Tom Tests Don

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

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Ladies and gentlemen, welcome to another exciting game show on Talking Real Money. Thanks for joining us as we ask pertinent financial questions of you, the audience, and one of the hosts of Talking

Opening the Quiz Show

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Real Money. And today, filling in as the quiz show host, ladies and gentlemen, please welcome Mr. Tom Cock.

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You almost got the FIFA goal thing going there for me. Oh, that was really good. That was really good. Just in time for the World Cup. This is a high school personal finance quiz from the Wall Street Journal. Testing your own.

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I did the adult quizzes, and Tom is doing the child quiz.

SPEAKER_01 0:59

That's about more than. Does that tell you anything? Exactly. Test your knowledge against 20,000 students. That's a lot of students.

SPEAKER_02 1:10

Okay, so you're quizzing me today. So I'm not sure. I'm the one who has to be smarter than a teen year old.

SPEAKER_01 1:18

Yeah, exactly. So um and there's some actually some pretty good.

SPEAKER_02 1:21

I have not read this quiz. I do not know the answers.

SPEAKER_01 1:23

This is there's some pretty hard questions here. Do you have the correct answers there? So that's I have no idea. One of them I are I differ with their answer, so we'll see what you what you do.

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So are you ready, Don? I am ready, Tom. Okay. No small talk, no introducing our contestant.

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You know, where you from Celebration Florida. I hear you keep bees. How how long have you been married?

Magnificent Seven Question

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How long have you been married? I hear you live in a swamp. How long have you been married?

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I I've been married for 35 years.

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And they said it would never last. Thank you, Don. Let's get to the questions, huh? Okay.

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How's that? Is that better? No. That was not better.

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All right. Question number one.

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I'm just going to give you a pass on that one.

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Do I get the music and all the rest of the stuff? No? That's in post.

SPEAKER_02 2:12

Oh no, we okay. Wait, I do have the live with the I do have some of the music. I just don't the game show music will have been added in post. No, no, no, no, no. Wait. I've got okay, go ahead. I've got all the buttons now. Except I'm not going to know if I have the right answer. You're going to have to tell me that before I can do the ding-ding ding.

SPEAKER_01 2:28

So no dings. So, but question number one.

unknown 2:31

Number one. Okay.

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Which of these is not in the Magnificent Seven group of tech stocks? Not the not.

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See, this is a negative question.

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And you've got to pick A, B, C, or D.

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A, B, C.

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Which of those is not in the uh in the Magnificent Seven? C.

SPEAKER_02 2:48

I'm just guessing.

SPEAKER_01 2:49

That's a good guy. That's actually I don't know what the answers are. Well, I thought I've got to give the names of the company. Yeah, that'd be a good idea. I'm really bad at that.

SPEAKER_02 2:57

You're a terrible game show host. I'm doing this from now on. This is why. Tom, you're fired. A is Apple.

SPEAKER_01 3:04

B is Apple. C is Palantir, and D is Tesla. Oh. I was right. You were right. That's kind of scary. Don McDonald was right on the first one. Palantir is not a member of the Methodist. I don't think I can name them all. Alphabet. They already had that one. Alphabet Apple Tesla.

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Nvidia?

SPEAKER_01 3:30

Yeah, I think we got it now. All right, number two. He's one for one, ladies and gentlemen, working on a special. What do you get for winning this, by the way?

SPEAKER_02 3:38

The chance to end the podcast early. Go home and do something positive.

SPEAKER_01 3:44

Exactly. All right, number two.

Roth IRA Withdrawals

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Which of the following retirement accounts doesn't, does not have a requirement to begin withdrawals at a certain age? Is it A, Roth IRA B, traditional IRA, C, traditional 401K, or D, all of the above. Does not have a requirement to begin withdrawals at a certain age.

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The correct answer is A, Roth IRA.

SPEAKER_01 4:12

That is absolutely 110% correct. Well done. Where do you hail from?

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I hail from various places around the country.

SPEAKER_01 4:23

No, but I mean, as a kid, where'd you grow up? Come on, tell us.

SPEAKER_02 4:26

Well, I didn't, I did, I didn't. I grew up a year here. I didn't. Actually, I'm still not grown up, even at almost 70. Uh I lived a year here, a year there. Colorado Springs, I guess. Okay, we'll go with that.

SPEAKER_01 4:37

A lot of snow in Colorado Springs. Thanks for answering. No, there really isn't. There really isn't a lot of things. No, there really aren't.

SPEAKER_02 4:47

It's the Air Force Academy, but the I'm the host. I don't like to be corrected on my own show. Air Force Academy cadets just they get to fly trainers. That's all. There aren't any good jets there.

SPEAKER_01 4:56

I don't like to be interrupted on my own show if you don't mind. Can you see the Rockies? The Rockies are right next door.

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You can see Pike's Peak right from your front door.

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Beautiful place.

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If it faces west.

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I love it.

Inflation Bonds Explained

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All right. Number three, U.S. government bonds whose principal value adjusts based on the consumer price index are known as Treasury Inflation Protected Securities or tips. B separate trading of registered interest and principal securities strips. Ooh. Which I favor over drip. Anyway, uh C, series I think. Do we have tips, strips, and drips? No, we don't. Series I bonds or D linkers. Which should not be confused with stinkers either, by the way.

SPEAKER_02 5:45

Wait, what was the question? Because there must be a trick in the world. U.S.

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government bonds whose principal value adjusts based on the consumer price index are known as A. Treasury inflation protected securities, or tips, separate trading of registered interest and principal of security strips, series I bonds or linkers.

SPEAKER_02 6:05

I may get this one wrong because there are two that are inflation driven. But I think, I think that the one that adjusts its principal, I think that's the key word in there, means A tips.

SPEAKER_01 6:21

That's exactly right, Don. Well done. Well done. By the way, where did you formulate your interest in money? How did you decide to be, you know, always enjoyed spending it? Enjoyed spending it. Very good. Great answer, Don. That's a great answer.

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Thank you for that.

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All right.

SPEAKER_02 6:40

They kind of do it at the commercial break in the middle.

SPEAKER_01 6:42

Oh, we'll be right back. We don't have one of those. Oh, okay.

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Because we are now the commercial free podcast. Have you noticed, by the way, listeners, have you noticed we're commercial free?

SPEAKER_01 6:51

Yeah, you could write a nice review for that, if

Debt Avalanche Debate

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nothing else. All right, number four.

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Four.

SPEAKER_01 6:56

Got it. Yeah. Sarah wants to pay down her debt. Good for sure. She chooses to start paying off the debt with the highest interest rate first, then moving to the next highest interest rate. What is the method of this debt repayment called? Number one, or number one, A, sorry, pardon me. Um, the debt snowballing method, B, the debt avalanche method, C, the zero interest down method, or D, the high to low method. Is it debt snowballing, debt avalanche, zero interest down method, or the high to low method? What you I have no idea.

SPEAKER_02 7:31

I think the debt snowball is where you pay off your smallests first. I'm pretty sure that's the thing. Yeah, so I'm gonna go with uh D.

SPEAKER_01 7:42

You're wrong there. It's the debt avalanche method, which I've never heard of before.

SPEAKER_02 7:46

I know. When it's something you've never heard of, and you're in the financial industry. Wait a minute. Hold on. I am going to challenge the judges on that one. You're gonna ask for ask for an appeal.

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I'm gonna go to New York and when we come back from the break, we'll ask.

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If with the debt avalanche, now avalanching down on your perfect score. I I I just I I think somebody made that up. I think the quizer made that up. I think you're right.

SPEAKER_01 8:17

It doesn't say who oh, let's see. Uh National Personal Finance Challenge hosted by the Council for Economic Education. Some very smart person. I've never heard that expression. I've only heard of debt snowball, which is what you said earlier.

SPEAKER_02 8:31

Yeah. The debt snowball is Dave Ramsey. Debt. Okay, wait a minute. What were the four choices?

SPEAKER_01 8:41

Snowball, avalanche, zero interest down method or high to low method.

SPEAKER_02 8:46

Okay, actually the debt avalanche, somebody they the and no one no one knows who. But the only it's not in necessarily in the common vernacular. It's actually more often called debt stacking. So I'm sorry, but I I think I think that question is is disqualified.

SPEAKER_01 9:06

Wrong. You're wrong, Don. We're going to go to the next question. Number five. I'm sorry. Um not your show.

Efficient Market Hypothesis

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What hypothesis states that all publicly available information is already available in a stock's price? Is it a efficient market hypothesis? B adaptive market hypothesis, C, market sentiment hypothesis, or D, fractal market hypothesis.

SPEAKER_02 9:31

Fractal market hypothesis. That's a pretty good one. I like this. It's pretty creative. Yeah, very creative. But not creative enough. You've got this one. No, I know this one. I could just drag this out for a while. A you're correct.

SPEAKER_01 9:46

It is A. Very good, very good, very good. Well, tell us a little bit about your family.

SPEAKER_02 9:49

So I have a hundred percent on this quiz so far.

SPEAKER_01 9:52

We're not giving you a hundred percent, but tell us a little bit about your family.

SPEAKER_02 9:56

I challenge this. I'm sorry. I'm tell us a little bit about your family. I'm not no no, I'm not talking anymore until you change the rules.

SPEAKER_01 10:02

All right, let's go to the next question. Don't trust, therefore, the host either. Uh, next question. What does a downward slopering slopering? Sloping yield curve usually indicate about expected future interests.

SPEAKER_02 10:18

Wait a minute, isn't that a yoga position?

SPEAKER_01 10:20

I think it is downward interest. Downward sloping, yeah. If I start, you don't want to go. Uh what does it what does a downward sloping yield curve usually indicate about expected future interest rates? A, nothing. Rates will stay the same. B, rates will fall. C, rates will rise, or D, rates will fall, and then quickly rise again from the ashes like a phoenix.

SPEAKER_02 10:42

Okay. Two of those are just plain old dumb.

SPEAKER_01 10:44

Dumb, yeah.

SPEAKER_02 10:45

Um but it's a downward sloping yield curve. They called it the yield curve. That's right. Okay, well then that means expectations are for lower rates in the future. So it's lower rates. Is that right?

SPEAKER_01 11:01

Rates will fall. Is that your final answer? Yes. And you are absolutely 100% correct. Rates will fall. Now they're not going to fall for you and I, but they're going to fall in this silly quiz. Uh this one's kind of hard, so you've got to listen carefully. Oh, I don't know. Telling you right now, because I'm mad about the whole quiz. It's only missed one, which is pretty good.

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I've missed zero.

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The argument continues.

Return on Equity

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Um, a company has a capital structure of $80 million in debt and $20 million in equity. $80 million in debt, $20 million in equity. Ooh, that's bad. This year the company reported a net income of $17 million. What is the company's return on equity? $17 million on $20 million in equity and $80 million in debt. $85% is A. B is $24%. C is $17. D, none of the above.

SPEAKER_02 11:53

Well, they have no equity. I mean, they have no equity. They're in debt. There's no equity.

SPEAKER_01 11:59

They have only $20 million in equity.

SPEAKER_02 12:01

Huh?

SPEAKER_01 12:02

They have they you can get the equipment.

SPEAKER_02 12:03

Yeah, they have 20 million in equity, but they got 80 million in debt, so they're they're uh net negative. They're leveraged up. Oh, they're way too leveraged up. Yeah. But the problem is, is I don't know all this accounting stuff.

SPEAKER_01 12:15

So you're going with A85, B24, C17, or D, none of the above.

SPEAKER_02 12:24

I must ponder. Then you're going to argue about the music anyway.

SPEAKER_01 12:32

There's a limit here. This is next time.

SPEAKER_02 12:34

I'm probably going to get my first one wrong now.

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Finally. Okay. Yeah.

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I'm going to go D.

SPEAKER_01 12:39

That would be incorrect. It is A, 85%. 85%. 17 million on 20 million.

SPEAKER_02 12:45

Oh, it's so it's 85% of the 20 million that are the 80 million don't need to be able to do that. Even though they really don't have any net equity because they're broke. Yeah. This company's broke.

Net Present Value Zero

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All right. The next one. What does it mean when an investment's NPV or net present value is equal to zero?

SPEAKER_02 13:04

You know, I had to study this when I took the seven and the sixty-five. But what am I I'm supposed to know? I don't remember what net present value even is anymore. Go ahead.

SPEAKER_01 13:14

You can use your landline and call your charming wife.

SPEAKER_02 13:18

I'll just ask ChatGPT.

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Net present value. What does it mean when an investment's NPV or net present value is equal to zero? Is it A, the investment's value has dropped to zero. B the investment will incur a loss. C, the investment will break even, or D, the investment is a bad one. A bad one there, Don. Did you try to do a Scottish accent?

SPEAKER_02 13:40

Because you failed.

SPEAKER_01 13:41

A bad one. Oh, let's see, a bad one.

SPEAKER_02 13:48

That was a bad one. That was a bad one. We got to bad one in. I always love that one. Let's see. So I we we got a hard actually. You got a net present value of what?

SPEAKER_01 13:59

Zero. What does it mean when an investment's net present value is equal to zero? Does it mean that the value has dropped to zero? The investment will incur a loss if you're not going to be able to do that.

SPEAKER_02 14:09

Wait, here's the correct answer. Wait, let's do this again.

unknown 14:12

Yes.

SPEAKER_02 14:13

Let me think about that, Tom. Okay, here's the correct answer. It doesn't matter. Net present value of zero is what was C's what was the answer for C? Breaking even. What was the answer for B? Incur a loss. It doesn't have a present value. Its net present value is zero. Is that one of the answers?

SPEAKER_01 14:33

What's your final answer? What's your no? What's your final answer?

SPEAKER_02 14:35

It's not worth anything.

SPEAKER_01 14:38

No, it will break even.

SPEAKER_02 14:42

Okay.

Emergency Fund Risk

unknown 14:43

All right.

SPEAKER_01 14:44

What is next? All right, I don't even care.

SPEAKER_02 14:46

This is a stupid question.

SPEAKER_01 14:48

Okay, let's try one more that I think you can get. All right? Yeah.

SPEAKER_02 14:53

No, I'm not I have no hope now. I'm depressed. I don't want to do the show anymore.

SPEAKER_01 14:56

Question number eight. An individual invest their entire emergency fund in equities, those are stocks, to maximize the returns. I'm trying to help you here a little bit, so don't put me down. This strategy exposed them to what kind of risk? Is it A. Investment risk? B market risk. C credit risk or D, interest rate risk.

SPEAKER_02 15:19

Wait. A was investment risk.

SPEAKER_01 15:23

B is market risk. C is credit risk, or D is interest rate risk. Well, it's B. Duh. That's absolutely 110% correct.

SPEAKER_02 15:35

Well, yeah. I mean, that's what it's called. I know. That's the risk you take when you go into the market. It's called market risk.

SPEAKER_01 15:41

You and your wife were once stock brokers. Why did you decide to leave that business?

SPEAKER_02 15:48

Because I didn't like the ethics of it.

unknown 15:52

Okay.

SPEAKER_01 15:52

This is part of the game show. We're just having a little discussion here. That's what they do.

SPEAKER_02 15:55

Because I mean, because I was stupid, I went from six figures to uh to four.

SPEAKER_01 16:00

The radio business. Wow, to four?

SPEAKER_02 16:02

Literally, I went from six figures to four a year. Okay. All right. Thank you. Because I'm stupid.

SPEAKER_01 16:07

Clearing that up. Um so you know nothing about money, basically. All right, the tenth question. This by the way, if you get this.

SPEAKER_02 16:13

I was the financial editor of the Business Radio Network.

SPEAKER_01 16:16

That's true. Um I can verify that. Uh but here's the the bad news.

SPEAKER_02 16:20

From the financial desk at the Business Radio Network, I'm Don McDonald. So this is That's what I had to do in tenth grade. I had to retake all of 10th grade again.

SPEAKER_01 16:33

You gotta get this one right. So focus, please. Focus.

SPEAKER_02 16:36

Hey, I know I wasn't very focused in tenth grade. Go ahead. This is it. This is it? This is the last one.

SPEAKER_01 16:40

No, this is there's only nine. There's one more. Uh which of the following does not describe unsystematic risk. Okay, right?

SPEAKER_02 16:52

A pigeon does not describe specific risk.

SPEAKER_01 16:58

Company specific risk. Idiosyncratic risk, C, diversifiable risk, or D broad market risk.

SPEAKER_02 17:06

I didn't even pay any attention to what the question was.

SPEAKER_01 17:08

This is why you're gonna be stuck in tenth grade. What was the question again? Which of the following does not describe unsystemic risk? Is it a company specific risk? B idiosyncratic risk, D, diversifiable risk, or D broad market risk.

SPEAKER_02 17:27

That one seems blatantly obvious once you pay attention. Yes. And I think I may have paid attention this time. As opposed to 10th grade. Yeah. When I did not. And I'm gonna go with A.

SPEAKER_01 17:42

And your answer is 100% wrong. It's D, broad market risk.

SPEAKER_02 17:49

Which is something I think you studied a lot in tenth grade, but that's a lot of Yeah, well, no, it wasn't so much broads then.

SPEAKER_01 17:56

It was uh give me the question again. Which of the following does not describe unsystemic risk? Oh, unsystemic risk. See, it's kind of confusing.

SPEAKER_02 18:10

I honestly was thinking systemic risk. That was you're not being asked.

SPEAKER_01 18:16

If you get this one right, you move on to 11th grade. Econ A.

SPEAKER_02 18:23

I don't think we even had econ in high school, but go ahead.

SPEAKER_01 18:26

So didn't they call it like uh No, they didn't we didn't have it. The young ladies had to take, you know, what was it? Home economic. It was home ecome.

SPEAKER_02 18:33

It was home economics.

SPEAKER_01 18:36

The young ladies.

SPEAKER_02 18:38

Whoa. Yeah, and the boys did metal shop.

SPEAKER_01 18:41

They did. And I was terrible. I should have done home egg instead. All right, here we go. Making that metal box, did you have to make one of those?

SPEAKER_02 18:47

No, I did wood shop instead of.

SPEAKER_01 18:49

I would have been bad. I would have been bad.

SPEAKER_02 18:51

I did wood shop, and I I still have like the scars.

SPEAKER_01 18:54

I would have had no fingers. All right.

SPEAKER_02 18:56

But I hit myself with the hammer.

SPEAKER_01 18:58

Number 10,

Dollar Cost Averaging

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very important.

unknown 18:59

Okay.

SPEAKER_01 19:00

An investor contributes a fixed dollar amount into an index fund every month, regardless of market conditions. What investment strategy is?

SPEAKER_02 19:08

Dollar cost averaging, final answer.

SPEAKER_01 19:10

And he's absolutely right. It was dollar cost averaging or fixed contribution method, momentum investing or value investing. You got that one right? Congratulations, sir. You move on to the 11th grade and you win behind what's door. A. Would you like to pick that or stick with what you've already won?

SPEAKER_02 19:28

We're moving on to questions.

SPEAKER_01 19:31

I'm done with this part of the show.

SPEAKER_02 19:33

We wasted 19 minutes on that.

SPEAKER_01 19:36

I feel bad. That was not a very good quiz. No, no, no, it was okay. It just had to be a good one. Well, there's some things in here though for a high school kid.

SPEAKER_02 19:42

I'm telling you, the dead avalanche I disagree with. I'm sorry.

SPEAKER_01 19:47

I've never heard of it.

SPEAKER_02 19:48

The last answer, which was the high to low. I mean, that's as makes as much sense in in common usage because who calls it the dead avalanche? I honest to God, there is no evidence online that anybody calls it that. Nobody.

SPEAKER_01 20:05

Should I go to the questions over your contestation?

SPEAKER_02 20:08

I would I would tell the Wall Street. I'm going to appeal to New York.

SPEAKER_01 20:11

We'll see what they say.

SPEAKER_02 20:13

All right. Now here's the thing.

SPEAKER_01 20:15

Yeah.

SPEAKER_02 20:16

The best part of the show you have to wait 19 minutes for, or now at this point, over 20.

SPEAKER_01 20:20

Yeah.

SPEAKER_02 20:20

And that's your questions and uh our answers, which precedes the end. It's the part of questions.

SPEAKER_01 20:31

So get to it.

SPEAKER_02 20:33

We're running low. It's summer, it's the summer doldrums. I know. We need to understand. We'll be calmed in the warm southern waters. Um oh my gosh, speaking of warm southern, I did an interview for a thing today. Yeah. And we did it outside. Do you know it's really hot and humid in Florida in June.

SPEAKER_01 20:52

It's only until late September.

SPEAKER_02 20:56

No, until the middle of October. You know when the weather turns in Central Florida? October, right around October 15th.

SPEAKER_01 21:02

Until then, I came there that one time in July, and I'm never going back in the summer. Sticky.

SPEAKER_02 21:07

All right, let's let's let's see. Send your questions in at talkingrealmoney.com. You type them in or you speak them in, and if you type them in, then Tom somehow gets involved

Portfolio Allocation Questions

SPEAKER_02 21:16

like this.

SPEAKER_01 21:17

And the question comes from State College, Pennsylvania, Joseph. He writes, Dan and Tom. Apparently you heard the quiz. He's changing your name. Normally the allocation of stocks to bonds is stated in terms of percentage portfolio, 80, 20, 70, 30. My question: should the allocation consider your yearly expense? Meaning, should you have an amount in bonds that gives you a five to seven year spending buffer if stocks go down? So if I spend $100,000 a year, should I limit my bond exposure to five to six hundred thousand? So what this means as my portfolio grows, the bonds become a smaller percentage of the following and not a fixed percent. Hope my question is clear. In other words, Yeah, no, I get it. I think Yeah, I th I I think it's a very important thing.

SPEAKER_02 22:10

Yeah, because then you have the buffer technically because it's only a portion of the overall equation. And that's why we try to talk in risk uh the a term called risk profile as opposed to just risk tolerance. Uh if we were talking just purely risk tolerance, then no, that doesn't whatever your income is does not matter. Risk tolerance is about your psychological ability to withstand the outrageous slings and arrows of massively declining prices in the stock market. You need a fixed income portion of your portfolio to enable you to perceive your portfolio as being less volatile because it actually reduces the overall portfolio volatility. Even if your stock portion goes down a lot, your bonds tend to, or your fixed income buoy the value of the portfolio. So the income really doesn't accomplish that. If you had a huge income and 100% of your money in stocks and the market went down 50 percent, you're gonna see your portfolio as declining by half. That hurts people. So your risk profile includes your need for income, your need for growth, and your ability to stand it. And so those all have to be taken into account, making this uh only part of only a partial solution to the problem. Trevor Burrus, Jr.

SPEAKER_01 23:28

Yeah, I think it's a partial solution. I think during the withdrawal phase in your retirement, it's a good idea. I like the idea of having five years of something stable there in case the market has a very difficult stretch so that you can draw from that. That's not an unreasonable thing. What you're saying is really at the end of the day, most of these decisions are made, I hate to admit it, about feelings about how you feel about your money and watching it go up and go down. And uh that's why we do stuff like the risk quiz. That's why when we do work for people, we spend a lot of time getting to know them. It's it's 100%, yeah.

SPEAKER_02 24:02

Given the nature of human beings, the emotions must always be factored in. You are not a uh Klingon or whatever Spock. What was Spock?

SPEAKER_01 24:18

He was a I should know that, but I didn't remember. No, Klingons were the bad guys.

SPEAKER_02 24:23

The Romulans were bad guys too. Um Spock! How can I drive me nuts? Oh no You just failed another quiz question.

SPEAKER_01 24:32

Oh no, no.

SPEAKER_02 24:33

Well, how did I I was a huge Star Trek fan when I was younger. Um Vulcan! Like Vulcanized rubber. I thought of tires. Vulcan. Vulcan. Okay. I'm sorry. I'm before we go.

SPEAKER_01 24:46

Before we go, I just heard from New York about your appeal, and they give it a snowball's chance in hell that you'll be able to overcome that. So sorry.

SPEAKER_02 24:55

How about an avalanche?

SPEAKER_01 24:57

They'd love to bury you in an avalanche for your criticisms, but they're not going to.

SPEAKER_02 25:02

I don't like the quiz. I'm done. Do we have any more questions or is that it?

SPEAKER_01 25:06

That's it, man.

SPEAKER_02 25:07

Okay, so send your questions in at talkingrealmoney.com.

SPEAKER_01 25:11

We take a lamb.

SPEAKER_02 25:12

Meet an avalanche. Um if you want some help, we'll give it to you for free. Promise.

Summer Vacation Talk

SPEAKER_02 25:17

All you have to do is just click on the button that says meet an advisor and set up an appointment with an advisor. Except for Tom, who's going to be on vacation all summer.

SPEAKER_01 25:25

Basically, yeah, that's right. And you don't that's the funny thing. Okay, here's the thing. What's funny about it? It's very serious.

SPEAKER_02 25:31

No, it's it's hysterical because you're leaving the Puget Sound area during the only period when it's nice. I know. I'm leaving my lake place just in time for the weather too. Schedule your vacations when the weather is like me. I'm going away in the summer. I know.

SPEAKER_01 25:48

I have this kid, as you know, that's uh that's been tying me down here for 18 years. She is now out. So I can change my vacation schedule.

SPEAKER_02 25:56

Oh, you've booted her? You kicked her out.

SPEAKER_01 26:02

She said, I'm never returning from California.

SPEAKER_02 26:04

So Well, and who can blame her?

SPEAKER_01 26:06

I both reasons personal and weather and all those things related. I wouldn't come back.

SPEAKER_02 26:11

All right. So what's she studying in college?

SPEAKER_01 26:13

Speaking of psychology or psychiatry.

SPEAKER_02 26:16

Oh, maybe MD?

SPEAKER_01 26:18

I at least advanced degree, yeah.

SPEAKER_02 26:21

Wow. I gotta keep working. You're gonna keep working for a long time. Exactly. Which doesn't make you happy, but still. My daughter just got her master's, and it was not cheap. No, it's not cheap. Not at NY flipping you. But anyway, she had to pick a high-end school. Well, yours did too. Oh, you think? Yeah. Hey Dad, can I go to the most expensive undergrad program in America, please?

SPEAKER_01 26:44

She's not there, but it's close. Very close. It's very close.

SPEAKER_02 26:48

All right, everybody. Thanks for listening. Thanks for being a part of it. Please tell a friend or two. And uh please, please let us avoid future quizzes. Pray for no more quizzes, okay? No, quizzes are fun. It's just better when I give them to Tom than Tom gives them to me. I know. Because he asks all these personal questions. It's none of his damn business. Think about it. What are we supposed to be doing here? What are we supposed to be doing? I'll tell you, I'll give you the answer.

SPEAKER_00 27:17

And talking real money. 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 Apello Wealth, a fee-only registered investment advisor. Please see Apello Wealth's ADB Part 2A on our website for information regarding Appello's fees and services. A public 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.