More Buyers, Prices Higher

SPEAKER_03 0:05

We're gone to a really great financial future. Tom and Don are talking real money.

Money Monday Begins

SPEAKER_00 0:12

Today is the most special of all days in the Talking Real Money calendar. It's Money Monday. Only important because it's sort of alliterative. Money and Monday sort of go together, making it feel kind of special. So, in honor of the special nature of a money Monday here on Talking Real Money, from this date until nearly the Christmas holiday season, every money Monday will feature one of the rules, laws, corollaries, theories, and hypotheses of the book. The book itself. Yes, financial physics.

SPEAKER_01 0:58

Oh, that's a disappointment. I thought it was the line uncrossed. I was already annotated a bunch of stuff here and comments from other Civil War historians and No, no. Okay.

SPEAKER_00 1:08

You know, it's funny. Uh I I've gotten you know like a couple of dozen reviews. No, a little over a dozen reviews for um The Line Uncrossed. And for some reason, I don't understand it. There are two unwritten nobody wrote a review to go with it. They just rated the book two stars. Two people did that. Now can't know anything. Can they give me two stars? Please at least tell me why. I don't understand why you don't say why. Are you mad at me or something? I gave it five and it deserves everyone's two stars. Yeah, I know, but yours, you you would do that even if it sucked, I think.

SPEAKER_01 1:45

I think it may be true, but in this case, as a guy who reads a lot of history, it's a damn fine book. It really is, so worth reading.

SPEAKER_00 1:53

Anyway, uh, we're gonna read a little bit book from a different book. My my first book. No, I first booked my second book. It was the first one. Ladies and gentlemen, from the first book of Don't the first book of Don was Mutual Fundamentals.

SPEAKER_01 2:06

That's true.

SPEAKER_00 2:07

Which is I have that hasn't been printed in eons. Uh this is from the third printing of the third edition, the third update of uh Financial Physics.

SPEAKER_01 2:18

Is it the third or the second? I didn't know there was a third. 2022, right?

SPEAKER_00 2:22

2010, 2018, and 2022. Ah, I guess I forgot the 18 one. Okay. Yeah. So it's been updated three times. Anyway, the uh we're gonna just start at the very beginning because it's a very fine place to start, according to a song made by the case.

SPEAKER_01 2:36

By the way, can you write us and I'll send you a free copy? Is that okay?

unknown 2:41

Really?

SPEAKER_00 2:42

I'm trying to sell the damn things.

SPEAKER_01 2:43

I know, but yeah, that let's help people. They're 299 Kindle on on Amazon.

SPEAKER_00 2:48

Oh, let's do it this way.

SPEAKER_01 2:49

I don't know when this airs because these we were putting.

SPEAKER_00 2:52

It airs in July after you just got you are just returning from vacation as we speak.

SPEAKER_01 2:57

Let's do this in the it will give people a week. After it airs, you have a week.

SPEAKER_00 3:02

Which is like the 19th or 20th or something like that. I don't know. See, I was counting my weeks. Let's see. This one is gonna this is gonna air. Oh my gosh, really? This is gonna air like the 14th of July, so you have until like the 21st of July.

SPEAKER_01 3:23

We'll give you one week. If you write and you just go to talkingrealmoney.com, click on Ask a Question. If you send me a note, I'll send you a book, but you have a week to do it. It's a very good book, so Okay.

SPEAKER_00 3:34

You're gonna actually send you have Sure.

SPEAKER_01 3:36

Yeah, we got books around here.

SPEAKER_00 3:37

Otherwise, you can buy them cheap on Amazon, $2.99. Anyway.

SPEAKER_01 3:42

Yeah, but it's a lot cooler with me sending it to you. Oh, yeah.

SPEAKER_00 3:44

So much cooler.

The Three Ways to Wealth

SPEAKER_00 3:45

Wow. So let us read from the very first chapter of financial physics.

SPEAKER_01 3:52

This is this is just I can't take it. This is rule one.

SPEAKER_00 3:55

Ladies and gentlemen, now basically I'm not gonna read you the chapter. I'm just gonna tell you what the rule is. Rule one, I think. Because the guy with holding up the number The Law of Wealth Acquisition.

SPEAKER_01 4:06

Yes.

SPEAKER_00 4:07

And the gist of it is, ladies and gentlemen, this is a law, by the way, of financial physics. There are only three ways to make money. And you know, I promised uh rewards over the years to people who could come up with a fourth way to make money. That something that doesn't fit under these three. And the trick is finding one that doesn't fit under these three because everything I can come up with, every possible variation on the theme, will fit under one or two, or all three of these three ways to make money. All right, let me tell you the first one. Ready? First one. Moneymaking rule number one. Or means number one. Moneymaking means number one. Luck.

SPEAKER_01 4:54

And so does investing fall under luck then?

SPEAKER_00 4:57

Part of it. See, it can be under ah, you see? Investing is a combination. Investing is a combination of luck and one other one.

SPEAKER_01 5:08

Okay. So luck, you're talking about things like um lucky sperm.

SPEAKER_00 5:14

I mean, okay, yes. Right. The lucky parentage club where you are born into wealth. That that is not something you consciously did or strove to achieve. You just got lucky. Your dad is Elon Musk, and you're one of 437,000 children who are getting to share the trillion dollars that Elon is worth. I I don't know when this airs. It could be 447,000 by the time it airs. I don't know.

SPEAKER_01 5:47

Uh what other things when it comes to money fall under? You could pick the right stock, right? You could have made a lot of right.

SPEAKER_00 5:53

Just accidentally picking the right stock, thinking you're brilliant. Um well uh uh obviously going to Vegas, winning on the slots or roulette or blackjack. Prediction markets? Prediction markets, lotteries, uh trading the market, being a market timer. That's the right. And thinking you're really smart. Even active picking the right active stock manager. Managers will claim that's skill and work, that that's the right.

SPEAKER_01 6:23

But you've got to pick the right one, too.

SPEAKER_00 6:24

So But the the the evidence says it's mostly luck. The data says it's mostly luck. Now the second one, moneymaking means number two. Is stealing.

SPEAKER_01 6:37

Yeah, but how many people wake up in the morning and say, Well, I'm gonna I'm gonna have money, so I'll just go take it from other people.

SPEAKER_00 6:43

Not very much. What about okay? Well, recently there was the guy uh who had the cattle Ponzi scheme.

SPEAKER_01 6:52

Yes, it was very well written up where they where where he claimed to have 80,000 head of cattle and had like a lot of people.

SPEAKER_00 6:58

Yeah.

SPEAKER_01 6:59

Okay, a few more than eight, but not not what he said. But yeah.

SPEAKER_00 7:02

But a but this is I don't think anybody wakes up and says I'm gonna do it. They just suddenly discover that this is an easy way to make money, at least until they get caught. But there's a lot of illegal and and I and you see, stealing. Ah, this I'm gonna get to the trading fits under this. Yeah.

SPEAKER_01 7:22

And what about people selling a product to somebody they know that's not the right product for that person? Is that stealing?

SPEAKER_00 7:27

Partially. Yeah. There may be a little work involved in that they had to make the cold call and that they try to sell you something, but if they know in their heart that this product is not appropriate for you, that it is bad for you, and that they are selling it for the purpose of generating a commission for themselves, it falls under stealing, and then the third one, which is work. Number three is work. So you pretty much see So luck stealing or work. Luck stealing or work. There's not a form. And so where is investing fall then? Work and luck. I see. It's a combo. It's a combo. So if you do it right, if you build a proper portfolio and you rebalance it and you don't panic. You see, it's work to maintain your emotional equilibrium. That is hard to do. We have to train ourselves not to react to bad markets. That's part of the work of being a successful investor. You build, you have a plan, you build the right portfolio, you rebalance it, and you control your emotions. That is all work. Now, there is surely a modicum of luck involved in that, because the the economy has to cooperate with you. So we're counting on that. We're counting on something that has at least been happening for a few thousand years, and we hope it will continue to. If it doesn't, then you know you're out of it. Your luck ran out.

SPEAKER_01 8:52

Okay, but but okay, so back to yours and maybe our situation. Would you say um our investing for the last 30 plus years has been luck or has it been work?

SPEAKER_00 9:06

Um, early on, at least I'm gonna use my career as an example. When I was suggesting funds and stocks to people back in the 80s and the early 90s, uh that was that was pure luck. I mean, I worked a little bit, but it was more the weight was toward the luck side. I was just lucky that some of these funds did really well for a period of time, uh, that some of these stocks did well for a period of time. But the more I learned, ah, learning is also effort, it's work. So studying the data, learning about how the financial markets actually work, learning what the academics have the work they have done, and they, you know, they they work can be acquired by proxy. Touche. You know, Paul Merriman did a lot of the work before I ever did the work on this, and the Fama and French and the like did the work before Paul did the work. So it's work by association, it's work by acquisition, it's work by proxy. Fascinating. I mean, there's so much more than a lot of things. But it's always, it's always, always, always, I don't care what it is, I don't care what you think up. If you if you boil it down to its essence, you're gonna find that it is one, two, or three of those things all combined.

SPEAKER_01 10:30

And how does it break down um across the world in terms of wealth? How much how much has been made from the world?

SPEAKER_00 10:35

I would I would have to say the the vast majority, the vast majority is is number three. It is work. Yeah. Because when you think about it, the biggest fortunes of all time were created by the accumulated effort of a person or persons building a business. That's where most money has come from in the world. But vast wealth, vast sums of money. I mean, you want to use a historical reference. Let's talk about about Spain in the 1500s. Spain basically pillaged the New World to make itself at the time one of the wealthiest countries on the planet. Uh so there was there was mass theft happening in the world. I mean Nazi Germany stole art and gold and and the the the output of a lot of people, natural resources. So there yeah, we uh uh America did it in the West. Yep. Uh so you know that yeah, it's all it really is all of them. It really is. The the the fact that the U.S. did so well and became such a wealthy country had in had something to do with hard work, had something to do with luck, and had something to do with theft.

SPEAKER_01 11:56

It's a little bit of all of those. And going back to work and wealth, because you raised a point that I had highlighted here. It's fascinating. If I woke up today and I was 25 again, God, I hope I don't make the same mistakes.

SPEAKER_00 12:10

Um, but if you knew if you get to know what you know now, that would be great.

SPEAKER_01 12:15

Yeah, that would be really

Building Wealth Through Work

SPEAKER_01 12:16

good. But the one thing I think we can fairly unequivocally say, you raised it when it comes to work. If you really have, if you are determined to be wealthy, if you say, I this is this is a focus of my life, it's not everybody's focus, by the way, which is fine. There's nothing wrong with that. But if it is the focus, I truly believe in today's world, the one way you can do it, and you may it may work out, maybe you may be lucky or unlucky, would be to start your own business. That's where a wealth you can make greater wealth than just going and working for somebody else nine to five.

SPEAKER_00 12:50

And yet that's also an area where no matter how hard you work, if luck's not with you, sometimes you're gonna fail.

SPEAKER_01 12:59

Or you just make a bad decision by radio stations. Right.

SPEAKER_00 13:01

You do it, you do something stupid. Yeah, right. You decide to antique maps are a great way to make money.

SPEAKER_01 13:06

It's a surefire winner. Idiot. Yeah. So yeah, I mean, because we've made mistakes over the years. We just our last hit was a good one. That's all. And the timing was great.

SPEAKER_00 13:15

Yeah. Little luck, little work. That's a good point.

SPEAKER_01 13:17

Little lucky little work. You think about it, by the way, starting the company basically in 2010, after the market was down, the market's gone up basically since then, so that's helped as well.

SPEAKER_00 13:27

There's been some luck in there. Yeah. There's been some luck. Um and you know, it's funny. Speaking of wealthy, if you want to get wealthy, I mean, recently, just you know, a few weeks ago, uh SpaceX went public. Oh, yeah. And made Elon Musk a trillionaire on paper.

SPEAKER_01 13:43

That's crazy. How many how many millions

Billionaire Numbers Explained

SPEAKER_01 13:46

is that? How many millions are you?

SPEAKER_00 13:47

Now here's this is what I wanted to do. There was an article in the Wall Street Journal a few weeks back that said we can't even fathom a trillion. We we can't fathom it. And what they did is they put a chart on the page. Uh it was this was on the online edition, and at one end was a million dollars, and at the other end was a trillion, and the line started moving, and it said, stop the line when you think it's a billion dollars. Now I trillion. A billion. When you thought it was a billion dollars on a one million to one trillion scale. Yeah. I stopped it about oh, about a tenth of the way along the way. And I was w I was off dramatically. It was I would have had to touch it and stop it immediately. Like a million boom, in it right there. A million to a billion is nothing. And and they they used a great example. A million dollars of pennies, if you stack them one on top of the other, flat, would stretch up about a mile. Million pennies. Yep. Laid flat. If you stretched a million pennies, you laid them flat to get to a billion, that's a thousand miles. That is the distance from New York to Orlando, basically. Yeah. Laid sideways. If you stack them one at a time for a trillion. How high? All the way to the moon.

unknown 15:10

Wait.

SPEAKER_00 15:10

That's 250,000 miles. All the way to the moon and back to Earth. Half a million miles. And all the way back to the moon.

SPEAKER_01 15:18

750,000 miles. And back to Earth. That's a million miles.

SPEAKER_00 15:21

That's a lot. Wow. That's how big a trillion is. It's hard to fathom. Yeah, it really is. So and it's hard to imagine anyone, anyone having that kind of wealth. Yeah, it's it's a whole lot of money.

SPEAKER_01 15:36

Okay, before we move on from this, and I And by the way, you're never gonna get there.

SPEAKER_00 15:40

Just don't even try.

SPEAKER_01 15:41

I run into people that want to take huge risks and I say, you're you're not gonna be the richest. And for sure, never not gonna be the richest man in the world now. No one's gonna challenge a trillion, at least for a while. That's

Choosing Your Money Path

SPEAKER_01 15:51

gonna take Okay, but when you look at this and and luck, stealing, and work, what what's your big takeaway as the author of Financial Physics? I mean, what's your when you think about those are the only three ways to you get to choose.

SPEAKER_00 16:05

My takeaway is you get to choose. You can't choose luck. You can choose people do choose luck, though, Tom.

SPEAKER_01 16:13

I'm saying like by picking a stock or being in a sector saying this is gonna go to the moon.

SPEAKER_00 16:17

A lot of people say I'm gonna base my future, my future on lottery tickets. I see. That's a lot of people do that. A lot of people say I'm gonna base my future on on horse racing. Yeah, I'm gonna bait base my future on playing poker. Now, interesting thing about poker, poker is one and three. Yeah, because it is work. No question. And, you know, in some poker games, there's a little bit of two thrown in. Yeah, turns out. So ask old Bill Hilcock, he'll tell you. The thought is it helps put things in perspective. Because people say, well, there are a lot of ways to make money. No, no, if you really boil it down to its essence, there are only three. And that makes it a whole lot easier to pigeonhole your ideas, what the things that you think you should do, to put them in the right little hole. And uh and and and it usually ends up being, usually ends up being a combination thereof.

SPEAKER_01 17:18

Okay. Those are the laws, the immutable laws of wealth acquisition next week. Rule two of supply and demand.

SPEAKER_00 17:27

Another basic thing, but people that people don't fully understand. People they don't really understand that. So we're gonna talk about that in detail on uh on our next money Monday. We we have 18 of these coming. Get well excited. 17 more.

SPEAKER_01 17:40

Okay.

SPEAKER_00 17:40

All right.

SPEAKER_01 17:41

That's great. Thank you.

SPEAKER_00 17:42

Anyway, uh we also want to help you with the things that you think are important. And our question count has has still we're we I hate to complain, but it has been a good thing. No, we're not complaining. It's waned a little over the summer. Yes, it has waned. Yeah. Probably because people think if he can go on vacation, I can go on vacation. I'm taking how many how long are you going to be on vacation in July? I guess it's past Yeah, two weeks. Two weeks. Uh mine in June was four days. So there you go. How did you think?

SPEAKER_01 18:14

Well, I didn't take any in June. So we're even thinking.

SPEAKER_00 18:16

Okay, I good point.

SPEAKER_01 18:18

Now I of course I at least. Yeah, you did.

SPEAKER_00 18:20

You actually left in June. Where'd I go? Where'd I go? Well, you left at the the like the twenty fifth or twenty-sixth or Oh, I see.

SPEAKER_01 18:27

But that's two weeks, okay. But then I am going to Lake Shallan later, but I'll be available the whole time there. In the middle of the lake with a beer in my hand, but I'll be available.

SPEAKER_00 18:35

Yeah, on his on his phone because the cell coverage is pretty darn good. It's good. Anyway, so you can send those questions in at talkingrealmoney.com,

A Florida Retirement Question

SPEAKER_00 18:43

just click ask a question. You can type them up, then they go to Tom, and he either gets on the phone with you sometimes, not very often lately, or he uh asks them on the program because we don't have a lot. Is today a one or a two question?

SPEAKER_01 18:56

Today's one. One question. One question show, is that it? One dog night, yeah.

SPEAKER_00 19:00

Kind of sad. Okay, so send those in at talkingrualmoney.com, click on ask a question, or click on the mic button in the lower right hand corner and speak your question. That will go to the Friday QA podcast. Now, without further ado, it's Tom with the question.

SPEAKER_01 19:16

Yeah, from St. Peter's Petersburg. It's easy for you to say. I know. St. Petersburg? St. Petersburg. Which I'm trying to still try to get through the book on Rasputin. I'm having a really hard time. Anthony Beaver, one of my favorite.

SPEAKER_00 19:29

That was Russia. This is America.

SPEAKER_01 19:31

Oh, okay. Different St. Petersburg. Okay, good. Because a lot of wacky things happen there. Uh hi, Tom and Don. What would you guys do in my situation? He's a Florida resident, as we just mentioned. Just turned 62, 67, single, retired, waiting until 70 for Social Security. No pension. 1.9 in traditional IRA, okay. 400,000 in Roth, 80,000 in HSA and 55 left in his brokerage. I didn't total that. So that's one point. About two and a half.

SPEAKER_00 20:03

I mean 2.4, 2.5.

SPEAKER_01 20:05

Using his brokerage account in traditional IRA distributions to live on, and along with some Roth conversions up to the Irma limit. Very good. He's uh renting a temporary condo in St. Pete, but he wants to buy a townhouse nearby for $275,000. Should I try to finance a good portion of this or should I pull $275,000 out of the Roth IRA and buy it outright? Wait, where are the accounts we've got? $1.9 in traditional, $400,000. Yeah, $400,000 in uh Roth. Roth. Yeah.

SPEAKER_00 20:41

And only $55 in brokerage. Oh wow, that is a because they'd come from the brokerage first for me, but huh. Because I love letting the Roth ride. Yeah, me too. I love letting the Roth ride.

SPEAKER_01 20:54

I I it's a tough one because you're going to borrow money at six and a half, right?

SPEAKER_00 20:59

I mean, yeah, and the fact of the matter, it's really is going to depend a lot on how that that is that is invested, what his risk tolerance is, and all those important questions. Um the other thing, by the way, I wouldn't I want to add this is as an unrelated aspect of this question of the townhouse, particularly a townhouse in Florida. One, if it's a $275,000 townhouse, it's probably not beachfront. Not at that price. That's inland somewhere. But do me a favor, before you even consider placing an offer, do a deep dive into the HOA's financials. Make sure they have a very robust reserve fund. Because townhouses and condos are often filled with terrible, disastrous surprises. HOAs are notorious, and and I speak as a president of an HOA. HOAs are notorious for not wanting to fund reserves to the levels necessary because the current owners say, Well, I don't want to pay for it. I might not own this anymore. Why should I pay for it now? We'll let the new owners pay for it when they come in. Well, sir, you'll be one of the new owners.

SPEAKER_01 22:25

Yeah, but just to just so everybody understands. So reserves are for unexpected things that come along that have to be taken care of by the group. Oh no, or expected things.

SPEAKER_00 22:33

Okay. Reserves are also, for example, you know in Florida, 15 to 25 years, time for a roof. Yeah, it's a little bit of a remote here.

SPEAKER_01 22:44

Wouldn't surprise you the most important.

SPEAKER_00 22:45

If it's a stucco building, you know it's gonna crack and leak. You gotta rest re patch, you gotta patch and repaint the outside of that. You know that concrete is gonna crack and erode. That and if you you know if you're near a beach, that salt gets inside the concrete and eats away the rebar. And that can cause massive reproach in somewhere in Florida where the whole thing collapses. So um you need to make sure that the the reserves are well funded for all of these things. And you need to actually the the a good reserve fund actually shows you what is set aside for what projects.

SPEAKER_01 23:25

Okay, but my question there would be, and you know I I used to own part of a condo, which I absolutely hundred percent hated. Yeah. Um but they just issued special assessments. They said we got a new sewer, blah, blah, blah. Now everybody writes a check for blank. Right, but the special assessments can be debilitating.

SPEAKER_00 23:43

Yeah, no, I agree. You know, to somebody who doesn't have a lot of money sitting around, and and it and I think it's patently unfair to new residents, which is why, for example, my HOA, the one that I am president of, has millions of dollars in reserve funding for projects going out 20 years.

SPEAKER_01 24:02

I see it right behind you there, yeah.

SPEAKER_00 24:04

So, you know, we're well funded. We have a very and and Florida does have stricter laws on reserve studies, but please check that out. You don't want to get hit with a massive surprise special assessment.

SPEAKER_01 24:17

Okay. Let but let's get to the now. We return to our regular scheduled question. Out of the two and a half mil, he wants two hundred and seventy-five or finance it. I don't know if that's binary either, by the way. No, it's not.

SPEAKER_00 24:31

I would I would I would take some money out of the brokerage for some of that.

SPEAKER_01 24:39

Yeah, I here's the thing. I okay, but let's we're still getting ahead of us. Actually, I'd rent. No, he wants to buy this. Let's assume he wants to buy it. I don't get it. We're getting ahead of ourselves. If you wrote a plan that says gonna take 275 out of my two and a half million, does it work for me for the next 25 years? That would be the starting place.

SPEAKER_00 24:59

You do need a plan.

SPEAKER_01 25:00

Once you've done that, then you can decide where it comes from. That becomes a whole different topic.

SPEAKER_00 25:04

Yeah.

SPEAKER_01 25:05

And it will work with because if if my guess is he's he didn't give us his living expenses, but you know, Social Security is gonna be forty eight hundred a month. He said, I mean, my guess is he's probably living on that when it gets to 70. Yeah. So I mean, my take is, and here here's my general rule on and you've we've said this before, borrowing. If you got to borrow above five percent, it gets a little dicey.

SPEAKER_00 25:29

But there again, it depends on his portfolio. If he is if he is a comfortable, moderately aggressive investor, and his portfolio has seven or eight percent true earnings potential, then you know, with the tax hit. See, when you throw the tax hit. Exactly. Yeah, and the Irma. Yeah. Yeah, and Irma, it's starting to look more attractive to to go with the note if you can get a good rate on the note. And uh that's another trick, too. Financing townhouses and condos can be tricky sometimes.

SPEAKER_01 26:01

Is it hard? Yeah, I didn't know that part of it.

SPEAKER_00 26:04

We have condominium complexes here in celebration for which you cannot get a mortgage. Because of uh of of a lot of people, a lot of vacancies, uh, you know, uh an inability to fund reserves and that kind of thing.

SPEAKER_01 26:20

So and and in the in the great state of Washington, we've had the case where people have owned more than half of the whole condo thing and they won't let somebody else borrow that has less than that. Mm-hmm. Yeah, so that happened. So yeah, I mean this is this is tricky. But for me, again, if if you wrote a retirement income plan, financial plan that said, put all these things in and does it work? Yeah, then you could go back and figure out where to take the money from that's most tax efficient.

SPEAKER_00 26:44

As you say, again, that would be the horror call. Had you consulted me on this one, I would have said, Tom, this one requires a call.

SPEAKER_01 26:49

Ah, I I think I did. No, you didn't. Okay.

unknown 26:53

All right.

SPEAKER_00 26:54

Because there's too many moving parts in this has a lot of moving parts. It does. It does. But the Roth is not the Roth is the last place.

SPEAKER_01 27:02

Yeah, that would be the one I'd like to leave.

SPEAKER_00 27:04

Yeah. So because that tax-free growth is a is a huge deal. And and the funny thing is, is he earlier on he talked about Roth conversions. So if you're gonna take money out of the Roth and then you're doing Roth conversions, well, you might as well take it out of the IRA and skip the Roth conversion. Makes no sense. Yeah. Makes no sense.

unknown 27:20

Yeah, I agree.

SPEAKER_00 27:20

Thanks for your question, though. And thank you all for questions that you've sent and that you will be sending. We want to thank you in advance for going to talkingrealmoney.com and clicking on ask a question. And uh, you know, if you have a situation like this that requires maybe talking about the plan a little and you just want help with that, you're saying, I don't need to hire an advisor. Okay, that's fine. Do you want some help? We will give you that help and we will do that for free without any obligation. And you're not even gonna get a high pressure sales pitch out of it. It's not gonna be, oh, you must become a client. No. We're not gonna tell you anything until you become a client. No, we're gonna tell you lots of stuff, even if you don't. So uh go to talkingrealmoney.com, click on meet an advisor. I think that covers it. That does. Do you have anything else?

SPEAKER_01 28:06

Well done, sir. No, I love the book, and uh so let us know about that too.

SPEAKER_00 28:11

All right, thanks for listening. I'm Don. That's Tom, Talking Real Money.

SPEAKER_03 28:15

The opinions and views expressed in 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 are subject to change without notice, including any forward-looking estimates or statements which are based on certain expectations and assumptions.

SPEAKER_02 28:28

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.

SPEAKER_03 28:37

Information presented on the podcast is not personalized investment advice from Oppello 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 feature 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 Apello Wealth, a fee-only registered investment advisor. Apellate 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 of training. Apello 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.