[00:00:00] Speaker A: Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.
[00:00:18] Speaker B: This is another Money show. Get set for another hour of the latest financial information and economic news affecting your bottom line. J.R. and Anthony are committed to helping more Americans like you optimize their inc. Reduce their tax risk and reach financial freedom. So let's start the show. Here are your hosts, Anthony Correo and JR Rochford.
[00:00:42] Speaker C: Here we are, your hosts, Anthony Carrello and JR Rochford taking a break from our day to day as financial advisors with Rochford and Associates, a fully independent fourth generation family office right here in Sun City to bring information you may not find on those other financial radio shows. We're aware the last thing you need is another money show, but we appreciate you being here. How are we starting off the day?
[00:01:05] Speaker D: Jer? Today we're starting off mellow because you are officially old. Anthony actually woke up today with a knee injury. Like no idea how it happened. Just woke up and his knee hurts. I'm like welcome to my world.
[00:01:17] Speaker C: Please keep your hands the part of getting older. Like I can't. I'm walking peg legged right now. Like I can't bend my knee and I have no idea what happened.
[00:01:26] Speaker D: I hate to say this to you. It gets worse. Sam. Anthony, I hate to say this. When you're in your 60s, a sneeze can throw your back.
That is no joke. So we're starting out with Anthony being old. I do want to start with our usual shout out next week. Today, by the way, is the 17th of April as we record next week on the 24th. We've got a special guest coming on. So mark your calendar for five in the morning and noon. We're going to have Mike McGreevey on. So we've, we've made mention of him in the past. He is an estate planning attorney but he's totally different. So I have a feeling Anthony and he may talk. I mean who knows punk rock, whiskey, who knows what they're going to talk about? Maybe Evan Williams, I don't know. But he's very, he's young. He's been, he's been an attorney for quite a while. My father actually worked together with his father for like 20 years and his father Jim retired and Mike took over the practice. Kind of like Anthony's taken over the practice. For me. So I think I'm not going to go into work this afternoon, Anthony, since you're there. But anyway, so next week will be very, very important. We're going to talk about if you need a will or trust and why and all that happy stuff. And I know that sounds so boring, like, yeah, that's a note not to turn in, but trust me, Mike is different. And when you get those two together, it should be fun. So with that said, we've. We've got a lot, as usual. I mean, I'm sure I will start out with the stock market, I guess, because my phone has been ringing. It does. Well, actually, that's. That's a lie. I just lied to the people listening to us. It's been beeping. It's been buzzing. I get texts and messages, and it's funny how rare it is to get a phone call. I got one this morning as I was getting ready. I was like, what the heck is that? What is that strange noise I hear? So. And by the way, just a little advice for you. Do not call anybody. Nobody wants to talk to you. We don't have time. You know, texts are easier. We can get to them when we're at our leisure. But don't call anybody anymore. Don't call your kids. Don't call your grandkids and kids and grandkids. Don't call your grandparents and parents. Just text. So back to the stock. Sorry. And you're the one getting old. Get off my lawn, Anthony, if you can. Hobble off my lawn, Anthony. So let's see. Stock market. We. I got a bunch of texts yesterday. I want to do a little continuation from Anthony's rant of last week, because we. I've. I've seen a couple people since last week's show in the office that I explained the same thought to. And then I even put it on Facebook last night. And I got a couple comments on the post. But I also got a couple texts on. On exactly how to get this done. So I know people need to hear this. I don't know if the market volatility is over. I don't know. I can tell you that day that it went up 2,900 points and the Dow. Was that not last week or the week before? I had people asking me, is this time to get back in? Is this time to buy a. Oh.
[00:04:22] Speaker C: After one day, it went down one day, and it's like, oh, my God, what a great time to buy. Because it's so different than yesterday.
[00:04:30] Speaker D: And Sam, the one and Only Sam Davis, Anthony. Anthony Correo. The two of you are kind of young, but I actually went to work every day from October of 07 through March 9 of 09. I can tell you something. There were a lot of people with the same thoughts into the end of 2007, beginning of 2008, and the people that jumped back in, that's where I learned the term dead cat bounce. That's a juicy term, dead cat bounce. So the market was pretty ugly and then it bounced back up and then the next shoe to drop, the next plummet, was the bad one. So I don't know right now what's going on. I mean, the tariffs, I don't even know if they're on or off right now. I know we've paused some, some are on. You know, if you go to buy a porcelain black swan, it's, it's definitely unfortunately going to be made in China. So, yeah, I don't know what's going on. I can tell you what Anthony said last week. The markets shouldn't be where they are. So you know what's normal right now? Not the updates, just the down days. Dow Jones Industrial Average. One of the major benchmarks people use is only 30 companies. We've been saying that to you for three years on this show. You need to make sure you understand that if they don't like the results of the companies, they remove them. For example, last year they took out Walgreens and put in Amazon. So that gives you an idea of the climate of what people want to see and the direction we're going. So there's some legitimacy. There's. But the s and P 500, which is a more legitimate, you know, 500 companies versus 30 more legitimate, the NASDAQ, different companies, the Russell 2000. I still think we need a bench, one benchmark. Get rid of the Dow, get rid of the S and P, get rid of all of them and put in a basket of all the different index. And then you might get some normalcy. But then you know what? You're not going to get behind the scenes. You're not going to get the manipulation. They're not going to explain to you that a lot of this is propped up. I do have a question. That day that things went up 2,900 points, Dow Trump put a tweet or whatever you call it, he put something out on Truth Social about pausing tariffs and the market went nuts. The market loved it. The reason this week that I'm hearing that the market's having a rough time again. Because Jerome Powell is in no hurry to lower interest rates. So this market is still waiting on this cheap money, lower interest rates, which is going to hurt a lot of people that are savers. It's going to hurt a lot of people in Sun City, but that's what they're waiting for. I don't know. Sorry. I'm getting on one of myself this week. I can tell you. I do not know if this is time to buy back in. Personally. Heck, no, I don't think it is. I think we need a big housekeeping. I need. I think this house of cards needs to fall over. I think we need to pull out the last Jenga piece and then we'll see what happens. I think we need to rebuild. So I don't think it's over. You know, Ray Dalio, I don't know if either of you follow Ray Dalio. I mean, he's. He's like alluding to the 1930s. He is definitely letting us know he believes we're going to a Great Depression, not recession. You know, we've been in a recession for years. You know, two negative quarters. We've had negative growth, so on and off.
[00:07:45] Speaker C: How can you change the definition of what a recession is? Well, we're never in one, remember?
[00:07:50] Speaker D: Well, it's transitory. It's two negative quarters. And then we pop right out because it was transitory. And then we pop back in. It's like whack a mole. It's like. It's like a groundhog from Caddyshack. We're going to pop the recession on the head and it'll hide for a few minutes.
[00:08:03] Speaker C: So, okay, here's the great thing with Jerome Powell, too. I mean, he. You're right. They just want the free money. Trump wanted lower rates. Everybody wants lower rates. It's terrible for savers. It's awful for our clients.
At least those on the investing side. Obviously, it's better for debt, but hopefully you've been listening to us and managing that pretty well over the last few years. But the bond market, people aren't buying bonds, they're selling them off, which causes the rates to increase. So that's not a Jerome Powell chance to figure out what he's going to do and if he's going to lower or raise rates. It's. The free market is deciding that this isn't happening and that rates are going to go up.
[00:08:51] Speaker D: And that is actually refreshing to hear because that sounds like there's some legitimacy. I like that. But I'll tell you what. So a Couple things for you. One, we have been telling people to watch out for this for three years. I mean, nothing comes fast. I get that. But things cycle. If the market's at all time high after all time high for years, it's going to fall. That's just what it is. You know, 2008 was an interesting animal. We got to learn about collateralized debt obligations and collateralized mortgage obligations and fiscal cliffs and debt ceilings and all this stuff. Troubled asset relief programs, quantitative easing. Well, now quantitative easing is looking like it's coming back and they need lower interest rates to help that along. So we'll see. But I can tell you that if you're panicking, that's not a good strategy. And the people that are messaging me and texting me this week so far, you know they're not going to come out and say they're panicking. I can tell you if you're micro time in this market and you are nervous, you're not positioned correctly, you either A, have to reposition your assets for a more favorable result or B, you have to get some education on the time value, money, your own personal risk tolerance, all that stuff. So we've been saying for three years, pay down debt, buy hard assets, educate yourself on CD alternatives. We call them Mygas and Anthony's passion in life in this industry. Make sure you understand your future income, not your future assets. Right now you're getting a good dose of what can happen to your assets if too much of your money is heavily leveraged into these financial markets and your assets are falling. It's making you nervous. Oh, boy. Wait, what are you going to do if we really do, Ray Dalio, go into a depression, we are screwed, you know, and by the way, look who you're listening to. It's very clear if you've heard us on the show for any length of time. I am the conspiracy theorist. I'm the tinfoil hat guy. Anthony's younger. He's been in the office seven years. He has not been through a 2008 yet. So I think Anthony will join me in the tinfoil hat wearing. Once that happens, I think this is all gearing up. Exactly what it had to happen. We're going to lose the dollar we brought you when this was new. Executive Order 14067. You know, Trump just erased that order. It doesn't matter. It's too late. We're going to go to a central bank, digital currency. Trump wants, you know, a reserve of Bitcoin. We'll see. Is it going to be Bitcoin? I don't think so. I mean is it going to be a Trump coin or a Melania coin? I don't know. I don't know what it's going to be. But I think we're going towards the central bank digital currency and I think it's head at us fast. Before they implement it, they have to crash the markets. Your stock portfolio has to go down. You have to have to be rescued by the government. That's always their modus operandi. So until we have enough pain, we can't bring in this solution. The government breaks things and then they tell you they know how to fix it. That's what's going on. Let's be real simple about this. So that's where I think is coming on the other side of things, the social side, not just the financial side. You know, Anthony, you were sitting with me with a couple of appointments yesterday. We talked about civil war. We had one woman in the office and you know, it always seems to go political here nor there. We talked about the hands off, you know, rally on the 5th of April. Well, there's another one coming up this Saturday, the 19th of April. So if you, if you have no plans, make sure you stand out on the street corner with a sign either yay Orange man or nay orange man.
And by the way, this one I and I dig into these things to see a little bit like how scary could this be? I am always, always still on alert for the black swan. The financial markets, the gyrations are going through, these are not a black swan. These are not unexpected. All of this is normal life, these protests. Not unexpected. When you have half the country that doesn't like the political party at the helm, we're going to have a problem. So you know, until we start getting rid of the two party system and we start getting people in that care about the future for our kids and our grandkids. And I'm sorry if you're a big Trump fan, they can't be polarizing to half the country. We have to somehow bring the temperature down and start getting to a little more civility across the aisle. But anyway, here nor there, Saturday is another big day of, you know, making sure we know that, you know, that we the people can change the government and their, their trajectory. But then I heard a little bit about possibly on Sunday, which is also Easter, by the way. Happy Easter. If you're listening, I hope you have a good day tomorrow. Hope it's relaxing, hope you're not listening to this show because I'M about to tell you there's a little bit of talk about the protests getting out of hand on Saturday and then us going into martial law on Sunday. Do I think the protests are going to get out of hand on Saturday and we're going to go into martial law on Sunday? I do not. I put it at about a 5% chance. And again, who you're talking to you would you. I would love to say I think it's about 80% chance, but I think it's very, very low. I think most people, you know, on one side of the country are going to work and they're looking forward to spending some time with their family. They're talking about should we have spiral ham, you know, what side dishes should we have with the ham? And part of the country wants chaos. Well, they really are drown out. There really aren't enough of them to create enough of a ruckus to go into martial law. But I just want you to know that that's some of the, you know, online, that's some of the talk that's going out right now back to the stock market. I boy, I get myself on track. So last week Anthony gave you a strategy, let's say, and usually it's a little bit younger of an audience. It's less retirees if you have a 401k. And by the way, we meet a lot of people that are retired and haven't done anything with their 401k. So you might want to hear this too. I'm just going to sum it up and not spend a lot of time on this. You may want to. And yes, Sam, I don't want you to flag this. We will never give you specific recommendations without sitting down with you and asking some questions and trying to figure out what you're doing, what you've done, what you're trying to do. So this is a general thought for you, not a specific recommendation until we sit down with you and see if it fits you. So you could take your 401k, whether you're actively participating or it's one that you left behind and you could put all of your money, you could take all of your existing funds, whether it's 8,000 or 80,000, that is immaterial. It's not the amount of money, it's the same concept. And you could put it into the safest bucket available to you. They always have to offer a safe fund. It could be a short term bond fund. The normal two that we bring up to look for is either a money market or a stable value fund. Once in a while we run into 401ks that don't have either of those, but they have a very short, you know, very short term bond fund. That's the one. All you have to do is go online, look at your list of choices. You'll see the more aggressive are going to be the ones that are, you know, international funds and that sort of thing. On the other end of your list, you're going to see the safer ones. So put all your money in the safe fund if this fits you, and leave your future contributions alone. The money they're taking out of your check every other Friday or whatnot. You want that to be buying for growth, because if this market correction keeps going or if it gets worse, you want to take advantage of it. So you want to buy low, sell high. So you may, even if you safeguard your 8 or 80,000 or whatever's in your 401k, you know, we're trying to get you not to lose your money right now. Are we trying to time the market because we're so smart? 100%? Yes, we are. And I'll tell you why. Because Warren Buffett did it. And if Warren Buffett did it, and Jamie Dimon, who just sold another, what, 32 million this week. If Warren Buffett is safeguarding his money and going to cash, and so is Jamie Demon, so should you. My grandfather, my grandfather, this was a long time ago. I talked to him about money when I was growing up. I was like, blah, blah, blah. It was a little boring. I'd rather be on a motorcycle, gramps, but sorry. When I talked to my grandfather, the rules were simple. There was no accounting practice scandals at Arthur Anderson. You know, John McCain wasn't on a yacht on American Greed on cable TV. It was a different time. There weren't people in Sun City asking us how to buy XRP and marijuana stocks. It was a different day. There was no high frequency trading computers that would get in and out of the stock market and they would buy millions of shares in a fraction of a second, sell them, make a profit, do it again the next second. That didn't exist. He said, you buy JCPenney and Montgomery Ward and Sears and you know, you're, you're helping the country. You're helping the country stay afloat. You're getting your dividends. When you want your money back, you're getting it back. So it's a different time. He would be rolling around right now looking at all this stuff going on. But in his time, the number One thing was buy low, sell high. Things are going to come and go. People are always going to be, you know, they move money out of fear and greed. The greedy are always going to find ways to take your money and tell you this is the way to get rich quick. And by the way, Anthony, that was brought up yesterday that one of the women we sat with said that everybody's looking to get rich quick. Hence bitcoin is such a big, smashing success.
[00:18:06] Speaker C: So, but anyway, yeah, and now it's 20% off. So I hope you guys are all out there buying.
[00:18:11] Speaker D: Yeah, Binance, Coinbase, whatever these platforms are. Have, have a good time. That is specific recommendation to put all your money in bitcoin. Have a good time. Sam's head. Nah, and I got to cut that out. No, we, we, we're a big fan of diversification, moderation. So if, if a little bit of cryptocurrency is right for you, have a good time. Just moderation, I would say, is the key. Same thing with gold and silver. Holy crap, by the way. Gold, gold, 3,300 an ounce silver, $32 an ounce, and silver. When they stop Hunt brothers style, tamping it down, I think that thing's going to pop. I mean, I am looking forward to $100 an ounce silver in the next year or two. I'm looking forward to $5,000 gold in the next year or two. I'm looking for $4,000 gold this year. I mean, I, I just, boy, this is on a tear. So hopefully you don't have all your money in it, but, you know, I'd have some.
[00:18:56] Speaker C: Okay, back about, like, what to do and diversify. And it's been a long time since I've mentioned this, but I still think the key to retirement because again, talking about these appointments we've had, multiple people have mentioned numbers that they've heard from Dave Ramsey and Susie Orman and this and that. And it's, you have to have 500,000 to retire comfortably. You have to have a million, you have to have 5 million. I handle people's money for a living. And I can tell you we've got a lot of clients that are retired that don't have anything near that. The key to it is making sure your income needs are met. And in order to make your income go further, having little to no debt. So debt management, excess income after that, once you set that foundation for your retirement, I really don't care what you do with your money. I do think you should protect it. I love safe growth. I love all the stuff we talk about in the show, but buy all the bitcoin you want, buy all the gold you want, buy whatever you want as long as you have your bases covered with excess income and little to no debt. And then at that point, I really don't care. I mean, I give you ideas. There's stuff that I think is smartest, but that's the key. Set your foundation, have your baseline, and after that, do whatever you want.
[00:20:09] Speaker D: So simple and yet so many people can't do it. And we're always talking about how we, we value education over sales, us personally, we value planning over products. You know, part of it is what could take you off track in your retirement. If your income exceeds your outlay, your assets are less consequential. All that makes sense to me. You know, here's the deal. What can come your way. I've been in the office almost 30 years. Real life experience, what I've seen with retirees. You know, when you first retire, Tom Hegner would call it the Go go years, all of a sudden every day is a Saturday. So you need more money. You know, people that think I can have, you know, 70% of my salary, I'm not sure. All of a sudden you have more time to shop, you have more time to go visit the grandkids, you have more time to be on the golf course. So the go go years, you need more money, need to plan for that. And then you have the slow go years, you start slowing down, you start where you're traveling last. All of a sudden, you know, instead of cruises, your calendar looks like, you know, every week is a different doctor, the podiatrist and the optometrist, and the this to Tryst and that to Tryst. And then there's the no go years. We, we have to have a lifelong plan for you. It starts with the base. It starts with having your income for you. And then we have to branch out from there. What, how important is legacy and inheritance to you? You know, I mean, how important is it for you to make sure that you don't spend any of your assets and you leave those to your kids? What if a long term care situation takes you off track? You only have three choices. You either have long term care insurance, which believe me, over the last 20 years we see less and less of, and, or you self insure, which means you have a lot of money and you can afford a place that's five, six, ten grand a month, or you have to spend down your assets. In Arizona, they call it all techs, it's the cost containment system that helps you if you need care. I can tell you something. If you have long term care insurance or you can self insure, you're probably going to a different senior community than if you're going on access on ALTECs. I'm sorry but all of this takes planning. Everything you're doing today, I don't care how old you are, is going to affect what happens in your 60s, 70s, 80s, 90s and hundreds nowadays. So man, I got to try forgetting to finish up on your 401k. So put all your money in the safe bucket if it makes sense to you and then with your future contributions that side two of your 401k. Obviously if you've left the place of employment you can't do this but if you're still getting money taken out of your paycheck, you want that to go as aggressive as possible. If you safeguard your money, you can take a lot more risk on what's going in. So we end call us, we want to help you. We don't do a great job on this show on drumming up sales. We're not an hour long infomercial but today let me drum up some sales. There's definitely some nervousness the last two or three weeks. I know it because of my phone. I have a cell phone. Let's sit down. I had a young couple in the office, little shout out. This week I had a young couple, they're husband and wife. I've known them for about five years and they, they make good income, they're very, very smart, they're in good shape and I highly doubt they listen to the show. Maybe I'll send them this episode because they'll know exactly what I'm talking about. They've done everything right. Nobody has ever tried to help them with their 401k. Until this week. They, they, whatever they put their funds in. One was in a target day actually I lied because the, the woman's grandfather has given her some advice. So and, and we need to make sure you keep getting advice. Once you get advice by the way, don't just take advice and then leave it there and never look at it again. So anyway, they've done everything right. They understood completely what I was saying about safeguarding. They're also in their early 30s so they understood when I said leave your money safe as short of a period, as time as possible. You've got so many years, you've got 30 years until you're 59 and a half and you can use this money, you know, unless you have an emergency. You, you. And then when we get you to 60, how do we get you to 90? We have to balance so many things in this world. So anyway, I, hopefully I got them on track the right way. She actually reached out to me the next day via email and, and gave me the name of the fund and said, is this the one? I'm like, good for you. When you give people homework, sometimes they do it, sometimes they don't. It's their money, it's their time. There's a hassle factor. You got to make a phone call over to Fidelity or Vanguard or whoever's managing your money. You might have to do some work. So that was, that was a little. That was something, huh? I just, you know, and one more thing that you have to consider. When I talk about long term care, when I talk about travel, all these things. You know what? You know what? Something else that your 401k or your IRA has attached to it. A big string attached. It's all taxable, kids. So another thing, the, the opportunity that these young people had at their work, they're offered the Roth 401K.
[00:24:59] Speaker C: Yeah, yeah.
[00:25:00] Speaker D: So we talked about that. And she was already on the Roth side. He was not. So he's going to switch to the Roth 401K. So we can help you with Roth 4 1Ks and conversions and all that happy stuff and make sure you have a happy, joyful retirement. Other than the fact that we're going to be in martial art. We're all going to die on Easter.
Moving on. Oh, man, it's. We're getting close to break time, aren't we?
Let's do this.
You know what? I need to get to. We still have two more minutes. I got plenty of time. So after the break, I want to tease you a little bit. You know what we've been remiss on discussing lately? Not Janet Yellen. My favorite subject. We got to her.
We have not been talking about the banks. We haven't been talking about the fact that the FDIC, the old Federal Deposit Insurance Corporation, only has one 0.28% coverage on our money. So we're going to hit up a couple bank stories. We're going to hit up a couple things that you may want to be aware of. You're so occupied right now by your 401k or your brokerage account or whatever the heck you're managing.
You got to remember there's a few other pitfalls and perhaps even a black swan event coming our way. So I, if you listen to us every week, you will not be surprised if something happens suddenly. Sam, can you please make sure you get us a daily show? We need two to four hours a day, every day, Monday through Friday and then we'll take a little weekend repeat of the shows. But we, we got to be on the air when the black swan gets here. So why don't we do this? Let's take a break because I really want to get into the banks. Hot and heavy today. You can reach us at 623-523-0444 or if you're timid and you don't want to talk to Macy at our office, just email us at
[email protected] we'd be glad to sit with you. There's no cost for appointments. Anthony says it all time. No minimums, no quotas. You don't have to be the next 10 callers. You can be caller number 11. We still can't wait to meet you. So. And don't forget our YouTube channel. We're at another money show on YouTube. We went over 600 subscribers. So this is, this is, this is great. You know, 600 subscribers is nothing. I get that. I make fun of it all the time. But you know what we do have? We have over 200,000 views on our videos and shorts. So that is a pretty good number for a little tiny fish that only have six people following 600 people following them. With that, we'll be right back. Thank you so much for being here and we do hope you do have a great Easter weekend.
[00:27:25] Speaker B: Another weekend, Another money show. Visit anothermoneyshow.com.
[00:27:45] Speaker A: Fixed annuities, including multi year guaranteed rate annuities are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer. Remember, all of JR and Anthony's listeners receive a free financial consultation just for listening to the show. Visit anothermoneyshow.com to learn more and schedule an appointment. Thanks for listening to another Money show and subscribing wherever you listen to podcasts.
[00:28:14] Speaker D: Welcome back to another Money Show. Thank you so much for being with us. We as you know, we greatly appreciate it. We're a little fish in a big pond and so your, your help and support, it means the world to us. So thank you. Hopefully you're having a great Easter weekend and you're safe and happy and healthy and you have some of that Good spiral ham and let's get to the banks. So I meant to surprise Anthony with this on the show today, but it came up yesterday in appointment, so I'm going to re air it for you all to see what you think. So I will never be caught dead again in a PNC bank. Allegedly. Do I have to say allegedly? If I slam a bank, they probably have deep enough pockets to sue me. So pnc, you know, we don't get along. I've talked about that in the past, but I have another bank that I switched over and I get along just fine. But something weird happened yesterday, by the way, with PNC Bank. If you ever owe me money, all you have to do is write me a check on the PNC bank account because you know I'll never cash it. I will never set foot in that place again. If, if I get, if I'm set on fire and there's a water bucket in a PNC bank, do I need to keep going or say stop there? Anyway, so I go to the bank. Let me, let me give you the background. I am a conservative financial advisor in Sun City, Arizona. I have been for almost three decades. But I'm also human. So I have a couple bucks every week in the Arizona lottery. I only play the pick. I do not play the mega, the Powerball. I know when people get fired up because it's up around a billion or whatever it gets to now, there's a frenzy. But what I did years and years ago was I looked into the statistics of winning the pick three, the regular pick, the fantasy five, all these lotteries and the odds of winning the Powerball and the Mega Millions. It's just not looking that great. Like it's not going to happen to me. That's how I feel. But the pick is like 1 in 7 million.
So not that the odds are tremendous, but, but you know, people win pretty often on the pick. It, it rolls over a lot more and people win. So anyway, so I play the lottery every week. I'm in the pick drawing and I hit five out of the six numbers last week. So I, I mean, it's not huge, but it, it buys me a little time. I'm buying these tickets. It paid $2,000. So Monday morning I drive down to university in the i10 area and I get my 1099, of course, along with my check for $2,000. It was drawn on B of A, which is, I believe, bank of America. And it's lottery. It's got the little windfall really on the check so it seems legitimate. So I take it to the bank that I do like and I, I went to a branch I, there's one branch I go to all the time, so I know all the tellers and I don't think this would have happened at the branch I go to, but I went to a branch I go to once in a while and there was a teller I had never seen before. So I went up to her window and I gave her the check. I took out my driver's license and I'm trying to condense the story a little bit.
She asked me for my debit card and I said, I don't have a debit card. Like I'm old, I'm old school. I don't have a debit card, I don't have an ATM card. I have this check and it seems legitimate to me and I've signed it the way it was written and I gave you my driver's license. I also know that at these banks they have my picture. When you're doing a transaction in the branch of a bank, they can look at their computer screen and they can see your driver's license, they can see your picture. So she's got my information, it seems to be a legitimate jag. And she asks me, it's $2,000, mind you. Actually, I just lied to the audience for a second time. It's $2009 because I got three three dollar wins also in this ten week period. Anyway, so 2009 doesn't seem like a big amount to me. I want to cash the check, I don't want to deposit the check, I want cash. And she asks me what I'm going to do with the money. This is $2,000. And I'm like, you know, I've been telling people for years if you're probably safe, if you get 5,000 or less, when you get over 5,000, they're probably going to ask you what you want it for. It's none of their business, but they're in there just doing their job. This teller is just doing a job. I don't fault her personally. They're being trained to ask you questions. You know, everything's a red flag now. It's not the bank or your credit union, it's the government behind the scenes. I get that. So she asked me what I'm doing with it and, and I, this, so this is the, you know, I'm, I'm like, you know, I, I want to say cocaine and hookers, but I'm an adult, so I Don't. So I, I'm. I'm like, you know, I said that this is odd that you're asking that. You know, it seems like a small enough amount where you, you wouldn't ask that. I mean, I, I know you ask on large amounts. And, and she didn't know what to say to that. And then. So wait to hear this. She's. Anthony's already asleep. She says, do you have your cell phone with you? Odd question from a bank teller. Like, well, yeah, of course. I mean, we all do. I. Yeah. And she said, I'm going to, for security reasons, have to text you a pin. When you read me the PIN number, we'll be able to continue with the transaction. And at this point now I'm like, like, what the hell? What kind of watch list am I on? You have a legitimate check. You've got my picture on your computer. You've got my driver's license sitting there right in front of you. I've never, ever at a bank been. Been told, you know, the third. What is it? Third party authentication or whatever. So I, I'm standing in front of you, and she literally sent me a PIN to my cell phone, and I had to read it to her to cash a $2,000 check. And I said this story to Anthony yesterday while we were sitting with a client of ours. And Anthony was like, so what? Like, I mean, so just read her the PIN and get your money and go to me, I am so in tuned to watch for a bail in. I'm so in tuned to watch for a bank holiday. I'm so in tune for a black swan event. I'm so in tune for Dodd Frank regulation of 2010 to come to fruition that to me, if there's too many red flags when I'm in a bank, I notice it. And to me, it's not just no big deal. To me, it was a big, huge deal. Because there's nothing more you need. You really. If you have my picture on your screen and it checks only $2,000 and it's written from the state lottery on.
[00:34:27] Speaker C: A B of a check your picture on the screen. Because I don't ever remember them taking a picture. Any account that I've ever opened, you.
[00:34:34] Speaker D: Want to bet 100 bucks if you go to the bank that I will not mention again that you still go to for some reason, like you don't support me as a stepfather, go and ask them if your picture's on the screen. I bet you 100 bucks. And. And Sam, you heard that. And I will pay if I'm wrong. Your pictures on the screen. You want to bet?
[00:34:49] Speaker C: Sure. I'm not saying they do. I'm just saying I don't know that now.
[00:34:53] Speaker D: I probably.
[00:34:54] Speaker C: I don't remember them. Picture.
[00:34:56] Speaker D: Now I have to set foot in the bank so I can make sure you don't lie to me, because I know you. I'm just kidding. No, I would trust you. This is an honor because I will not go in there with you.
[00:35:04] Speaker C: But I also don't go on into banks either. So I. You know, electronic deposits chair. I'm not a caveman, Anthony.
[00:35:12] Speaker D: I've seen you go in the bank. I've been with you in the bank. I know you've earned a bank.
[00:35:16] Speaker C: I love it. I have to get all my $2 bills. I can only get it by going into the bank.
[00:35:20] Speaker D: Yes. All right. So back to me. That's enough about you. Back to me. I want to talk about me. So, anyway, so to me, it was a huge red flag. The whole vibe just made me think this is. This is way more important than not. So if you're asked to get a text while you're in the branch, reach out to us, let us know. I would love to hear if this has happened to anybody else, because believe me, I was blindsided by this and dumbfounded. Anyway, I got my money, got my $2009. She asked me how I wanted it.
I should have asked for all singles. I should have asked for all dollars to make her counting life a nightmare. But I took. I said, whatever's easiest for you because, you know, I'm here for you. So. And she gave me hundreds, and. And so I took my money. She asked me if I want an envelope, and I thought it would amuse me, so I said, yes, please. I'd like three of them.
So I got three envelopes. She didn't put the money in the envelope. She just gave me the $2009 and the three envelopes, and I left. So let's move that behind us. Let me get to a couple stories, a couple articles.
Here's one.
[00:36:19] Speaker C: Or do that. Can we touch on that, though? Can we go back to why I don't think it's such a big deal?
[00:36:24] Speaker D: Yeah, of course. I mean, my.
[00:36:26] Speaker C: Because I do think I'm. I'm just as worried as the banks, but I think that you escalate to little so quickly that you're gonna miss when there actually are bigger things like, obviously, you're gonna see. But I think it's like the boy who Cried wolf. And don't get me wrong, I get that at the end he was correct. But like, these certain. There's certain things that I think don't necessarily matter as much. So it's hard to cipher through what does and doesn't matter.
[00:36:57] Speaker D: I get what you're saying, and you are correct. I have a little bit of anger issues. Little, Little man syndrome. I admit that. I mean, I went to an all boys Catholic, military boarding school. That's where some of my weirdness was formulated. On the show, I'm always so calm. That's a good thing. So. And I admit that I tend to escalate. I'm good unless you're a problem. The only time I've ever escalated anything in the bank was because they gave me a hassle and I didn't like it and I didn't find it necessary. Apparently you, you are always okay with it. And, and I admit, yes, sometimes I'm a little extreme. I, I didn't escalate this at all. I completely stayed calm. I didn't say cocaine, hookers, because I'm an adult. I, I did. I'm like, it's written on the lottery check. I mean, so the obvious answer, whenever you're going to get money, just say, I'm going to the casino. There's a casino on the Loop 101 and Northern. There's actually a second location out by Wildlife World Zoo. You know, free plug for you over there at Desert Diamond Casino. So I want cash so I can go give it to the tribe. So that's what I want it for. I don't know. But no, this one, Anthony, I was in the right. I didn't escalate. And you've been with me at the other unnamed bank. You've seen that I can be calm. I can be a rational adult. So. And yes, Sam. Sam is going to blame it on the Bears. The Chicago Bears. I grew up as a fan of the Chicago Bears. Then I got stationed at Luke Air Force Base in Glendale, and I. And I became a Cardinals fan. Whatever I did in a previous life to deserve what I'm getting in my football world is insane and it's gotten me angry. Let's get to a couple articles about the banks because I'm not ready to leave the banks yet. And you know what, Anthony? The thing about the boy that cried wolf. I've been crying wolf my whole life. That is me. I've been sounding alarms. This show is perfect for me because I am good at researching stuff, finding stuff to bring to People, whether it all goes south and that my end game is going to be right, that we go to civil war and we change the fiat currency under when I'm still alive. We'll see. We'll see. You know, when Seth Leibson said the boy that cried wolf, what we have to remember at the end of the story, there really was a wolf. And I'm going to tell you, you're going to look back one day, you, Anthony, you personally are going to look back and be like, yeah, I mean, he was so what a jack. You know, what such a. He was, right? I'm sure you do. I'm sure you do. All right, let's get to some stories.
So here's one. Here's one from the Mirror. The name of this place is the Mirror. From April 3, 2025, Wells Fargo will close all accounts that don't meet certain requirements. Wells Fargo will close all bank accounts that have been inactive for a particular amount of time in a policy that aims to clamp down on inactive accounts. The bank, which recently announced the planned closure of some branches across several states have a similar policy, similar policy to the bank of America when it comes to closing down accounts. Wells Fargo warns on its website that accounts that have been inactive for more than 16 consecutive months. I'm going to stop at that part for a second. It's always, it has always been where if you have an inactive account, they try to get a hold of you, they don't just close it, they try to get a hold of you. And if they can't, like if you moved and didn't change your address or whatever, if they can't get a hold of you, it was always three years, if I remember correctly, like my entire life growing up, it was three years. Then it's considered truly inactive and they turn your money over to whatever state you live in. So this is not unusual, you know, Anthony, this is not a red flag. But 16 months, why are they accelerating the time frame?
[00:40:31] Speaker C: Also, what is it that makes it inactive, though?
[00:40:34] Speaker D: You don't have any deposits, any transfers or any withdrawals, whether you're getting E statements or paper. Immaterial adding.
[00:40:42] Speaker C: But like, if you have an emergency savings somewhere, the whole goal sits there.
[00:40:48] Speaker D: Yeah. What If I want $5,000 to sit in this Wells or B of A account forever and if I never need it, then I'll give it to you one day. Well, not you, but one of your brothers. I mean, you're right, so then that's weird. But 16 months and my promise, we've Done nothing but slam Wells Fargo for three years. They close accounts on people because they don't like your gender or your race. They open up fake accounts for everybody, no matter what gender, race. They have massive lawsuits. So we've slammed Wells Fargo. So here is more information, new information on Wells Fargo. Am I supposed to accept that? It's just going to be, you know, in your best interest. We don't want to waste your time by having money with us. We. We're going to get rid of it for you. But I don't trust you big banks. Allegedly. I better. The banks are going to sue me today. I'm going to get sued by PNC and Wells now. So I'm just saying I don't like this. It's just another thing that you need to watch out for anyway. 60 months. It states generally. Generally, That's a very broad definition term, by the way. It states generally, your account will remain open for approximately 16 months from the date of last activity. After that, it will be closed due to inactivity. The bank is sending notices to affected users before closing the accounts. So there will be a warning for those who are unsure. What if I get a letter from Wells Fargo? I kind of forgot. I put 5,000 there and I get a letter from Wells Fargo and it's got a little stage coach on it, and it looks like junk, man. I throw it away. What if I moved and I did forget my address? Well, then you're going to have your money go to the state.
Let's see here. Wells Fargo has the right, if there is any money in the account when they delete it, to send it to the state. They have this ability due to the escheat laws. I don't know how you say this word escheatment. Or is it escheatment? It's spelled E S C H E A T M E N T. I think these are cheat laws. So they have state cheat laws known as unclaimed property laws. These laws govern the transfer of unclaimed or abandoned property to the state. If an owner cannot be located or is deceased without legal heirs. I get that. I just don't want you to send my money away if I'm not deceased. It can, depending on the state's laws, become difficult to retrieve the funds once they are in the state's control.
How hard do they go looking for the rightful owner on those things? That's part of my heartburn. Come on, it's Wells Fargo. If it was a credit union, you know, I mean, I would have A little more trust. But. Oh, for Pete's sake, you know, what is it? J. Anthony used to always talk about it. Jamie Dimon, his bank has like nine felonies against the bank. I mean, they're crooked as the day is long, you know. You see all these commercials. We're your partner in business, you know. Then buy me lunch today. Chase don't charge me 12 or 14 bucks a month in the summertime when I'm a teacher and I don't get a paycheck for two and a half months. They're all crooked. So I don't know. And you know what my main thing is about getting back to the banks today? My main thing. And I'll get to a couple more articles. My main thing, there's no money. If you don't hear anything else from today's show that sticks with you, hear this loudly and clearly. There is no money. We work on a fractional reserve system in this country where it means the government, the big bloated government tells the banks you have to keep reserves so there's not another run on the banks like It's a Wonderful Life and George Bailey's savings alone. You have to keep some reserves. That just makes sense to me. You know what the reserves were? 10%. You can do whatever you want with 90% of my money that goes in the bank. Well, guess what? Covid was an unusual time. I would almost consider it a black swan event. It was at least a brown swan. It was that weird. So During COVID on March 16 of 2020, the government came in and said, these are unusual times. You don't have to keep anything in reserves. So the reserve requirement since March 16th of 2020 has been zero. It can put all of your money in collateralized debt obligations. Collateralized mortgage, mortgage backed securities, derivatives, mortgages, reverse mortgages, business loans, whatever they want, want. They have no money. They don't have to keep any money. So if you go to a bank and you ask for $2009, they might not have it. They don't have to keep any money at all. So that's my biggest concern. You better familiarize yourself with the term bail in. You better research the Dodd Frank law of 2010 and understand what an unsecured depositor means. Because it could happen. Everybody's watching the stock market. I am worried about stocks, bonds and banks. That's what I'm worried about. Moving on, here's another story for you.
This one is from the Register. Look at me. With some different sources this week. The register on 9 April 2025. Someone compromised US bank watchdog to access sensitive financial files. Ooh, can't wait to read this one. A US banking regulator says sensitive financial oversight data was accessed by one or more system intruders for more than a year in what's been described as a major information security incident. The Office of the Comptroller of Currency, the old occ, the Treasury Department bureau that oversees US and foreign banks, said one of its administrative email accounts with access to user inboxes and internal systems was compromised, leading to data falling into the wrong hands. The security breach came to light on February 11th when Microsoft tipped off the OCC about suspicious activity within its emails accounts. The agency confirmed the next day someone had gained unauthorized access. A public notice followed weeks later, and only now is the scale of the intrusion beginning to surface. According to the bureau, snoops, not to be confused with Snopes snoops accessed highly sensitive information relating to the financial condition of federally regulated financial institutions. I wonder if that covers Wells Fargo used in its examinations and supervisory regulations oversight process. Sees a couple more things here. It's certainly shaping up to be a serious data security failure. A draft letter to Congress written by the OCC Chief Information Officer Kristen Baldwin and seen by Bloomberg revealed that the spies had access to roughly 150,000 emails between May 23rd. I'm sorry, May 2023 and early 2025. So this thing was going on for that long? Holy cow. Meaning they were likely snooping around for years before anyone noticed. So the OCC had no comment on that aspect, nor gave any indication about who was responsible for the incident. But wait, Phil Swift, there's more. While there's no official attribution, it's worth noticing that In December of 2024, the Treasury Department reported a significant intrusion into its Office of Foreign Assets Control, or the old OFAC responsible for sanctions enforcement. In that instance, the Department explicitly attributed the attack to Chinese government agents. Acton Controllerhood is committed to a robust investigation of this incident to address any vulnerabilities, act identified and hold accountable any missed internal findings that led to the unauthorized accent the access. The OCC spokesperson told us. Oh, good, good, good. So for a couple years.
And think about some of the words I said in that article. Sanctions. That means maybe the Chinese, if those are the responsible party that hacked into the system of our federal government, has. Has information they could give to Russia. Who else do we sanction? Iran. This is international. This is global. This is geopolitical. If you don't think this is important, Anthony, I'm looking at you because you don't think anything's important. Even my third party authentication in the branch, this is important. This stuff is important because when I talk about Wells Fargo and their inactive accounts, when I talk about me having to send a text thing while I'm standing in front of a woman, while I read that our whole entire banking system has been compromised on multi levels, you know where it leads me to? The banks are going to fail. I mean, there's 66 as of like a month ago. There's 66 on the imminent closing watch list from the government. So I don't know, they won't tell us who they are. They used to tell us who they are. You used to be able to see who was in trouble. They taken down those websites that show you what banks are in trouble. They didn't want you to move your money because that could lead to panic and that could lead to a modern day run of the banks and that could end up and a problem. So, and that's where, that's how I think this does play out. Is it going to happen this, this week? Should you run out to the bank? If you're listening to us, should you freak out, run out to the bank and pull your money? No, you should not. But you should definitely keep your eyes open. And if things start to fall, if dominoes start to fall, kind of remember the old theory, first come, first serve, you know, if there's any way you can get to your bank before most other people do, that'll, that'll reward you, you know, bring some patience with you. And if you're listening to this show, you're probably more likely. If there's any chance that we know something seems imminent, we're going to bring it to you. If we pull our money out of our banks and credit unions, we will bring it up on the show so I can give you that peace of mind. The only problem is we're not going to know. It's like, when did Lehman Brothers go south? When did Goldman Sachs, you know, when did we pass the Affordable Care Act? The Affordable Care Act. Kind of hard to say that without laughing, isn't it? Friday night after 5:00 Arizona time. That's how this works. So 8:00 Eastern time this time of year, so you know, you don't have time to do anything about it. If they close the banks at 5:00 Arizona time and the branch closes at 5:00 Arizona time. Got news for you. If you try to get in line on Monday, morning. It's going to play out for you like it did in Venezuela or Yemen or Cyprus or Greece or anywhere else on the planet. They've been through this. You know, we're not Argentina. We've never been through this. We might be soon.
It looks like we're getting short on time. Let me reference one more article if you have any interest to look it up. The Daily HODL on the 1st of April this year, JP Morgan Chase, bank of America, Capital One TD Bank, First Republic accused of abruptly terminating bank accounts during alleged lawfare assault on Donald Trump I will just read a hair of this because this is more political than financial. A total of five US Lenders are now accused of abruptly terminating bank accounts for political reasons as the Trump family ramps up its clash with the US Banking powerhouses. In a new interview with Fox Business, Eric Trump alleges that JPMorgan Chase B of a Capital One TD, First Republic all abruptly shuttered his family's accounts while facing pressure from the Biden administration. The legal lawfare from the Biden administration is unbelievable. That doesn't mean banks should cancel people because of their political views. That's what Capital One did. Chase did the same thing. Bank of America did the same thing. TV did the same thing. First Public did the same thing to us. I never thought I would fall into the world of crypto until every bank started canceling us for no reason whatsoever other than my father is in politics. They came after us viciously. So in March, JPMorgan Chase CEO Jamie Demon acknowledged the US bank sometimes push people out of the system, pointing blame it unclear federal anti money laundering rules. Yeah, okay, that's what it is. Diamond says Chase does not close accounts based on customers political or religious beliefs, blaming regulatory pressures for such account terminations. Stop peeing on my leg and tell me it's raining. Bank of America has also previously denied debanking customers over their religious or political relations. Anthony, I know what you're thinking. It doesn't affect me. I'm not in the Trump family. The banks are shady and this article.
[00:53:04] Speaker C: Doesn'T make it right though.
[00:53:06] Speaker D: It doesn't make it right. And it all leads the same way. The banks are sooner or later going to shut their doors and we're going to have a bail in. We're going to go to a central bank, digital currency or some version of Bitcoin where the government's the granddaddy of monitoring it. We're going to have a stock market collapse. Realtors dust off your manual on short sales and foreclosures that's still a common. The real estate market's changing fast with that. I better get in a happier mood quick because it is still Easter weekend. So, Anthony, what are you going to do this weekend? Anything, Sam. Any. Any. Any family plans? What. What's up for this weekend? We're having a. We're having a party because it's my wife's birthday this weekend.
[00:53:43] Speaker C: Oh, nice, nice.
[00:53:46] Speaker D: Her birthday's on Easter. Her birthday is actually today as we were recording. But we're going to get happy birthday together on Saturday. We'll let her know. You should make her for the first time ever, listen to another money show because we wished her a happy birthday. All right. We'll try and make that assignment. Excellent. See if you can give her a. Follow our YouTube channel too. We need her help. Easy. Nice. Look at the new kinder, gentler me. I just told you, you're going to lose all your money and your house and your stocks and everything's going to go south. So Easter. I'm looking forward to it. We're going to, we're going to have a little family stuff, you know. So. Anything else, Andy? Anything you got for us? How much time do we have left? Sam?
This is. We only have one minute left. Oh, man.
[00:54:29] Speaker C: Get to my spiel then.
[00:54:31] Speaker D: I, I mean, I guess so. We have one minute.
[00:54:33] Speaker C: I guess so too. Anyway, so that's it for today's show. If you like what you heard, you have questions about any of the topics today or want to sit down with us to review your personal financial situation, reach
[email protected] find us on YouTube. Another money show, Reach out to us through the website anothermoneyshow.com book appointments right from there, give us a call. 623-523-0444. The number again, 623-523-0444. Remember, if you want to sit down with us, there's no minimums, there's no cost for appointments. There's nothing to lose by getting a second opinion on your financial statement situation. Happy Easter. We'll see you again next Saturday on 960 the Patriot, 5am and noon.
[00:55:21] Speaker B: Thanks for listening to another money show. You deserve to work with a private wealth management firm that will strategically work to protect your hard earned assets. To schedule your free no obligation consultation, visit another MoneyShow.com investment advisory services offer through Brookstone Capital Management LLC, a registered investment advisor. BCM and Rochford Financial are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. Investments involve risk and, unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results.
