Episode Transcript
[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 JR Rochford.
[00:00:42] Speaker C: Here we are, your hosts, Anthony Correo and JR Rochford taking a break from our day to day as financial advisors with Rochford and Associates, fully independent, fourth generation veteran owned office right here in Sun City. And we are taking that break from our day job so that we can bring information you're not finding on those other financial radio shows. We're aware the last thing you need is another money show, but we appreciate you being here. Thanks for tuning in.
[00:01:09] Speaker D: So, yeah, I mean we say it every week, but we really were so glad you're here. I mean we always say we're a little fish in a big pond. This is not an hour long infomercial. I mean this, this show, it's about current events and how they're going to affect your future and your finances. If you're new with us, we always let people know that our objective with this show, to make sure you're prepared and not scared, to make sure you're proactive and not reactive. Instead of just telling you about Roth conversions and, you know, estate planning, we, we like to talk a little bit more about what's going on in the world around us and let's jump right into it. So I, I kind of thought, well, usually we start out with shoutouts. I, I don't have many this week. I've got one main one. I want to give a very rare appreciative shout out to Anthony who is also here in the wings. No, it's a good thing, Anthony. So Anthony gave you an idea last week and if you haven't taken him up on it, I still do. So the movie that he talks about over the years, boom, Bust, Boom. Is on YouTube. You can't buy this thing on Amazon. We don't know how to help you get it. We also bring up the baby boomer dilemma. Dilemma. The dilemma. And we know how to get it so we can help you see it for free in the comfort of your own home or van down by the river or wherever you inhabit. But so if you go on YouTube, you can see boom, bus, boom. And it's so good. I. I've this, I don't know, maybe the fourth or fifth time I've seen it, but it's been a while. And every time I see it, it' more and more relevant and applicable to our finances, our future, our world. You need to see it. I mean, it's, it's history.
But when you watch it right now, it's. I mean, the one thing that I kept thinking about while I was watching it was bitcoin. You know, today is the anniversary of the big pizza day for bitcoin. Somebody bought a pizza, a cheese pizza with 10,000 bitcoins. They were worth about 2 cents at the time. So the very first hard asset purchase from bitcoin was a cheese pizza. So today's that anniversary. Look that up if you, if you want to.
[00:03:06] Speaker C: Yeah. And you know, this, this documentary too, is made by Terry Jones from Monty Python. So incredibly entertaining.
[00:03:14] Speaker D: It is entertaining. It's light, it's airy, it's not too heavy. They don't deep dive into things enough to lose people. But great information, though, it is. And I think what you're going to see is we for the last roughly 15 years have been in a boom cycle. And the, the gist of the movie, what follows the boom cycle is always the bust cycle. And I mean right now, I mean, we're watching home inventories rise fast, but the prices aren't coming down, the interest rates aren't coming down. You know, the 30 year is around 5%. It's. The Fed is, is feckless, worthless, weak. There is, have been. I mean, so far I like Scott better than I like Janet Yellen. Oh, man, I miss that little human mushroom cartoon. But, I mean, there's a lot of issues right now. I read a lot. I read stuff every week. And it's so funny because bitcoin is, you know, as of today, and it's at about 111,000 a coin. 111,000 a coin. It's air.
You can't buy a pizza with it right now. What, I mean, what would 20,000 bitcoins, what could you buy if you cashed out what you cashed out for pizza?
[00:04:24] Speaker C: With bitcoin, you can't buy anything but with cash because obviously bitcoin isn't a currency.
[00:04:30] Speaker D: Well, it's air, but it's not currency.
It's not. And it's also I mean, you know, we like the idea because the fiat currency is over. We're at the end of our world reserve currency reign. Everything's changing. The problem is like tulips, like Beanie Babies. And you will get an education on the tulip situation if you watch Boom Bus Boom. You know, we're not convinced it's real still. You know, I mean, it's too volatile for one thing, for most people. The other thing is, unless you got in a long, long time ago, it's just, it's out of reach for most people. You know, I go to a million.
[00:05:05] Speaker C: That's what Trump said, right?
[00:05:08] Speaker D: Yeah, he did say that. And I was about to say, I read articles just yesterday. I didn't print any for the show because I just can't. I mean, I can't make myself do it. I printed one that said it's going to 250,000. I didn't print. I read, I read another one that says going to half a million. I heard on Joe's show this morning, you know, it wouldn't be surprising if it went to 250,000. I see it all over the place. But then I read articles on the sources I go to, mostly like Daily Hodl. There was just one yesterday from Daily Hodl that said it's, it's due for a huge correction before the legitimacy kicks in. The answer is nobody knows. I don't know. We don't know. You know, we've come with you.
[00:05:42] Speaker C: What legitimacy kicks in, though, because everything I sent you, that, that Instagram video.
[00:05:47] Speaker D: The government, the government, when they put in the bitcoin reserve, when they, when they say the dollar's done, we've warned people for the three years we've been on this show that we're going to have a central currency. If they choose to make it bitcoin overnight, it's going to be legitimate. But the handful of people that have got gobs of it are going to be the 1% now, and the rest of us are going to be out in the cold. So what does it solve? I don't know. I mean, I think in that transition, we have a housing market crash, stock market crash. I think there's going to be bread and soup lines like the Roaring Twenties. I think there's a lot of growing pains to be had. But I will tell you something. We've come clean on this show with you. We told you just about, I don't know, a month and a half, two months ago that, that Anthony dipped in his toe. His. Dipped in his Toe his toe in the water and bought XRP. I've told you, I bought Grayscale. I've bought ETFs through my Schwab account. Shout out to Schwab. Looking for sponsors. You know, it was a. What? It was a Scottrade account. Then it became a TD Ameritrade account. Now it's a Schwab account. I didn't ask for any of those changes, but it is what it is. And I just bought a cryptocurrency this week, so I am not hawking it on here. Anthony's worried that I'm gonna try to tell people about it. Reach out to me on your own if you want to hear about it. But I put some money in another one, and I. And I'll. And I'm not going to even say the name on here because I don't want to scare Anthony, but are we missing the wave of the future? I don't know. Do we still think it's bullshit?
[00:07:04] Speaker C: Of course, because you have to be the first one to buy into the Ponzi scheme.
[00:07:08] Speaker D: Well, then call me.
[00:07:10] Speaker C: Hold in the bag. That's how.
[00:07:11] Speaker D: You're right. I mean, we. We got mad at people that, you know, bought Shiba Inu, which is a joke on dogecoin, which was a joke on bitcoin. You know, Saturday Night Live, Elon Musk came out and said, it's all baloney. The whole thing's just smoke, mirrors. And you know what? I have so much today. Let's move on from cryptocurrency.
We'll move on. I'll pay you in my new cryptocurrency to move on from bitcoin. A couple of things for you as we jump into things. So I listened to the show last week, as I always did over the weekend, and I realized I talk too fast. And I apologize to you because when I listen to it, I hate my voice. But I think everybody does that. Talks. But I hate your voice. And I hate yours. So I. I just. When I. When I think I talk too fast. And I love myself. I'm a junior narcissist. When I. I mean, I know it's too fast. Well, here's the solution for you. One, Catch us again. Anywhere you find podcasts, just do a Internet search. Use Google. I don't recommend it. I would say use DuckDuckGo and a good, healthy VPN, but find us just. Just research online. Another money show. We have a YouTube channel support like share Help us there. Every single episode for three years is you can find it through your favorite podcast channel, if that's the way you go. We go to our websites. We have a couple different websites, and you can have the episodes there. But I'm not going to stop talking too fast. You know why? I get one hour a week and I. And I say two hours worth of stuff in one hour. So my apologies, but it is what it is. Anyway, weird. Last weekend I was walking on the beach and I saw a bunch of shells and they made a formation, so it caught my interest. So I just, I took a picture of it. I'll put it on social media later. But the shells spelled out call us at 623-523-0444. I just thought that was odd. I mean, what are the chances that I'm on the beach? What are the chances that I found shells? What are the chances that they spelled out our phone number? So I thought I'd pass that along to you. A couple of things for you. I want to start this week. Well, it's like, what, 10 minutes in already? I want to continue this week with some follow up stuff. At the end of last week's show, we brought up Real id and I said you may want to look into it. You know, it's already under the radar. There's not a lot of fanfare. I haven't been to the airport since May 7 or whenever it was unveiled. But I did want to follow up. I do think you need to make sure you're watching your surroundings.
Because although I dig into, you know, mostly scary articles and the stuff I dig into, that that is something that the entire country is going to be subject to, and I want to know why. I do have the article in front of me that I referenced last week, and I want to read a little bit of it and then I'll drop it there. You do with this information what you see fit. If it doesn't bother you, and you're more like Anthony the mellow, you know, thinking that it is what it is and just shut up, Jer. Stop escalating. Get your real idea and move on. And if you're like me and you think that this is. This is going to go nicely hand in hand with the new cryptocurrency or the central bank digital currency that's coming and that this is a way that they're going to kind of trap us all, then put on your tinfoil hat and join me. You pick. So let me read a little hair of this. Real ID is not about keeping you safe today. Oh, by the Way this was on May 7, the day that it went live.
Let's see here. Today, after nearly two decades of implementation and delays, the federal government's new identification requirements for traveling by plane domestically or entering federal buildings technically go into effect. By the way, that's the first rollout. Planes, federal buildings. When do you think you're going to start needing this to show ID just like you do any other, to get a fishing license, to do whatever?
[00:10:44] Speaker C: I think social credit scores.
[00:10:46] Speaker D: Well, you just jumped to the end of my bottom line because I am a tin foil hat card carrying conspiracy theorist. But the good news about being me, everything I say I might be early, I'm never wrong. Ooh, narcissism number two example. Anyway, so let's see here. This federally compliant ID card known as REAL id. Yeah, Real can be only attained with specific records and documents laid out by the federal government. It's labeled by a black or gold star in the upper right corner. Even though DHS Secretary Kristi Noem promised that at least initially, people without a real ID will only have to face some extra scrutiny at security airports or I wonder if I can get a body search or cavity scan. It's safe to assume that as the full requirement sets in over the next several weeks and months, some number of people will show up to airports unaware that they no longer have the documents required to board their plane. And because the process of getting through most domestic airports was grueling enough before the deadline, many expect air travel to be especially arduous during the transition. Yeah, it's already a hassle. Tsa, by the way.
Let's see here. Because of the absoluteness of this new requirement and the harsh punishments for non compliance, those are coming to kids. Just picture what would happen if you tried to get into a federal building or onto a plane without the accepted form of id. It can be easy to write off the REAL ID requirements as some new rule that while annoying, is probably being implemented for a good reason.
That's how I picture Anthony's take on it. It's not. As mentioned above, the Real ID act was passed 20 years ago in 2005. It was one of the many measures rolled out in the wake of the 911 attacks that was presented to the public as being necessary to ensure that similar attacks would never happen again.
Is there anything else important here? I'll read one more thing.
[00:12:48] Speaker C: If these new ideas, the reason behind it, because it's another id, make sure.
[00:12:53] Speaker D: You'Re not going to take box cutter.
[00:12:55] Speaker C: But what is it? How is it any different than a.
[00:12:57] Speaker D: Driver'S license because they have to do a background check on you. A federal database. You're now going to be cross referenced on their federal databases for no fly lists for possible terrorism.
[00:13:09] Speaker C: State.
[00:13:10] Speaker D: It's nothing like a driver's license. A driver's license is a state requirement. This is a federal requirement, by the way. Anything not allocated to the federal government before it goes to the states. And that's not what they're doing here. So, no, this is, this is totally different than a driver's license. And I think over the next few years, I don't know, maybe I'm wrong. I think over the next few years they're going to get rid of driver's licenses and this is, we'll replace it. And this is just what you're going to need.
So. And Sam asked, is this like another Social Security id? Absolutely. I mean, this is going to be a database. And if the right people are in power, depending on what side of the political aisle you're on, for example, you're okay. You're fine. You're just fine. But what if the other side's in charge and they want to make sure? Because don't forget, we brought two over the last three years. You know, the banks are giving information to the federal government about what purchases you make. Thanks a lot. B of A. Wells and Chase mainly. You know, if I shop at Cabela's and the government wants to know that and keep you on a separate list, you're on there. So, Anthony, you think you're, you know, kidding when you say social credit scores? I don't think you are. I think this is baby step number one. Get you used to it. Make it a hassle if you don't have it, make it mandatory, penalize you, and then use it however they want. Once our, our currency changes, boom, it's all tied together.
[00:14:21] Speaker C: Yeah. You watch that episode of Black Mirror on Netflix about the social credit scores? Was it the slide down? Sam, what's that episode called? Nose Dive.
[00:14:30] Speaker D: Yeah, Add that to I want to see it. I will have to steal your password again. Is that stealing? If I use your Netflix, I'll just invite you over. I'll offer you Cheetos and invite you over to watch it with me.
Yeah, the two episodes I watched last weekend, one I liked a lot and one was like, it was all right, anyway, let me read a little more of this and then we really got to get on because I got tons to do today. If these new ID requirements were crucial to the safety of air Travelers and the American people at large, as the federal government has claimed, the sheer time it's taken to implement them would be unacceptable. That alone is a sign that perhaps the federal government's motivations are, are not what they say. And indeed, if you look back at how and why the 911 attacks occurred, it's clear that preventing a similar attack is most. An extremely thin. At most is an extremely thin excuse for this federal ID system. None of the 911 hijackers used fake IDs or pretended to be someone else when they checked in and boarded their flights. Last thing I'll read the truth is that the real ID is just the latest chapter in the federal government's 20 plus years of, of using 911 as an excuse to protect and expand its power. Bam. Let's shift gears here a little bit. I want to follow up on something else. When we talked about the federal pension, the, the FERs and the health benefits, and I said it applies to you if you have a state pension, like my wife with the Arizona State Retirement System, or if you have a private company pension, I didn't mean to just leave it hanging like, oh, we're all going to lose our income, we're all going to die. I didn't mean to leave it that way. I want you to know there's solutions. You can supplement your pension with your Social Security, which, yeah, they're going to cut sooner or later, but you can supplement it with your own private pension.
We talked about the example where we took some retirees pension, made sure they took the entire amount, not half for their spouse. Supplement it with life insurance. A lot of people hear the word life insurance and they run scared. You know, there's other ways to do this. So we want to make sure, you know, if that stuff piqued your interest at all, reach out to us. We can't give you, you know, general recommendation of what to do on here, but when we look at your situation, we can give you specific information in our office or on the phone or on Zoom or whatever. So I do want you to know we, we don't just bring problems, we believe. We always believe there are solutions too, and we'd like to help you find them.
Let's see here. Moody's. Moody's downgraded our country again. Yeah, that's great. You know, I know Fitch did it last year, Moody's did it this time. I think they should have done it 20 years ago. I mean, you know, we're nearing in on 37 trillion in debt. The big bold Brilliant, Beautiful bull crap bill got passed, you know, so we'll touch on that later if we have time. I want to read a couple things to you about that bill. And yes, I am of mixed emotion on it personally, so I'll give you a couple of my personal pros and cons. But it's new, so we don't know how it's going to play out yet. So anyway, so Moody's good on you. You downgraded us.
And, Anthony, your take is probably going to be, what does it matter? This stuff can keep hobbling along. We're still the cleanest shirt in the dirty laundry. We're the least stinky garbage in the dump.
It's all adding up. The rest of the world getting gold backed on their bricks. The whole world is tired of us. Japan had its worst bond auction this week since 1987. Yesterday, on the 21st of May, this country, the 20 year bond auction, had the longest tail of the year. It fell flat on its face.
Another article we'll get to, time permitting. We started quantitative easing again and they're not broadcasting it. I have found sources that are reliable that are showing the government is back to buying our own bonds because nobody else wants them. So it's all piling on something that piques my interest about the Moody's downgrade. We heard how they downgrade our junk, our status. You know what? You know what really didn't make it to the media very much. They also downgraded the banks.
Did you know that, Anthony? They.
Because who's the. Who's the big holder of our treasuries? Number one is Japan. Warren Buffett. Warren Buffett is what, 5% you found, which is amazing. Like Warren Buffett, BERKSHIRE Hather owes 5% of our country's treasury. That's amazing. Five percent. That's not very much. It is for one man. Yeah, it is. It's actually kind of scary. But anyway, so they downgraded the banks. Look that one up. And I think you'll be shocked, like I am. You got money in a bank? Yeah. I mean, you need 10,000 or whatever. You've got bills to pay, insurance, cell phone. I get that. But if you're sitting with 100 grand or 200 grand and you've been listening to us for three years and you don't know that your money is not backed by anything. Well, I have FDIC insurance. Yeah. We'll show you how to find what. You have 1.2% coverage on your bank money. We'll show you how to find it, we don't just make stuff up. So anyway, downgrade the banks. That's another problem with the banks. And it's scary. I'm going to kind of lay off the banks this week. I did enough last week. So is the volatility over Moody's downgrades the country. And then I figured, well, for sure the market will go down now. It went up the next day. The market, Anthony always says the financial markets, you know, the, the stock market is not the economy and the economy is not the stock market. Oh my gosh. You, you're not kidding. I mean it's, you know, I don't think the volatility, by the way kids, is over at all. That three or whatever weeks ago when we had a little rough patch and the vix spiked and everybody thought we're all going to die.
Yeah, that, that, that was not what we're waiting for. I still think there's going to be problems coming. So we'll see.
Yeah, we target the retail target. There's another one that's adding on saying that they missed their outlook expectations, lowered their year's target. Pardon the pun. So why is gold up so much? Why did Jamie Demon get out of stocks last year or the year before for the first time in his career? Why did Warren Buffett go on the sideline, get reading getting rid of B of A and Coke and the ones that are his mainstay Apple, you know, why is gold going up so much? I'm watching platinum now. I'm watching all this go up.
Why is the decline of the dollar so feared right now? Nobody wants to buy our debt. They're talking about people dumping our debt. Anthony and I had kind of a lengthy conversation yesterday. China needs us. You know, China's in a recession too. Whether a communist country. We don't know how bad it is. We don't know what they're doing with their dollar and all that. But they need us. Well, you know, we're 40% of their commerce. They're gonna, they're gonna make that up with the rest of the world. They're gonna bump up the rest world and get rid of us. Everybody wants to get rid of us except us. We like our in this country. I think so just watch the signs and see what you think.
Financial advisors. You know, I know that I listen to a bunch of radio shows over the weekend. I listen to all the financial shows. I can not to steal stuff. Not that there's all that much I would steal that I hear because it's financial stuff. And we're on current events and how they're going to affect your finances. But I listen to other shows. I want to make sure I'm not missing anything. Why would I recreate the wheel when the wheel's right in front of me, that I can just see it? And it's funny. I mean, some of what I hear, you know, some of it is. Is. Is funny. I mean, it's like there is nothing wrong. And. And really, I mean, are you kidding yourself, or is it just because you have the pressure and quotas that you have to sell? One of the things I heard last weekend, and I actually find it comical, you know, I keep telling you over the years, the thing about the paper loss. Oh, it's only a paper loss. You know, it's a paper loss, and unless you sell it, and then it becomes real, you know, why hasn't it been a paper gain over the last 15 years? Why hasn't your advisor said, let's start selling some of these stocks, bonds, mutual funds, ETFs, and buy a rental property for passive income so you can supplement your pension if you're a federal employee. Why haven't they told you? Pay down debt. Buy gold and silver, Buy hard assets. Why haven't they told you, you know, to be proactive, not reactive. The old buy low, sell high that I heard when I was a kid actually works if you have the stomach and discipline to do so. So you know. You know what the one I heard last weekend was, which is the same exact theory. Buy the dips. Aren't you glad you bought a few weeks ago when things were dipping? My take on that. Yeah, of course. Dollar cost average. There's smart financial planning. But buy the dips. You know what? I never hear anybody except me say, sell the peaks. So it scared the crap out of you three weeks ago when the market was rough because of tariffs. You know what's going on with tariffs? Well, when's the last time you heard of Terrace? When's the last time you heard of chickens being cold? When's the last time you heard about the drones going down in New Jersey? We have the attention span of a gnat. Man. I'm even talking faster this week. I think I jinxed myself saying that. I really got to slow down on these shows anyway. So, you know, yeah, you're supposed to buy the dips. I would urge you to also at least consider the big picture. And maybe when things are going up and you can't figure that out, you can't figure out why maybe it's appropriate for you. I can't give you advice. You can sit down with Anthony and he will. Maybe you should consider. Should I sell the peaks? You know, yesterday on the 21st of May, the Dow was down. I don't know, it was six or 800 points at the end of the day, you know, would that. I don't know, is that a good day to buy? I guess so. That's really micromanaging your portfolio. But you know, the weeks leading up to it, there were a few days, maybe it would have been good to take some profits. I don't know. Everybody's different. I can just tell you I think we are in the most unchartered territory we have ever been in in our life. And I am watching the bond market, I'm watching the bond auctions and their tails. I'm watching last week in Wells Fargo. Wells Fargo had about a six hour outage. People couldn't get into their online banking, atm, debit card. There were some snags around the country. Right away I jump online, I go to Down Detector. That's a wonderful website if you want to see if it's real or just somebody on YouTube talking smack. So yeah, yeah, Wells Fargo is down. I'm watching big stuff too. I'm watching collateralized debt obligations, collateralized mortgage obligations, derivatives, things that nobody ever understands, cares about. So we've got a friend and client named Kevin and I've given him some homework to help me understand derivatives more. And I think he's probably going to come through because this guy is a super genius and I mean that literally. So we'll see.
[00:24:45] Speaker C: Very excited to see what he comes up with. If he's found a way to explain it that would be easy to explain on this show.
[00:24:52] Speaker D: Yep. Because if he can't, I don't know that anybody can. But your money in the banks, your unsecured dollars in the banks, they're going to derivatives. So you should know what you own. But who am I to say? A lot of current events, I mean, I'll just throw a few things out there because I know we're probably getting close to break time, you know, golden dome. Did you hear about that, Anthony? The. Our government wants to put a dome over our country so people can't attack us with missiles and Scuds and nukes or whatever, so. And China threatened us. This was just yesterday I heard, like you, you can't put up a golden dome. Why China? I mean, why? You should. You were your trading partner and your friend. We're Working together on tariffs. Don't you want us to be safe?
Not from you, of course. Just from Russia, Israel. You know, they seem to be poised to attack Iran and their nuclear program at any minute. That could. That could lead some disruptions.
What else? You know, I talked about Japan already, United Healthcare. I read a little bit about the old UnitedHealthcare. That's the ones that lost their CEO recently. I don't mean to make light of that. That part sucks. But apparently something I found out, they're paying nursing homes, senior communities with, you know, skilled assisted whatever care not to send their patients to the hospitals. There's like reward money if you keep people in your facility, not let them go to the hospital. What on earth is going on in this country and in this world? I can't understand it. I don't know if I ever will. But it all adds up. And my thing for you, should you pull out your money out of the bank and sell all of your accounts? I've never said that. I just think you better be awake and be aware and be nimble because like, if there's a modern day to run on the banks, for example, it's going to be first come, first serve. If you get yourself under the radar and you do what you can, then you can go back to having a nice day and not worrying about this. Anthony's always worried that I'm too worried. I bought land, I paid down debt, I don't have a mortgage. I've done everything I can to try to be under the radar. And then I get all excited during the week because I have one hour a week to get you awake and aware and nimble and ready to go if something goes south. And I think it's going to.
With that said, after the break, we're going to get into some articles because you know how much I love that and go from there. If you want to reach out to us, we'd be honored to sit down with you. We always want to help you. One person, one couple, one family at a time. Let us be a second opinion. We don't have the pressures and quotas of the firms. We're a fully independent firm. You know, fiduciary. Anthony's a fiduciary. Look at him. He looks like a fiduciary. I'm looking him right now. He's going to roll his eyes as soon as I talk about it. So reach out to us. 623-523-0444. We'd love to be a second opinion. We'd Love to meet you. We'd love to have you watch Boom Bus Boom and go from there. Also, questions, anything you need. We'll bring it out on the air if you want. We won't say your name. We're at team at another Money show if you want to email your questions and we will be right back.
[00:27:49] Speaker B: You're listening to another Money show. No, that's the name of the show. Another Money Show.
[00:28:00] Speaker A: Remember, all of Junior 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. I know you know this, but we greatly appreciate it if we can help you in any way, if we can answer questions, if, you know, sometimes people ask us questions so they know what to ask their advisor. We're not poachers. We're not going to steal you away if they're doing a good job. Sometimes you just don't know what you're asking for. I actually went with one of our clients friends to an appointment in an Edward Jones office. I literally went with this woman and sat down for an hour at an Edward Jones office. I noticed at the hour point they, they kicked us out. Like, you know, we have other people to see. I always kind of make fun of the fact that, you know, when you have pressure and quotas, you got to see six people, eight people a day, you know, to keep your job, you know, intact the way it is with the big firms. Our normal day, what's ideal for us, one appointment in the morning, one appointment in the afternoon. Nobody's ever rushed. We have time in between appointments to go over statements and make sure we do the right thing. In general, you know, we're just, we're a totally different business model. So if you don't feel like you're getting enough personalized attention over at the firm you're with, at least explore, get a second opinion. And you know what, if everything's going well, we will tell you that. But we may give you some questions to ask your advisor and just make sure you understand what you have next to your health, your money is probably the second most important thing on this planet. Moving on, we got to touch on a few follow up items.
We talked to you about 23 and me being bankrupt. Got a quick follow up this week. So apparently it's being bought that I Got this on MSN on 19 May bankrupt 23andMe to be bought by pharmaceutical company Generic testing firm 23andMe is set to be acquired by drug company Regeneron Pharmaceuticals following its bankruptcy in March. The company is announced on Monday, May 19. Regeneron purchased the pioneering company for? 256 million at bankruptcy auction with the intent of using its genomic data to fuel drug discovery, the company said in the Monday statement. More importantly and Anthony, I thought that woman that was with 23andMe was going to buy it. I thought it was going to kind of keep somewhat intact, but it was going to be one of the officers. So I'll have to look back at that.
Yeah, but apparently now she's out and somebody else is in. So. More importantly to consumers who have privacy concerns during the proceedings, the pharmaceutical company promised. I wonder if they pinky swear or they just promise to keep 23andMe's existing privacy policy, saying they will prioritize the privacy, security and ethical use of 23andMe's customer data. That's great.
They promise, they swear. So on their mother.
Yeah. So. And when the sale's done, will they keep that promise or will they abuse your information? So I. I don't know. So customer privacy, if, if you're in the 23andMe database, make sure you understand that, you know, it's gone. Your stuff, your swab, your lip swab is being used for a guinea pig to make drugs now. So. And yes, Sam said Regeneron sounds ominous. Sounds like a company of robots. I bet they wind up attacking us one day. How did you die? Stroke? Heart attack? No, Regeneron robot.
Allegedly. Of course, Regeneron. Don't sue me. So another couple of things I used to always bring up because it kind of more because it riled Anthony up than anything else, but I used to bring up all of the universal basic income programs that were going on around the country. I haven't, I haven't brought that up in at least a year. But I just, I found two, found two within a couple of days and I thought I'll throw them out there. I just real quick I'll read what's.
[00:32:08] Speaker C: Going on US articles to get to.
[00:32:11] Speaker D: I do with these.
All right, you're right. I'll just, I'll just read the first thing I. And then I'll move on. One county in the United States is launching a guaranteed income pilot program that will hand out a total of $504,000 to low income residents. Half a million. Who cares? So two nonprofits Berkshire Teconic Community foundation and the Greater Houston Promise neighborhood have partnered to hand out 500amonth to single parents or caregivers of children age 6 or younger living in New York's Columbia County. And then the other one, this one's from the Daily Hotel. On 12 May, 2,160,000 to be handed out as a US city kicks off guaranteed income pilot program. A major US city is now handing out cash to selected participants. Blah, blah, blah. The city of Albuquerque, New Mexico has started giving 80 households a guaranteed income of 750 per month for 36 months to use as they wish.
Pilot program is estimated cost 2.6. Yeah, whatever. It's. Oh, this one, the reason that I like this one says here the pilot program is estimated to cost approximately 2.16 million excluding administrative costs. So that means it is gonna be more than that because people are making money. Doing this is being funded from the Cannabis Equity Reinvestment Solution. The Cannabis Equity Reinvestment Solution is an initiative that was approved by the Albuquerque City Council and is supported by tax revenues from the can the cannabis industry. So I actually like that because if legalized marijuana, whether you smoke, get high or not, I mean there's a bunch of revenue from it. So as long as that's going on, use some of that revenue and help people that need it. So I'm actually a little bit more in favor of this than I was last time I read one and I just, I saw him and I was like, I want you to know that that is still a thing. Just because we don't bring it to you, it's still going on. There's a lot of free money if you, if you qualify.
And you're right, Anthony, that that is kind of a waste of, of our time. Let's get on to a few things. I'm going to touch on the big beautiful bill just for a second. I, I am very mixed.
The. The. It passed by a 215 to 214 House vote with one abstention.
See here. Some of the key provisions include extension of the Trump era tax cuts and new relief such as exempting tips and overtime from taxation. Oh, I get it. Middle class is our engine. You know, we're a debt based society. We have to spend. The government doesn't produce anything. They either raise taxes or they print money. They don't have a warehouse or a store we can buy stuff from. So I see that the state and local tax, the salt deduction cap will be increased to 40,000 with phase outs for high earners. Okay, cuts to. Here we go. Here's what's going to the, the left side of the aisle is going to go through the roof. Cuts to safety net programs such as Medicaid and food stamps alongside new requirements starting in December of 2026. So first of all, slow down. It doesn't even come into play for a year and a half. But you know what, we know people, Anthony, you and I know people that have scammed the Social Security disability system. The, the, I know people that have scammed the VA system. I know people that scam the food stamps program. So I think it's kind of a good thing. Let's clean that clean house. If you have to prove that you need help, good. I mean, I think that's a good thing. Major increases in military and border security spending that should anger people. Rollbacks on clean energy tax credits. Boosting fossil fuel incentives. New taxes targeting elite university example Harvard and other Ivy Leagues and immigrant remittances.
The elimination of the EV tax credits replaced by interest deductions on US Built vehicle loans. So those are the highlights.
I will tell you, Trump was out on Truth Social. I'm going to read what he said real quick and then we'll move on from this too because people are going to be very polarized. Get ready for it.
See here. The one big beautiful bill has passed the House of Representatives. This is arguably the most significant piece of legislation that will ever be signed in the history of our country. The bill includes massive tax cuts, no tax on tips, no tax on overtime, tax deductions when you purchase an American made vehicle, along with strong border security measures, pay raises for our ICE and Border Patrol agents, funding for the Golden Dome Trump savings accounts for newborn babies, and much more. Great job by Speaker Mike Johnson and the House leadership. And thank you for every Republican who voted yes on this historic bill.
Now it's time for our friends in the United States Senate to get to work and send the bill to my desk as soon as possible. There is no time to waste. The Democrats have lost control of themselves and are aimlessly wandering around showing no confidence, grit or determination. They have forgotten their landslide loss in the presidential election and are warped in the past, hoping someday to revive open borders for the world's criminals to be able to pour into our country, men to be able to play in women's sports and transgender for everybody. They don't realize that these things and so many more like them will never again happen. So I guess this whole thing is kind of a wait and See how it goes. I am torn because I think If a country has 36 a trillion of debt, we need, I'm sorry to say this, I'm so sorry. We need more taxes.
You know the thing about cutting, if they start the process of cutting Medicare, Medicaid, Social Security.
I know, I know that the middle class is going to shrink. The rich get richer, the poor hover, the middle class shrinks. But it's going to happen on its own anyway. It's broke. When do people realize it's game over? So I am cautiously optimistic. If this president with tariffs, with doge trying to find abuse with USAID with this new bill, if he can get away with it and it safeguards the future for Nicholas and Jay and Anthony and you too, Sam. You're like my son from another mother or some one of those things. If this, if he gets away with it and we change the trajectory of the country, I'm all for it. You know the whole thing with the SNAP program, when I was a kid, it was food stamps. Little brown, they look like a dollar, but they were brown. Kind of a stigma attached. Now it's just like a debit card. You know, make me, by the way, Trump, if you're listening to another Money show on 960 the Patriot, Saturdays at 5 in the morning or noon, make me in charge of snap. I want to be the SNAP Czar. I want to be the SNAP Czar. You know what you're going to get though? A lot of people aren't going to like me. You're going to get milk, you're going to get water, eggs, peanut butter, cheese, bread, meat, rice, beans. You know what you're not going to get? Jack in the box. You know what you're not going to get? Peanut M and Ms. That's Anthony's favorite. He loves if. Hey, ladies. Anthony single and he likes peanut MMs and Twizzlers. So you're not going to get soda. I know soda has become a hot button on snap. I'm sorry, you're going to get staples. Let's, let's move on.
I don't want to dig into the big beautiful bill yet because I want to see how it plays out and how the country reacts to it first before getting too worried about it. So moving on. Anthony gave me a couple articles this week. What's the most important, most important? I mean, we all know what it's going to be. Justin Bieber.
So when I think about geopolitics and when I think about everything, Justin Bieber. This is From People.
People. Sandy used to read that magazine. Oh, man, it used to make me ill, so. And I don't know why I don't like the masked singer. I don't like mainstream stuff that other people like. Justin Bieber, according to People, sold his music catalog for $200 million because he'd lost his entire fortune.
My gosh. I mean, I'm sure the guy was pretty wealthy. Justin Beecher. Justin Beecher. He was on the beach. He found shells that spelled out call 623-523-0444. So Justin Bieber was on the verge of financial collapse when he sold his music catalog in 2022. A new TMZ documentary claims the singer sold his catalog for reported 200 million to hypnosis Songs Capital.
In the documentary, which is streaming on Hulu, TMZ executive Harvey Levin claims that Peaches singer amassed. Peaches? Is that a song he did? I, I, I don't even. So, the singer amassed between 500 million.
Yes, Sam put Peaches is a song I've never heard. I don't know much about Taylor Swift either, by the way, if you want me to rag on her. So, so. And did she break up with Travis Kelce yet? Is that over? Do we have to watch that on TV again this year? So he amassed between 500 million and 1 billion throughout his career, but ultimately had to sell his music catalog because he was broke. That's insane. And people reached out to the Justin, and he had no comment. I mean, what would you really say? I went through between a half and a billion dollars?
So crazy. Let's see here. Though it remains unclear just how Bieber spent his fortune, one TMZ staffer alleges that he had eight bucks buses on his Justice World Tour and spent $2 million renovating one of them. He also flew on expensive jets and paid cash for several mega mansions.
Elsewhere in the documentary, TMZ executive producer Don Nash claims that Biden would have made $90 million had he finished his Justice World tour, which he canceled in September of 2022 to prioritize in his health. He's 31 years old.
So, Justin, if you're listening to another morning show, wait till you're 61 years of age, then start canceling your show. I don't even have a very good voice, but for 90 million, I'll go on tour anyway. I guess that's probably not the most important thing on the planet. Like, I seem you missed.
[00:42:43] Speaker C: I mean, you read the article, but you didn't talk about why it's important at all. So here's the thing. Having money doesn't mean you're good with money. Extremely rich people screw this up. So if you're listening, you probably are not that rich. And you're like, well, how do people blow it? Well, how have you done with your finances? Have you blown a bunch of your finances too? Did you invest in something you probably shouldn't have and lost on it and now you're trying to recover, getting close to retirement. Assets come and go, they go up and down really big on retirement planning. Focus on income. So you have something if you screw up everything else. That's the point. That's the. There's so many stories of all these rich people and rock stars and artists and entertainers being broke all the time. And that's because people mismanage their money. Because everybody's got some scheme about getting rich quick and everybody wants to overspend.
Save your money, focus on income. And then if you screw up, you at least have something to fall back on.
That's why that article is important. I couldn't care less about anything about Justin Bieber. I care about how it applies to those people listening today to this show. You don't have to have a million, retire comfortably. You don't have to have 5 million. You know, you have to have less debt, excess income in a bit in savings. It's that simple.
[00:44:06] Speaker D: Thank you. And you know what I mean. I just, I just found it shocking. I think the numbers are staggering. And I think anybody who gets that kind of revenue, you know. Sam, put on the screen fade.
[00:44:17] Speaker C: They now have financial advisors helping them. I don't know financial advisors doing, outside of just loading up their pockets, how are they not being like, hey, let's do something so that you don't screw this up. Because screw this up, you're a 20 year old with 500 million to a billion dollars.
[00:44:36] Speaker D: NFL people, you hear these stories. Lottery winners, like the worst thing that happened is that you won the lottery. You end up with enemies. You don't talk to your family, you're dead broke.
Yeah, I mean it's over and over. And you're right, we deal with more mainstream middle class people. We don't tend to have the Justin Bieber's of the world coming. Our office, I don't know, bring training.
[00:44:57] Speaker C: In Arizona and some of those guys won't, you know, won't make it to the bigs.
You know, most of them won't. But some potential for massive contracts. I would love to find a way to do A financial literacy for these guys. Like, hey, make it happen through this up. You may make it to the bigs, but what if you only have one or two seasons? What are you going to do when you're 25 and you have to retire from baseball because you're not good enough anymore? There's an injury, you know, now what, how do you now would love to.
[00:45:30] Speaker D: See a figure way to make that happen.
I would love to see, I'm, I'm guessing sports people, I'm guessing music people. They all have go to, you know.
[00:45:40] Speaker C: Handlers, but they all screw it up. Like obviously, how do you break it in these guys? Anything. If we're going to keep hearing these stories time and time again of how everybody blows it.
[00:45:51] Speaker D: So how do you break into that? Because you're absolutely right. I mean it's, it's, it's a shame. I mean it sucks.
[00:45:57] Speaker C: So let's involved in any of the MLB teams in spring training out here and you need someone to come talk to your players and about not being the next Justin Bieber. Don't be dumb. We'll teach them. We'll yell at him, tell them.
[00:46:11] Speaker D: And by the way, Justin Bieber, you just got $200 million for your catalog. It's not too late to meet Anthony Correo at Rochford and Associates. So bring your peaches butt in and sit down with Anthony.
Switching gears. I literally, I was stressed this week because I always have more articles than I can get to. This week was insane. I probably have 10 I won't get to. Let me touch on a couple that I think are important, but who knows. Here's one from Zero Hedge. On the 15th of May, rogue devices found hidden in Chinese solar panels and could destroy the grid. Undisclosed communication devices reportedly discovered in Chinese manufactured solar panels and related equipment have sparked concerns among U.S. officials about the vulnerability of the nation's power grid. According to a recent Reuters report.
Let's see here. Undocumented devices including cellular radios were identified in solar inverters, batteries, electric vehicle chargers and heat pumps provided by several Chinese suppliers. I've been yelling about this since COVID When Covid came out and you went on Amazon or you went to the Walgreens where who made the masks and rubber gloves we all donned? It was all China. The people that made the disease come out sold us the masks. So I, I don't know, I just find this crazy. The US has found Trojan horse communication devices in Chinese made solar power inverters. They are used to connect solar panels to the Electricity grids. The devices could be turned off remotely to destabilize energy grids, potentially leading to massive blackouts. So, you know, yet to be seen. Is this a non issue or is this something we're going to go. We told you about that in 2025.
I guess we'll see.
Anything else I need to read here? Let's see a spokesman. I'm going to read one thing. A spokesperson for the Chinese embassy in Washington rejected the allegations stating we oppose the generalization of the concept of national security distorting and smearing China's infrastructure achievements. Oh, good, good China. So you're saying you didn't do it and if you did it, you didn't do it. And you know, I mean good, good, good enough for me. China, you know, you bought up land by military bases. We brought people that you put balloons over our country. Just last weekend you dumped some kind of rocket fuel in our country. But at least you're never going to turn off our power grid. So I feel better about that. On a related note, speaking as long as I'm sitting in China right now from the Daily HODL On 18 May, China dumps 18,900,000,000 in treasuries just as US government faces major dilemma. This is according to the Macro Analyst analyst Luke Grohman.
China sold off billions of dollars worth of U.S. treasuries between February and March. That was recent according to new government data. An update from the treasury department shows China's US treasury holdings dropped 18.9 billion in one month while most other countries increased their holdings. The data also shows that the UK has overtaken China and is now the second biggest foreign holder of the US debt in the world. Japan remains the biggest holder of our debt currently holding 1.13 trillion down from 1.16 trillion a year ago. I bring this up because Anthony, your thought of can we just keep kicking the can through your entire lifetime? I think the answer is no. I think it's coming faster and faster at us.
Sam, we still have time.
I think I'm going to don my tinfoil hat. Do you want me to actually put it on for the YouTube channel or just say I'm using my. Oh, we only have five minutes left. Let me go through this kind of quick. Here's an article that brings out my inner conspiracy theorist on steroids. This is from news.comau See what we do on another money show. We travel the globe to find you information you might not find on those other financial shows when we take a break from our day to day as financial advisors with Rochford and Associates. So this is out of, I don't know, Australia. What is au? Austria.
Gotta be Australia. So we, we are now international. By the way, we saw our demographic stuff from the podcasts. I thought we were a global sensation. We have listeners in Japan and all over the world. And then Sam said, now you don't. Now you're not that big. It's. If you have a vpn, it throws like your IP addresses wherever in the world. So apparently we only have listeners in Sun City. We only have four listeners and they're in Sun City. If you're a listener and you think you're more than the listener number four, reach out to us at team and another money show. Let us know you're there. So anyway, official US Built. Wait till you hear this. I even have trouble bringing this one to you. US built. $21 trillion underground city. Okay, Now, Anthony and I, Anthony has entertained my conspiracy theories and always try to poo poo them, but we've been to classes. I went to a class on EMPs and it freaked me out. So I went back to it. I repeated the class and then after a second time and I started really digging into it, I went back to the same class a third time. So I. I have some idea about EMPs and high altitude EMPs and whether or not you should spend the money to buy an EMP shield off of Amazon. I mean, I dug into it. Anthony and I went together to class on. And I'm going to tread lightly on this. It was on Underground Dumbs D U m B s. I can't go much further on it in this show today, but we went into stuff that ties in with child trafficking and weirdness and it was scary and frightening and I couldn't deal with it, so I turned away from that one. I didn't research it further. I didn't go down the road of looking into adrenochrome and all the stuff that is hand in hand.
So. But it was overwhelming because I'm like, you know, nobody knows about this, so it's interesting. This one takes it to an entirely new level. Let's see here. A former housing official who worked under President George H.W. bush has made an astonishing claim. The U.S. government spent years funneling money into the creation of a secret underground city where the rich and powerful can shelter in the event of a near extinction event.
This name is familiar to me.
Catherine Austin Fitts, who served as the Assistant Secretary of Housing and urban development between 1989 and 1990 made the shocking allegations during an appearance on former Fox News host Tucker Carlson's podcast.
I know we're running low on time. I'll just read a couple things she told Carlson that she spent two years researching where the 23 trillion had gone, alleging she uncovered evidence that there are 170 secret facilities in the US alone, explaining that she and the team of investigators combed through all the data and allegations on the underground bases in order to make a guess as to how many existed.
When Carlson asked what purpose all these underground bases, Fitz responded that they would be used if there was a near extinction event which is believed to be on the horizon. Bum bum bum. Carlson responded by claiming that he actually knew a contractor who worked on one of the Washington D.C. worked in Washington, saying I remember him telling me about a power box like a transformer box on Constitution Avenue. He told me that it was actually an exit and egress from the White House.
I know we're out of time. I guess I will say you can't say Happy Memorial Day weekend because it is a somber occasion. It is to thank our troops that died representing our country. But I hope you have a safe long weekend and I guess Anthony has to take us out. Reach out to us and I'll get you this whole article because it is shocking that is it.
[00:54:40] Speaker C: Reach out to us at teamothermoneyshow.com give us a call 623-523-0444. We'll see you next Saturday at noon.
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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, J.R. 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. Give us a call now at 623-523-0444. That's 623-523-0444.
