Joe Jaquint on Gold, Diversification & Global Risk

[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 Correio and J.R. rochford. [00:00:42] Speaker C: Here we are, folks. Your hosts, Anthony Correo and J.R. 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 the greater Phoenix area to bring information you may not find on those other financial shows. We are aware that the last thing you need is another money show, but we appreciate you being here. And we've got another special guest for you, the return of Joe Jaquin. [00:01:10] Speaker D: What do you think, Joe? What do you think? [00:01:12] Speaker E: I thought the crowd went vile. [00:01:14] Speaker C: Yeah. I forget that this isn't recorded in front of a live studio audience. [00:01:19] Speaker D: Sam, please make sure you put applause for that. Welcome, Joe. We always, it's always a great day when you're here and I want to, I want to thank you. I want to start out, I always start out with shout outs. I want to thank you. I think last week was the 9th or 10th time you and, or you and Jason had me on your show. I was on Half Empty cup one time while you're out of town in Colorado and I just, I appreciate it. I know our audience. We have some overlap. I want to thank you. There was a young man that called me just yesterday named Scott and he said that you told him to call me. So he has some, he has some questions and I'm going to call him today. I tried him last night. Apparently he doesn't text though, so I didn't want to call him. [00:01:57] Speaker E: Yeah, no. And he's not that old of a guy. So that, that's the, let's just say some of our gold customers, they, they, they like to be back in the, you know, the stone ages, like the Iranians almost were. So. [00:02:13] Speaker D: Yeah, we're in intermission. We're, we're at halftime right now. So. Yeah. But thank you so much. I know you know this. We give out your name all the time. We are very loyal to you. You know, we have people that, that have different names for us and we're like, no, start here, just start here. I don't do a very good job with tracking to see if they ever went to meet you. I should do better. I will start making a list. One more shout out. I have, and I have a question, Joe. This, this might be putting you on the spot. Feel free to say no or we'll talk about it later. Would you ever consider like me or Anthony having us on just for like a five minute period like regularly where we knew we had a window on your show to kind of give a market update and talk about what we're watching and of course rail on the banks. [00:02:53] Speaker E: I think that would be ideal. You know, set something like that up. That would be wonderful. And by all means, more than five minutes. Maybe we'll just set a day, a week where you're on all the time. That'd be great. I, you know, having different perspectives always is, is, is a good thing. And having, you know, when it comes to, yeah, I sell gold and silver, sure, but that can't be your entire portfolio. And having people that are, are like minded and, and get where a lot of my listeners are coming from. You know, we believe in, in, in lead and food and water and gold and silver and, and, but at the same time we also understand diversification is the key. If you have a 401k and your company's gotten some kind of match going on, by all means take advantage of free money when it's out there. Being able to save and have your money working for you through different avenues. You know, gold and silver is great. We view that more as savings and having yourself and Anthony help our customers on the investing side, it's a great thing and it's something where you know, we obviously focus in a, you know, on gold and silver. So having you guys come on board has been wonderful and the feedback I've gotten from my customers and, and I didn't expect anything less. It's just been fantastic. The, you guys make people very comfortable and that, that's the great thing. And, and, and a lot of, you know, not to bash financial planners, there's tons of good ones out there, but you know, there's a lot of them, they're, they're just sales guys. They want, you know, they just want to get all of your money and that's really all they want to talk about versus you guys, which are like, hey, do you guys got all your bases covered? Right, Great. Glad to hear it. Right? Yeah, that's how we operate as well. Let's talk about the money you want to work with and let's see what we can do. So the feedback's just been amazing. [00:05:15] Speaker D: Nice. Well, and you. As you know, I'm sure I've never been on your show or very few of our own show where I haven't brought up. Our modus operandi is moderation and diversification. We believe in cryptocurrencies in moderation. Gold, silver. I noticed you added lead. I don't know what that means, but I am in, brother. We talk about it all. Anthony is really smart. I plucked Anthony eight years ago out of an industrial engineering job in the aerospace industry. You want to talk about smart? I. A lot of times when I'm having trouble crossing the street, I just look at Anthony, I'm like, how do I get there? No, I mean, he's really good. You know, he does the stocks and bond side, he does the securities. And one of his pet peeves is your, your broker. I like the word broker. You know, your broker because you met him, the broker. What they do is, you know, the next correction when you're down 20, 30%, they're going to say, oh, you know, this is a great time. Things are down, let's buy more. You're like, you've got me 100% invested. What am I supposed to go into my check in and put more money with you that you just lost me 20%? So Anthony is really good at being proactive, not reactive. So you're right. We try to be very well rounded. One thing too, it's funny because watching the advisors and I get it, you can be the most honest advisor on the planet, but if you work for a firm and you have the pressure and quotas that they put forth on you, I'm sorry if it's not appropriate to make a sale this week. You're taking a chance of losing your seat, so they have to sell you. I ran into advisor recently. I was actually, I probably shouldn't say this on the show, but I was in a casino playing poker and I ran into another advisor. We start chatting and it gets to golden Silver. And he said he's talking about dead money and it doesn't make interest. And the volatility starts talking about this, I'm like, yeah, but if, if you believe in diversification, I mean, and, and you know, let alone have you watched the last year, if, if you told people a year ago, that's a really horrible idea when they reached out to you to ask about It. How are you feeling right now? And it was just funny to get the perspective. And I just. And I don't know this to be fact, but I have a feeling, and I don't think this guy is about to listen to my show. I don't even think I told him about it. I have a feeling he's got Every single client 100 invested into what makes head money. I just have that feeling. I don't know. And we see a lot of it. We think 80 to 85% of all the financial plans we look at as a second opinion. We have questions. We want to know why you do this. You know, we, we really. I don't know. It's a weird world. There's nothing left but the haves and the have nots. There's nothing left but the bottom lines. And we're still trying to do the right things. And what's odd, we've never been homeless. We've never been out on the street. We make a living by doing the right thing, just like you. [00:07:59] Speaker E: Yeah, and it's something where, like I said, it's been a really good fit because believe me, we, we have, we have talked to plenty of advisers and are like, yeah, no, that, that's, that's not going to work. So it's, it's great that, you know, this, the war, the, the Lord works in mysterious ways and, and put us together and it's been great. [00:08:24] Speaker D: Well, I was stalking you for a good 10, 12 years before the Lord worked in. I listened to your show every chance I got. I've said this to you. You probably don't believe me, but I've said I tried over the years to schedule appointments after 10 o' clock so I could hear your show. At first, I didn't like you. I'm not gonna lie. I was like, this guy makes me seem sane. Like this guy's too far out. Doesn't make sense. And I remember the old Eric days. I remember when Joey was on every Monday. I remember cbd. I've been with you. Why refi everything that you've done for years, probably 15 years now. And at first I was just like. But I couldn't stop listening. Kind of like the Howard Stern thing, you know, you hate him, but you can't wait to hear what's next. I never hated you. I just didn't like you. I was like, no, it's too much. And then I started doing something about it. I started researching some of what I heard on your show. I was never, ever able to poke Any holes in anything you said. And then I listen more intently. I'm like, this is what I need. Because here I am following PE ratios. Here I am just, you know, being a good little financial advisor. The world around us is uncertain. And you may have been sounding alarms early like I have. You're not wrong. Everything's going the wrong we. When I first listened to you, we probably had 12, I don't know, 12 trillion debt. Now we've got 39. You talk about a march toward the fiat currency going away 15 years ago. We're at the end the genius act last summer fed. Now, guess what happened on April 1st. Joe, you know this. Anthony and Sam, you may not. April 1, they relaxed the banking rules again further. They're already at a 0% reserve requirement for the banks, and they're saying they want more, they want to spur growth. You know, when you and I and Jason talk on your show, it's so funny because Jason and I know what's coming. We kind of disagree on when I think it's going to come at us faster that we have a real estate crash, a stock market crash, a central bank digital currency to the rescue, because we're in deep trouble. And to me, it's an everything bubble. All of the things I watch you hit on, there's nothing you miss. And it's funny. I mean, this morning you're talking about the numbers. You said the important numbers come out tomorrow. You hit more financial stuff than we do by far. You know, but. And we've. Our lot in life on the show is to do current events and how they're likely to affect your finances, your future, your kids, your grandkids. Your show is totally financial. So I. I will tell you. I cite things I get from you all the time. I. I rarely have to, you know, get further information because you're so thorough. All right. Is that enough puffing you up? [00:10:57] Speaker E: Yeah, I was going to say the checks in the mail, so. [00:10:59] Speaker D: Thank you. [00:11:00] Speaker E: Yeah, yeah. [00:11:02] Speaker D: The check, I need. I. No, no, no, no, no, no. I need some kind of physical. No, no, no, no paper. One more thing before we jump right into what the main thing I want you here for. And I get in trouble all the time. Anthony's like, whatever's most important. You seem to wait to the end and then you run out of time. So today I'm going to reverse engineer. I got a bunch to get to. But today I'm going to get to the most important thing first. Right after I ask you this, I'm going to put you on the spot. I already did. When I said, can we, can we appear on your show? Regular intervals, Tuesday. This is under the category of a shout out. We have our West Valley men's networking. If you're free, we come join us. [00:11:38] Speaker E: Tuesday is a bad day for me. That is my pickleball day. [00:11:43] Speaker D: Oh, nice. [00:11:44] Speaker E: So we had Tuesday at 5 o'. Clock. Me and three other fat old guys play pickleball for an hour and a half. So once it gets a little hotter, I'll be back. [00:11:59] Speaker D: Excellent. [00:11:59] Speaker E: Okay, so right now the weather is still manageable. We're going to play. [00:12:04] Speaker D: Excellent. That's a, that's a reasonable excuse. I just, I know I text you every month and it's been what, four or five that you, you haven't been there. [00:12:11] Speaker E: Well, it got cold. So we can, you know, once it gets hot again, I'll be back. [00:12:17] Speaker D: Excellent. So we will hold you to it. I'm going to put it on the calendar. Well, I mean, record setting heat already. I can't even imagine what the summer's gonna be like. So let's jump into the very most important thing that made me want you to come on today. We have a very loyal listener named Kevin. And Kevin listens every week and then he texts me, I'm talking a half an hour every Saturday, questions what he likes, what he doesn't like. There's something really bothering Kevin. And I said, I can speculate on what I think, but let me bring the expert on. So Kevin wants to know why, if the stock market's going down, gold and silver are locksteping and more importantly, the world's on fire. And I mean that literally. You know, from the pipeline in Georgia and the place in Valero, Texas, in Texas, the world's on fire. Why on earth didn't gold go from 5,000 to 10,000? Kevin wants to know. [00:13:08] Speaker E: Okay, great question. And it's actually a very simple answer. It's called liquidity. One of the great things that a lot of people used to say gold couldn't do this, gold couldn't be a tier one asset because it's not liquid enough. And then of course, gold kept running. You know, and I've been doing this 24 years now, so I've been doing this a long time. And you know, with the Basel agreements and whatnot, gold became a tier one asset, which allowed for, for countries and in companies and hedge funds to list gold at 100% of its market value. And one of the big things that, that happened in, in this, with this latest episode One of the things you, you would notice if you go back and you look at the, the last times, whether it was Covid or when the Russian war started or any of these other dust ups, there is always a very simple pattern. The treasury yields would fall because they would say people are flocking to safety and they're buying Treasuries. And when there's a lot of people buying Treasuries, the yields fall. Well, if you look at the treasury yields, they didn't fall. They went the other way. Treasury yields went up exponentially. And what you saw was over $60 billion worth of US treasury bonds got liquidated through the market as countries needed to raise cash. And obviously gold being a tier one asset, and we know how popular gold has become for countries and even places like Tether, there was raising of liquidity going on in the marketplace. Turkey primarily had to sell a lot of gold because they had to pay for fuel and do those things. And also they were lobbying missiles, you know, some of the missiles at Turkey. But what you're seeing and what I've been telling my customers really for the last eight weeks, whenever this thing ends, you are going to see a huge rally. $6,000 gold is coming. And well beyond that, 100 plus dollar silver is coming. This was kind of like a timeout in a very unique situation where a lot of money had to be raised very, very quickly. TOM and fortunately enough, believe it or not, gold really showed how valuable it truly is. And if you actually look at central bank gold buying like last month, we had more countries than ever buying gold last month on this pullback, the ones that realized, hey, you know what, wow, that did work out really well. That worked out really well for Turkey, Russia. You know, obviously once the gold price went up, that's helped the Russians immensely. But earlier January, February, they had to sell some gold to fund the war. But gold has become one of the most important assets because it's showing how deep the markets truly are. And if you have gold, you know, as I say to people, this is savings. If, if push comes to shove and you need to cover a position because you know you're on the wrong side of the, whether it be natural European natural gas or you're on the wrong side of Brent crude or Nymex crude, you need to raise money for a margin call because you're a big outfit, gold can handle that for you. And it was obviously one of the things too, J.R. a lot of you had already made a lot of money, so it was easy to do that. But that's what you've seen. And you'll notice here in the last couple of weeks now, gold's kind of stopped going down, started going back up again. And we had that pattern, though. You're right. As the war ticked up, the higher oil prices got, the higher the yields got, you saw gold falling. And then really about the last 10 days or so, we're kind of seeing, hey, higher oil prices, lower oil prices, people are going back into gold. And again, I think if people are certain this event is over, you'll see that resumption. And actually, it's kind of interesting because you would think, well, gosh, gold didn't go through the roof. That must mean people will be less interested in it. And it's actually the exact opposite. The institutional. I'm talking the big players. You're not, not you. You know, you and I, we may buy an ounce or 5 ounces, 20 ounces. Not talking about that. I'm talking about people that buy the metric ton. They're very impressed with what gold has been able to do, and they're going to be a lot more confident holding it because that's what you want out of your reserves. Whether you do it in treasuries, you do it in gold, you do it, I don't know, maybe you do it in Rennes or European bonds. You want to be able to sell it quickly and get good value from it in those emergency situations. And this is really probably the first time that gold has really stepped to the plate as a tier one asset where liquidity's been needed. And it did really well. [00:19:08] Speaker D: Well, and you hit something. I mean, one. My, My observation to Kevin was one of the things is, look at how well gold and silver has held onto their value. Silver's still around 70 bucks. I mean, yes, it hit 100. The frenzy you said this morning on your show, the supply issue is going to rear its ugly head again, too. There's no silver. I watched France. France repatriated third gold last week. I mean, I don't think we're done by a long shot. And Kevin was not asking me questions like, know, should I sell? He. It wasn't about that. He's just. He's confused. And, and I think a lot of people. [00:19:44] Speaker E: Yeah, because it makes sense. Because you're like, wait, well, you know, gold's the hedge, right? It, it. It's. It, it, it. It's the protector of things. And it is, you know, but, but you got to give. When you have. What. What happens with, with Iran and And of course, oil's at everything. People don't realize, literally there's hardly any products outside of food. And unfortunately some of the food oils in just about everything. Right. I mean it's every, it's the most important commodity in the world. And people went to liquidity as best they could and, and that takes a few weeks to play itself out. But once, once it's played out, which I think it looks like it's been played out now, you're going to see the, what gold can really do. And like I said, it was actually a really impressive performance. And a lot of people, you know, that have a lot of insight into this are taking note that look how well gold was because like I said, if you're going to hold money in reserves, if there's an emergency or something unexpected happens, you want to be able to sell it and get fair value and get that liquidity. And gold was a superstar well. [00:21:08] Speaker D: And to put on my sales hat real quick, what you're saying, I agree with that. We're not done. We are at intermission. It's a good time to reach out to you if people have the means, if people need to diversify. So this might be the calm before the storm again with, with movement. So, and let me use this as a time to do it. If people want to call you, how do they get a hold of you? [00:21:33] Speaker E: Yeah. 800-951-0592. All AmericanGold.com is our website. But yeah, this is, this is what I've been telling everybody while this is going on. Jump in, grab some silver, grab some gold. Before, before we have final clarity. We don't know what, what it's going to be. Like you said, hey, is it half time? Is it the third quarter, the first quarter? You know, that will be, that will work itself out. But while this is still going on before the dust settles, I highly recommend you go in and grab a few more ounces because when the dust is settled, whatever that may look like, you are going to see the next leg. Because we're, listen, first of all, we got to pay for the war. Now that gas is doing what it's doing, right? There's a lot of spending coming from governments all over the world. [00:22:31] Speaker D: Nobody's talking about that, Joe. I mean, part of my thing, 39 trillion in debt. We're at the end of our world. Reserve currency, we got off the petrodollar standard, whatever it was, what, two years ago. Now, where's the cost item that people are talking about? And some of the things that you watch, that the average bear doesn't. I'm sure you're hearing the word pop up a little more. Yield curve control. So the government is very much aware of their spending. The government is very much aware of quantitative easing versus yield curve control. I mean, this is not going to end well. My whole thing. Does it end poorly in 2 years or 20? Am I going to see it or is Anthony, Are you going to see it or is Jerry? [00:23:13] Speaker E: We're going to see it. We're going to see it. It's something where this is just another example. Believe it or not, this makes the world even more apprehensive about buying. Trish, just to give you an idea, the debt is double, yet foreign holdings of US treasuries is literally the sin. It's actually down about $90 billion from. So they own less treasuries today at almost 40 trillion than they did when the debt was 20 trillion. And all of these auctions, they're just, they're not good. Less and less participation, bigger tails. And you're seeing interest rates. Listen, the Fed's been cutting rates. I know they took a pause here, but they've been cutting rates for the better part of a year and a half. And when they started cutting rates, the January note was 3, 8. It's, it's 4, 3, 4, 4 today. It's going the wrong way. [00:24:09] Speaker D: And I know the Fed minutes came out this week and I'm, oh, with bated breath, I'm anxiously awaiting to hear what's happening. Blah, blah, blah. It doesn't matter. Stop peeing on my leg and tell me it's raining. We have to do this. We have to ease into break time, but we will come back and talk with Joe Moore. Let's see here. How do you find us? You need to call us too. We want to be a second opinion on your finances. We want your show ideas, we want your feedback. So you can reach us at 623-523-0444 or you can email team another money show.com if you're shy. We need your help. We're about to hit number 700 on our YouTube subscriber. It's so funny when I say those numbers because it's like, yeah, Joe Rogan is not worried about you yet. So we're about to 700. I looked in this morning, we were like 391 or 390. I'm sorry, 691 or 693. But we do have, we're closing in on 500,000 views of our little videos and shorts. So Matt McClure, I mean, Jim Tarabokia, these, these guys that put out, you know, some spring cleaning on your finances videos. They're really good. And then we have Shelby doing the shorts that are, they're short, they're funny. Sometimes it's a clip from our show, sometimes it's from the Simpsons. So you don't know what you're going to get. But help us make sure you like and subscribe. We need your help. We always say we're little fish in a big pond. With that said, we're going to take a break, come back, knock out our Festivus report. We're, we're going to get a little item of the day on the way and then I've got a little list of stuff to read to you, little articles that I want Joe's opinion on while we have them. Anthony, anything from you before break time? You haven't said a word. [00:25:50] Speaker C: Nor will I with the two of you on this show together. We'll be back after this. [00:25:54] Speaker B: To schedule your free no obligation consultation with JR and Anthony, call 623-523-0444 or visit anothermoneyshow.com. [00:26:11] Speaker D: I think we can all agree losing money sucks. No one likes to lose money. But Outside of the one month downturn in 2020, the biggest black swan event in modern times, has anyone really felt the pain of a stock market loss? Has everyone forgotten how devastating 2008 was? What about the dot com bubble? Are we all so naive as to think that this could never happen again? Hi, I'm J.R. rachford, host of another money show with almost three decades of experience. What if I told you I don't care if the bubble bursts again? Because there's a way to make sure that market downturns don't throw off your retirement assets. Come and go income is forever. Protect your retirement by self funding a pension and you know you'll never outlive it. You may not have been lucky enough to have a job that offered a pension, but that doesn't mean you can't start your own. We can help. Reach out to us at 623-523-0444 that number again, 623-523-0444 or find us on the web at anothermoneyshow.com and let us help you not worry about your retirement. [00:27:26] Speaker A: Registered investment advisors and investment advisor representatives act as fiduciaries for all of our investment management clients. We have an obligation to act in the best interests of our clients and and to make full disclosures of any conflicts of interest. Refer to our firm brochure the ADV2A page 4 for additional information. Any comments regarding safe and secure products and guaranteed income streams, refer only to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company and are not offered by bwa. [00:27:58] Speaker F: You check your account balance and realize you have no idea where your last paycheck actually went. Bills are piling up, that nagging anxiety kicks in and you wonder, how did I even get here? If that hits too close to home, you're far from alone and April just happens to be the one month of the year the entire country stops to do something about it. I'm Jim Tarabokia for the Retirement Radio Network powered by Amerilife Financial literacy is [00:28:24] Speaker E: so important because it's what you're going to base the rest of your life on. [00:28:29] Speaker F: Resource wise John Ford of CNBC bringing up an obvious but important pointer about money and finances. And April is National Financial Literacy Month. It started back in the early 2000s when Congress realized too many Americans were leaving school without the first clue about how to manage a paycheck, a credit card or a financial future. Fast forward to 2026 and the problem hasn't gone away. In fact, nearly half of US adults still give themselves a C minus or worse on money knowledge. And as CNBC's Bertha Combs tells us, one of the best investments you can give yourself is learning how to manage your money. [00:29:04] Speaker D: You know, we all work very hard for our money and we should learn [00:29:09] Speaker G: how to make our money work for us. [00:29:11] Speaker D: And I think if you invest in knowing how to manage your money that [00:29:17] Speaker E: it will pay off as you get [00:29:19] Speaker G: older, it'll pay off in your life. [00:29:21] Speaker F: It's about knowing enough to stop making the same expensive mistakes and finally starting to make decisions that move your financial life forward forward. So here are five quick financial wins you can achieve this month. Review one monthly bill and see if you can cut, renegotiate or cancel it. Follow that with pulling up your free credit report and spot any surprises. Next, set one small savings goal. Even 20 bucks a paycheck counts. Don't forget to learn just one new money concept like how compound interest actually works for you instead of against you. And maybe the most powerful one. Sit down with your partner and or your kids and have one honest conversation about money. No judgment, just a real talk while financial Literacy month won't fix every financial bump in the road you may have. It can be the month you finally stop feeling helpless about money and start feeling in control. So pick one thing. Do it this week because the best time to get smarter with your money was 20 years ago. The second best time right now in April for the retirement dad radio network, powered by Amerilife. I'm Jim Tarabokia. [00:30:23] Speaker B: This is another Money show. [00:30:26] Speaker D: Welcome back to another Money show. Thank you so much for being with us and thank you so much to Joe Jaquin for being with us. So it's nice when we have adult supervision. You know, we have Sam every week, so we have constant adult supervision. But once in a while, we have to be on our best behavior because Joe is here. So thank you for being here, Joe. I want to do this. I want to. [00:30:44] Speaker E: Always. My pleasure. And Anthony, I. I'm glad that you're. You're just showing us your beautiful face because I know, you know, J, me and Junior, we, we don't want, you know, to give you any, any air in the room. [00:30:56] Speaker C: So I'm just here for the YouTube videos. [00:30:59] Speaker D: And Anthony doesn't have anything to say in the show. Anthony is the eye candy of the office. I am the Rantern raver. It. It's funny, Joe, because our appointments, when people want to be in the office for a half an hour or less, they set the appointment with Anthony when they don't mind being in the office for an hour and a half. They said it with me. We. Last week that happened. We had, we had somebody in, we chatted for quite a while. Speaking of which, his name's Jason. He loves shout outs and he deserves them. Very loyal listener since the beginning. Jason texted me last night and said he took some of his money and he took the massive upswing in the 30 component Dow Jones industrial average yesterday and he safeguarded it. He said that he actually did a little bit of. Of locking in the peaks. I'm like, good man, Jason. I think I called him Grasshopper. So good job. Let's do this. Let's get the Festivus report of the way because I have a couple articles that are, I think, very interesting. They're new stuff to me. Joe, you probably don't know this, but what we've decided to do, usually every year in January, we kind of pick apart Rand Paul's Festivus report where he talks about the ridiculous wasteful spending that our tax dollars. We thought all of our tax dollars were going to Ukraine. No, no, no, no, no, no. No, no, no, no. Our tax dollars are going to all kinds of other stuff too that we probably wouldn't choose. So what we decided this year was we're going to do one little example of wasteful spending every week until we run out. And we're already what we're, we're into April here. Here. We got a good one. Amount was $5,215,216. In my 2022 Festivus report, I detailed how the National Institute on Drug Abuse has paid. Have you ever noticed how many institutes are on this country? They're all national. Anyway, sorry, get myself off track. Had paid $2 million for a 6 month old beagle puppy to wear a jacket that would dose him with cocaine. Because evidently NIH can't leave beagle puppies alone. I even gave a senate floor speech about it. In November 2021, the NIH extended the project and awarded another 1.7 million in taxpayer funds, bringing the total cost of the project to 5.2 million. Seems to me that the NIH has been addicted to, to wasteful spending. It also seems like they're addicted to animal abuse. Anthony, you said something very smart last week. You said we have to start with rats and then get to dogs and finally get to humans for testing. And you know what? I'm just, I'm done with this world. So I think the other way. I want to pick and choose what humans we use, but I want to test on humans. I want to leave the beagle puppies alone. I want to leave the rats alone. Anyway, so that's our Festivus report for the week and hopefully next week. It's not beagles like it was last week and this week because that makes me absolutely sick to my son stomach. Moving on. I have a article here. I've got a friend of mine who is a poker dealer out at Desert Diamond Casino. Desert Diamond. You guys advertise everywhere. I see your logo everywhere. You must have deep pockets. So if another money show is, we don't want sponsors because we don't want people to kind of give it. We don't want no agenda. We want to make sure that this show is usually so. But Desert diamond, if you're free, I know you have deep pockets. We'll be on Monday through Friday like Joe is. We're gonna have a six hour show after all if we get Desert diamond on board. Anyway, should I say Desert diamond one more time in hopes that they hear this and want to sponsor us? So I've got a dealer friend named Tam and Tam every week comes over. Oh man, I just let it out of the bag that I play poker every week, didn't I? So Tam, I mean once every few months comes over and talks to me and we talk about conspiracy theories and we talk about. He's young so he gives me a different perspective on some of the stuff that I'm seeing and reading. And apparently Tam is starting to be a loyal listener for Money show. So a young man like he is. I love to have you because everything we talk about is going to affect your future. And I'm just not talking about Medicare, Medicaid, Social Security, I'm talking about your wallet. So Tam, if you're listening, you sent me an article that I love here. It's from coinbase.com on the 26th of March Coinbase powers the first crypto backed conforming mortgages by Better and Sam and Anthony. This part is definitely going to affect you and I'd love your thought. I'll read a little bit of this and then I highlighted pretty much the entire article, but I'll read enough so you have an idea what's going on. See here Coinbase is working with BETTER to make a crypto backed mortgage a reality for millions of Americans. The first of its kind mortgage product offered by Better and powered by Coinbase expands access to homeownership while benefiting from the same backing of Fannie Mae. Fannie Mae that's not tied to the 39 trillion in debt government is it? As other conforming mortgages, if approved for loan by Better, Coinbase One members will be eligible for up to $10,000 in closing cost credits. For tens of millions of Americans who hold digital assets, Crypto backed mortgages create an option to secure housing in a housing market where access has become increasingly constrained. Let me read one more piece here. Homeownership is one of the most powerful engines on of generational wealth, but access is getting harder. Traditional homeownership favors older generations who benefit from decades of compounding equity growth that can outpace the growing divide between housing costs and income. Meanwhile, high interest rates, record home prices and limited inventory have pushed the median age of a first time homebuyer to 40. High ongoing payment responsibilities constrain buyer mobility and financial flexibility, especially for recent buyers and low income households. In Q2 2025 a typical family needed 36% of their income just for a mortgage payment on a median new home. And for low income families that share jumps to upwards of 71% of their income. I'll stop there on the reading. So I need all three of your thoughts on this. I'm thinking your digital assets, the volatility, you know, don't forget Bitcoin. One coin last October got up to 124,000 a coin and now it's hovering at about 71 this morning. You're going to back your mortgage with that. Do you guys remember just like a year ago, Donald Trump was talking a lot about, you know, we're going the direction of 50 year mortgages, 50 year mortgage and this crypto backed mortgage. Those are two different schools of thought. Both of them have, they have promise if it gets the homeownership dream back to younger people. But is it scary? Is this okay? What do you guys think about this? [00:38:17] Speaker C: What do you mean that it's backed by crypto? So what does this article even mean? [00:38:23] Speaker D: This article means like, let's say you're a younger family because they're saying that the, you know, you're 40 years old now before you buy a home. So so much for the 2.5 kids, white picket fence. So let's see here, there's an example here. [00:38:37] Speaker C: So essentially it's saying Coinbase is trying to become a legitimate bank because legitimate banks do offer mortgages, but they're making their money in other ways. So all this is, is a bank that's trying to make its money through crypto and handling the exchange of crypto and now they're going to offer mortgages too. [00:38:57] Speaker D: So here, here's one line that says what it's trying to do. Crypto backed mortgages function just like a conventional home loan with the same legal protections. The key difference is simple. Instead of needing to come up with cash for the down payment, borrowers can pledge their crypto holdings as collateral for a separate loan that's used to cover the down payment. This is a major step forward for crypto's real world utility. And with this new offering providing the unique benefit of added stability in government backing, what stability is in cryptocurrencies in the government backing at this point? Are we going that way? Yes. [00:39:37] Speaker C: Are these all collateral loans now? Because that's not normal for a normal bank to hold collateral as a part of the loan. [00:39:45] Speaker D: You read the Genius act, you and I talked about it last year. The banks are in the process, as we speak, of getting training from the fdic. That's one of the articles I have for today. The FDIC is doing the training right now for the banks to start offering stable coins. So this is definitely coming mainstream. The unknowns is what I mean, should I be worried? Should I think this is great? Do I tell Tam this is the best thing that's ever happened? I know. I know a lot of younger people with a bunch of cryptocurrencies. [00:40:14] Speaker C: Well, just if cryptos fail and Coinbase fails because the crypto holdings as fails, then these home loans just get sold to someone else. [00:40:24] Speaker D: That's what I'm thinking. I mean, I, I don't know. I mean, you know, just like a [00:40:31] Speaker C: way to try to legitimize Coinbase. [00:40:35] Speaker D: What do you think, Joe? Is this, is this the wave of the future? [00:40:38] Speaker E: Yeah, it just depends. Are they, are they, is it any crypto asset or is it just a stable coin? If it's a stable coin, that, that's, you know, a little different animal versus hey, I'm going to pledge Bitcoin, or the way I'm reading that is all as I heard in there is, hey, if you get a loan through better, which I, I guess is who Coinbase is looking at using, you can get your down payment or your closing cost by using the crypto that you're holding. As long as it's that, that doesn't raise alarm bells. If it's something where you can pledge your crypto as collateral, that would be different. Right Then, then I'd be very, very skeptical because obviously if you have a big plunge in price, all of a sudden that collateral you pledged isn't worth, worth it. Do you get a margin call at that point? So I would have to have more detail. But this is something where eventually, because it is so much cheaper to buy things in certain cryptos, not Bitcoin. Bitcoin's very expensive, but there's a lot of cryptos. You can do huge transactions, tiny transactions, and do it effectively and not have to get, you know, the bank fees. You know, I'll be honest, sending a million dollar wire, which I do send million dollar wires cost me about $150 to send a million dollar wire. Now, it used to cost any wire, used to cost 25 bucks. The more money the wire is, the more the bank charges me. So it's something where using cryptocurrency to pay for things is definitely something where that's a huge money saver for a lot of companies, especially if you're doing, you know, I don't know if you're closing on 20, 30, 40 homes a day. 50 homes a day. That's a, that savings adds up real quick. Right. So that article's a lot of substance is not in there. So I, I, I'm not, I don't know enough to say. [00:43:10] Speaker D: And it's brand new to me. I got this last weekend and I just, I was like, holy cow, I never thought of this. And one thing that bothered me further in the article somewhere that I have highlighted, it basically says, your crypto stays collateral for the life of the loan. So what if your, your crypto goes up by 40%, you can't take it back. So Sam put on the board, Sam asked, can I, can I borrow against my crypto assets? So far, it seems like not really. Because you have to sell cryptos, turn it into USD, and then you can use the USD. This is kind of saying, yes, you can buy a house, the down payment at least by leveraging your crypto. [00:43:48] Speaker E: Yeah. And I wonder what they're going to value at. Do you get half the value? Do you get 100% of the value? That, that Right. I don't know. Interesting. [00:43:58] Speaker D: I think they said you have to put two and a half times. One line says here, if you want to buy a $500,000 home, you can pledge 250,000 in Bitcoin and get $100,000 loan to cover your cash down payment. So they're using the $500,000 house. So you're supposed to come up with 20%. Yeah. [00:44:20] Speaker E: You need 250,000 in Bitcoin. Yeah, that's collateral, but you don't have to sell it is what they're saying you, but, but they get to hold it for you. Okay, so they're pricing in a pretty big decline, right? Real big. Though it may not be big enough. [00:44:40] Speaker D: So maybe I'm overthinking this whole thing, but you're right, not enough sustenance. We, we need to hear more about this. But this is brand new to me and you know, I love finding that stuff. So thank you, Tam, and we will keep watching to see how this plays out. So what's next, Joe? Should we talk about. Do you want to hear some Kasperi theorists? Do you want to hear me? You want to hear me drink on the show? [00:45:02] Speaker E: Yeah. [00:45:02] Speaker D: So I had another loyal listener, John in Peoria, who never, I gave him a shout out last week and he never commented on it. So here's your. Here's another chance, John in Peoria. So, the Daily Mail on 31 March, there's a article there, it says, mystery of scientists dead or missing rises to eight as two more men tied to America's most coveted secrets join the list. Are, Is any of you listening to Some of this stuff, nuclear scientists and aerospace people all of a sudden being missing and killed. Have you hear anything about this? [00:45:41] Speaker E: I did, I, I, and the, I've seen the headlines on it. I actually have one of the articles saved and I just haven't gotten to it yet, you know, because the Iran stuff takes all the air out of the room. But yeah, so all of a sudden seems like some very high level scientists that, that have lots of inside knowledge are disappearing and turning up dead or no one knows where they are. [00:46:19] Speaker D: And what is this about? The timing is suspect. Are we about to go mainstream with nuclear power instead of petrol because of the data centers and AI? This is, are we about to find out there really are UFOs? What on earth is going on here? There's a lot of ties here to, to nuclear plans, to NASA. So, and, and Joe, if you want, I'll send this article over to you. It might absolutely send it to me. [00:46:45] Speaker E: Absolutely. [00:46:46] Speaker D: So, but John and I were talking about it when there was only a couple. We talked about it like I don't know, a year and a half ago, two years ago, then we talked about it maybe a year ago and then we just talked about it recently. So I found it interesting that now we're up to eight, there's assistance and other ones too. But these are the main, these are like real top dog people and I just, I find it interesting, I love [00:47:08] Speaker E: the equivalent of Iranian nuclear scientists that the, Israel, Israel would want to blow up. That, that this is the US equivalent of that. These are, these are very high level, very smart, very important scientists that, that are all of a sudden missing. [00:47:32] Speaker D: And you know what, you bring up Iran, you know what my first thought was when I was reading this article last night? China, we had open borders for four years. Everybody's watching the Mexican border. What about the Canadian border? Who came into our country? You know, we've talked over the last few months about possible terror cell sleeper cell activity. We've talked about still not knowing who's in the country underneath things. I've been telling people if you're a Second amendment fan and you've had the proper training, you probably want to be armed everywhere you go, whether it's school, church, whatever, you know. Another woman was killed. Two, two last Friday and it didn't make the news here in Arizona at least. A woman in Fort Myers, Florida who worked at a Chevron station saw a guy with a hammer hitting her car. She's at work at Chevron and there's a guy outside hitting her car. With a hammer. She walks out, which I would think I would too, to find out what the hell is going on. He hits her in the head with the hammer. She falls down. He beats her to death on the ground. You know, our. The woman in the subway, Irina was her name Zyritsky? It just came out yesterday that her murderer, her assassin is not fit to stand trial. We have all these people in the country that just slowly. There's a woman in Chicago who was killed a few weeks ago that you barely hear her name. It's really weird. That's all bad. That's horrific. That people are losing their lives in this country because we let people in that they don't care about human life. Perhaps, but we have tons of Chinese nationals. From what I've read in this country, they've bought tons of land specifically recently, in the last decade, near military installations. Those are like installations, but only more fun. We Chinese balloons have gone over the country. So I don't know, I mean, I'm thinking maybe these people are. You know, they. Their secrets were taken by China and then they couldn't go back and tell anybody, so they got rid of them. But that's my tinfoil hat. So I don't know. [00:49:31] Speaker E: Interesting. [00:49:31] Speaker D: Okay, enough of that. Let's switch gears and talk about other one we. Sam, how much time we've got about 10 minutes left. We got plenty of time. I got lots more articles to get to. Let's talk about this one for a second. This is my very favorite subject. And Joe, if you do want us to come on like for a little short snippet regularly. One of the things I'm going to bring up a lot and it's not because it helps your career and our career if you don't keep too much money in the bank. Where do you put it? You put it in food, water, lead, gold, silver, stocks, bonds. You diversify it. But I've said for a while now, how do you. How are you a financial advisor who's leery of stocks, bonds and banks? But you know what? You know the reason that I'm a financial advisor? I've been here almost 30 years. I've got the experience. I've got Anthony in the office who's an engineer. He's been in for almost a decade. He's been here eight years. He knows his way around things. We agree 2 and 2 are not making forever anymore. So I want to come on your show and rail on the banks every week. Let's see here. New this is from msn.com on the 1st of April. Hey, that was April Fool's day. But I don't think this is a joke. New U.S. banking rules start April 1st. How they could affect you. Changes to the U.S. banking rules are taking effect easing restrictions on banking activity that some regulators believe could free up funds for consumer lending. But others like me warn could heighten the risks of another crisis. In November. The three major banking regulators, the Federal Reserve, the Federal Reserve, they're not federal and they don't have any reserves. But those guys, the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a final rule loosening a set of capital requirements for the largest U.S. banks. You heard that? Largest U.S. banks. So we're already worried about community banks, we're worried about smaller banks. You brought up again this morning on your show Joe. This is like the third time I've cited your show of this morning CRE commercial real estate. Didn't you say it's up to like a 7% default right now? [00:51:46] Speaker E: Yes, delinquency is over 7% now. Seven and a half. [00:51:50] Speaker D: Scary. That's scary because who else is ready to go in the next year or two? So anyway, and I already mentioned earlier in this show we're at a 0% reserve requirement since March 16th of 2020 because we're all going to die with COVID the government in their infinite wisdom said banks, you don't have to keep any reserves. You go ahead with your mortgage backed securities and derivatives and whatever you want, we'll be fine. So this is going to make it worse but this is keying in on global systematically important, important banks. Federal Reserve Governor Michael S. Barr warned that this rule would result in a $219 billion decline in bank capital and significantly increase the risk that a GSIB bank would fail. This is talking about Wells, J.P. morgan and Chase. We've already told you the FDI insurance fund on your money. It's three steps. Go to FDIC.gov then go to statistics at a glance. Look up DIF the deposit insurance fund. It's currently, currently today sitting at 1.4% coverage on your money. So if we have a modern day run in the banks, good luck. The reason I bring this up so often on our show, we want you proactive, not reactive. We want you prepared, not scared. We want you to go over to Joe's office and get some your savings money put in a hard currency, a hard asset. We it's, this is you know, Lebanon, Greece, Cyprus. When you look around the world Sooner or later, if we have a Friday night at 6 o' clock Arizona timer after bank holiday for Monday morning, nobody that listens to our show is gonna be surprised. So I'm gonna keep bringing you articles and letting you know there is no money. Joe, anything to say? [00:53:36] Speaker E: I want people to understand all of the. When they changed the rules and said, okay, next time this bank failures happen, next time the financial crisis happens, it's go to be a bail in instead of a bailout. All the rules that they put into place to make sure that it didn't happen again, they've gotten rid of them all. But what makes it worse, the rules are going the other way now where they're making them even more risky. And here's the issue, here's what they need these banks to do. There's not enough people going to these auctions across the world. Japan, Europe, China, here at home. And these big, too big to fail banks, they're the ones that run these auctions, right? The government pays them to run these auctions. Well, part of the rule is hey, if, if the yields start going too high, we expect you banks to come in and buy the rest of the auction to keep the yield from going crazy. Then right now the banks are saying well gosh, we're out of money based on the rules, we can't go any higher. So they had to come up with this new way of allowing banks to buy up more of these auctions. And essentially as we know, having all of your eggs in one basket is going to lead to disaster. And that's exactly what's happening with this rule here. It's just essentially how far can they kick the can before we get to the cliff? And I think we got about one kick left J R that's where I'm at on all of it. [00:55:13] Speaker D: Amen. Man, I wish we had more time. Joe, Joe, tell people again if they want to reach out to you, how do they get you? [00:55:19] Speaker E: Yeah, so just call our offices at 800-951-0592 our website at all americangold.com my show is Monday through Friday from 9 to 10 at AM on the sister station 1010. So if you go to 1010am the sister station of the Patriot, Monday through Friday from 9 to 10am you catch my show. [00:55:46] Speaker D: Best show ever. My favorite show. I like it way better than like our own show. [00:55:52] Speaker C: Agreed. [00:55:55] Speaker D: You don't listen to our show. [00:55:56] Speaker C: Anyways, that's it for our show. If you like what you heard, you have any of the questions and the topics, if you need to find out how to get a hold of Joe or get a hold of us. Give us a call 623-523-0444. That number again is 623-523-0444. Remember, you can find us on the web another money show.com in the meantime we will be back on air at 5am and at noon Saturdays on 960 the Patriot. [00:56:26] Speaker D: And Joe, will you shout us out tomorrow when you record on Friday? Will you tell people listen to you on Saturday on our show? [00:56:31] Speaker E: I will. I will absolutely try to remember. Send me a text so you can remind me. So listen, God bless everybody. Anthony, always good seeing your brother J.R. we'll talk again. [00:56:41] Speaker D: Take care Joe. [00:56:42] Speaker E: All right. [00:56:42] Speaker D: Thanks Sarah. [00:56:44] 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 this visit anothermoneyshow.com investment advisory services offered through Brookstone Capital Management, LLC, BCM, 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. At Rochford and Associates, we know you've worked hard to earn your money and you've worked even harder to save it when it comes to wealth management and planning for retirement. JR Rochford and his team of specialists have been helping individuals, families and business owners find financial freedom at their veteran owned firm for more than 25 years. Rochford and Associates also helps Americans like you with their insurance needs and estate planning so you can be protected from life's uncertainties with a comprehensive retirement plan. Let us help you protect and grow what you've worked so hard for. Take the next step toward financial freedom now by scheduling your free no obligation consultation so JR and his team can come to understand you and your family's specific needs, concerns and financial goals. Give us a call now at 623-523-0444. That's 623523. Rochford and Associates. Lasting Solutions for your family, your future, your life. [00:58:23] Speaker A: Well, the cost of living these days is high as you probably know just about every time you step into the aisle at the grocery store or pull up to a gas pump these days. But it's right now in the middle of America. Saves week. And so what we're going to talk about Today is how in the world, world you can actually prioritize saving when things are so expensive out there. And joining me now to talk more about that is Shikha Narula, who is the head of Consumer Deposit Products transformation and Rewards at Bank of America. Shikha, thanks so much. Nice to talk to you again. [00:58:57] Speaker G: Nice to talk to you again, Matt. [00:58:59] Speaker A: It really is kind of a tough thing for a lot of folks, I think to sort of wrap their head around these days is like, well, you know, everything's so expensive. I feel like as soon as the money comes in, it's got to go right back out the door. I know you all do, you know, surveys and ask folks kind of how they're feeling, get the, get the temperature of, of things as far as saving and spending go on a pretty regular basis here. What are the latest numbers show, first of all about how people are feeling right now and kind of what they're prioritizing in their financial lives. [00:59:33] Speaker G: Yeah, so according to our bank of America data, 52% of people are listing savings as their top priority. Yet, you know, 72% expect inflation or the high cost of living will impact their financing. So as consumers, you know, struggle with that, what I would say is automatic automating your savings can help. There are tools that do the work for you, whether it's bank of America's Keep the Change program that automatically rounds your recent debit purchases up to the nearest dollar and transfers the change from your checking to savings. I think that's a great way to automate your savings. I think the other thing you can do is set up recurring automatic transfers from your checking to your savings account so the money moves before you have a chance to spend it. So, you know, there are ways consumers can help themselves by paying themselves first automatically. [01:00:25] Speaker A: Yeah, I love that. You know, automating things is so helpful. I know in my everyday life as well. Just if I don't, if I don't see it happen, I don't have to think about it happening. It just kind of happens in the background. It's so, so helpful. And you know, I mean, even if, you know, people are, are struggling today to, you know, just with high cost of living and inflation and, and all of that, they may think that, well, if I, if I prioritize saving, if I cut back on my spending, if I do all these things, it means that I can't, you know, have any fun in life. I can't do, I can't have, treat myself every once in a while. How can people sort of strike that balance? [01:01:04] Speaker G: Yeah, I think it's about cutting back, not completely cutting out. So nearly half of Americans say they tend to prioritize spending on day to day treats and experiences over saving for the future, according to our bank of America data. So the desire for those small joys isn't going away. That's okay. So instead of cutting them entirely, scale them back intentionally, maybe opt for a lower cost version of something that you love. Or maybe it's a latte out on Fridays instead of daily. The other thing I would say is define what brings you joy. So start by reviewing your past spending to identify your joy spending categories. It could be, you know, maybe a specific hobby. It could be dinner with loved ones. And then use the 50, 30, 20 budgeting framework. So 50% of your after tax income to cover your needs like rent. Put away 30% towards things that you want, including those joy spending categories, the dinner out with loved ones, maybe. And then 20% needs to be directed towards spending. So as you're consciously directing that 30% towards things that bring you happiness, I think that will help balance things out with long term savings goals. [01:02:20] Speaker A: Yeah, prioritizing there. And you know, I mean, when people are thinking about saving, you know, maybe they're thinking about saving for, you know, a big purchase or a big event or something like that, or maybe they're thinking about just building up an emergency fund over a period of time. But if they're saving for something big like that maybe, you know, emergency fund, which I know that a lot of folks say about six months of expenses is what should go into an emergency fund. So that's, that's a big goal to have, but also something like a, maybe buying a home or saving up for a wedding or whatever. How can we break those things down into maybe smaller, more achievable steps? So, so it doesn't seem so daunting. [01:03:01] Speaker G: Yeah, I think saving for those bigger moments or those bigger goals, it can feel a lot more manageable if you break it into smaller steps. So maybe split it, maybe it's that down payment towards your home or that emergency fund, maybe split it out in five or six chunks and then set milestones for each of those chunks. And as you hit those milestones, make it a point to celebrate. So that's one way you can try and stay on track. Give yourself a deadline. So set clear deadlines for both those milestones as well as the overall goals. And maybe try and link each of these goals to a dedicated savings account so that way you're keeping money separate from your checking and that removes this temptation of spending it. And hopefully then you start to see that progress that you're making towards each one of those smaller chunks and then make small adjustments which can add up along the way. So free up the extra cash for your goals by taking a look at some of the smaller, easier to overlook expenses. Like maybe you have subscriptions that you don't use anymore or maybe you're using rideshare for short distances. Maybe if you were to scale back on some of that, it can help you redirect maybe even a small, modest amount each month towards those larger goals and see yourself make progress. [01:04:22] Speaker A: Yeah, those little things definitely do add up over time, that is for sure. Well, just about time to wrap things up here, Shikha, but anything else you wanted to add, maybe where folks can learn more or get more information about America Saves Week or some some tips there where, you know, they can just learn more about what we've been talking about. [01:04:41] Speaker G: Absolutely. I think there's a number of digital tools that are out there. Bank of America customers can access Life Plan, which is a great way for them to, you know, look at the personalized financial goals and track progress as part of America Saves Week. There's a lot of information that's out there. Consumers can go to americasavesweek.org and learn more about America Saves Week. Listeners can also visit bettermoneyhabits.com to get more financial guidance and savings advice that we discussed today. So those are some of the resources that I would point listeners to. [01:05:17] Speaker A: Very good. Shikha Nirula is the head of Consumer Deposit Products Transformation and Rewards at bank of America. Shuka, thanks once again. Really do appreciate your time. [01:05:26] Speaker G: Absolutely. Thank you for having me.