Simple Beats "Smart"

SPEAKER_01 0:05

You're gonna do a really great financial future. Tom and Don are talking real money.

The Quest for Money Advice

SPEAKER_03 0:11

We know why you're listening. We know why you're listening. You're looking, seeking, craving, desiring, salivating over the potential for finding, maybe somewhere in some little nook of the information universe out there, the best money advice of all time.

SPEAKER_02 0:40

You need an echo chamber there. So the best money advice of all time, ladies and gentlemen. Something like that.

SPEAKER_03 0:45

You don't think I can put an echo on that in post?

SPEAKER_02 0:47

Oh, I bet you can. I bet you can't.

SPEAKER_03 0:50

19 echoes later, sure. I am gonna be falling into a canyon, maybe, in post. So where do you find best money advice of all time? Well, probably not on CNBC. Probably not at your stockbroker's office. Probably not on most radio shows and podcasts. What about TikTok? Probably oh, definitely not on TikTok. YouTube? No YouTube. Well, maybe. You might but Instagram now. Mail, Facebook. Not Instagram, too short. Facebook, I who cares?

unknown 1:24

Really.

SPEAKER_03 1:25

It's not relevant anymore. It's not relevant anymore unless you're an old baby boomer.

SPEAKER_04 1:29

Yeah, yeah.

SPEAKER_03 1:30

They're the only ones who care about Facebook anymore. And by the way, get yourself off of that thing. It is just a big thing. Hey, look, you better you better start saying that louder in your house first, dude. So uh I've I've I I am practicing what I preach. I have not gone on Facebook in ages.

SPEAKER_02 1:49

I never was a Facebook guy, so I'm proud to say.

SPEAKER_03 1:52

So anyway. So w where do you find this, the the great greatest money advice of all time? Well, Kiplinger magazine would like you to think it's in their pages. And we're gonna talk about some of that advice right here on the Talking Real Money Podcast with me, Don McDonald, and him, Tom Cock, and you, our loyal listeners, who are, again, searching for that great advice.

SPEAKER_02 2:17

No, the best money advice of all time, Don't be. All time. I'm talking all time, all time. That's okay. Let's yeah, hmm. Let's take up a few of the comments, few of the uh prognostication. I guess they're not predictions, but they are here's the things you really have to do. Starting with who's your buddy, who's your pal. He's out there more, I think, than any other person in finance today. Uh, the ubiquitous Dave Ramsey. He's here, he's there, he's everywhere. He's got like three of the top 40 podcasts now. I mean, he's i i you can't you can't avoid him. I mean, he's all right. All right then.

SPEAKER_03 2:54

Maybe he has the best money advice of all time.

SPEAKER_02 2:58

I prefer the best money advice of all time, Don. But anyway, let's see what Dave means.

SPEAKER_03 3:04

Money advice of all time. That's kind of scary.

SPEAKER_02 3:09

Uh Dave says, and and and in this circumstance, I have to agree with him. But here's what he says. There's no shortcut or hack, no easy button, no Amazon for your money that's going to show up on your porch on Tuesday. You've got to do the work and the journey. That is, live on less than you make, invest regularly, and stay out of debt.

SPEAKER_03 3:32

Well, that just sounds like the best money advice of all time.

SPEAKER_02 3:40

I I can't really argue with any of those things. The problem with Dave is once he gets into the specifics on investing, but that's not the best money advice I've done. This for Dave, this is great money advice. It really is.

SPEAKER_03 3:51

And it's very broad, it's all-encompassing, which is what I like.

SPEAKER_02 3:54

It's just as you gotta do the work. If you did that, if everybody did that, you'd be in a good place.

SPEAKER_03 4:00

Well, but let me just elaborate on that a little, because part of the reason we need to say that, and Dave needs to say it, and it needs to be reiterated, is because there is a general belief among a large portion of the population that money isn't hard work and sacrifice, it's gonna fall out of the sky into my lap. Or you're gonna get lucky because or you're gonna strike gold, or something like that.

Seeking Professional Guidance

SPEAKER_02 4:25

That's what I mean. Those are all that fall into my grip. The the lottery. I think that's an American thing, too. Due to the gold rush, due to other circumstances where people got rich quick. But that's a whole other topic, of course. Uh, here's another one from Tiffany Alice. I don't know her, but she wrote the book Get Good With Money. Um, she says, the older I've gotten, the more I realize there's no way I can possibly know everything. Uh so I ask a tax person about taxes, just like if I had something wrong with my eyes, I would go to the ophthalmologist. I think that's pretty good advice. Get help if you need it. From a professional. From a professional. The key is, as we've talked about in other podcasts, the right professional, actually getting the help.

SPEAKER_03 5:07

Um given the fact that about 90% of professionals are not professionals, truly. They are salespeople. It makes the yeah, they're salespeople. It makes the process much more complex.

SPEAKER_02 5:17

Um, Lynette Kalafani Cox, I don't know her Lynette either. She wrote the book Bounce Back the Ultimate Guide to Financial Resilience. She writes, be wary about taking on debt, even so-called good debt. It's a slow killer of financial dreams. Everyone talks about mortgages and student loans like their investments in their future, but any debt becomes bad debt when it's excessive or you don't have a clear payoff strategy.

SPEAKER_03 5:46

Okay, well, she added excessive. That takes all the heat off because, yeah, if anything is excessive, it's bad. But there is good debt. I mean, sometimes you can't afford a college education, and you need it for some careers, not as many as we might think, but you some. And a mortgage, how else are you gonna get a house?

SPEAKER_02 6:08

You know, uh now it doesn't have to be a$40 million house for you need to borrow. Uh, because you know, you may need to borrow.

SPEAKER_03 6:17

I'm not even gonna lend you$40 million.

SPEAKER_02 6:19

I get a note from Chase all the time saying you could now afford a three million dollar home. Like, great. Go get me one. Three. That's what it says. I know, not thirty. Forty.

SPEAKER_03 6:29

I know. It's not not very much.

SPEAKER_02 6:30

Is there a difference between those numbers? Nah, let me go. We'll have to walk through one to show the difference. Uh but I think most people, if you want to own a home, are going to have to borrow money to get there. That's why I was troubled when I read that quote. But as you said, when you add an excessive, now the question would be what is excessive? Where's the line drawn there? Um you decide. But most people are going to need to borrow money for some things. That's just the way it goes. Uh uh I'm sorry that that that it's just the reality. But here's another one. Um that I find I think it's true. I I don't know that many people that have just that kind of cash laying around. Some, but not many. Dr. Preston Cherry, uh certified financial planner, writes Align your life and money so your money has assignments. Do the mindful work of discovering what you value most, then be intentional, strategic, and systematic about where your money goes. You may end up investing more than in markets, but also in meaning. I don't know that I know what that means. And I'm in the business.

The Importance of Marriage

SPEAKER_03 7:36

Yeah, I think it means not money, that the best investment is not money. It's your time in many cases. Yeah, uh exactly. And I I found one that I just love. I just think this is like the best advice. Just two words. Yep. Don't even have to we don't even have to delve into the explanation, just two words. Marry wisely. In other words, marry a rich person. There you go.

SPEAKER_02 7:56

Okay, I read that. That's so silly. Marry a rich person. Here's the thing about love and marriage, which you and I both know. Uh, you don't really get to pick the person you fall in love with. Uh he fall in love with something.

SPEAKER_03 8:08

If you're more practical, I guess you could have you ever considered myself. Ever heard the term gold digger? I just I yes. Um They're more practical than we are. It's not for love, it's for money.

SPEAKER_02 8:24

Yeah, and I guess if that's your person, if that's who you are, going back to your values, which was described pre previously, then sure, find that person. They got a lot of money. Um, maybe they're older than you too, by the way, so they'll disappear sometime.

SPEAKER_03 8:37

Maybe a lot older.

SPEAKER_02 8:38

And then you'll end up with their money. Mary Wisely, really? That's is that really financial advice? Or is it I just liked it.

SPEAKER_03 8:47

I really did. I saw it and I went, oh, that's great. I love that. Sign me up. That's what your next wife's gonna do.

SPEAKER_02 8:53

Yeah, exactly. My next wife, uh leave me there. Uh, but here's one actually.

SPEAKER_03 8:58

Your wife doesn't listen to the podcast.

Automation in Financial Management

SPEAKER_02 8:59

No, she has no idea we do one. Here's the thing I really here's one I really like that I that I think next to what Ramsey said, maybe the best there. This comes from Megan McCoy, CFP, or no, a certified financial therapist, pardon me. Um I just think this is absolutely preferred, absolutely right on. She says, I prefer to create automatic systems so that doing the right thing with your money is the default. I think most people, if if you if you have money coming out of your paycheck every two weeks, going into the right portfolio, and maybe being automatically rebalanced every year, you'll be successful because you're not messing with it. It doesn't require you to stop and say, I gotta pay myself first. It's out of your paycheck, out of your life, it's gone. Number two, if somebody is rebalancing that for you after the market's done whatever it's done, that makes it an automatic, disciplined approach. Most of those people are gonna be successful. It it probably doesn't even matter how much money you make because you have that discipline in place. I love that advice.

SPEAKER_03 10:03

And I love this one. This comes from uh Teresa Galarducci, who's a professor at the new school in Florida.

SPEAKER_02 10:13

She's the woman we picked on about the 401k plans.

SPEAKER_03 10:16

Yeah, well, but she has a good piece of advice. Okay. Get qualified financial help. She says, quote, your family and friends are often the worst place to get financial advice.

SPEAKER_02 10:29

Which is where most people get it, by the way.

SPEAKER_03 10:31

Yeah, yeah, yeah. And she says, quote, somebody will you'll ask somebody and they'll say, Yeah, I got a guy. My brother-in-law told me about him. Yeah, Bill, he's a great guy.

Making Life Decisions

SPEAKER_02 10:40

Yeah. That's not where you get financial advice. Really good advice. Now I'm gonna let you decide if this is a huh or duh piece of advice. Comes from Melanie Hobson. Um she says, Don't make big important life decisions based on money. People do this all the time and they make the wrong decision.

SPEAKER_03 11:05

Okay.

SPEAKER_02 11:06

So should you or should you not make big important life decisions based on money?

SPEAKER_03 11:11

Uh that gosh, that's my here's my standard answer to that. It depends.

SPEAKER_02 11:16

But you pretty much some big life. You gotta have the money to make it money decisions. Yeah, I mean, come on, really.

SPEAKER_03 11:22

Gee, I I I just graduated college and I want to buy a three million dollar house like Tom. I didn't do it. Okay, yeah, guess what? That's gonna be a financially motivated decision because you can want it all you want. Yeah, but you can't have it. Nobody's gonna give you the money. But big decisions often involve money. Not just about housing, a lot of other things. Yeah, or how many frequent flyer miles you have in your Alaska account or stuff like that. Exactly.

SPEAKER_02 11:54

Where you should be able to do it.

SPEAKER_03 11:55

Do I have enough miles to go somewhere?

SPEAKER_02 11:57

Yeah. Yeah, those I'm gonna do it.

SPEAKER_03 11:59

For me, it's my Delta account.

SPEAKER_02 12:01

Yeah, I don't think you can avoid it. That's my point. Big big decisions are often financial decisions. Those uh often.

SPEAKER_03 12:09

I would say most of them are.

SPEAKER_02 12:11

And that's why the show, by the way, is called Talking Real Money. Because as you've stated, most decisions do kind of come down to money in one way or another.

SPEAKER_03 12:21

Yeah. For the real feelings. We're not talking your feelings.

SPEAKER_02 12:25

That's our new show. Right after the other new show.

SPEAKER_03 12:28

That's our new show, two old white guys waiting around to die. That's our new show.

SPEAKER_02 12:33

Uh let's see, from Preston Cherry. See how you like this one. Most of the money mistakes I have come from over I've made, rather, have come from over reliance on self-information without professional guidance, overconfidence, or underapplication of action through avoidance. Financial missteps and internal shortcomings are often aligned. That's why consistent self-audits matter when you're willing to examine your behavior, collaborate with money professionals.

SPEAKER_03 12:59

He said, wait, he said my biggest mistakes are relying on myself, so I should do a self-audit. Well, you're just gonna mess the audit up.

SPEAKER_02 13:06

That was doing it to yourself. How can you judge yourself after you've already made bad?

SPEAKER_03 13:12

I made bad decisions, but I think my decisions are good, so those bad decisions are actually better than I thought. Well, I'm I'm pretty good with that.

SPEAKER_02 13:20

Yeah, I kind of chuckled on that one.

Questions from the Audience

SPEAKER_03 13:23

I think the best advice of all is just to call a good show like Talking Real Money to get your advice. Trevor Burrus, Jr.

SPEAKER_02 13:29

That'll get you the good advice right there. That'll get you good advice. Um, and then going back to what Ramsey said, Gene Chatsky, who we uh used to interview back in the day on sound investing, I think I had her on the TV show, she said um you need to spend less than you make. Because if you can't do that, then nothing else works. You won't have enough to save or invest, you won't be able to bail yourself out of a jam. Everything else financially falls apart apart without doing this. And yet, when you come and see us, the number one question people have is, do I have enough money? The number two question they have is how are you going to invest my money? And my number one question is, how much are you spending?

SPEAKER_03 14:07

Yeah.

SPEAKER_02 14:08

And they don't know. You don't know. I know because I went through the exercise. It was painful. I just went through this exercise at home and it was not fun.

SPEAKER_03 14:16

I'm always looking at my accounts going, Oh my god, I'm paying that much. Oh my god is right.

SPEAKER_02 14:21

Yeah, I gotta stop doing that. And by the way, the the good news on all of this is you can read up all the other ones. It's all you can go read this free at Kiplinger. It's kind of nice.

SPEAKER_03 14:31

Yeah. So go read it and then go to talkingrealmoney.com. And when you have a question about the things you read, you just uh type it in or speak it in at talkingrealmoney.com or call 855-935-Talk 24 hours a day. And uh if you type in your questions, they go to Tom and then they get answered on random tree killing podcasts. The war on trees goes on. The non-ESG podcast. The good news is we haven't killed the case. We're none of those things. E or S or G. We're none of those.

SPEAKER_02 15:04

We the good news is we haven't killed the head of the forest as yet. We're working on we haven't found him, but he's out there. Who's that?

SPEAKER_03 15:10

Smokey the bear?

SPEAKER_02 15:11

Leave Smokey out of it. So um now this call, this call, this email, this whatever you want to call it.

SPEAKER_03 15:20

It makes him feel better if he calls them calls because he then he doesn't have to be.

SPEAKER_02 15:30

He says, I've noticed that AVGE, which is the Avantis Global Equity Fund, has an expense ratio. Avantis? Avantis uh has an expense ratio of zero point two eight.

unknown 15:43

Okay. Yeah.

SPEAKER_02 15:44

That's like I know relatively inexpensive. It's a quarter of the whole world. However, I've noticed that the holdings of AVGV consist of seven other A V funds in various concentrations. My question, is there a stacking of expenses? In other words, does each holding have an expense ratio that results in the cost of the owner of AVGV shares being the sum of all expenses of each holding the AVGV cost to uh in other words, when you hold all those other funds, you add the cost of the fund to the fund to the fund to the fund to the fund.

SPEAKER_03 16:16

Okay, here's what they do they add the cost. They add all of the total expenses to all of the funds, and then they divide it by the number of funds there, and you pay the exact same amount as if you had just purchased those funds on your own.

SPEAKER_02 16:29

Sounds like some fancy bookkeeping. It's they've got computers that do that now, Tom. There's not somebody like an enveloper in the city.

SPEAKER_03 16:35

No, it's it's not 300 uh uh people adding machines in a giant office building. Figuring it out. Like it used to be. No, that's not how I do mine. In the 1930s, 40s, 50s, it was a bunch of people sitting on adding machines.

SPEAKER_02 16:52

Yeah. And they called them computers.

SPEAKER_03 16:54

No, they were people. They called them people.

SPEAKER_02 16:57

I think they called them computers. Anyway, uh the machines are called computers. Okay. They were doing the computing. So you the short answer is no, you just you just pay for the one fund.

SPEAKER_03 17:07

So feel better?

SPEAKER_02 17:08

Good.

SPEAKER_03 17:08

You pay the same amount as if you just bought all the funds in the exact same place.

SPEAKER_02 17:12

So guess what? If you want to manage it on your own, just buy the one fund.

SPEAKER_03 17:16

Yeah, it's so much easier.

SPEAKER_02 17:18

And then they rebalance for you. And they take care of all the work. Uh, from North Texas. I guess the city is north. So does that mean it's further up? City of North Texas. Okay.

SPEAKER_03 17:29

That would be it would be absolutely hysterical if it was down near Brownsville.

SPEAKER_02 17:33

I think you should look it up while I'm doing the North Texas is in South Texas. We just wanted to confuse you. David writes, um, PI Bank 4.6% pros and cons, mostly cons for me. He said, I heard the guy talk about P.I. Bank uh on a recent podcast. I looked into it, decided it's not for me. Reviews are mixed to poor. They have a great rate, which you just mentioned 4.6, which really is a great rate. But managing your money is app only, no website for managing money, and transfers are by wire instead of ACH. So possible fees involved from whoever you're transferring to. You probably already knew this. It was a simple Google search and a little digging on my part. PI Bank, which is a uh high yield, right, at 4.6.

SPEAKER_03 18:21

It's the highest yield I can find.

SPEAKER_02 18:23

Yeah, and it's all um it's all electronic. There's no there's no bricks and mortar to go to, as we have told you, but it's it's insured, right? Federally insured. So if anything bad happens, you're gonna get your money back. Up to what is it still 250? I always forget the number.

SPEAKER_03 18:38

250, yes, sir. Yeah.

SPEAKER_02 18:39

Per person. You know, so yeah, David, I mean, but the in terms of the wires, I I think you looked into this and the wires are still free, even though they could be expensive.

SPEAKER_03 18:49

Their wires are free. Out. The outgoing wires are free. It depends on your bank on the other side. And I checked, we both bank with Bank of America for our checking. So if you wanted to get money moved from the the what was the name of the bank again? PI. Better than PI. Yeah. PI Bank. If you want to move it from the bank to your bank, Bank of America, unless you have a diamond account, is going to charge you$15 for the incoming.

SPEAKER_02 19:19

So money that gets sent to you they charge for. Money you're sending, they do not.

SPEAKER_03 19:23

Yeah. Okay. Right. That there's that the the PI bank is sending out. So if you're doing regular movements. Yeah, if you're going to do a lot of regular movements, that$15 is going to eat up any benefit if your account is small. But think about this.$4.6 is over I mean, it's about 15%, 15 to 20 percent higher than the rate at most high-yield Internet savings banks. And really, what's the difference between an app and a website? I mean, you do it.

SPEAKER_02 19:52

It's mobile either way, right? It's you know, so you got to do it mobile, but but that just means you can't do it on your computer. We are not recommending, nor do we get anything from PR. No, no, no, no, no.

SPEAKER_03 20:04

But that 4.6, gee whiz. I was looking at that going, I'm getting just under four, I think, at bread right now, which I've used for a while.

SPEAKER_02 20:12

I'm getting less at Marcus.

SPEAKER_03 20:14

So that I might want to move some of my bread money over there. Yeah.

SPEAKER_02 20:17

And the thing to remember about those rates is they could change very quickly.

SPEAKER_03 20:22

Boom. By the way, to answer your question about the town of North Texas, I think they were just referring to the region. Oh, yeah. Because there is no town called North in Texas.

SPEAKER_02 20:32

What about north by northwest or something like that?

SPEAKER_03 20:34

No, there's North Park and there's North Shore. North Dallas? I love that north Dallas. North Park is in Dallas, the in the Metro Plan. Okay. So North Shore is near Houston.

SPEAKER_02 20:46

Good guess there. As you said, probably closer to the aforementioned ocean. So yeah, that makes sense. So Yeah.

SPEAKER_03 20:52

Okay. So North Gulf. I'm sorry, Gulf. Gulf, thank you. The formerly Gulf of Mexico.

SPEAKER_02 20:58

The region, not the place. So the former Gulf of Mexico. And by the way, those those things you suggested, David, about any of this would be reasons that you don't use them. You could use somebody else and still get pretty close to four. So it's not like, as Don said, it's more, but it's still fairly incremental at that level.

SPEAKER_03 21:14

So if you have$100,000, no, it's not anymore. I mean, if you have$100,000, that's uh$600 more a year over the best of them. And you can do a lot of wire transfers at$15 each for that extra six hundred dollars.

SPEAKER_02 21:31

Yeah, and maybe you just have to be more conservative about moving money into your account. Do it once a quarter or something instead of once a month. I don't know. Change it up. Or as needed. Yeah. That's it. That's all the written questions we have. The rest of the trees live another day. They're happy to do that.

SPEAKER_03 21:47

Would you like to add anything to our program?

SPEAKER_02 21:50

I really would, but I I can't because I'm I'm restricted, as you know, from saying the things that remain.

SPEAKER_03 21:55

I want to add something that I've I I have not mentioned much, and I don't know why I haven't mentioned it. Much because I did a lot of work to make this happen finally. For many years, I I published the first edition of Financial Physics, such as it was with all the mistakes, back in 2010. Is that when it was? Yeah. Wow. Then I updated it in 2018. And then I updated it again in 2022. And that's the latest version.

SPEAKER_02 22:21

And that's the version that's up on Amazon, for example.

SPEAKER_03 22:24

That's the version that's up on Amazon for sale for$7.99 in paperback.

SPEAKER_02 22:28

How much used?

SPEAKER_03 22:30

I'm not even going to say.

Updates on Financial Physics

SPEAKER_02 22:31

At$7.99, I'm going to start selling them for five. I got like a hundred of them in the next room. I make some real money here.

SPEAKER_03 22:38

You are an awful person. Jump right in. Five bucks, five bucks, dude. Not including shipping in the family, of course.

unknown 22:45

Oh, it doesn't let me get a word out.

SPEAKER_03 22:47

Please. Please continue. I insist. If your banter is more important than my banter, you just banter away. As you were saying, sir. Financial physics. Oh, by the way, it's a tricky book to find on Amazon. It really is because they insist when I type in financial F Y S I C S, which is how the title is spelled. They try to fix it every time. They repair it to physics. And then they put up, for some reason, they put up the 2018 edition when they were when they fix it to physics. I don't know why the 2020 doesn't get listed. And you have to click, it says showing results for financial physics. You have to click, search instead for financial physics with an F. Then it comes up first. Financial Physics with an F. And now, ladies and gentlemen, there is a Kindle edition of the book. Wait, you can read it on one of those little Kindles, which I love. Like you have one of them.

SPEAKER_02 23:43

I love them reading a book right now about it.

SPEAKER_03 23:45

And the the good news is the the paperback is$7.99. The Kindle edition is$2.99. But if you're a member of Kindle Unlimited, it's 000. 000. Zeros. All the way across. Zeros.

SPEAKER_02 24:02

That's good. And by the way, if you're a friend of the show and you call me, I'll send you a free copy too. That just killed the profit motive, didn't it? You're destroy destroying my sales. I'm sorry. I'd prefer to see people help. A lot of people know we only could retire me.

SPEAKER_03 24:19

We only pay at a pillow about three dollars a copy for those things. So fair enough. And bear in mind, I don't make the difference between the three dollars and the$7.99 because then Amazon k gets that and and then they split the money with me. I get like three dollars when you buy a book. And the Kindle books are hysterical. The way the Kindle Unlimited works, uh if you read the whole book, I get like four cents.

SPEAKER_02 24:49

But if you don't read the whole book, you only get two cents?

SPEAKER_03 24:52

Or if you don't read the whole book, I get you get it by how many pages people read.

SPEAKER_02 24:56

That's fascinating.

SPEAKER_03 24:57

So if they read half the book, I get like two cents. Your two cents. I need I basically need, I don't know, like twenty or thirty, maybe a hundred thousand people to read financial physics to make a buck. Let's get on it. Hundred thousand?

SPEAKER_02 25:10

Okay, we can make that happen. I'm exaggerating maybe. Enjoy the Kindle book.

SPEAKER_03 25:15

There is a Kindle book. Yeah. Financial Physics. It's an easy read. It's only 120 pages or something.

SPEAKER_02 25:22

It's good stuff, though.

SPEAKER_03 25:23

Still makes sense after all these years. I didn't, you know, when I wrote this thing, I went, this is all too simple to put a lot of words in a book.

SPEAKER_02 25:31

That's what you said.

unknown 25:32

Yeah.

Closing Thoughts

SPEAKER_03 25:33

Simple. We make this complicated. Stop making it complicated and keep listening to us, okay? We're gonna leave now, but we won't be gone forever. We promise, right, Tom? We'll be here talking real money. Oh, he did it this time.

SPEAKER_01 25:49

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

SPEAKER_00 26:03

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_01 26:12

Information presented on the podcast is not personalized investment advice from Apollo 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.

SPEAKER_00 26:45

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SPEAKER_01 26:50

Appellate 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 SDC or any State Securities Authority does not imply a certain level of skill or training. Appello 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.