Ep. 1985: The Just-Right Path

SPEAKER_03 0:05

Mary had a Christmas ball that promised the mood. Nine percent and stuff by two. So she had a push to grand far more than she would need. She won the game and played it still and played away with green. Kobe had a Christmas grace and her day. I need her now. So we go and follow. Making money makes sense. Making money makes sense.

SPEAKER_01 0:58

Yes. Just like the fairy tale, Goldilocks and the Three Bears, you need to find the portfolio that's just right

Just Right Portfolio

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for you. That is the whole trick. Hi, everybody. Welcome to Talking Real Money, the first uh ever, first ever nursery rhyme for a financial talk show, I believe.

SPEAKER_05 1:17

I think we now just keep coming up with new genres every day. I mean, you must be daydreaming or night dreaming. Something crazy.

SPEAKER_01 1:25

Now I just, it's so weird. I wake up in the middle of the night and go, oh, in fact, I forgot. I've got a new song that I I'm working on for the financial physicist. Of course you do. It's a f it's it's right now it looks like it's gonna run six minutes. It is a progressive rock epic.

SPEAKER_05 1:43

Stairway to heaven, you know, something like that. Okay. This is a good one.

SPEAKER_01 1:46

You're gonna love this one. Oh, I'm gonna do it. You're really gonna like. I predict you're gonna go, okay, this one's really good. Anyway, hi everybody, welcome to Talking Real Money. Don McDonald here, Tom over there. We're uh one of the few money programs that doesn't take itself too seriously. I know some of us some of you want us to be more serious, but I don't want to be so there.

SPEAKER_05 2:06

Uh you're old and you can do what you like. That's right. One of those guys now that can go to a party and say something completely inappropriate and they'll go, yeah, he's old, he does that kind of thing.

SPEAKER_01 2:15

Maybe this is why I like the the folks at stacking Benjamins, because they have fun with their show too. They're not taking themselves

Retirement Reality Check

SPEAKER_01 2:21

too seriously. So today, the topic for the day is inappropriate portfolios on both sides of the spectrum. Portfolios that are much bigger than necessary or overly optimistic portfolios. And uh to get us started. Well, here's our friend Tom Cock.

SPEAKER_05 2:44

Yeah, this comes from our friends at the principal financial group. Kidding.

SPEAKER_01 2:48

Are they friends? Are we friends with them now all of us? I think not.

SPEAKER_05 2:52

We're we're not on the Christmas card, we're on a list there, but it's not the list you want to be on. Um, they did a survey of uh 500 employees, and fast, this is always fascinating to me to find out what what people are thinking. Two-thirds of the respondents overestimated how much money they would need to accrue before retirement by a significant amount. I mean, significant amount. 56% of them think they need 30 years worth of income saved before they can retire comfortably. 30 years of income, say, before they can retire comfortably. Now you may have a retirement of 30 years depending on when you quit.

SPEAKER_01 3:29

So if they're if their current taxable income is $150,000, then they're saying they need four and a half million.

SPEAKER_05 3:39

Yeah, exactly.

SPEAKER_01 3:40

I this is a huge, huge, huge number that um man, by that measure, I am really behind.

SPEAKER_05 3:49

Yeah, me too. You and I are gonna spend retirement together, I guess.

SPEAKER_01 3:53

Um, no, we're not. Well, sort of, but not in that way. And then in the article, there are no William Shatner and James Spader. We're not even close.

SPEAKER_05 4:02

Well, we are minus the cigars and the whiskey. The um the in reality, the article saying people need to save 10 times their annual salary. That plus Social Security brings them to about 80% of their pre-retirement income close enough to make it work. But you know, here's the thing about and I've said this many times, anybody over the age of 50 should have a plan that kind of fills in the blank so you're not guessing. But here's where it gets even more fascinating, because that's way, way, way over on one side of the equation. Then more than half of the people respond and think they can withdraw 10% of their savings annually while remaining financially stable over the long term. In other words, in retirement, if you have a million dollars, they believe you can go ahead and withdraw $100,000 a year and you won't run out of money.

SPEAKER_01 4:52

That is just ridiculous. What uh and on what do they base that assumption? I the only thing I can think of is that they are Dave Ramsey listeners, and they go, well, Dave says 12, so 10 is conservative. But I if you run, and and I had AI run, and AI can boy, can AI run simulations. Well, give them the story about this. I had run around. I went to chat and had chat run uh Monte Carlo simulations. Chat ran in the course of I don't know, 30 seconds or so, 500,000 Monte Carlo simulations on uh 6040 portfolio to see how long it might last at a 10% per year drawdown. And the median number is right around 10% of the time. Uh 10 uh about 10 10% was it now?

SPEAKER_05 5:41

10% 10% of the times it works in half, did you say half a million? Half a million, yeah. Yeah, yeah, yeah. That's a lot of a lot of chances. Um, and here's a little here's a little uh help for all of you playing along from home. If you're running a retirement calculation and it works 10% of the time, don't do it that way. That would that's you know, I mean, unless you're you know a riverboat gambler or you want to end up living with your kids or something, uh that's a very low completion rate. You really don't want to be in that part.

SPEAKER_01 6:13

Take that back. It wasn't 10% of the time, it was 15. I had didn't have to be a good one.

SPEAKER_05 6:17

Okay, well, okay, it would work 50% higher. Let me say that again. If you run a retirement calculation and it works only 15% of the time, don't use that calculation because that's way more suburban.

SPEAKER_01 6:29

This this will give you something more tangible. We're talking about over 20 years. Twenty years is is I think a little more reasonable time frame than 30. Uh because not very many people live to 95 or 100. So if you're retiring at 65 to 70, which is really FRA these days, you're not living odds are you're not living to 100.

SPEAKER_05 6:49

So if you're looking at 20 years with a uh 60-40 portfolio, 20 60 percent in stocks, 40% bonds, kind of the moderate every man balanced portfolio, sure.

SPEAKER_01 7:00

99% of the time, a four percent adjusted for inflation every year withdrawal rate has uh worked on five hundred thousand simulations. So basically a hundred percent of the simulations.

SPEAKER_05 7:13

Yeah, that's yeah. So yeah, that gives you fairly good certainty. Five percent adjusted for inflation is ninety-four percent. So five per and five percent you're still gonna so five percent looks pretty good. Five percent is that five percent variable or five percent.

SPEAKER_01 7:27

Five percent plus inflation. Fixed plus inflation.

SPEAKER_05 7:29

So fixed plus uh cola. Wow. I mean, that's those are a lot better odds. Again, where in the world did anybody come up with 10%? Where in the world would half of the respondents come up with 10%? I've never even heard 10%.

SPEAKER_01 7:41

No, have you? I have never heard 10%. That just really does shock me that that that many people are that badly informed. Although it does give me great, a great feeling of of job security for as long as I want to do this, because apparently there's still a very large swath of the country that desperately needs to listen to this podcast. Yeah, desperately needs, desperately, do I need to say it again? Desperately needs to listen to this podcast.

SPEAKER_05 8:08

Yeah, that's fair enough. Uh, you know, here there's a couple other interesting things from the survey that they found. Um that the they one one advisor they quote says, the the issue isn't the dollar amount so much as where you're saving it, which is a bit misleading because even if you saved all pre-tax and you had to pay tax on something after retirement, at least you have the money, right? I mean, so that seems to be more paramount to me than the difference between pre-tax traditional and Roth.

SPEAKER_01 8:37

I'm gonna read between the lines a little bit since this is principal, which is basically an insurance company. Yeah, guess what? Maybe they're saying if you have it in an annuity, see what I'm thinking?

SPEAKER_05 8:47

Yeah, they may be suggesting a different product. You you you regular listeners know that we think you should have a balance between the pre-tax, the traditional, the Roth. Although if you're 25 and you really have a very low tax uh right now, your taxes are very low, I'd go ahead and put it all in Roth. Sure, why not?

Tailor the Portfolio

SPEAKER_05 9:07

Yeah.

SPEAKER_01 9:07

Well, and the other thing, the the jingle implied the the theme song of today's show, it didn't imply, it stated it outright. The right portfolio is the right portfolio for you and only you. There is no right portfolio for all of us. One portfolio does not fit all. We need to have these custom tailored to our particular needs, situation, wants, fears. Everything about us impacts the way we invest. It really does. And you need to make sure that it's right for you, not somebody else.

SPEAKER_05 9:52

Yeah, I I'd make a few generalizations. Number one would be um save 15 to 20 percent between you and your own. Save as much as you can comfortably save. If you can do more, that's great. And by the way, I think uh I always forget the numbers because they changed them. 401k this year for 50 and under is 23,500. IRA 7,000. And I think uh if you're over 50, the IRA's 80 something, 84. I don't know. I wish they wouldn't mess with the numbers. So that's one. Number two, I think this is pretty important. You're right. Every portfolio should be considered for all the things you suggested. But generally, it makes sense to stay stock heavy as long as you can, because stocks have been the guard against inflation. Stocks have helped you grow your portfolio far better than fixed income. Fixed income there for stability. And then, as I just mentioned a minute ago, something I still see people like, I'll get to this later. I think anybody over the age of 50 should at least have a general plan. Here's what I'm trying to do. Here's when I'm thinking I'd like to retire. And am I on track for that? What do I need to do in the next 15? Or if Don wants to make you keep working 20 years, 20, never quit. Um, I did this talk to our boss today, and he said, Yeah, you guys are still on for a long time or something. Yeah, they'll keep apparently they like us. Or they like the work. Uh, I don't know about us. Nice. So, no, okay, please don't plan on a 10% withdrawal. And don't think you need to save, what was it, 30 times your thir 30 years of income? That is just an absolutely insane number. That's just huge.

SPEAKER_01 11:29

We tend to just we we head out to the extremes far too often. And I think that uh we're we're we're really hurting ourselves by doing so. You do not need to uh to go crazy. Just save, invest, put money away as much as you can. Oh, by the way, I do have the uh age 50 plus limits on 401s. How close was I? 325 on 401s. Okay. Traditional in Roth, 8600. 8,600.

SPEAKER_05 12:02

Why don't they make it more complicated next time so that we can, you know, maybe we just round up to the nearest thousand. Oh, good lord. Why, why, why? Anyway, there's a lot, you can save a lot. Let's just put it that way. Okay, if you're still in the saving mode.

SPEAKER_01 12:14

Yeah. And just even if you do it on your own, you need to sit down and go through a planning process. Even a cursory planning process, you need to know what you can put away, what it might make based on your risk profile, what you might need in the future. And that requires kind of guessing about your lifestyle. But guessing is the only way we can predict the future. Just educated guessing and then and then adjusting your guessing as circumstances change. Don't it's it's not a straight line. The road is gonna twist and turn and climb and fall and go all kinds of different ways. It can even wash out at times, and you have to fill it back in. So uh there's that analogy. And if you get confused, if you want some help, we like answering questions. Tom Kiddingly does is he doesn't, he's not in it just for the tree deaths. He is in it to help you. And that's why that's why he likes it when you type a question and send it to him, because it combines the best of both worlds, killing trees and helping you. One fell on my wife, I mean wife's car last year, so I should be angry.

SPEAKER_05 13:24

I was gonna say a tree fell on your wife. Well, no, bit that big branch that hit her. And then it took like six months to fix it. So yeah, I'm still mad at the trees for that one. Legitimate.

SPEAKER_01 13:33

He holds a grudge. But uh he does need a few more questions in his grubby little hands. It's a good thing he's going away for a week. We're that's why we're we're kind of forced recording. We're we're uh we're uh we're punching up the recording schedule a little bit because he's going off to an all-week appella meeting.

SPEAKER_05 13:49

No, that's is it all. Yeah, it's pretty much all week with travel time. But we're meeting with a client there one day, too. So the meetings actually, I think Well, there's one day of travel and then two days of meetings, and then I'm staying over for an extra day to see a client. Because he's going to Opry Land. Yeah. How come we didn't get invited to be in Grand Old Opry?

SPEAKER_01 14:08

We'd be great up there.

unknown 14:09

No?

SPEAKER_01 14:10

Oh, sure we would. Yeah, everybody wants to see two guys talk about money on a stage when they're wanting to listen to music. Yeah. We can play him music, though. We've got that now. That's what I was saying. That's where I was pending too. Oh, wait till you hear my my uh my my 1960s country female crooner. She's amazing. Oh, man. Coming up on a future edition of Talking

Withdrawal Questions

SPEAKER_01 14:30

Real Money. But for now, here are those papered over questions.

SPEAKER_05 14:34

From Tucson, Arizona. Oh, no, I think they call it Tucson, Arizona. David writes.

SPEAKER_01 14:39

I don't know, it's Tucson to know.

SPEAKER_05 14:41

Can you talk about an IRA individual retirement account or 401k?

SPEAKER_01 14:47

So it's not his friend IRA, it's uh an IRA.

SPEAKER_05 14:50

Which would have been more appropriate. What would it look like when you retire? Is it recommended to take a monthly or bi-weekly distribution to simulate how your money distribution was when you're working? In other words, to take money in every two weeks like you did when you're working, hopefully. Also, could do you consult with your financial advisors to receive this, your financial advisor to receive this money or manage on your own? Finally, what about large purchases that you need to make in retirement? Do you take a lump sum from your IRA to pay in full, or do you make payments like you did in a non-retirement life? Thank you.

SPEAKER_01 15:20

Oh, good. That's a great question. It is a great question.

SPEAKER_05 15:23

The mechanics of getting your money.

SPEAKER_01 15:25

One of the see, I think taking it out is different than putting it in. There's really not a huge advantage. There's an maybe a slight advantage because markets rise more than they fall, but it's small. There's not really necessarily a huge advantage to taking it out gradually as you uh as you spend it. It makes the work a lot harder for the individuals involved, and it makes budgeting more difficult, which is why I love the flexible withdrawal, where you take out a percentage of the portfolio every year, um up to, though, your expected needs for the coming year. Up to the at the end of the year, uh take out what you have budgeted, what your needs are for the next year. That doesn't mean there won't be surprises and you have to go back to the pool and take some more out, or on the opposite side of the coin, you might end the year with extra and don't have to take as much out the next year. Those things are just part of the flexibility process. But I love the idea of having it out, having it in a cash account, knowing how much I have to spend, because now you can have a running total of what the year, the next few months are going to look like throughout the year. Do it again next year.

SPEAKER_05 16:40

So, yeah, but there is no one right way or one wrong way.

SPEAKER_01 16:44

But that's an easier way, I believe.

SPEAKER_05 16:45

Yeah, I think many of our clients take money either uh, as you said, annually, most of them take it every six months.

SPEAKER_01 16:54

And that is when you have an advisor, taking it out more often is easier because the advisor makes those calls. If you're doing it on your own, it just becomes a tedious, particularly if you do it every month. It's really a tedious process to have that money, what to liquidate, then you get tax uh you get now. I was just gonna recalculate your tax situation.

SPEAKER_05 17:15

It's yeah, I mean the the thing where the complexity can come in is if you have different types of accounts. For example, if you have a Roth or a traditional or a brokerage kind of taxable account, there may be reasons to take some out of some, some out of another, depending on your tax rate, right? You want to stay in the same bracket. That's where oftentimes a financial advisor can be helpful. A good advisor is gonna figure out how to do it so that you don't pay more in taxes than you have to. Part two uh to your question, do you take a lump sum to pay for items, et cetera? I would say generally, yeah. You don't want to take on any credit, certainly when you're uh in retirement, probably, especially whatever rate you're gonna pay on an interest, all that stuff.

SPEAKER_01 17:56

No, no, the only the only time I use credit uh in in my my dotage here is just for for a 30-day float. I just take advantage of the free float. Dotage.

SPEAKER_05 18:08

Really? Did you have to say that? Old age. I'm gonna let you say that.

SPEAKER_01 18:11

So by the way, you know, whenever I go somewhere now, I always get a senior discount. It's like I'm old. I'm going to the movies this afternoon. And you're gonna get the senior discount, aren't you? You count on it. Uh so David. You're gonna go see the uh the Roadrunner.

SPEAKER_05 18:26

Really looking forward to it. The reviews have been great. So yeah, taking my grandson's.

SPEAKER_01 18:30

Your grandkids are gonna love it. I think they'll love that.

SPEAKER_05 18:32

So, David, yeah, I mean, this is something all these questions you're asking are exactly right. Your advisor would handle all of this in a manner that would make your own.

SPEAKER_01 18:41

But as an individual, it's I think it's easier to do it every year if you're doing it as an individual.

SPEAKER_05 18:45

Then you just you just take you just shave it and take the money, yeah. Uh, from West Palm Beach, Florida, Dave writes, Hello, guys. Hello, Dave.

Target-Date Plus Small Cap

SPEAKER_01 18:54

Hello, hello, Dave.

SPEAKER_05 18:55

I have chosen Black Rock Life Path 2045 Fund with 90% of my money. Okay. Let's see, 2045, that's like 20 years. 20 years. Uh 70, 30, something like that. It's a guess. Um, maybe maybe more aggressive, 20, uh, 80% stocks. Don't looking it up. And that's 90% of the money, 10% of a small cap value fund three, class 1-1. I don't know what that is. The expense ratio on the small cap value fund 0.36. What say you thanks? I like while Don's looking up that particular fund. Well, I don't have to. The second fund he didn't give you a chance to use a lot of typing. So it's like BlackRock Life Path 2045. That shouldn't be hard. Um, I like the idea, and this is not our idea, this is Paul Merriman's idea, of having a target date type of fund. That's what a life path fund is, and adding in small cap value because the exposure you have to smaller stocks, to value stocks, um, is not great in a life path or target date fund. It just tends to, you tend to own more of the bigger, growthier kind of firms. Um, so yeah, I like the idea of taking 10% of that money and plunking it on there. The challenge you face is the rebalancing. Oh, what are you confused about?

SPEAKER_01 20:09

I am really confused about what this fund is. So it's not uh well, I'm looking at Morningstar and it says 49% equity, 2% fixed income, and 49% other.

SPEAKER_05 20:30

That's a tad worrisome, actually. So what is what is the other?

SPEAKER_01 20:34

Wow, I am trying to figure out what the other is. It's a fund of funds. Um see, I don't know what Morningstar is doing because they have the Russell 1000 for 48%.

SPEAKER_05 20:48

Yep.

SPEAKER_01 20:49

So that's large and a little mid. Then you got the MSCI Total International for 31%. Then you got bits and pieces of other stuff. You've got a REIT fund, intermediate bonds, securitized bonds, long credit bonds. Wow, this portfolio is way too complicated.

SPEAKER_05 21:11

Yeah, he doesn't have much, it doesn't have much small in it either at 4%.

SPEAKER_01 21:15

I gotta tell you, I'd be I if I was looking for a target, I'd be I'd be looking at Vanguard. Plus, it's Vanguard's cheaper to boot. This one's just really confusing.

SPEAKER_05 21:24

And then what was the small cap one? He didn't give us a ticker. Uh so he just said the you're not gonna be able to type it in. Small cap value fund three. I I don't, you know, I don't know one or two. Uh so I don't know if you're gonna be, I doubt you're gonna be able to find that. So we'd have to have a we'd have to have a ticker there to tell you about the particular fund. But I overall, Dave, I do like the strategy. Yes, I think that makes sense. Again, to supplement a target date fund with uh with smaller value, those kind of stocks that you don't have much exposure to in the so called target date for, or in this case, life path. Fun.

SPEAKER_01 22:01

Maybe he's talking about a BlackRock R3 share. No, I don't see a BlackRock R three share. But I'm looking at BlackRock small cap funds. If this is a BlackRock, they're too expensive.

SPEAKER_05 22:21

Small cap value. He said it was 36 basis points.

SPEAKER_01 22:24

Oh, is it 36? Okay, then this is a different fund than I'm seeing. Alright, I don't know. I don't know, but I do know that Vanguard's cheaper. That's all I can tell you for sure.

SPEAKER_05 22:33

And it they're gonna the product. This one seems a this uh it's hard to figure out exactly. You know, there's more transparency, I think, with Vanguard too. It's more sensitive, certainly. Which was what you really want in these products, so it makes sense.

SPEAKER_01 22:46

So yeah, uh the the confusion to risk ratio. Remember that from uh Absolutely from the Book of Financial Physics.

Chasing Safer Yield

SPEAKER_01 22:54

Book of Financial Physics. Uh one of the we we're talking about portfolios, retirement portfolios today, and and the income. We mentioned earlier the income that people are expecting from them, that so many are expecting a 10% income stream from their portfolios. Well don't. Yes. One of the ways people think they can get that 10 or 9 or 8 percent return is by doing something other than the traditional fixed income or total market withdrawal rates that are supported. And they're looking for fancy, complicated products.

SPEAKER_05 23:32

Well, and they're looking for an alternative to bonds right now because the bond market's been unsettled. Yeah. Yeah, it which is ridiculous. If you still look at BND, for example, the aggregate bond, it's about zero out for the year. It hasn't gone down 10%. Uh, yeah, bond prices have declined, yields have gone up. But the idea that you're going to now instead buy insurance-linked securities, master limited partnerships, really covered calls, ETFs, dividend-paying stocks, REITs, preferred stocks, asset backed securities, and merger arbitration trades. Do any of those sound like the safety of the U.S. government's bonds?

SPEAKER_01 24:08

No, it actually goes back to it, sounds just like what we were talking about. Com confusion. Yeah. And confusion generally means substantially higher risk. It's just the problem with that risk is that it is unknowable. Um you can't really quantify it because it's not happened yet.

SPEAKER_05 24:30

Yeah, and one of the things, for example, that they offer up as an alternative in this article from CNBC, which we we should expect less from CNBC, but still. Uh pardon me, more.

SPEAKER_01 24:40

We have low expectations. No, I have low expectations from CNBC.

SPEAKER_05 24:44

The how about the Brookmont Catastrophic Bond ETF? They suggest that? They suggest that. ILS, which has a year-to-date market return of 5.57. That's the good news. The expense ratio, I'm gonna let you look it up so that I can hear the catastrophic from your wait a minute.

SPEAKER_01 25:06

What's the yield?

SPEAKER_05 25:07

It I didn't have the yield, it just had the year-to-date return of five and oh, year-to-date return of five.

SPEAKER_01 25:13

Okay. And yes, the expense ratio And the expense ratio is about one-third of that.

SPEAKER_05 25:18

Yeah, it's about right. 1.6%. Yeah, that it just Oh, oh, oh, this is the suggested this? They suggested this. Is somebody getting paid? You wonder, they like, you know, dividend-paying stocks, really. That that's no equivalent of the uh of a bond in any way. Master Limited Partnerships, I got thought we got rid of this stuff in the 90s. Uh oil, gas transfer. I can't read. I'm looking at this thing's portfolio.

SPEAKER_01 25:47

It's all reinsurance companies in the world.

SPEAKER_05 25:49

These are cat bonds, catastrophic bonds. Yeah. So it's please, please don't get caught up in the worry about fixed income and runoff and buy some product that you think is going to fix all that because it won't.

SPEAKER_01 26:02

And you know, it's doing really well in a period where we haven't had any major multi-billion dollar catastrophes, but which could come any moment. And that's the downside of owning cat bonds.

SPEAKER_05 26:13

Yeah.

SPEAKER_01 26:14

Uh if if if you get uh uh a hurricane that wipes out New Orleans again, a Katrina, or you get one that comes right up the peninsula of Florida and kind of takes us all out, or you get the big one in Seattle they keep talking about, or uh Any day. Yeah. Uh these things, these things will take these cat bonds right out. They'll just take them out.

SPEAKER_05 26:36

They're just not none of these products are equivalent to the safety you get from a U.S. government-issued bond.

SPEAKER_01 26:42

I gotta tell you, I I honestly I think CNBC is such an irresponsible source of investing information. Just they're they it's it's horrible across the board.

SPEAKER_05 26:52

You gotta wonder, you just said if they're getting gambling. I hate to say that, I hate to imply that, but you do gotta wonder because the product is so out there. Yeah. Just not one you should own, no, as an alternative.

SPEAKER_01 27:04

I think here's the problem. I think it is difficult. As we know, it's difficult to find something different for five 30-minute episodes a week. Oh, I concur. Yeah. So if they have to do like 12 hours a day of talking about money, they got to bring in some people who are way out there on the fringe.

SPEAKER_05 27:20

That's true. And they

Boring Bonds Win

SPEAKER_05 27:21

do new topics, always, always, always. Yeah. So please, you know, your your your ag bond, your U.S. Treasury bonds, they're boring. They've been a little unsettled lately, but that's still a correct place to have your fixed income.

SPEAKER_01 27:35

Boring money. It's a good thing.

SPEAKER_05 27:37

Yeah.

SPEAKER_01 27:37

That's my album. Well, not mine, the financial album.

SPEAKER_05 27:40

That's your life, actually, isn't it?

SPEAKER_01 27:41

Boring Money. It's so boring. All of it's boring. Except for when I get to make music and uh and answer your questions, which I do on Fridays when you speak them in. You go to the little mic button in the corner at talkingreal money.com and you record your question. And I do those on Fridays. The rest of the week we do them on paper because Tom has a paper fetish, and you get yours on his paper. This is your way to touch Tom's paper. Don't say touch Tom. You can play with his paper by going to talkingrealmoney.com and uh typing in a question. He'll type it and then he'll gently lay it on the page.

SPEAKER_05 28:17

Opens the door to say such things that I cannot say in broadcast or on the podcast. It's not broadcast.

SPEAKER_01 28:22

It's podcast. I know. I said either. I can always plop an E on an episode, but I don't want to do it. I don't want to do it. No, don't want to do it. We're not going to do that. We don't curse. We don't. There may be very mild innuendo, but that's as far as we go.

unknown 28:36

Yeah, mild.

SPEAKER_01 28:37

I mean, heck, we even call investment porn cheesecake now because we're wimps.

SPEAKER_05 28:42

Yeah, that's true.

SPEAKER_01 28:43

So send us your questions. Yes, please do. And if you uh if you want some time with an advisor, we'll give it to you. And I don't mean just let you have it. We will give it to you. And I promise you, because Tom has beaten them to a pulp and has trained them so well, taken the lash to them that they will not, will not pressure you to become a client. That's a promise. Just go to talkingrealmoney.com, click the button that says meet an advisor and say, I want to pester Tom. Or can I play with Tom's paper questions, please? No, I'm joking. Don't do that. Just do that other stuff we talked about earlier. And then, oh, and now, after all that, I have to have the kids tell you that we're talking.

Disclosure and Disclaimers

SPEAKER_00 29:44

The opinions and views expressed on this podcast were current on the date recorded. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and our subjects change without notice, including any forward-looking estimates or statements which are based on certain expectations and assumptions. Although information and opinions given have been obtained from or based on sources believed to be reliable, no warranty or representation is made as to their correctness, completeness, or accuracy. Information presented on the podcast is not personalized investment advice from Apello Well. 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. The podcast is not trying to get you to buy or sell any financial products or securities. Instead, the program is provided as a public service by Appello Wealth, a fee-only registered investment advisor. Please see Appello Wealth ADB Part 2A on our website for information regarding Appello's fees and services. Apollo Capital, LLC DBA Apello Wealth, is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in the states where it is properly registered or excluded or exempt from registration requirements. Registration with the SEC or any state securities authority does not imply a certain level of skill or training. Apello does not provide tax or legal advice, and nothing either stated or implied here should be inferred as providing such advice. Thanks for listening, and please visit talkingrealmoney.com for more information and important disclosure related to performance of any specific index or fund quoted in this podcast.