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 J.R. ratchford.
[00:00:42] Speaker C: Here we are, your hosts, Anthony Correjo 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 you news you may not find on those other financial radio stations shows.
We're aware the last thing you need is another money show, but we appreciate you being here and we are recording a little early this week. We're recording on a Tuesday the 14th.
[00:01:14] Speaker A: So every week you say something about, you know, stuff they may not find on the other radio shows we've been on for four years this month. Are there people that listen to other shows besides ours at this point? I mean are you saying there's still other shows out there that are listened to?
[00:01:29] Speaker C: Hopefully they're all gone bankrupt. There's no other radio shows. We're the only ones that anybody can listen to.
[00:01:36] Speaker A: It is just us. And if you're new with us, I will tell you I'm glad you happened by. We are not an hour long infomercial. So one way we are different than those other shows. None of this is canned. None of this is. I mean this is every week we look for current events, we package them and deliver them to you in one hour a week because we feel like the world around you is likely to affect your future, your finances, your kids, your grandkids. So we want to help people. One person, one couple, one family at a time. And the best way we know how to do it apparently on Anthony's viewpoint is to make fun of me. Anthony's making fun of me right now. So we our whole thing. All financial advisors have similar experiences in their training with we all have continuing education. We all have to take anti money laundering classes. We all have to have our license held somewhere. We, we have different licensing requirements to pay our licenses. So we all have similar experiences. My experience after being here for almost 30 years is this. All of us are taught certain rules. The rule of 72, which means how long it'll take to double your money. The rule of 100, which is one of the first things we learn.
Give you an example. If you start working with a financial advisor, and they're pretty new, so they don't have the life experience to help you, you know, other than what they've read and been tested on, they'll take the number 100. They will. Minus your age. They will subtract your age. So let's say you're 80. They take 80 from 100 and they put you roughly 20% for growth or for risk, we'll call it, and 80% safe. If you come in the office and you're 20 years of age, they flip flop that. And they put roughly 80% of your assets at risk or for growth and 20% in the safety area. We understand that. So you learn these rules and then you realize this job is a science. I'm sorry, I said that backwards. This job is an art, not a science. You have to understand the most important thing with working with an advisor is the psychology of your relationship. It's really not so financial. You know, most financial advisors, they look at your, your date of birth, they take your age, there's the rule of 100, then they look at your income, your assets, your approximate tax bracket, they look at certain things and then bam, they know how to fix your portfolio. Our problem is over the years we think we've seen a lot more products than we have financial plans. So our focus is on planning over products. Our focus is on education over sales. We think what might be even more important than your age, your assets, your income, your tax bracket, the world around you. You know, I mean, on 9, 11, I was, I was getting ready for work that morning. My father and I were working together. We were still in our home when everything got started. So we never made it to the office that day.
You know, we, we lived through that experience and it taught us a lot. First thing it taught us was that basically we have to get a hold of you. We ask for a lot of contact information from people. We want your phone number. If you have a landline, we ask for that. We want email, messenger, whatever, so we can get a hold of you. It's funny because in this job, the unknowns are what we can't plan for. So, boy, that was kind of a rambling introduction.
Why don't I get back on track? Let's start this week as usual with the shout outs and I asked if I could give him a shout out. He said, as long as I don't give any identifying information, Jack, you have my word. One thing about us, we understand confidentiality. We are licensed. If you come in the office and you're okay with us saying, thank you for coming in, we will never give your business your last name, any of that stuff. Sam always tries to get us to give your mother's maiden name. It's kind of. It's kind of weird. So, yeah, we, but we understand. We don't ask for your PIN number, any of that.
So thank you so much. Our experience with Jack was this. Everything he's done has been great. You know, we always say to people, it's like, you know, if. If you have an advisor and they're doing a good job, we're not poachers. We are not about to take you away from another advisor. If they're doing a good job, we may have a couple questions for you to ask your advisor. That could happen. But anyway, so with Jack, his financial plan was really good. I mean, he had a good mix. You know, he's doing things right. He had good financial products, he understood his plan, he had hard assets, he had, he had everything addressed. So not a lot for us to help with. And we still, we got to meet somebody new. We got to meet a loyal radio listener. So that is gold to us. And hopefully in the future, if anything changes and Jack needs our help, we're going to be here to help. So that was kind of cool.
Another shout out this morning. Today, as Anthony mentioned, is the 14th of April. I had my Veterans Affinity breakfast and I just, I want to shout them out. I'm still going to work on Rick. I tried to get him today.
He's probably the busiest person I know right now on the planet. But I want to shout out to Veterans Affinity. If you've ever served, you need to know who these people are. You know, they're really doing an amazing job in the state of Arizona. I used to say the community.
I met him a couple years ago and they were a little bit more localized. They're everywhere. Globe, Yuma, they. They've got a. A group starting in Wickenberg, so they're all over the state.
Thank you so much to Rick and everybody else that, that work so hard. So sooner or later, I'm going to get Rick on here to explain who he is, what he does, how he does it, all that stuff.
And then one more thing. It's going to be too late for you to make it this month, but this afternoon Anthony and I will be at Throne.
Throne is on 67th Avenue just north of Bell Road. We do a monthly men's networking happy hour. There's no dues, there's no cost, there's no admission charge, there's no two drink minimum, no speakers, no speeches, no presentations. People show up and they hang out. Some stay for an hour, some stay for a couple hours. But it's a very casual way to meet other people and get to know each other. So we've been going for almost four years now in that. So keep in mind the second Tuesday of every month, if you're a listener, we'd love to meet you. I'm kind of hoping a guy that we talked to last month, a guy named J.D. i'm hoping he shows up to today's meeting. So anyway, with that background behind us,
[00:08:07] Speaker C: Macy, call him and remind him.
[00:08:11] Speaker A: Yeah, after two. Hopefully.
So hopefully we get to meet him tomorrow.
Let's jump into it today as the 14th. Tomorrow's tax day. So by the time you hear this, hopefully you did your taxes. Unless you're boycotting, if you're going to become an expat or do something like that, cool. But hopefully you remembered that the 15th was tax day. I'm sure there's, you know, free cups of coffee or a donut or something around the world. So make sure you take advantage.
I got a question for you. I. I don't know. I mean, hopefully you're like me and you felt it. You felt the giant relief because this morning the gas prices came out and the national average fell by a penny. So the national average is now down to $4.12. And the local, the Arizona average fell also. We're down to $4.67. So hopefully you felt it. I do have a question, Anthony. I know you know the answer to this. Why on earth does do the prices go up so fast? When the Iran conflict began, the prices shot up. Why do they go up so fast and they go down so slow? You know, the, the analogy I've heard in the past on this is called Rockets and Feathers, where things shoot up and then they kind of coast and drift downward. So that's what we're going to experience. You know, I know the Iran thing is still a big deal.
Sam, showing on our screen the different gas prices. It's amazing how they vary. So he's saying that Maricopa county right now is at. According to aaa. We'll give them a little credit.
Maricopa county is at $4.84. So that's kind of steep. You know, when, when we were traveling last month we went to Laughlin, Nevada, so Bullhead City, I think it is the, the town right across the river. The gas prices were like over a dollar less than they are here. So I, Yeah, it's kind of, kind of crazy to me. But anyway, with the gas prices, my thinking on gas prices, even though you wouldn't know it over the last 17 years, gas prices are kind of like the stock market. You know, the market goes up awfully slow compared to how fast it can go down. Part of why I say that is, you know, March 9th of this year was the 17th year anniversary of the end of the Great Recession. The bottom of the 2008 correction. It's insane to me what's happened since. Anthony has been in the office for almost eight years. This July will be eight years for him. I told him it's kind of cool because he's going to start his career like I did with, with some, you know, I. Big correction, big downturn. So he's going to get some experience right away. I mean I started not too long, just a couple of years before the tech bubble burst. So I got my sea legs. I was learning the industry and then the tech bubble burst and it was massive. It was a massive psychological trauma to a lot of people. So. And it was kind of good for me because I took the job, job a lot more seriously. I was here, as I mentioned, on 911 when the plane hit a building. I got to see how we have to react quickly. And by the way, when my dad and I called people that morning, we split up. It was like A through L, M through Z. We didn't just call the multimillionaires first. We went through the Alphabet in our logbooks. We always took our logbooks home at night. So we at least had a client's name number, what they had, we had no account numbers, no you know, specific information in case that ever was, know, compromised. But we, we split up, called people, we, we did do a little bit of favoritism. We called family and friends first and then we just went through our client list. The number one question we got that morning, what's going on? And you know, don't forget we're talking, I don't know, that started what, six in the morning, Arizona time? So we're talking like, you know, by seven in the morning we're calling clients. We're, we're like, we don't know. We honestly don't know. But we are taking our own money. Safer than temporarily. Would you like to do so also? And I don't know, I'd say 90 plus percent of the people that we got a hold of, they wanted us to. So that turned out well. We, you know, we did have a few people we couldn't reach. We did have to use our judgment on some things. We also understood, you know, when you have to make a sudden move because the, the world changes quickly, you have to have a plan to get it back on track. We understood short term trading fees. We, we understood, you know, we did a lot of mutual fund business. We were never stockbrokers. So our securities was through. You know, I hate to say this to you, but, you know, 20 years ago and before, we used to represent some companies that did variable annuities. We have since rectified. That changed our evil ways. But we, we understood how to minimize fees even if we had to duck out of a fund. So we, we. I don't know. Looking back, I learned a lot. So fast forward eight years, Anthony got to see the biggest black swan event in the history of our country and I would dare say the world with COVID And we lost huge. We had a huge downturn, very steep V in the March of the month of March 2020. What happened on April 1, you know, it just started coming back and it didn't stop. And now the market is, I, I don't know, you know, 100 times what it was eight years ago when you started, Anthony. It's been insane. So you're very smart. I point that out pretty much every week. You know, I try to make sure your head stays as large as it is. When I, you know, when I first met you, it's funny. You are really smart. So you know how to back test funds. Yesterday when we were sitting with somebody, you were looking into the statements they brought. You were looking to see what they had and how they're performing. I'm big picture storyteller. You're an engineer. You're very analytical. You can do that side of it. What you don't have yet is the ability to tell people you've been through a downturn that is frightening. I mean, you can use Covid, you got to see it, but it happens so fast it doesn't even count.
So I still feel like you are going to see a correction. I am the boy that cried wolf, aren't I? We had Seth Liebson on the show a couple of years ago. I don't like to name drop. I think you all know this. But like when I met Jack Nicholson, he said you really shouldn't use people's name because that's pretentious. So that was Jack Nicholson that said that to me. But anyway, we had Seth Leapson on the show and it got brought up that I am the boy that cried wolf. And he had to remind Anthony that at the end of that story there really is a wolf and I am in shock. The world is on fire currently. And I mean that literally. There's, there's so much going on. We had a big earthquake yesterday. On 13 April there was a big earthquake in Nevada. Apparently people as far as Arizona and California felt it. I did not, I did not feel it. So everything is on fire. It may be biblical, this may be. Gabriel may be ready to blow his horn at any day. This could be way deeper. Anthony, you ready? Is your house in order? Is your more important house in order? So this is, everything is so bizarre. And the financial markets are going up. You know, I heard this morning, speaking of Iran and that whole situation, I heard that they're going to go back to the table in Pakistan again later this week. Last Saturday they had a 21 hour meeting and JD bands left the meeting with nothing accomplished.
I don't know. So they're going to go back and meet. When do you stop meeting and you start really finishing this up boys over there in the, in the department of war.
[00:15:47] Speaker C: But anyway, so never since. It's been going on for thousands of years.
[00:15:52] Speaker A: Yes, thousands of years. But you know what? It's time. It's at the end of its useful lifespan. Kind of like us in our world reserve currency. It's time to end this right now. So I, I, I just, I can tell you right now watching the Dow Jones Industrial Average again up again this morning. And now we're block blockading the straight or straits, depending on who you listen to of Hormuz. So we, you know, there's further updates in the Gulf. It doesn't seem like that little adventure is over yet. And yet the market's up today. Of course it is.
It just, I can't wrap my mind around certain things. We are not looking at the big picture.
You hit it, Anthony. If somebody puts out a post on X or Truth Social or whatever that says it's good news. The end of the war is near.
[00:16:43] Speaker C: Boom.
[00:16:43] Speaker A: The oil prices go down that day.
I can't wrap my mind around what's going on. And if somebody puts, you know, yeah, it didn't work out. We're gonna, we're gonna bomb you into the Stone Age. All of a sudden the market's gonna go down. What about the Buffett indicator? What about PE ratios? What about some of the stuff going on in this country? You know the, the one of the people we talked to yesterday in the office had mentioned that he is, he's on the same page as our radio show and that's why he came in. He said that he is aware of the statistics on late payments for auto loans and subprime auto loans and that sort of thing. We have a massive, massive problem going on in this country. They, they, some of the people I read and follow, they call it a K shaped economy. The smaller leg, the wealthy keep getting richer by leaps and bounds. But the main engine of the country, which is the bottom line of the K is going down in a hurry. I mean we, you can't tell me that we're not in and, or heading towards a recession. There's too many problems. You know, I look at. Let's use the Diamondbacks. Let's use the Arizona Diamondbacks. The opening night was a smashing success. Thanks again. Terry Flowers and Rick, you all did a wonderful job.
It was amazing how crowded it was, how much activity. And then our office manager, Little Macy went the following night. It was a Detroit Tiger series and Macy's from Detroit. So she went to the following night and she said it was really kind of empty.
So explain that to me. The big buzz on the first night was because of the excitement, because of all the comps tickets. There were a lot of tickets given away. But then the second night, when it's on your dime and when it's a regular season night, the attendance dropped dramatically.
So I don't know. I think the economy is in way deeper trouble than we're being told.
And it's more of the same thing as always. The rich get richer, the poor hover and the middle class is shrinking on
[00:18:52] Speaker C: steroids and England will prevail.
[00:18:57] Speaker A: England
[00:18:59] Speaker C: vendetta, right? That was his catchphrase at the end of that. I has nothing to do with anything you're talking about. But I just watched that movie again.
[00:19:10] Speaker A: To have you talk on the show makes me warm and fuzzy.
I really. And by the way, when the guy in the office yesterday said he relates he likes the show, I almost asked is he more on my side or your side? But then I realized that I don't really let you talk.
So I kind of know one thing that Anthony's getting to see and I guess this is kind of a duh moment it's very much the one common thread of all the people coming in our office, not just from the radio show, but just in general. They're worried about the world. I mean, if you think this market can go on forever and it's never going to have another 2000 or 2008, why in the heck do you need us? Why do you need to come in the office? You may have questions, you know, you may need a second opinion on your 401k or your IRA or whatever, you know, you may want to know about Roth conversions. We can answer those questions, but there's no sense of urgency. You know, people, 17 years have gone by since the end of the 2008 correction. We are in a deep sleep in this country. We literally are at the end of the world. Reserve currency.
If you listen to Joe Jaquent over dad, I'm name dropping again. If you listen to Joe over on 10:10am, our sister Salem station Monday through Friday at 9.
There's so much going on and people don't see it. I don't know the percentage. I'm guessing less than 10% of the country thinks things are wrong. Things, things are going the wrong way. I just don't know. Or do they see it and they're stuck in normalcy bias? Anthony, you want me to read the definition, the Wikipedia version? Definition?
[00:20:50] Speaker C: Please do.
[00:20:53] Speaker A: If you're new with us. One thing that Anthony hates, besides me in general, he's not a fan of normalcy bias. And me reading that, I'll look for it. I'll get to it after the break. Because if you're new with us, we. I need to remind myself to read it pretty often. Normalcy bias is, is. I. I feel like it's very fitting. Different levels people are in different levels of it, but I think it's across the board. So we our modus operandi on this show, we want you proactive and not reactive. We want you prepared and not scared. So to do that, you have to be awake and aware and nimble. You have to be ready to adapt if the need arises.
So we want you to at least understand how the world is. When we record next week's show, it's going to be a little bit different. I do hope you join us. Next week's show is going to be recorded early so it'll be a little bit less current events and a little more financial.
And we're going to be talking about banks. We're going to talk about some of the stuff that we try to get to a lot of but it's very much.
It's very, very important. And I'm not sure if people are really following along with what's going on. So we're here to help you. Again, one person, one couple, one family at a time.
Excuse me. I know Sam muted me for a second there because I was having a coughing fit. I did. I also took that advantage of that time and I pulled out normalcy bias. I really, you know, Anthony gets annoyed with it just because he's heard it for eight years. He may. If he was aware and awake, he may have heard him before he came to join me. But one of my things, no, I'm
[00:22:27] Speaker C: more annoyed just because you use. As a justification for not moving forward and progressing.
[00:22:34] Speaker A: Oh, I always want people moving forward and progressing. I just want people to. It seems to me, pardon me, like people have no idea things are going on. And I look at my own household. Sandy loves tv. She likes. She works hard. She's an educator. She's been a special needs teacher for almost 30 years. I mean, I give her a lot of credit for what she does when she gets home. She does not read articles. She does not go on YouTube videos. She. She likes to put on mindless television. No offense to you guys over there at American Idol and Survivor island or whatever and the Bachelor and my number one nemesis, the Masked Singer. I think the Masked Singer Singer is what epitomizes the direction of our country. If I could pick a modern day, you know, Rome with bread and circuses and a coliseum and lions and shields and spears, I would just say it's the most contrived, syrupy.
It just dumbed us down.
You know, if there's anybody watching that show. Sorry to spoil this for you. And you don't know that it's all scripted and written, you know, more fake than wrestling. They know who's under the mask. They know who's going to win. It's all. Oh. But anyway, so my thing is, whether intentionally and on purpose or not, Sandy is normal. I am not. Her normalcy bias says things are going to be okay. It's safer. You're more likely to have a stroke or heart attack if you're me and you think that things are fringe than if you're Sandy and you watch the Masked Singer and think everything is just fine. And let me take this opportunity to read the normalcy bias. Just the Wikipedia version says here it is a cognitive bias which leads people to disbelieve or minimize threat warnings. Consequently, individuals underestimate the likelihood of a disaster when it might affect them and its potential adverse effects. The normalcy bias causes many people to not adequately prepare for natural disasters, market crashes and calamities caused by human error. I mean, I just talked about an earthquake in Nevada. That's, that's a natural disaster, at least for the people nearby. Market crashes, even though we haven't had one for 17 years. Sam Anthony, two of my favorite sons. I'm fairly certain you're going to see another one. You're not going to make it through your careers without seeing a 2000 or 2008 or God forbid, a combination, you know, the extent of both combined. It's just, it's going to happen. And then my favorite thing about normalcy bias, human error. Look at our country. If we don't split up. Marjorie Taylor Greene, if you're listening, you, you said we're going to head towards a national divorce. Now you said that years ago.
It's very, very likely.
We can't fathom it. We can't picture it just the, the division between different classes of people. Some of it has gone on forever. Some of it is, is manageable. Gay versus straight, black versus white, haves versus have nots, red versus blue. It's the combination of all of it. It's the combination of things. But then if you add enough pressure, if gas prices get to $10, if it's 121 degrees in Phoenix and people have to drive to get to work and they have to just fill up their tank for 100 bucks and it's hot out and they're crabby. If anything goes wrong, we're on edge. And you look at this is never ever been or going to be a political show. We try to be very careful to make it current events. We try to be very careful not to take sides politically. Even though we're on intelligent Talk, we're on 960, which you know is definitely more politically natured shows. I've listened to to it. We try to make this financially related, but I can tell you right now the political division, it's insurmountable. I don't know how we get it back. With that said, we got to take a break. When we come back, we'll knock out this week's Festivus Report and we'll get into a couple articles or whatnot. So thank you so much for being here. You know, we greatly appreciate it. If you want to reach out to us, we'd be honored to give you a second opinion. We'd be honored to sit just BS with you. If you want to come in and sit down? We just want to meet you. So we're at 623-523-0444 or you can email us at team another money show.com so make sure you give Macy a call. She's a Michigan born and raised Tigers fan if that matters to you.
Thanks so much. We'll be right back.
[00:27:08] Speaker B: To schedule your free, no obligation consultation with JR and Anthony, call 623-523-0444 or visit anothermoneyshow.com I used to think that
[00:27:21] Speaker A: love was just a fairy tale.
[00:27:27] Speaker B: 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 sports 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.
Time to trade stress for strategy. Let's talk money that makes sense.
This is another MONEY show.
[00:28:08] Speaker A: Welcome back to ANOTHER MONEY show. Thank you so much for being with us. As you know, we greatly appreciate you being here. We love that we're meeting so many of you. It was, you know, at first it was a trickle and now it's flowing a little faster. So thank you so much. I mean, whether we can help you or not, we would love to meet you. We'd love to be a second opinion on your finances or we'd love just to meet you and have you chat about the radio show and the world around us.
So come and see us again. We're at 623-523-0444 or you can email us at teamothermoneyshow.com if you are like me and you live your life and find what makes you happy, but you are aware of the fact that everything under the sun is bizarre at least and maybe somewhat manipulated. If you think the financial markets might be a house of cards or somewhat manipulated, you do have to be proactive, not reactive. I mean, you know, one more part of the 911 story.
It's, I mean, if you, with your money, if you're in the market, if you're in variable annuities or securities, you know, mutual funds, stocks and bonds, you are supposed to have a stomach for some risk. If you're down 10 or 20% and it makes you nervous, let us talk to you about other options. If you're fine with 10, 20, even 30% off of your portfolio and your insecurities, good, you're a better fit, because that can happen. Even though the last 17 years say it's not likely, it can happen. So the thing is, let's say you're down 20%, and then we tell you we're not. It's still weird. It's not being fixed. We still think it could get worse. Are you willing to lock in those losses basically to, you know, as the advisors say, turn a paper loss into a realized loss? Are you willing? We need to work with you on the psychology of this. You know, 2008, you know, when the market started dumping in October, seven, when it was down 10, 20%, my father and I had already called everybody. You know, most of our people were positioned correctly before that. We called people if they were like, nah, I'm good. I'm good. I'm gonna. I'm gonna keep letting it ride if you have to. Understand, we don't know what's next. None of us in the financial services industry have a crystal ball or a real one, a working one. We actually have one in the office, but I'm not sure what works. It's like you're afraid to make a mistake. If you're down 10 or 20% and you lock that in you. You feel like you made a mistake. We have to work those things through with you, but we have to do them in a timely fashion. So I'm shouting on this show that things are not what they appear, and we'd rather meet you before we have to meet you in a time crunch or an emergency situation. With that said, I want to switch gears and hit up the Festivus report of the week.
If you're new with us, we take the Rand Paul report that comes out every year, and it talks about waste, fraud, and abuse from our taxpayers through the hands of our elected officials and representatives. Here's one for you. Amount wasted. $1,079,360.
Like the NIH and its Coke hounds. Here we go again with the dogs. Last two weeks were on Beagles, and I'm sorry for that. This one's a little bit different, but I'm sorry I brought that up. Like the NIH and its coke hounds, the Department of Veteran Affairs. Oh, good night. Apparently considers studying alcoholism in weasels. Okay, this is kind of funny. To be so vital that they approved $1 million for a project to turn teenage ferrets into binge drinkers in the Study researchers forced ferrets to consume only alcohol for an entire day by withholding their access to water in what the experimenters called the forced binge days. The other six days of the week, the animals are given alcohol and water and this cycle is to continue for up to 90 days when they finally kill the ferrets. Oh, great. Okay.
The researchers claim the goal of this drunken ferret experiment is to pave the way into for teenage ferrets to be used to test chemical weapons, opioids, extreme stress and tbi, which, if you don't know, is traumatic brain injuries, or to conduct studies related to depression, stress responses, addiction, schizophrenia, suicide and sensory processing. That's a lot of taxpayer dollars for something that might not even work. All right, so. And I'm sorry I'm picking on more animals, but at least they. They hopefully humanely get euthanized at the end.
Sam said, those poor concussed, drug addicted ferrets. It sounded, when I was reading that it sounded kind of like Anthony's college days. I remember watching what he went through. I think he went through six days of modern living and then one day of drunkenness for. Sorry, Anthony, I probably wasn't thinking of you. I was thinking another son. So anyway, there's where your money's going. If you feel like this is baloney, talk to your elected representatives. I don't know if it'll do any good, but at least keep in mind that that's what they're using your money for. Let's move into an article or two because we are recording the show early this week. I decided to take an article that Anthony sent me. This is going back a little bit. This article was from March 18th of 2026.
So this is a follow up to a story we brought you probably three or three and a half years ago, but it is worthy of concluding the matter.
So this is from CoinDesk Bankrupt Exchange FTX set to repay $2.2 billion to creditors this month. So this is kind of timely. Last month. Let's see here. FTX Recovery Trust announced Wednesday it will distribute roughly? 2.2 billion to creditors on March 31 as part of its ongoing bankruptcy recovery process, with additional payments to preferred equity holders scheduled later this year. The payment marks the fourth distribution under FTX's Chapter 11 reorganization plan and will go to creditors in both convenience and non convenience classes who have completed required onboarding steps. The trust statement says funds are expected to arrive within one to three business days via BitGo, Kraken or Payoneer. All right. Let me stop the article there before I see if I need to read any more of this. So my question to start out with here, Anthony.
It's a good thing some people are getting their money back. So that's a wonderful thing, right? I mean, if you were a Bernie Madoff fan, did you get your money back? You know, if you, if you gave money to the, the Lutheran Brotherhood or whatever it was back in the late 90s, did you get your money back? So this is good, but they're giving it. How ironic. You lost money through a. A cryptocurrency. We're called a Ponzi scheme. And now you're getting money back through a cryptocurrency. Ponzi scheme. Well, no, these are legitimate. But the method of your distribution, I would say send people a check or a direct deposit and let them decide if they want to go back into cryptocurrencies.
[00:35:55] Speaker C: Then they have to use real money.
[00:35:57] Speaker A: Real money? What real. There's no real money left.
So I don't know. I find this. What are your thoughts, Anthony? I mean, this is good, right? That Sam Brinkman, is he still in jail? I don't even know what happened to him.
[00:36:10] Speaker C: I'm not sure I meant to look it up because I'm pretty sure I just saw him do a podcast.
[00:36:16] Speaker A: Will he be paid for said podcast? So, speaking of podcasts, if you're a fan of another money show or if you're new with us and you want to hear other episodes than the one you're listening to now, we're everywhere. We're on Amazon and Spotify and Google and Podbean and all these things. So look us up. We've been on for four years. I always remind people it's a Currents event show, so listen to the newer ones first and go backwards if you like this. You know, no reason to go back three, four years because you're going to hear about egg shortages and diesel exhaust, fuel shortages, and you're going to hear about porous borders and all kinds of stuff.
[00:36:54] Speaker C: Yeah, there's really no articles on impasse to being sentenced to 25 years in prison.
[00:36:59] Speaker A: Well, in this article, one thing I have that it says here, Sam Bankman, Fried or Fried, the founder and CEO of the exchange, is serving a 25 year sentence after being found guilty of seven counts of fraud and conspiracy.
So we'll. We'll see what happens.
So that was interesting. I want to switch gears. I want to talk about something financial. I was going to save this for the next recording, but I want To I want to knock it out right now because we are going to have a special guest on next week.
So I don't want to take up his time with this long term career. We, you know, financial advisors, you know, you expect them to be a second opinion on your 401k or your IRA or your non qualified funds. If you're meeting with a financial advisor and not just a, a salesperson, let's say if you're meeting with somebody who's really, really wants to get your, your whole picture the right way, they're talking about insurance. I mean I, I can tell you we work in Sun City. I've worked in the Sun City market for almost three decades. You have to have a plan for your older age. You have to address long term care. I've always said 100% of all women need to have a plan for long term care. Men, not quite as important. We die younger to begin with. We die more suddenly, we have more strokes and heart attacks. Women, you get more of the osteoporosis, arthritis, that sort of thing. But you better have a plan. And women especially talking to you, usually what we see is the man. If you're a married couple of a man and a woman, the man passes on first and then you're left to fend for yourself. So over the years we've thought it's 100% important to address this plan.
Your options. If you're wealthy, you can self insure. If you, you know, have a medical need for long term care type need for a couple of years, if you have enough money, you pay for your own care. If you have a cognitive impairment that takes over and you may be sick for a decade, you know, hopefully you're more wealthy. So. But if self insure is one method, another method is you run out of money. If you're not of, you know, enough me, you know, you run out of money and you go on the state program which is all tax. A lot of people think Medicare covers long term care. It does not. Medicare covers up to 21 days. If the rules haven't changed lately, it's always been 21 days and that's even only in conjunction with a hospital stay. So with long term care, do not count on Medicare. You're going to have to run through your assets and get to Medicaid level. So you're going to have to run out of money. You can keep your primary residence, your vehicle. The rules were always $2,000 in the bank. I did not do a refresher on the rules. Before bringing this up today. But you basically have to run out of money and then the state will help you with all tax. Part of the problem with all tax, it limits your choices. It's extremely difficult to get into the process. A lot of people are denied trying to get into it. There's people out there, I would say maybe somewhat unscrupulous people sometimes that are charging you a fairly good fee to do the process for you. You gotta be careful with that. So, and then lastly, so you're either self insure or use altecs, you can buy private insurance.
Sandy and I bought our own private insurance.
We. I worked at MetLife when I started my career in the late 90s. It was even before I met Sandy actually. And I bought myself long term care insurance through MetLife. My reason for buying it wasn't because I might need it in my 80s. I was in my early 30s. I didn't buy it for my 80s. I bought it because I ride a motorcycle. I was riding a motorcycle a lot back then. So I was like, you know, this would be good for a young person too.
If I don't get hit and I stay happy and healthy on a motorcycle, life is good. If I get hit and God forbid, pass away, I don't need long term care. What if it's in the middle? So I used to always keep disability income insurance in case I didn't get a paycheck. And I kept long term care so somebody could take care of me. At the time before I met Sandy, I was in between marriages.
So I needed insurance. Well, my premiums didn't change because they didn't even start changing your premiums until you're in your 40s. So it was cheap. Then the next place I went to, the next place of work, I went to a company called Woodman Financial Services, which is the financial arm of Woodman of the World, a old insurance company domiciled out of Omaha, Nebraska, switched over to Woodman of the World Insurance. Then Sandy and I switched to a company called John Hancock. You know, isn't that one of the signers of the Declaration of Independence? Don't let it fool you. All their call centers are in the Philippines and elsewhere. But anyway, the sour grapes. So John Hancock. So we have had a policy, I believe this year that we're about to renew is our 18th year with this company. And I won't give too much into specifics because I don't want to be slanderous. I don't need to say allegedly because I'm looking at A statement right now but I will, I will give you a little problem on why we have to be careful when we address long term care via insurance. So we were with them for many many years we got our very first rate increase the the premium notice after my 60th birthday so the company took our premium until I turned 60 and then they sent the first premium increase. It wasn't too dramatic I thought we're still young now we're getting closer. Sandy's in her upper 50s, I'm in my early 60s now we're closer to perhaps needing this insurance one day so yeah they increased our price we just pay it but then fast forward to this year I just got my notice this week and there's another increase this one 26% so the presumption is just when we get closer to needing our insurance based long term care they're going to make us go away. We've got so much skin in the game they're offering according to this letter a paid up policy if we, if we don't want to put up with this we can have a paid up policy we pay no more premiums in the future and and we get all of our money back the paid up policy and I think it's actually more than what we put in but I'm not sure mine will be $32,879.07 if I don't want to pay the premium and I just walk I have to tell them I want this if I just don't pay the premium they'll let it lapse in 90 days but anyway so I want you to know if you've got older long term care insurance and they've been raising you sit down with us we're going to call the company with you we'll call ship if we need to do the state plan we'll do whatever we need you to help you to understand what you have but if you're getting close to where you might need it don't just walk away until you understand all your options. So this does anger me but I also know the next part of this there's always caps on what they can raise it to I believe at our age it was too they can raise it by 200% so I'm sure that's coming in the next few years I'm not sure what we're going to do about it yet.
We like to address long term care planning where we first educate you about the Altex process, the self insurance process and the insurance process and then what our favorite thing to do is, let's look at your all around your portfolio, your whole financial life and let's see if there's a better plan than paying for insurance that might stick it in your back when you get older. Let's look at what your assets are. Could we earmark certain assets later on for long term care and then if you pass away peacefully in your sleep, which we hope to all do, then that money goes to your beneficiaries or your spouse or whatever. If you have a long term care need, how are we going to address it? You know, I've used the term before. We can reposition your assets for a more favorable result. I hope that doesn't sound slimy like churning or whatever you call it when you move stuff just to make a commission. I hope you don't think we ever would go that direction. But you need to know there's things that we can do to help you protect and grow your assets. Even looking out 10 years, 20 years, 30 years, in case there's a need. You know, one of the insurance companies we work with, they have a plan where, and I'm just going to give you an example, if you put in $100,000 into this long term care based asset, it's, you can do either a life insurance or a fixed annuity chassis. When you put in $100,000, it turns into $202,000. If you get standard, if you get, you know, it's moderate underwriting. If you get standard, you, you leverage your money to double. You have 202,000. If you get preferred, if you're in good shape and you get preferred, it goes to 303,000.
Most people are, they're not aware of these options at all. So we want to make sure you are when you're addressing that need. Oh, I need to take a breath. Anthony, what are your thoughts on long term care insurance? Do you have it yourself? I've seen the way you drive.
[00:46:20] Speaker C: I do not. I will die.
[00:46:23] Speaker A: You will die.
[00:46:25] Speaker C: Yeah, well, we think too is I, you know, we say income all the time is if you can get to a place where you're loaded up with income and loaded up with, you know, pensions and your income's in excess of your needs and hopefully we can have it so you have income in excess of whatever long term care may cost.
Because that's the thing is your long term care could end up just being wasted money. The asset based long term care that we do, at least something will go to your beneficiaries. It's still your money, should you not need it for care. But in your case, I mean, a lot of that could potentially just be gone.
So if you had just been investing for a pension or for excess income, knowing that you're going to need income in retirement, could have been a way to go.
[00:47:14] Speaker A: Well, and sometimes the answer is a hybrid of excess income. What assets would be needed, you know, used if needed. And we look at the stuff that a lot of people don't like to think about, don't want to. You know, I certainly want to tell you we're very cautious with this.
Maybe it's selling your house and downsizing, using the proceeds to put in something safe and to pay your monthly bills. If you need adult daycare or somebody in your home. The other thing is, once in a while it makes sense. Not often in our experience, once in a while it makes sense to do a reverse mortgage. Do a reverse mortgage. Take a chunk of equity money out of your home, and you can get it over two years. Use that money to have somebody come in and help you, somebody take care of you.
So there's options out there. We want to make sure you're aware of them and you have a plan.
So with that said, what kind of time are we looking at here, Sam? Do I get into another article? I think I should. Six minutes.
Six minutes. We have plenty of time, so let's talk. As long as I'm on a couple of financial things, I want to talk for a second about Social Security.
Another thing that we got to bring up here with a client recently was when to take Social Security.
When. When I was new in the job, I remember year after year we, my dad and I used to pay. I think it was like two bucks each. We would give these cheat sheets. They were nice, beautiful, trifold, laminated cheat sheets, and they gave people information on when is your full retirement age? They gave information on everything. Social Security 101. I haven't ordered them in probably 12 or 15 years.
What changed in the landscape over the last 12, 15 years?
Pretty much everybody we meet, they're getting to 62 and they're opting in on taking their Social Security.
And I know from a financial planning standpoint, that can be. It can be good advice. Depending on the person. Do they have other income and options? Do they really need the money? You know, if every single person in their family tree has passed away by the time they're 60 and they're still here, do they feel like, yeah, I'm just not going to take that chance so there, there are things there. But as a financial advisor, we have to explain to you what the difference is. If you wait to your full retirement age, if you wait to whatever, 66 and 11 months, this is what you're going to get. Anthony has mastered getting you to where you'll, you'll know the break even point. Is it 12 years, is it 14 years? I don't know these things. I'm not smart enough to figure that out without Anthony. But he'll kind of wait out for you. If you wait an extra, say, four years, you know, you're missing your whatever. 1800amonth, 2,600amonth, 3,200amonth, every month for those four years. So what's the break even point? That's not even what we're dealing with. Everybody knows it's a giant Ponzi scheme. So everybody knows that sooner or later, although kicking the can is more politically popular, we're getting to the end of how far you can kick the can. So they, they are going to have to address it. I've said, since I've been in this career, I've said it's going to have to be addressed through a three prong approach. In my feeling, they're going to do three things. One, they're going to delay the age. Instead of being 66 and whatever, or 70, or get your extra 8% a year and wait till you're 70. They're going to say you cannot take it until you're 70 or 75 across the board. There's going to be no more options. You can delay it after that. I don't know why you would, but you can. But they're not going to let you take it early at 62. They're not going to let you know FRA will exist. It's not going to be enough to save it. So then unfortunately for our kids and grandkids who are paying what, six and a quarter percent right now, and their employers paying six and a quarter, they're going to have to double that. You know, the young people, they're going to have to take out, you know, 12, 15, whatever percent from their paychecks. And then we work in Sun City. So the granddaddy that is going to affect our clients of more modest means or on a fixed income, they're going to drop the benefit.
It's been talked about the last few years and they're saying, I think, Anthony, the last statistic you read was 23% is what they would have to do right away. They'd have to start with a 23% decrease in benefit.
So people at 62 are grabbing it. They're going to get what they can while they can. And at least if you're grandfathered in, I'll call it, at least that age change will not affect you. As far as younger workers paying more in, I'm sorry for you. As far as reducing benefit, I'm also sorry for you. Hopefully you've sat with Anthony and you've made supplemental income.
Our big push for income. It's. You're, you're going to have multiple sources. You're going to have your 401k or IRAs or whatever financial plan you know you have. And then you're going to have what you get from Social Security and hopefully you're going to have your own pension through us. So we are going to help you address it with Social Security. The, the one other thing I will tell you when I say it's an everything bubble, when I think the real estate market is going to slow down and then maybe even crash like it did when you go back to 2009. 8, 9.
I also think the financial markets are going to crash and that's going to be a time where the government's going to swoop in to save us with a central bank, digital currency and a completely revamped system for our future. Social Security, Medicare, Medicaid, everything is going to change.
So be proactive and not reactive. Don't just shake your head, Anthony, with that beautiful beer.
[00:53:00] Speaker C: I just. It sounds exciting, this whole government reset. I can't wait.
[00:53:06] Speaker A: Well, why don't we get out of here for today and we'll just wait for it to happen.
[00:53:09] Speaker C: Is that it? No, it does. It does look like that is it for today's show. So if you like what you hear. Do you have any questions on the topics today?
You want to sit down with us?
Reach out at team another money show.com that is our web or our email address. Our website is another money show dot com. There's a little contact button through there. It does always go to our junk mail, but I still am on the. I'm on the lookout for that. But give us a call. 623-523-0444. That number again is 623-523-0444. That number a third time is 623-523-0 444. We appreciate you being here. Remember, if you come out, you do not.
There's no minimums. You don't have to have a billion dollars. We'll we'll talk to you even if you only have half a billion dollars. But remember, there's no minimums, there's no requirements. If you need help, we'll be here to help you.
In the meantime, you'll see us again 5am and at noon right here on 960 the Patriot.
[00:54:21] Speaker B: Thanks for listening to another money show. You deserve to work with a private wealth management firm that will strategically work to protect your hard earned assets. To schedule your free no obligation consultation visit 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 course of appointed agents. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results.
[00:55:01] Speaker C: Hi, I'm Anthony Crail, co host of another money show airing on 960 the Patriot, Saturdays at noon and partner of Rochford and Associates in Sun City. If you've heard our show, you know it's more news based on and how current events could affect your finances versus an hour long infomercial. Well now it's time for that infomercial, but I don't need an hour each week to tell you what I can say in 60 seconds. The key to a happy retirement is income. Income, income, income. Clients with low assets and those with high assets all have one thing in common, a fear of running out. Assets come and go. Income is forever. Self funding pensions is the key to a happy retirement and we can help you do it. Reach out to us at 623-523-0444. That number again is 623-523-0444, or find us on the web at anothermoneyshow.com and let us help you not worry about your retirement.
