Jan. 7, 2025

Cautious Celebrations and Year-End Estate Planning

Cautious Celebrations and Year-End Estate Planning
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Cautious Celebrations and Year-End Estate Planning
Cautious Celebrations and Year-End Estate Planning

This week on Money Matters, we wrapped up an incredible year in the markets. As we bask in the success of 2024, it's crucial to remain cautious and avoid greed. With the holiday-shortened week, we're experiencing low volume and liquidity, heightening...

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 This week on Money Matters, we wrapped up an incredible year in the markets. As we bask in the success of 2024, it's crucial to remain cautious and avoid greed. With the holiday-shortened week, we're experiencing low volume and liquidity, heightening concerns about a potential decline we haven't seen in a while.  
At Greenberg Financial, we’re taking proactive measures to mitigate risk and have raised some cash reserves. We emphasize the importance of patience and strategy in finding the right opportunities, encouraging investors to wait for a sale. We also touch briefly on the concept of universal basic income and its potential impacts.
In the second hour, we introduce our new show segment with our estate planning attorney and Mel Greenberg. They discuss the crucial yearly check-up steps for trust and estate planning, ensuring your financial legacy is secure.
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Good morning everybody, and happy happy holidays everyone, Marry Christmas,

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Hyppi honka, and a happy New Year coming up for

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everybody this week. You know, it's a pretty fun holiday.

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I hope everyone's having a good time. It seems like

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it's a two week holiday when they're on a Wednesday

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to a Wednesday, because you kind of have a Monday

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Tuesday boom holiday. Then you get a couple more days weekend,

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coverle more days holiday, cover more days weekend. So it's

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a nice for two weeks of enjoying hopefully family and

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everything else and doing the things you want to do,

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and you know, we relax it and getting ready for

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whatever next year has to come. They come quick, though,

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I'll tell you that. But the year is almost out.

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You know.

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It seemed like because the Friday the markets weren't doing

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very well, but you know what they were all up

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for the week. Not they were only up maybe half

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a percent. S and P five hundred is up point

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seven percent, nas put NAZAC was up almost one point eight.

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Even the russell was up point two. So for the

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month right now, the only thing that is up is

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NASDAC through up two and a half. The s ANDP

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is down one, the Dow's down four and a half,

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Russell two thousand and down eight. And for the year,

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they still have good, good good numbers. S and P

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up twenty five, NAZAC up thirty one, Dows up fourteen,

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and Russell's up ten and the equal weight that SMP

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is only up twelve. And that's where the divergence is.

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You know, we know it. We knew it all year long.

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The technology stocks of what drove this market. There was

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like seven eight stocks that did very, very well that

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continue to bring the markets higher and higher as we

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went into it. And that's okay if you had those.

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If you didn't, then don't expect to have those big,

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big returns, but expect to be okay and where you were.

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So we're coming into the end of the year, so

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now what you hear a lot of different things, but

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nobody really knows, you know that. Do I think we're

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getting to the point they're stretching too high? I do.

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Do I think that the markets are a little bit overvalued? No,

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I think they're very overvalued unless their earnings are going

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to come in real strong. But the big key is

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I don't think that the markets are going to accept

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the initial burst in inflation that looks like we're going

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to have. They're not going to accept the ten year

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bond getting back to five percent. They're not going to

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accept mortgage rates going back over seven percent and staying

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there a little bit. Now, obviously everyone's going to just

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start blaming Trump, and you know that, and I know that,

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and that's what's going to happen at the beginning, but

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what's going to happen six months, a year, two years

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from now. So I want you to be cautious until

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we do have that market correction because higher interest rates,

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higher inflation will cause the markets to get upset. And

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you know the media is gonna be all over that,

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and you know that what's gonna happen is we're gonna

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have to feel some pain until things turn around, and

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they will, but it's going to be a fight getting

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to Congress. The Republican Party does not do what the

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Democrats do and just get in line and accept everything

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that's shoved down their throats. They just don't do it.

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You're always gonna have some Republicans that are gonna say no,

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and they're gonna have to compromise with them. But you know.

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On the whole, though, I don't have too much of

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a problem with some of them not compromising on cutting spending.

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I know they got in and there was you know,

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basically a mandate on the border and immigrants, and that's

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gonna be takeing care of. But it was also on

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cutting inflation and getting jobs back. Well, if we're getting

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rid of a lot of illegal immigrants that have been

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taking jobs, I'm not talking about the ones that have

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been here for ten and twenty years, talking about the

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ones that have been here over the last one to

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five years, they're going to be open jobs. My question

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is Americans going to take those jobs. And it's a

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big question because they have become so accustomed to handouts

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to entitlements to be giving things for the last five years.

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If you just said you didn't want to do anything

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for whatever reason, oh poor me, here's a check. Ever

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since the pandemic, here's a check. We'll take care of you.

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But it didn't work. You know. They talk about cutting spending. Yes,

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it's gonna cost some money to go ahead and find

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the criminal illegal immigrants and find out the ones that

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are here illegally and deport them. But how much has

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it cost to keep them. Billions and billions of dollars

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are paid for by people in states with sanctuary cities

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that cannot afford them. Here in Tucson, we were busting

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out of the scenes. When we had to house them

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and put them places, the burden came down on us

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and that's not fair. So, yes, you're gonna see some

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pain at the beginning, and you're gonna see spending at

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the beginning, But in the end, I believe you're going

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to see something that's going to change people's minds. We're

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going to see a shutdown border. We're going to see

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immigrants coming in legally taking jobs, but they have to

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take the second step that we cannot use immigration as

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a political football anymore. We have to have policy to

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go along with shutting down the border and opening it

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up to people that legally need domicile here. We're not

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going to go away from a humanitarian country. We're here

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with democracy because we are different and we do care.

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But we need to care about ourselves and get our

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poor people to the point that they can go ahead

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and survive and do the things they need to do,

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and that will help the economy. You know, you've heard

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about basic income. Everyone have a basic income, which means

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if you're not making enough money, you get checks every month,

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whether it's a thousand, two thousand bucks a month, again

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for doing nothing. The idea that's being floated around now

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is being able to give opportunities for people to create wealth.

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I like that idea. Change the mindset. The mindset today

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is not where it's like, Okay, give me an opportunity,

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and I know how to do this and I'm going

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to make take advantage of it. Today's mindset is it's

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not my fault. I'm in this position. I need help

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and you have to help me. That's wrong. The mindset is, well,

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this is what I've done, this is what my parents done,

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This is where I'm gonna be. My kids have to

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figure it out on themselves. I can't do that. I

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can't do this. I work too hard. I don't have

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enough money. That stuff has to change. I've said this

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a million times. Wealth is it on how much money

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you have. Wealth is it on how much you spend

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of what you earn. If you don't make a lot

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of money, that doesn't mean you're not wealthy. If you

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spend more than what you make, that means you're not

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wealthy if you go ahead and spend less than what

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you make and put money away and let that grow

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for you. You have two earning sources, the one that

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you get a W nine for and you have to

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pay taxes on, and the one that you're investing in

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for your future in a retirement account that grows for you.

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One you don't have to pay taxes are it until

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later on. That's how you become wealthy. Wealth isn't saying

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I have millions of dollars. Wealth is saying I have

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enough money to pay for my family's bills, have a

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house overhead, have children, feed my children, have them to

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be able to have opportunities to do things that were

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maybe better than what I was able to do, and

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they earn it, be able to take them on vacation,

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so they have memories. But it's the values you teach them,

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the morale, the morals you teach them. Those are the

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important parts of making you a wealthy person, which means

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then we become a wealthy nation. Because if we become

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the land of opportunities and we don't give away opportunities

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and just give away handouts, we're not the country of opportunities.

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We're a welfare country of giving because that's how we

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get votes, and we saw that change. People want to

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feel good about themselves. I'm not saying if you need it,

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if you're disabled and those things that you don't get help,

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of course you do. I'm saying those that take advantage

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of the system, they need to be waned off getting

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help and start looking for opportunities at least for their

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children to be able to get off that support system.

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They'll feel better about themselves. One of the ways to

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cut down on drugs is my stopping drugs coming in

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in a way to cut down on debts. The stopping

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drugs coming in. One of the ways of of of

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of cutting down on people robbing and killing people is

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people feel feling comfortable with their opportunities and doing well

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in life. Not everybody's going to not have a life

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of crime. People have a life of crime, but then

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you need law and order. You do the crime, you

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pay for that crime. If you rebiliate, your rehabilitate yourself

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over a certain amounts of time, society should give you

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second chance. Of course, not if you're murdering people in

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cold blood, not if you're a sickle a crazy person,

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a mental health person that's just going to keep doing

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it again. Hell, no, things happen in life. People make mistakes.

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Second chances are opportunities for people people coming to our country.

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You just can't think that everything's going to be great

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by just saying, oh, here you are, here's a check,

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or do something. Opportunity are made when they learn how

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to do something for themselves. I've said this many times.

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Make this a private public co op where you got

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the public money and the private money coming together. As

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people come here legally and need to basically go to school,

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we're going to have abandoned campuses. Let's start bringing them

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the campuses, teaching them English, give them moom and board,

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teach them the skills that they want, paid by both

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public and private. Meaning, if you're a good technician, if

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you know technical work, then Microsoft and Silicon Valley can

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chip in and they can find the best people that

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are in technology and the best brains, and then this

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is a source for them to bring in help. If

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you're a dentist, end up learning about dentistry. Maybe he

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as a dental assistant, whatever it is you learn. Now

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the dentist indust industry and the and the UH and

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doctor's assistants. This is a place that they can go

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get help, agriculture, hospitality, all these big industries, how to

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work in certain factories. Everybody chips in, helps out, trains,

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allows these people to become assimilated into the American way,

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learn the American history and get jobs. Now they get jobs,

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they pay for health care, they pay for Social Security,

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they pay taxes, and they learn to go ahead and

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become in credit American citizens. And as opportunities arise for them,

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they're happy now if they're coming over here and making

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more money, because that's what it is, and sending it

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all out of here not being taxed. No, I don't

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want to see that if you come over here, because

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you can make ten times the amount and you can

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make in any country, and we allow you to do it,

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and you meet the qualifications. If you want to send

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money out, it's after taxes. There's a lot of things

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we can do to help our economy and help people

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that need to be here either asylum or want to

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be here and go through the legal process. But we

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need to start doing that, and that's going to be

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the first and foremost. You know, colleges are going to

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take a beating here soon. Been watching it happen if

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you notice more and more people getting into colleges have

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less and less the academic qualifications that were five ten

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years ago. And obviously a lot of this started with

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all the DEI inclusivety saying everybody needs an opportunity. That's

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the sheep in woolves clothing, because what they did is

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allow different people in only to go ahead and promote

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the culture that just got the Democrats fired at our

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campuses that became so liberal that people forgot why they

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went to school. And now we have an opportunity to

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actually allow people to go to school and start learning

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what they should be learning. The way schools are going

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to be if they want to stay open, there are

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going to be people with less academic qualifications getting in,

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but that doesn't mean when they're there you can't make

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sure that you keep your academic qualifications, but you're going

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to have to make sure that they learn no different

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than athletes that go there who have what they have

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tutors at their becking call. Well, maybe what you're going

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to have to do is have tutors there for the

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people going to school and allow them to have access

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to people that can help them get through their education.

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But again, the person that's going to go and spend

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that money, you're going to see a different type of

234
00:16:51.039 --> 00:16:58.639
person going. And that's okay. It'll be the people that

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maybe are the ones that can just didn't do really well.

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They're freshman or sophomore year in high school, but turned

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it around their junior senior year and realized that they

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wanted a better life for themselves. They're going to get

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chances and opportunities, and now it's going to come down

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to who can afford and who can't. I have not

241
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seen one solution by this administration other than I'm going

242
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to go ahead and pay off your student loan. So

243
00:17:35.319 --> 00:17:38.279
people going to school today thinking, hey, if I don't

244
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pay my student loan, down the road, there may be

245
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the white belt my student loan. It doesn't work that way.

246
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But we need to fix it. We need to fix tuition,

247
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We need to fix the way they just give out

248
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free money to all these people without them really understanding

249
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that it needs to be paid with consequences. And so

250
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with that said, how do you do that. I have

251
00:18:07.400 --> 00:18:10.119
no problems offering money to people that want to go

252
00:18:10.160 --> 00:18:13.400
get and go to school, but they probably need to

253
00:18:13.480 --> 00:18:18.160
keep a certain GPA to get the loan, and then

254
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they get the loan and they're keeping a certain GPA.

255
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It's a low interest loan, and then they keep over

256
00:18:24.440 --> 00:18:29.119
three oh maybe it's a free loan, which means there

257
00:18:29.200 --> 00:18:32.359
is no interest, especially when they're going to school, no interest,

258
00:18:32.799 --> 00:18:34.880
and then when they come out, keep the interest low

259
00:18:35.279 --> 00:18:40.079
rather than forgiving it. If you were just paying back principle,

260
00:18:40.680 --> 00:18:44.160
it'll get paid back a lot quicker when the interest

261
00:18:44.279 --> 00:18:50.680
is compounding, it's through the roof. You want to help

262
00:18:50.720 --> 00:18:55.240
the American people teach them about good credit by rewarding

263
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them when you have good credit. I remember when we

264
00:19:00.319 --> 00:19:03.279
were going to two thousand and eight, the people that

265
00:19:03.319 --> 00:19:06.799
got rewarded were the people that didn't pay their mortgages.

266
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So what did they did do? They got relief, they

267
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got him redone, they got him fixed, and they didn't

268
00:19:18.160 --> 00:19:21.279
pay them. It couldn't go against their credit at that time.

269
00:19:22.440 --> 00:19:25.400
But the people that paid all the time, on time

270
00:19:25.559 --> 00:19:30.559
everything else got nothing. When interest rates came all the

271
00:19:30.559 --> 00:19:37.039
way down and they couldn't refine refinance because their equity

272
00:19:37.079 --> 00:19:41.440
in the house was less than their mortgage. They should

273
00:19:41.440 --> 00:19:44.240
have been given an opportunity to lower their interest rate

274
00:19:44.799 --> 00:19:50.160
on their mortgage. For rewarding them to be able to

275
00:19:50.200 --> 00:19:55.480
pay on time every time didn't happen. So many times

276
00:19:56.160 --> 00:20:00.920
we reward the people that have not done anything to

277
00:20:01.000 --> 00:20:07.720
go ahead and warrant the help because they just said

278
00:20:07.720 --> 00:20:11.359
the heck with it, while others constantly have tried to

279
00:20:11.400 --> 00:20:14.440
work through things and help things at work and they

280
00:20:14.519 --> 00:20:18.160
just haven't been able to do it. I want to

281
00:20:18.200 --> 00:20:22.279
see the system change. Help those that absolutely need help

282
00:20:22.319 --> 00:20:29.720
and are truth about the help. However, Reward those in

283
00:20:29.799 --> 00:20:34.240
times of trouble that had been good, have kept up,

284
00:20:34.759 --> 00:20:38.279
have suffered through it because they understand those things. Reward

285
00:20:38.440 --> 00:20:42.240
them for doing the right thing, and you'll see more

286
00:20:42.279 --> 00:20:45.839
people keep doing the right thing than not. And the

287
00:20:45.880 --> 00:20:48.920
only ones that won't the ones that don't care, which

288
00:20:48.960 --> 00:20:51.720
you'll never help them, or the ones that really need

289
00:20:51.720 --> 00:20:54.480
the help because they lost their job, they had a

290
00:20:54.519 --> 00:20:58.319
health problem, something like that. There are those circumstances and

291
00:20:58.359 --> 00:21:01.200
they need help. The things I want to see happen.

292
00:21:02.079 --> 00:21:04.079
So now we come into the end of this year,

293
00:21:05.640 --> 00:21:08.599
I gotta think that the next couple days next week,

294
00:21:08.880 --> 00:21:11.559
there's not a lot of liquidity. People are still on vacation.

295
00:21:12.119 --> 00:21:14.279
As much as we saw the market fall on Friday,

296
00:21:14.359 --> 00:21:16.160
we can see the market's rally right into the end

297
00:21:16.200 --> 00:21:18.839
of the year. It behooves everyone to get the markets up.

298
00:21:18.880 --> 00:21:20.960
It's been a good year. People get paid that way

299
00:21:21.200 --> 00:21:23.720
coming into afterwards. It could go back and forth. What

300
00:21:23.799 --> 00:21:26.920
I'm more concerned about is where we go after the

301
00:21:26.960 --> 00:21:30.400
first week of January. We're more concerned about if we're

302
00:21:30.480 --> 00:21:34.799
rallying into that strong seeing a decline that we haven't

303
00:21:34.839 --> 00:21:37.279
seen in a while over the next I don't know

304
00:21:37.759 --> 00:21:40.960
month or two, but the markets go down if you

305
00:21:41.039 --> 00:21:43.119
do not have cash on the sideline, if you're not

306
00:21:43.200 --> 00:21:46.279
mitigating risk, it comes scary and scary, and you go, okay,

307
00:21:46.240 --> 00:21:48.400
I gotta sell, I gotta sell, and it bounce it

308
00:21:48.440 --> 00:21:50.359
a little bit. You sell because you know you have

309
00:21:50.440 --> 00:21:52.640
to get out of something in case it turns the

310
00:21:52.680 --> 00:21:56.519
other way. Very few people over the age of fifty

311
00:21:56.559 --> 00:21:59.359
can sit through it. Most people that are young say

312
00:21:59.400 --> 00:22:02.279
say they sit through it. They don't. They panic, they

313
00:22:02.279 --> 00:22:05.279
say they hate the market. This just generation or so

314
00:22:05.519 --> 00:22:08.440
has not seen what we saw in two thousand to

315
00:22:08.440 --> 00:22:13.640
twenty ten. I hope nobody ever sees that again. We've

316
00:22:13.680 --> 00:22:17.319
had six bear markets in the last fifty years, which

317
00:22:17.359 --> 00:22:20.960
is why people get so bullish, go go go. But

318
00:22:21.039 --> 00:22:24.880
what they're taking out of context is that we're not institutions,

319
00:22:24.920 --> 00:22:28.200
were human beings, and when the market's four, we were emotional,

320
00:22:28.559 --> 00:22:30.519
and we don't have as much time as we had

321
00:22:30.559 --> 00:22:33.200
ten years ago for the markets come back, unless you're

322
00:22:33.240 --> 00:22:36.160
thirty forty fifty years old. If you're sixty seventy eighty

323
00:22:36.240 --> 00:22:38.640
years old, now you don't have that time, and you

324
00:22:38.759 --> 00:22:41.359
panic because you don't know what's going to happen. But

325
00:22:41.440 --> 00:22:45.359
what you do remember is seeing million dollar portfolios going

326
00:22:45.799 --> 00:22:48.039
down to five hundred thousand. So now there may be

327
00:22:48.119 --> 00:22:50.319
three million dollar portfolios. You don't want to see it

328
00:22:50.319 --> 00:22:52.759
down to a million and a half. You can't stomach it,

329
00:22:52.839 --> 00:22:55.319
so people go sell, and I think the selling can

330
00:22:55.359 --> 00:22:58.839
get worse. If that's the case that happens. The only

331
00:22:58.880 --> 00:23:01.720
way you avoid that is by mitigating risk. We always

332
00:23:01.759 --> 00:23:05.319
want to mitigate risk when the markets are too high,

333
00:23:05.480 --> 00:23:08.440
and we will get aggressive to the buy side when

334
00:23:08.440 --> 00:23:10.880
the markets go lower. The one way you do it

335
00:23:10.920 --> 00:23:13.279
is raise cash. There's no reason not to have a

336
00:23:13.359 --> 00:23:17.160
higher cash position. Right now when the markets are this high,

337
00:23:17.480 --> 00:23:20.440
they're rotating from one sector to the other. When we

338
00:23:20.559 --> 00:23:24.039
have the when we have money markets paying US four

339
00:23:24.039 --> 00:23:27.200
and a half four point seven percent. The other thing

340
00:23:27.279 --> 00:23:29.400
is it's to hedge some of the accounts, buy some

341
00:23:29.480 --> 00:23:33.160
insurance puts, do some things like that that a little

342
00:23:33.200 --> 00:23:36.799
bit out of the ordinary, or buy the inverse funds

343
00:23:36.960 --> 00:23:40.000
that do insurance policies. You don't want your insurance policy

344
00:23:40.759 --> 00:23:42.920
to have to go ahead and pay off, but it's

345
00:23:42.960 --> 00:23:46.039
there in case something happens over the next few months.

346
00:23:46.079 --> 00:23:50.480
Until we have this drop I suspect you mitigate risk.

347
00:23:50.680 --> 00:23:53.000
If you have like being in seventy percent, drop it

348
00:23:53.039 --> 00:23:55.640
down to sixty, to fifty five or fifty if you

349
00:23:55.759 --> 00:23:57.799
like to be ninety percent, drop it down to seventy,

350
00:23:57.839 --> 00:23:59.960
if you'd like to be sixty, bringing down to forty.

351
00:24:00.359 --> 00:24:02.799
Bringing the other money in through the insurance because if

352
00:24:02.839 --> 00:24:05.640
you're earning four and a half five percent, why you

353
00:24:05.759 --> 00:24:08.400
sit and wait for great opportunities and it might not

354
00:24:08.440 --> 00:24:12.079
happen the overmore market, it might happen in individual situations.

355
00:24:12.480 --> 00:24:15.319
Then you step up and buy because that's your mindset.

356
00:24:16.079 --> 00:24:18.359
We have another hour or so to talk about this.

357
00:24:18.720 --> 00:24:21.119
We wish you going that, We wish you were happy

358
00:24:21.160 --> 00:24:25.799
and healthy, healthy healthy new Year, and I appreciate you're

359
00:24:25.880 --> 00:24:30.440
always listening to The Money Matter Show. Welcome back everybody,

360
00:24:30.440 --> 00:24:33.519
It's the Money Matter Show. Appreciate you listening. We have

361
00:24:33.599 --> 00:24:37.279
a smaller crew today, We got Dave and Sebastian and myself.

362
00:24:37.680 --> 00:24:39.359
Then we're gonna do a little thing in the second

363
00:24:39.359 --> 00:24:41.720
hour of the show. You're gonna hear a little bit

364
00:24:41.759 --> 00:24:45.680
about our Saturday TV show type of format. And then

365
00:24:45.680 --> 00:24:49.359
we also have Jonathan doing his show that the end

366
00:24:49.440 --> 00:24:53.799
of the year, basically tax ideas and what's coming up

367
00:24:54.240 --> 00:24:56.720
in twenty twenty five. So stay tuned for the whole thing.

368
00:24:57.000 --> 00:24:58.640
But the second hour of the show is going to

369
00:24:58.680 --> 00:25:00.839
be a little bit different format there, and I will

370
00:25:00.960 --> 00:25:05.200
open my here and and and all. So hopefully everyone's

371
00:25:05.200 --> 00:25:06.079
having a great holiday.

372
00:25:06.160 --> 00:25:08.799
It sounds like it sounds like an adventure about bringing

373
00:25:08.799 --> 00:25:12.319
you greetings from Los Angeles from Orange County. Actually, people

374
00:25:12.359 --> 00:25:14.559
in Orange County do not want to admit they're part

375
00:25:14.559 --> 00:25:17.440
of Los Angeles. If you live in Orange County, it's

376
00:25:17.640 --> 00:25:19.240
not and it's.

377
00:25:18.759 --> 00:25:19.920
Because it's more conservative.

378
00:25:20.200 --> 00:25:22.680
Yeah, I don't know, but it's interesting to me because

379
00:25:22.759 --> 00:25:26.039
you know, even in Orange County there's a division because

380
00:25:26.119 --> 00:25:29.200
it's it's South County. If you live in South County,

381
00:25:29.240 --> 00:25:30.960
that's one thing. If you live in North County, that's

382
00:25:30.960 --> 00:25:34.559
Anaheim or buying up in there, you know, and living

383
00:25:34.599 --> 00:25:37.440
now in the lagoon in the gal is that north

384
00:25:37.880 --> 00:25:39.359
South County, that's South County.

385
00:25:39.759 --> 00:25:43.200
Says Now she's a conservative sort of you know, I'm

386
00:25:43.200 --> 00:25:44.960
from South Caaklorda's Army Southern Urse.

387
00:25:45.000 --> 00:25:45.960
She's from South County.

388
00:25:45.960 --> 00:25:48.200
So she's okay, she's getting there now. You see, it's

389
00:25:48.200 --> 00:25:50.839
not hard to convert. We just have to show them

390
00:25:50.880 --> 00:25:51.119
the way.

391
00:25:51.400 --> 00:25:53.960
I think if you a little experience as an adult

392
00:25:54.039 --> 00:25:56.920
goes a long ways, especially when.

393
00:25:56.759 --> 00:25:58.640
You start making some money and you're paying taxes and

394
00:25:58.640 --> 00:26:00.440
you live in California. Want to and where all my

395
00:26:00.480 --> 00:26:02.680
money's going to? Fifteen trying to wait, yeah, trying to

396
00:26:02.759 --> 00:26:06.200
raise children fifteen income. And then and then you go

397
00:26:06.400 --> 00:26:08.440
up in the house here in Tucson. Then you you're

398
00:26:08.440 --> 00:26:10.880
buying the shed out there in California if.

399
00:26:10.799 --> 00:26:12.359
You can buy it all I want.

400
00:26:12.160 --> 00:26:15.759
At Christmas dinner, there were three different couples and everybody rents.

401
00:26:16.240 --> 00:26:19.640
Everybody rents because afford and one of the couples was

402
00:26:19.680 --> 00:26:20.599
in their seventies.

403
00:26:21.000 --> 00:26:23.319
They weren't they can't afford to buy house.

404
00:26:23.359 --> 00:26:24.240
Yeah, they sold their house.

405
00:26:25.160 --> 00:26:28.480
Actually there they were missionary, so they were all in

406
00:26:28.519 --> 00:26:30.160
on the lord as the post, all in on the

407
00:26:30.680 --> 00:26:31.400
all mighty dollar.

408
00:26:32.559 --> 00:26:35.119
Hey, if they're happy and the healthy, and that's all

409
00:26:35.119 --> 00:26:35.400
that matter.

410
00:26:35.400 --> 00:26:37.559
They were happy, they were healthy, but they are renters.

411
00:26:37.599 --> 00:26:39.960
Housing prizes so inflated, and you know.

412
00:26:39.920 --> 00:26:42.279
It's going well, I got to get my disclaim.

413
00:26:42.400 --> 00:26:45.039
Okay, go ahead, Okay, Usually I did the disclaimer.

414
00:26:45.279 --> 00:26:46.759
Can you want to do it? Yeah? I can't. I

415
00:26:46.799 --> 00:26:49.640
can't believe that you do the disclaim without the reading.

416
00:26:49.839 --> 00:26:55.400
I can't. I'm going to teach you right now. Okay, sponsored,

417
00:26:55.400 --> 00:26:58.240
but yeah, who sponsors the show?

418
00:26:59.240 --> 00:26:59.640
Seven nine?

419
00:27:00.119 --> 00:27:07.799
See financial Give Financial is both a registered investment advisory

420
00:27:08.240 --> 00:27:12.359
and a broke a dealer for now, for now, hopefully

421
00:27:12.359 --> 00:27:13.759
in a month from now. That broke a deal a

422
00:27:13.839 --> 00:27:17.119
part of me gone. Okay. On the show, we talk

423
00:27:17.160 --> 00:27:21.920
about different products and strategies. We all have our own ideas.

424
00:27:22.440 --> 00:27:24.559
Each idea product, strategy has.

425
00:27:24.440 --> 00:27:27.359
What type of inherent risk associated with it?

426
00:27:27.559 --> 00:27:30.680
There you go, like, risk has a lot of different ways.

427
00:27:31.319 --> 00:27:33.599
You could have too much allocated, you could have too

428
00:27:33.640 --> 00:27:36.799
little allocated, you could be in too much of one industry,

429
00:27:37.119 --> 00:27:45.720
whatever it is, there's risk. Understand your risk before investing. Yes, boy,

430
00:27:46.599 --> 00:27:48.319
I guess after thirty five years, I can't do it

431
00:27:48.359 --> 00:27:48.960
without having these.

432
00:27:51.960 --> 00:27:53.640
I don't know that you ever will get the notes.

433
00:27:53.680 --> 00:27:57.359
To be honest with you, for anything you're most people

434
00:27:57.400 --> 00:28:00.559
don't know you. You come out here half an hour

435
00:28:00.599 --> 00:28:02.119
before the show starts, you don't know what you're going

436
00:28:02.160 --> 00:28:03.440
to talk about, and you do twenty.

437
00:28:03.240 --> 00:28:04.920
Four they would swee minutes before the show.

438
00:28:05.000 --> 00:28:06.799
Yeah, okay, you do twenty four and a half minutes

439
00:28:06.880 --> 00:28:08.160
literally off the top of your head.

440
00:28:08.160 --> 00:28:10.359
It's just amazing. Well, I know what the mortgage did.

441
00:28:10.599 --> 00:28:13.000
I know you do, and it's good information and people

442
00:28:13.119 --> 00:28:16.480
enjoy it and it's factual, and it's just an amazing talent.

443
00:28:16.640 --> 00:28:16.759
Dan.

444
00:28:16.839 --> 00:28:18.759
I liked what you were talking about. I don't like

445
00:28:18.839 --> 00:28:21.079
the idea of universal basic income, but I liked what

446
00:28:21.160 --> 00:28:24.119
you had to say for it in the monologue. I

447
00:28:24.200 --> 00:28:26.119
just want to bring to lights what's happening in Turkey

448
00:28:26.240 --> 00:28:28.519
right now. They just cut their interest rates by two

449
00:28:28.599 --> 00:28:30.880
hundred and fifty basis points down forty seven and a

450
00:28:30.920 --> 00:28:34.400
half percent. Forty seven and a half percent. Imagine living

451
00:28:34.440 --> 00:28:37.279
in that country right now? Oh my right, and we're

452
00:28:37.319 --> 00:28:40.599
sitting here talking about universal basic income in the United

453
00:28:40.640 --> 00:28:43.079
States of America. I can't imagine where we would get

454
00:28:43.079 --> 00:28:44.799
the money. I can't imagine having that system.

455
00:28:44.839 --> 00:28:46.920
Yeah, we don't have any money, but that shouldn't matter, I.

456
00:28:46.920 --> 00:28:50.440
Guess, right, And not to mention just how de incentivizing

457
00:28:50.519 --> 00:28:52.960
it is to small businesses and just anybody that wants

458
00:28:53.039 --> 00:28:54.880
to prosper in life.

459
00:28:55.440 --> 00:28:56.839
You know, I was looking at the at the week,

460
00:28:56.880 --> 00:28:59.839
and the big headline in is probably Christmas, right, that

461
00:28:59.880 --> 00:29:01.559
was the big thing that happened during the week. But

462
00:29:01.559 --> 00:29:05.720
I think probably the big headline was Tesla recalling seven

463
00:29:05.839 --> 00:29:09.839
hundred thousand vehicles that the EV haters love that.

464
00:29:10.200 --> 00:29:13.680
You know what happened when Tesla? Yeah yeah, but yeah,

465
00:29:13.720 --> 00:29:16.480
well let me talk about this. Oh, let me talk

466
00:29:16.480 --> 00:29:16.920
about this.

467
00:29:16.880 --> 00:29:19.559
One day back in he's back in EV country.

468
00:29:19.880 --> 00:29:22.839
Seven hundred thousand vehicles recalled in a normal recall.

469
00:29:22.960 --> 00:29:23.920
That's not good news.

470
00:29:23.960 --> 00:29:26.519
Right. You got to call your dealer, you got to

471
00:29:26.559 --> 00:29:29.000
make sure they've got the part. You got to get

472
00:29:29.039 --> 00:29:32.279
an appointment, you gotta have someone haul you down there

473
00:29:32.400 --> 00:29:34.880
or uber or whatever. You know, you got to drop

474
00:29:34.920 --> 00:29:38.240
your car for a day or two or whatever. When

475
00:29:38.279 --> 00:29:41.160
Tesla has a recall. Here's how you deal with it.

476
00:29:41.440 --> 00:29:43.599
You go to bed and in the morning, when you

477
00:29:43.640 --> 00:29:44.960
wake up, the recall is over.

478
00:29:45.039 --> 00:29:46.680
Oh, because you're talking about the software updates.

479
00:29:46.680 --> 00:29:48.119
That's all it is. It's all it is.

480
00:29:48.160 --> 00:29:51.799
That car has virtually no moving parts nineteen moving parts.

481
00:29:51.799 --> 00:29:53.799
So if you're going to have a problem, it's going

482
00:29:53.880 --> 00:29:57.680
to be on the computer. It was a tire censor

483
00:29:57.759 --> 00:30:01.640
gauge who didn't work at hard time. Some people were

484
00:30:01.640 --> 00:30:04.319
seeing their tires go flat when the tire sensor gauge

485
00:30:04.359 --> 00:30:06.880
was not to be serious problem right when the tire

486
00:30:07.000 --> 00:30:10.240
sensor gauge was not telling him they're a huge problem. Anyway,

487
00:30:10.480 --> 00:30:12.000
make a long story shorts. You go to bed, you

488
00:30:12.000 --> 00:30:14.039
wake up in the morning, the problem is solved. We

489
00:30:14.160 --> 00:30:18.559
call done. Just another reason why if you don't have

490
00:30:18.680 --> 00:30:20.039
an EV you miss.

491
00:30:19.920 --> 00:30:21.759
Now, So what car did you drive to California?

492
00:30:22.240 --> 00:30:23.440
Well, we can't drive the Calvi.

493
00:30:23.519 --> 00:30:25.960
Yeah, no, no reason why you don't have one range?

494
00:30:26.599 --> 00:30:26.640
No?

495
00:30:26.960 --> 00:30:28.039
Yeah, if you have two cars.

496
00:30:28.079 --> 00:30:29.599
Now, if you have just one car, you wouldn't want

497
00:30:29.599 --> 00:30:32.200
an EV as your only car unless you're never gonna

498
00:30:32.240 --> 00:30:35.359
leave town, right right, because it's inconvenient.

499
00:30:35.240 --> 00:30:38.400
Right for now, So get us seventy eighty thousand dollars

500
00:30:38.480 --> 00:30:40.680
second call.

501
00:30:41.279 --> 00:30:42.759
Most people don't have a seventy reason.

502
00:30:43.359 --> 00:30:45.319
I just got that hybrid that has like six hundred

503
00:30:45.319 --> 00:30:50.200
and fifty range on it, which is pretty amazing, Hyundai.

504
00:30:49.720 --> 00:30:53.480
Beautiful call you got, you know the executive call there,

505
00:30:53.559 --> 00:30:56.599
it's would trim lea the hybrid.

506
00:30:56.880 --> 00:30:58.839
Yeah, the worst of both worlds?

507
00:30:58.880 --> 00:31:01.160
Yeah, wait, but why do you say worse this?

508
00:31:01.559 --> 00:31:04.880
This one's actually listed, doesn't EV You could actually call

509
00:31:04.920 --> 00:31:05.279
it an EV.

510
00:31:05.519 --> 00:31:07.160
Oh yeah, it has to plug in.

511
00:31:07.240 --> 00:31:07.759
I'm not sure.

512
00:31:08.880 --> 00:31:10.519
I'm not sure what you have to plug in and

513
00:31:10.680 --> 00:31:15.519
you have to put gas in it? But the worst onesI.

514
00:31:15.839 --> 00:31:18.920
Six hundred and fifty miles you have to plug in? Yeah,

515
00:31:18.960 --> 00:31:20.759
but six hundred ftey miles goes I'm just gassed.

516
00:31:20.799 --> 00:31:22.400
Have you guys ever seen a natural gas car?

517
00:31:22.559 --> 00:31:25.279
What are you talking about? You goes cargoes six hundred

518
00:31:25.279 --> 00:31:26.240
and fifty miles on you.

519
00:31:26.279 --> 00:31:26.920
Know the battery.

520
00:31:26.960 --> 00:31:29.680
The battery only takes you twenty five thirty miles. So

521
00:31:30.440 --> 00:31:32.200
if you're going six hundred fifty, I don't think you

522
00:31:32.319 --> 00:31:33.440
goes six and I don't know.

523
00:31:33.799 --> 00:31:35.359
No, no, no, no no.

524
00:31:35.480 --> 00:31:39.640
In a hybrid, the battery is good for about a

525
00:31:39.720 --> 00:31:41.759
plug in hybrid is good for forty or fifty miles.

526
00:31:42.119 --> 00:31:44.799
A regular hybrid is good for about twenty five. Uh,

527
00:31:45.359 --> 00:31:47.440
just battery and then the gas has to start burning.

528
00:31:47.440 --> 00:31:49.279
I don't know, check on that one start burning gas.

529
00:31:49.319 --> 00:31:50.400
You don't have to check on it because I know

530
00:31:50.480 --> 00:31:54.799
this stuff. Anyway, I'm proud of him, I'm happy for him.

531
00:31:54.839 --> 00:31:57.960
I'm I'm looking forward to the day when we actually happen,

532
00:31:58.039 --> 00:31:59.799
either it'll do five or six hundred miles, because that

533
00:31:59.839 --> 00:32:03.240
is absolutely coming. Cool now when it does. What you know,

534
00:32:03.599 --> 00:32:05.480
how about this? Did you see the news on nord

535
00:32:05.519 --> 00:32:10.279
Stream's team Nordstrums a family member is going has teamed

536
00:32:10.359 --> 00:32:15.480
up with Elporto de Liverpool, a Mexican retailer, and they're

537
00:32:15.480 --> 00:32:18.440
going to take the company private at twenty four dollars

538
00:32:18.480 --> 00:32:18.799
a share.

539
00:32:19.119 --> 00:32:20.839
Oh Nortrum Yeah, okay, okay.

540
00:32:20.880 --> 00:32:22.480
So you look at that and you go, yeah, well

541
00:32:22.559 --> 00:32:23.039
that's nice.

542
00:32:23.440 --> 00:32:24.440
What's the stark trading at?

543
00:32:24.519 --> 00:32:26.880
No, but twenty four dollars a share? So it's because

544
00:32:27.200 --> 00:32:29.079
actually it was about twenty five. So it's a classic

545
00:32:29.240 --> 00:32:32.319
take under. But here's the here's the interesting part about

546
00:32:32.319 --> 00:32:36.759
that story. In twenty eighteen, the Nordstrom family tried to

547
00:32:36.839 --> 00:32:39.720
take the company private at fifty dollars a year. Ooh,

548
00:32:40.160 --> 00:32:44.720
and it was rejected as not being enough money. Yeah,

549
00:32:45.079 --> 00:32:47.720
fifty dollars a year. Now it's twenty five dollars a year.

550
00:32:47.799 --> 00:32:50.799
Yeah, but going public has a lot of different reasons

551
00:32:50.880 --> 00:32:53.319
now too. You know, you don't have to deal with

552
00:32:53.440 --> 00:32:57.319
all these regulations going private. You're saying, yeah, that's right, man,

553
00:32:57.400 --> 00:32:57.920
going private.

554
00:32:58.000 --> 00:33:01.599
Yes, economy continue used to look pretty darn good. A

555
00:33:01.680 --> 00:33:05.519
lot of excitement about Trump. Two point zero stock valuations

556
00:33:05.599 --> 00:33:09.559
dean thirty one times too high, thirty one times, as.

557
00:33:09.400 --> 00:33:11.599
Your wife said, the four and a half to five

558
00:33:11.640 --> 00:33:14.079
percent you can get in the money market. It's just

559
00:33:14.279 --> 00:33:17.279
fine right now while you wait for your opportunities.

560
00:33:17.400 --> 00:33:20.240
And it clearly feels like it's never going to go down.

561
00:33:20.920 --> 00:33:24.599
I mean, I mean, okay, the two days it's gone

562
00:33:24.640 --> 00:33:26.519
down in the last couple of weeks, one hundred and

563
00:33:26.559 --> 00:33:28.279
seventy eight points on the on the S and P

564
00:33:28.400 --> 00:33:32.359
and then one hundred points almost on the on Friday. Yeah,

565
00:33:32.359 --> 00:33:34.119
but I'm down an over hundred at one time. That's

566
00:33:34.160 --> 00:33:35.680
a bit, that's big quick drops.

567
00:33:35.759 --> 00:33:37.920
Yeah, but it's not even what it gained on Monday

568
00:33:37.920 --> 00:33:38.160
and time.

569
00:33:38.200 --> 00:33:41.799
I understand that, but if it continues, we can know,

570
00:33:42.000 --> 00:33:45.400
got five hundred s and p points before you sneeze.

571
00:33:45.519 --> 00:33:48.720
Not even hinting that that will not happen. I'm saying that.

572
00:33:48.880 --> 00:33:50.960
It doesn't feel like I have to remind you about

573
00:33:51.160 --> 00:33:55.240
Christmas parties. No, no, I remember everybody goes.

574
00:33:55.039 --> 00:33:55.759
In the front door.

575
00:33:55.880 --> 00:33:58.039
Yeah, I heard this last week. Go ahead, you can

576
00:33:58.079 --> 00:33:58.519
tell it again.

577
00:33:58.680 --> 00:34:01.640
It's a good analyoxyso analogy and then not be a

578
00:34:01.720 --> 00:34:03.039
Christmas party commuting kind of party.

579
00:34:03.079 --> 00:34:07.400
Oh it's Christmas time, so it's okay, okay, they want to,

580
00:34:07.799 --> 00:34:10.000
they don't kind of come and look they're drunk before

581
00:34:10.039 --> 00:34:13.400
they come. Maybe come between you know, seven and nine

582
00:34:13.400 --> 00:34:16.280
o'clock for New Year's Eve party and you could have

583
00:34:16.400 --> 00:34:19.519
one hundred people in your house. Yep, But boy, at

584
00:34:19.599 --> 00:34:24.400
eleven thirty something happens. Who knows what could happen, but

585
00:34:24.480 --> 00:34:27.199
the police come, something happens. You got to get out

586
00:34:27.199 --> 00:34:30.840
of that house. It's a p diddy party. It's a

587
00:34:30.880 --> 00:34:33.360
freak out and you got to get out. And everyone

588
00:34:33.480 --> 00:34:35.960
leaves it the same time. How are you gonna get

589
00:34:35.960 --> 00:34:36.559
out the front door?

590
00:34:36.679 --> 00:34:36.880
Yep?

591
00:34:37.599 --> 00:34:39.719
The market. If you look at the market the same way,

592
00:34:40.480 --> 00:34:43.199
that's exactly how to look at it. When you jumping,

593
00:34:43.239 --> 00:34:46.280
you're jumping and you ask questions later. When you come in,

594
00:34:46.360 --> 00:34:49.280
you're coming and in coming in politely. But when you're leaving,

595
00:34:49.679 --> 00:34:52.320
it's who's ever going to man those boats best?

596
00:34:52.639 --> 00:34:54.159
How many shorre do you hear over the year of

597
00:34:54.159 --> 00:34:57.679
people get you trampled to death? Yeah, and things exactly

598
00:34:57.880 --> 00:35:00.559
like that, and I trampled to death is probably not.

599
00:35:00.719 --> 00:35:03.480
It is a little bit more severe than losing money,

600
00:35:03.760 --> 00:35:05.400
but it's gonna be hard to get out when you

601
00:35:05.679 --> 00:35:07.000
need In simple.

602
00:35:06.840 --> 00:35:09.400
Terms, it's easy to get out as the market goes up.

603
00:35:09.760 --> 00:35:11.800
Would party your position and let the rest of it

604
00:35:11.920 --> 00:35:13.519
go up and say, oh, I could have made more

605
00:35:13.559 --> 00:35:15.679
money than it is. When the hell do I get

606
00:35:15.719 --> 00:35:17.719
out when the markets are going down and I don't

607
00:35:17.760 --> 00:35:18.679
know where the bottom is.

608
00:35:19.000 --> 00:35:22.239
If you're fortunate enough to be involved in crypto or

609
00:35:22.599 --> 00:35:26.920
Nvidia or Tesla, if you don't take some off the table,

610
00:35:27.000 --> 00:35:29.400
you're I think you're you're being follious.

611
00:35:29.079 --> 00:35:30.960
Especially if you're sixty seventy years.

612
00:35:30.800 --> 00:35:34.159
Old, or if you're in something ridiculous like GameStop. I

613
00:35:34.199 --> 00:35:36.880
saw GameStop had another bid this week, and that was

614
00:35:36.960 --> 00:35:39.320
based off of that Roaring Kiddy guy making a tweet.

615
00:35:39.360 --> 00:35:42.039
It's like, why why is that stock catching a bid

616
00:35:42.119 --> 00:35:42.360
right now?

617
00:35:42.400 --> 00:35:44.719
If you're in game Stop, You're never gone to game

618
00:35:44.760 --> 00:35:47.800
Stop store. All right, we'll be back. We got another

619
00:35:47.880 --> 00:35:52.000
section of this first hour. Appreciate you listening holiday season,

620
00:35:52.360 --> 00:35:54.559
and all I want to say is happy holidays and

621
00:35:54.639 --> 00:35:58.400
happy New Year to you. Welcome back, everybody. It's the

622
00:35:58.440 --> 00:36:00.360
money mat of show. We got Dave and a bastion

623
00:36:00.519 --> 00:36:04.159
of myself, Dan Greenberg here to bring you the information. Remember,

624
00:36:04.360 --> 00:36:07.079
the second hour is a little bit different. You're going

625
00:36:07.159 --> 00:36:09.760
to get a little flavor of what our TV and

626
00:36:09.840 --> 00:36:13.519
Saturday shows are. It's done more with a host and

627
00:36:13.960 --> 00:36:17.559
and questions and ideas, and I think you might enjoy it.

628
00:36:17.840 --> 00:36:20.440
And this other one is going to be Jonathan. You

629
00:36:20.519 --> 00:36:22.480
know we're a family office. He's the attorney here that

630
00:36:22.559 --> 00:36:25.719
doesn't stay planning and and all and hits his end

631
00:36:25.760 --> 00:36:28.960
of the year's show and he'll we'll do his end

632
00:36:28.960 --> 00:36:31.440
of the year show for you too, which was heard

633
00:36:31.599 --> 00:36:35.360
yesterday on Saturday, and today we're going to repeat it

634
00:36:35.440 --> 00:36:36.320
for him on Sunday.

635
00:36:36.440 --> 00:36:38.559
And this is not a new tradition, this is just

636
00:36:38.920 --> 00:36:40.320
a holiday thing.

637
00:36:40.719 --> 00:36:42.880
But for Saturdays, I will say if you guys really

638
00:36:42.960 --> 00:36:45.480
like the estate show. It's going to be called. They've

639
00:36:45.519 --> 00:36:47.719
made a title for it. You're ready for this. If

640
00:36:47.760 --> 00:36:49.000
there's a will, there's a way.

641
00:36:49.760 --> 00:36:53.760
Ah, that's that's got to be Jonathan, Jonathan and Mel

642
00:36:53.920 --> 00:36:54.199
and Mel.

643
00:36:54.360 --> 00:36:54.480
Right.

644
00:36:55.079 --> 00:36:55.920
Mel came up with that.

645
00:36:56.639 --> 00:36:57.719
Whether there's a will, there's a way.

646
00:36:57.880 --> 00:37:00.960
Yeah, Yeah, you like the name. What do you like

647
00:37:01.039 --> 00:37:02.559
the name with trust?

648
00:37:02.599 --> 00:37:03.480
I thought it was pretty cool too.

649
00:37:03.960 --> 00:37:06.400
The state turned. If there's a will.

650
00:37:06.440 --> 00:37:08.760
Anyways, we're gonna we're gonna review the numbers just to

651
00:37:08.800 --> 00:37:10.880
make sure we got it on the right time. Slopt.

652
00:37:10.920 --> 00:37:12.559
It's either gonna be at eight am or eight thirty

653
00:37:12.599 --> 00:37:13.599
am on Saturday mornings.

654
00:37:13.639 --> 00:37:17.880
If you trusting us, huh huh, they're completely mistrusting us.

655
00:37:18.639 --> 00:37:19.559
No, that's not a good one.

656
00:37:19.599 --> 00:37:20.320
I like that one.

657
00:37:20.599 --> 00:37:21.719
No, THO didn't.

658
00:37:21.719 --> 00:37:25.119
Don't trust that's a day trust in us, trust in us.

659
00:37:25.920 --> 00:37:26.719
You trust in us?

660
00:37:27.199 --> 00:37:29.000
Trusting us? I like that one too.

661
00:37:30.639 --> 00:37:30.800
Well.

662
00:37:30.880 --> 00:37:34.039
If the will there's a way, just tru trust. If

663
00:37:34.079 --> 00:37:35.719
there's a will in a way, just trust in us.

664
00:37:35.880 --> 00:37:36.159
There you go.

665
00:37:36.760 --> 00:37:40.719
Well, we're making up there things. If there's any input

666
00:37:40.760 --> 00:37:43.840
on that, talk about the markets. So we have about

667
00:37:43.920 --> 00:37:44.599
ten minutes here.

668
00:37:44.880 --> 00:37:46.480
It was up a buck to seventy two.

669
00:37:46.559 --> 00:37:49.519
Yeah, I'm talking about going into next year block market.

670
00:37:49.679 --> 00:37:52.360
You know, you hear about the January. Last few days

671
00:37:52.400 --> 00:37:55.880
in January tells you how January goes. January does well,

672
00:37:56.519 --> 00:37:58.360
the year is good. The January doesn't go well, the

673
00:37:58.440 --> 00:38:02.079
market's not good. I don't know. The problem is is

674
00:38:02.119 --> 00:38:07.039
what they don't take into consideration is the year that

675
00:38:07.119 --> 00:38:10.840
we've had before, you know what I mean. And I

676
00:38:10.920 --> 00:38:13.440
think where we are right now, you can actually have

677
00:38:13.480 --> 00:38:16.599
a bad January, January February and I have a great year.

678
00:38:17.519 --> 00:38:20.599
And the reason I say that is we are so

679
00:38:20.840 --> 00:38:24.480
high overvalued. Trump is going to come in. He's going

680
00:38:24.559 --> 00:38:27.360
to make a lot of decisions that are going to

681
00:38:27.400 --> 00:38:32.519
be conflicting with what people think are economically sound, and

682
00:38:32.639 --> 00:38:34.800
I think the markets will sell off. I think interest

683
00:38:34.880 --> 00:38:37.000
rates will go higher, and then I think you'll see

684
00:38:37.039 --> 00:38:41.079
the turnaround because he's not worried about what happens now.

685
00:38:41.199 --> 00:38:43.760
He's worried about changing the country and what happens later.

686
00:38:44.360 --> 00:38:48.159
It's absolutely price perfection. Thirty one times earnings and the

687
00:38:48.360 --> 00:38:53.199
historic norm is sixteen times jarning, so it's almost double normal. Well,

688
00:38:53.199 --> 00:38:56.480
you've got ai. That is a significant game changer. That's

689
00:38:56.519 --> 00:38:59.199
a game changer for sure. And you've got Trump two

690
00:38:59.239 --> 00:39:02.199
point zero, that's a game changer, all right. So those

691
00:39:02.199 --> 00:39:04.360
are positive things. But boy, I'll tell you, you're looking

692
00:39:04.400 --> 00:39:07.159
at this market twice what it normally is priced at,

693
00:39:07.960 --> 00:39:10.239
thinking it's going to have to be awfully, awfully good

694
00:39:10.320 --> 00:39:11.440
to justify these prices.

695
00:39:11.440 --> 00:39:14.400
It's interesting though. On the other hand, Okay, let's let's

696
00:39:14.400 --> 00:39:17.119
look at the other big picture. Okay, and we said

697
00:39:17.159 --> 00:39:24.639
this before history repeats itself. Yes, okay, one hundred years

698
00:39:24.679 --> 00:39:32.519
ago we had a pandemic, right, we had another pandemic. Yeah,

699
00:39:33.199 --> 00:39:36.719
twenty twenty right, pretty much one hundred year ago. One

700
00:39:36.800 --> 00:39:39.880
hundred years ago. After we came after the pandemic, what

701
00:39:39.960 --> 00:39:44.880
did we have? The Roaring twenties that lasted longer than

702
00:39:44.920 --> 00:39:50.400
most people expected. Nineteen twenty nine, what happened? Markets crashed?

703
00:39:52.480 --> 00:39:55.039
Do I think it has the tame same time frame? No,

704
00:39:55.320 --> 00:39:59.719
But it's got the same feel feel to it. Okay,

705
00:40:00.519 --> 00:40:02.320
And I do believe we have a lot more to go.

706
00:40:03.400 --> 00:40:05.280
But if you go back and look at the Rowing twenties,

707
00:40:05.679 --> 00:40:07.400
I think it was twenty three twenty if somewhere in

708
00:40:07.480 --> 00:40:11.159
there the markets did for hard before they did that

709
00:40:11.320 --> 00:40:14.559
final push up into twenty nine. Now we don't have

710
00:40:14.639 --> 00:40:16.719
the same problems they had in twenty nine. But we

711
00:40:16.800 --> 00:40:18.760
said that in two thousand and eight that there's no

712
00:40:18.880 --> 00:40:21.400
way that can happen again to the banking systems. Well,

713
00:40:21.480 --> 00:40:24.039
now they're talking about lowering bank regulations. They're looking at this,

714
00:40:24.159 --> 00:40:26.559
they're looking at that. A lot of things can happen

715
00:40:28.119 --> 00:40:33.199
when you have an influx of greed. Okay, So what

716
00:40:33.280 --> 00:40:39.440
I'm saying is we had things happen that were life changing,

717
00:40:40.440 --> 00:40:42.199
and I think the first one we would all agree

718
00:40:42.280 --> 00:40:47.000
was the Internet. Yepkay, eighties nineties that allowed the computers

719
00:40:47.079 --> 00:40:49.840
to be worth something, done something the hard way. I'm

720
00:40:49.880 --> 00:40:52.599
talking about the thing. Yes, the computers changed, but what

721
00:40:52.760 --> 00:40:54.960
really changed it was the Internet.

722
00:40:55.280 --> 00:40:57.960
The best thing and the worst thing about the twentieth century.

723
00:40:58.199 --> 00:41:00.320
Right then, what happened? What was the next See that

724
00:41:00.400 --> 00:41:06.719
happened after that? These smartphones? I mean that changed people's

725
00:41:06.840 --> 00:41:10.880
lives totally, right, totally. So now we're in the next

726
00:41:11.280 --> 00:41:14.880
revolution of changing people's lives that can last for easily

727
00:41:14.960 --> 00:41:18.159
five to ten years. Yeah, Okay, of the growth part,

728
00:41:19.440 --> 00:41:23.280
and it's AI and there's steps of AI. As we

729
00:41:23.400 --> 00:41:27.239
talked about who and how is the best now, that's

730
00:41:27.239 --> 00:41:29.760
why we like, you know, ETFs are great. You be

731
00:41:29.880 --> 00:41:32.079
in some of these individual stocks, you make the big money.

732
00:41:32.800 --> 00:41:34.119
But if you want to be part of it, you're

733
00:41:34.159 --> 00:41:37.519
and all of them by using the the ETS, which

734
00:41:37.599 --> 00:41:40.679
is basically a basket of these stocks. The next level

735
00:41:40.840 --> 00:41:44.639
of this AI, which we see happy a little bit,

736
00:41:44.719 --> 00:41:47.360
which is very risky because no one knows anything about it,

737
00:41:47.559 --> 00:41:51.039
is what quantum computing want them computing, and that's that

738
00:41:51.320 --> 00:41:54.559
word quantum computing, my friends, or what you're going to

739
00:41:54.639 --> 00:41:57.360
start hearing over the next one two, three years in

740
00:41:57.480 --> 00:41:59.559
a big way. Does that mean you get in now?

741
00:42:00.320 --> 00:42:02.280
It means maybe you look at some ets said you

742
00:42:02.360 --> 00:42:04.880
can get in now, because if you're getting into stocks,

743
00:42:04.920 --> 00:42:06.599
you don't know which ways are gonna survive or not.

744
00:42:07.159 --> 00:42:09.639
And there's a bunch of them that we've seen that

745
00:42:09.760 --> 00:42:12.360
have done one hundred and fifty percent already, going from

746
00:42:12.400 --> 00:42:15.800
four to twenty in basically three weeks, well from one

747
00:42:15.880 --> 00:42:18.880
to twenty over the last couple of months. Very risky.

748
00:42:19.480 --> 00:42:21.039
If you don't know what you're doing, you stay away

749
00:42:21.039 --> 00:42:23.800
from them, but start looking for ets that I have

750
00:42:23.960 --> 00:42:27.400
AI and quantum and put part of the money into it.

751
00:42:27.760 --> 00:42:31.039
To be part of what's going on. It's no different

752
00:42:31.079 --> 00:42:35.880
than bitcoin. I looked at bitcoin on the last Decembers,

753
00:42:36.159 --> 00:42:39.079
like Christmas says, going all the way back to twenty ten,

754
00:42:39.880 --> 00:42:42.760
when it was like I think, what ten to twelve bucks? Yeah, okay.

755
00:42:43.119 --> 00:42:44.440
Then it went all the way up. Then it got

756
00:42:44.480 --> 00:42:46.000
cut in half and went all the way up. And

757
00:42:46.079 --> 00:42:48.119
the biggest one is when it went from fifty thousand

758
00:42:48.199 --> 00:42:52.800
back to fourteen thousand. We've gone one hundred thousand. It's

759
00:42:52.920 --> 00:42:55.239
good chance that that we gotta have another dropping then

760
00:42:55.360 --> 00:42:58.599
of forty thousand fifty thousand. But then where does it

761
00:42:58.679 --> 00:43:04.039
go after that? Bitcoin is not going away with this administration. No,

762
00:43:04.320 --> 00:43:06.519
this is now only now you start seeing it now.

763
00:43:06.880 --> 00:43:09.079
That means you didn't get into the very beginning and

764
00:43:09.159 --> 00:43:11.679
everyone wants to. But does that mean you're late to

765
00:43:11.760 --> 00:43:15.519
the game. No, unless you're putting all your eggs in

766
00:43:15.559 --> 00:43:18.920
the basket at the hest you dollar cost average into

767
00:43:19.000 --> 00:43:22.599
these things and you have pieces of it of your portfolio.

768
00:43:23.400 --> 00:43:25.800
But if you don't, then you're gonna look back and

769
00:43:25.840 --> 00:43:26.760
say I missed out on it.

770
00:43:27.239 --> 00:43:29.280
And like with anything in life, you find what you're

771
00:43:29.360 --> 00:43:31.000
interested in and you wait for a sale.

772
00:43:31.960 --> 00:43:33.840
Right, you buy it on sale.

773
00:43:34.039 --> 00:43:35.840
Dollar cost average.

774
00:43:35.760 --> 00:43:37.360
You can absolutely dollar cost averaging.

775
00:43:37.519 --> 00:43:38.639
Explain what that is. Safe.

776
00:43:38.880 --> 00:43:41.519
Dollar cost averaging is put in, typically put in an

777
00:43:41.559 --> 00:43:45.119
equal amount of money into an investment over a specific

778
00:43:45.159 --> 00:43:48.920
period of time, uh, five percent every three months, something

779
00:43:49.039 --> 00:43:51.239
like that. That's kind of how we invest when people

780
00:43:51.280 --> 00:43:52.960
come in with all cash. We don't throw it all

781
00:43:53.039 --> 00:43:55.519
in and cross our fingers and go hope it works out.

782
00:43:55.840 --> 00:43:58.360
I'll even go further than that too. Say you want

783
00:43:58.440 --> 00:44:00.719
five percent or eight percent of whatever it is, say

784
00:44:00.760 --> 00:44:04.079
eight percent into quantum computing, which is the next one

785
00:44:04.119 --> 00:44:05.800
going off. So you start with a position of two

786
00:44:05.920 --> 00:44:09.159
or three percent. You add to that position whether it

787
00:44:09.239 --> 00:44:11.599
goes up or down. Now you get to eight percent.

788
00:44:11.760 --> 00:44:13.760
If that position goes down, and now it goes down

789
00:44:13.800 --> 00:44:15.880
to six percent, what do you do you add to it.

790
00:44:16.199 --> 00:44:18.599
If that position goes to twelve percent, you say, okay,

791
00:44:18.960 --> 00:44:20.920
now I'm catching the way. Maybe I go back down

792
00:44:20.960 --> 00:44:23.840
to ten percent and you stay at ten percent. Goes

793
00:44:23.920 --> 00:44:26.199
up to fifteen percent, you cut it back to ten percent.

794
00:44:26.400 --> 00:44:28.320
If it goes down to five percent, you add back

795
00:44:28.400 --> 00:44:32.000
into ten percent. That's how you can dolar course averaging

796
00:44:32.119 --> 00:44:35.159
over a long period of time. Once you have your

797
00:44:35.800 --> 00:44:36.840
position that you.

798
00:44:36.920 --> 00:44:39.639
Want, decide what amount, what percent you're comfortable with it.

799
00:44:39.679 --> 00:44:42.320
Stay with it exact, stay with it if it rallies yourself,

800
00:44:42.400 --> 00:44:43.800
if it drops your bike.

801
00:44:43.960 --> 00:44:46.679
And that is why you need to do a financial plan.

802
00:44:47.360 --> 00:44:49.480
Plan where you're going. We talk about it all the time.

803
00:44:50.119 --> 00:44:53.079
Understand what your risk tolerance is, Understand what your game

804
00:44:53.159 --> 00:44:55.639
plan is. Understand how you're going to get there and

805
00:44:55.719 --> 00:44:56.880
be able to do it. I could talk to you

806
00:44:56.920 --> 00:45:00.320
all day long about portfolio investing. That's what we do. Okay,

807
00:45:01.079 --> 00:45:04.000
these are gross stocks. Those are the fun ones. But

808
00:45:04.239 --> 00:45:07.119
eighty percent of the portfolio is not in growth stocks.

809
00:45:07.679 --> 00:45:09.880
Those are the ones that you've got your boring bonds,

810
00:45:10.199 --> 00:45:14.199
you got your boring stachy companies, you got your dividend

811
00:45:14.239 --> 00:45:17.639
paying companies. You're putting a portfolio together. Those are there

812
00:45:18.239 --> 00:45:20.079
and the whole thing is then gets wrapped around. And

813
00:45:20.159 --> 00:45:24.000
that's why we became a family office. Okay, we are

814
00:45:24.079 --> 00:45:27.119
truly a family office, not just because Dylan works here

815
00:45:27.199 --> 00:45:29.639
that type of family. It's a family office that we

816
00:45:29.800 --> 00:45:35.119
actually help families do everything from plan their futures, protect

817
00:45:35.159 --> 00:45:38.440
their futures with insurance, go ahead and do a state

818
00:45:38.519 --> 00:45:41.360
planning for legacy and do the tax work with them.

819
00:45:41.559 --> 00:45:44.559
We have different experts in our office. That's what makes

820
00:45:44.599 --> 00:45:45.480
it a family office.

821
00:45:45.840 --> 00:45:48.559
Sure we can get you, you get mortgage. We're talking

822
00:45:48.559 --> 00:45:49.599
to the people next doors.

823
00:45:49.679 --> 00:45:53.719
It's no big deal. The finish off the market.

824
00:45:53.760 --> 00:45:56.159
We would oil up a dollar to seventy fifty, gold

825
00:45:56.199 --> 00:45:59.800
down eleven dollars to twenty six seventeen on the week.

826
00:46:00.679 --> 00:46:02.800
New Year's Day is Wednesday, which is next week. There's

827
00:46:02.920 --> 00:46:07.239
no economic numbers next week at all. It was that

828
00:46:07.320 --> 00:46:10.000
the day after Christmas, the twenty sixth, I was traveling

829
00:46:10.239 --> 00:46:11.639
doing it seemed like the mark was close.

830
00:46:11.719 --> 00:46:13.639
It's two week vacations everybody.

831
00:46:13.760 --> 00:46:15.920
Yeah, And for a lot of people, this is a

832
00:46:16.000 --> 00:46:17.880
really slow time of the year and they just shut

833
00:46:17.920 --> 00:46:21.480
it down. For people in retail and people in our business,

834
00:46:21.559 --> 00:46:24.000
it's a really busy time of the year because we're

835
00:46:24.039 --> 00:46:26.480
trying to do last minute things for tax planning year in,

836
00:46:26.920 --> 00:46:29.880
get the contributions to the ros, con versions, make sure

837
00:46:29.880 --> 00:46:32.559
you've got taken losses to offset game. It's a very

838
00:46:32.639 --> 00:46:35.760
busy time of the year for us, very busy time

839
00:46:35.800 --> 00:46:37.920
of the year for retail. For a lot of people,

840
00:46:38.280 --> 00:46:40.159
it's the time of the year to kick back and go,

841
00:46:40.320 --> 00:46:42.239
let's see who can I buy it out? Who can

842
00:46:42.280 --> 00:46:47.320
I bother? Because I got nothing going on. That's kind

843
00:46:47.360 --> 00:46:49.599
of the way it comes down bitcoin. Kind of a

844
00:46:49.679 --> 00:46:52.679
wild week for Bitcoin, finished the week down two percent.

845
00:46:53.400 --> 00:46:57.119
Bitcoin interestingly is close to the December lows. But like

846
00:46:57.280 --> 00:47:00.719
Dean said, it is a very very volatile last and

847
00:47:00.920 --> 00:47:04.320
if you're interested in it, you might take a small

848
00:47:04.400 --> 00:47:08.599
position here. But wait, wait for that big drop, which, boy,

849
00:47:09.039 --> 00:47:11.559
maybe it never comes again, Dean, But it seems like it's.

850
00:47:11.440 --> 00:47:14.760
Going to crops are great. Yeah, if you have money,

851
00:47:15.519 --> 00:47:17.639
they shuck. If you don't have money, yeah, they just

852
00:47:17.760 --> 00:47:20.159
scare if you don't have money. That's why you got

853
00:47:20.239 --> 00:47:24.679
to mitigate your risk. I understand. We're there, have a

854
00:47:24.960 --> 00:47:28.400
hopefully a great, great, great, great new year. We'll see

855
00:47:28.400 --> 00:47:31.599
you on the other side. Stay tuned for the next hour.

856
00:47:32.119 --> 00:47:34.280
Thank you for listening. It's the Money Matter Show.

857
00:47:35.079 --> 00:47:38.199
Hi, everybody, Welcome back to another episode of Money Matters

858
00:47:38.239 --> 00:47:41.079
with Dean Greenberg. I'm Mel Greenberg and I am here

859
00:47:41.239 --> 00:47:43.599
with Jonathan. How you doing today?

860
00:47:43.840 --> 00:47:44.760
Pretty good? How are you?

861
00:47:44.880 --> 00:47:45.079
Mel?

862
00:47:45.519 --> 00:47:47.480
I'm hanging in there. It's a busy time of year.

863
00:47:47.519 --> 00:47:50.000
It gets to us all, Oh, sure is the end

864
00:47:50.039 --> 00:47:53.920
of the year, stuff, buying presents. It's just been madness

865
00:47:53.960 --> 00:47:54.679
the past two months.

866
00:47:54.800 --> 00:47:56.360
It's NonStop. I mean I wait for it.

867
00:47:56.519 --> 00:47:58.440
I love this time of year, and then you just

868
00:47:58.519 --> 00:48:01.519
get engulfed in it in its whizz is by.

869
00:48:02.239 --> 00:48:04.119
Did you buy a lot of presents for your grandkids?

870
00:48:04.519 --> 00:48:08.599
Of course absolutely, thany for the children, yeah.

871
00:48:08.800 --> 00:48:10.639
Them too. Got everybody covered.

872
00:48:10.679 --> 00:48:14.480
How about you, We're still you know, processing, we're still

873
00:48:14.639 --> 00:48:19.519
getting grifts. We're looking to you know, we got another

874
00:48:19.559 --> 00:48:22.960
birthday coming up in January, and so we're going to

875
00:48:23.159 --> 00:48:25.039
you know, buy presents. Is kind of interesting when you

876
00:48:25.159 --> 00:48:28.440
have kids around the holidays, do you lump it all

877
00:48:28.480 --> 00:48:31.000
in one in one day or do you spread it out?

878
00:48:31.159 --> 00:48:33.840
So we've been buying presents continuously for the kids.

879
00:48:34.039 --> 00:48:36.760
Well I can speak to that. My birthday's January eighth,

880
00:48:37.400 --> 00:48:39.280
and that was tried on me when I was young.

881
00:48:39.400 --> 00:48:41.880
Didn't work. I was like, no, no, no, I want

882
00:48:41.920 --> 00:48:42.400
all of them.

883
00:48:42.519 --> 00:48:43.440
I want my special day.

884
00:48:43.440 --> 00:48:44.440
I want my special day.

885
00:48:45.079 --> 00:48:45.280
Yeah.

886
00:48:45.760 --> 00:48:47.679
But all of you out there, thanks for joining us

887
00:48:47.800 --> 00:48:50.599
on this last show of twenty twenty four. It has

888
00:48:50.719 --> 00:48:55.679
been a pretty incredible year. A lot of God, well, a.

889
00:48:55.719 --> 00:48:56.440
Lot of everything.

890
00:48:56.599 --> 00:49:00.440
Things we didn't expect, things we kind of hoped for,

891
00:49:00.639 --> 00:49:04.760
didn't hope for, worked for. It's been a crazy twelve months.

892
00:49:04.880 --> 00:49:08.559
I'm ready for twenty twenty five. But as we look forward,

893
00:49:09.519 --> 00:49:12.840
it's really important that we close out this year kind

894
00:49:12.880 --> 00:49:15.119
of you know, tie a bow on it all, you know,

895
00:49:15.199 --> 00:49:17.119
And I know you're going to lead us that way today,

896
00:49:18.199 --> 00:49:22.119
and I think I want to start with, you know,

897
00:49:22.320 --> 00:49:25.480
any life changes, things that have come up this past year.

898
00:49:26.159 --> 00:49:28.719
Well, I kind of want to chat about what is

899
00:49:28.760 --> 00:49:32.000
going on with me recently, you know, a little personal story.

900
00:49:32.360 --> 00:49:34.760
So when we moved the Tucson, we didn't sell our

901
00:49:34.800 --> 00:49:37.599
house in Phoenix, so we decided to rent it out.

902
00:49:38.800 --> 00:49:42.400
The very first tenants we've had were amazing, great, probably

903
00:49:42.480 --> 00:49:46.199
heard from them once throughout the entire year, paid rent

904
00:49:46.280 --> 00:49:49.719
on time, everything was great. Hunky Dory sad to see

905
00:49:49.800 --> 00:49:51.880
him go. It was actually a cop from Texas and

906
00:49:51.960 --> 00:49:54.960
he moved back to Texas with his wife. Our new

907
00:49:55.039 --> 00:49:59.719
renters have been a problem to a point where I

908
00:49:59.800 --> 00:50:03.400
have to make sure that all my legal loop legal

909
00:50:03.480 --> 00:50:08.400
holes are filled in. So for instance, they moved in.

910
00:50:09.119 --> 00:50:14.880
The wife's a realtor, okay, and she it's constantly she's

911
00:50:14.920 --> 00:50:17.719
playing armchair lawyer with me. She's constantly saying, here are

912
00:50:17.760 --> 00:50:22.239
the rules, here's what I know are is required here

913
00:50:22.280 --> 00:50:25.039
in Arizona. I mind you, she's not a real estate

914
00:50:25.079 --> 00:50:28.400
agent in Arizona. They moved here. She's a real estate

915
00:50:28.440 --> 00:50:31.400
agent based out of Virginia or Maryland or whatever.

916
00:50:31.519 --> 00:50:33.039
And all state to state, it's all different.

917
00:50:33.079 --> 00:50:35.440
It's all different, all the rules are different. So when

918
00:50:35.440 --> 00:50:38.079
they first moved in, they had a problem with X

919
00:50:38.239 --> 00:50:38.480
Y Z.

920
00:50:39.199 --> 00:50:40.039
We took care of it.

921
00:50:40.559 --> 00:50:42.360
They wanted drout work not required.

922
00:50:42.679 --> 00:50:43.360
We took care of it.

923
00:50:43.559 --> 00:50:46.039
Weird, but we made sure that was taken care of.

924
00:50:46.519 --> 00:50:49.760
One of the windows was cracked, not broken, cracked. They

925
00:50:49.840 --> 00:50:53.320
wanted that fixed. Little things. Trying to help them out.

926
00:50:54.719 --> 00:50:57.960
Then it's now it's the ventilation. We have problems with

927
00:50:58.039 --> 00:51:02.280
the ventilation. And mind you, we live in Phoenix, and

928
00:51:02.519 --> 00:51:05.639
you want as much airflow as possible, YEP, or at

929
00:51:05.679 --> 00:51:07.960
least Tucson. You want as much airflow as possible. So

930
00:51:08.039 --> 00:51:10.239
our previous technicians said, hey, we're going to disconnect this

931
00:51:10.360 --> 00:51:12.960
part so we can have thirty percent more airflow through

932
00:51:13.000 --> 00:51:17.079
the entire house. They're asking for it to be reconnected. Why,

933
00:51:17.239 --> 00:51:20.239
I have no idea, and so they just want to

934
00:51:20.760 --> 00:51:24.039
you know it's connecting because there's a seven by seven

935
00:51:24.159 --> 00:51:27.159
room that's not a living room, it's an offshoot. It's

936
00:51:27.199 --> 00:51:29.400
not a living room, it's not a bedroom. It's it's

937
00:51:29.519 --> 00:51:32.559
basically a closet that's not getting great airflow. But so

938
00:51:32.599 --> 00:51:34.920
they want it reconnected so there's airflow into that room.

939
00:51:35.639 --> 00:51:37.840
So they want us to dump eight thousand dollars into it.

940
00:51:38.400 --> 00:51:40.519
So they've already written us a ten day notice. And

941
00:51:40.639 --> 00:51:43.079
then when they were looking at the ventilation, we have

942
00:51:43.199 --> 00:51:44.880
pack rats here in Tucson.

943
00:51:44.760 --> 00:51:45.599
We call them.

944
00:51:45.679 --> 00:51:49.440
In Phoenix they call them roof rats. And they found

945
00:51:49.519 --> 00:51:52.079
one in there. So we had that exterminated. We had

946
00:51:52.119 --> 00:51:54.440
that taken care of. It's what they do is, you know,

947
00:51:54.760 --> 00:51:56.840
time goes on. This house is built in nineteen seventy.

948
00:51:56.840 --> 00:51:57.639
It's a fifty year od.

949
00:51:57.639 --> 00:51:59.880
That's an ongoing part of life in the desert.

950
00:52:00.119 --> 00:52:02.400
I told them, I said, look, you know, you guys

951
00:52:02.480 --> 00:52:06.760
moved here from Virginia. We have pack rats, we have scorpions.

952
00:52:07.119 --> 00:52:09.079
You can't avoid them. All you can do is try

953
00:52:09.159 --> 00:52:10.679
to help alleviate the situation.

954
00:52:10.840 --> 00:52:12.000
We can't eliminate them.

955
00:52:12.039 --> 00:52:15.559
You can never eliminate. So we had them exterminated. We

956
00:52:15.679 --> 00:52:17.360
had all the holes that they could possibly go in

957
00:52:17.480 --> 00:52:20.199
filled in. You know, we're catering to these people left

958
00:52:20.239 --> 00:52:23.760
and right now it is starting to scare us, they

959
00:52:23.840 --> 00:52:27.440
said the real estate agent. The tenant said, the house

960
00:52:27.519 --> 00:52:30.840
is built in nineteen seventy. There is a little bit

961
00:52:30.880 --> 00:52:32.719
of chipping in the paint. We have a young kid.

962
00:52:32.920 --> 00:52:36.559
We're worried about lead. Now we have a lead poisoning issue.

963
00:52:37.239 --> 00:52:39.840
I go, well, we gave you a pamphlet. You signed

964
00:52:39.840 --> 00:52:45.039
a disclosure the house was built. Every house sale before

965
00:52:45.119 --> 00:52:48.360
nineteen seventy has a disclosure saying this house was built

966
00:52:48.519 --> 00:52:51.599
before nineteen seventy. There's a possibility for leading to paint.

967
00:52:51.679 --> 00:52:53.679
This is a disclosure, but we were unaware of it

968
00:52:53.960 --> 00:52:57.039
when we bought the house, it said the sellers. They said,

969
00:52:57.039 --> 00:52:59.079
we were unaware of any lead, but we just want

970
00:52:59.119 --> 00:53:01.079
to let you know that there's a possibility because the

971
00:53:01.119 --> 00:53:04.480
house was built before nineteen seventy. So they signed a disclosure.

972
00:53:05.320 --> 00:53:07.679
She's a real estate agent, she should understand that. But

973
00:53:07.760 --> 00:53:08.840
now they're worried about lead.

974
00:53:10.000 --> 00:53:11.559
How long have they When did they move in?

975
00:53:11.679 --> 00:53:16.000
They moved in in August. So now I'm terrified. Were

976
00:53:16.039 --> 00:53:19.639
there were there any red flags? When they know I

977
00:53:19.800 --> 00:53:22.280
met them. They were complaining about the sprinkler system. I

978
00:53:22.480 --> 00:53:25.480
drove all the way to Phoenix personally. I fixed the

979
00:53:25.599 --> 00:53:28.239
sprinkler system for them. I met them. They said, hey,

980
00:53:28.280 --> 00:53:30.079
we're not crazy people. I know we ask a lot,

981
00:53:30.159 --> 00:53:33.679
but we're not crazy people. It's turning out that they're crazy.

982
00:53:34.000 --> 00:53:37.599
So we have nightmare tenants. My wife every time I

983
00:53:37.719 --> 00:53:41.239
come home, she's crying. Why are you crying? Oh, the tenants.

984
00:53:41.280 --> 00:53:44.400
There's something wrong with the house again. There's something. Their

985
00:53:44.519 --> 00:53:46.679
lease is until August, so it's a one year lease

986
00:53:46.840 --> 00:53:48.960
and we're not renewing them. Don't worry. Well, I know that,

987
00:53:49.199 --> 00:53:52.760
but the lease I wrote that. I wrote them, but

988
00:53:52.800 --> 00:53:55.000
I never sent the email because I read the statute.

989
00:53:55.039 --> 00:53:56.960
So I've learned a lot. I'm not a real estate attorney,

990
00:53:56.960 --> 00:53:58.840
but I've learned a lot about real estate law the

991
00:53:58.880 --> 00:54:02.039
past couple days because I've reading the Landlord Tenant Act.

992
00:54:03.039 --> 00:54:06.920
So I wanted to send an email to them saying, hey,

993
00:54:07.000 --> 00:54:09.480
what if you guys want, you can break the leaves.

994
00:54:10.159 --> 00:54:13.639
I'm not interested. Let me backtrack. They offered to buy

995
00:54:13.679 --> 00:54:17.000
the house a couple of weeks ago, so they have

996
00:54:17.239 --> 00:54:19.880
all their complaints. They don't hate the house, they're just

997
00:54:20.159 --> 00:54:23.519
they're just very demanding people, their nightmare tenants. They're eating

998
00:54:23.599 --> 00:54:25.760
up a lot of the profit that we're supposed to

999
00:54:25.800 --> 00:54:28.199
make to help pay for the mortgage, pay for the text.

1000
00:54:28.320 --> 00:54:31.440
Maybe are they setting it up to buy it to

1001
00:54:31.559 --> 00:54:33.280
try and buy it at a cheap part?

1002
00:54:33.480 --> 00:54:35.519
And I joked around my wife. I said, well, if

1003
00:54:35.559 --> 00:54:36.719
they want to buy, we're going to sell to them

1004
00:54:36.760 --> 00:54:38.360
for a million. Now that's way more and it's worth

1005
00:54:39.280 --> 00:54:41.639
But just because they've caught us a heartache, I don't

1006
00:54:41.639 --> 00:54:43.800
want I don't want them to have way anything for

1007
00:54:44.000 --> 00:54:47.320
market value. But that sounds kind of rude. But I

1008
00:54:47.320 --> 00:54:48.679
don't want to give up the house because if we

1009
00:54:48.800 --> 00:54:50.239
were out of her move back to Phoenix. We love

1010
00:54:50.280 --> 00:54:52.519
that house and we'll move back into it. It's a

1011
00:54:52.599 --> 00:54:56.639
great house. So at the end of the day, now

1012
00:54:56.719 --> 00:55:00.519
I'm looking at my legal structure, I'm looking at what

1013
00:55:00.679 --> 00:55:03.440
we have in place. What could happen. Let's say hypothetically

1014
00:55:03.519 --> 00:55:06.480
there is lead poisoning. Okay, So if you do have

1015
00:55:07.000 --> 00:55:09.440
rental real estate, and I do have a lot of

1016
00:55:09.480 --> 00:55:11.880
clients to say, hey, we're renting out this house, we

1017
00:55:12.039 --> 00:55:14.360
have a lease, and that you know we're going to

1018
00:55:14.440 --> 00:55:16.599
lease it to this family. You have to make sure

1019
00:55:16.639 --> 00:55:18.679
that you do read the Landlord Tenanact because there are

1020
00:55:18.719 --> 00:55:21.639
certain things, especially with lead, that you have to send

1021
00:55:21.719 --> 00:55:26.039
out a pamphlet to the to the to the renters

1022
00:55:26.480 --> 00:55:30.039
to make sure that they understand that even though there's

1023
00:55:30.119 --> 00:55:33.159
lead in the paint, it doesn't make it dangerous. But

1024
00:55:33.239 --> 00:55:35.440
if there is chipping, if there is, if you do

1025
00:55:35.559 --> 00:55:38.199
some remodeling, you have to be sure to clean it up.

1026
00:55:38.639 --> 00:55:42.679
And that's for homes in Arizona built before nineteen seventy.

1027
00:55:42.719 --> 00:55:44.960
Nineteen seventy three, nineteen seventy five. I don't know the

1028
00:55:45.119 --> 00:55:48.119
early seventies, early seventies. So you want to make sure

1029
00:55:48.440 --> 00:55:51.079
that is sent out. And now I'm making sure my

1030
00:55:51.760 --> 00:55:54.719
LLC is air tight, okay, because you should in this

1031
00:55:54.840 --> 00:55:58.639
circumstance have an LLC. An LLC basically sets up a

1032
00:55:58.760 --> 00:56:02.440
shell that detect your personal assets from your business assets.

1033
00:56:03.920 --> 00:56:07.760
Now that's important in our estate planning exactly. Let's elaborate

1034
00:56:07.800 --> 00:56:08.280
on that a bit.

1035
00:56:08.480 --> 00:56:11.559
So when you have a business, it's not always a

1036
00:56:11.559 --> 00:56:15.639
great idea to get an LLC, but it's in this circumstances.

1037
00:56:15.719 --> 00:56:17.639
It is especially if you have rental real estate, because

1038
00:56:17.679 --> 00:56:19.800
you could if someone slips and falls on the property.

1039
00:56:19.800 --> 00:56:22.599
If someone complains about lead or get lead poisoning, you

1040
00:56:22.639 --> 00:56:24.320
don't want them to go after your personal assets. Now,

1041
00:56:24.360 --> 00:56:26.000
they may be able to go after the assets inside

1042
00:56:26.039 --> 00:56:29.559
the business, but everything else is protected. Okay, okay, but

1043
00:56:29.679 --> 00:56:31.480
you want to make sure it's air tight. Now, you

1044
00:56:31.519 --> 00:56:35.039
can go on to any of these websites legal zoom, uh,

1045
00:56:35.159 --> 00:56:37.920
and I don't want to knock them, but they'll prepare

1046
00:56:38.000 --> 00:56:39.800
the pretty documents for you. But you want to make

1047
00:56:39.840 --> 00:56:42.480
sure that you're conducting it like a legitimate business. If

1048
00:56:42.480 --> 00:56:45.800
you're not conducting your LLC like a legitimate business, you'll

1049
00:56:45.800 --> 00:56:47.760
get a fancy attorney. On the other side, it says

1050
00:56:48.039 --> 00:56:51.400
anyone can set this up, pay them five six hundred

1051
00:56:51.440 --> 00:56:52.599
dollars set up the LLC.

1052
00:56:52.920 --> 00:56:55.880
Well, the way you began this conversation, you're making sure

1053
00:56:55.920 --> 00:56:57.239
that all your holes are filled.

1054
00:56:57.360 --> 00:57:00.679
All my holes are filled. My bank accou ouncer inside

1055
00:57:00.719 --> 00:57:04.239
the LLC. I'm not using it as a piggybank. Okay,

1056
00:57:04.280 --> 00:57:06.760
it's not a personal asset. Of course, I can make

1057
00:57:06.800 --> 00:57:09.400
the distributions out, but I'm not going a safe way

1058
00:57:09.559 --> 00:57:12.199
and using my credit card or debit card to pay

1059
00:57:12.239 --> 00:57:14.400
for groceries out of the out of the rental real estate.

1060
00:57:14.480 --> 00:57:18.440
You're making systematic payments out of that business as though

1061
00:57:18.480 --> 00:57:21.440
it's being conducted like a business being sole and separate exactly.

1062
00:57:21.719 --> 00:57:23.880
And there's other rules when it comes to rental real estate.

1063
00:57:23.920 --> 00:57:26.400
But this is like any other business. If you do

1064
00:57:26.559 --> 00:57:29.440
have an LLC because you have a pest control uh

1065
00:57:30.119 --> 00:57:32.119
pest control business.

1066
00:57:32.719 --> 00:57:35.400
You're needing pest control for your tent right right.

1067
00:57:35.320 --> 00:57:38.320
Pest controlling. I told my wife I have no more

1068
00:57:38.880 --> 00:57:40.599
real estate agents as tenants.

1069
00:57:40.960 --> 00:57:41.960
I oh.

1070
00:57:44.119 --> 00:57:46.159
Just want And of course there's always two sides to

1071
00:57:46.280 --> 00:57:46.719
a story.

1072
00:57:47.760 --> 00:57:50.599
I what I'm hearing now it seems like they're looking

1073
00:57:50.880 --> 00:57:55.360
for things to cause problems. Is how it's coming across

1074
00:57:55.440 --> 00:57:59.239
and why where's that energy? What's the purpose of spending

1075
00:57:59.280 --> 00:57:59.760
that energy?

1076
00:57:59.840 --> 00:58:03.039
Like well, in the grand scheme of things, there new

1077
00:58:03.119 --> 00:58:05.400
parents and they're a little bit older and it's their

1078
00:58:05.440 --> 00:58:08.679
one and only. And I sent an email but I

1079
00:58:08.719 --> 00:58:10.920
didn't well, I didn't send it. I wrote an email,

1080
00:58:10.960 --> 00:58:12.400
but I didn't up sending it. And I said, look,

1081
00:58:12.440 --> 00:58:14.320
I get it. You guys are on high alert. You

1082
00:58:14.400 --> 00:58:15.079
have a newborn.

1083
00:58:15.440 --> 00:58:19.519
But she's in real estate. She knows all this about

1084
00:58:20.280 --> 00:58:22.400
the thing with the leather that was all when they

1085
00:58:22.519 --> 00:58:22.800
moved in.

1086
00:58:22.920 --> 00:58:24.800
Well, that's the why, that's how she's leaning on me,

1087
00:58:24.880 --> 00:58:26.880
because if you had, if I had a twenty year

1088
00:58:26.880 --> 00:58:31.400
old that went to University of Arizona or ASU, I'm

1089
00:58:31.440 --> 00:58:34.639
not going to get these kind of these complaints because

1090
00:58:35.360 --> 00:58:39.199
these are they're just coming in, they're living, they're going

1091
00:58:39.199 --> 00:58:41.440
about their business. I think that they're I obviously think

1092
00:58:41.440 --> 00:58:42.719
she's sitting around steing.

1093
00:58:42.920 --> 00:58:45.440
But it doesn't make sense to me because she should

1094
00:58:45.480 --> 00:58:49.800
also know from the other side, representing clients, what you've done,

1095
00:58:49.840 --> 00:58:53.480
what you can do, You've done what you're supposed to do.

1096
00:58:53.639 --> 00:58:57.880
On the other side, what is she looking for to

1097
00:58:58.079 --> 00:58:58.679
stick you with.

1098
00:58:59.400 --> 00:59:01.960
I don't under We don't know exactly what's going on.

1099
00:59:02.639 --> 00:59:04.639
My wife thinks they're trying to get out of the lease.

1100
00:59:04.960 --> 00:59:06.760
I don't think so, because if I sense it, Hey,

1101
00:59:06.760 --> 00:59:09.239
if you guys want to break the lease, my philosophy

1102
00:59:09.320 --> 00:59:12.800
says she'll they're gonna end up staying, and they're gonna

1103
00:59:12.800 --> 00:59:14.079
want to stay, and they're gonna want to ride out

1104
00:59:14.119 --> 00:59:17.679
the lease. I just think that their new parents and

1105
00:59:17.719 --> 00:59:19.800
they're on high alert and they want to make sure

1106
00:59:19.960 --> 00:59:22.880
everything is hunky dory for the cut kid and I

1107
00:59:23.000 --> 00:59:25.800
understand the lead issue, but there's not because we painted

1108
00:59:25.840 --> 00:59:28.840
the walls three years ago, so they're freshly painted.

1109
00:59:30.000 --> 00:59:30.679
But we've stopped.

1110
00:59:30.679 --> 00:59:32.840
I mean, at this point we were managing the property

1111
00:59:32.880 --> 00:59:35.800
ourselves and it's gotten so bad we got a management company.

1112
00:59:36.239 --> 00:59:38.679
Our handyman when they first moved in, he gave us

1113
00:59:38.679 --> 00:59:40.280
a call. We've had him for three years. He goes,

1114
00:59:40.280 --> 00:59:42.960
this is the worst tenant you've ever had on. Just

1115
00:59:43.079 --> 00:59:46.199
be careful with them because they came with a laundry

1116
00:59:46.239 --> 00:59:49.400
list of issues. And so you can have those issues

1117
00:59:49.440 --> 00:59:52.480
with businesses, and that's why you want to set up

1118
00:59:52.519 --> 00:59:56.119
some protections in the circumstances that you don't know what

1119
00:59:56.280 --> 01:00:00.159
you're getting yourself into. Same thing with a business. If

1120
01:00:00.199 --> 01:00:02.440
you have a partner in a business, you you ran

1121
01:00:02.480 --> 01:00:06.000
a financial a financial company, like your husband, and he

1122
01:00:06.079 --> 01:00:08.559
brought on a partner, you know what if something goes

1123
01:00:08.599 --> 01:00:10.480
wrong with the partner, he turns out not to be

1124
01:00:11.440 --> 01:00:14.159
brings on a partner and it turns out not to

1125
01:00:14.239 --> 01:00:16.960
be who they say they are, or maybe they pass away.

1126
01:00:17.239 --> 01:00:19.360
Do you want to be fifty to fifty partners with

1127
01:00:19.480 --> 01:00:21.920
their spouse or do you want to be fifty partners

1128
01:00:21.960 --> 01:00:24.000
with their kids? So these are things that you kind

1129
01:00:24.039 --> 01:00:25.320
of want to set up. So you want to make

1130
01:00:25.360 --> 01:00:27.599
sure that you have all your ducks in order, because

1131
01:00:27.679 --> 01:00:31.239
these things do happen even to a lawyer. And I'm

1132
01:00:31.320 --> 01:00:34.480
losing sleep at night because of these people as a lawyer,

1133
01:00:34.719 --> 01:00:37.000
and I have real real estate attorneys to say to John,

1134
01:00:37.039 --> 01:00:37.840
don't worry about it.

1135
01:00:37.920 --> 01:00:40.800
And you're better suited to deal with this than the average.

1136
01:00:40.440 --> 01:00:43.760
Person, exactly exactly. And you know, at the end of

1137
01:00:43.800 --> 01:00:45.719
the day, you don't know what's going to happen. You

1138
01:00:45.760 --> 01:00:47.559
know how somebody is going to turn out, So you

1139
01:00:47.639 --> 01:00:50.119
want to make sure at least your assets are protected,

1140
01:00:50.159 --> 01:00:53.800
your family's protected. You have some peace of mind. Now

1141
01:00:53.840 --> 01:00:56.920
I have peace of mind, not total peace, but I

1142
01:00:57.039 --> 01:01:00.320
have some peace of mind. And so that's why you

1143
01:01:00.360 --> 01:01:02.599
should sit down with a lawyer and you should discuss

1144
01:01:02.679 --> 01:01:05.719
your LLC and see if it's being conducted correctly, because

1145
01:01:06.079 --> 01:01:08.679
if you do end up getting sued, we don't want

1146
01:01:08.880 --> 01:01:11.960
that fancy attorney on the other side piercing that veil

1147
01:01:12.639 --> 01:01:16.639
and going after your personal assets. And God forbid, you know,

1148
01:01:16.800 --> 01:01:20.400
someone does get lead poisoning in a circumstance that's a

1149
01:01:20.400 --> 01:01:23.880
pretty big deal in and if you read through, read

1150
01:01:23.920 --> 01:01:27.000
through the statute. If there is any any lead poisoning,

1151
01:01:27.599 --> 01:01:29.639
there are fines that are go along with that. If

1152
01:01:29.639 --> 01:01:32.800
you're not abided by, not abiding to what the statute

1153
01:01:32.880 --> 01:01:36.239
ask you know, that opens you up for litigation. So

1154
01:01:36.519 --> 01:01:40.079
I recommend you know everybody who set up an LLC

1155
01:01:40.599 --> 01:01:43.559
that that was basically di y or if you do

1156
01:01:43.679 --> 01:01:45.400
have an LLC that you did have some help with,

1157
01:01:46.079 --> 01:01:49.360
you should review that and review your operating agreements. Review,

1158
01:01:50.000 --> 01:01:53.719
have somebody review if you're making those systematic payments, because

1159
01:01:53.960 --> 01:01:54.880
it's really important.

1160
01:01:55.880 --> 01:01:58.800
And if you would like to talk with Jonathan one

1161
01:01:58.840 --> 01:02:00.920
on one, you can reach I'm at six O two

1162
01:02:01.239 --> 01:02:04.039
eight eight O three three seven nine. And what's your

1163
01:02:04.039 --> 01:02:05.840
website if they want to reach out to you through there?

1164
01:02:05.880 --> 01:02:09.039
Well, right now it's under construction, but it's Edward LAWAZ

1165
01:02:09.840 --> 01:02:10.239
dot com.

1166
01:02:10.679 --> 01:02:12.920
Okay, and you can always reach him here at Greenberg

1167
01:02:13.000 --> 01:02:16.559
Financial Group dot com five two oh five four four

1168
01:02:16.719 --> 01:02:17.639
four nine o nine.

1169
01:02:17.679 --> 01:02:18.800
We'll get you through to him.

1170
01:02:20.039 --> 01:02:23.039
I think these are important conversations to have year end

1171
01:02:23.320 --> 01:02:26.519
and year through, and I'm glad you brought it up,

1172
01:02:26.519 --> 01:02:29.719
but it kind of leads me to another thing about

1173
01:02:30.519 --> 01:02:38.320
it's major life changes that might trigger, beneficiary changes, divorce, marriage,

1174
01:02:38.760 --> 01:02:39.840
new children.

1175
01:02:40.000 --> 01:02:41.199
Adding to that family.

1176
01:02:41.840 --> 01:02:43.039
Yeah, I have a new child.

1177
01:02:44.079 --> 01:02:45.639
Congratulations, thank you very much.

1178
01:02:46.239 --> 01:02:50.519
And it's it's a blessing. It's it was unexpected when

1179
01:02:50.519 --> 01:02:54.360
I found out. But now I'm so excited seeing her,

1180
01:02:54.679 --> 01:02:57.039
even though she's about a week old, seeing her grow.

1181
01:02:57.199 --> 01:02:59.039
She's already starting to fill out a little bit, you know,

1182
01:02:59.079 --> 01:03:01.960
because they come out yeah and wrinkly, and she's starting

1183
01:03:02.000 --> 01:03:05.360
to she's starting to show some human features. I guess

1184
01:03:05.559 --> 01:03:06.519
this is. Oh.

1185
01:03:06.559 --> 01:03:06.679
I know.

1186
01:03:06.760 --> 01:03:07.800
We're so happy for you.

1187
01:03:08.159 --> 01:03:08.920
I appreciate it.

1188
01:03:09.159 --> 01:03:11.880
And now I got more work ahead of me, you know,

1189
01:03:12.079 --> 01:03:14.760
taking care of kids and fixing my state plan.

1190
01:03:15.280 --> 01:03:18.079
Yeah, exactly, So how do these life changes. Let's talk

1191
01:03:18.119 --> 01:03:20.400
about these triggers exactly.

1192
01:03:20.559 --> 01:03:22.360
So you may have a state plan and you may

1193
01:03:22.400 --> 01:03:24.280
be a new parent, and you may have two and

1194
01:03:24.400 --> 01:03:28.239
now you have three. You had the two children's listed

1195
01:03:28.280 --> 01:03:30.519
as the primary beneficiaries. Well, guess why you got to

1196
01:03:30.719 --> 01:03:33.239
open it up. They have to add a new beneficiary.

1197
01:03:33.920 --> 01:03:37.280
Maybe your attorney drafted it so both all your kids equally,

1198
01:03:37.639 --> 01:03:41.559
doesn't name them specifically. Maybe that'll be a circumstance where

1199
01:03:41.559 --> 01:03:43.119
we may not have to make an update. But it's

1200
01:03:43.119 --> 01:03:46.480
always good to make updates to the trust to name

1201
01:03:46.599 --> 01:03:50.119
them or to the will and so so they get

1202
01:03:50.159 --> 01:03:53.239
the right the rightful due. And that's what That's what

1203
01:03:53.320 --> 01:03:54.880
I'll be doing. That's what I'll be handling after the

1204
01:03:54.920 --> 01:03:56.920
first of the year, is just updating my state plan,

1205
01:03:57.360 --> 01:03:57.519
you know.

1206
01:03:58.320 --> 01:03:59.440
And do you find.

1207
01:04:01.519 --> 01:04:04.239
Do most of your clients or people that reach out

1208
01:04:04.280 --> 01:04:07.480
to you come to you with with that in hand

1209
01:04:07.880 --> 01:04:10.119
or kind of last minute Oh no, we need to

1210
01:04:10.199 --> 01:04:10.400
do this.

1211
01:04:11.960 --> 01:04:15.599
Sometimes I call them audible halfway through the drafting process.

1212
01:04:15.800 --> 01:04:18.920
But usually they have a sense of the reason they're

1213
01:04:19.000 --> 01:04:22.000
setting up a state plan is they know exactly what

1214
01:04:22.159 --> 01:04:26.360
they want where they wanted to go. But sometimes, you know,

1215
01:04:26.480 --> 01:04:31.599
I talk through it. We've discussed in previous, previous conversations

1216
01:04:31.719 --> 01:04:34.519
like this that yes, you may want everything to go.

1217
01:04:34.760 --> 01:04:36.280
I may want everything to go one third, one third,

1218
01:04:36.360 --> 01:04:38.440
one third, but I may get my nephews, my god

1219
01:04:38.559 --> 01:04:42.239
children thank you notes. You know, I call them thank

1220
01:04:42.280 --> 01:04:45.639
you notes, maybe five thousand dollars here, five thousand dollars there.

1221
01:04:46.440 --> 01:04:48.480
And then there's the situation where I was sitting down

1222
01:04:48.519 --> 01:04:51.320
with my my mom called me this morning. She says, well,

1223
01:04:51.519 --> 01:04:53.360
you know, what do the kids want for Christmas. My

1224
01:04:53.480 --> 01:04:56.480
mom is a late giver, right, so after the holidays

1225
01:04:56.519 --> 01:04:59.840
she gives gifts, and so she's I got about ex

1226
01:05:00.000 --> 01:05:02.199
amount of dollars for the kids. What would they like?

1227
01:05:02.280 --> 01:05:04.119
I said, you know, why don't we set up a

1228
01:05:04.280 --> 01:05:07.360
plan where instead of just giving them toys? Because they

1229
01:05:07.400 --> 01:05:09.199
got plenty of toys and I don't need any more

1230
01:05:09.239 --> 01:05:11.840
in my house, So why don't we set up, you know,

1231
01:05:11.960 --> 01:05:14.679
maybe a college fund or just put something on a

1232
01:05:14.760 --> 01:05:16.480
broken seclud So I spoke to your son about that,

1233
01:05:16.599 --> 01:05:18.239
and he came up with a good idea. Because I'm

1234
01:05:18.239 --> 01:05:21.039
not I'm not too keen on five twenty nine plans anymore.

1235
01:05:21.639 --> 01:05:24.440
So I want something where they're not just tied down

1236
01:05:24.639 --> 01:05:28.440
to education, because maybe later on down the road they

1237
01:05:28.519 --> 01:05:30.360
may want to They may want to use it to

1238
01:05:30.480 --> 01:05:32.800
invest into a business. They may want to put a

1239
01:05:32.840 --> 01:05:34.440
down payment on the house. They may want to buy

1240
01:05:34.440 --> 01:05:36.719
a car to go to work. So your son had

1241
01:05:36.800 --> 01:05:39.360
mentioned that maybe set up a brokerage account, and we're

1242
01:05:39.360 --> 01:05:41.320
we're the custodian, and I think that's a great idea.

1243
01:05:41.480 --> 01:05:43.039
Let it grow, you know, just add to what you

1244
01:05:43.079 --> 01:05:45.039
could add to it whenever you want, add little by

1245
01:05:45.119 --> 01:05:47.880
little and hopefully it's enough where they can get a

1246
01:05:47.880 --> 01:05:49.800
little bit of a jump start later on in life.

1247
01:05:49.920 --> 01:05:58.199
Right, what let's talk about in detail how failing to

1248
01:05:58.360 --> 01:06:01.360
update beneficiaries can cause the assets.

1249
01:06:01.000 --> 01:06:02.079
To go to the wrong person.

1250
01:06:02.960 --> 01:06:08.039
I had a hearing this week that was the exact situation.

1251
01:06:08.639 --> 01:06:11.639
The father created a trust. He was a lawyer, so

1252
01:06:11.719 --> 01:06:14.400
he created his own trust. There were fifteen amendments, and

1253
01:06:14.480 --> 01:06:18.320
first off, if you have fifteen amendments, please rescrap everything

1254
01:06:18.599 --> 01:06:22.639
and start over. Fifteen amendments. So we had a hearing

1255
01:06:22.719 --> 01:06:26.559
for judicial interpretation, and we were mapping out these amendments.

1256
01:06:26.639 --> 01:06:29.920
Because one amendment got rid of this amendment got rid

1257
01:06:29.960 --> 01:06:32.840
of that. It added this beneficiary. He got rid of

1258
01:06:32.920 --> 01:06:37.239
this beneficiary. Now I represented the beneficiary. They got the

1259
01:06:37.320 --> 01:06:41.880
majority of the estate. The other opposing council that represented

1260
01:06:41.920 --> 01:06:45.159
the sister, she got the other fifty percent. But if

1261
01:06:45.239 --> 01:06:46.920
you looked at one of the amendments, I think it

1262
01:06:46.960 --> 01:06:51.119
was Amendment for it said my client got the entire house.

1263
01:06:51.840 --> 01:06:57.039
And then amendment seven said it didn't revoke that amendment,

1264
01:06:57.159 --> 01:07:00.519
but it said if there was I want to say

1265
01:07:00.519 --> 01:07:04.800
the client's name. If the house was to be sold

1266
01:07:05.000 --> 01:07:07.239
or to be distributed out of the trust. I wanted

1267
01:07:07.280 --> 01:07:10.199
both kids to get fifty to fifty. It didn't specifically

1268
01:07:10.320 --> 01:07:13.440
revoke it, but now we have a little bit of

1269
01:07:13.960 --> 01:07:17.360
a conflict there, so we need a judicial interpretation in

1270
01:07:17.519 --> 01:07:20.880
order to resolve it. My client was happy, their client

1271
01:07:21.039 --> 01:07:23.320
was happy, So they're going to go and you know,

1272
01:07:23.360 --> 01:07:26.639
the sisters aren't fighting anymore and they're happy. But but

1273
01:07:26.760 --> 01:07:30.880
the problem is is that he kept on updating the beneficiaries,

1274
01:07:30.920 --> 01:07:32.800
but he wasn't doing it properly because he a he

1275
01:07:32.840 --> 01:07:36.679
didn't practice in that area. And now there her attorney

1276
01:07:36.719 --> 01:07:40.360
spent fifteen thousand dollars on her. The sister spent fifteen

1277
01:07:40.400 --> 01:07:43.960
grand on an attorney just to deal with this. So

1278
01:07:44.119 --> 01:07:46.960
if you don't have a very expensive estate, maybe four

1279
01:07:47.039 --> 01:07:48.960
or five hundred thousand dollars, it's going to be split

1280
01:07:49.239 --> 01:07:51.679
two ways. You know, fifty thousand dollars a lot a

1281
01:07:51.719 --> 01:07:53.639
lot of money. Yeah, that's the money that doesn't.

1282
01:07:53.440 --> 01:07:54.079
Need to be spent.

1283
01:07:55.039 --> 01:07:59.119
So my recommendations always to have a if you need

1284
01:07:59.159 --> 01:08:04.119
to up the beneficiary update, update them properly, get legal consultation.

1285
01:08:04.960 --> 01:08:08.559
Don't always do it yourself, because even though you may

1286
01:08:08.639 --> 01:08:11.159
be an attorney, you may not practice in that area.

1287
01:08:12.000 --> 01:08:15.000
You have hand surgery. You really want somebody who's a

1288
01:08:15.440 --> 01:08:17.279
nose you're throat doctor.

1289
01:08:17.319 --> 01:08:19.199
Absolutely not someone.

1290
01:08:19.680 --> 01:08:26.119
Yeah, So that's that's my that's my recommendation. I recommend

1291
01:08:26.399 --> 01:08:30.039
that if you are updating beneficiaries, you're seeking legal counsel

1292
01:08:30.239 --> 01:08:32.399
because maybe it's not a good idea to have a

1293
01:08:32.520 --> 01:08:35.239
tenth amendment on there, because I guarantee that's going to

1294
01:08:35.279 --> 01:08:36.960
go to litigation for.

1295
01:08:37.000 --> 01:08:40.680
The very reasons you said. The number four said one thing.

1296
01:08:40.800 --> 01:08:42.520
So when they were up to number ten, they didn't

1297
01:08:42.520 --> 01:08:44.520
really probably go back to number four and even think

1298
01:08:44.560 --> 01:08:47.199
about that, it's easy to fall through that. And that

1299
01:08:47.399 --> 01:08:51.000
that leads me to another question, for you to highlight

1300
01:08:52.399 --> 01:08:56.960
mistakes people make with their beneficiaries and not that certainly

1301
01:08:57.079 --> 01:08:57.640
is a big one.

1302
01:08:57.880 --> 01:08:58.319
Exactly.

1303
01:08:59.279 --> 01:09:01.760
Mom promised me this, but it says this in the will.

1304
01:09:02.199 --> 01:09:04.000
Dad promised me this, but it says this, and the

1305
01:09:04.079 --> 01:09:07.039
trust it's it's you want to make sure that your

1306
01:09:08.720 --> 01:09:12.479
what you have is being written down is expressed properly,

1307
01:09:13.319 --> 01:09:16.039
because as people get older, they start giving things away,

1308
01:09:16.479 --> 01:09:18.319
and then I was expected to have this and that's

1309
01:09:18.359 --> 01:09:21.039
when litigation happens. And you know what happens in litigation.

1310
01:09:21.319 --> 01:09:25.319
Everybody hates each other. Oh, family members that resent each other.

1311
01:09:25.880 --> 01:09:29.039
That situation. I was talking about two sisters. They weren't

1312
01:09:29.079 --> 01:09:32.319
talking for a long time. The brother, their uncle was

1313
01:09:32.399 --> 01:09:36.520
the trustee. They hate him. They didn't hate, they hated him,

1314
01:09:36.560 --> 01:09:38.560
and it's it was sad to see. And then the

1315
01:09:38.800 --> 01:09:42.920
and then the uncle died, so his son was the

1316
01:09:43.800 --> 01:09:45.960
successor trustee, and now they hate the son.

1317
01:09:46.520 --> 01:09:47.199
Oh, my god.

1318
01:09:47.920 --> 01:09:50.079
So that's you don't want to create.

1319
01:09:49.880 --> 01:09:53.600
Rest unfortunately, unnecessary, necessary, unnecessary.

1320
01:09:54.159 --> 01:09:58.399
If you want to keep a harmonious lives amongst your

1321
01:09:58.479 --> 01:10:01.800
children or amongst your family member, make sure everything's clean,

1322
01:10:02.119 --> 01:10:05.640
make sure everything makes sense, make sure your wishes are expressed.

1323
01:10:06.039 --> 01:10:09.039
And if you do want to make changes, make them.

1324
01:10:09.239 --> 01:10:12.920
But don't always update the beneficiaries. When I say update

1325
01:10:12.960 --> 01:10:16.920
the beneficiaries, I mean tell them they're do something. Because

1326
01:10:17.680 --> 01:10:20.399
mal If I said, hey, you're going to be a

1327
01:10:20.520 --> 01:10:24.199
third one third designation on my on my will or

1328
01:10:24.319 --> 01:10:27.119
my trust and then I change that out twenty years

1329
01:10:27.159 --> 01:10:29.640
from now I die, Well, you're going to be knocking

1330
01:10:29.720 --> 01:10:32.680
on the door. So it's my one third. So it's

1331
01:10:32.720 --> 01:10:34.800
not always a good idea to tell the beneficiaries that

1332
01:10:34.840 --> 01:10:37.399
they're doing anything. You may want to keep the cards

1333
01:10:37.439 --> 01:10:39.680
close to the best see and.

1334
01:10:39.760 --> 01:10:40.680
That that makes sense.

1335
01:10:42.840 --> 01:10:47.000
So what about those of us out there that that think, well,

1336
01:10:47.039 --> 01:10:48.960
I just I just don't have that much. I'm not

1337
01:10:49.039 --> 01:10:51.439
gonna worry about it. They'll figure it out. There's not

1338
01:10:51.600 --> 01:10:54.279
that much property or not. I can do it online.

1339
01:10:54.760 --> 01:10:57.439
Can you talk to the benefit? Speak to the benefits

1340
01:10:57.560 --> 01:11:01.760
rather of hiring an a turn who specializes in this area,

1341
01:11:01.880 --> 01:11:05.840
such as yourself or one of the sites online. I

1342
01:11:05.880 --> 01:11:08.119
don't even need to name him. Everyone knows who they are.

1343
01:11:08.760 --> 01:11:11.720
Well, for instance, I had a client, she's based out

1344
01:11:11.760 --> 01:11:14.239
of Phoenix, and she was in her nineties, and she

1345
01:11:14.359 --> 01:11:17.399
reached out to me. She wanted to set up a will.

1346
01:11:17.479 --> 01:11:19.840
She didn't have a lot, she was living in governmental housing.

1347
01:11:21.359 --> 01:11:24.159
She wanted to just do POAs in a will. She

1348
01:11:24.199 --> 01:11:26.960
didn't own a house. She had some retiring social security

1349
01:11:27.000 --> 01:11:29.800
coming in bank accounts. But the big thing was is

1350
01:11:29.880 --> 01:11:34.880
that she had three daughters. One of the daughters who

1351
01:11:35.000 --> 01:11:38.000
she trusted the most, she also trusted the least in

1352
01:11:38.319 --> 01:11:42.000
the same which is interesting to say. But so we

1353
01:11:42.119 --> 01:11:45.279
made she wanted her to be the power of attorney

1354
01:11:45.399 --> 01:11:49.159
for her. But the problem was is that we didn't

1355
01:11:49.199 --> 01:11:52.319
want her to have immedia only upon her capacity. So

1356
01:11:52.399 --> 01:11:54.439
if she went into hospice, or she went into an

1357
01:11:55.079 --> 01:11:59.319
she became you know, she developed dementia or Alzheimer's, then

1358
01:11:59.359 --> 01:12:01.720
they would be able to step in and manage their affairs.

1359
01:12:02.079 --> 01:12:04.239
But the problem was is that she didn't want to

1360
01:12:04.279 --> 01:12:07.319
give her immediate And there's a lot of powers of attorney.

1361
01:12:07.319 --> 01:12:09.279
And if you did it online, or if you did

1362
01:12:09.319 --> 01:12:12.159
it you know through the Arizona Superior Court website or

1363
01:12:12.239 --> 01:12:17.319
the Attorney General website, you may not understand the ramifications

1364
01:12:17.399 --> 01:12:20.840
of giving someone immediate power of attorney. And if you

1365
01:12:20.920 --> 01:12:23.600
did it through like I said, legal Zoom, you did

1366
01:12:23.640 --> 01:12:26.039
a power of attorney that has happens to be immediate,

1367
01:12:26.239 --> 01:12:28.399
and then you sign, You get that document signed and

1368
01:12:28.520 --> 01:12:31.600
notarized and witnessed, and they get their hands on that

1369
01:12:31.760 --> 01:12:35.399
power of attorney. That person has the ability to conduct

1370
01:12:35.439 --> 01:12:37.760
your financial affairs. What does that mean? They could transfer

1371
01:12:37.840 --> 01:12:40.880
real property, they can dip into your bank accounts, and

1372
01:12:41.720 --> 01:12:43.119
by law they have to do it. What's in your

1373
01:12:43.159 --> 01:12:45.880
best interest? But I get probably two phone calls a

1374
01:12:45.960 --> 01:12:49.720
week saying someone's abusing their power of attorney. So you

1375
01:12:49.800 --> 01:12:51.399
want to be able to just make sure you put

1376
01:12:51.479 --> 01:12:54.239
on those guidelines make sure you know the buttons you're

1377
01:12:54.319 --> 01:12:57.520
pushing are proper if you are going to do it DIY.

1378
01:12:57.800 --> 01:13:01.479
But my recommendation is always consult with an attorney to

1379
01:13:01.680 --> 01:13:03.920
see what is in my best interest. What powers do

1380
01:13:04.000 --> 01:13:05.279
I want to give to them. Maybe I don't want

1381
01:13:05.319 --> 01:13:07.359
them to deal with my governmental benefits. Maybe I don't

1382
01:13:07.359 --> 01:13:09.800
want them to deal with my real property. I only

1383
01:13:09.840 --> 01:13:11.680
want them to have the ability if I go into

1384
01:13:11.720 --> 01:13:13.800
a nursing home, to pay for the nursing home through

1385
01:13:13.840 --> 01:13:16.159
my bank accounts, and that's it. So you want to

1386
01:13:16.600 --> 01:13:21.359
kind of mold that power of attorney for what you

1387
01:13:21.520 --> 01:13:23.119
think is in your best interest.

1388
01:13:23.439 --> 01:13:24.960
Well, it's worth noting.

1389
01:13:25.239 --> 01:13:28.560
And I hope these conversations that we have weekly help

1390
01:13:28.760 --> 01:13:31.720
people realize that a little money, the money that you're

1391
01:13:31.760 --> 01:13:36.720
going to spend now upfront, in the long run, is

1392
01:13:36.880 --> 01:13:42.159
so much better and necessary and worth every penny for

1393
01:13:42.439 --> 01:13:45.439
protecting the solidarity of your family. The fact that you

1394
01:13:45.479 --> 01:13:48.520
said as kids were not speaking breaks my heart over

1395
01:13:48.640 --> 01:13:51.880
something that could have been avoided.

1396
01:13:52.399 --> 01:13:53.239
So do it before.

1397
01:13:53.439 --> 01:13:53.960
Do it now.

1398
01:13:54.560 --> 01:13:57.359
Whether you call Jonathan at six Zho two eight eight

1399
01:13:57.479 --> 01:14:00.479
ZHO three three seven nine, or you have an attorney,

1400
01:14:00.880 --> 01:14:04.760
get with them. The new year's coming, a lot lots happening,

1401
01:14:04.840 --> 01:14:06.359
but this is a good time to really start to

1402
01:14:06.439 --> 01:14:07.359
revisit those things.

1403
01:14:07.560 --> 01:14:11.960
Absolutely absolutely, It's it's never too late until it's too late.

1404
01:14:12.199 --> 01:14:14.760
But do it anyway, get that out of the way.

1405
01:14:15.359 --> 01:14:18.600
Like when you buy life insurance, when you get health insurance,

1406
01:14:19.039 --> 01:14:20.479
what do you have there? You have a peace of mind.

1407
01:14:21.000 --> 01:14:22.720
So as soon as you get that estate plan, you

1408
01:14:22.840 --> 01:14:25.199
do have some peace of mind. Now mind, you have

1409
01:14:25.319 --> 01:14:27.960
to review it every every year or maybe every other

1410
01:14:29.600 --> 01:14:32.760
just so it falls just so it reflects exactly where

1411
01:14:32.800 --> 01:14:34.760
you are in life and what's exactly you want.

1412
01:14:35.439 --> 01:14:39.800
So as we close out twenty four, what is one

1413
01:14:40.920 --> 01:14:43.159
wish or one thought you'd like to pass on to

1414
01:14:43.279 --> 01:14:44.159
the listeners for.

1415
01:14:45.720 --> 01:14:47.520
Getting started in the new year.

1416
01:14:48.960 --> 01:14:52.399
Sometimes it just takes a five minute phone call with

1417
01:14:52.560 --> 01:14:55.920
an attorney, a one hour conversation, and then you can

1418
01:14:56.000 --> 01:14:58.600
have that piece of mind. That's it. An hour out

1419
01:14:58.640 --> 01:15:01.199
of your day, hour out of your three sixty fives,

1420
01:15:01.359 --> 01:15:04.359
twenty four, seven days a week. One hour that's all

1421
01:15:04.399 --> 01:15:04.920
it may take.

1422
01:15:05.159 --> 01:15:05.720
So worth it.

1423
01:15:06.279 --> 01:15:08.960
Yes, yeah, thank you so much, Jonathan.

1424
01:15:09.079 --> 01:15:12.760
I know we all appreciate the information, the insight that

1425
01:15:12.840 --> 01:15:15.159
you give us each week. I actually look forward to

1426
01:15:15.239 --> 01:15:19.239
your stories. I'm really sorry for the michig os you're

1427
01:15:19.279 --> 01:15:20.399
going through with your renters.

1428
01:15:20.960 --> 01:15:22.600
We'll see. I'll give you guys an update.

1429
01:15:22.680 --> 01:15:25.640
Yeah, you're gonna have to keep us updated because.

1430
01:15:25.600 --> 01:15:27.960
I may send out that I want you to leave letter.

1431
01:15:28.960 --> 01:15:32.279
Yeah, well maybe they'll be listening. Well if they have,

1432
01:15:32.439 --> 01:15:34.239
you know, they have a new child. There's a better

1433
01:15:34.279 --> 01:15:37.800
way to spend their energy. Totally anyway, Thank you so

1434
01:15:37.960 --> 01:15:41.359
much everybody out there. Wishing you all a happy, happy

1435
01:15:41.479 --> 01:15:43.319
new year. We'll see you in twenty twenty five.

1436
01:15:43.479 --> 01:15:44.359
See you then, chow.

1437
01:15:45.119 --> 01:15:49.439
Good morning everybody, and happy happy holidays everyone, maybe Christmas,

1438
01:15:49.520 --> 01:15:53.159
happy Honkah and a happy new Year coming up for

1439
01:15:53.479 --> 01:15:58.760
everybody this week. You know, it's a party, fun holiday.

1440
01:15:58.840 --> 01:16:00.720
I hope everyone's having a good time. It seems like

1441
01:16:00.800 --> 01:16:03.199
it's a two week holiday when they're on a Wednesday

1442
01:16:03.239 --> 01:16:05.520
to a Wednesday, because you kind of have a Monday

1443
01:16:05.560 --> 01:16:09.680
Tuesday boom holiday. Then you get a couple more days weekend,

1444
01:16:10.119 --> 01:16:13.479
coverle more days holiday, coverle more days weekend. So it's

1445
01:16:13.520 --> 01:16:18.359
a nice for two weeks of enjoying hopefully family and

1446
01:16:18.439 --> 01:16:21.039
everything else and doing the things you want to do.

1447
01:16:21.159 --> 01:16:22.880
And you know, we la likes it and getting ready

1448
01:16:22.960 --> 01:16:25.680
for whatever next year has to come. They come quick, though,

1449
01:16:26.119 --> 01:16:28.279
I'll tell you that. But the year is almost out.

1450
01:16:29.119 --> 01:16:29.279
You know.

1451
01:16:29.399 --> 01:16:31.880
It seemed like because the Friday the markets weren't doing

1452
01:16:32.000 --> 01:16:33.479
very well, but you know what they were all up

1453
01:16:33.520 --> 01:16:37.239
for the week. Not they were only up maybe half

1454
01:16:37.279 --> 01:16:40.079
a percent. S and P five hundred is up point

1455
01:16:40.159 --> 01:16:43.960
seven percent, knights put NASAC was up almost one point

1456
01:16:44.000 --> 01:16:47.159
eight even the Russell was up point two. So for

1457
01:16:47.279 --> 01:16:49.279
the month right now, the only thing that is up

1458
01:16:49.399 --> 01:16:51.720
is NASDAC through up two and a half. The S

1459
01:16:51.800 --> 01:16:53.720
and P is down one, the Down's down four and

1460
01:16:53.760 --> 01:16:57.640
a half, Russell two thousand and down to eight. And

1461
01:16:57.800 --> 01:17:02.119
for the year they still have good, good, good numbers.

1462
01:17:02.800 --> 01:17:05.479
S and P up twenty five. Now IT'SAC up thirty one,

1463
01:17:05.720 --> 01:17:09.960
Downs up fourteen, and Russell's up ten. And the equal

1464
01:17:10.000 --> 01:17:12.720
weight that SMP is only up twelve. And that's where

1465
01:17:12.760 --> 01:17:16.079
the divergence is. You know, the we know it. We

1466
01:17:16.199 --> 01:17:18.319
knew it all year long. The technology stocks of what

1467
01:17:18.439 --> 01:17:21.680
drove this market. There was like seven eight stocks that

1468
01:17:21.840 --> 01:17:25.119
did very very well that continue to bring the markets

1469
01:17:25.199 --> 01:17:28.000
higher and higher as we wanted to it. And that's

1470
01:17:28.039 --> 01:17:30.640
okay if you had those. If you didn't, then don't

1471
01:17:30.680 --> 01:17:33.640
expect to have those big, big returns, but expect to

1472
01:17:33.680 --> 01:17:36.720
be okay and where you were. So we're coming into

1473
01:17:36.760 --> 01:17:41.680
the end of the year, so now what you hear

1474
01:17:41.680 --> 01:17:46.640
a lot of different things, but nobody really knows. You

1475
01:17:46.760 --> 01:17:49.560
know that. Do I think we're getting to the point

1476
01:17:49.560 --> 01:17:50.600
there stretching too high?

1477
01:17:50.680 --> 01:17:50.880
I do.

1478
01:17:52.119 --> 01:17:55.680
Do I think that the markets are a little bit overvalued. No,

1479
01:17:55.880 --> 01:17:58.840
I think they're very overvalued unless the earnings are going

1480
01:17:58.880 --> 01:18:00.840
to come in real strong. But the big key is

1481
01:18:01.720 --> 01:18:04.239
I don't think that the markets are going to accept

1482
01:18:05.800 --> 01:18:09.079
the initial burst in inflation that looks like we're going

1483
01:18:09.119 --> 01:18:12.119
to have. They're not going to accept the ten year

1484
01:18:12.279 --> 01:18:17.399
bond getting back to five percent. They're not going to

1485
01:18:17.520 --> 01:18:20.600
accept mortgage rates going back over seven percent and staying

1486
01:18:20.640 --> 01:18:23.520
there a little bit. Now, obviously everyone's going to just

1487
01:18:23.600 --> 01:18:25.720
start blaming Trump and you know that, and I know that,

1488
01:18:25.800 --> 01:18:28.479
and that's what's going to happen at the beginning. But

1489
01:18:28.560 --> 01:18:31.199
what's going to happen six months, a year, two years

1490
01:18:31.239 --> 01:18:35.760
from now. So I want you to be cautious until

1491
01:18:35.840 --> 01:18:39.960
we do have that market correction, because higher interest rates,

1492
01:18:41.039 --> 01:18:48.199
higher inflation, will cause the markets to get upset, and

1493
01:18:48.319 --> 01:18:49.960
you know the media is going to be all over that,

1494
01:18:51.600 --> 01:18:54.479
and you know that what's going to happen is we're

1495
01:18:54.479 --> 01:18:59.319
going to have to feel some pain until things turn around,

1496
01:18:59.479 --> 01:19:01.960
and they will, but it's going to be a fight

1497
01:19:02.039 --> 01:19:05.439
getting to Congress. The Republican Party does not do what

1498
01:19:05.520 --> 01:19:08.159
the Democrats do and just get in line and accept

1499
01:19:08.239 --> 01:19:10.960
everything that's shoved down their throats. They just don't do it.

1500
01:19:11.640 --> 01:19:14.399
You're always gonna have some Republicans that are going to

1501
01:19:14.439 --> 01:19:16.880
say no, and they're gonna have to compromise with them.

1502
01:19:17.640 --> 01:19:20.680
But you know, on the whole though, I don't have

1503
01:19:20.840 --> 01:19:24.720
too much of a problem with some of them not

1504
01:19:24.920 --> 01:19:34.119
compromising on cutting spending. I know they got in and

1505
01:19:34.279 --> 01:19:38.119
there was you know, basically a mandate on the border

1506
01:19:38.319 --> 01:19:41.239
and immigrants, and that's going to be taken care of,

1507
01:19:43.800 --> 01:19:48.359
but it was also on cutting inflation and getting jobs back. Well,

1508
01:19:48.479 --> 01:19:52.520
if we're getting rid of a lot of illegal immigrants

1509
01:19:52.560 --> 01:19:56.520
that have been taking jobs, I'm not talking about the

1510
01:19:56.600 --> 01:19:58.920
ones that have been here for ten and twenty years,

1511
01:19:59.520 --> 01:20:01.119
talking about the ones that have been here over the

1512
01:20:01.239 --> 01:20:06.079
last one to five years, they're gonna be open jobs.

1513
01:20:06.800 --> 01:20:11.560
My question is American's gonna take those jobs. And it's

1514
01:20:11.600 --> 01:20:17.319
a big question because they have become so accustomed to

1515
01:20:17.439 --> 01:20:25.560
handouts to entitlements to be giving things for the last

1516
01:20:25.640 --> 01:20:28.640
five years. If you just said you didn't want to

1517
01:20:28.680 --> 01:20:35.079
do anything for whatever reason, oh poor me, here's a check.

1518
01:20:37.159 --> 01:20:42.279
Ever since the pandemic, here's a check. We'll take care

1519
01:20:42.359 --> 01:20:48.479
of you. But it didn't work. You know, they talk

1520
01:20:48.560 --> 01:20:54.279
about cutting spending. Yes, it's gonna cost some money to

1521
01:20:54.399 --> 01:20:59.119
go ahead and find the criminal illegal immigrants and find

1522
01:20:59.159 --> 01:21:02.600
out the ones that are here illegally and deport them.

1523
01:21:03.880 --> 01:21:09.039
But how much has it cost to keep them? Billions

1524
01:21:09.199 --> 01:21:13.159
and billions of dollars are paid for by people in

1525
01:21:13.319 --> 01:21:20.279
states with sanctuary cities that cannot afford them. Here in Tucson,

1526
01:21:21.520 --> 01:21:23.680
we were busting out of the scenes. When we had

1527
01:21:23.720 --> 01:21:28.399
to house them and put them places, the burden came

1528
01:21:28.479 --> 01:21:34.279
down on us, and that's not fair. So, yes, you're

1529
01:21:34.279 --> 01:21:36.079
going to see some paint at the beginning, and you're

1530
01:21:36.079 --> 01:21:39.039
going to see spending at the beginning. But in the end,

1531
01:21:40.039 --> 01:21:43.960
I believe you're going to see something that's going to

1532
01:21:44.199 --> 01:21:48.960
change people's minds. We're going to see a shutdown border.

1533
01:21:49.560 --> 01:21:54.159
We're going to see immigrants coming in legally taking jobs.

1534
01:21:54.800 --> 01:21:57.359
But they have to take the second step that we

1535
01:21:57.439 --> 01:22:01.239
cannot use immigration as a political foot anymore. We have

1536
01:22:01.439 --> 01:22:04.760
to have policy to go along with shutting down the

1537
01:22:04.840 --> 01:22:08.079
border and opening it up to people that legally need

1538
01:22:08.680 --> 01:22:12.680
domicile here. We're not going to go away from a

1539
01:22:12.800 --> 01:22:21.000
humanitarian country. We're here with democracy because we are different

1540
01:22:21.319 --> 01:22:25.159
and we do care. But we need to care about

1541
01:22:25.199 --> 01:22:29.520
ourselves and get our poor people to the point that

1542
01:22:29.720 --> 01:22:33.159
they can go ahead and survive and do the things

1543
01:22:33.199 --> 01:22:35.239
they need to do, and that will help the economy.

1544
01:22:36.520 --> 01:22:40.720
You know, you've heard about basic income. Everyone have a

1545
01:22:40.800 --> 01:22:43.880
basic income, which means if you're not making enough money,

1546
01:22:43.960 --> 01:22:46.239
you get checks every month, whether it's a thousand, two

1547
01:22:46.319 --> 01:22:52.359
thousand bucks a month, again for doing nothing. The idea

1548
01:22:52.439 --> 01:22:55.239
that's being floated around now is being able to give

1549
01:22:55.319 --> 01:23:01.439
opportunities for people to create wealth. I like that idea.

1550
01:23:03.000 --> 01:23:12.399
Change the mindset. The mindset today is not where it's like, Okay,

1551
01:23:12.439 --> 01:23:15.039
give me an opportunity, and I know how to do

1552
01:23:15.159 --> 01:23:17.359
this and I'm going to make take advantage of it.

1553
01:23:17.760 --> 01:23:21.600
Today's mindset is it's not my fault. I'm in this position.

1554
01:23:22.760 --> 01:23:27.439
I need help, and you have to help me, that's wrong.

1555
01:23:28.920 --> 01:23:30.800
The mindset is, well, this is what I've done, this

1556
01:23:30.880 --> 01:23:32.840
is what my parents done, this is where I'm going

1557
01:23:32.920 --> 01:23:38.119
to be. My kids have to figure it out on themselves.

1558
01:23:39.000 --> 01:23:41.800
I can't do that. I can't do this. I work

1559
01:23:41.880 --> 01:23:48.640
too hard. I don't have enough money. That stuff has

1560
01:23:48.720 --> 01:23:53.159
to change. I've said this a million times. Wealth is

1561
01:23:53.239 --> 01:23:56.720
it on how much money you have. Wealth is it

1562
01:23:56.840 --> 01:24:02.439
on how much you spend of what you earn. If

1563
01:24:02.479 --> 01:24:04.560
you don't make a lot of money, that doesn't mean

1564
01:24:04.640 --> 01:24:08.239
you're not wealthy. If you spend more than what you make,

1565
01:24:08.600 --> 01:24:13.399
that means you're not wealthy. If you go ahead and

1566
01:24:13.760 --> 01:24:16.199
spend less than what you make and put money away

1567
01:24:16.880 --> 01:24:21.079
and let that grow for you. You have two earning sources,

1568
01:24:21.920 --> 01:24:23.880
the one that you get a W nine for and

1569
01:24:23.960 --> 01:24:26.159
you have to pay taxes on, and the one that

1570
01:24:26.279 --> 01:24:30.520
you're investing in for your future in a retirement account

1571
01:24:30.600 --> 01:24:34.560
that grows for you one you don't have to pay

1572
01:24:34.640 --> 01:24:39.439
taxes are it until later on. That's how you become wealthy.

1573
01:24:42.279 --> 01:24:46.079
Wealth isn't saying I have millions of dollars. Wealth is

1574
01:24:46.159 --> 01:24:48.880
saying I have enough money to pay for my family's bills,

1575
01:24:49.520 --> 01:24:54.520
have a house overhead, have children, feed my children, have

1576
01:24:54.680 --> 01:24:57.760
them be able to have opportunities to do things that

1577
01:24:57.880 --> 01:24:59.760
were maybe better than what I was able to do,

1578
01:25:01.439 --> 01:25:04.880
and they earn it, be able to take them on vacation,

1579
01:25:05.079 --> 01:25:10.520
so they have memories. But it's the values you teach them,

1580
01:25:10.560 --> 01:25:14.439
the morale, the morals you teach them. Those are the

1581
01:25:14.520 --> 01:25:21.119
important parts of making you a wealthy person, which means

1582
01:25:21.159 --> 01:25:24.520
then we become a wealthy nation. Because if we become

1583
01:25:24.600 --> 01:25:27.880
the land of opportunities and we don't give away opportunities

1584
01:25:29.039 --> 01:25:33.720
and just give away handouts, we're not the country of opportunities.

1585
01:25:35.560 --> 01:25:38.920
We're the welfare country of giving handouts because that's how

1586
01:25:39.000 --> 01:25:45.199
we get votes, and we saw that change. People want

1587
01:25:45.239 --> 01:25:49.439
to feel good about themselves. I'm not saying if you

1588
01:25:49.600 --> 01:25:52.239
need it, if you're disabled in those things that you

1589
01:25:52.319 --> 01:25:55.760
don't get help, of course you do. I'm saying those

1590
01:25:55.800 --> 01:26:01.520
that take advantage of the system, they need to be

1591
01:26:01.640 --> 01:26:07.520
waned off getting help and start looking for opportunities at

1592
01:26:07.640 --> 01:26:12.520
least for their children to be able to get off

1593
01:26:12.560 --> 01:26:19.439
that support system. They'll feel better about themselves. One of

1594
01:26:19.520 --> 01:26:22.159
the ways to cut down on drugs is my stopping

1595
01:26:22.239 --> 01:26:25.560
drugs coming in when in a way to cut down

1596
01:26:25.600 --> 01:26:28.239
on death is stopping drugs coming in. One of the

1597
01:26:28.319 --> 01:26:35.640
ways of cutting down on people robbing and killing people

1598
01:26:36.840 --> 01:26:40.760
is people feeling comfortable with their opportunities and doing well

1599
01:26:40.800 --> 01:26:45.520
in life. Not everybody's going to not have a life

1600
01:26:45.560 --> 01:26:48.159
of crime. People have a life of crime, but then

1601
01:26:48.199 --> 01:26:51.720
you need law and order. You do the crime, you

1602
01:26:51.840 --> 01:26:57.359
pay for that crime. If you rebiliate, your rehabilitate yourself

1603
01:26:57.720 --> 01:27:01.399
over a certain amounts of time, society should give you

1604
01:27:01.520 --> 01:27:06.039
second chance. Of course, not if you're murdering people in

1605
01:27:06.199 --> 01:27:09.239
cold blood. Not if you're a sickle, a crazy person,

1606
01:27:09.600 --> 01:27:11.720
a mental health person that's just going to keep doing

1607
01:27:11.760 --> 01:27:19.760
it again. Hell no, things happen in life. People make mistakes.

1608
01:27:21.439 --> 01:27:29.239
Second chances are opportunities for people. People coming to a country,

1609
01:27:30.720 --> 01:27:33.319
you just can't think that everything's going to be great,

1610
01:27:33.600 --> 01:27:35.399
but just saying oh, here you are, here's a check

1611
01:27:35.520 --> 01:27:39.520
or do something. Opportunities are made when they learn how

1612
01:27:39.640 --> 01:27:44.239
to do something for themselves. I've said this many times.

1613
01:27:45.119 --> 01:27:50.279
Make this a private public co op where you got

1614
01:27:50.359 --> 01:27:54.199
the public money and the private money coming together. As

1615
01:27:54.319 --> 01:27:59.800
people come here legally and need to basically go to school,

1616
01:28:02.159 --> 01:28:06.359
we're gonna have abandoned campuses. Let's start bringing them the campuses,

1617
01:28:09.039 --> 01:28:14.000
teaching them English, give them moom and board, teach them

1618
01:28:14.039 --> 01:28:18.000
the skills that they want, paid by both public and private.

1619
01:28:19.600 --> 01:28:24.239
Meaning if you're a good technician, if you know technical work,

1620
01:28:25.199 --> 01:28:28.319
then Microsoft and Silicon Valley can chip in and they

1621
01:28:28.359 --> 01:28:30.800
can find the best people that are in technology and

1622
01:28:30.880 --> 01:28:33.279
the best brains, and then that this is a source

1623
01:28:33.359 --> 01:28:38.720
for them to bring in help. If you're a dentist,

1624
01:28:40.000 --> 01:28:44.119
end up learning about dentistry. Maybe he has a dental assistant,

1625
01:28:44.439 --> 01:28:48.560
whatever it is you learn now the dentist industry, industry,

1626
01:28:48.920 --> 01:28:52.159
and the and the UH and doctor's assistance, this is

1627
01:28:52.199 --> 01:28:58.960
a place that they can go get help. Agriculture, hospitality,

1628
01:29:01.000 --> 01:29:05.319
all these big industries, how to work in certain factories.

1629
01:29:06.119 --> 01:29:13.199
Everybody chips in, helps out, trains, allows these people to

1630
01:29:13.359 --> 01:29:18.600
become assimilated into the American way, learn the American history

1631
01:29:21.279 --> 01:29:25.239
and get jobs. Now they get jobs, they pay for healthcare,

1632
01:29:25.680 --> 01:29:31.159
they pay for Social Security, they pay taxes, and they

1633
01:29:31.359 --> 01:29:40.000
learn to go ahead and become incredible American citizens. And

1634
01:29:40.119 --> 01:29:44.920
as opportunities arise for them, they're happy. Now they're coming

1635
01:29:45.000 --> 01:29:48.640
over here and making more money because that's where it is,

1636
01:29:48.760 --> 01:29:51.760
and sending it all out of here not being taxed. No,

1637
01:29:52.520 --> 01:29:55.279
I don't want to see that if you come over here,

1638
01:29:55.359 --> 01:29:57.239
because you can make ten times the amount you can

1639
01:29:57.279 --> 01:30:00.760
make in any country, and you to do it and

1640
01:30:00.880 --> 01:30:06.039
you meet the qualifications. If you want to send money out,

1641
01:30:06.119 --> 01:30:11.359
it's after taxes. There's a lot of things we can

1642
01:30:11.520 --> 01:30:15.039
do to help our economy and help people that need

1643
01:30:15.199 --> 01:30:19.239
to be here either asylum or want to be here

1644
01:30:19.960 --> 01:30:23.880
and go through the legal process. But we need to

1645
01:30:23.960 --> 01:30:26.119
start doing that, and that's going to be the first

1646
01:30:26.159 --> 01:30:33.359
and foremost. You know, colleges are going to take a

1647
01:30:33.520 --> 01:30:38.760
beating here soon. Been watching it happen if you notice

1648
01:30:39.199 --> 01:30:43.319
more and more people getting into colleges have less and

1649
01:30:43.439 --> 01:30:49.399
less the academic qualifications that were five ten years ago.

1650
01:30:51.840 --> 01:30:56.079
And obviously a lot of this started with all the

1651
01:30:56.279 --> 01:31:03.079
DEI inclusivet saying everybody needs an opportunity. That's the sheep

1652
01:31:03.520 --> 01:31:08.000
in wolves clothing, because what they did is allow different

1653
01:31:08.079 --> 01:31:13.720
people in only to go ahead and promote the culture

1654
01:31:14.319 --> 01:31:19.479
that just got the Democrats fired at our campuses that

1655
01:31:19.640 --> 01:31:25.279
became so liberal that people forgot why they went to school.

1656
01:31:28.960 --> 01:31:33.600
And now we have an opportunity to actually allow people

1657
01:31:33.680 --> 01:31:38.640
to go to school and start learning what they should

1658
01:31:38.640 --> 01:31:41.479
be learning the way schools are going to be if

1659
01:31:41.520 --> 01:31:44.479
they want to stay open. There are going to be

1660
01:31:44.560 --> 01:31:50.920
people with less academic qualifications getting in, but that doesn't

1661
01:31:50.960 --> 01:31:55.079
mean when they're there you can't make sure that you

1662
01:31:55.279 --> 01:31:58.640
keep your academic qualifications. But you're going to have to

1663
01:31:58.720 --> 01:32:02.000
make sure that they learn no different than athletes that

1664
01:32:02.159 --> 01:32:06.279
go there who have what they have tutors at their

1665
01:32:06.359 --> 01:32:09.199
becking call. Well, maybe what you're going to have to

1666
01:32:09.279 --> 01:32:12.439
do is have tutors there for the people going to

1667
01:32:12.520 --> 01:32:19.159
school and allow them to have access to people that

1668
01:32:19.279 --> 01:32:23.840
can help them get through their education. But again, the

1669
01:32:23.880 --> 01:32:27.079
person that's going to go and spend that money, you're

1670
01:32:27.119 --> 01:32:31.560
going to see a different type of person going, and

1671
01:32:31.680 --> 01:32:37.640
that's okay. It'll be the people that maybe are the

1672
01:32:37.720 --> 01:32:40.720
ones that can just didn't do really well they're freshman

1673
01:32:40.840 --> 01:32:46.279
or sophomore year in high school, but turn it around

1674
01:32:46.319 --> 01:32:53.159
their junior senior year and realized that they wanted a

1675
01:32:53.239 --> 01:32:57.720
better life for themselves. They're going to get chances and opportunities,

1676
01:32:59.359 --> 01:33:01.239
and now it's gonna come down to who can afford

1677
01:33:01.279 --> 01:33:05.600
and who can't. I have not seen one solution by

1678
01:33:05.720 --> 01:33:10.399
this administration other than I'm going to go ahead and

1679
01:33:10.640 --> 01:33:13.640
pay off your student loan. So people going to school

1680
01:33:13.680 --> 01:33:16.600
today thinking, hey, if I don't pay my student loan,

1681
01:33:17.560 --> 01:33:19.520
down the road, there may be the white belt my

1682
01:33:19.600 --> 01:33:25.039
student loan. It doesn't work that way, but we need

1683
01:33:25.800 --> 01:33:30.399
to fix it. We need to fix tuition, We need

1684
01:33:30.520 --> 01:33:33.359
to fix the way they just give out free money

1685
01:33:33.399 --> 01:33:36.479
to all these people without them really understanding that it

1686
01:33:36.600 --> 01:33:41.640
needs to be paid back with consequences. And so with

1687
01:33:41.840 --> 01:33:44.880
that said, how do you do that. I have no

1688
01:33:45.079 --> 01:33:47.760
problems offering money to people that want to go get

1689
01:33:48.720 --> 01:33:51.039
and go to school, but they probably need to keep

1690
01:33:51.079 --> 01:33:55.680
a certain GPA to get the loan. And if they

1691
01:33:55.760 --> 01:33:59.279
get the loan and they're keeping a certain GPA, it's

1692
01:33:59.319 --> 01:34:02.039
a low interest loan, and then they keep over three

1693
01:34:02.199 --> 01:34:06.640
oh maybe it's a free loan, which means there is

1694
01:34:06.760 --> 01:34:09.800
no interest, especially when they're going to school, no interest,

1695
01:34:10.199 --> 01:34:12.279
and then when they come out, keep the interest low

1696
01:34:12.720 --> 01:34:17.520
rather than forgiving it. If you are just paying back principle,

1697
01:34:18.079 --> 01:34:21.560
it'll get paid back a lot quicker when the interest

1698
01:34:21.680 --> 01:34:28.079
is compounding. It's through the roof. You want to help

1699
01:34:28.119 --> 01:34:32.640
the American people teach them about good credit by rewarding

1700
01:34:32.720 --> 01:34:34.359
them when you have good credit