Ep. 1994: The $31,000 Advice Bill

SPEAKER_01 0:40

Well, there we go. You know, down there in the swamp, they're charging way too much money, and they got the hand in the pocket and all that stuff.

Cajun Welcome and Money Talk

SPEAKER_01 0:47

And well, gee Willikers, folks, welcome there to Talking Real Money, the Cajun Edition. I'm Don. That's Tommy Boy. We're uh just sitting out on the back porch, uh dropping a line in the water, hoping to pick us up a catfish or something.

SPEAKER_02 1:00

That's a big day for me. Usually it's sitting on the back of my pickup watching my dog. So this is major batteries.

SPEAKER_01 1:06

This is a very cage-on thing to do.

SPEAKER_02 1:08

Exactly.

SPEAKER_01 1:09

You know, look at Duck Dynasty.

SPEAKER_03 1:11

Exactly.

SPEAKER_01 1:12

So hi everybody, welcome. Good to have you along with us. Today's topic, well, today's topic comes to us from one of our loyal listeners. We uh took a l listener note that Tom got and printed to a piece of paper and actually turned it into a topic.

SPEAKER_02 1:28

It's a great one. It comes, and by the way, we want to thank Greg from Lake Mary, Florida. Do you know Lake Mary? Yes, I know Lake Mary. Do you know Lake Margaret?

SPEAKER_01 1:37

It's up at the other end of Orlando. We're at the southern end of Orlando.

SPEAKER_02 1:41

Yeah.

SPEAKER_01 1:41

Lake Mary is about as far north in the Orlando Metro as you can get, really.

SPEAKER_02 1:46

Oh, and by the way, there's speaking of you, there was a piece I was watching on uh Netflix the other day where one of the uh cocaine kingpings was arrested in your neighborhood a few years ago.

SPEAKER_01 1:58

Okay.

SPEAKER_02 1:58

Gee, that's Kissimmee, Kissimmee, Florida, isn't that your Baylor?

SPEAKER_01 2:03

Yeah, I know. That's that's what my mailing address actually is. I know.

SPEAKER_02 2:06

I was like, Don't like right there. Yeah. You weren't part of that, I take it then? I'm just checking.

SPEAKER_01 2:11

No, no, but it is a corrupt county. We our sheriff uh from a couple of years back, actually a little over a year ago. Uh our sheriff, our elected sheriff of Osceola County, was um arrested for running an illegal gambling operation. Out of his house? No, out of a piece of property he had on US 192 right there. It was it was uh in in plain sight. It was a it was and what happened to him? He's in jail. Nothing. Oh, I was gonna say, he's in jail. Oh no, he's in jail. Yeah, no. 2026. He's he's in jail. Let me see. You know, I

Advisor Fees and Fund Loads

SPEAKER_01 2:49

never did check and see what happened.

SPEAKER_02 2:50

You do that, I'll do this because this is a fascinating topic. And it, you know, it doesn't come up very often in my world. Very few people come in and say, Hey, I want to hire you. How much is this going to cost? We make it clear how much it's going to cost. We don't hide it. We don't hide it, but a lot of other people do because uh sadly they're overchain uh overcharging. So thanks again for this this article. This came from, I think, Yahoo Finance. It says a retired couple, both 63, recently sat down and realized they were paying their financial advisor $31,000 a year based on a 1.5% advisory fee on their $2.1 million retirement portfolio. Now, that is a lot. That's 50% more than I think you should pay. But that doesn't include something else, by the way, that they I don't even think they mentioned in this article. How much of the funds that they're in as well?

SPEAKER_01 3:47

See, this people they don't another fee. Today's topic is one, how do you pay for your financial advice? And two, what should you pay for your financial advice? Now let's start at the uh simplest end of that, or the more traditional end of that spectrum. Back in the day, back in my day, when I was a young man working in the brokerage industry, there really was only one way to get into investments. There were a few no-load funds, but they were rare. You went to your neighborhood Dean Witter office or Merrill Lynch office or whatever it might have been, and you put in a trade with a broker to buy your mutual funds or stocks or bonds or whatever you were buying through them, and you paid them a commission. Now, this commission was disclosed in the commission documents early on. Everybody knew you paid a commission. You knew what it was. It was a lot. It was pretty high. The original commissions on uh mutual funds were eight and a half percent.

SPEAKER_02 4:49

Wow.

SPEAKER_01 4:50

Eight and a half.

SPEAKER_03 4:51

I think that through if you added fifty thousand dollars, that's a lot of things.

SPEAKER_01 4:54

That was standard. Wow. The commissions on stocks, if you did a round lots, you got a break. But if you did odd lots, less than a hundred shares, you not only paid the commission, but you paid an extra one-eighth of a point. Uh 12 cents in essence, on every dollar of transaction. Then the the obfuscation became the rule of the day in the 1980s. This is when Vanguard was out with their index and no load funds. No loads were starting to gain some traction, and the brokerage industry was in a panic mode. So they devised a sneaky little trick. They decided to hide the commissions you paid. They lowered on a lot of funds, they lowered the commissions down to 5.5 or 5.75 to be more competitive. But they also found another little trick, which was to hide the commissions from view. This is where you stopped knowing what you were paying. They would tell you, and we were told to tell you with our voice, that these are no load funds. Did you hear the missing word in the middle? You didn't hear that word? No load? Front load funds. Front load funds. Oh, no front load funds. But if you just go no load funds, I'm sorry, the word just didn't come all the way out. It stuck.

SPEAKER_02 6:19

Well, you've always had a problem with enunciation, let's just be honest.

SPEAKER_01 6:23

And these were they were called liar load funds, or uh, as Christopher Cox, former chairman of the SEC called them, sales loads in drag. Uh these were sneaky, and this is when the industry started getting really sneaky. So eventually the the broker dealers began to be slightly usurped for a tiny portion of the population, generally the wealthier part of the population, by fee-only, well, fee-based or fee-only advisors.

SPEAKER_02 6:52

Yeah, and let's remember what you got for the eight and a half percent. This is an important thing to remember. Well, you you got you you bought something. That's it. That's it. There was no planning, there's no tax planning, there's no there's no ongoing advice. This is here you go.

SPEAKER_01 7:07

No, what you got for it was the hours of cold calling we did to get one client. That's what you were paying for.

SPEAKER_02 7:15

And by the way, there was uh because uh you may remember this. I've I think I've told you the story. Back in the mid-1980s was the first time that I, not long after I got married for the first time, um, made my first purchase, went and visited a guy, and then called him by phone. And he put me in the dogs of the Dow strategy, which you may remember. Yeah, that's which I think is still around, and then in an individual stock, at which time my the the now ex-wife wanted to buy Microsoft, and he poo-pooed it. He's like, No, but that that company's never gonna work. That's you know, that's computers, that's just it's trendy. She would, if you asked her today, she'd say, Don't hire Tom Cock because he told me I couldn't buy Microsoft. So it wasn't me, by the way, it was him. I I probably would have gone along with it. So think how that would have worked out. But let's talk

Do You Need Financial Help?

SPEAKER_02 8:04

about today. You're trying the first thing to decide is before you even get into this, do you need help? Right. Right. I mean, right that we find that a lot of people do, a lot of people that I talk about.

SPEAKER_01 8:17

Newbies, newbies, beginners who are, you know, but you probably, you know, if you're putting $100 a month away in a mutual fund, you you don't need an advisor of any kind. Broker dealer or BDs, as they're called, or RIAs or investment advisors.

SPEAKER_02 8:32

Yeah, I think that's that's exactly right. You're you're accumulating, you're putting it into you could in today's world you could use one fund. Very simple to do. But then as you get older, there's a more complexity, especially around retirement planning, tax planning, things like that. Estate planning, all of that. Yeah, that brings me to number two. What kind of help do you need? Because that could also help you discern who you should hire. Now, no matter what kind of help, we're still not going to send you the broker dealers, but it could be around planning.

SPEAKER_01 9:01

But they still are the majority of the majority financial advice is still being given by broker dealers or fee-based advisors who uh still collect commissions.

SPEAKER_02 9:14

Yeah. And if fee-based, commissions are not really clear. Because people do call me and say I'm going to hire a fee-based advisor. And I say fee-only advisor. Fee-based means we're going to charge you a percentage of the assets, and we could, in these certain circumstances, charge you commission as well. But again, what kind of help? Do you need planning? Do you need taxes? Do you need account management? There's a whole butt raft of things. Do you need somebody there that's working with you every day? Um, okay, so once you work your way through that, then you can look at the type of person. Now, Don just correctly pointed out fee only, um, no commissions. This is where this is where the article's about, and I I think it's legit, is how much is that person worth in today's world? How much should they charge you if it's fee only? In this case, they were charging one and a half. I looked it up. It's still somewhere around a third of advisors in the U.S. that are fee only.

SPEAKER_01 10:08

Fee only, which is only 5% of the industry. Exactly. You can find it. Right now, it's about 5%.

SPEAKER_02 10:14

Yeah. Well, no, 5% is 100% fiduciary.

SPEAKER_01 10:17

That's basically fee only.

SPEAKER_02 10:18

Yeah, fee only. But so it's still about a third that charge more than 1% a year. Now, I don't think you have to pay that and still get a very good robust asset manager, financial advisor, tax planner, all those kind of things, but people are still paying that, right? Which, yeah, that's I think that's probably too much. And here's the thing, and I mentioned this at the top. Let me finish real quickly. Go ahead. Yeah. People still forget they they're paying a one and a half, and in this article, they do not mention what kind of investments they're in, because if they're in an average mutual fund that's charging 0.65 and you're paying the one and a half, now you're over 2% a year that's coming out of, as the song said, out of your pocket, swatting this mosquito and putting it back in the other. It that's pretty expensive

How Much Should Advice Cost?

SPEAKER_02 11:10

advice.

SPEAKER_01 11:10

And here's another thing you need to bear in mind. Um a lot of times you'll you'll get a broker dealer who will say, Well, yeah, this commissioned fee, uh, this commissioned mutual fund uh is cheaper actually in the long run than paying somebody a fee every year, paying that 1% a year. Well, if you look, a lot of the actively managed funds that they sell, even if they do have that back-end commission, if they do have that back-end commission, which is usually the kind of thing they like to sell, because then they you don't see that five fifty five hundred dollars coming out of your hundred thousand directly. When they sell you those B or C shares, those have fee structures that exceed one percent per year. They can have fee. I've seen them, I've seen Class B, Class C shares with two plus percent annual expenses. So let's say for a minute you go to a fee-only advisor who charges one percent at the it shouldn't be any higher than that. That should be the highest. I just told you it's a third of advisors still doing it. And they and they use low-cost, rules-based or passive funds at three-tenths of a percent or less. So now you're getting an advisor for one and your funds for less than 30 basis points. What's 1.3 percent max all in, whereas you can just get a plain old managed mutual fund from a broker, a BD, and they're gonna charge you one and a half, two percent a year for nothing. No advice. You're not getting ongoing advice.

SPEAKER_02 12:48

And in this case, these people uh his son uh was part of the article and said, You've never asked them. They need to ask, right? They they need to know, they need to know what they're paying. Um, they should probably be shopping around because on $2.1 million, they should probably be paying about half on a percentage basis what they're paying there. That's yeah, yeah.

SPEAKER_01 13:09

Actually, the it shouldn't be any more than eight tenths of a percent, uh 0.75 percent, somewhere in there.

SPEAKER_02 13:16

Yeah, exactly.

SPEAKER_01 13:17

Plus the fund fee. So you could add another maybe quarter of a percent or less to that. So really all in, somebody with two million dollars should be at or below one percent total. Total.

SPEAKER_02 13:30

All in. You gotta make sure it's apples to apples. Yeah. And and again, this is because most advisors have a tiered rate system. In other words, they might charge a million on the a million, they might charge one percent on the first million, but then it goes down from there 0.7, blah, blah, blah as the account is larger and and you start getting into multi-millions, and you should be only paying, you know, 0.3 or something when you get it into the several millions of dollars. So it it goes down. And but this is this is the other part of this whole discussion that I think bears repeating. Anyone you hire should be willing to tell you what you're charging, should be very transparent about it, and should show you on a quarterly basis. In other words, the statement should show you here's what you started with money-wise, here's what you made or lost, and here's what we charged you. It should not be hidden. And if they're embarrassed about how much they're charging, maybe they should charge you less. But uh,

Hidden Fees and Market Myths

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maybe they're charging.

SPEAKER_01 14:32

And beware of this statement. And I hear this statement spouted a lot, particularly in the insurance industry, but also in the BD industry, the broker dealer industry, and that is oh, you don't pay a commission, the company pays me. And that's the liar load fund. You because technically you don't pay an upfront commission, but you're paying a 12 B1 fee, which acts as a commission surrogate. It it's the next worst thing. It's actually worse for a long-term investor than a commission is because they keep charging it.

SPEAKER_02 15:06

Yeah, I that one I hear, the other one I hear is I'm okay paying more because my guy is making me more. I I I'm he's got me in the right investments, he knows when to move in and out of the market, he's doing all these things, and so I'm happy to pay more. And um, we can't find that guy. I'm still looking for that guy. I'm out I'm out every afternoon.

SPEAKER_01 15:25

Well, again, that guy exists anecdotally, but in evidentiary, he doesn't. There's no evidence that anyone can, outside of occasionally getting lucky, beat the returns of the market itself.

SPEAKER_02 15:45

It's just like Yeah, and and and and and to that end again, I just read the the book, I think it was called The Fund, about Ray Dalio, who runs I think he still kind of runs Bridgewater, the largest hedge fund in the world, 150 billion. He's been wrong way more times than he's been right. He's called 16 recessions, of which only one or two have happened.

SPEAKER_01 16:06

So he's Yeah, that's my actually that's the next song I'm working on for the uh the band The Financial Physicist, available on Apple Music and Spotify. Uh the next song I'm working on is is uh the working title is uh the stopped clock.

SPEAKER_02 16:22

Yeah.

SPEAKER_01 16:22

Right twice a day, right? Yeah, right there. You know, the clock is right twice a day. Just happens to be right, even if it doesn't work.

Listener Questions and Answers

SPEAKER_01 16:31

Questions? Well, we hope we have answers. You can send your questions in to us. We love it when you do. Just send them at talkingrealmoney.com, click on the button that says ask a question, or record them from for the Friday QA show that I do uh at talkingrealmoney.com. It is that easy. If you type them in, Tom has uh his lovely moment with the printer.

SPEAKER_03 16:53

The trees are nervous.

SPEAKER_02 16:56

They were shaking the other day. Then I realized it was the fall.

SPEAKER_03 17:00

Yeah, I know.

SPEAKER_01 17:01

Something we don't have here in Florida. I know. I was talking to a friend the other night who was from Minneapolis uh and he was going home to see family, and I said, Yeah, get up there before winter. He goes, It's already 50 degrees up there. I went, oh geez, really?

SPEAKER_02 17:17

Yeah, compared to where you are? And by the way, Seattle, it appears, will not have an 80-degree day in the entire month of September. It's unusual. We usually have one or two or something, but nothing.

SPEAKER_01 17:29

And we will not have a 70-degree day in the entire month of September. So there you go. Yeah, it's and we're we might have a 70-something night.

SPEAKER_02 17:39

And I will not be back in the lake until next May.

SPEAKER_01 17:43

Yeah, he's that I should.

SPEAKER_02 17:44

Oh, come on, do the polar bear plunge. I just did, and that's the end of it. Okay, in the interest of speaking of transparency, yes, I have questions. I'm gonna go ahead and mention

Avantis Fund Correction

SPEAKER_02 17:53

this. We meant we mentioned it before, but because he's kind enough to write us, Todd from Tuscaloosa, Alabama. Isn't that the home of the Alabama football team at Tuscaloosa? I believe. Yeah, I can hear the announcer saying it. He says, hey guys, wouldn't A V M A, that's a ticker, that's A V A be an Avantis balance fund. Today on the podcast you mentioned Avantis didn't have a balanced fund. So my culpa, yeah, we had that wrong. I don't know why that had a it hadn't been around very long, so I guess I forgot they did. So my apologies. Yes, they have a balanced fund. It's 65% in stocks, 35% in bonds. It has a U.S. international part, and it has the tilting to small and to value. So all right.

SPEAKER_01 18:39

So very nice. Thanks for clearing the air on that one.

SPEAKER_02 18:42

Yeah, I'm sorry, I messed up on that. Let's go on to the next one from Bonnie Lake Washington. Jeremy writes, Hi, uh, I've been busy trying to answer the your question, but since my last question, he'd asked one previously, I've changed my investing plan to A V G E in my Roth, 100%. A V G E is the Avantas Global Equity Fund. All stocks. Good stuff. VT and SCHZ in my traditional, VT being a globally diversified stock portfolio by Vanguard, and SCHZ, I believe is a Schwab bond offering. I hope that suits the financial physics practices. That's the first question. Does that suit the financial practices?

SPEAKER_01 19:27

Of course, yeah. It's diversified, it's basically owning the whole

Passive Income Portfolio Strategy

SPEAKER_01 19:30

market. Yeah.

SPEAKER_02 19:30

And then he goes into a part that I don't think you'd find in the financial physics book. Says, I'm currently trying to figure out how to make passive income in my brokerage. I've set up a barbell bond portfolio, S C M B, and V T E S, but can't decide on what to invest in for growth. Any suggestions? Thanks and love the show.

SPEAKER_01 19:54

Um Okay, wait, I'm very confused.

SPEAKER_02 19:57

Well, you got the Roth figured out, and we got the traditional figured out.

SPEAKER_01 20:00

He's trying to get massive income from his Yeah, and that's that's like I don't that's a very popular thing in the popular press, and it's not a very good idea, really. No, it makes it sound like you're gonna make something for nothing. Always build the right portfolio for what you need it to do for you and what your tolerance for risk might be. Then from that, you determine what a reasonable income flex preferably flexible income stream might be. Or if you like, you go with the 4% plus inflation, which has historically worked reasonably well, and the passive income stream is this. End of the year, rebalance. Take the money that uh you need, that 4% or that 5% flexible, whatever that is, put that in your spending account for the year, rebalance the remainder into the proper funds to keep your appropriate balance, and then for the rest of the year, you've now got that money that is your budget, that is your passive income for the rest of the year.

SPEAKER_02 21:05

Yeah, I think that's a great approach. The total return philosophy, if you will, we've used that, we've recommended it, et cetera. Um, here's the thing more generally, yeah, stock heavy as much as you can in the Roth, fixed income, put that in your traditional, that's good. And then the brokerage generally is stock as well because it can it it it's you the inefficiency of having fixed income there is something to try to be avoided. It doesn't always have to be, but try.

SPEAKER_01 21:32

Unless, of course, you use you're in a high bracket, you use municipals for that fixed income. Correct. Uh that that's always a uh a a good way to go. So yeah, build the right portfolio over all your assets through different accounts, and then in your brokerage account, that's where you're going to use your rebalancing and then maybe taking money out over and above that if you don't have enough to fund your lifestyle for the next year. That gives you a means by which to budget for the next year. You don't know what's The year after is going to be the flexible. You do with the four. You have a pretty good idea what your budget's going to be the following year, but you you're going to be a little it's going to be a little more iffy with the flexible, but we like the flexible a little bit better. It's really the long-term numbers look great with it. Really great. Uh got another

Charitable Giving Choices

SPEAKER_01 22:19

one?

SPEAKER_02 22:19

I got another one. Now this one's kind of detailed.

SPEAKER_01 22:22

And it regards. Oh, is this the social security one? No, this is the charitable giving one. Charitable giving. Oh, that one's hard. Okay, go ahead.

SPEAKER_02 22:30

Yeah, and from Tacoma, Washington, TJ. Right. Recently, someone suggested we may need to use a DAF at the donor-advised fund for our charitable giving. And some of the charities are pushing CGAs, which is an annuity product. I don't know how either work and who should use them. We're using QCDs, keeping with the theme, qualified charitable distributions. These are uh charitable gifts directly from your IRA to charities. They're using that now. By the year end, we should have about 100K in QCDs. What I don't know is how a DAF or CGA is structured or funded. I'm pretty sure I don't want to use CGA because it's a nudie. Who owns the DAF? How's it funded? Who controls it? Okay, well, first of all, um do you want to talk about DAF? No, go ahead. You do DAF advisor. Okay, donor advise fund. This is money um that would not be in your qualified account. So this is completely different. And by the way, in order of giving, if you don't need the money that for a required minimum distribution from your traditional savings, your traditional IRAS 401ks, I think that's the starting point for anybody giving away money. Because now you're giving the gift and you're not paying tax on what you would have been paying tax on. It's a pretty good deal, QCD. Money goes straight from, as I say, the qualified account to the charity. That's great. A donor advised fund, conversely, is brokerage type of after-tax money. You make, and by the way, here's the part the great part about this you can say, well, this year I want to put $50,000 into my donor-advised fund. That's then managed, right? For growth, that kind of thing. And then the you get the deduction that year for that contribution. It's a pretty sweet deal. And then the money can be paid out whenever you like to whatever charities you like. So there's a big difference. Um, and you still are the owner, you can have a beneficiary in that account like you any any other. So those are the primary differences between doing that. Um, and I would not do the CGA. I would do that.

SPEAKER_01 24:36

Here's let's talk about the CGA. This just so you you know what's involved. A CGA is like any other annuity. You permanently give up your principal, you give it to the charity, you give it to the charity. That's who's backing the annuity, not an insurance company, okay? They promise you fixed payments for the rest of your life. Those payments are not guaranteed by anybody. The charity backs the promise. There is usually no inflation protection if you die early. Sorry. Nobody gets anything. You it's it's probably the worst of all of the things. It's probably the one the charities like best. Because they can structure this in such a way that they get the money now they don't have to wait. And they can invest that money and pay you only a fraction of what they're receiving from that money. They they run the actuarial and investment tables just like the insurance industry can. They they use actuarial information to do this. And um yeah. Are they popular anymore?

SPEAKER_02 25:51

It seems like that that was something that was and now it's kind of out of favor in some ways.

SPEAKER_01 25:56

I I I don't hear a lot about them, but uh the charities like 'em, so they're pushing them. I wouldn't I I think that's the worst of the three.

SPEAKER_02 26:05

I have a DAF. I love it. I've put some money in there over the years. I actually took from my brokerage account, took shares from I didn't have to sell anything in the brokerage account and just move them over to the DAF and got the tax deduction and didn't have to.

SPEAKER_01 26:17

Your wife calls you DAF.

SPEAKER_02 26:19

DAF, DAF, DAFE. Uh so anyway, I like the DAF. But but if I was making a decision and um and I was taking money out of my charitable account, I mean out of my qualified accounts, I would do that QCD first, then I would do the DAF.

SPEAKER_01 26:35

All right.

Social Security Question Deferred

SPEAKER_01 26:36

We have that answer now.

SPEAKER_02 26:37

I'm saving the Social Security. This is too long. I think we should do this another time. Yeah, it is too long.

SPEAKER_01 26:41

We'll do the Social Security question tomorrow.

SPEAKER_02 26:43

It's just and and by the way, we love you all. You know that, right? But these Social Security questions get into the work. I've actually done a lot of research on this question.

SPEAKER_01 26:54

So the answer is the answer is longer than the question.

SPEAKER_02 26:58

Okay, because there's a lot to them. And when you send these to me, what do I think? I think you should probably talk to an advisor. Because I would never, ever, ever make a Social Security claiming decision based on the back of an envelope. I just wouldn't do it. It's just too much.

SPEAKER_01 27:14

And my research, my research backs up your conclusion. So we'll talk about that in a future edition.

SPEAKER_02 27:21

And yet, it's still like half of America that wakes up at before full retirement age and takes their benefit without thinking about it. Well, I'm retired. Yeah. You could take the money from a hundred other places and still get the growth of eight percent a year under social security.

SPEAKER_01 27:34

Unless they don't have a hundred other places.

SPEAKER_02 27:36

Well, that's true.

SPEAKER_01 27:36

Okay, three other places. Four you want to get your questions answered?

SPEAKER_02 27:41

I want to talk to more of you. I I we've got I by the time this airs, I'll be back from our advisor summit in Nashville. No, you won't. Oh, okay. I'll be close to almost being back soon. I think you told me this is this is gonna air like the seventh or something.

SPEAKER_01 27:56

Oh, you'll be back, yeah.

SPEAKER_02 27:57

I'll be back. So I will have gone to Nashville and back, and I'll be ready to talk to you then. Having survived the grand old Opry, et cetera. So um by the way, do you know how far my wife was like, hey, we could go to uh Elvis's place, you know? Because isn't that close by? I said, I don't think Memphis is very close to Nashville. I don't know the southwest. It's actually the same state.

SPEAKER_01 28:16

Same state. The state is really long horizontally.

SPEAKER_02 28:19

It's three hours. Uh I'm not driving three hours. No offense. I I'm as big an Elvis fan as well.

SPEAKER_01 28:24

Why would you want to go there?

SPEAKER_03 28:26

That's still one of my favorite comments of all time on our trip this summer when when the our tour guide at the Coliseum in Rome said, This is the most visited single whatever place.

SPEAKER_02 28:38

Not as I know Disney's gets more, but the you know, one one. One historical site, yeah. And and he said somebody in from America asked him, wait, more than Elvis' house?

SPEAKER_01 28:49

Yeah, more than that. Yeah, it's the Coliseum for long heaven's sake.

SPEAKER_03 28:53

It's been there for 2,000 years. Which is also longer than Elvis's house.

SPEAKER_01 28:58

At talkingrealmoney.com, or uh if you want to meet with an advisor for these big questions, we we uh we offer them to you. We do, and it's really honestly free. Ask anybody who's done it. It's free. No obligation, no high pressure sales pitch. Don't worry about it. You're just gonna get some help. Go to talkingrealmoney.com, click meet an advisor.

Bernie Madoff Tribute

SPEAKER_01 29:17

I have gotten a ton of notes recently, because every once in a while I just randomly throw in one of the full-length songs by the financial news, my fake band, at the end. I do it's kind of like an Easter egg at the end. You know, it's just after after the the we tag out before the disclaimer, I throw a song in. Well, recently, we were talking about investment advice. Now, historically, who who gave in the past possibly the worst investment advice ever given? Who should who should hold the medal for the biggest, baddest ripoff of all time? Not Charles Ponzi, who? Uh I don't another Ponzi scheme?

SPEAKER_02 30:02

Yeah, who's the one Madoff? Yeah, yeah.

SPEAKER_01 30:05

So I wrote a scene.

SPEAKER_02 30:06

By the way, I've never I've never looked at that in terms of the adjustment for inflation, which is bigger, Ponzi. You know, you're right.

SPEAKER_01 30:11

I think Madoff was still bigger. I but I I I made a you made a you wrote a little bit of a fandomer physicist created an ode to Bernie. Oh, which we'll play right after.

SPEAKER_03 30:22

That's worth listening

Closing Disclaimer

SPEAKER_03 30:23

to.

SPEAKER_01 30:24

Right after we tell you that uh we appreciate you being here, and we hope you'll keep listening to Real Money.

SPEAKER_06 31:01

Where every tower's glowing green, and the man who keeps the ledges is a man you've never seen. You can't just walk it off the road. Someone has to speak your name. So he turns away the ego, and it only feeds the flame.

SPEAKER_07 31:29

He had chairs every market, he had friends in every hall, and he never promised miracles the finest trick of all. Every month the paper cake, and every month the line would climb never stood and never fall just a little every time.

SPEAKER_08 35:49

Take the green glasses off me. Let the towers turn to grey. Boring money's never pretty, but it never flowed so well.

SPEAKER_00 36:25

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