AMS 7-1-22 FULL SHOW.mp3: Audio automatically transcribed by Sonix

AMS 7-1-22 FULL SHOW.mp3: 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 optimise their income, reduce their tax risk and reach financial freedom. So let's start the show. Here are your hosts, Anthony Carrillo and J.R. Rochford.

Anthony Carrao:
Good afternoon and welcome to Another Money Show. I'm J.R. Rochford, and I am with Anthony Carrillo and the one and only Sam Davis. Sam, you're looking good today. I like the yellow shirt. It is the 4th of July weekend. Oh, yeah. Happy independence every day. Anyway, Sam, I do need you to change into a red or white or a blue shirt, if that's okay. So we'll give you a few minutes. Can you insert a crickets noise there while you change your shirt? Is that is that acceptable? So we do appreciate so much you being here with us, especially on a holiday weekend. And by the way, if you want to hear previous shows, please check us out. Go anywhere you listen to podcasts, go to WW W dot another money show. Come and listen to our other shows. You know, we're talking about everything that you need to know to make sure you protect and grow your finances. So anyway, today, once again, it's been a busy week. We actually record the show on Tuesday and then if you're listening live, you're hearing it on Saturday. It's funny because, you know, with the with the news cycle, you know, Roe versus Wade coming out last week with all the different things we're watching, it's going so fast. And I feel like we need to move the recording to a Friday just so we can keep up with what's happened during the week. So what we're going to try to do today, we're going to be a little bit lighter. We're going to talk a little bit. We're going to kind of make fun of some people. We're going to do everything we can to make the show a little more fun than usual. Is that okay, Anthony? Are you up for that?

Anthony Carrao:
I don't know. Sam said I wasn't allowed to make fun of anybody.

Anthony Carrao:
You know what's.

Anthony Carrao:
Awesome is that I wasn't allowed to name names or a single word used to describe them.

Anthony Carrao:
Yeah, we have to be careful. We don't want to be sued by billionaires. You know, there's. There's people out there that we want to make fun of really bad, but we really want to start that. So the one and only Sam Davis actually just changed his shirt. Now he is wearing a blue shirt. Looks like there's a little bit of red and white in it, too. So that is.

Anthony Carrao:
Just. No, I'm wearing red. What are you wearing, J.R.? You don't have red, white or blue.

Anthony Carrao:
We're in a black t shirt, but it has one of the amendments on the back of it. And I just felt like it was a really good day to wear it. So, yeah, don't make fun of me.

Anthony Carrao:
So that's. There we go, Sam. We found our clip.

Anthony Carrao:
So, yeah, my shirt could be inflammatory depending on what you think of this country currently. You know, when we talk about the ten pillars, I'm going to jump right into your favorite subject. When we talk about the ten pillars, it's happening right in front of our eyes. You know, I'm almost 60. I brought that up a few times so I have less to lose in my future than the two of you. If you combined both of your ages, you're about the same age as me. So everything going on, I mean, when you think about the Roe versus Wade situation, I watched as much news coverage as I could. You know, last Friday night. I really tried to watch over the weekend. I look for stuff. You know what I noticed about the protesters, at least here in the Phoenix area, they're not who you would picture. They're not people that seem like they would generally, you know, have a really good case on pro-life, pro-choice. They were a lot of real young people, you know, especially the later got in the day on Friday. And it was it was just funny kind of looking at who was trying to break into the Capitol here in Phoenix.

Anthony Carrao:
You know, on I guess it was Sunday night, I don't know, Saturday night or Sunday who was trying to tear down the fence. It was young people. And I really thought about this. It was young people that and I am completely judging a book by its cover and stereotyping. It looked like people that kind of had nothing to lose. These did not look like business people. It did not look like working people. You know, that that this is important. So they left their job during the day to, you know, peacefully protest. These look like the same people that we saw during the George Floyd Times. So I don't know what to take about that. And I know, Anthony, you always want me to tie everything to financial matters. You know, we are another money show. We are supposed to be talking about money. I just see the landscape of this country changing so rapidly and so dramatically that I think everything is going to tie in to changes with our money.

Anthony Carrao:
Is that kind of a good thing, though?

Anthony Carrao:
It depends how it plays out. I mean, I am still absolutely in my little head. I am convinced that we are heading very rapidly towards the central bank digital currency. You know, I mean, I don't think we're going to avoid it. You and I, yesterday we talked about a new House resolution, the H.R. 2543. And I and I won't spend a lot of time on this because I know you and I see it a little bit differently. I know that there's a lot of interpretation. I know that it did pass the Senate. So if it passes the House and it gets to Biden, Biden's office did put out a letter saying that he will sign it. But I just want to give you kind of a big broad view on this. And by the way, a lot of the stuff we talk about, you know, find our replays, look it back up, do some research. If you're hearing us today, go back and look up H.R. 25, 43. See what you think about it. You know, as soon as I paraphrase it to Anthony, the first thing that he brought up was, what does it mean? Is this the first step towards reparations? Is this what is this? Well, how I see it, it ties very nicely and with a digital currency.

Anthony Carrao:
I think that when they go to a digital currency, yes, obviously digital currency is going to be controlled in a manner that that could provide for reparations that could be coming. You know, I know California is looking into that currently. So but how I read this is basically well, let me read a little snippet. It's a comprehensive racial justice package that builds on this Congress's work to advance racial and economic justice. So, okay, that sounds fair. I mean, you know, if if underserved communities are not getting the same advantages that other communities are getting, that's not right. I mean, I think we all want equitable treatment in this country. But what if this is misused? I mean, you know, you're hearing a lot about social scores, China type social scores. This could fit nicely in with giving to some people that they deem more worthy. And that scares.

Anthony Carrao:
Me. I still think that's a bit of a stretch. Well, I think you're getting that from the title and I've sat and it's a 149 pages long. I think I got there about 60 of it. Very little of it actually made sense, but they don't actually even mention money until page 54. And they're talking about allocating 4 billion to. What did they even allocate to the emergency capital investment fund?

Anthony Carrao:
Well, I thought we're 30 trillion in debt. I mean, how do we invest billions in this? How do we. But I guess my question is, first of all, it's what, 149 pages or something? Why does it need to be that long? And my other thing is what you have to do when you get through it. You have to look for one line in this whole entire resolution. You have to look for one line that said miscellaneous or other purposes or other uses. And then you're going to find that none of what you read is the important part of this resolution. It's the one line that basically gives carte blanche to a government that is potentially not going to be fair to groups they don't think they should be fair to.

Anthony Carrao:
And on page 34, that one looks important. That one is saying that we have to strike the word applicant and replace it by persons, and we're also going to strike the word creditor and also replace it with persons. So lots of persons in there.

Anthony Carrao:
So and that's I mean, you know, obviously the world is going less politically correct and that's fantastic. Persons, people, I don't care what pronoun we use, I just worry about the financial aspect of this and how it can be misused, you know, and really everything going on with money, you know, everything going on with everything in this country is going to come down to how our changes are monetarily. You know, we're giving another I don't know, what are we given out to Ukraine? I just heard from the G7 summit that there's going to be endless assistance for Ukraine. You know, we're always looking for people that hear the show to ask us questions. I got an interesting text this morning. I think it fits in nicely here. I'm going to read this verbatim. I won't say the man's name, but he's he's a guy that I've met up in Snowflake, Arizona, a brilliant man. And, you know, let me let me read this text. A solar flare may hit earth tomorrow. One of these days, it's going to be the big one. Our national power grid isn't protected. It would only cost about $2 billion if the grid goes down for a year or more.

Anthony Carrao:
It's estimated that 90% of Americans will die from starvation and disease except the end. This is where I love this. Except the Amish. They don't use electricity and our self sufficient. And then he cited the source on the Amish with an article which is is this guy is amazing at researching things. It's funny because so you know, I went to a couple of classes. I tried to get informed on amps, high altitude amps, and the government's been watching this stuff for decades. They know our power grid is antiquated. So if something happens in this country, whether it is, you know, another country, you know, doing EMP over our country, whether it's it's Mother Nature doing a solar flare here nor there, we're spending billions of dollars in a foreign country that nobody could find on a map or knew what it was a year ago. Instead of taking care of our own country, I would say that directly ties into finances. So, oh, so much for Independence Day weekend being a little lighter. An area here.

Anthony Carrao:
That did not take you long at.

Anthony Carrao:
All. Right. 90% of us are going to die. You know, it's funny because a lot of what we say, people are like, oh, come on, you know, and Anthony, you're an engineer by trade. You're very much you want vetted verified site your sources on the EMP stuff. I mean I have plenty of sources for you. It's funny. Why aren't people talking about it? Why aren't we shifting our finances to take care of this country first? Is it intentional? Is everything you're saying intentional?

Anthony Carrao:
All right, so an EMP goes off. What do we need?

Anthony Carrao:
You need a Faraday cage for your cell phone because obviously you still need to get on Facebook while you're sitting on the toilet. So the first thing you need to research is Faraday cage. You need a pre, what, like 1986 Dodge Ram, you need some sort of a vehicle that doesn't have electronics. You know, you also need to be.

Anthony Carrao:
Nash Come on, J.R. Cash.

Anthony Carrao:
We need a tower guard and talk to Mercy. I won't use your last name. Make sure you have a food source. Be sustainable, be Amish for a while. You know, if we're all forced off the grid, we're. Oh, man, this country is going to panic. And that thing about 90% dead within the first year. I have seen those sources government and non that are basically they concur with that it's like holy cow. I mean, we have these massive problems, you know, potential and it's like, well, why aren't people talking about them? Go ahead, make me bring up normalcy by us. It's not comfortable. We don't like to think about things that are that overwhelming. So in that it's so funny because I really wanted to be a good boy today and talk about financial return.

Anthony Carrao:
Do you even plan on talking about before I've got.

Anthony Carrao:
To throw out here, I do an outline every week and then I decide not to follow it because I like to just talk. I should be on the radio. So let's do this. Let's go ahead and take our first break. I think this went kind of fast. I'm surprised you pushed me to be so negative. But anyway, we'll come back. A minute, we'll be a little bit lighter. Thank you so much for joining us.

Anthony Carrao:
Lie to the people. No, we won't.

Anthony Carrao:
That's what I do. Happy Independence Day. Make sure you ask us questions. You can ask us questions at team at another money show or please check out our previously aired shows, another money show dot com. And thanks for being here.

Anthony Carrao:
This land is your life.

From California. The New York.

Producer:
Times. You're listening to Another Money Show.

Producer:
Fixed annuities, including multiyear guaranteed rate annuities, are not designed for short term investments and may be subject to restrictions, fees and surrender charges as described in the annuity contract. Guarantees are backed by the financial strength and claims paying ability of the issuer.

I can fight this fee.

Anthony Carrao:
Welcome back to Another Money Show. We're so happy you're with us today. As always, please make sure you reach out to us. If you have questions, let us know. We're starting to find more and more people that are hearing us. It's funny, you know, I kind of wish this show was live because I would love to be able to have people call in. I think I would ask a whole bunch of people to call and ask us questions and interact with us. I think it would be engaging and entertaining as.

Anthony Carrao:
You just need needs to engage with us more often. All their good stuff is in between recordings.

Anthony Carrao:
It really is. Sam You need to basically cut and paste and splice and you need to make the show about all of our outtakes or whatnot. You know, one thing about our office being a family practice, I mean, when there's a case, when one of us works on a client case, we always talk about it together and we are very different. I'm very big picture conceptual. I'm very just general in nature.

Anthony Carrao:
And it's working.

Anthony Carrao:
Well. Yeah, you're like a genius. Only dumber. You're the minutia. I mean, I kind of. I make fun of you a little bit because you're like a flowchart. Like this happens and then this happens. You're very detail oriented. You know, really the best of both worlds is to have both of those viewpoints. You know, the problem when it was my father and I that were the main advisors, you know, we were both dumb. Yeah, we were both really nice. Talk about your. Your loved stepfather and your deceased step grandfather. That's nice. So. So, yeah, I mean, neither one of us were smart. I mean, I'll kind of admit to that, but we were both big picture. We were both conceptual. I was actually more of the detail person, you know, when we looked into fund manager experience, you know, expense ratios, we our our thing for securities was mutual funds. It was before, you know, electronically traded funds was as big of a deal it is now. So, you know, I was the detail person, you know, and I.

Anthony Carrao:
Hated mutual funds and hated the stock market.

Anthony Carrao:
I don't want to say hate. I mean, there's a place for everything. I you know, obviously we can't give any specific recommendations. But I will tell you what, you know, my first four years in the industry, I was trained on how to sell. And I say that word very carefully, variable annuities. You know, I since have gone back a lot of the stuff that I represented. I went back when it was out of surrender charge periods and I rectified that, you know, and that's what led me to mutual funds. I was like, Let's take this stuff out of that box with all the fees and the risk, and let's do some fixed annuity business and some mutual fund business. Let's lessen your fees, you know, raise your chance for growth. So I kind of I changed. And then over the years, I really started watching, you know, everybody's doing this good, 60, 40, split stock and bond. You know, they're doing this kind of a buy and hold. Even though after 2000, everybody said buy and hold his dead. And one guy in the radio said they call it now the hope and hold or hold and hope. And, you know, mutual funds can be good or bad. You know, one of the things that that I really with mutual funds, one of the things that I really kind of regret, I tried to lesson diversification more than I should have, perhaps. I mean, I probably should have done a little more diversification because the world is so unknown. I mean, you know, 15 of my 25 years in this industry, I felt like things are unknown, uncertain, going the wrong way.

Anthony Carrao:
How do you make money, though, with diversification? And when we think about it in theory, I know it's great to be diversified, but that's kind of how you cover yourself. If you invest in too many things, that means one's going to go up, one's going to go down. And essentially you're just breaking even across the board.

Anthony Carrao:
Yes. So, yeah, the exact reason you tell somebody, you know, why would you do these these different funds? Well, you know, I'm hedging my bets. Everybody knows diversification is good. You know, my grandfather don't put all your eggs in one basket. Of course, my grandfather lived in a time, you know, during the Great Depression and so forth. He saw a different world. He also, you know, when when I was brand new to the industry, it's like, you know, I think about what I've seen. My grandfather never in his lifetime saw high frequency trading computers. He never saw, you know, Bitcoin, nfts, pot stock, all the different things that we talk about and deal with. So life is changing. Where I started this was that more and more people are hearing the show. More and more people are saying something. You know, we went out to dinner last night. We took a client out for a little birthday dinner. Rosie, I hope you're listening to the show. So, anyway.

Anthony Carrao:
We just met by now.

Anthony Carrao:
She's in bed. By now it's 4:00. It's like now for 15 or so on a Saturday night in Dallas.

Anthony Carrao:
I want to be in bed.

Anthony Carrao:
By the way, Rosie, that was Anthony that kind of slammed you there. That was not me. So Rosie Price, you know, we're always looking for sponsors, by the way, if you if you own or work at or work for State 48 brewery, several locations here in the Phoenix area, the food was really good. The beer was really good. The server we had, her name was Maria. We actually wrote down on a piece of paper the way to find the show. But she was she.

Anthony Carrao:
Did humor you and say she would listen. So we'll see if she actually does.

Anthony Carrao:
You know what else humored me when she asked if we were brothers? I mean, you can't make this stuff up. She asked if we were brothers. Rosie and I just start laughing. Anthony got all butthurt and got a little bit Peroni, so he still gave her a good tip. I do. I do admire that. So. But anyway, with the radio show, we do come off very negative. The reason for that money goes down so much faster than it goes up. Our whole modus operandi in our office has always been protect and grow in that order. So and we're going to stick to that. You know, will the day come that it's more traditional financial planning based on your age, your date of birth, your income, your assets, your taxes, your risk tolerance? You know, I mean, I hope so. You know, you always say what, on January 1st, a light switch is going to go on and you're going to go to talk about normal stuff. I don't think that's the case.

Anthony Carrao:
I mean, no, I just I don't know. You keep picking dates. You're like, oh, well, we just have to give it to this date. We just have to give it to this day. It was like, no, the only thing now.

Anthony Carrao:
The only date I pick is January 1st, 2023. Just because I think that between now and the end of this year, we do realistically have to consider the thought of food shortages. You know, I sent an article that I took out of ZeroHedge overnight. The title of the article is another food processing plant Shutters Operations Adding to the long list of closures. This was on Tuesday, June 28th, at 3:55 a.m.. What was I doing up? Rosie was probably up also listening to repeats of the show. So they they site.

Anthony Carrao:
They listed 100. They listed 100 of last year.

Anthony Carrao:
Yes. So you who always want proof and want everything vetted and verified, they listed all of these things, you know, dead cows and fires and planes and chickens being cold and all this stuff. You know, this this stuff is real. You know, my my thing. Inflation, the thought of hyperinflation. Are we going the way of Venezuela? I mean, Venezuela 20 years ago was a very oil rich nation. Chavez had that. You know, they were they were living the dream. We are the same thing. You know, a year and a half ago, we were oil independent. We were able to sell oil. We had more oil than the rest of the world. You know, and what happened, you know, there's parallels to Venezuela. You know, just because people don't want to think about it or don't want to see it doesn't mean it couldn't be going on. So part of our negative.

Anthony Carrao:
Strictly just oil. I mean, that's all they really had to.

Anthony Carrao:
What are we what are we? What are what was our advantage a year and a half ago? It was the fact.

Anthony Carrao:
That we were with Kardashians.

Anthony Carrao:
Pop culture, the Kardashians. You want to know why this country deserves to go away? I don't want to get sued by the Kardashians, but put two and two together and come up with five. And you know why? You know, we got to take a break. So that was more fun. That felt more uplifting when I compare our country to early stage Venezuela. So let's do this. Let's take another break. We're going to come back. We're going to talk a little bit about inflation because that's still on the table here. So thank you again for joining us. Happy Independence Day. My understanding is this this is our nation's 246th birthday, 246 years. That's actually older than you feel, right, Anthony? We'll see you in a.

Anthony Carrao:
Minute with age.

Anthony Carrao:
Thank you for joining us. Make sure you check us out on another Money Show account.

Producer:
Who more than self. Country loved.

Producer:
The heat is likely not the only thing making you sweat this summer. I'm Matt McClure with the Retirement Radio Network powered by Emera Life. With energy prices soaring and record breaking heat waves across the country, the cost of cooling your home could set you back a pretty penny this year. The Wall Street Journal reports the average American household will pay $540 in electricity bills during the summer months, up $90 from a year ago. An air conditioning can make up a big chunk of that total, especially in hotter and more humid areas of the country. Sarah Baldwin is with the think tank Energy Innovation.

Anthony Carrao:
Because we have a confluence of factors, the increased price for both gas and oil, as well as natural gas in homes and buildings and a an extremely hot summer and likely to be record heat all over the country as well as the world, largely due to climate change. We're feeling the pressures on both sides, but if.

Producer:
You think there's nothing you can do to ease the pain, you'd be wrong. Baldwin says there are some things you can do that will cost you only a little, if anything at all.

Anthony Carrao:
Paying attention to when you're turning on appliances, when you're turning on the AC. If you have a thermostat that you can program setting that thermostat to a modest temperature instead of going straight to really, really cold, looking at what kind of window coverings you have.

Producer:
Other improvements may be a bit more costly.

Anthony Carrao:
Update your air conditioner to the most efficient unit. A heat pump. Air conditioner is going to be your best bet. You can also look at replacing windows and doors. Those can be a bit more costly but can have huge benefits in the long term.

Producer:
And don't overlook your power company. It could have some programs or incentives to help you cut back on energy use and save yourself some money in the long term. Baldwin says renewable energy is the way to go since prices are much less volatile than things like oil and gas.

Anthony Carrao:
The sun, the wind, geothermal, hydroelectric, other carbon free sources like nuclear are all generally very cost stable relative to their more volatile and spiking fossil fuel counterparts.

Producer:
So how will you survive the summer heat and its impact on your wallet as you plan for retirement? That's a key question to consider as the mercury and inflation keep going up with the retirement radio network powered by a metro life. I'm Matt McClure.

Producer:
You're listening to Another Money Show. No, that's the name of the show. Another Money Show. And now another money making round with J.R. and Anthony.

Anthony Carrao:
Welcome back to Another Money Show. I hope you enjoyed that little clip. You know, nothing like great news on a holiday weekend. Everything's costing more. Inflation does not seem to be retreating. So this is 4th of July weekend. Here's a little article. Thank you so much, Sam Davis, for furnishing this to us. Your 4th of July cookout will cost 21% more this year. Doesn't seem like much. I mean, you know, I mean, if if you're extremely wealthy, 21% on your food is nothing. If you have no money, it's probably not going to affect you. I mean, a lot of people that are on a true fixed income at the poverty level or below, they're getting assistance with their food. So, you know, the middle class, we always talk about the shrinking middle class. That's where this is going to affect. So let me read a couple of these. With inflation at a 41 year high. Americans are reeling from the soaring prices and by Americans again, I'm looking at you middle class. You and me. You and me. Anthony, Sam Jr. And now brace yourself for a barbecue. Sticker shock this July 4th. A new study. I shouldn't chuckle. A new study finds that the cost of summer cookout menu has risen for some of your favorite items. For example, a half gallon of vanilla ice cream. Oh, it's got to be vanilla. It can't be strawberry. A half gallon of vanilla ice cream will now cost you $7.44 compared to $4.69, a whopping 58.6% increase. I mean, that's you know, I mean, not that most people are on a steady diet of of vanilla ice cream, but that's huge. I mean, you know, that's about 60% up a pack of eight hamburger buns will cost you 55% more with 22 with 2022 prices at 258 compared to a dollar 66 in 2021. How about this one? £2 of boneless chicken breasts increased 40% from $9 and $48 to from I'm sorry, to $9.48 from $6.74 in 2021. These are kind of.

Anthony Carrao:
Shocking as we raised wages by that much, right? So if we raise wages by 50%, then this is fine. It's a break even.

Anthony Carrao:
Yeah, but nobody's working. We raised. Raise wages for home every time you go to a restaurant. The lobby.

Anthony Carrao:
We raised the money supply by 40% with all we printed the last two years. So where did it go? Ukraine rent. They go to wages. They go to help increase earnings for people to be able to afford 4th of July barbecues. I want to look. Where did it go, J.R.? Tell me. Show me the money.

Anthony Carrao:
I told you, Ukraine. I want to know what? A half a gallon of vanilla ice cream costs in Ukraine right now. So one more thing. £1 of sliced cheese. What is sliced cheese is that that artificially processed cheese flavored yellow things in it.

Anthony Carrao:
In two words I'm sure you can put together it's cheese.

Anthony Carrao:
I know a lot of words. I know a lot of words. And I'm going to use them.

Anthony Carrao:
All to tell you other words. I know.

Anthony Carrao:
I tell you every word I know. Thank you.

Anthony Carrao:
Gary. I think we got to go to commercial, though.

Anthony Carrao:
Let's do it. Let's go to commercial. How do people find us, Anthony, if they need more of this entertainment.

Anthony Carrao:
Another money show dot com.

Anthony Carrao:
I'm proud to be an American where at least I know I'm free.

Anthony Carrao:
If I had $1,000,000.

Anthony Carrao:
If I had a million. Welcome back to another Money Show. Thanks again for being with us. We definitely appreciate it. So and don't forget, when you want to find previous shows, whether you want to hear about inflation or the upcoming bank closures, whatever you want to hear, you can go to another money, show wsj.com and look up our previous shows. So I believe I went on there last night and I believe you have to actually hit on podcasts to see all the shows because if you hit the picture of the microphone, it only takes you to the current show. So we'll try to get that fixed where right away you can find all of our shows. But some of them are really good and some of them are are. Ah, pretty good. I don't know. I don't.

Anthony Carrao:
I'm not very good at all.

Anthony Carrao:
Well, we're still new. This is only. This is what, our 14th episode. So we're still. No, this is a work in progress project. This is a project we're working on. This is a work.

Anthony Carrao:
To go back to that script Sam had for you, I would just practice reading again.

Anthony Carrao:
I love that script. I love the fact that Sam wants us to do more financial stuff, you know? I mean, we really, you know, we kind of we talk about the negative stuff because we have this platform to sound an alarm, but we still run a financial services office, you know, I mean, what do we want to do? We want to help you protect and grow your money. You know, how can how can we do this for you? We want to help you increase the safety of your assets, increase your income, reduce your taxes, all that normal financial planning stuff. We want to do that. But we all tell.

Anthony Carrao:
People to only trust fiduciaries because it's more than just a buzzword.

Anthony Carrao:
Oh, you go right into the fiduciary thing. Fiduciary. Well, you know, and let's get into it. I mean, that's one of my favorite topics because I believe the fiduciary rule was very well meant. It was it was meant to protect people, mostly 65 and older, you know, but part of my problem with the fiduciary rule, whenever you get the government involved, things seem to get somewhat convoluted. So I and then when you think about the fiduciary rule, it's your money, right? I mean, mostly if you're 65, it's your retirement money. So explain to me why the fiduciary rule was was written through the Department of Labor. So if you come into our office with a41k IRA, it's called qualified funds. It's pre-tax money. If you come into our office with that, we are held to the fiduciary standard.

Anthony Carrao:
Yeah, I love that. The way they make it sound too is like why would you ever trust to a financial advisor is not a licensed fiduciary. Which one? By the way, with my securities license I am a licensed fiduciary. But being a fiduciary just means you put the client's needs first before your own. Shouldn't that be every adviser?

Anthony Carrao:
Yeah, but it's not you. You have to admit, there's a lot of slimy ness. I mean, I'm not saying that financial advisors in general are like used car salespeople or timeshare people, but there's some of that out there. I mean.

Anthony Carrao:
Should I say it then?

Anthony Carrao:
I don't think we should say it because guess what? We are. That's what we are. You know, and I know one of the people you're probably alluding to, I'm not going to say any names. You know, I don't want to be sued by a billionaire. They probably billionaires probably have better attorneys than me, who's 1000 there. So I want to be careful here.

Anthony Carrao:
But My Cousin Vinny, I'm not worried.

Anthony Carrao:
My Cousin Vinny, remember the jail scene, the funniest scene in any movie ever was the jail scene. I look it up if you're not aware of what I'm talking about. Anyway, so the.

Anthony Carrao:
Third time's a charm, right? Passing the bar? Yes. Not for me.

Anthony Carrao:
Not that scene difference. Nothing.

Anthony Carrao:
So, no, watch what you're talking about.

Anthony Carrao:
So, fiduciary, has it become a buzz word? I mean, isn't it a marketing tool at this point? You know, and really, I mean, Anthony, you're on the right track. In all seriousness. If you're managing someone's health or their money and you're not doing what's right for them first, shame on you. I mean, most everybody in life is is paid somehow on commission. You know, a lot of people that do any sort of sales, they're paid on commission. You know, the same billionaire that I'd rather not be sued by. One of the things that he says and I'm paraphrasing, you know, when you make money, we make money. All right. Well, that's pretty true. I mean.

Anthony Carrao:
To paraphrase, because I can tell you exactly what they say. They say we do better when our clients do better.

Anthony Carrao:
All right. But be careful again. I don't want you sued either. Well, actually, I'm better with you being sued than me because you're a lot more wealthy. You know, you're not married, no kids. So you're the guy who collects automobiles and does all kinds of crazy stuff for the money, but, you know, my whole thing. All right. So just putting this in layman's terms, so let's say I go to you, Mr. Anthony, the billionaire, and I put my massive wealth with you. So if things are up and you're getting a percentage or however it works, you're getting a piece of my action. So when it goes up, you're getting a piece of that action. But let's say this year, the volatility made it where your account is down 20%. Let's say I'm just using rough numbers from the S&P. So you've lost 20%. Does the financial adviser waive all their fees? Do they.

Anthony Carrao:
Get paid?

Anthony Carrao:
Oh, boy, oh, boy.

Anthony Carrao:
I'm sorry about it. So even when you're losing money, I'm getting paid.

Anthony Carrao:
Oh, boy. So, yes, we'd rather you were up because we make more money. But even when you're down 20%, we make money.

Anthony Carrao:
And that's every every adviser that does assets under management. If there's a fee based spread, right, based on what you have managed, the advisor is getting paid regardless of whether or not you do. Well, of course we want you to do well because we get paid more. But if you don't do well, doesn't matter. Still getting paid. Ooh.

Anthony Carrao:
Almost seems kind of slanted towards the financial services industry and the advisors.

Anthony Carrao:
So and by the way, marketing I just I get such a bums me out watching all of these marketing things trying to make sales ploys and I was like, what is it actually mean behind the scenes? Well well, that's what you have us for.

Anthony Carrao:
Let me. How you. What I observed and I do spend a lot of time, mostly on the weekends when I have a little more downtime. I listen to a lot of financial shows. Part of it is I'm curious if I'm missing anything. I'm always trying to read books and better myself, you know, as you know, I don't sleep normal hours, so I'm looking up ZeroHedge articles at three in the morning. Last weekend I heard three different shows. I won't name names. I certainly don't want to start any fights with anybody on the radio because these are good people. I know that these are people that want to help their clients. But one of the observations, one of the shows said if you have 500,000 or more, you know, set an appointment like and I'm paraphrasing the radio shows for everybody. You're all welcome to the radio show. But if you have a half a million dollars, you're welcome to come in and sit with me or us or the junior partner or whomever. You know, that bothers me. And I know I guess that's good work if you can get it. But what bothers me is what about the people with 475,000? So and by the way, we'll take you let's say you don't have 500,000. Let's say you have 499,999. You almost made enough money to get an appointment. That guy, come see us. We'll help you. Another one. It was a bit last. It was 250. The person says if you've done the heavy lifting and you've got 250,000, you know, we want to sit with you. What about the person that has 249,909? Come sit with us. We'd love to help you. We think the people without money need our help just as much, if not more. And will there get to be a day where we're too busy to help people that only have 247,000? You know, I don't know. I doubt it because of the way we work. And I know in the past.

Anthony Carrao:
Could you imagine you say no to somebody? Nope. Any appointment are going to happen. You imagine like having a vetting process?

Anthony Carrao:
Nope.

Anthony Carrao:
Never have. Never.

Anthony Carrao:
You know what I'm going to do when we get too busy, Anthony? When all of a sudden we. We have to tell people, you know, come see us. If you have a quarter million or a half million, we're going to hire other advisors. We've got Kiana in the office. She's studying for her insurance exam.

Anthony Carrao:
She's become that's what all these other places do to you. Actually see yourself doing that again? You want to babysit other advisors?

Anthony Carrao:
I don't know, my lady. Yeah, I mean, I did. I became the area manager for a financial services firm and I grew I stole a bunch of agents from MetLife that we were friends with and we grew. And I did feel more like a babysitter than an advisor. And I was watching what they were doing because a lot of it didn't make sense to me. So, yeah, you're right.

Anthony Carrao:
So back to setting minimums for appointments and saying, you know, there's criteria for who you're going to help. How do you call yourself a fiduciary if you're setting yourself with criteria before you're willing to help somebody?

Anthony Carrao:
That's a good point. I hadn't thought about that.

Anthony Carrao:
Not putting, you know, your needs before the clients.

Anthony Carrao:
And I see what you're saying. I mean, you know, they're just saying we don't have time or you know, and I know in the financial services industry how it works. And I'm looking at you, some of the big firms, you know, they're gone. So I don't.

Anthony Carrao:
Think they'll be looking at Sam.

Anthony Carrao:
The old Merrill Lynch. I mean, some of these old, big, huge wire houses. If you have $1,000,000 or more invested with them, they're courting you. They're doing client reviews. They're taking you out to lunch. Is it because they really care about you and your million bucks or is it because they don't want to lose you? You know, if you lose a bunch of clients with under 100,000, you know, I mean, sometimes we don't have time to take care of them the same way. And I'm speaking as the big wirehouse people. If you have $1,000,000, we don't want to lose you. You know, it kind of I mean, it bothers me a little bit. It's like isn't everybody in their money important? And I guess if the rationale is I just don't have time a fair enough. I just know I can never picture us not having time for people. You know, I one of the shows I listened to last week, during the week in between things I listened to Dave Ramsey. You know, I love Dave Ramsey. I really have always loved his story. You know, bankruptcy to very wealthy financial peace university. What Dave offers to people is it's it's common sense. And yes, we are starved. We're a generation that's parents don't understand how to teach us finances. So things change. And Dave Ramsey is right. I mean, to pay it off mortgage, that is the new BMW. You know, if you're young and you're starving and you're starting out, you need somebody to give you that tough love.

Anthony Carrao:
Beans and rice. Rice and beans. The only time you're going to see the inside of a restaurant is if you're working there. I love that stuff. But where I have a little bit of heartburn and I want to be careful, I certainly don't want to get into the realm of slander and defamation of character. I want to say, you know, just what I'm seeing, though, Dave Ramsey has, you know, last week he he basically did what I consider financial advice. I mean, he's an author. He's an entertainer. I mean, he's he's you know, he's really not a financial adviser per se. So but he actually told people, you know, as far as investing, they should look for a good S&P fund, you know, not trying to time the market. And he named companies he named Vanguard for. Reality. He went further to give examples and he named Home Depot stock. And I thought, how on earth is that not giving financial advice without a license? I mean, that doesn't make sense to me. So not not that I'm saying he's wrong. I mean, I still I really respect him. But I think there's a little bit of there's a grey area there, you know, to cite that source. By the way, the the program I listened to was on June 22nd, 2022 at 1226 in the afternoon, and he was talking about low turnover SNAP Fund. And then he actually mentioned the companies that you should look at. And I thought, boy, that's certainly given financial advice.

Anthony Carrao:
So we've talked about that before too, is we've had people come in and, oh, I get all my advice from Jim Cramer and Suze Orman and all these people that technically aren't licensed at all.

Anthony Carrao:
Yeah, they're authors, they're entertainers, radio shows. I mean, you know, Jim Cramer show is really exciting. I love The Lightning Round, but I don't necessarily and you know, they've got 2 minutes to solve all your problems. Suze Orman, that show about can I afford it? I mean, I used to sit there just enthralled with that show. I mean, I was like a little bit surprised how ridiculous some of the people that called in are.

Anthony Carrao:
You know, they're pretty obnoxious.

Anthony Carrao:
Got 1,000,002 in my 41k. I've maxed my Roth IRA out for 20 years. Can I buy a sandwich? No, no, you cannot buy a sandwich, by the way. I mean, the whole bottom line to what we're saying here, no matter how much money you have, the money you have is important to you. So it's important to us. I mean, we really we want to help people one person, one couple, one family at a time. So that's the bottom line. Don't mean to get off on slamming people that are obviously way more successful than the average bear. But it's important.

Anthony Carrao:
So we need that's that's why they're successful because they only take on a millionaire clients. Yes. So here at Rockford Associates, unless you have 3 billion or more to invest, that's who we're that's who we want to call us. Elon Musk, you guys look at that.

Anthony Carrao:
We both think of Elon at the same time we're talking to you. We want a little shuttle tomorrow so we can talk about your finances. We want to we want to be on Twitter with you once you buy it, once there's a free speech platform, we want to be on there. So why don't we do this? I know we're running low on time. We did not get to 90% of my outline. We didn't even get to 10% of Sam's outline. We didn't get to anything. We basically I just rant and rave. That's what I do. So but we are so happy you joined us on this long weekend. You know, we do a lot of our doom and gloom. We hope you're aware of it. We hope you are nimble and act accordingly. And we also hope you are enjoying the country we're living. I mean, this this is really uncertain times. So we really hope you do take this weekend, have your barbecue, enjoy, relax, have some fun, but also think about how serious it is, how serious everything is, and God bless this country. Thank you again for joining us and we will talk to you next week. Anything else you got, Anthony?

Anthony Carrao:
Cheers. We'll see you tomorrow.

Anthony Carrao:
Hey, man, take care. And don't forget to reach out to us. Find us at another Money Show. Email us at Teen and another Money Show. And thank you again for joining us.

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

Producer:
Registered Investment Advisors and Investment Advisor Representatives act as fiduciaries for all of our investment management clients. We have an obligation to act in the best interest of our clients and to make full disclosure of any conflicts of interest, if any exist.

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