11.16.22: Audio automatically transcribed by Sonix

11.16.22: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Producer:
Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs, and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.

Producer:
This is Another Money Show. Get set for another hour of the latest financial information and economic news affecting your bottom line. J.R. and Anthony are committed to helping more Americans like you optimize their income, reduce their tax risk, and reach financial freedom. So let's start the show. Here are your hosts, Anthony Carrao and J.R. Rotchford.

Anthony Carrao:
Here we are, your host, Anthony Carrao. J.R. Rotchford taking a break from our day-to-day as financial advisors with Rotchford and Associates, a fully independent fourth-generation family office right here in the greater Phoenix area and also up in the White Mountains. We are here today to bring you the information you might not be hearing on those other financial radio shows. And we're aware that the last thing you need is Another Money Show. But we appreciate you being here. So this episode, we'll talk about our trip up to Snowflake a little bit. We watched a bunch of financial movies. I think there's a lot of insight to these great Hollywood blockbusters that people may miss. So we're going to fill you in on some of those key points. We also want to talk to you about digital currencies. We mentioned this for as long as we've been on the air. The future of it come and we talked about how the Fed lied about it coming and then out of nowhere said, oh, you know, we're working towards it. Talked about the executive order that gets signed to put this in place. And now there is new news from the Fed. As of yesterday, the November 15th of 2022, where they are releasing a pilot program. J.R. And tell us about it.

J.R. Rotchford:
I do. So you went right into the heavy stuff. Let's go slow for a second. First of all, you said that we're aware of the fact that the last people last thing people need is Another Money Show. If it's our money show, I disagree. I, you know, I comb the radio stations. I listen to as much as I can. People are not getting what we're saying. I don't mean like they're not understanding what I'm saying. I'm saying they're not being they're not given access to

J.R. Rotchford:
Real stuff. Right. No, it's all about sales. Roth conversion. You know, what do I do with my RMD that I don't want to take? It's all important stuff. I get that traditional financial planning is very, very, very important. I've always thought they should bring it up in high school and make sure you understand it. They don't. So what we're giving you is current events that may affect your finances. That's what you're not getting elsewhere. So this is important. You know, like you said, we just got back last night from Snowflake. It's a really different world up there. You know, we spend a few days. Everything that we do up there, it's like it's a very tight-knit community up there. There's a lot of LDS members. There's a lot of people. I know this gets a negative connotation, but there's preppers. There's people that are prepared. I'm not sure why the word prepper has a negative connotation. Being prepared is a good thing, I think. I mean, you know, when you're young.

Anthony Carrao:
You say that all the time about our financial planning

J.R. Rotchford:
Planning, right? Prepared, not scared. Well, and you and I got a little dose of how prepared you should be. I always feel like we're pretty ready for whatever comes our way because we're awake, we're aware, we're nimble of our surroundings. So our plumbing went out, you know, it was just Anthony and I. So it wasn't a big deal. There was there was no other people to take care of, but the plumbing went out. And it was funny because the first thing I do other than kind of complain and you know what moan a little bit is I think about this if the world gets sketchy, if supply lines get broken down, if trucks stop moving, trains stop moving. If people have to stay in their house, you better hope the water stays on because just three or four days without plumbing is a shock to the system. You know, I mean, I use the word claustrophobic. Yesterday when I said I hadn't had a shower in a couple of days. And it's not the fun way like, oh, we're out camping, you know, and and we haven't had a shower yet, But you know what you're doing if you don't mean to go a couple of days without a shower, that's kind of a shock to the system. And it's it's funny. I mean, I started thinking, you know what? I'm not prepared for whether I'm in the valley, whether I'm in the White Mountains. You need to go on cheaper than Dirt or Midway or Cabela's or Sportsman's. You need to buy a field toilet. You know, let's talk about toilets today. I think instead of movie reviews today, we talk about latrines, if that's okay. So you need to buy a camping toilet. You know, I mean, you know, we when the plumbing went out, we were like, well, now what do we do? You know, we're not exactly close to other people. What if we have to use the restroom? So, yeah, if you.

Anthony Carrao:
Got 20 acres for that.

J.R. Rotchford:
Right. But, you know, it was also, what, 19 degrees one night when we're up there. Yeah. So no matter how prepared you feel, you better really think about everything. And that's how I think we're helping people. You know, we have people that talk to us. Well, you know, if we go to a digital currency, what do I need to do to be ready? That's the kind of stuff we're looking for. But we're also looking for should people have food or water? You know, and yes, we talk about Roth conversions. Yes, we talk about Social Security planning. You know, we do talk about traditional financial planning, but we're not going to come on the radio and just parrot the other shows. We want to tell you the stuff you're not getting elsewhere. So that's why I backed you up and said they do need Another Money Show as long as it's ours. So, you know, it was nice to get away. We did get in front of a lot of like-minded people that think the elections are just a cluster. You know what? You know, today is the 16th of November. Today is a Wednesday. As we record this. Do you know the elections are still going on in Maricopa County? They're not they're not done yet. I mean, oh, talk about third World shenanigans. You know, really, we need to go back to voting being important.

J.R. Rotchford:
We need to go back to people taking the day off work and not getting fired. We need to go back to showing your ID and going to your local school or your church and voting. Well, I think last week the population of the globe tipped 8 billion people. So instead of Tuesday, the first Tuesday or whatever in the month of November, maybe it does have to be two days, maybe it has to be Monday and Tuesday. But we need to have accountability. I don't care if there was cheating in the voting. The thought of cheating, it just makes us more polarized, just makes things more divisive, and that's not good. So we need to figure that out. There was a little bomb, you know. Speaking of current events, there was a little bomb that went off in Poland right away. Everybody said Russia, Russia, Russia. Marsha, Marsha, Marsha. And then now they're saying it might have been a Ukrainian bomb that was trying to ward off Russian bombs. So who knows? But it hit a native country. You know, we always talk about being on the verge of change in the world. Well, one misstep right now in this world and you are looking at World War Three. I mean, you know, we're not messing around here. China talking about taking over Taiwan. Obviously, we're getting ready to spend a bunch more money to arm Taiwan.

J.R. Rotchford:
Actually, we already are. I guess, you know, Russia is a wild card. North Korea still shooting off rockets and testing ICBMs and stuff that could be really deadly. The word EMP is back a little bit creeping into the news. If you're not familiar with an electro-magnetic pulse, you should at least look it up, kind of look up our antiquated power grid, whether or not it could be a problem to you. And then you won't have plumbing and then you'll need to have gotten a field toilet. So how's that for full circle? Yeah, Thank you. Thank you. So yesterday, as I got home, I'm kind of hyper. It was nice to get back home and I start my nightly reading. Get back into my routine. One of the first things I read was an article that we are giving another $37 billion to Ukraine. So that's that. This was yesterday. This came out. So I don't know. I mean, a billion seems like a big number to me, but we're throwing around like nothing, so. Bottom line, everything that we talk about and we're on the radio now for what, seven months, everything we've talked about is still on the table. The big things and we you know, we do want to get to the movies. We want this to be a happy episode. So let let's.

Anthony Carrao:
Until we get into the movies, that's not necessarily I don't know if we have good things to say. We've got good things in the movie aspect. We don't have good things to say in a financial aspect about these movies.

J.R. Rotchford:
That is true. But, you know, I mean, bad news sells. People want to hear the bad news. They can always find the good news. So we're here to help. So this digital currency, what's going on? We have been pointing out to for months that you need to research executive order 14067, especially section four is of interest. So you know what what came and went when I talk about dates October 9th, which is a very important date we were supposed to have some some news on whether or not we're going forward and going to the testing phase of the digital currency. We got nothing. We never heard of a resolution. You know, the government was supposed to report to the executive branch and say what they think. We never were able to find a follow up. Well, come yesterday. There's there's a term and get out your pen because I would look this up if I were you regulated liability network. I first heard this term probably November December a year ago. And I kind of dismissed it because I couldn't really understand it. But basically what it is, it's the next phase of the implementation of digital currency. So, you know, my little negative mind, I'm always I'm always trying to see the bad side so I can prepare and then hopefully things don't come to fruition.

J.R. Rotchford:
But I think there's going to be a stock market collapse. I think the market is going to shutter sooner or later here. You know, obviously it's heavily manipulated. You can see that this year. But I think it's going to have some problems. And then I think the banks are going to close their doors, at least most of them. And then I think we're going to usher in the digital currency. So that's the bottom line. You know how you prepare for that. It depends on your financial situation. It depends on your age, it depends on your income. It depends on where you live. You know, we have tons of ideas for different people. So but there's banks getting together right now. It is going on. I can't find a start date, so I presume it's actually in the works. But they are these banks are getting together and they're testing digital currency, they're testing the blockchain. They're testing whether or not we can successfully switch over from the fiat currency to the new digital currency and the central bank. I mean, this is global, so.

Anthony Carrao:
Isn't it still technically a fiat currency, even though it's digital? Because Fiat just means it's not backed by anything?

J.R. Rotchford:
Oh, sure. No, it's probably more Fiat. I mean, yeah, No, it's extra fiat. This is Fiat on steroids. This is military grade Fiat. This is fine Corinthian leather type. This is Arabica bean fiat currency. So hang on. And what's so funny is the unknown, the unchartered territory we are in, it's shocking. So when people are like, well, you've always been worried about something. You're, you know, tinfoil hat. I get it. I've never been worried about this many things at once. So we'll let's do this. Why don't we take a break and then we'll talk a couple more minutes about this digital currency, the chances of it coming. And then let's get into movies, because that's what we set out to do today.

Anthony Carrao:
Yeah, I mean, there's no chances at this point. It's happening. So it's. How do you prepare?

J.R. Rotchford:
Yes. All right. Well, we just put that to bed. Let's take a break. Make sure you reach out to us. You can give us a call. 623 523 0444. Or email us team at Another Money Show dot com. Don't forget, ask us questions. If you want us to give your name, we will. If you don't, we won't. But we would love to answer your particular questions. We'll see in a minute.

Producer:
Remember all of J.R. And Anthony's listeners receive a free financial consultation just for listening to the show. Visit Another Money Show dot com to learn more and schedule an appointment. Thanks for listening to Another Money Show and subscribing wherever you listen to podcasts.

Producer:
Another weekend, Another Money Show Visit AnotherMoneyShow.com.

J.R. Rotchford:
Welcome back to another Money Show with J.R. Rotchford and Anthony Carrao and our producer, Jim. So thank you so much for taking time out of your weekend to be with us or if you're listening to us later on the podcast. Thank you so much. So when we left for a break, we were talking a little bit about this transition to a digital currency. You know, all you have to do. We are very fortunate. We're in the day and age of the Internet where you can search things, whether you use Google or DuckDuckGo or whatever. You use search things. You know, I mean, take a peek at what's going on around you. So this regulated liability network, basically what's going on is you've got here, let's see here, here come programmable dollars. New York Fed and 12 banking giants launched digital dollar test. So between 14067 between everything that's been coming I believe it's here. I believe this is probably the final stage to make sure that they can work on any bugs, which they won't. I mean, obviously, our whole life is going to change overnight as soon as this is implemented. But this is big stuff. It's Citigroup, HSBC Holdings, MasterCard, Wells Fargo. These are your big household names that are testing this currency. So it's coming. I mean, I don't know, you know, again, being scared versus prepared. I don't know if this will scare people or if they'll just be like, well, it is what it is. I can't do anything about it.

J.R. Rotchford:
Why should I worry about it? Well, you know, you can do things about it. You can rearrange your life. My father used to say something. If we would move money from one product to another, obviously we did it, you know, in the in the right way for the client. He would he would call that What was the name of that? He would say, we are going to reposition your assets for a more favorable result. And I used to think, well, that's kind of slimy. Isn't that just moving stuff? So we make a commission. You know, when I first heard that term, I was like, wow, that's a slick way of saying moving money so we can get ahead. It wasn't that at all. It was if you're in, you know, give you an example. If you're in a variable annuity with high risk and high fees and you're out of surrender charge and we can help you get it into a fixed annuity where you have guarantees. And the the fees are none, for example, other than a backside surrender charge. Good. We've bettered your situation. So that's a win. Anyway, so with this digital currency, I believe if you do look into this, you're going to see we have been correct all along and now it's here. You know, whether it's fully implemented in six months or six years, I don't know. But I have a feeling that we don't I don't think we have more than a year or two left of our dollar.

Anthony Carrao:
And I don't know really how to advise on it what these changes are going to be outside of the stuff that we're already trying to help people with. Setting a foundation, keeping cash at home. You know, some people are worried we're going to go to this digital dollar and all this cash at home will be no good. Well, you'll have time to get it back into the banks. So for now, I mean, our planning is kind of still the same. We have no idea how the transition to digital dollar will work. But if you have a solid foundation, I think you're going to weather the storm better than most.

J.R. Rotchford:
Right. Plus, I mean, when you if you look at any given time, there's things that are smart. Pay down debt. You know, make sure you know what you have your risks, your fees. Most people, they don't know what they have, you know. Over the years, you've been sold products. You've never really been offered a plan. We see that over and over. All financial advisers. We're going to give you a consultation and we're going to fix everything. No, you're going to try to sell me something. So over the years, every time I met with an advisor, I got a new offer of a product. You know, you have to be offered something or else they're not going to keep their job. They have.

Anthony Carrao:
That knowledge. And that's a great transition into these. When we're talking about the financial movies, that was the key takeaway right there, because all of these movies we watched was essentially saying that it was creating excitement to sell a product. Just like you talked about having seminars. Yes. We said that you were trained to do seminars with the firm you were with before you went independent. Wasn't that exact same thing?

J.R. Rotchford:
Yes, We already knew the product. We just had to get 40 couples in the room. We had to get 20 appointments out of the 40 couples. We had to get ten closes. I mean, it was like, what does that movie, Glengarry Glen Ross, It always be closing.

Anthony Carrao:
Always be closing.

J.R. Rotchford:
Yes. Oh, we should have watched that too. We're due to watch that again. Yeah, those kind.

Anthony Carrao:
Of watched it. We were watching Boiler Room. They had that scene. Yeah, they were sitting around the couch watching it. So you want to talk about Boiler Room?

J.R. Rotchford:
Well, yeah, but one quick thing before boiler room. When you talk about products versus a plan, the whole thing, you know, when people come in and they have ten different products, they feel like, well, I'm diversified. I was told that this is good, this offsets this, this offsets this. You know, part of the problem, when we really look into it, a lot of people have five, six, seven different versions of the same product. You know, when you see mutual funds, it's like a lot of overlap there. So. All right. Well, now I feel better. I wanted to get that off my chest. So then we're going to call you Gene, like in Gene Siskel, and I'll be Roger Ebert for obvious reasons.

Anthony Carrao:
Am I the one still alive or is it you?

J.R. Rotchford:
Oh, I don't know. I mean, who knows? You know, I just know that you're more tall and thin and I'm more short and a little bit squatty. So Siskel and Ebert just seems to fit that way. All right. So, yeah, we our whole goal to go up in the White Mountains was to be away from the phone, to be away from distractions. We wanted to revisit all these financial movies. And, you know, we did a podcast a couple of years ago about this, and it was funny. It was one of my favorite podcasts because a lot of people have seen some of these movies you brought to the table, some they hadn't, you know, like, you know, if you haven't seen the movie Boom, Bust, Boom, you need to you need to find it. So there's there's some obscure movies that you've come to the table with that are really good. But we watched the more mainstream ones, you know Boiler Room. Yeah. Let's start with that. Go ahead, Anthony. Tell me a little bit about Boiler Room.

Anthony Carrao:
Well, there was, especially after not seeing it for so long, Wolf of Wall Street was such a big hit. And it follows a very similar premise. And this one was about, you know, was it, Wolf on Wall Street was Jordan Belfort and Stratton Oakmont or whatever that was called. This one was Sterling or something, but it was all the same. These were the small independent brokerages. And how they made a ton of money was in their commissions and sales. The whole movie is just about these people pushing sales, but a lot of what they were doing. Was where they made their real money was creating these IPOs. Again, just like Wolf on Wall Street. But they're creating excitement about trends, about making sales, about here's a company that's going to do all of this and how they're going to make these huge commissions making cold calls to these people. And the scary it's an entertaining movie. I mean, it's got Ben Affleck, Vin Diesel, Giovanni Ribisi. I have never been able to pronounce his name.

J.R. Rotchford:
Ribisi, I think.

Anthony Carrao:
But if you see him, you're going to see his face and you're like, I know exactly who this guy is, but super entertaining movie. But there's so many things that go on behind the scenes that we see as advisors where it's like, Oh, this is entertaining, but what is shady business practice And that's what our entire industry is based on. But we got to go to break. We're going to come back. We're going to talk about Boiler Room and some other movies that we watched this weekend so that you can go back and enjoy them. In the meantime, you can go back and enjoy our old podcast, Another Money Show, wherever you Stream podcast, or you can find us on the web at Another Money Show dot com. AnotherMoneyShow.com

Producer:
You're listening to another Money Show to learn more and contact J.R and Anthony visit Another Money Show dot com.

Producer:
Are you concerned about market volatility, rising taxes, economic uncertainty, and how it could all affect your future in retirement? Then tune in to Another Money Show to learn how you can protect and grow your hard-earned money. Another Money Show every Saturday at noon right here on 960 The Patriot. Protect your hard-earned money today and learn more at Another Money Show dot com. You're listening to Another Money Show.

Anthony Carrao:
Welcome back to Another Money Show. And today we are doing movie reviews. We are just talking about the movie Boiler Room again. Fantastic movie. Super interesting based on a true story, though. So the fact that it's interesting and exciting makes it kind of scarier because a lot of this is about how people in the financial industry used to make money. A lot of it was commissions based and a lot of it was selling you something that you may not need in the hopes of making more money. What would. How is it that follows some guy, some family man, essentially vesting everything that he had based on a cold call and it all being fraudulent You know, these firms, when they were making these cold calls, again, depicted in the movie, but I can't imagine it was very far off from real life. You see the same thing. And Wolf, on Wall Street. But they come in and they create excitement. In this one in particular, they're selling a pharmaceutical company that's making a retractable needle and this is going to change the industry. Well, the main character goes he checks out this facility and sees that it's a little place in a strip mall and it's run down. And it's it's definitely not how they're trying to depict this.

J.R. Rotchford:
It's not even open. The place is closed. Yeah, well, one of the observations that I had for boiler room stockbrokers, you know, suits, suit, tie, polished shoes, they're the professionals. They're all smarter than us. I mean, you know, the financial services industry, there are insurance professionals, there's stockbrokers, you know, there's advisors, there's planners, there's all these different terms. The whole thing is if you find an advisor that's honest and puts your interests before their own, that is like gold. But this movie, Boiler Room, Wolf on Wall Street, they glorify these people that are slimy. You know, right before the break, you said shady, I believe is the word you used. I used to kind of say that, you know, used car salespeople, timeshare salespeople and financial advisors are all kind of the same. You know, the pressure, the quotas, I could be the most honest advisor on the planet if I work for a big wirehouse and I don't sell stuff, if I'm not working for three or four months, I am out. So whether I care about you or not, the pressure is immense. It also gets where it's sales, any sales on the planet, it lends itself to competition. So when you when you think about these movies and you see these people, they use the word pump and dump. I love that. I mean, they create this excitement. You buy into it, you're going to make money, everything's good, and then the smart people are getting out. So isn't that what's going on? Isn't that going on with digital currencies? You know, people got into Dogecoin when it was small. You know, they started telling people there was a knockoff, a Dogecoin called Shiba Inu. People were out there screaming, This is going to be the next big thing. So as they made a bunch of money, they started getting out and the people that got in after them lost their shirt, you know, isn't that a Ponzi scheme? Isn't most of financial stuff Ponzi schemes isn't Social Security.

Anthony Carrao:
That just happened with FTX I mean, just recently. FTX right. And the digital currency world is they had this trading platform where people can buy and sell cryptos. They also had their own crypto, which I think was FTT, but they're releasing these records now that this has gone bankrupt and you could buy and sell other cryptos like Bitcoin and stuff through there, but they're going through their books. They never actually owned cryptos for Bitcoin, so they never owned what they were allowing people to buy and sell on their platform.

J.R. Rotchford:
And by the way, if you're not hearing about FTX, dig into a little bit, there's another good use of your Google or DuckDuckGo. You know, the tinfoil hat part of me is saying, you know, follow the money. You know, our country, our world, there's nothing left but the haves versus the have nots. And it's on parade. It's on steroids right now. This FTX, it may have been kind of a sham. There's a lot of people talking about money laundering in Ukraine, then making these huge profits, bringing them back to this country and then using them for political gain, if that's really how this ends up. This is I mean, this is shocking and it's growing legs. It's hurting the other cryptocurrencies, too.

Anthony Carrao:
So, I mean, not really. I mean, I've watching the markets. The markets seem to be doing fine. The standard markets, I mean, some of the cryptos have taken a big hit. But it's funny that this shell corporation and it's just lost people billions of dollars, yet nobody seems to care. So and it's funny because this is happening now, these movies that we're talking about depict things that happened 20 years ago, 30 years ago. Nothing has changed. And that's kind of the key. But what is going to change is here in commercials and where we're going to be right back to finish up some more movies in our last segment. So we will see you shortly. In the meantime, check us out at Another Money Show. Reach out to us at team at Another Money Show. Team@AnotherMoneyShow.com

Producer:
Thanks for listening to Another Money Show. If you like what you're hearing, be sure to leave us a rating and subscribe to the show wherever you listen to podcasts.

Producer:
At Rotchford and Associates. We know you've worked hard to earn your money and you've worked even harder to save it when it comes to wealth management and planning for retirement, J.R. Rotchford and his team of specialists have been helping individuals, families and business owners find financial freedom at their veteran-owned firm for more than 25 years. Give us a call now at 623 523 0444. That's 623 523 0444.

Producer:
This is Another Money Show. Except this one's different. This one will actually keep you awake.

Anthony Carrao:
All right, We are back. You're listening to Another Money Show, Anthony Carrao, J.R. Rotchford. And today we're playing Siskel and Ebert, pretending like we know anything about movies. So we're just talking about Boiler Room, all the you know, it's a thing of fiction, right? Based on true events. But there are things that are happening that are depicted in these fictional movies, that are happening in real life and happening currently. I mean, a lot of it is trading assets. It's we talk about on this show all the time that cash is everything. So the stock market, it's nice to have a stock market worth 46 trillion but we don't have the amount of money in the world to be able to buy all of these stocks at this prices. So is that really their value? I mean, it's one thing to have $1,000,000 in assets, but that asset can fluctuate up and down at any point. So do you really have $1,000,000 or do you have an asset that somebody else has valued at $1,000,000? Talking about Boiler Room, these movies, Wolf, on Wall Street, there's a clip that I want to play from Wolf on Wall Street. It's only 30 seconds long, but half of it's going to be beeped out because the movies use the F-word more than any other movie in the history of movies.

Anthony Carrao:
But it's Matthew McConaughey gives a great example about the stock market and the scene. You talking about how stock market fluctuates up and down. You know, even Warren Buffett doesn't know what the market's going to do. But if I can sell somebody a stock at $8 and it goes up to $16, well, that's awesome. They've made money, theoretically, but that's where brokers in these movies are saying, oh, no, I've got a genius idea, so we'll double your money here. But now you go into something else. So if you never really cash out, just like we talk about, are any advisors out there telling you to sell the peaks of a 14-year run-up in the market? Everybody tells you to buy the dips, but nobody tells you where that money comes from. So if you're not selling the peaks, how do you buy these dips? So the real money is what brokers, financial advisors take as commissions. That's the whole the whole scene. It's wonderful. So we'll play that real quick.

Wolf of Wall Street Clip:
Stay with me. We don't create we don't build anything. No. So if you've got a client who bought stock at eight and it now sits at 16 and he's all happy, he wants to cash in, liquidate, take his money and run home, you don't let him do that because that would make it real right now. What do you do? You get another brilliant idea, a special idea, another situation, another stock to reinvest his earnings and then some. And he will every single time because they're addicted. And then you just keep doing this again and again and again. Meanwhile, he thinks he's getting rich, which he is on paper. But you and me, the brokers, we're taking home cold, hard cash via commission.

J.R. Rotchford:
So, yeah, I mean, what's going on? The real money is the commission, because you buy something, whether it goes up or down. I mean, hopefully, you know, the broker is is trying to help you genuinely which these movies point out they are not sometimes. But you know, the advisor gets commission. What do they do with it? Well, obviously they go to Cabela's and they buy a field toilet. So they actually have something tangible with their commission.

Anthony Carrao:
So speaking of fake money, another movie we watched was Margin Call. Another great movie, big name actors Kevin Spacey. Demi Moore is in it. Who else? It was a Stanley Tucci, another big name. But that one is about who did they say that one was kind of based on Lehman Brothers, Goldman Sachs, or that.

J.R. Rotchford:
I think it was Lehman Brothers.

Anthony Carrao:
Lehman Brothers. But essentially they made bad investments and they made bad investments on margin, which means borrowing money that you don't have, reinvesting it. So if you have more money and you can make money on more money, you get better returns. So what did a lot of these large financial institutes do is they borrow money and then reinvest for massive returns, but they have to pay back those loans. And there's something called a margin call, which means if you have if somebody or if you're borrowing money from somebody else, they want to make sure that you have certain amounts of liquidity. And if you fall below that liquidity, you have to buy back in. You have to show that you can fill those liquidity liquidity requirements. So this is a real term. This is something happening. I mean, just recently when we talk about the Bank of England and them increasing their quantitative easing to bail out their pension programs there, that was on a margin call. The reason that they had to print more money is they were going to get called for not having enough liquidity for their investments because as things tank, you need to maintain a certain level of liquidity. So it's something happening right now, but that's when we talk about real money versus fake money in the movie, they're depicting that. They're estimating that their company losses are going to be greater than the value of the company itself. Well, how does that work? How do you lose more than what you have? Well, it's because you have stuff on loan, just like the US government. Our GDP is, what, 29 trillion yet worth 31 trillion in debt. We have more debt than we have value as a country.

J.R. Rotchford:
Well, and you can go even further and have people start looking up derivatives and look up underfunded and unfunded liabilities. And we are upside down. You know, the auto loan market. There's it's been over a decade since we've seen the default ratio where it is now, you know, credit card debt, personal debt is skyrocketing. So this whole house of cards, you know, 2008 may have been a preview or a precursor to what we're about to get coming up soon again. And I believe that is the case. I do believe 2022, this volatility has been it's been noticeable. I don't think it's done. You know, I said last week, people are in their third do-over. We told people to be safe before 2022. So people that got safeguarded, they didn't have these swings. So things went down. Everybody thought we were right then. You you've kind of mentioned some people get a little bit smug when when we're wrong. Things came back up. Then they were getting a little bit smug. Then they went down again. Now they're back up again. How does this end? I don't know. I don't have a crystal ball, but I can tell you the railroad strike is still on the table.

J.R. Rotchford:
The food shortages are still on the table. You want to go real heavy. Look at Davos and Bilderberg Group and the World Economic Forum. And people want us not to own a home. People want us to eat crickets. I mean, this could be really heavy. And then none of the stuff we talk about matters anyway, but bringing it back down to what we can control, you know, one person, one couple, one family at a time should pay down debt. They should buy hard assets, they should stash some cash. They should buy certain things that will weather whatever storm comes our way. And then they should stop worrying about it. You know, over the years, I have had to take my own advice. I have to do the best I can and then I have to set out to have a nice day. I can't do nothing but worry. Or all sudden it's like, you know, why am I going to stroke out over stuff I can't control? Well, me personally, it's because it's just my personality. But most

J.R. Rotchford:
I'm in my upper fifties. How I haven't had a stroke yet is just it's shocking. Ten bucks says by next week I've had my first one. So yeah. No it's. Yeah, that's a pretty that's a pretty good bet. Draftkings. Are you putting out another.

Anthony Carrao:
Part of that the movie right there based on their investing models they talk about in their investing models. I mean, I went to ASU. I remember my economy class back then, and there was only one thing that stuck out for my macro economics class is they had a model for the economy that worked. Until the Great Depression. And they're like, Oh, well, this model doesn't work. So the model works until it doesn't, right? And we don't we talk about that all the time. Yeah, the market keeps going up until it doesn't. But I mean, going back to 2008, so many of these movies are based around the financial collapse of 2008 because it was such there was so much to learn from that. Unfortunately, I don't think we have. Well, what else did we watch this weekend? The second Wall Street. So the first Wall Street was a huge one.

J.R. Rotchford:
Well, when you bring up 2008, I mean, we're not going to be able to have time to touch on them all. But make sure that you watch the movie The Big Short. I mean, it, you know, looking backwards, everything's easier. It's a lot easier to know what to do. What Football team to bet on Sunday. But when you look at the Big Short, it's like, wow, you know, there are select people that do they do see what's going on. You know, when everybody's running one way and you see one person running the other way and you think they're crazy, maybe they're not. Michael Berry, we're talking to you. Good man.

Anthony Carrao:
Yeah. He's making a lot of predictions about things getting very bad. You know, nobody listened to him in 2008, and now he's making predictions again that nobody's listening to. So we'll we'll see if he goes two for two. But yeah, that's another wonderful movie. Ryan Gosling, Steve Carell, Christian Bale and explains the financial collapse of 2008, how it happened with the subprime loans, and explains it as super easy to digest way highly suggest that one if you've never.

J.R. Rotchford:
it's entertaining. I mean it's like Wolf of Wall Street, there's a very powerful message, message behind Wolf of Wall Street. But it's entertaining. I mean, you you have to be an adult. You know, there's nudity. There's like you reference it, it has the F-word more than any other movie. And yeah, so you've got to be prepared going into it. I went I went with Sandy to see that movie, and I knew that I would like it. I just knew that in advance. I thought she would hate it. So three, three and a half hours go by and she loved the movie. She did not like the language. She didn't like some of the nudity, but she loved the movie. So it is for everybody. As long as you know what you're getting into, going into it. And the big thing, it is definitely entertaining. I mean, that 3 hours goes by like nothing. And the underlying message, though, our industry is slimy. You know, the government comes out with the word fiduciary. You know, people that were running their practice the right way. They were fiduciaries before the word fiduciary came into financial services. The people that are going to do things just for sales are going to do things just for sales. Whether you slap a term on them and tell them what they should do or not, that's just the world. And you know, when you reference the stuff going on 20 years ago in these movies, Wall Street, Wall Street never sleeps. And then you look at today, it's with FDX, it's still going on. You know, I mean, we talk about boring stuff a lot. We talk about insurance companies.

J.R. Rotchford:
Yeah, safety. I mean, we're not trying to be exciting. You know, today is flying by usually. I take us off track really far today. I didn't do that. Too bad. Hopefully you're proud of me. Adeboye J.R. But we do want to talk. You know, there's there's a list of movies. Reach out to us and we'll give you a bunch of movies that are entertaining and informative. There's one more we need to hit on today if you haven't seen it. There's a movie called The Baby Boomer Dilemma. It's new. It only came out probably a year, a year and a half ago. It is super powerful, a little bit of cheesy acting in it. We had a we had a radio show listener reach out over the weekend that watched. You know, they heard our show last weekend where we referenced it and she said she couldn't finish it. She said it got her very angry and she turned it off. Well, rightfully so. It is supposed to make you angry. We've got a corrupt financial system. So, you know, it talks about how pensions are going away. And for one K is is the new option. It's not good for you. You know, that's a pretty blanket statement. I mean, people do if you get a match, take up to the match. You know, there's there's good financial advice there. But baby boomer dilemma talks about the era we're approaching right now. 10,000 baby boomers are retiring each day. We're putting in machines. Artificial intelligence is taking over bodies that pay into Social Security. I mean, everything's changing. I should let you get in a word edgewise on Anthony about the baby. I mean.

Anthony Carrao:
We talked about all these movies and how shady the our industry is, this documentary. Right. And it does have some cheesy acting in it, too. But this one's one that actually is giving solutions. It's presenting this problem that we're all facing in retirement, but it has solutions. And it's funny because it ties a lot to our planning when we talk about setting up a foundation and focusing on income and retirement. So we bought a lot of these passes so that our listeners can watch this movie online for free. So if you reach out to us at team at Another Money Show, team@anothermoneyshow.com. Give us a. Hall at 623 523 0444. We will give you one of these promotional copies so that you can watch this movie at your leisure at home. Enjoy it. Let us know what you think or reach out and we will give you a pass as movie for free. So today is definitely gone by quickly. If you have any questions about anything we talked about, please reach out. Team at Another Money dot com Team@AnotherMoneyShow.com. and we look forward to seeing you next week.

Producer:
Thanks for listening to Another Money Show. You deserve to work with a private wealth management firm that will strategically work to protect your hard-earned assets to schedule your free no-obligation consultation. Visit Another Money Show dot com.

Producer:
Investment Advisory Services offered through Brookstone Capital Management, LLC BCM A registered Investment advisor, BCM and Rotchford Financial are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Investment involve risk and unless otherwise stated are not guaranteed. Past performance cannot be used as an indicator to determine future results.

Producer:
Are you concerned about market volatility, rising taxes from the Biden administration and how it could affect your retirement? Then listen to Another Money Show with J.R. Rotchford and Anthony Carrao. Learn how you can reduce the taxes you pay before and during retirement. Another Money Show every Saturday at 4:00 pm on 960 The Patriot. Schedule your free no-obligation consultation now by calling 623 523 0444. That's 623 523 0444.

Sonix is the world’s most advanced automated transcription, translation, and subtitling platform. Fast, accurate, and affordable.

Automatically convert your mp3 files to text (txt file), Microsoft Word (docx file), and SubRip Subtitle (srt file) in minutes.

Sonix has many features that you'd love including world-class support, transcribe multiple languages, automated subtitles, automatic transcription software, and easily transcribe your Zoom meetings. Try Sonix for free today.