Ep. 2013: Betting Against Your Future

SPEAKER_04 0:17

It's seven dollars a day, less than the sandwich you buy. It's a thing you will never once miss, and you never will wander why.

SPEAKER_07 0:28

Pay yourself first before the rest, before the bills, before the fun, because whatever is left at the end of the month is always always over five minutes, and that was the uh radio version, the radio mix of fifty for fifty at five by that uh clay selling band.

SPEAKER_03 1:26

What is that? Clay comes before platinum and gold in those?

Gen Z: Sports Betting Isn’t Investing

SPEAKER_03 1:30

What's a clay record?

SPEAKER_01 1:31

As as a recipient of none of those, uh mud, clay, sand, whatever. No.

SPEAKER_03 1:36

The financial physicists now on platforms, streaming platforms, uh like through 2,000 downloads. Wow. Wow. I know for AI generated music. Hey, nothing wrong with that. That was 50 for 50 at five, and you'll see why that song fits today's topic. Fits it really well. Welcome to Talking Real Money, the podcast that puts you on a better plane for profiting from I can't think of any more P words. I was I ran out. I just fresh ran out. It's my old brain. Hi, I'm Don. That's Tom over there. And uh today we want to we want to address you, Gen Z. Um, we've mentioned this before, but I want to focus a little bit more on this because the more I think about it, the more it bothers me. Betterment, which is the uh online robo advisor company, in August did a survey of a thousand retail investors, and they found that over half of investors in Gen Z. Which is what?

SPEAKER_02 2:45

What are the dates on Gen Z? I always forget this. No, I should have looked it up, but I you should have looked up. I know. I just among other things.

SPEAKER_01 2:54

So but a stressful life.

SPEAKER_03 3:00

You gotta figure out what's for lunch, you know. Come on. 1997 to 2012. So none of my kids are in Gen Z. You have one.

SPEAKER_02 3:09

That's right. Look at you.

SPEAKER_03 3:10

No, you have a Gen Z child. Okay. She's not in this group, by the way. No, be because she's spending all her money in college and yours, too.

SPEAKER_01 3:18

That's true. Good point.

SPEAKER_03 3:20

Over half of Gen Z investors in the past year took money from their investments. Well, no, money they earmarked for investments.

SPEAKER_02 3:31

Okay, fair enough.

SPEAKER_03 3:32

And decided that a better investment literally decided a better investment was sports gambling. Yeah.

SPEAKER_02 3:42

A quarter of them said they now treat betting as part of their long-term financial strategy.

SPEAKER_03 3:48

Even though the return on equities over the past hundred years has been about an extra 10% per year, investing in gambling has been a negative 25% per year.

SPEAKER_02 4:03

Yeah. According to this study, this is interesting. The return on your hundred dollars, your hundred cents has been about 75 cents if you're a gambler. So that that is not good.

SPEAKER_03 4:15

That's a loss of 25%.

Gambling’s Cost—and the Power of Compounding

SPEAKER_02 4:17

Yeah, and there's okay, let's unmake it.

SPEAKER_03 4:22

It's an almost guaranteed loss for most people are going to lose. Whereas if you invest, most people, at least so far, have won.

SPEAKER_02 4:32

Yeah, and I have had that argument in previous years about hey, b investing's like gambling. No, it's not. Gambling, the house wins. Investing done properly, low cost, wide diversification in the past, you've won. Um and and so this is bigger than just the the betting. That's what the article talks about, and that's what I like. It's bigger than just the betting. It's the fact that I'm not gonna be able to.

SPEAKER_03 5:00

Okay, it it Gen Z, you're all really smart. You got big young brains. Congratulations. But it shows the lack of wisdom when you can conflate gambling with investing. You really haven't learned enough about what the difference between the two is. And the reality is they are not in any way, shape, manner, or form the same.

SPEAKER_02 5:24

No, but can you blame them? If you watch sporting events, yes, I can blame them. If you watch sporting events today, what's the number one thing they promote up to the game, during the game, everywhere in the game?

SPEAKER_03 5:36

DraftKings, Caesars, all over the game.

SPEAKER_02 5:38

I mean, they are the major sponsors. Now remember, it wasn't that many years ago when they wouldn't run them at all. And you couldn't bet on these games. Now, basically, I think it's uh 30 states out of 50 or something that has legalized gambling. I mean, if you want to. If you can't beat them, take a chunk of their profits. Yeah. But the point is, so it's being widely promoted, and it's easy to do, and you can bet on not just the game. In my day, you you know, you you bet the game, you maybe you did the points. Now it's all the prop bets, you know, who will get the first punt, how many touchdowns are the quarterback. This is outrageous. So you're right. It's it's a horrible thing. It leads to addiction, and that's not even the point for me. The point is the money that would have been invested, what what's the the the opportunity cost? What's the loss in the future?

SPEAKER_03 6:28

That's I think something that if you that is a and and that that just compounds like like compound interest. That compounds the problem. Because when you're sitting there on a Sunday afternoon betting on an NFL game or Saturday betting on a college game, which is just appalling to think about it, uh, and you place those that $50 bet, you're thinking, okay, well, I just lost fifty dollars. Big deal. That's the reason I played 50 for 50 at five, because the lyric of that song basically says if that you took that fifty dollars every weekend and you invested it instead for the next fifty years. You're 18, you invest it until you're 68. That money, even in the most conservative of portfolios, is going to be at about a half a million dollars. That's 130,000 you put in, and it'll be worth half a million in retirement. If you invested in the stock market, you'd be looking at about three million or would have been looking at that.

SPEAKER_02 7:28

And you're so you're talking about two hundred dollars a month, because fifty a week. Right. So twenty four hundred a year.

SPEAKER_03 7:34

Yep. For 50 for 50. 50 years. 50 years.

SPEAKER_02 7:38

50 years. And that ends up being how much?

SPEAKER_03 7:40

130,000 that you put in. Yeah. And it would have even in bonds, safe bonds, grown to about half a million dollars. Three million in the stock market. Yeah.

SPEAKER_02 7:52

That this is the this is the part I think undersold market. We're talking real money. We're talking I think undersold and undereducated in general is the power of compounding. That's what you're talking about. The fact that young people have so many years of potential growth ahead of them with money that frankly they're throwing away. Uh and so it that's the part that I think needs to be and and the and you mentioned something else. Starting early has a huge impact. I think people I get to the investing thing when I get turned 40. I'm gonna have my fun now. I'm gonna make some real money. I'm gonna make enough to buy a house, I'm gonna make enough to take a vacation. Um, and again, we know that in the long haul, you're a net loser if you're well I'm never gonna get there, though, unless I win big, Tom. I think there's an economic aspect of frustration in today's world. We've touched on this before, the job market is a very good thing.

SPEAKER_03 8:49

You can call it frustration, but truly it is merely impatience. All of this takes long longer than you'd like it to take. And think back. You can I I well, I'm not sure you can, but I can remember being 20. I remember yesterday. I can remember being 20 and how I thought, Wow, gee, 40, I don't know. I don't even know if I'll make it to that. It's gonna take forever. Look how long it took me to get to 20. Yeah. I mean, if it takes anywhere near that long, I'm never gonna make it. Um yeah, the good news is, well, or the bad news is the older you get, the faster that time goes, folks.

SPEAKER_02 9:26

Yeah, okay. So that's one avoiding gambling, uh

Save Automatically, Invest Simply

SPEAKER_02 9:32

setting it aside for the future, proper investing. But here's the other thing the article points out. Even if you have saved um and you set it aside in an overcharging mutual fund or exchange trade fund, they use an example of 1.5 percent in fees.

SPEAKER_03 9:48

I saw that and I'm sure I was shocked. That must be because it's CNBC that wrote this article. Um 1.5 percent in annual fees. But you know, go ahead and give the number. Even if you got charged 1.5 percent over 30 years, what did you end up with?

SPEAKER_02 10:03

You still end up with half a million dollars.

SPEAKER_03 10:05

If you put 50 a week for 30 years, right, exactly.

SPEAKER_02 10:08

So it's still significant, but if you did it instead with a total market fund at uh five basis points, you end up with 750,000. So a lot of difference there, too.

SPEAKER_03 10:18

And that's over 30 years. The the number I was giving you, the numbers I was giving you were over 50 years.

SPEAKER_02 10:23

Yeah. I I I think again, I wish we could say and shake people more. That's probably not legal, though, right? Uh and try to point out that gambling is not investing. Try to point out that gambling in the long haul is a loser's game. And uh point out this power of compacting. So instead, here's an idea. Because I still think this is the only way people save most of the time. Most of the time. It's automatic. It comes out of your account every two weeks if it's into a retirement plan at work. And it if it's not, it's automatic in some other fashion because that's how the money will be put away, left aside. Then you invest it in a low-cost index fund, then you don't look at it.

SPEAKER_03 11:06

Or A B G E or DFAW. And but I need you, I need everyone to to listen to this very, very carefully. That $50 that you bet on Saturday or Sunday, if you're wrong, you lose everything.

SPEAKER_02 11:23

It's a zero-sum game.

SPEAKER_03 11:24

It is a zero-sum game. Yeah, it is. That $50 put into DFAW or AVGE will never go to zero. Unless we're not going to be able to unless and then you're not gonna care what your investments are doing. No. Good food and all for all intents and purposes. Let's we don't, you know, I know we're regulated and stuff, but the reality is if you buy a diverse portfolio of stocks, really diverse, like 10,000 of them, you can't lose all your money effectively.

SPEAKER_02 11:58

And that's another message in addition to the compounding that should be repeated over and over again. Because I think some people, young people specifically, think investing like gambling, I could lose it all on the wrong thing. And you can, by the way, if you if you put it in one stock, for example. That's gambling, though. That's gambling, but people don't see it. Well, those those companies went to zero.

SPEAKER_03 12:18

Well, I blame CNBC for that, too.

SPEAKER_02 12:21

And the other part of all of this is, frankly, you and I have talked about this ad nauseum, but we will continue to mention it. There's very few shortcuts to extreme wealth. There's people that get lucky, and there's people that are successful entrepreneurs, and there's people that, you know, have stealed stealing. You went through all the list in financial physics. So it happens, but quit thinking like that. Because the other part of the other equation part of that equation is that we know the people that try that generally end up with less than the automatic contributions, put it in a low-cost index fund, and tune out the noise for the long haul. That we do know. Sorry.

SPEAKER_03 13:02

Which is no fun.

SPEAKER_02 13:03

I agree, I get it.

SPEAKER_03 13:04

And just to reinforce the message, uh, after the the show, I'm going to uh play for you the entire album version of uh 50 for 50 at five, so you can hear the whole song in case.

SPEAKER_02 13:17

You want to gamble on something, duh gamble on Don's music career. There's a there's a gamble.

SPEAKER_03 13:21

Well, that's something that you can be pretty sure will uh not go well.

SPEAKER_01 13:26

Still a gamble, though.

SPEAKER_03 13:27

Isn't there some really? I mean, you know. I made the music for the show, so it's tax deductible.

SPEAKER_02 13:33

So good point. Good point.

SPEAKER_03 13:35

So for somebody No, I think for me. I think I'm paying for the AI, so yeah. Um let's

Listener Q&A: Rebalancing in Retirement

SPEAKER_03 13:40

see. Anyway, uh what what were we gonna do next? Oh, I think questions. Yeah. Do you want to do questions? Sure, I do. Do you have some questions, our listeners? I have questions for you, sir. I knew he had questions. Wait, let me see the paper again. Let me see. Oh, look at that. That's right, tactile QA time.

SPEAKER_02 13:58

Tactile. That's a good word. Uh let's go to them. Evans, Georgia, where Brian writes Most advisors prefer for clients to have an investment policy statement to guide the investment plan. That's true. Yeah. An investment policy statement talks about how much you're trying to make, how much you're willing to lose, how the portfolio is designed to achieve those things.

SPEAKER_03 14:17

Well, it's the rules of guardrails. Yeah, it's your rules for your portfolio for your future. Yeah.

SPEAKER_02 14:25

And it includes, as he points out, a balance of equities versus fixed income, 6040, for example. This IPS often allows for some variance, perhaps 5%, before a forced rebalance. Yeah, boy, that is very true for a variety of reasons, by the way. Uh many of them meant taxation. During decumulation of required funds in a significantly down market, taking money out. Yep. You can pull selectively from fixed assets, I think he's referring to bonds there, until the stock market recovers to avoid selling equities at a loss. But what if a protracted market causes you to become out of balance with your IPS? As an advisory firm, would you recommend a client rebalance regardless when parameters are exceeding a loss, temporarily ignoring the IPS, creating new IPS, or something else? In other words, how firm do we have to be on all this?

SPEAKER_03 15:21

You don't. Everything's adjustable. Thank you. Everything's adjustable. But let me let me just start here. Part of your IPS should be anticipating worst-case markets. Thank you. Worst case markets like uh have 2000. Yeah. Yeah, but even then, how long did that last?

SPEAKER_02 15:42

Well, it if you were globally diversified, not very long. If you were only in the U.S., I think it was 2013 or something. It took a long time to get a lot of different things.

SPEAKER_03 15:51

But if you were again for a globally diversified portfolio, there has not been in the past century. Well, we really don't have great records until the 70s for international markets.

SPEAKER_01 16:02

No.

SPEAKER_03 16:02

But but the reality is five plus years would be worst case, I would think. That's about anything longer, anything longer than that. And then we're getting into a global collapse of the economy kind of thing. Trevor Burrus, Jr.

SPEAKER_02 16:17

So what you're saying is let's just say, for example, we have a million bucks, right? And you need to take out forty thousand dollars. Right. Right. So under that scenario, at the least you should have eight hundred thousand in stocks and two hundred thousand in fixed income.

SPEAKER_03 16:35

That's an eighty-twenty, yeah. That's a pretty aggressive.

SPEAKER_02 16:39

But that would still give you the money needed in the fixed income to pay the bills for the next five years.

SPEAKER_03 16:44

Yeah, and if you were 6040, you would have enough money in the fix without touching the equities to draw money for 10 years.

SPEAKER_02 16:54

Yeah.

SPEAKER_03 16:54

And so all of that is more than 10 years, actually, because of the income being provided by you.

SPEAKER_02 16:58

I like the word you used a few minutes ago. Flexibility. All of this is flexible, and it should be looked at basically every year or more often if you have an advisor.

SPEAKER_03 17:07

Otherwise, you could just set up your IPS and then set up your portfolio and walk away and never, ever, ever need any ongoing advice. Life changes and and so your plans need to be flexible. Flexible, yeah.

SPEAKER_02 17:22

That's exactly that's exactly right. So um, this is a great question, Brian. He says he's uh as a new retiree, he's concerned about sequence of return risks. And by the way, I will add one thing, as I have in the past. I would get a professional review. I know you're gonna say it's a sales pitch, it's not because uh, you know, like anything else. Get it from somebody else, just as long as they're not selling stuff. I always do because I just want to know what another set of eyes are gonna find there. But that's a great

Listener Q&A: Saving for a Bigger Home

SPEAKER_02 17:51

question. Uh, this comes from Irvine, California, anonymous in Irvine. Anonymous. Hi, Tom and Don. Thanks for taking my question. My husband and I would like to move out of our starter home before our seven-year-old son gets too big. Well, then just give the kid away. You stay in the house, then no? Is that okay?

SPEAKER_03 18:07

Well, you just get him get him get him a longer bed. Knock out the wall in his bedroom if it's too stiff. A bigger bed.

unknown 18:14

That's good.

SPEAKER_02 18:15

Uh make him sleep outside. This is Irvine. It's nice most of the year, right? Most of the year? Yeah, most of the year. You got a little umbrella, El Nino thing or something like that.

SPEAKER_03 18:23

Yeah, and an umbrella for when it rains, you're good.

SPEAKER_02 18:25

I'm sorry, that's not nice. We never we've never made our children sleep outside. Well, it's Seattle. You can't. Except for rare exceptions. They'd mold. My son thinks he was in the closet for nine years or something.

SPEAKER_03 18:37

Well, he was actually because you couldn't get into his room.

unknown 18:41

True.

SPEAKER_03 18:41

Uh I was at your house. That's a good point. He had to sleep in the closet.

SPEAKER_02 18:46

Many of my homes. That's true. Um, we're both 40. We currently have no outstanding debt outside our mortgage. I'm contributing 7% to my employer pension program. My husband's contributing 5% for his company match, both pre-tax. I also contribute $7,500 a year to each of our Roths. That's a total of $15,000. Thank you. I'd like to reconsider allocating the Roth contribution to our mortgage once we get moved into a bigger home, but I want to make sure that won't put us behind on retirement. Remember, they're 40. They have $650,000 in their retirement accounts, 180 of that is in Roth. Want to retire at 62. What do you think about reallocating? In other words, stopping potentially putting money in a Roth and using it for housing instead.

SPEAKER_03 19:33

Here's the thing. This is another one of those. It depends. You live in California. My guess is you're going to need a lot more money than the average retiree is going to need. Well, that's true. Retiring at 62 reduces your window. It shortens your time.

SPEAKER_02 19:55

So you could get a couple of doubles. And she's adding five and he's adding or seven and he's adding five.

SPEAKER_03 20:01

Even without adding, you could probably get three doubles in a reality.

SPEAKER_02 20:05

So you're looking pretty good. I think. But wait.

SPEAKER_03 20:09

Yes. That gives them if without the additions, I'm not even going to think about those for yet. That gives them less than two million.

SPEAKER_02 20:17

No. 600 on be 1.2, and then another double would be 2.2. Oh, okay.

SPEAKER_03 20:21

2.2 and a half. Okay. So double and double. That's right. Double and double. So they're looking at two and a half plus the other. So let's say three and a half.

SPEAKER_02 20:28

And it's she's pension eligible. But it's California.

SPEAKER_03 20:32

And it sounds like you're going to be moving into an expensive house.

SPEAKER_02 20:35

Take umbrage with your statement there for the following reason.

SPEAKER_03 20:38

Yeah.

SPEAKER_02 20:38

I think this is something that comes up a lot. Like, am I saving enough? Am I doing enough? You got part of this, you got to live your life for what it is. You've got a seven-year-old son, you don't think you have enough house, go get the rest of your house. That's my take.

SPEAKER_03 20:53

Patch it on there. Get a 12-foot room instead of a six-foot room.

SPEAKER_02 20:57

I see a lot of homes falling in the ocean in California. Go get part of that and put that in there.

SPEAKER_03 21:01

When we lived in our little house in Florida when Tori was born, and we had the other kids.

SPEAKER_02 21:06

I don't think I ever visited that one.

SPEAKER_03 21:07

It was a great little house, but it was little. And we we had three other kids in the house and ran a business out of the house. And so we we had to uh Tori had to sleep outside? Tori had to sleep in the laundry room.

SPEAKER_01 21:24

Now where the truth of the matter is coming out.

SPEAKER_03 21:26

So we did put Tori in the laundry room.

SPEAKER_02 21:28

How's she doing the spin cycle?

SPEAKER_03 21:30

Yeah, well, the good news was she was young. She was a baby. So most of the time, even though her bedroom crib was in the laundry room, where did she know Debbie?

SPEAKER_02 21:42

Where did she sleep? Okay, yeah.

SPEAKER_03 21:44

I got that part figured out. Where did she sleep when she woke up in the middle of the night? Yeah.

SPEAKER_02 21:49

Okay, Anonymous, real quick. You're doing great. Maybe, and it doesn't have to be binary. It could be a little bit less in the Roth and saving some for the housing.

SPEAKER_03 21:58

Wait a minute. You mean there's flexibility?

SPEAKER_02 22:00

Ah, there's that. So I think what Anonymous is looking for is a little confirmation about the fact that you should live some of your life today. You're doing great. You're doing great for 40. Lighten up, as we say. Take take some of that money, buy a bigger house, or kids.

SPEAKER_03 22:16

Enjoy it.

SPEAKER_02 22:17

Or great questions, by the way. We've been getting a lot of great questions, so keep them coming.

SPEAKER_03 22:21

Or just rent.

SPEAKER_02 22:22

Just rent.

SPEAKER_03 22:22

Yeah. Well that's an option.

SPEAKER_02 22:24

California's a housing nightmare, so you don't even know what I'm paying a lot for housing and I don't even live there.

SPEAKER_03 22:30

So you're subsidizing. Oh, you're subsidizing your daughter? Yes, you are. And that's not true. And she's not okay. She's a freshman, right? Yes, she is. They make freshmen live on campus.

SPEAKER_02 22:42

I think I think she has to live there two years on campus.

SPEAKER_03 22:45

Wait till junior year, Dad. It's gonna get better. I want an apartment.

SPEAKER_02 22:50

I want a nice apartment.

SPEAKER_03 22:52

Nice.

SPEAKER_02 22:54

In Silicon Valley.

SPEAKER_03 22:56

In Santa Clara? Yeah. Okay. Anyway, we have uh once again drifted this way and that, but still arrived at the conclusion

Do Retirement Withdrawal Rules Really Change?

SPEAKER_03 23:08

of the show.

SPEAKER_02 23:08

So now there's one more thing I want to talk about.

SPEAKER_03 23:11

Oh my gosh, you're right. You're right. I forgot about this brilliant. Oh, yeah. There was a big press conference. There was a big event. Shocking. Wall Street Journal and Barons both covered this breaking news. This is big. From the Capital Funds Group or American Funds.

SPEAKER_02 23:27

Whatever you're doing, put it down and pay attention. Okay. You're going to be excited to hear this.

SPEAKER_03 23:31

Here's the question. Yes. And Tom has the answer. You ready? I don't know. The question is how do you figure out a way to take the right amount of money out of your retirement portfolio in retirement without running out of money before you run out of life? There must be some complex, fancy formula. There must be some insight that these smart people at Capital Fund Cap American Funds Cap. What's it called? Capital Funds. Capital Group. Capital Group. I'm telling you, they are cutting edge. They have an idea that's better than anything we've ever shared with you, right, Tom?

SPEAKER_02 24:08

Absolutely. I think these are the same people that came up with fire, perhaps electricity, the light bulb, air travel. I mean, you know, these are the same things. They're still working on the wheel. They're working on the wheel. That's coming next. Yeah, they spent months, years, decades, centuries, whatever it is, and guess what they came up with? Big announcement this week. You can take out the risk.

SPEAKER_03 24:33

This is the way you take money out in retirement and avoid running out of money. Exactly. Hold your breath.

SPEAKER_02 24:39

According to the experts, I'm holding my breath. Thank you. And it may take a while. Because you can take out 4% a year fixed or 4% wait.

SPEAKER_03 24:52

4% fixed plus inflation. Plus inflation, thank you.

SPEAKER_02 24:55

Or you could take out a variable 5%. What a wait. I'm so glad they had a news coming. Wait for this.

SPEAKER_03 25:02

Oh wait, hold on. Wait. That sounds so flippant familiar.

SPEAKER_02 25:06

I believe it's something we've mentioned, you've mentioned, other people have mentioned for like 30 years or something.

SPEAKER_03 25:13

And they just came up with it? I've flattered that. Have they been listening to our podcast?

SPEAKER_02 25:18

No, they've been too busy charging people, you know, 0.65. 5.75. Yeah, yeah, 5.75. Uh, okay, Wall Street Journal, really? Kind of it's still, it's still today on the front page and it says exclusive. And they held a news. How could it be exclusive? Because nobody else covered it. That's how. They should be embarrassed by this. And American Fund should be embarrassed by this. Go back to your lab and come up with something that really is breakthrough when it comes to the next one.

SPEAKER_03 25:45

If you can find a way for me to get 7% a year without growing it down, then I will be giving you more of my money. Yeah. We have real news then. Exactly.

SPEAKER_02 25:54

This is not very news. As you can tell, we're being very silly about this, but the fact is, this is a ludicrous deserving of any attention. None. It's just silly. Whole way around. I couldn't believe it. When I read it, I was like, what did they come up with? What did they come up with? Really? Four and five percent, huh?

SPEAKER_03 26:13

I swear we've said that.

SPEAKER_02 26:17

So many times, many ways.

unknown 26:19

Yeah.

SPEAKER_03 26:19

Merry Christmas. Oh, wrong season. Sorry. It's coming.

SPEAKER_02 26:22

It's coming soon, trust me. I already had a Christmas purchase suggestion two days ago. In October? Mm-hmm. And I did it because I just like you know me.

Send Us Your Questions—or Get a Portfolio Review

SPEAKER_02 26:34

Out of the way. Check out.

SPEAKER_03 26:35

All right. If you got questions, we're going to try to have answers. If need be, we'll even go to the Capital Group on your portfolio. We'll call them and get their brilliant insights. But the only way we can answer them is if you ask them, and the way you ask them is by going to talkingrealmoney.com, that is our website. On there, you will find two buttons, one that says ask a question, and the other one that looks like a microphone. If you click the microphone, those go to the Friday QA podcast that I do. If you click the ask a question, those get typed up by you. They go to Tom, who is obsessed about printing them out.

SPEAKER_02 27:17

We're going to add a third one because I'd like it the people that want to know how to set a fire, because I know how to do fire, I can show them how to do that.

SPEAKER_03 27:23

I'm an Eagle Scout, so how do you set a fire? What's your technique?

SPEAKER_01 27:28

What's your lighter thing?

SPEAKER_03 27:30

That's what I think.

SPEAKER_01 27:31

Shocking. Right along with the four and five percent.

SPEAKER_03 27:35

Can you use a bow and a stick and do it with the friction method?

SPEAKER_02 27:38

I could, but I we don't I I'm old. I don't have that much time. If you could find somebody younger, perhaps. Stronger, too, by the way.

SPEAKER_03 27:45

Thank you.

SPEAKER_02 27:45

Thank you for the first time.

SPEAKER_03 27:46

I don't even know how we got there. I'd probably want to tell your other message about how you just too busy.

SPEAKER_02 27:52

No, my other message is very serious. This is very serious. No messing around. No messing around. No, because you just saw me on PBS and said, look how serious you were. You were. You were.

SPEAKER_03 28:05

He seriously he had a television show on uh in C in the Seattle area and on some other stations. And the guy the guy's like Good evening. I'm Tom Cox. And he had to say, I'm Tom Cox. Somebody brought that up the other day, but I think let him say Tom Cock.

SPEAKER_02 28:23

What a world, huh? Anyway.

SPEAKER_03 28:25

Kind of like Apple Podcasts, where they do literally the O and the C in your name are asterisks.

SPEAKER_02 28:31

Wake up and face the coffee. Smell the coffee here. Anyway, um, if you want to make metaphors. If you want if you if if you want some help, all kidding aside, if you by the way, we for free, we analyze what you got. That's free. You look at your portfolio, how how much big, how much small, all that stuff. How much you're paying, how much risk. It's a pretty neat report. Then you get to chat with an advisor about other things that are on your mind. For example, we've had people ask about all kinds of planning issues that they're trying to figure out. So take it.

SPEAKER_03 29:03

And then they they walk away going, wait, you're not gonna pressure me to become a client?

SPEAKER_02 29:08

Not yet. That's uh next year. No, we don't pressure people. We don't do that. We do it the way David Booth mentioned at uh our advisor summit where he came and spoke. He said, We put the stuff out there, everybody has to make their own decision about what they're gonna do. We don't we don't tell people you've got to go do this. So that's that's your decision.

SPEAKER_03 29:25

Even though it's the right thing.

SPEAKER_02 29:26

It's

Closing Remarks and Disclosures

SPEAKER_02 29:27

that's up to you.

SPEAKER_03 29:28

All right. Well, thank you all so much for uh spending another, I don't know, half hour with us. Uh which you can do five days a week as We're talking real money.

unknown 29:50

Can I have the time?

SPEAKER_04 30:07

It's seven dollars a day, less than the sandwich you buy. It's a thing you will never once miss, and you never will wonder why.

SPEAKER_07 30:18

Pay yourself first before the rest, before the bills, before the fun, because whatever is left at the end of the month is always, always none.

SPEAKER_04 30:30

Fifty a week for fifty years, over five thousand if you're patient, over three million if you can stand the right. Fifty is a Friday and a hundred and thirty size.

SPEAKER_08 30:48

Fifty for fifty at five.

SPEAKER_04 30:51

Fifty for fifty at five.

SPEAKER_08 30:53

Give up a little today.

SPEAKER_04 30:56

Take out a whole other light.

SPEAKER_08 30:59

Fifty for fifty at five.

SPEAKER_05 31:07

The dollar you plan at twenty-two has fifty years to grow.

SPEAKER_04 31:13

The dollar you plan at fifty-two has nothing left to show.

SPEAKER_06 31:18

It won't feel like anything at all. Not this year, not the next. It's a number and a boring account and a line you never check.

SPEAKER_04 31:30

50 a week, for 50 years. Over 500,000 if you're patient. Over three million if you can stand the right. 50 is a Friday and a hundred and thirty in the time. Fifty four fifty at five. Fifty four fifty at five. Give up a little today. Take out a whole other life.

SPEAKER_05 31:59

Fifty four fifty at five. Two of them, same job, same towns, same fifty dollars to save. One of them started at twenty-two.

SPEAKER_04 32:16

One of them wanted to wait. Same market, same money, same weeks of work, same hands, same weight, same rain. And one of them finished with everything. And one of them started again. Give up a little today. Give up a little today. It's the smallest thing you will ever do. And the largest thing you will ever do.

SPEAKER_07 33:11

Over three million if you can stand the rise.

SPEAKER_04 33:17

Fifty years of Friday seven a hundred and thirty and size. Give a fuck out of the day. Take out all the other life.

SPEAKER_00 34:11

The opinions and views expressed on this podcast were current on the date recorded. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and our subjects change without notice, including any forward-looking estimates or statements which are based on certain expectations and assumptions. Although information and opinions given have been obtained from or based on sources believed to be reliable, no warranty or representation is made as to their correctness, completeness, or accuracy. Information presented on the podcast is not personalized investment advice from Apello Wealth. The views and strategies described may not be suitable for everyone. This podcast does not identify all the risks, direct or indirect or other considerations which might be material to you when entering any financial transaction. Past performance does not guarantee future results, and profitable results cannot be guaranteed. We hope you realize that the information provided on Talking Real Money is for informational, educational, and hopefully enjoyable purposes only. The podcast is not trying to get you to buy or sell any financial products or securities. Instead, the program is provided as a public service by Appello Wealth, a fee-only registered investment advisor. Please see Appello Wealth's ADV Part 2A on our website for information regarding Appello's fees and services. Apella Capital, LLC DBA Appello Wealth, is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in the states where it is properly registered or excluded or exempt from registration requirements. Registration with the SEC or any state securities authority does not imply a certain level of skill or training. Apella does not provide tax or legal advice, and nothing either stated or implied here should be inferred as providing such advice. Thanks for listening, and please visit TalkingRealMoney.com for more information and important disclosure related to performance of any specific index or fund quoted in this podcast. And the lawyers get richer.