 3: too few goods. So COVID stimulus, Democrats Republicans just giving

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Speaker 3: money away in COVID stimulus one and two. This is

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Speaker 3: both parties have caused us this problem in an effort

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Speaker 3: to save us from COVID or whatever. So what happened

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Speaker 3: is the government printed all this money. Right, we all

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Speaker 3: got our stimmy checks.

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Speaker 2: I don't know if I got to people got PPP.

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Speaker 3: If they're business owners, and they said, wow, I have

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Speaker 3: all this money. I'm gonna buy new TV. I'm gonna

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Speaker 3: buy a new car. And we felt rich for like

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Speaker 3: a day, and now we feel poor because that's what

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Speaker 3: inflation does. The Roman Empire cave due to this. It's

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Speaker 3: called bread and circuses because the natives are getting restless, right,

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Speaker 3: they don't want us to riot during COVID. So what

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Speaker 3: they do, here's a check, here's a check for the lockdowns,

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Speaker 3: for your trouble. And by the way, this stuff will

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Speaker 3: happen more and more if people on both sides really

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Speaker 3: need to wake up to this, because this is how

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Speaker 3: the government will control us, manipulate us in the future,

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Speaker 3: and it will how it's how.

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Speaker 2: Come everybody feels poor even though they make more than

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Speaker 2: they made five years ago. And if they don't make.

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Speaker 3: More then it's even worse, right because people always say, oh, well.

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Speaker 2: The answer is I remember Bernie Sanders would say, what

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Speaker 2: is he say we.

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Speaker 3: Want fifteen dollars minimum wage, that'll save everybody. Now we

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Speaker 3: say we want twenty dollars minimum wages. But what's gonna

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Speaker 3: happen or the tariffs are any of these things? Don't

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Speaker 3: be fool people. This just gets passed off.

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Speaker 2: To the consumer. The people.

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Speaker 3: You know you worked for IBM pre many years, six years.

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Speaker 3: They're a smart company. If their cost goes up, what's

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Speaker 3: gonna happen? They're gonna pass that on to their customers.

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Speaker 1: Yes, you will.

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Speaker 3: Coachs are gonna do the same thing. Hershey's gonna do

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Speaker 3: the same thing. Chlorax is gonna do the same thing,

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Speaker 3: not because they're greedy, because they have to. Their costs

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Speaker 3: of goods and services go up. So inflation is I

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Speaker 3: like that. Actually, definition is always an ever monetary phenomenon.

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Speaker 3: But it's really too much dollars chasing too few goods,

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Speaker 3: and any time you have a lot of something in circulation,

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Speaker 3: it makes it worth less. Remember the beanie baby craze.

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Speaker 3: My months she was into collecting beanie babies. We grew

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Speaker 3: up poor, but for some reason, my mother thought the

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Speaker 3: beanie babies were gonna get her out of poverty, right,

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Speaker 3: so she bought beanie babies.

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Speaker 2: She'ld have bought stock, but for.

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Speaker 3: Some reason she bought beanie babies, thinking that that would

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Speaker 3: save her from poverty. So she would save up what

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Speaker 3: she could and she'd buy beanie baby, and then she'd

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Speaker 3: buy another one.

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Speaker 2: And then she passed.

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Speaker 3: Away a few years ago, And I remember I had

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Speaker 3: all these buckets of beanie babies and I kept them

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Speaker 3: just because it reminds me of that story of my

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Speaker 3: mother's love trying to do something to get her family ahead.

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Speaker 3: But why did the beanie baby craze not get successful?

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Speaker 3: Because they started making too much of me it's the

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Speaker 3: same thing with the dollar.

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Speaker 1: It's a great movie. I saw why that happened. It

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Speaker 1: was greed and too many beanie babies. It made it.

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Speaker 1: It wasn't rare anymore. And that's why the system fails itself.

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Speaker 1: But you know we I'm know. I come from the

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Speaker 1: inner city. You know, six sisters, two brothers, two bedroom,

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Speaker 1: shotgun house, so similar to your upbringing. Didn't have nothing.

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Speaker 1: And as you grow older, you know, you hold on

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Speaker 1: to values and savings accounts. You know, you put your

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Speaker 1: money in savings, and you hear the word c D,

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Speaker 1: put your money into CD. But I'm gonna tell you something.

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Speaker 1: It wasn't until I got older I heard the word

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Speaker 1: compound interests. And when I started really understanding compound interests,

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Speaker 1: and I want you to explain it, because you're the expert.

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Speaker 1: Why isn't that pushed out more as a value component.

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Speaker 1: I hear stock, I hear stock stocks, socks, stocks stocks,

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Speaker 1: but I never hear compound interests as a value way

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Speaker 1: to secure your savings for long term opportunities. The floor

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Speaker 1: is your.

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Speaker 3: That's beautiful, Einstein said. The miracle of compounding.

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Speaker 2: It is attributed to eins. Some people don't know if

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Speaker 2: he really said it.

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Speaker 3: Compounding is the eighth wonder of the world. But what

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Speaker 3: is compound interest? It's basically a doubling every so many years, right,

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Speaker 3: And there's something called the miracle of compound interest. And

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Speaker 3: then there's something called the rule of seventy two, which

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Speaker 3: if you have a dollar and you earn seven percent

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Speaker 3: a year, you take seventy two you divide it by seven.

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Speaker 3: It takes about ten years for a dollar to double

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Speaker 3: at seven percent interest. If you earn ten percent a year,

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Speaker 3: it takes a dollar about seven years to double because

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Speaker 3: seven goes into seventy two about ten times. Compound interest

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Speaker 3: is very simple.

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Speaker 2: But why do we not get taught it?

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Speaker 3: I think it's because banks and other wealthy people don't

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Speaker 3: want you.

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Speaker 2: To know about it. You remember that guy Kevin Trudeau.

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Speaker 3: You know natural cures. They don't want you to know

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Speaker 3: about it. I don't know if it's conspiratorial.

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Speaker 1: But saying that, I'm not saying this is Josh. I'm

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Speaker 1: not using the word, and I.

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Speaker 2: Know there might be an element where it is.

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Speaker 1: Right.

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Speaker 4: Please don't go anywhere. We'll be right back with more

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Speaker 4: money making conversations Masterclass. Welcome back to the Money Making

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Speaker 4: Conversations Masterclass hosted by Rashaan McDonald.

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Speaker 1: Because I know about stocks. I hear about stocks. It's

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Speaker 1: very complicated, you know. But if you tell me, Rashan,

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Speaker 1: you know, save five hundred dollars a month or whatever. Okay,

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Speaker 1: that's and you know the end of the year, you

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Speaker 1: got six thousand dollars. Okay, that goes in you. But

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Speaker 1: every time you put in the bank is compounding the

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Speaker 1: interesting interest interests, and you're doubling. You're doubling your doub

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Speaker 1: and then you just just don't mess with it. Just

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Speaker 1: keep saving and just keep saving and guess what, you

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Speaker 1: will reap the benefits of a tremendous financial opportunity. But

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Speaker 1: I never hear that. I hear invest in stocks. When

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Speaker 1: I sit down with my financial advisor, he went, do

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Speaker 1: you want to be aggressive? Conservative? Or you know what

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Speaker 1: you want to you know, just stand pad, Oh you

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Speaker 1: want to do a mix. That's what I hear. And

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Speaker 1: I'm sure that's a standard.

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Speaker 3: No, you need a new financial advisor number one, okay,

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Speaker 3: And we're.

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Speaker 1: Going to talk about that because people, what is a

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Speaker 1: good financial advisor? Did Josh?

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Speaker 2: What is I think the good financial advisor? Number one?

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Speaker 2: Educates their clients on the value of compounding.

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Speaker 3: That that is exactly why you should have a financial advisor, because.

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Speaker 2: The goal in life, yes, sir, is.

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Speaker 3: Then to not interrupt that compounding. People want to interrupt

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Speaker 3: their compounding when there is a new political regime. People

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Speaker 3: want to interrupt their compounding due to whatever their kids

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Speaker 3: go to college. People want to interrupt their compounding to

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Speaker 3: buy a new car. People want to interrupt their compounding

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Speaker 3: to buy a bigger house.

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Speaker 2: Yes, and the number one.

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Speaker 3: Way you get wealthy is compound interest and not interrupting.

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Speaker 2: So I would argue that the number one reason.

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Speaker 3: But you're right, the financial industry has gone into do

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Speaker 3: you want to be a conservative?

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Speaker 2: Moderate? Aggressive? You're You're right on, come.

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Speaker 1: On, Josh, you know you know that's typical they sit

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Speaker 1: down with that little That is true.

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Speaker 2: We do it too.

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Speaker 3: But that's only as like a c ya right, right,

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Speaker 3: it's not. But but your number one job as an advisor,

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Speaker 3: the number one people say, what is the number one

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Speaker 3: thing I look at in financial advisor? Do they educate

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Speaker 3: you on key concepts that you need to know about?

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Speaker 3: Because here's the thing you said, Well, why your questions

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Speaker 3: are really good because you could have a whole show

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Speaker 3: on one question that you give. But why part of

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Speaker 3: me thinks it's a conspiracy. I don't know why.

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Speaker 2: Right part of me thinks.

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Speaker 3: It's because that's how banks make money, not that banks

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Speaker 3: surrey evil and that can be a trope sometimes.

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Speaker 2: I'm not saying that. I'm just saying what does a

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Speaker 2: bank do?

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Speaker 1: Right?

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Speaker 2: I want my clients to think like they are the bank.

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Speaker 1: And I would tell you this, js. I will tell

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Speaker 1: you this, Josh. I've had at least six different financial

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Speaker 1: advisors sit in front of me. I can remember when

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Speaker 1: I was thirty and I was invested in I got

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Speaker 1: that conservative, aggressive, moderate speech. You know, Okay, I want

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Speaker 1: to be a little aggressive. I'm young. I'm young, but

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Speaker 1: nobody told me. Nobody drill listened to my head, Josh, Rashank,

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Speaker 1: this is me. Listen to meat. Just compound interest. Don't

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Speaker 1: touch it. I mean, I mean with their fistballed up.

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Speaker 1: I know, Cya, just like you said. But Rashan, believe me,

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Speaker 1: do not touch this money over here. This is your

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Speaker 1: compound interest money. If somebody would have told me this

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Speaker 1: is your compound interest money, this is your stock money.

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Speaker 1: If you just said that when you're talking about the

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Speaker 1: word conservative or you want to be moderate with your money.

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Speaker 1: That word never came out, because I'm considering that's the

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Speaker 1: conservative approach to investment. Is the compound interest that never

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Speaker 1: came up, and that annoys the heck out of me.

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Speaker 1: And when I come to the financial quarterback, I'm not

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Speaker 1: seeking salvation because the hell Mary passed that you could

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Speaker 1: probably throw to me is passed.

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Speaker 2: But you got us compounding.

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Speaker 3: If you're listening today, you're watching today and you and

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Speaker 3: you kind of think that you're too late, too old,

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Speaker 3: you're fifty or sixty or seventy, just start the compound

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Speaker 3: interest cycle.

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Speaker 2: It's a great listen.

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Speaker 1: Thank you. Now, I gotta go here, brother, at that

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Speaker 1: time of the year. Health insurance, okay, you know, I

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Speaker 1: just got to notice the other day, h manner. You know,

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Speaker 1: they disenrolling me. They're not carrying my lane of insurance.

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Speaker 1: And I gotta find I gotta scramble to find somebody.

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Speaker 1: I got employees. I gotta get a new plan for

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Speaker 1: my employee. What is going on in the financial community

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Speaker 1: with health insurance, Josh.

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Speaker 3: Well, A lot of the government mandates are having an

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Speaker 3: unintended consequence of health insurance companies aren't making money anymore

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Speaker 3: because they have to have everybody in the system with

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Speaker 3: pre existing conditions, so a lot of people are getting out.

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Speaker 2: See, we have a fundamental problem in America.

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Speaker 3: We everybody wants health care, but they don't want to

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Speaker 3: pay for it, right, So what's happening is I think

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Speaker 3: we need a fundamental restructuring of health care in America.

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Speaker 3: I don't I didn't hear anybody talk about. And we

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Speaker 3: just had an election, and the number one problem is

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Speaker 3: costs are going up, I know, and nobody's talking about,

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Speaker 3: well how do we contain costs? I have a plan,

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Speaker 3: but I'm not an elected dog catchers, so I don't know. Well,

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Speaker 3: nobody would listen to me.

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Speaker 1: But well, please, I got my ear open, at least

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Speaker 1: one ear open. What will be an option you visionary?

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Speaker 1: Because right now we have a problem.

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Speaker 3: I think the only way they're going to do it

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Speaker 3: is to let eighty percent of the healthcare insurance company

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Speaker 3: companies do whatever they want.

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Speaker 2: They get to discriminate on the basis of health.

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Speaker 3: People forget this insurance is by its very nature discriminatory,

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Speaker 3: meaning you have an insurance company saying we don't want

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Speaker 3: this risk because we believe you're going to get heart attack,

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Speaker 3: cancer stroke.

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Speaker 2: We do want this risk because you're a healthy person.

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Speaker 3: And one of the things that Obamacare had originally that

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Speaker 3: was actually a Republican idea, was that everybody had to

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Speaker 3: buy health insurance, whether you were young or old, and

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Speaker 3: they would have healthy people in the pool.

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Speaker 2: But they stopped that for some reason.

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Speaker 3: So if we're gonna have this kind of mix and

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Speaker 3: match plan, I think we need to have two options.

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Speaker 3: One is a health insurance company led plan where they

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Speaker 3: get to kick anybody off that they want to. What

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Speaker 3: is that going to do. That's going to cause the

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Speaker 3: costs to go down because they're going to only ensure

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Speaker 3: healthy people. Now what about the unhealthy people? Then they

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Speaker 3: would get a government kind of like an expanded Medicaid

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Speaker 3: m H.

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Speaker 2: And then go and then.

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Speaker 3: Doctors, because this is key because we have this in

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Speaker 3: New Jersey. We have NJ Family Care. No good doctor

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Speaker 3: wants to take NJ Family Care, which is like Medicaid,

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Speaker 3: they don't call it medicaid anymore. So in my plan,

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Speaker 3: all doctors would get they would have to take eighty

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Speaker 3: percent healthy people, twenty percent poor and indigent and unhealthy,

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Speaker 3: and they get a rite off for the ten or

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Speaker 3: twenty percent that they take that can't afford them.

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Speaker 2: And I don't know anybody would be against that planet.

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Speaker 3: It helps, it helps the poor, it helps those who

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Speaker 3: are sick, and it helps insurance come keep costs lower

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Speaker 3: because then they get to discriminate, which is what an

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Speaker 3: insurance company does.

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Speaker 1: You know, he just brought up the Obama character.

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Speaker 3: And I don't mean racial discrimination. I mean discerning of

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Speaker 3: risks people. Here's the thing, if you were out of

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Speaker 3: insurance company, you'd only want to ensure healthy people.

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Speaker 1: Well, you're in the money making business, and so you

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Speaker 1: have to look at your bottom line and the bottom line.

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Speaker 1: I'm getting kicked out because I'm not making any I'm

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Speaker 1: hurting their bottom line, and so somewhere along the line

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Speaker 1: there has to be a decision made on how you

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Speaker 1: can make money and still ensure people who they deem

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Speaker 1: healthy and won't be that's by the way. I remember

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Speaker 1: when I was young, I had Triple I still have

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Speaker 1: Triple A, and I had a nineteen seventy three cutlass,

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Speaker 1: and every three months I had to call them and

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Speaker 1: tell them, come charge my battery, Come charge my battery.

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Speaker 1: Finally I got a letter from Triple A. They said,

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Speaker 1: excuse me, either you need to buy a new car,

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Speaker 1: or we can't come and charge your batteries no more,

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Speaker 1: because you had exceeded, in their mind, the bottom line,

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Speaker 1: the model that they had put in place. And so

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Speaker 1: when I hear that, people need to understand that there's

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Speaker 1: always a cut off poem where they said, you know

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Speaker 1: some we like to keep your money because what you

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Speaker 1: heard in our bottom line. And so when people use

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Speaker 1: the word discriminatory, they use the word. In the end,

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Speaker 1: we are already business of making money. We want people

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Speaker 1: to make money so we can get services. If we

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Speaker 1: don't get those services, then either they may file bankruptcy

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Speaker 1: or they close. If they close, we don't get their

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Speaker 1: services anyway, and you won't have their services. You know,

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Speaker 1: would anybody have their services, which means that it becomes

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Speaker 1: a monopoly. Because if we don't have competition and independent

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Speaker 1: voices out there and it shrinks, then we've created a

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Speaker 1: bigger problem. And I look at these things when I

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Speaker 1: talk to you, Josh, and you know, I'm so fortunate

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Speaker 1: to be able to have a guy with your financial

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Speaker 1: mindset who's been there, done that. Like I said, I'm

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Speaker 1: just immediate. I'm just a voice that that comes on

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Speaker 1: this show and brings experts like you to be able

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Speaker 1: to deliver information that people can research. Now, the Financial Quarterback,

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Speaker 1: how can we find you? And where about with your podcasts?

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Speaker 3: Go to Apple or Spotify Just search for my ugly

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Speaker 3: mug the Financial Quarterback and get the subscribe button. And

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Speaker 3: if you like the show, give us a review.

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Speaker 1: Well, I'd like to show my brother and I really

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Speaker 1: appreciate you coming on Money Making Conversation master Class. You know,

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Speaker 1: I don't know if you got me mad, but you

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Speaker 1: got me in light. You hear, I'm gonna tell you something.

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Speaker 1: You allowed me to vent Josh. You know, you allowed

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Speaker 1: me to go back thirty years, and I'm gonna say

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Speaker 1: that I made mistakes because some people say, hey, you're

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Speaker 1: doing pretty good. But I know I cut it down

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Speaker 1: a little bit better. If I just held old, it

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Speaker 1: just compound interests. But I didn't. Just like I said,

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Speaker 1: I got out of the boat. I sold the stock,

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Speaker 1: I sold home Depot, I sold Apple, I sow.

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Speaker 2: Entail.

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Speaker 1: I sold all those stocks because guess what, I just

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Speaker 1: stick to the plan and the bottom line. When you're

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Speaker 1: talking to the Financial Quarterback, It's all about a plan, correct.

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Speaker 2: Exactly and sticking to the plan.

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Speaker 1: I appreciate you. We talked sooner. Man. Thank you for

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Speaker 1: coming on Money Making Conversations Masterclass.

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Speaker 2: Thanks so much for Sean.

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Speaker 1: This has been another edition of Money Making Conversation Masterclass

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Speaker 1: posted by me Rashaun McDonald. Thank you to our guests

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Speaker 1: on the show today and thank you O listening to

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Speaker 1: audience now. If you want to listen to any episode

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Speaker 1: I want to be a guest on the show, visit

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Speaker 1: Moneymaking Conversations dot com. Our social media handle is money

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Speaker 1: Making Conversation. Join us next week and remember to always

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Speaker 1: leave with your gifts. Keep winning.