On this episode, J.R. and Anthony explain how you can safeguard against bank issues in the future. If you lost money at Wells Fargo, the bank could reimburse you as they look to correct past mistakes. Plus, the guys recap the State of the Union address and Jim joins-in to give his take on the Super Bowl in Phoenix.

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2.10.23: Audio automatically transcribed by Sonix

2.10.23: 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. 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 practice right here in the greater Phoenix area to bring you information you may not find on those other financial shows. We're aware the last thing you need is Another Money Show, but we appreciate you being here. And on today's show, we've got so much to talk about, the State of the Union last night. We're going to continue our series on the debt ceiling because that is the single most important thing going on in your financial future right now as far as this country is concerned. We're going to talk about Chinese balloons. We're going to talk about our favorite subject, the FDIC and the banks. And that's what we're going to start with. I know we talked about wells and all the fines that they've been facing many, many times on this show. And that's how we're going to start off, because now they're giving you some insights on how to recover. If you had been robbed from Wells Fargo, it's funny, you'd think a stagecoach robbery and people robbing the banks. But unfortunately, we live in a day and age where the banks are robbing you. So the Consumer Financial Protection Bureau whacked Wells Fargo with a $3.7 billion penalty with 2 billion going to consumers. This isn't necessarily news. We brought this up a month ago, but it's just it's funny. So the CFP bee says Wells Fargo's rinse repeat cycle of violating the laws has harmed millions of American families. This is an important initial step for accountability, long term reform for this repeat offender. So we talk about this all the time. So if you have Wells Fargo accounts and you continue to have Wells Fargo accounts while they've been continuously robbing you over the years, it's hard for me to feel bad for you at this point. Jim, our producer with Wells Fargo accounts. Sorry, Jim, I had to call you out since we brought you in for the last show to wait.

J.R. Rotchford:
Way to throw Jim under the stagecoach bus.

Anthony Carrao:
But it's not too late to make change. It's not too late to make change. What they're saying is, in total, more than 16 million accounts at the bank were subject to illegal activity. 16 million accounts, that is, 6% of the total US population over 18 is potentially affected. That's a pretty massive amount. I mean, that's almost like what we're seeing in inflation 6%. So if you are one of those people, here is how you can claim your shares of the settlement of those proceeds. If you believe you have suffered from any of the abuses from Wells Fargo, they are legally obligated to contact you regarding compensation. No action is necessary on the victim's part to receive what they are owed, and some have already received payment. Again, if they're stealing from you, you think they're actively looking out to I mean, all this stuff they were doing in the past is illegal, So it's illegal for them to not reach out to you and tell you they stole from you. So again, I wouldn't count on that if for any reason you believe you're owed money in the bank has not yet made contact, you may call Wells Fargo at 8444845089. Those who don't receive resistance from the bank may submit a complaint to CFP. And again, I don't expect you to know that number. But what number you guys do know is 6235230444. If you need help, get in contact with any of these people for these Wells Fargo accounts, we would help you because I would love to hear your story if you know anything about this. So if you miss that, reach out to us at team at AnotherMoneyShow.com

J.R. Rotchford:
And this segment was sponsored by Credit Union of Phoenix.

Anthony Carrao:
Right. Why aren't we getting bank sponsors that aren't these big three? I mean, granted, we don't say great things about all of the banks, but they're all better than Wells chase a B of A, But the CFPB warns that criminals may exploit this opportunity to defraud Wells Fargo victims. If you are contacted by someone who claims they can assist you by getting your compensation and or request an electronic transfer to do so, realize that's a scam. So again, what is? I mean, when we say we want to be different than those other financial shows, we warn you all the times about the banks. So this is a mess. 16 million accounts, that's more than the population of Phoenix. That's more than our possible listenership. That's how many accounts this fraud has taken place. But. I don't know. It's something we want you to be warned about. If that's something that you think you're affected by, take care of that. I mean, again, in talking with the banks, right. We make fun of B of A a lot to the CEO of Bank of America is preparing for a possible US debt default. We talked the last two shows about us being insoluble as a country in early June is what they're proclaiming. Ceo says. We have to be prepared for that, not only in this country but in other countries around the world. You hope it doesn't happen, but hope is not a strategy. You must prepare for it. J.r., what's our slogan in this show? What do we say all the time to our listeners?

J.R. Rotchford:
We want you prepared. Not scared.

Anthony Carrao:
Exactly. So again, what does it matter if it's coming from Anthony and J.R.? But this is from the CEO of the second largest bank in the world. It's it's insane. Things are not good. I mean, if you watch that State of the Union address, if you've heard about the debt ceiling talks and how we're really not getting anywhere with that, you know.

J.R. Rotchford:
What are you doing? I got to interject here for a second. Do you think you know, the big meeting, the big FDIC meeting in November, We played a clip from it. We told you how to find it. We have the three and a half hour episode Reach out to us and we'll get it to you. So that was in November. Now, one of the big three is coming out and warning us. Do you think one of two things. One, it could be getting imminent, imminent like this year, like an imminent in financial planning isn't like next Wednesday. Go take all your money out of the bank on Tuesday because we know it's happening on Wednesday. It means it's in the next year or two. So now all of a sudden we're hearing a bank warn you or B of A is telling us we're going to have this big, huge collapse because of a default. Why not? If they can come back later and say, see, we told you, we told you like J.R. And Anthony been telling you forever. We told you not to be scared but to be prepared. So we warned you. Sorry there's no blood on our hands. Or do you think and this is really a stretch. Do you think that the CEO of B of A actually has some humanity and compassion and he knows he was at the meeting in November? I'm pretty sure I didn't see him. What is it? What is it, Jim? I'm supposed to say the word allegedly whenever I talk about people's activities. And so.

Producer:
Maybe allegedly, he was allegedly.

J.R. Rotchford:
There. He was alleged, I think. Allegedly.

Producer:
So all the big dog, I'll say one more time, allegedly there one more time, just for good measure. He was allegedly there.

J.R. Rotchford:
Well, I'll tell you what, this is, again, a long shot, but do you think that he could actually feel bad for people and his customers slash clients? You know, you talk about the felonies on Chase. Jamie Dimon was allegedly there, too. I have a feeling. So you talk about you know, we talk about Wells and Chase. We be a stays under the radar. Maybe there's a reason, maybe out of the big three B of A is the most sane civil caring bank. I don't know that I would never put a dollar with Chase Wells or B of A personally, allegedly. I mean, I would really allegedly not. You know why.

Anthony Carrao:
Allegedly you would have to have a dollar to give to them then?

J.R. Rotchford:
Correct. And I am definitely running my life as a nonprofit, for sure, doing a radio show where we're sounding alarms, not telling people to come to us to buy mutual funds and variable annuities. And I'm married with kids and dogs and a desert tortoise. And good night. Anyway, so back to my compassion thought. I know it's a long shot, but do you think maybe the one good bank out of the big three? I did air quotes. Nobody could see it because it's radio. I did them again for radio. So maybe this is kind of a warning telling you it's coming. Wake up. If you didn't hear our shows, you know, we had a lot of them last year where we pointed out to you, Executive Order 140676 pay special attention to Section four. I feel like a broken record. Sorry, kids. A broken CD player. Oh, sorry. Kids are broken. Spotify clip. I mean, I don't know how to scream any louder. We're still in that test of a parallel universe with finances, with the central bank, digital currency. We're still testing that. When's the last time you heard anything about it?

Anthony Carrao:
You cannot find articles on that because that was like, No, November is when that.

J.R. Rotchford:
Starts the day before Thanksgiving. So we would get to Thanksgiving and not worry about it. And it was supposed to be for ten weeks. I'm not good with math or numbers and I'm not in the mood to take off my shoes right now. Give me an idea what's ten weeks from the end of November, December, January? Oh, there's about eight oh. So basically around. Next week, right.

Anthony Carrao:
Is 12 weeks. So it should be in the next couple of weeks.

J.R. Rotchford:
Now, ten, 12. What's the difference? The whole thing is better wake up difference. Well, yeah, but I still have my shoes on so I know what I know. And allegedly, I don't know if that too is correct. Anthony, I don't know that you're any better with math and numbers than I am so allegedly.

Anthony Carrao:
On to Jim. Take your shoes off. We're going to start counting your toes, too. We've run out.

J.R. Rotchford:
We need an adult. Well, wait until we start talking about billions and trillions. And, you know, I've actually heard the word the last couple of weeks quadrillion. Do you realize the word quadrillion came out? And by the way, I never did say why I wouldn't put a dime with those banks or I said a dollar, but I don't even have a dime. Derivatives, you know, bull, bull crap. Here's one thing. You know what those big banks do? Let's say you're a teacher and you work you work nine months out of 12 or ten months out of 12, but you get a paycheck year round. You know, you can change that if you're good with money management and budgeting and that sort of thing. You can say, I want larger paychecks throughout the year. And then like in May, my last paycheck, I want it to be bigger to last me the summer, but I don't want a paycheck in June or July. I want to start getting paid again in August. That's a true thing. And so these banks, they don't understand that if you're not year round with your direct deposit, they can charge you 12 bucks a month. But you know what? That gets me worked up and we need to take a break. So when we come back, let's talk about how evil the bank fees are. That ties in with the State of the Union to. We will be right back. As usual, we're so glad you're with us. Keep spreading the word. We're so grateful because you're telling people about us. We're we're getting it. So find us at team at AnotherMoneyShow.com or reach out to us by phone. We still have one of those 6235230444. Thanks. We'll be right back.

Producer:
This is Another Money Show. Except this one's different. This one's actually fun. Another weekend Another Money Show visit AnotherMoneyShow.com.

J.R. Rotchford:
Welcome back to Another Money Show. Thank you so much for taking time out of your busy schedule on a Saturday to be with us or as you kids do on our website or your pod. Been podcast. Spotify, Stitcher, Google, Apple. I don't know about all these things, but I'm so glad you're finding us on them and we're getting more traction on the little YouTube clips. So today I decided to wear a sweet t-shirt, little sponsorship out of Tucson and a sport coat. Anthony you look like, you know what? I think you ought to start wearing a sport coat for the YouTube clips, but that's just me being your stepbrother wearing pants. I didn't say I don't stand up during the YouTube clips. I'm not really worried about that. And I mean, somehow I have to keep my handicap tag so I can wear whatever I want. So anyway, back to the evil wicked bangs, what I was talking about with the teacher thing. I hope that made sense. So if you're a teacher and you don't get your direct deposit during the summer, do you know these people? You know they're charging you and you can call them and they'll waive the fee and you can do that a second time and then they'll they'll like not wave it. This is the experience that I had with somebody I know. And then she finally just moved her money. She was like, you know what? This is ridiculous. You're charging me $12. I have $12. It's not the $12. It's the matter of principle. Well, anyway.

Anthony Carrao:
15 years they've paid you nothing in interest yet charged you to open an account where they're taking your money, reinvesting in derivatives and loans, and making record profits while paying you nothing. The only reason these banks succeed is because you give them money. If everybody who been screwed over by Wells Fargo over the last ten years just said, Screw it, I'm not giving you my money anymore, that would create a run in the bank. And now all of a sudden Wells Fargo can't afford to be doing or running the ship.

J.R. Rotchford:
Like that would be ideal. I would love that. I wish I wish people would get upset. I wish people would say enough is enough of this. You know, it's like, you know, right now we're all consumed in Phoenix with the Super Bowl, you know, big Sunday tomorrow, big Super Bowl day. You know, I used to kind of it was funny to me at first. It was like, you know, you guys are charging ten, 12, $14 a beer. And then it got annoying. I'm like, that's just ridiculous. I mean, everybody wants people to make a profit, you know? But don't be ridiculous about it. You know what? You know how it will change. Stop buying it. You know, I mean, if people voted with their wallets and their feet, you know, it would make a difference. And then all of sudden they'd come back down to reality and they would charge $6 for a beer and they would still make one heck of a profit. But the greed is rampant. This whole country. I mean, there's really nothing left. You know, they've got us the media's got us so worried about gay versus straight, left versus right, all this stuff. You know what you should really worry about haves versus the have nots. You know, that's what you should really worry about. The people that are going to be affected by the debt ceiling, is it going to be the politicians? You know, they'll keep getting their money, but they're going to stop my Social Security check, my veteran's pay. I mean, that's who's got to worry. The middle class, the seniors, veterans. It's just it's the way of the world. And we put up with it. I mean, we forget that these politicians are representatives, they are elected officials. These are people that we could tell to stop this or I think I don't know. I mean, apparently not.

Anthony Carrao:
I mean, we elect the same ones for 40, 50 years.

J.R. Rotchford:
Yeah, that's that's problematic.

Anthony Carrao:
Nothing in this country changes yet. We're going to keep electing the same officials who have not changed anything for the better. Seems like a solid strategy. Voters. Good job.

J.R. Rotchford:
Yeah, but the snag with what you're saying, there's a brand new snag. There's a whole bunch of people that are starting to say their vote doesn't count anymore either. There's a lot of shenanigans. And whether or not the vote counts, you know, Arizona was a big hotbed for that. I don't know. It's above my pay grade. But I do know that a lot of things are weird. I know in my household, three of us out of my personal household voted. I hand delivered them to the Peoria County Courthouse complex, whatever it is. So I gave all three together. The woman that took the ballots looked at the all three, looked at the signatures, saw the same last name on all three, accepted them. I watched her put them into the metal box. I'd rather have done it myself, but it was behind this bulletproof glass or COVID proof glass or whatever the heck it was. Anyway, then I went on like a good little steward of my vote a couple of weeks later. And guess what? 66% of our household vote counted, 33 did not. Two of the three showed up. So there's a real life example just in my house of something's wrong. How could three people vote? You know, I looked at the signatures on the ballots. They looked okay. I made sure the envelopes were sealed. We really were careful. So I don't know. But that's that's on a different show. That's not really financial per se, except. Yeah, it is. Because you know what? The people we represent. Us, the people that we elect or don't keep doing. Air Quotes Chair The people that are in office, they control our finances, you know, and back to these evil banks. You know what the problem is? The politicians and the bankers, they're all friends. They get along pretty well. It's this. Yeah, well, I don't want to go down.

Anthony Carrao:
Yeah, I was going to say, in 2008, how many from these failed banks that created these subprime mortgage debacle that we had went on to be politicians or lobbyists or work in the White House?

J.R. Rotchford:
Correct. Remember Timothy Geithner? That was one of my favorite examples, wasn't it? Goldman Sachs? You know, when the ship starts sinking, where do they go? The government, the rats, the little rats, they scurry into the into the federal service. Man, there is no way that I'm not going to be abducted. It's just which week it'll be. So I'm kind of excited. I wonder what kind of. Well, wait a minute.

Anthony Carrao:
Yeah, I mean, they're going to pick you up in that Prius. We already talked about that. They're going to be cars. Maybe it'll be a Tesla. Yeah, hybrids already. The hybrids use too much gas. It's all going to ev.

J.R. Rotchford:
It's going to be a hybrid van with no windows.

Anthony Carrao:
Sneak up on you so silently.

J.R. Rotchford:
So back. I want to just finish up real quick on the banks on a different note. You know, if you're at Wells Fargo and you know all the crap that's going on, or if you're at Chase and you know, there's felonies and all the crap going on, you know, then it's on you. Well, it's too much work. My my direct deposit for my work and my Social Security direct deposit is too much work to change them. All right, well, then you get what you get. If they open up a fake account in your name, that's on you. Because you should take the initiative to do the work that it's needed to get the heck out of there. But that's, you know. Yes, Mother. Okay. Well, it is.

Anthony Carrao:
I mean, that makes a good point because I get that it's a convenience thing and we've gotten lazy and compliant and we just don't want to go through changes. But again, if you know, these banks are robbing you and you don't do anything about it, that is on you at this point. But again, it's happened in the past, it's happening now. It's probably going to happen again in the future. It's never too late to take to take charge and to do something about it. So now is that time. Maybe now is that wake up call, get this money back that they owe you and change banks immediately.

J.R. Rotchford:
And by the way, take a lot of your money out of the bank. Now's a really good time when B of A is warning you that something is amiss and there's FDIC meetings saying that something's amiss. And how are we going to tell the people, you know, buy hard assets, call Marcy, buy a tower garden by little extra food and water, pay down debt, buy hard assets quickly, you know, lessen your holdings in the bank. What's the FDIC guarantee fund like 1.2, three or something else? We looked so 1.2.

Anthony Carrao:
3%, something like that. I mean, they've got 100 billion in their coffers, but that's 100 billion to insure was over $9 Trillion. And as of their last financial report, too, they've got 170 billion in banks with problem assets. So they're already at a teetering point. Should something go wrong? I mean, they they spent 11 quarters, I believe it's from 2010 to 2012 was 11 seven quarters. But they had a negative. They had nothing in their coffers. All they had was debt. So everybody is broke. The country is broke, the banks are broke. But you know who's not broke? Hopefully our listeners, because hopefully they're listening to us and we're saving them money and we're protecting their assets first and foremost. And if you are not protecting your assets but you would like assistance, please reach out to us team at Another Money Show. You can schedule appointments with us directly from our website, Another Money Show, and we will be right back with more of the State of the Union, the banks, the debt ceiling and more.

Producer:
If those other money advisors promise you a boatload of money, check the size of the boat and be sure it's your boat, not theirs.

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

Anthony Carrao:
Welcome back. You are listening to Another Money Show and maybe you're listening to us on 960, the Patriot Saturdays at noon. Maybe you're listening to us on Spotify, Google, iTunes, all those. Stitcher or wherever you listen to podcast. I don't care how you're listening. We just appreciate that you are so talking about the evil banks, FDIC, all of that. We'll get into the State of the Union. But I do want to mention too, because last Wednesday we record on Wednesdays, then they air on Saturdays. So we didn't know the news at the time of recording last week. But the Fed did end up raising another quarter point. Now you're going to see a lot of news articles about how great it is that they're slowing down and cut in and inflation. Yeah, but that's just a sales pitch. They're still raising it. It's still going up. The rate doesn't really matter as much because they've already they've already shown that they're not really trying to fight inflation like they did years and years ago when they raised it like ten points over a month or whatever.

J.R. Rotchford:
And something Anthony, very interesting to me came out of last week. It's a new word. I mean, hopefully you've heard it by now. If not, let us share it with you. You know, we're waiting for deflation, right? I mean, inflation costs and goods and services go up. We want deflation where they go back down. You know, the new word that I learned last week was disinflation. I don't know if you caught on to that one. I heard it several times. Yeah, disinflation. So what what I can kind of glean from that. Inflation go up, deflation go down, disinflation go up, but not as much like, you know, it was 9% six months ago. It was just a horrible we're all going to die. You're not going to be able to get at a chicken or an egg. And now it's only like 6%. So, by the way, if you got $1,000,000 or 2 million or 5 million, you'll be fine. If you got nothing, you'll be fine. Middle class inflation is looking at you. And now disinflation is looking at you closely, too. So it basically means inflation is still rampant, but it's not quite as bad. So settles.

Anthony Carrao:
Casual inflation.

J.R. Rotchford:
Yeah.

Anthony Carrao:
Casual Friday. Casual inflation. Yeah. No, again, it's a marketing term. I mean, it's still going up, you're still getting screwed. But we predicted you would be screwed a lot worse.

J.R. Rotchford:
And the screwing is only transitory. The screwing? We're not going forever. So enjoy the screen while it's lasting because it's nonexistent. Then it's transitory, then it's dis and then it's out of here.

Anthony Carrao:
Here's the thing is the inflation is terrible. That part sucks in all this because they should have raised rates years and years ago when the market was skyrocketing, they started to try to raise rates. In 2018, the market threw a fit and the Fed gave up on being responsible. They gave up on their fiduciary responsibility to the people to appease the market, to allow rich people to borrow cheap money at 0% and inflate their stock prices. Speaking of which, do you see? Meta and Facebook went up last week, the week before, kind of came up out of nowhere after plummeting for so long because they announced stock buybacks, they announced stock repurchasing, and that was what shot up the stock price because Zuckerberg's going to buy back a bunch of his own shares. Let me remind all the listeners that stock repurchasing was illegal until 1987 because it was considered stock market manipulation. Guess what, folks? Still manipulation, but it's legal and it's at all time highs. The inflation out of the way because the inflation part is terrible. But with rates raising, this is actually good for savers. Our whole office is built around protecting your money first and growth second, because it's so much easier to keep what you have than to try to recoup 40, 50% losses. So let's just start up high. Maybe not earn as much, but you don't have those pitfalls of 2008, the dotcom bubble. So right now is actually a great time for savers. And when we talk about the fixed index annuities all the time, where if the market goes up, you get a piece of it. If the market goes down, you don't lose anything. We're seeing the best rates that we've seen in a very, very, very long time. I mean, we've got S&P 500 rates where if the market goes up, you can make over 10% right now on some of these annuities without the risk of the downfall of the market. We've got fixed buckets with these meager rates that are in the five plus percentages for. I mean, when was the last time you saw over 5% for my rates?

J.R. Rotchford:
16 years. Not that I'm paying attention, but since I've been in my office long enough, I'm paying attention 16 years since I've seen the rates we're seeing right now. And I told a story last week about a client that locked in money for ten years when the CD's were through the roof and everybody thought I was crazy, didn't look too crazy for a while there. So let's do. I want to continue in that for a minute. I've got a couple of things to say about that. But let's take a break so we won't get interrupted. You can find us, as usual. Go to our website. We've got a couple of them. But the one I'll address here is Another Money Showcase. You can listen to past episodes there. You can set an appointment. You can see what we look well done to that kind of.

Anthony Carrao:
Video of us on there. And I was like, Maybe we shouldn't have pictures of us on that.

J.R. Rotchford:
Yeah, we're not good looking, but we're we're actually just trying to help people. We're not trying to make sales. So it works. So you can always call us 623523044. And please help us keep telling tell people about us. We love that we're growing. So thanks for being with us. And we'll be right back.

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

Producer:
You're listening to Another Money Show.

J.R. Rotchford:
Welcome back to Another Money Show. Thanks for being with us. As always. I hope you're enjoying your weekend. I hope tomorrow the Super Bowl is fun. You know, Rome's burning, but enjoy your bread and circuses. Way to go. Everybody's so excited in Phoenix. And I'm like, oh, we're all going to die. So during the break, we talked pretty much just about Jim.

Producer:
Before we die. Before we all die, I just want to say something. I have you're talking about the Super Bowl. Before we go back to doom and gloom, I have when you guys said last segment at the end about how you guys aren't good looking and we're not good looking. Speak for yourself, number one. Number two, though, I am picking and you guys can note this down, audience can note this down, and they can get back to you guys about this and you can bring it up next week. I pick the Chiefs by five to win the Super Bowl tomorrow. I could be.

J.R. Rotchford:
Wrong. We're going to win.

Anthony Carrao:
Probably not. We just started taking bets.

J.R. Rotchford:
Well, we already have. I'm betting betting is legal now, right, in Arizona and everywhere else.

Anthony Carrao:
I mean, the stock market's just gambling, So why make this? This is at least exciting. This one, it's more fun.

J.R. Rotchford:
That's why I tell people go to the casino. I mean, tell me when you're going to die and I'll tell you how much money to save. Tell me when you're going to die. I'll tell you what kind of insurance to buy, how much to have. So, no, when people say legalize gambling, I hate that term because you know what? That's my retirement. That's not fun to me. If I go to the casino and I and there's bells and whistles and lights and beer and whatever, it's like at least there's some entertainment value there. Stock market doesn't entertain me. If you lost 20% of your money last year at a casino, good. You probably have a story. You had fun. If you lost 20% of your money in the in your retirement fund. I'm sorry. That sucks. So it is what it is. And by the way, we don't.

Anthony Carrao:
Lose money in your retirement fund. Set a foundation. Don't lose money where it counts. Gamble with your gambling money. Don't gamble in the stock market with your retirement.

J.R. Rotchford:
Wasn't that. Isn't it Warren Buffett, Rule number one, don't lose money. Rule number two, see rule number one, some brilliant man or woman or somebody said that anyway, back to Jim for a minute. And his boyish good looks or his manly good look. First of all, he's wrong. I mean, I mean, obviously the Eagles are going to win this. And I'll bet anybody the second thing is, oh, here he comes again. Here he comes. But what we decided to do was we're going to get a cardboard cut out of Jim and put it behind us in these little YouTube clips so more people watch. We're trying to get Jim to move to Arizona and how was with us. So we get more appointments.

Anthony Carrao:
So just take us out of the video altogether and we'll just watch Jim the whole time. It'll just be Jim's reaction.

Producer:
To all this will just be Another Money Show with Jim.

Anthony Carrao:
Yeah, we're.

J.R. Rotchford:
Fine with that. We've done it long enough. We've had a good time.

Producer:
We've had a good week. That should be the bet. If the Chiefs win the Super Bowl tomorrow, that should be Another Money Show for a week with just Jim. And you two can be the producers and you two can can switch.

Anthony Carrao:
Roles, then that that show's never airing. You know, we don't know how to do any of this stuff.

J.R. Rotchford:
Yeah, that's why we have to win, so we don't have to worry about it. So. So back to financial stuff. Are we still going to talk about financial stuff or can we we.

Anthony Carrao:
Were talking about well, we were talking about how we've got these meager rates that are fantastic. I mean, when the CD's were paying nothing for the last 15 years, you could get a few percentage higher plus their tax deferred go in the mike or out. But we still.

J.R. Rotchford:
Where we're we explain that. So if if I have let's say I'll just throw a number out there I've got $100,000 and I want to put it away for five years and I've always done CD laddering. I've always known the bank is safe. So I got 100,000 and put it in the bank I'm committing other than death or disability or some major calamity, in which case I won't give a rat's what about stripping my interest and penalties. So 100 grand five years, you're telling me, even though I'm not touching it, I get a 10.9 every year and have to pay taxes on my a little bit of interest I make correct? Oh, but what if I put it with a five year very similar CD like alternative? And when people sit with us, we explain the differences, we explain the whole situation. But for a five year insurance product, same hundred grand, same five years, you know, I don't get a 10.90.

Anthony Carrao:
No, 10.99 unless you are taking money out and putting it into your wallet. Annuities are cash deferred vehicles. It's the only investment that I know of that you can put non-qualified in and not have to worry about the taxes year over year until money out.

J.R. Rotchford:
It's almost life insurance too. But and it's like you're trying to be favorable. You know, I've always heard annuities are bad, you know, do you want me to go down that road? I'd rather kill my grandmother. So.

Anthony Carrao:
Fisher Yeah. No, we.

J.R. Rotchford:
Don't say his name. He allegedly said stuff like that.

Anthony Carrao:
You allegedly had commercials where you hate.

J.R. Rotchford:
Yeah, I'm a conspiracy theory. Conspiracy theory, dude. But that was all scrubbed, by the way, from YouTube. Yeah, I believe it was 2016. There was a big scrubbing or 2020. I don't remember what year. But anyway, so back to these five year or whatever, you know, a couple of other things for you. We tell people all the time, we just spent time on this show telling you, get your money out of the bank if you're a CD person. We work in Sun. City. So believe me, we're used to people in their sixties and up and they've just always had the banks. We have not had a problem with the bank since, what, 1920s and thirties. So people think it couldn't happen here. Normalcy bias. You know what? I haven't read the definition of normalcy bias in a long time. Do you want to hear it, Anthony?

Anthony Carrao:
Do I have a choice? You already.

J.R. Rotchford:
Have it. I'm not. I don't. You do not. Why do people think that we're crazy? And by the way, my mom used to say, I don't know where she got it, but she used to say, just because I'm paranoid doesn't mean they're not out to get me. So anyway, so why do people think we couldn't have a modern day run on the banks normalcy bias? It's uncomfortable. That's our safety. Our safety is our home and our money and our bank. Normalcy bias is a cognitive bias which leads people to disbelieve or minimize threat warnings. Consequently, individuals underestimate the likelihood of a disaster when it might affect them and its potential adverse effects. The normalcy bias causes many people to not adequately prepare for natural disasters, market crashes and calamities caused by human error. It's also called what Ostrich effect and cognitive bias. But anyway.

Anthony Carrao:
Read the Bank of America CEO telling people to prepare. Be prepared. It's not difficult.

J.R. Rotchford:
Be prepared. Prepared, not scared. It's so simple. Over and over we say it so.

Anthony Carrao:
But with I was going to say, should we move on to the State of the Union? We are quickly running out of time. We are in the fourth segment of this show. And oh.

J.R. Rotchford:
Wow.

Anthony Carrao:
That I know you had a lot to say on that. So you want to finish your thoughts and we'll.

J.R. Rotchford:
Finish my thoughts. My thought is if if we help people understand multi year guaranteed annuities, you know, insurance companies have to keep reserves. You know that, right? I mean well, and so the banks if the reserve is say 1.23% on my CD money and the insurance company reserve is 100 and plus percent like 100, 106%. That seems like if there's a modern day run on the banks, that seems like a good, safe place. So is it for all your money? Nope. Should you still have an emergency fund? Should you have your bill paying money to the banks? Should you have a peace of mind? Yep. But also, yes, they are a necessary evil. Welcome to it. Bank world. So yeah, the State of the Union address. How's that for a segue? I just dropped my thought completely and move over. You know, I don't even know which direction to start, you know, Should we be like some of the talk radio that I heard this morning? By the way, today is the 8th of February as we record this. So on Saturday, if you're bored by hearing this stuff already, it's still fresh on our mind. Should we talk about Bernie Sanders? You know, the president is basically saying that big pandemic is waning, it's over.

J.R. Rotchford:
And I only saw one mask and it was on Bernie. I was trying to see them pan down to see if he was wearing mittens and sitting in a folding chair. But he definitely had a mask on and that cracked me up. Our dear Arizona Senator Chris Kirsten. Kristen, I don't know. I don't even know cinema. I do know her last name. Cinema. She's a good looking woman. She stands out to begin with. So when the camera hits her, people notice her. And then you put on a big bird costume. What do you think people are going to say the next day? You know, her flotation device and an since that's been kind of amazing. I mean, there's actually a lot of there's got to be some respect due to that woman. She's she's a woman of conviction. And that part is important. So I'll move on from there. Just some of the notes I took. I have one little Post-it and I wrote down free preschool form unions, cheap or free prescriptions, affordable health care. What else did I put here? Rid identity theft. For every $1 we spend on ridding identity theft, we will save $10. At one point I got up to get a glass of water to.

Anthony Carrao:
Save 20 bucks.

J.R. Rotchford:
I did say 20 bucks. And then I called Geico and then I saved more than that. I saved half. I don't know, something. But anyway, in the time it took me to get off of the couch up to get one or back, it started with gun control, somehow went right to fentanyl, then it got to Rowe versus Wade. I can't wait to watch the replay of the State of the Union because I have no idea what I missed or how it happened. But it was all within like a minute. And then I come back and we're on to curing cancer. There was a heartwarming story about a family with a daughter with cancer I'm not making fun of at all. My father passed away from cancer. My wife had cancer. Believe me, cancer has affected my family. Not making fun of it. I'm just saying, how is the government big government? More government is going to help us cure cancer? I don't think so. Create credit card, great fees, credit card, late fees are going to go down. Resort fees. He hammered hotels, airline fees, debt ceiling all into your brain.

Anthony Carrao:
Any of that? Yeah. I mean, how do they.

J.R. Rotchford:
And the only thing that stuck out to me was, first of all, the laundry list of stuff. You know what the. One underlying thread is for a financial advisor. All of this stuff takes more and more spending and we're 31 and one half trillion in debt. So sooner or later somebody is going to have to take the checkbook away. I hate to say it when they talk, when they talked a little bit, he got some boos. He got called a liar. Marjorie Taylor GREENE. I mean, she she doubled down on that one, too. It's like we talked.

Anthony Carrao:
About that last show because two shows ago we talked about all the articles we're seeing about how Republicans want to cut Social Security and Medicare, then come to find out that was all just hearsay. Nobody had ever said that. All they said is that we need to cut spending and that the Biden administration doesn't want to negotiate. And now it's coming back out where they're saying it again. And Republicans are like, no, we never said that. We said you have to cut spending, but we never said we were going to cut Medicare and Social Security the way everybody's sending out these articles like they are. So I don't know what to believe.

J.R. Rotchford:
We do need to cut spending. If anybody doesn't see that, I guess I have a problem with it. You know, it's funny because the whole thing about he wants to stop these people want the Republicans want to stop your Medicare and your your Social Security. I don't think that's true. First of all, there wouldn't be very popular, but, you know, it is going to run on its own. You know, sometimes if you ignore something, what's the old dentist thing? You know, if you don't like your teeth, just ignore them. They'll go away. I mean, that's that's how we're going to get to them. We're we're naming years that it's going to be 75% can be paid out if the spending keeps going up and the interest rates keep going up and we keep having to spend more interest on the debt we already own, this is going to come to a head. So like it or not, it's it's here the you know, on something a little more funny to me the airline fees and the hotel feeling fees and feelings. The hotels have feelings to their people, to the hotel fees. That has been a pet peeve of mine. I'm like when I get to the front desk, if I don't want to use your wi fi, if I don't want to rent a bike, if I want to use the tennis court, can I waive that fee? No. Well, then why don't you just put it on the room? Charge the charge of the room. Stop playing your silly games. So I agree with that one. But you know what?

Anthony Carrao:
Bought tickets to a Bird Crashers comedy show tonight from Ticketmaster? They were $37 tickets. And by the time I finished my payment, they were 50 bucks each.

J.R. Rotchford:
But if you call Joe Biden, we can get that reversed and it'll go down to $39. So and don't get me.

Anthony Carrao:
Wrong, I'm all about just put in the ticket price. Don't give me one price and then go to check out and screw me. But that's not the government's job. So I'm all about it not being in existence. But that's not the government's job.

J.R. Rotchford:
I know I'm slamming the hotels separately, and you are correct, but there's a cliffhanger. Let's talk next week about what is and what is not the government's job. And that's apparently not much.

Anthony Carrao:
We'll get Randy on the show and he can talk about the Constitution and how everybody's overstepped their boundaries.

J.R. Rotchford:
Well, if we can keep that financial, I'm all in. I just I don't want to turn this into a political show. I don't want to lose any listeners. But we we lost them. We got to where at. So that is it for this week's show. As usual, they fly by for us. Hopefully they do for you, too. Thanks for being here and make sure you find us anywhere you like to find your podcasts or reach out to us at AnotherMoneyShow.com. Thanks so much. Have a great weekend. Be safe. See 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 AnotherMoneyShow.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, 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 AnotherMoneyShow.com. 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 6235230444. That's 6235230444.

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