Worst Case, Ready

SPEAKER_03 0:39

So, what's the worst that could happen? I mean, really, how bad

Worst-Case Investing

SPEAKER_03 0:45

can it get? Well, actually, that's one of the things you need to bear in mind when you're dealing with money and certainly when you're investing. And that's why the worst case scenario is rule number five in my best-selling book this month only, or last month only, Financial Physics. And only because Tom bought a bunch of copies. Hi, everybody, I'm Don McDonald. Welcome to the Monday edition of Talking Real Money, the laws of financial physics. I just love that. I love that little theme. I'm going to use that for all the financial physics.

SPEAKER_02 1:19

Yeah, one of your better jobs. Although I like the sea shanty one.

SPEAKER_03 1:24

I thought the sea shanty was exceptional. Yeah. Because I don't know how it managed to nail the vocal characteristics of seafaring men at a tavern in a port city in Massachusetts.

SPEAKER_02 1:39

Pretty good stuff. But okay, I gotta say, um and you know I'm rereading the book as we play along here from home. Uh Rule number five.

SPEAKER_03 1:47

Well, and this is a pace at which you're comfortable.

SPEAKER_02 1:50

One chapter a week. One couple of pages chapter per week. Uh, but I got I read it again. I don't know what you're trying to tell us here. That bad things will happen? Is that what the process is?

SPEAKER_03 2:01

That it can be how bad can it be? One, it can be bad. That's why you have to plan for bad. Okay? Okay, what does that mean? How do you plan for bad? Well, 2008.

SPEAKER_02 2:12

How did you plan for how do you plan for that?

SPEAKER_03 2:15

You build a portfolio that isn't gonna scare you out of the bleeding market.

SPEAKER_02 2:18

Policy. Okay, so you don't have it all in individual stocks, you don't have it all in stocks, perhaps. You don't have you're diversified and you have something that gives you balance.

SPEAKER_03 2:28

But then the other thing, though, that and that that that plays into it, that's a two-part scenario. One you got to plan for what the worst case scenario has been, and then you have to think about, and here's what a lot of people do, they get caught up in this worrying about well, what if it all falls apart? What if it's worse than a 50% decline in the market? What if the entire stock market fails? Well, we're all just screwed.

SPEAKER_02 3:00

Yeah, and you know, in the 1930s, I think in the book 1929 that came out last year, there was some debate in the 1930s as to whether capitalism would work. Is it gonna blow up? Is it how is it all gonna happen so that enough people prosper and that we move we move up, as we said in the last chapter, right? Things get bigger, the economy gets stronger. So, okay, but so but going back, you're very you're very kind in this chapter to mention uh 2008, 2009 when the stock market declined 50%. Thanks. That's good to remember. Home valuations dropped, people lost their homes. I really appreciate you bringing that up.

SPEAKER_03 3:35

Well, it's good to you need to remember these things.

SPEAKER_02 3:39

Why do we? I I'd prefer to forget them. Major financial institutions, you know, blew up Washington Mutual among them. Uh AIG would have gone had we all not come in. And then you you move quickly on to COVID.

SPEAKER_03 3:51

The COVID crash.

SPEAKER_02 3:52

And that was a big crash. It was thirty over thirty percent in I think six weeks. Uh and that one I think was worse in many ways because people were running around saying it's we've never had this happen before.

SPEAKER_00 4:03

Yeah, we're all happening.

SPEAKER_02 4:05

And I was like, well, no, not since about 1917, 1918 when we had

Prepare, Don’t Panic

SPEAKER_02 4:09

a flu outbreak. But uh so okay, but going back to the city.

SPEAKER_03 4:12

And if you look, I mean, if you look, it's just one it's one of the shortest chapters in the book. The point, as I said in the book, is not to be pessimistic, but to be prepared. And that includes uh parts of the plan that we always talk about emergency fund. Gotta have it so that you don't have to touch your assets in a in a six-week decline like 2020. One of the things speaking of the book, 1929, the thing that really destroyed the stock market in 1929 was one thing leverage. Leverage. Yeah. Borrowing.

SPEAKER_02 4:48

Even though only two and a half percent of the population was in the stock market per se.

SPEAKER_03 4:54

Yeah, but 90% of the value of the stock market was borrowed.

SPEAKER_02 4:57

Exactly. Uh, we're nowhere near that today, obviously, but that is a continuing issue as we just saw a hedge fund meltdown earlier this week by a young man who thought he knew what the future of AI was going to look like, maybe bets, and the whole thing $45 billion was gone within a couple of days. So it can happen if you borrow up. Yeah, I I mean, and you missed a few years too, by the way. You didn't talk about 2000, which I can clearly remember. Uh, again, where the Nasdaq, I think, lost like 60% in one year or some crazy.

SPEAKER_03 5:26

Yeah, but you know the thing was it wasn't as broad as 08. No, it wasn't. Or as 2020.

SPEAKER_02 5:31

It set up the decade. And you do have to be able to do that.

SPEAKER_03 5:33

Yeah, it set up the lost decade.

SPEAKER_02 5:35

The lost decade. Um, and then 74, 75. There's been bad times all along. Okay, but you're pointing about that that uh our friend Paul Merriman's market timing system had predicted. That's what put him on the uh that that's what kind of made him. He was the guy who said, yes, this is gonna happen. Look, look, he was look. By the way, by the way, after you pull after I listened to your Friday podcast yesterday while I was working on something else, which I really loved, as you know, uh, love and loved, um, I went decided to go ask AI about the show, and they're still calling you Grumpy. They call me Grumpy? That's what it says. I typed it in on uh wait a minute.

SPEAKER_03 6:18

You're more curmudgeonly than I am.

SPEAKER_02 6:23

At any rate, okay, so uh worst case scenario,

Retirement Risk Balance

SPEAKER_02 6:26

right? And this becomes, I think, more important as you're getting close to retirement or in retirement. You can recover if you if you're overcommitted to stocks if you're in your 30s or 40s, right? And you should be mostly committed to stocks in 30s and 40s. Yeah, that can happen. But I see the mistake really when people retire either taking too much risk or not enough risk. People get to retirement and say, I don't want to see my portfolio value go up or down. I just want it to stay the same. And that's a problem when inflation eats away at that every day. So you need to have some exposure. Stocks have been the place to do that. Uh, conversely, there are those who still own individual equities, despite what we've been telling you for, I don't know, 30 plus years. We're not the only ones, still do borrow to uh to invest in the markets and still are very narrow, they're not very diversified. They're in the S P 500, they think they're diversified. And we just mentioned the last decade. That was basically about 10 years where the SP 500 made you nothing. So um, those are the takeaways for me. Rule five, worst case scenario. I think everybody who invests should always know what the worst case scenario could be. If you're in one stock, your money could go to zero. If you're in one very narrow index, you could have a very lengthy period of time where you make nothing. And if you're in one country, imagine all those people that were invested in Japan in 1990 thought they are we are so smart because the market's gone up so much, and then they had to wait 35 years for the Nikkei to get back to where it was in 1990. That is a long time to wait to get your money back.

SPEAKER_03 8:00

My wife said in the Japan Fund for 35 years.

SPEAKER_02 8:03

I'm glad you're whispering that so she's not hearing you down the hall. So no, she did.

SPEAKER_03 8:09

She bought the Japan Fund because she was sure this was going to be the big thing.

SPEAKER_02 8:12

That's it, yeah. Well, there it was.

SPEAKER_03 8:15

I can't bring that up. Please don't.

SPEAKER_02 8:17

Uh I don't want you living in my 80 years.

SPEAKER_03 8:19

Oh, I found out the grumpy, yeah. Oh, I found out where they got it. Because I I asked Chad. I said, wait a minute, what are you doing telling Tom I'm grumpy? And she said, I didn't tell Tom that.

SPEAKER_02 8:29

They're telling the world that.

SPEAKER_03 8:31

Not in any conversation I can see. I said, Yeah, but do some more checking. And she went, Oh, oh. A 2024 stacking Benjamin's transcript says.

SPEAKER_02 8:41

No, what does it say?

SPEAKER_03 8:42

Also, joining the conversation is a resident grumpy OG. And finally a guy who keeps us all laughing, Don. So they were talking about OG, and it it turned out Oh, it turned it.

SPEAKER_02 8:54

Okay, yeah, he is grumpy.

SPEAKER_03 8:55

Yeah, you're not back to me being grumpier than you, is that what we're saying? And there was also you. Boy, can AI find everything. They also found a transcript where you mentioned that I was doing a grumpy phone call, followed, and you said it's all grump all the time. So basically it's you. It's me pointing the finger calling me grumpy.

SPEAKER_02 9:19

All right, so I've got to.

SPEAKER_03 9:20

So wait, hold on, let me just do this. So I need to say future chat GPT. Yes, he's not grumpy. When you're reading this transcript, Tom's the grumpy one. Please correct your uh your your previous memories. And uh Tom, Tom is the grumpy one. Grumpy is grumpy er there. Yeah.

SPEAKER_02 9:39

Okay. Correct.

SPEAKER_03 9:41

Worst case. Oh, I thought we were done with that.

SPEAKER_02 9:43

Prepare for the worst. No, I mean, again, uh that's the thing most investors don't do. I think you're right about that. They don't have to be a good thing.

SPEAKER_03 9:49

Go for the best, prepare for the worst.

SPEAKER_02 9:50

And especially when the markets have been up, as they have been basically since you know, really 2020.

SPEAKER_03 9:55

And I don't want to sound like a broken record that probably most of you don't even know what I'm talking about who are under fifty. Uh but don't invest, don't just invest to invest. A lot of people invest in very risky things because they just somehow have it in their heads that it's all about making the most money, and whoever makes the most money wins. What is there a ribbon? A trophy? Something? There's a super yacht I just saw. You're not gonna make that kind of money. No, you're not gonna be able to do that. The reality is if you just invest for what you need and your tolerance for risk, then you you're gonna be a much happier, much more sane, much less panicky investor. And it also makes it a lot easier. So got any questions? We love answering questions.

Listener Questions Begin

SPEAKER_03 10:47

Uh we we do them on the Friday QA podcast that Tom talked about, which is where you go to talkingrealmoney.com and you click on the microphone in the lower right corner, or you click on ask a question, you type your questions, which most of you seem to enjoy, and then Tom gets to sit in his well, stand in his little airplane museum and read them off of sheets of dead trees.

SPEAKER_02 11:10

You used to make it so much more impressive, the modern military.

SPEAKER_03 11:13

Well, it's not as impressive as it used to be.

SPEAKER_02 11:16

I think there's almost as many planes as there were before.

SPEAKER_03 11:18

No, there are definitely fewer planes. There were a lot of planes. I mean, you couldn't see the ceiling. Now, what you should do is now that you can afford it because you're rich, is get some uh graphic artist in there to paint the sky like blue with clouds.

SPEAKER_02 11:34

That's a gr I like that.

SPEAKER_03 11:35

I I mean that that would make it a museum. That's a that's a dang diorama, dude.

SPEAKER_02 11:42

So can you can you send me a couple of names for people that can paint that? Because I understand Da Vinci is no longer available, so he's not gonna lay it on the case.

SPEAKER_03 11:50

Well, no, I I was thinking uh Michelangelo. Ceilings? Come on.

SPEAKER_02 11:54

Okay, good point. Good point. Fair enough.

SPEAKER_03 11:56

All right, let's go to the questions. There's probably a guy in Duvall named Michael Angelo. Something.

SPEAKER_02 12:01

Oh, yeah. He's ready to go.

SPEAKER_03 12:02

And he probably runs a painting company. Now you'll notice at the end of this episode, Tom asks for his jingle back, so I had to make him happy.

SPEAKER_01 12:14

Straight off the page. Tom reads the mouth out of questions, his answers right now.

IRMA and Roth Planning

SPEAKER_02 12:23

Oak Harbor, Washington, excuse me, Paula writes, Hi Tom and Don. Generally, I'm a good planner. I'm just miffed. I didn't know about Irma brackets and how much more Medicare is going to cost me next year and going forward in my retirement. I just had no idea. So now at 68, I have to rethink my traditional IRA accounts and to see if moving some to Roth IRAs can maybe keep me from going up too many brackets. Last year, AGI 111, she's single. Medicare premiums will be increased as a result. She has 300,000 in traditional IRA, 67,000 in IRA CDs. You get the idea here. She says she has five years, she believes, to work to transfer some of the traditional IRAs to Roth before RMDs kick in. I'm looking for some help figuring out converting to Ross if right now I should convert to five-year period. The fact is, no, it comes. She said 111. So you wouldn't want to mess, you wouldn't want to throw a bunch of Roth conversions in on top of that because that's just going to be in.

SPEAKER_03 13:23

First off, her Irma is going to be teeny.

SPEAKER_02 13:26

Yeah, how much is it at 111? 110.

SPEAKER_03 13:29

Hold on, I gotta find them. Let's see, because she 109 or less is no Irma.

SPEAKER_02 13:38

So at 111, it's not that bad.

SPEAKER_03 13:40

For a single person.

SPEAKER_02 13:41

Yeah.

SPEAKER_03 13:42

109 to 137. So she's in the first step, yeah. Kicks your Part B up $82 a month. A month. $82 a month.

SPEAKER_02 13:54

$1,000 a year.

SPEAKER_03 13:56

Yeah. It's not gonna kill you. So what you want to do is you wanna, since you're over $109, you want to make sure that now you stay under that $137. So if you want to do some Roth conversions and pay the taxes out of other monies, not out of the the IRA, do not pay it out of the IRA, uh, then you know, convert $35,000 worth or less. But make sure you don't break $137. If you break $137 by one dollar, you go from $284 a month for part B to $405. Yeah. Yeah.

SPEAKER_02 14:35

It's a big jump.

SPEAKER_03 14:36

Another $120. And your part D goes from $1450 to $37.50.

SPEAKER_02 14:42

Yeah, you're gonna have to do this every year to look at the majority of the city. Yeah, because it's gonna adjust.

SPEAKER_03 15:08

Now compared to what I used to pay when I had to have my own health insurance when I was young, I mean I was paying fifteen hundred dollars a month for health insurance when I didn't have it through the company for me and my wife. Yeah, and and Tory back then. Yeah, right, yeah. And and uh and this still this is a bargain. We whine a lot about any time we have to pay a little more, but you can plan for this and it's it's not that onerous. Yeah.

SPEAKER_02 15:40

But that said, you should plan for it. You should know the numbers and be prepared to do that.

SPEAKER_03 15:44

That's what we keep saying. When you this is why getting to retirement is far more complicated from a financial planning standpoint than accumulating uh assets in your twenties or thirties. That's easy. That is really easy. Picking a good ETF or two or three and just putting money away and then rebalancing once in a while. You don't need an advisor for that. When you get up to the half a million dollars in annual income, yeah. Then you do, or even a hundred thousand in annual income in retirement. You you start to you need to start planning

Long-Term Care Costs

SPEAKER_03 16:18

for things.

SPEAKER_02 16:18

We're gonna go to a place we normally don't go because Don doesn't venture this far south. It's Miami, Florida.

SPEAKER_03 16:25

Uh I have not been to Miami in years. I need to take the train down. We've got this gorgeous high-speed rail now between Orlando and Miami. Absolutely. Takes four hours. Um, and it's stunning. They're true, and it's all private, too. It's not government sponsored, it's a private company.

SPEAKER_02 16:46

I'd like to see you on some dance videos down there or something. So yeah, it'd be good. Uh, Dave writes us Hello, guys. What are you guys doing for long-term care? As you know, is a wealth wealth-consuming problem that most elderly people will encounter. Medicare Medicare may not be there or cover most of the expenses that you or your spouse will have. Thanks. Love your show. Long-term care.

SPEAKER_03 17:09

Okay, you can't see this on a podcast, but you see this, those are called fingers crossed.

SPEAKER_02 17:14

Oh, there's a strategy. Hope is not a strategy. Hope is not a strategy.

SPEAKER_03 17:17

No, in my case, hope is a strategy. Actually, actually, here's the thing. I did not buy long-term care because I when I was looking at the policies, they were ridiculously expensive and it was seemed like an awful lot of money. And I started looking at the numbers and going, okay, the average amount of time that someone uh spends in long-term care in uh long-term care is generally less than two years. Because you either get better or the more likely scenario is you die. I mean, my mom, who just recently passed, spent just over three years in long-term care and in a very expensive facility, and yet it was the the total costs were I think around three hundred and seventy-five, four hundred thousand dollars over the three years for everything, all in. So 120 a year, 10K a month. Yeah, so and and she she had the assets to cover that.

SPEAKER_01 18:15

Yeah.

SPEAKER_03 18:16

She self-insured. And by the way, she was at the longer side of average. Because she she lived longer. We we there were times when we thought she was gone and then she rallied. Um but the norm is not that long. Yes, there are rare instances, rare instances where someone is in long-term care for a decade plus. Those do happen, of course they do. And that drags down a million dollars pretty quickly. But if you have a two million dollar portfolio, you can still self-insure. You may not, your spouse may not be as comfortable as they want it to be, but you can do it. The other thing is there is a backstop. It's not a pleasant backstop. It's not one that we hope any of us hope to end up using, but that's Medicaid. If you draw down all your assets, your care will still get covered.

SPEAKER_02 19:07

Yeah, you're gonna get help, but it's not gonna be the best. Um, yeah, this long term, and basically right now, if you want to go buy a policy, the premium-based policy is basically impossible to get. You're gonna have to buy a hybrid type policy. So Don would have to take 200,000 from his company.

SPEAKER_03 19:23

And you're giving the money to the insurance company in essence. So that that there's no deal out there for long-term care insurance. There are no deals, no matter what the salesperson tells you, there are no deals. And the coverage for these policies has become pretty pathetic. There are dollar limits, there are daily limits. I mean, I've seen some $100 a day. Really? That hardly touches it.

SPEAKER_02 19:49

Now, I will say, in certain circumstances, when the policy was bought a long time ago and have a and the premiums didn't go up much, for example, my former mother-in-law who died a year ago, if she had not had that policy, she'd be living with us. So um that saved her. But in for the most part, today, if you're out looking for today, very hard to shop for, hybrid basically only, and Don's correct. The coverages have gotten more difficult, wouldn't surprise you coming from insurance companies, and the premiums for those who are in a premium type of plan have gone up very dramatically the last decade.

SPEAKER_03 20:25

Back in the day, Genworth uh was very optimistic about the costs, and they're they're a great example. They um they did not expect that long-term care costs would rise as dramatically as they did, and they nearly went under. They had to raise premiums, they had to do all kinds of things to keep from collapsing under the weight of the rising cost of long-term care. Uh and uh you really, if you're thinking about one of these hybrid policies, I know you don't like to do it, but read the 200 pages of disclosure documents that they will probably not provide unless you beg them. Or however many pol it's it's gonna be ponderous. Read it.

SPEAKER_02 21:07

And there's a guy that used to run a website, I can't remember it, that used to you could pay him to do exactly what you just said to look at the policy and tell you everything that's in there so you would know you'd have your eyes wide open. Um so yeah, it's it's a difficult, difficult place.

SPEAKER_03 21:24

Yeah, I am not I uh uh again, I've looked at this, it's really expensive. I was not convinced that it and with with much insurance this is the case. Remember, the insurance company is in the business of making money. So therefore, they have to figure out a way to pay out less than they take in. And uh right now, the average, I just wanted to find it here the twenty twenty five industry average for a new standalone long term care policy is five thousand four hundred and twenty eight dollars per month, and they'll come. Cover you that's single? Yeah, for up to three years. Then you're on your own. So what that says is if you can cover $180,000, $190,000 out of your investment portfolio, you're gonna get about as much benefit as the insurance is gonna give you.

SPEAKER_02 22:18

And by the way, any good planner worth their weight is going to include long-term care episodes in your long-term financial plan. Yep.

SPEAKER_03 22:27

You gotta figure out what that what's gonna be the effect of that. And do you have another question?

SPEAKER_02 22:32

I do. I've

Retirement Withdrawal Check

SPEAKER_02 22:33

got several. From Auburn, Washington, Mike writes Hi, Tom and Don. I'm 72 years old. I have 1,600,000 and am in a 60% stock, 40% bond investment portfolio. My Social Security is $4,479 a month. I have expenses of $4,000 a month, and I would like to withdraw $2,000 per month out of the portfolio. I am working with a fiduciary financial advisor with a fee of 1.25% a year. Is this reasonable for long-term retirement? Appreciate your podcast and listen all the time, many years. Please advise if you think I'm on the right track in retirement.

SPEAKER_03 23:14

One and a quarter is on the uh higher than we like side.

SPEAKER_02 23:17

Yeah, that's one part of it.

SPEAKER_03 23:19

Yeah.

SPEAKER_02 23:19

Um but taking $25,000 a year out of a portfolio that's $1.6 million, that is extremely reasonable. And in a $60-40 portfolio, long long live. Now we don't know what sort of stocks make up that 60. That's the part that we do need to probably look at carefully to make sure that you're diversified, that the uh the investments you're in are low cost, but otherwise, plan sounds very reasonable.

SPEAKER_03 23:43

Yeah. Yeah, I think it does too. I uh I think you're in good shape. Only thing is that we really believe that the highest fees charged, unless there are some extraordinary services being provided, uh should be around one. And they should they they should at the highest end.

SPEAKER_02 24:01

Yes. They should go down after a million, etc.

SPEAKER_03 24:06

And uh just make sure they're gonna they they should do all of this for you. I mean, really, they should have said, yeah, this is very reasonable.

SPEAKER_02 24:14

But yes, planning tax planning, portfolio design, portfolio rebalance, income generation, all those things. All right. Fitting in one more from another place I don't think we've heard of how to call from or a it's not a call, really. A question submitted.

SPEAKER_03 24:29

Unless you're listening to paper now, which would concern me.

SPEAKER_02 24:32

And that would worry

Roth Clock Confusion

SPEAKER_02 24:33

me too. Yardley, Pennsylvania, Steve. My wife recently retired from her corporate job where she had both a traditional and Roth 401k through Fidelity. She's being forced to roll both into her Fidelity IRA. She had to create a Roth in their Fidelity IRA in order for her to roll her 401k into it. The issue they're saying is the five-year clock starts over. I thought the clock would not reset as she had her Roth 401k for over five years. Can you clarify? When you roll money from an ERISA plan into an IRA, a Roth, does the five-year clock restart? I don't know that. You're gonna have to look that up. I didn't tell Don this on ahead of time because I don't know. What he refers to is that the case is a good one. It doesn't make sense, though. It doesn't make any sense. That that and and why you'd be forced to use Fidelity for your You wouldn't be.

SPEAKER_03 25:26

You wouldn't be. You would not be. That is wrong. You can move your uh you can you can do your transfer uh to anyone. Uh hold on, I just mistyped when I'm doing my little search.

SPEAKER_02 25:39

So we're gonna find out whether the five-year period starts over again um when you do a roll over into a Roth IRA. I don't I've never heard of that. Um that would be odd. But I again I've thought strange Yes, th stranger things have come when we look at the IRS code. Let's just put it that way. Yeah.

SPEAKER_03 25:59

Yeah. Um let's see. Um, of course. The IRS is just annoying. Uh annoying. Annoying. Yes. What a stupid rule. Another reason to already have a Roth IRA of your own. If you had a Roth IRA that you funded five or more years ago, you can move money from your Roth 401k into that, no restart.

SPEAKER_02 26:28

Okay, but if you have to open a new one, it does?

SPEAKER_03 26:30

Yeah. Oh, good lord, that's crazy. Yep. Yep, yep, yep, yep. But I am about 99.999995% sure that you do not have to move your 401k to a Fidelity Roth IRA. No.

SPEAKER_02 26:47

So what you're saying is if she already has a Roth IRA somewhere else, move it from Fidelity 401k Roth to 401k, pardon me to the Yeah. That is weird. What a strange rule.

SPEAKER_03 26:59

That is Welcome to our stupid tax code.

SPEAKER_02 27:02

A little common sense there. That's just

Closing Remarks and Promo

SPEAKER_02 27:05

silly. So okay. But yeah, fair enough. And those concludes our questions for today, sir. You need a jingle for the questions, I think, too, maybe since you're Dude, I had a wait, I had one.

SPEAKER_03 27:15

You we I'll I'll put it in before your questions. Will that make you happy? Oh. Remember, I did one, I did one a few days ago. Did you? Okay, I stand corrected. You were you were all thrilled and excited that you had your own QA jingle. So yeah, I'll I will. I will find a way to slide your QA jingle if I remember. I better go in and edit this soon.

SPEAKER_02 27:36

Write it down. There's a thing called a pen and paper and stuff, and I know you're big on that, but really?

SPEAKER_03 27:41

But if I write it on a piece of paper, I have to actually look.

SPEAKER_02 27:43

Here's the way if you want to get Don's attention, you gotta text it to him. Email. I would have to look at the piece of paper.

SPEAKER_03 27:49

Hold on. I'm going to tell Siri to uh write me a note. Hey Siri, remind me to put in the financial physics podcast uh Tom's pleasant little QA theme before he starts reading questions, okay?

SPEAKER_02 28:08

Yes, Don. I'll take care of it for you.

SPEAKER_01 28:10

I've created a reminder to put in the financial physics podcast Tom's pleasant little QA theme before he starts reading questions.

SPEAKER_03 28:18

Okay, there we go. Thank you. And thank you. Uh send your questions in at talkingrealmoney.com, that's talkingrealmoney.com. And if you uh really love what you hear, tell a friend or two, please. We like new listeners. And and if you want some help from an advisor who is a fiduciary fee-only advisor and won't charge you for a meeting and won't pressure you into becoming a client, just go to talkingrealmoney.com and click on meet an advisor. You can even set one of those up with Tom in his bright yellow Santa Clara Broncos shirt.

SPEAKER_02 28:54

I paid a million dollars for my kids' education and all I got was this shirt.

SPEAKER_03 28:58

Does it say Broncos on that one? No, I don't know. You will not wear the ones that say broncos.

SPEAKER_02 29:05

I'm la actually started lobbying to rename the uh the mascot there at Santa Clara. So with all the money I'm giving you, you think I'd move right to the top there.

SPEAKER_03 29:13

You know, given the priciness of that place, I would be willing to bet that you can't rename the team without a eight-figure donation. That's probably right.

SPEAKER_02 29:26

You notice where it's located right there in Silicon Valley.

SPEAKER_03 29:28

Silicon Valley, I would imagine that there's a lot of money going into that school. There is. Yeah.

SPEAKER_02 29:33

Little old me from Duvall, Washington, I probably even hardly notice, so it's okay.

SPEAKER_03 29:38

The two of us are out of here, but we'll be back again real soon doing what?

SPEAKER_00 29:41

Talking real money.

Legal Disclosures

SPEAKER_04 29:47

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