On Your Side?

Introduction to Consumer Choice

The Fiduciary Fight

SPEAKER_01 0:00

Well, with a name like the Federation of Americans for Consumer Toys, you know they must be looking out for your own. Which it sounds like an organization that would. And uh they did something really brave on your behalf. We're gonna talk about it in just a minute. Remember, they it sounds like they're asking acting in your best interest. That's the key. That's the key. Hi, welcome to Talking Real Money the Podcast. I'm Don McDonald, along with Tom Cock, and we're here to try to help you understand money better and make better decisions about your money and avoid being ripped off and lied to, which is really the uh I believe, and that's this is because I'm an old curmudgeonly cynic. I believe the default position of most of the financial services industry is not telling the whole truth and nothing but the truth. And nowhere was that has that been better illustrated than in the fight with uh that many have had with the Department of Labor in their attempt to create a 100% fiduciary standard for anyone who gives you advice on your retirement plans at work, your 401k and your f uh uh 403Bs and the like. But every time, every time a Democratic administration creates a fiduciary rule, some organization like the Federation of Americans for consumer choice takes them to court to say this is not good for consumers. But are they being well uh uh let me tell you, I'll just I'll just go to the punchline. The Federation of Americans for Consumer Choice, who who who is funding that organization, Tom?

SPEAKER_03 1:55

I have no idea.

SPEAKER_01 1:57

But I'm guessing it has the industry of sort of it's a hundred percent funded and created by the insurance industry to give. Because they think you should have the choice of being lied to by insurance agents. I don't understand this world in which we live. It's like please don't make us tell the truth. That's what they're saying. When it comes to these retirement plans, don't make us tell the truth. It's bad for business.

The Truth About Financial Advisors

SPEAKER_03 2:26

Yeah, and and this is we're talking, of course, about the labor department's fiduciary rule that was first. It was off, then it was on, then it was off again. I mean, it reminds me of certain relationships I've been a member of. I it this I think we need to at this point say, it's off, it ain't happening, get over it, figure it out. Because, you know, what we're talking about is all those retirement assets where people roll things out of their 401ks, 403Bs into IRAs, and then they're in the wild, wild west. They could be sold anything, they could be sold anything from a lousy annuity to crummy, actively managed high expense funds to Lord knows whatever kind of products that people get moved into all the time. And the stakes, not the ones you eat, the stakes are very high. I mean,$841 billion moved from retirement plans to IRAs in 2024. That was up about a third from 2020. I mean, a lot of money that's that's being taken and moved out of the ERISA plans. Now remember, in an ERISA plan, you get better protection. That's where you the people running them are required to put your interest first. When you move that money out into an IRA, most people don't understand this. Literally anything can happen to that money. Uh, you had no protection. And Don just correctly pointed out that you go see an advisor, they might give you a little truth along the way, and then the rest of it would be self-interested uh information that was going to convince you of a reason to hire them. Um, so this is this is dead now. Uh can I say it? This has been killed more times than Rasputin. It's not coming back, it's just not coming back. It's not coming back.

Understanding Fiduciary Standards

SPEAKER_01 4:11

And the industry, the industry has realized the the sales, the financial sales industry has realized that consumers desperately want the truth. They want everything that they do, the salespeople do, to be in the best interests of them, the financial consumer. And yet I don't know that everybody realizes, and that's why we're doing this episode, just how few financial advice providers actually are held to that 100% always act as a fiduciary standard that really only applies in this industry to and even then the lines are being blurred to registered investment advisors who are registered with the Securities and Exchange Commission and are not duly registered with FINRA and are not licensed to sell insurance. You see, when they get into those areas, then it becomes muddled and gray.

unknown 5:14

Yeah.

SPEAKER_01 5:14

And that's the big problem.

SPEAKER_03 5:16

Indeed, it is. I again, and one expert they quote in this article says the bottom line is that customers should be wary of doing a rollover, that's moving the money from your retirement plan to an IRA without really evaluating the advisor's recommendations. There may be high fees, conflicts of interest, or expenses hidden in the recommended investments. Yeah, that happens all the time. Now, you mentioned something that's important to know. If you move the money from the retirement plan to a full-time, fee-only registered investment advisory.

SPEAKER_01 5:51

Boy, that's a lot of words to report. That's a lot of words. Fee only full-time. Fee-only registered investment advisory.

Recognizing Advisor Limitations

SPEAKER_03 5:58

Highlight it. Um, and they take care of your money, then yeah, you you can be assured that they're going to put your best interests first. Not always, by the way, there are people that are crooked, but the odds are much better. Um But but the point of the matter here is it's over. It's all about you now. You have to take care of yourself. There's not going to be anybody that's stopping uh the aforementioned insurance industry, which is I find to be the most egregious part of this whole thing, right? They're the ones who sell most of the products.

SPEAKER_01 6:27

It's them and it's the commissioned broker side of the business, the commissioned financial advisors. A few years ago, because of all of the noise about the fiduciary standard, the brokerage industry went to the Securities and Exchange Commission and FINRA and said, Well, let's let's give us something. Well, actually, the SEC, I think at FINRA did this. They decided to make it appear that they act in the client's best interest with these form BIs that we all have to do now. Form best interest, which implies best interest, but if you read the BIs very the form BI very carefully, you'll find that as long as they disclose conflicts, even vaguely, and they're always vaguely because lawyers write them, that suddenly they're off the hook. And the National Association of Insurance Commissioners, not long ago, came out with a best interest model for annuity salespeople, so that they can now say that insurance agents are acting in your best interest. They're sub the the rule says they must act in the consumer's best interests when considering costs, alternatives, and financial situations. But here's the big butt. And I don't like big butts, and I just can't lie. Not these kind of big butts. Their their best interest rules allow conflicts of interest. Wait, best interest.

SPEAKER_03 7:54

Best interest and allow conflicts? Uh-huh.

SPEAKER_01 7:57

Yeah, they can. They're allowed to recommend a product that pays them more than another product would. Literally makes no sense. That that as some lawyer somewhere got paid a lot of money to come up with that one. And if they have a conflict, like a big fat commission, as long as they disclose it somewhere in the thousand-page disclosure, okay, maybe 200-page disclosure documents that nobody ever reads, they're covered. They don't have to find the lowest cost product. They don't have to compare costs, they don't have to recommend an alternative that would cost the customer less. They and they know that nobody's gonna read the disclosures.

SPEAKER_03 8:37

Which nobody does. And we just had a case where someone asked us a question about an annuity and you said, have them read the disclosure. That'll take a couple weeks right there, and then they can get back to us. Because once they do that, they're gonna be confused. We know the people that sell the product rarely know what's in the disclosure, too. We've run into those people.

SPEAKER_01 8:55

They don't read them. Yeah, they don't, they don't that takes away from selling time.

SPEAKER_03 8:59

Exactly. So, okay. So, yes, we think if you're going to get advice, especially on your retirement funds, always in my case, but you should probably use a fiduciary, 100% fiduciary, full-time, fee only. But here's the things I I I spent a little time thinking about this last night. If you hire a fiduciary, here are the things they won't do for you.

SPEAKER_01 9:23

Oh, this is good. Uh won't okay. This is important. We must must understand how this is couched. They will not do these things. A real fiduciary will not do this. Okay, go ahead.

SPEAKER_03 9:34

They will not necessarily be able to make you more money than a non-fiduciary. No guarantee of that, right? There's no guarantee of that. There's no guarantee of that. Uh, here's one that I think is incredibly important. Uh this has come up many times. A full-time fee-only fiduciary does not necessarily mean they will employ a diversified low-cost approach. No, we've seen we've seen a lot of full-time RIAs, etc., that don't do that. Um, here's another one that's incredibly important before you hire anybody. And this is something I would always ask: what is your communication style? How often are you gonna reach out to me? Because a full-time fiduciary does not mean they will be better at communicating with you on a regular basis. It does not. Now, I think in a general sense, that's likely to happen, but it does not. And here's another one, Don, you know this. A full-time fee-only fiduciary does not necessarily mean you're gonna pay less. Should mean you're paying less, but it doesn't mean that. Not always. Not always. So those things again.

SPEAKER_01 10:39

Some of these fiduciaries, like like when uh when a big brokerage firm is doing their fiduciary role. I've seen them as high as 3% a year.

Navigating Retirement Planning

SPEAKER_03 10:48

It's crazy. So again, and you said a couple minutes ago, that's a lot of words. The reality is for all of this, you're on your own, you're gonna have to figure it out, and uh you can't just blindly trust anybody. You can't blindly trust us.

SPEAKER_01 11:02

Right. And and here's let me just boil this down to something that maybe will make this memorable because we get this question a lot. So, how do I find one of these people? Well, here's what the three standards mean. There are really now three standards. There's fiduciary, okay, 100% fiduciary, there's BI, best interests, which is now covering some insurance products and sales people, and then there's finally the suitability requirement, which is falling on by the wayside. Okay. Fiduciary means, very simply, as a fiduciary, I work for you, period. That's it simply. Best interest, the BI, means I can work for me as long as I tell you some way, even if it's in a disclosure document. And suitability means well. The investment isn't terrible. It's not good, but it's not terrible. So that's the that's the way that works. Hey, it's not terrible. It doesn't totally stink.

SPEAKER_03 12:12

God, that's horrible. Uh this is these are incredibly important things to know, especially as you get close to retirement and want to roll over your assets uh into an IRA, which in many cases makes sense, but in many cases, as I said, that uh billions of dollars could go into some really awful stuff that is not in your best interest, I'll put it that way.

Listener Questions and Insights

SPEAKER_01 12:37

Yeah. Remember, most people think they're getting advice. They think they're getting advice from somebody they're dealing with. All of us think that. And we think it's good because we think that most people are well-meaning, but maybe they're not. What you're often getting more times than not is a well created, structured sales pitch wrapped up in some reassuring language like best interest. And unless you ask the right questions, you are never, ever going to know the difference. And you have to learn how to ask those questions. And speaking of questions, we have so many ways for you to ask us questions. You can do it at talkingrealmoney.com or now you can call us at 855-935 Talk and we'll make you a part of the show. Like this. To Seattle and Andre.

SPEAKER_03 13:29

Thanks for being part of Talking Real Money. How are you?

SPEAKER_04 13:32

I'm great. Thanks for taking my call. Appreciate it. Been a longtime listener, first-time caller. Let me give you a little bit of overview of my situation. I currently have 18 years of service credit and would be eligible to retire at 52. At that point, I'll receive approximately 40, 45% of my my salary at that time for life. I will be 45 years old in June. My current salary with the city is approximately$130,000 a year. I also earn about$30,000 a year in$1099 income. My house and car are paid off and I carry no debt.

SPEAKER_03 14:07

It's pretty good. So what do you think you're um you mentioned here that you're making$130, you're going to get half of that for life, which is fantastic. I'm assuming there's going to be a social security benefit in there somewhere as well.

SPEAKER_04 14:20

Yeah, I haven't really calculated that because the 52 is kind of a best case scenario. That's the earliest I can retire and pull my pension. And the longer I work, it'll go up, and then that'll also increase my Social Security benefit. So as I get closer to that, I plan on looking into the Social Security benefits. But it's a plan I I plan to wait until I'm 70 if I can.

SPEAKER_03 14:40

Okay.

SPEAKER_04 14:40

That's the best case scenario.

SPEAKER_03 14:41

Absolutely. So and then do you have any idea around, just since we're just talking about sort of income and paying for all that, what your cost of living is today with your house and car paid off and no debt? Sounds pretty good. What do you think you're spending?

SPEAKER_04 14:56

Yeah, it's fairly low, probably about four or five thousand dollars a month.

SPEAKER_03 15:00

Okay. So let's just say 60K there. So I mean, so right now it would appear from a retirement income standpoint that you may have your basic expenses all covered just by your your pension from the city. Okay, that's really good. But you also want to do uh I I believe they told me chat a little bit about your asset allocation, your your your stock and bond holdings uh beyond your pension and this and the rest, correct? Correct.

SPEAKER_04 15:27

So I do have some other retirement accounts, and right now my household target allocation is 60% U.S. stocks, 25% international, 10% small cap, and 5% bond. Um I do have a deferred comp plan, a 457 defer compensation plan through the city that I have been maxing out um for several years. I also have a solo 401k for my 1099 income, and I'm doing a Roth IRA as well.

SPEAKER_03 15:55

So the deferred comp, I always forget what the max is on that. That's a pretty significant amount, correct?

SPEAKER_04 16:02

Yeah, it's similar. It mirrors what the 401k plans are. So last year it's 23.5.

SPEAKER_03 16:07

I think this year it's 24.5. Yeah, you're right, it is 24.5. So you're doing that plus the solo. Dude, you got to get out and spend your money a little bit more. This is really uh you're you're very frugal and you're doing a great job, which is awesome. So well done. I mean, and so I think again, um, and we could talk about this overall asset. Let's just do that right now because you're 60% U.S., 25% international, which is a pretty good mix between US and international. I probably want a little more international, that's fine. But 10% small cap, and is that small cap value, do you know, or just small cap? Yeah, small cap value. It's in A V U V. Perfect. Love the fund. And then 5% in bonds. I mean, when I look at your situation, my take to you from that particular standpoint would be if that's your target, is I I look at it like you're taking more risk than you need to, because if you're already going to have a good hunk of your retirement spending covered by fixed income, both your pension and eventually Social Security, you know, you may be taking more risk than you need in having such an aggressive portfolio with only 5% in fixed income. I mean, what's your take on that?

SPEAKER_04 17:18

Well, the way I view my pension uh as well as Social Security when it comes around is I'll I view those as fixed income as as well. So I know I'm gonna get at least 45% of my income at 52 years old. So I kind of view that as like bonds or fixed income portion of my portfolio.

SPEAKER_03 17:35

So again, so but tell me why you're so aggressive with your stock to bond ratio, then if you know you're gonna have so much fixed income.

SPEAKER_04 17:44

Because I view that as offsetting the bonds. I only do five percent bonds now.

SPEAKER_03 17:49

Because you view the you view the income in the um from the the the municipality as as a bond. I mean here's the challenge which is not an incorrect way to think about things, but here's the bigger picture for me is let's just say, for example, that you had a million dollars in all those retirement accounts, which would be wonderful. And then the market takes a you know, has a bad time, whether it's a war, whether it's interest rates or politics, whatever thing comes along. And stocks go down by 50%. So, and in a 95-5, that means you're gonna lose somewhere around, you know, 45% of your money. Um, I don't know that I would be recommending that in light of the fact that you have so much sort of guaranteed income. In fact, I might tell you to just to downsize that risk a little bit and make it more, you know, maybe a 80-20 or something like that, to give yourself more cushion and perhaps you go on a glide path from where you are today to that amount. So by the time you get into your mid-50s and you may still need some of that income that uh from the portfolio that it's a little less risky. That would be one thing to look at. But then you also asked about specifically in terms of the funds that you're in, correct? Correct.

SPEAKER_04 19:09

So right now, the majority of my money um is in my uh defer compensation through my employer, and so I have the Vanguard International Total Stock, Total U.S. stock market. I have 229,000 in there with a very low expense ratio of 0.01. The Vanguard Total International Stock Market uh Trust, I got about$100,000 in there with an expense ratio of 0.05. I have the Vanguard Total Bond Market Uh Trust. I got about$23,000 in there, and that's a 0.02. Then I also have my solo 401k. In the Roth side, I have uh FSK AX. I got$16,000 in there with an expense ratio of 0.015, AVUV$34,000, expense ratio of 0.25, and then I have in the traditional side of my solo, I have the same funds. Uh so the US stock market I have uh$5,000, and then AVUV, I have$5,000, and I also have a Roth IRA uh with Robinhood, and I have VTI about$46,000, expense ratio of uh 0.03, uh VXUS um$13,000 with an expense ratio of uh 0.07 and AVUV, I have$9,000 with an expense ratio of 0.25.

SPEAKER_03 20:38

Yeah, it's a little higher. You know, I mean the thing is um because you you had asked us sort of off the air, if you will, in your written question. Thank you for doing that, by the way. Um, about would it be easier, you know, to simplify things in your solo 401k and Roth, use a one fund approach. The answer to that is probably only because you have so many accounts now. I'm a little worried that you have, you know, the DCP and then you have the solo 401k and you got the Roth and you're keeping track of other money aside outside of that, that it the the complexity gets to be more than it need be. Here's the reality about any of these one fund solutions. We don't know if the next 20 years will mean they do better or a more you know hands-on portfolio where you own many funds do better. We just simply don't know the answer to that. But I kind of like having the smaller amounts, the solo 401k and Roth in those one funds. But here's going back to where we were a couple minutes ago, I think you should take the risk quiz. I think you should think maybe within two or three years to do some planning with somebody if and maybe you sound pretty confident, maybe you do it yourself, um, and and and run a few calculations to see what all this looks like because I personally still think you're gonna want to take less risk, keep the diversification. Simplify things and you know kind of get on with your life and spend some of your money. But man, you get an A plus from me on most of this stuff. You're doing really well, and I want to say thank you very much for uh for writing us in and for uh for jumping on this call and being part of Talking Real Money, Andre.

SPEAKER_04 22:14

Well, I appreciate the feedback and insight. It's very valuable for as I'm learning and growing in this part of my life, so I appreciate it. You take care.

SPEAKER_01 22:22

Now, if you go to talkingrealmoney.com and you send us a question on the ask a question button or the contact us form or whatever it's called these days, we take those questions in two distinct ways, making it easier for you. We have so many ways to ask us questions. You can type them with your fingers on a keyboard, or apparently some of you can type on your phone and like type a really long missive on your phone, like my wife. I'm not sure how people do that, but apparently they I seen her doing it.

SPEAKER_03 22:54

She's good at it. That's all right.

SPEAKER_01 22:55

I really stink at typing on my phone. Uh or or this is what I'm good at. I am really good at speaking questions. So go ahead and do that. Those get answered on the Friday podcast. But if you type them, they go to the to the Tommy tree pile. Tommy's little tree pile. Wait, let's do it this way. Does this work?

SPEAKER_02 23:17

Tommy's Little Tree Pile. Killing trees. Go ahead, little Tommy.

SPEAKER_03 23:22

I on no offense, but I'd stick to the your current voice much better. Uh, that includes questions from Norwell, Massachusetts, where Steven writes us. Want your opinion on DST investments? Hey guys, I love your podcast. Great inf great info. My question is I have a real estate portfolio that we are selling, and I want to defer the taxes. I like the returns of five plus. What percentage of my portfolio should I allocate to DSTs? Which is a way to pass the buck down on paying taxes on your real estate holdings when you go to sell them.

unknown 24:00

Yeah.

SPEAKER_01 24:01

I added the last Delaware Statutory Trusts.

SPEAKER_03 24:04

Trust, correct. Yes. Which used to be more popular, it feels like in years past. You don't hear as much about them today, but they're still out there, and I still hear people pitching them on a regular basis.

Delaware Statutory Trusts Explained

SPEAKER_01 24:13

Yeah. Um, how much money should you have in Delaware statutory trusts? Again, it sounds to me like you're someone who's letting the tax tail wag the dog, as it were. Um Delaware statutory trusts are really designed for mega real estate investors, people who do this as a business, uh, not just people.

SPEAKER_03 24:37

I uh did he say anything about He may be one of those people because he mentioned a large sum of money he has in uh he says something about ten million dollars.

SPEAKER_01 24:46

So maybe he is one of those people in the Trevor Burrus. Well, but even then, maybe. I I mean it depends on what portion of that is real estate and what portion of that he's selling. Because uh the problem with DSTs is that the upfront commissions are just enormous. Enormous. They can run ten percent. So you may be saving yourself taxes, but you're costing yourself a giant fee that could be not much lower than your or not not much different than your taxes, and and then there are ongoing management and asset fees along the way that for some of these can be huge. There's so much research you would need to do for so little benefit because you're totally giving up control. You may have years or decades of illiquidity in these things, you may have crappy real estate in these things because you don't have any control. You're often your money's often just in one or two or a few properties, and and if one of these deals goes bad, you're in trouble. And then when the DST sells, you're not getting out of the taxes permanently. They're uh they're an uh a solution to very few problems, and not those of most the people, most average investors. I'm talking about people who own hundred million dollar portfolios, not like real, real big real investors.

SPEAKER_03 26:15

Yeah, yeah. Okay. Yeah.

SPEAKER_01 26:16

No, I I am not a big fan of DSTs. I think they're misleading most of the time. They're sold, they're expensive, they can have horrible track records. Uh I'd run away, run away. Pay your taxes.

SPEAKER_03 26:33

We talk about that on a fairly regular basis here. Just pay it, move on. All right, from Bellevue, Washington, Janet writes us. I think it would be fun to have a brief add-on to your podcast, similar to what Susie Orman did many years ago, of a segment when listeners ask, can I afford to buy that car, boat, summer home, engagement ring, et cetera? And you fellows look into their finances and provide the answers. It was a very popular feature of on her show, just an idea. I remember I tried, I because uh Michelle Singletary did this for a while, and I know Michelle, I thought it was a good idea. Don didn't like it, but it it it takes a whole different level of the world. Can I tell you why? Yes.

SPEAKER_01 27:11

Well, please do. Sure. It's a hell of a lot of work.

SPEAKER_03 27:14

Yeah, it is a lot of work.

Future of the Podcast

SPEAKER_01 27:15

No, it's really a lot of work. And what does Susie Orman have that we don't have? Looks, brains. Money. Money. Well, there's that too, of course. A huge staff that does all this for her? Oh, that part, sure. Yeah. I I mean, if you look at most podcasts, and I'm not making excuses, but if you look at most podcasts, you'll see, like, uh, you know, I was l This American Life. If you listen to the credits, they have like uh, I don't know, like 40 people who work on it. Well, maybe we should add 40 people to our credits. No, what what would that do? You mean just made up. Make us look bigger. Like Car Talk? Like their law five. What was the name of their law firm? I don't know. Dewey Cheatham and Howe. Yes. I knew that was their firm. They provided all the legal advice. Yes, that was the one that's exactly uh we no. No. Thank you for the suggestion. But it's really a very big undertake.

SPEAKER_03 28:14

We even talked about doing uh just the financial plan part. In other words, saying, look, I'm thinking of retiring, I have this. And people call us and try to get into that. I try to defer because we had one just recently on the radio show uh when we were still doing the radio show where somebody called and launched into the I have this much money, is it enough? And I I think I poo-poo it because you didn't know how much he was spending. So it's very deep. I know I was kind of uh kind of bad. No, you was trying to make a point.

SPEAKER_01 28:41

Yeah, but but you don't have to make it so forcefully. It sounds you sound like you got into your voice, you literally you got into your dad voice. It was like you're right. You did. It's like you're you're you're calling a kid on the side.

SPEAKER_03 28:52

I think most people because my bias is that most people think they're spending far less than they actually are. And in that case, if I remember right, he was making 300,000, thought he was saving like 150 of it or something. I was like, okay, sure.

SPEAKER_01 29:06

So they deserve a slapping?

SPEAKER_03 29:08

I'm projecting. I'm projecting. Probably this is the truth. So I apologize for that. So it's all right.

SPEAKER_01 29:14

It's you.

SPEAKER_03 29:15

I feel bad about myself, so you pay the price. Exactly. It's bad.

SPEAKER_01 29:20

That's why I'm here because I kind of balance you out with my cynicism.

SPEAKER_03 29:24

Far enough. So anyway, the short answer is thank you, Janet, for the suggestion.

SPEAKER_01 29:29

But it ain't happening.

SPEAKER_03 29:30

This time it will remain in the inbox. We'll keep you posted.

SPEAKER_01 29:33

Well, and the other the other issue is we're old. We don't have enough time to get one of those done. Somebody asked in an earlier show about what are the future plans for the show. My guess is as a five-day-a-week show. As a five-day-a-week show, that uh 2030, 2031 will we'll be nearing the end of the five-day-a-week show. That'd be my guess.

Closing Thoughts and Reminders

SPEAKER_03 30:00

Yeah, I'm still just trying to get through it. Based on my stamina as far as I'm going. See you next week. Okay. It appears, but yeah, it's close. 2030 seems like a long way away. I know it's not. It's not very far away. But when you get to our age, then you start to think, yeah how hard do I want to work when I'm a little older? Let's put it that way.

SPEAKER_01 30:23

So when I'm two old white guys waiting to die. I just love that title for a podcast.

SPEAKER_03 30:32

Two old white guys. Provocative, yes. Heartwarming, perhaps not.

SPEAKER_01 30:36

So uh oh, I I gotta I gotta pitch some stuff. Uh Talking Real Money, the 2022 edition of Talking Real Money. It's available as a paperback and it's been available as a paper.

SPEAKER_03 30:47

Now you said talking real money meant financial physics.

SPEAKER_01 30:49

Financial physics. Yes. See? Speaking of visual phone. This is why I have to end this by 2030, 2031. You know, when you were because the mind is a terrible thing to lose.

SPEAKER_03 30:57

And when you get to retirement age, three things happen. The first one is you start to lose your memory on stuff.

SPEAKER_01 31:02

Mm-hmm.

unknown 31:03

Shooting.

SPEAKER_03 31:04

And I you can't remember what the other two are. I can't remember. I'm sorry. That's bad.

SPEAKER_01 31:11

Folks, you have no idea how many times I've heard that joke. He has apparently forgotten how many times he's told me.

SPEAKER_03 31:18

I don't think so. I have a checkbox here. What? Five, six.

SPEAKER_01 31:22

You can never tell a joke too much.

SPEAKER_03 31:24

No way. Someone will laugh. There's somebody out there that's giggling right now.

SPEAKER_01 31:28

So anyway, financial physics spelled with an F. Financial F-Y-S-I-C-S. Financial physics, which was probably a dumb idea because Amazon corrects it all the time to P-H-Y-S. Did you and no, you have to click and say, no, I meant financial physics with an F to get the 2022 edition. But my point is I made it a Kindle book finally because see it's got graphics and things in it, and it was hard to make it into a Kindle book before because it would repaginate and stuff. But now it actually takes the pages as they are in the book, and you can get it. If you're a Kindle Unlimited subscriber, you can get it for nothing. And if you're a regular person, you can get it for the How do I know if I'm a Kindle Unlimited? It says on the screen. You get it for free if you're a Kindle Unlimited.

SPEAKER_03 32:14

I don't I'll have to try that then, because I think I am. I read a lot of books on Kindle.

SPEAKER_01 32:18

So I am, because I read a lot of books on Kindle. Yeah. I like Kindle. Actually, because of the Unlimited, I've stopped getting books from Apple. Sorry, Apple. It's one thing I st I just stopped.

SPEAKER_03 32:29

I think I still Yeah, I don't know. No, I get them from Amazon. I know that.

SPEAKER_01 32:33

Yeah, that's Amazon. It's another A word, Tom. They're very similar. Please write a book. They both start with the letter A.

SPEAKER_03 32:38

Large, large.

SPEAKER_01 32:40

Yeah, I think I get those from Apple. Apple, Amazon, Andromeda Strain. No, that's not it. That was one of the books.

SPEAKER_03 32:47

Careful. What's the next one?

SPEAKER_01 32:50

So all right. I think we've reached the end of it. I really if not, we need to. It's time to put it to bed. It's time, though, for you to tell a friend or two about the show, please. Please, please, please spread the word, please. Don't hoard it. You know, you if you keep it to yourself, it doesn't do anything. It doesn't make it better. It just in fact it could make it worse. The more people you tell, the better it is for us, and then the better it will be for you. If we're happy, you're happy. Sounds like a household thing, doesn't it, Tom? Happy host. Happy hosts, happy listeners.

SPEAKER_03 33:27

Okay, there you go. That's much better than mine.

SPEAKER_01 33:29

Much better, yeah. Uh and if you have questions, go to talkingrealmoney.com, click that button that says uh ask a question or contact us, and uh you can also call in questions at 855-935-talk, 855-935-8255. We so appreciate you being there now, hopefully, every day listening to the podcast or every weekday. Or you can listen on the weekends. We don't care when you listen. We're there all the time with 1,800 episodes, and in every one of them, every one of them, going back years, what are we doing? What are we doing in all those episodes? I can tell you, I'm pretty sure we're talking real money.

SPEAKER_00 34:08

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