On this week’s show, J.R. and Anthony discuss a variety of topics, from a possible railroad strike to the IRS hiring 87,000 new agents. They also touch on Executive Order 14067. Plus, the guys outline the dangers of credit card debt and explain why higher gas and energy prices should be expected in 2023.

Rotchford & Associates is a veteran-owned firm that has served Americans on their financial journeys since 1995. Contact us today for a complimentary consultation about your financial situation. We want you to be prepared – not scared!

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12.2.22: Audio automatically transcribed by Sonix

12.2.22: 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. 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 hosts, 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 Valley to bring you Another Money Show. We know that there are a ton of money shows out there on the radio, but we appreciate you listen to us and hopefully we're giving you some stuff that you're not hearing on those other programs. And we've got quite a few reviews from our listeners. My mom said the show last week was incredibly boring, so thanks for that. But Mike at Frank's Honest Auto, he said he liked the show. So I appreciate you, Mike. Mom Not nearly as much. J.R., what do you got for us this week?

J.R. Rotchford:
I think today is going to be an hour long shout out to all the people that are actually listening to us. We didn't know if we had any listeners, but we're starting to understand that. I heard yesterday that Arlene in Peoria was tickled that we gave her name. I'm like, Oh, we did it like twice. So apparently Arlene was very happy with that.

Anthony Carrao:
We like her.

J.R. Rotchford:
Yes. So we're going to say Arlene a bunch of times today. And Arlene, you know who we're talking about. So, yeah, your mom, she said that she likes it when I'm ranty. I'm like, ranty. First of all, where did you get that word? Never ranty. But she said that it was just it was kind of boring. She's like, Yeah. Part of it was funny, you know, you always give some good information, but maybe it was because Thanksgiving was coming up, but you were just kind of. She said it wasn't passionate enough this week and I thought, Well, Anthony is always trying to get me to settle down. You know, we always try to play good cop, bad cop. You know, I'm very much sounding alarms and screaming and telling you everything's wrong. And make sure you dig a spider hole on your backyard. Anthony is like, Well, good financial planning is always good financial, blah, blah, blah. We're not Another Money Show. You know, when you listen to financial radio, you get the same stuff everywhere. And I know this to be true because I spend a lot of my time on the weekends listening to radio, not just because I'm older than you. I want to know what's going on. I think the world is in the most uncharted territory it's ever been in. So if I can hear something and steal it from somebody else and bring it out today, that is one of my goals. I try to get information. I read, I listen, I watch, I do whatever I can. And I you know, one of the things that we're trying to do, we are trying to educate people. We're trying to inform people. We're trying to be proactive instead of reactive.

J.R. Rotchford:
Yes, we want to entertain, too, because we don't want people to be bored senseless. I've listened to a few shows where I was like, you know, I need to replay this tonight at 10 p.m. when I lay down and try to go to sleep. No offense to some of the shows I've heard, but it's financial. I mean, it's not supposed to be exciting. I mean, you know, some of the political shows, some of the sports shows, they are supposed to be passionate and exciting. Financial is supposed to be very much in the box. We're supposed to have a model. We are supposed to make sure that we get so many appointments out of each show and then we have so many closes and then we have so many new clients and everybody's happy. You know, that's just not us. I don't think it will ever be us. I know I said to you, when we get too busy, you know, a lot of shows there, like if you've done the heavy lifting and you've got a quarter of $1,000,000, you should sit with us. And I've always been like, Well, what if I only have 239,000? They're like, Forget you, you know, we're different. And I said to you, what if we get too busy and we have to mind our time? Are we going to hire more people? Are we going to turn people away if they don't have a certain amount? And you said no. So our office is going to be different. We're going to be first come, first serve. You know, you might have a six month waiting list to get in to see us, but you can come in with $7. You don't have to have a quarter of a million.

Anthony Carrao:
So if anything, if you only have $7, you probably need a financial plan more than anybody else.

J.R. Rotchford:
We say that all the time. Everybody that does what we do, there's pressure, there's quotas. You know, they have to get new clients or six months later they're gone. So what do they do? They do seminars. They're doing the dinner seminars. You know, they're buying demographics lists, making sure they're they're only reaching out to anesthesiologists and estate planning attorneys. Where are the people that are helping somebody who's got a 401. K. My 41k is got 4050 grand in it. Nobody gives a rat's you know, what about me? Who's out there to help? We are, you know, here's my drumming up the sales, whether you have a lot or little. Let us be a second opinion. Let us help you. One of my passions, there's people with four or five old, four or one case. When we sit down, we talk to people, we try to find out what they're trying to do in life, what their thoughts are. If they've met me any length of time, we open up eyes. I mean, we're talking about stuff that most people just aren't. So, you know, you got this old for one K, there's heavy fees. Most people think they're free or they're not charging me. Yeah, but it works on a spread. They don't know what they have. They don't know where it is. They've never really had a plan. They've just had products. We tie all that together. We don't charge people to do it. We don't care if there's 2000 or 2 million. We try to help people, I think because we are very passionate about this industry and rightfully so, fourth generation, fully independent, veteran-owned family practice. You're the fourth generation. You've got two brothers. So I'm hoping this continues. Of course, Sandy, your mom who hated the show last week, Sandy in Peoria, Arizona, you know, she's wanting grandkids because apparently the fourth generation practice is going to end at the fourth generation. And let's one of you guys start getting busy. So I guess I shouldn't say that because Jay here is part of this show and he's right.

Anthony Carrao:
Maybe we should actually get into the show instead of trying to sell people on the show. So what do we have in the news? What did you want to talk about?

J.R. Rotchford:
I think people just want to hear about us. They want to bond with us. They want to become close to us. You know, the first thing about people, they need to know you and like you and trust you. You're trying to be like the other shows where they don't know you like your trust. You. They're just so impressed by your knowledge.

Producer:
I think they want to hear you guys talking more about how you want your kids to start getting busy.

J.R. Rotchford:
Our producers. Jim, you know, I've mastered your last name, so even though Anthony can't say it, I. I practice on the weekends. I listen to talk radio and I say, Terrible. That's all I do all weekend.

Producer:
You've got quite the life, my friend.

J.R. Rotchford:
Friend. I do. Oh and I went to the Cardinals game. You want to talk about better. No, I was born and raised in Chicago, Illinois. So growing up I was a Bears fan. You always keep that with you. I mean, when your formative years you're a fan of a team, you keep that. And then I got stationed at Luke Air Force Base. That was my last assignment. And I somehow became a Cardinals fan. So being a lifelong Bears and Cardinals fan, I have to wonder what did I do in a previous life to deserve this? I mean, really, what did I do? Okay, now I'm ready to get financial. That was enough. People don't care what football team I like, do they, Anthony?

Anthony Carrao:
Oh, I know. I don't care what football team you like. I'm sure other people out there like Mike and Arlene like they care. I do not.

J.R. Rotchford:
Yes. And Jeff, don't forget, on Thanksgiving, Jeff said he's listened to every episode. Jeff, we are seriously happy to hear that Jeff said something interesting. He's like, you know, the reason that I listen to your show, you guys say stuff, and then two or three weeks later, I hear it on other stations and other shows and I'm like, I already know about that. So Jeff is getting information before other places from us. So that makes me happy to hear whether people become a client or not. We're just again, we're trying to get to people sound alarms, educate, inform and entertain.

Anthony Carrao:
What are we educating, Jeff, on this week?

J.R. Rotchford:
Well, let's talk about Black Friday. Let's let's talk for a second about money, you know, just for a second. Then I'm going back to football. So Black Friday, it's so funny because over the weekend I'm looking for information. How did it go? You know, we're in we're in a pretty high inflationary time. You know, you're in a time where there's there's people that are behind on their car payments. You know, we're hearing that credit card. You know, people are maxing out their credit cards. The interest rates are rising. So it's kind of a perfect.

Anthony Carrao:
5% of household income is my understanding, is in credit card debt, whereas 3% is savings. That that's insane.

J.R. Rotchford:
That is a recipe for disaster. I mean, that is, you know, if you have 35% of your income towards your housing allowance, rent, mortgage, whatnot, you know, okay, that's fair. You know, houses are 400,000. If it's towards your credit card debt, you are in trouble. So and what I did find about Black Friday was Amazon had a great day. It was a very robust Black Friday. Then I found the downside. When I dug further, it was all leveraged, so it was on the credit cards. There was not a lot of cash payments and just, you know, pay it out. Right? Well, I don't know. I mean, how all this ends, I don't know. You know, interest rates, the Fed's getting ready to meet again. There's talk that the rates are going to rise. We're still in the range of 7% inflation. So, you know, I said six months ago, the Fed has to rip the. Hand it off. Are you really trying to tame inflation or are you not? Because these three quarter-point rate hikes are they're shocking to the housing market. Talk to a realtor or a mortgage person or a title person right now and they're getting a little nervous.

J.R. Rotchford:
Some of the realtors are behind on their rent now, so kind of a scary feeling. So the Fed needs to do the next rate increase at, I don't know, do 2%, don't do a half, don't do a quarter, don't do three quarters, do 2%. Rip the Band-Aid off and then you're going to get inflation down. When you talk to people about how this ends, well, they want to keep raising the rates. They want unemployment to rise. Think about that. They want people not to work. So then the people that aren't working can't afford to buy the crap on their credit cards. Either way, we're going to ruin the economy with a huge recession, probably even a depression, because things are just so backed up or inflation is going to get worse. It's going to keep going, it's going to hover, and then sooner or later it's going to turn into hyperinflation. It's something is going to give here, but we're not going to keep going the way we are for too long.

Anthony Carrao:
All these banks are already on edge financially. I mean, I sent you that link yesterday about the the repo markets and just overnight trading to keep these banks afloat is in the trillions. Now, you know, even in the worst of the worst of 2008, it was about 25 billion. Now we're in the trillions in overnight lending.

J.R. Rotchford:
So let's do this because you just said it. You said a term that most folks are not familiar with. Repo Market. I've seen the movie Repo Man, so I know that sucks. So maybe repo markets suck, too. Let's take a break and then right after the break, I want you to just give a one on one answer on what is a repo market. What does that mean if that's okay. So let's take a break. Make sure if we say anything that piques your interest, make sure if we can help you be a second opinion, reach out to us. The best way is RS. Email us team@AnotherMoneyShow.com. You can call us 623 523 0444. Or as always, listen to our old shows. Find us wherever you find your podcasts, go to our website, listen in Saturdays at noon on 960 The Patriot. Thanks so much for being here.

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.

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.

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

Anthony Carrao:
Welcome back. You're listening to Another Money Show. Anthony Carrao J.R. Rotchford and we are talking about the repo markets and i'm not going to try to bore you with details because that's what i already got yelled at for. Again, thanks mom, for a great review of how boring our show was last week, so I'm not going to bore you with the details on the repo market. But when we talk about that, these banks have liquidity needs that they need to make for people taking withdrawals from day to day. So what the repo market is, is to be able to hit those numbers that they will trade securities and assets typically overnight. And it used to be to other banks and now the Fed is getting involved. And what we're saying is in 2008, with all these banks closing, that Fed overnight repo market was in the billions, 25 billion in that range, which is a very large number. But compared to right now in 2014 to 2018, those numbers shot up to hundreds of billions. Now, since 2021, those numbers are now in the trillions. If your bank is healthy, they shouldn't need to be borrowing money overnight like that. So in 2018, we saw this, too. I mean, it got to a point where overnight lending had double digit interest rates. Could you imagine that me needing to borrow money from J.R for one day and paying double digit interest rates? It's insane and it's getting worse.

J.R. Rotchford:
Can i start kind of telling you my feelings on the repo market?

Anthony Carrao:
Tell me the banks.

J.R. Rotchford:
It means absolutely nothing to anybody except you and i and some real deep-diving nerds of finance. People that want to understand derivatives and global debt markets and naked shorts. I said naked shorts just because some people are like, Oh, I want to know more about that one. I don't give a crap about the repo market, but I would like to hear more about naked.

Anthony Carrao:
Yeah, there's a ton of websites where you can find naked shorts.

J.R. Rotchford:
There is, but you got to be careful when you do research that. I mean, I've learned that lesson a few times. I've been locked out of a bond from different computers. Yeah.

Producer:
No, be careful. Don't say any websites because they're not paying a sponsorship money. So until they pay sponsorship money, you can say their name.

J.R. Rotchford:
Right. And Jim, that's another thing. We've never reached out for sponsors. We this whole show has been on our dime since we started. We are trying to make sure that it's pure us. We don't want to talk about Cracker Barrel, Verizon, all the people that really want.

Anthony Carrao:
Us to unadulterated opinions from yours truly. That's what you're getting. So you're right, though. Nobody cares about the repo markets, but they are going to care if their banks start going under. So again, these aren't necessarily things you have to be watching, but that is our job to be watching as advisor. So that's what we do.

J.R. Rotchford:
And by the time it affects you, we have we have for seven months now on 960 The Patriot, we have told you, we have shouted to people, make sure you look up the term bail in. Most people are familiar with the term bail out. They are two different things, 180 degree opposite concept. Make sure I'm telling you again, look up bail in, go further. And I tell you once in a while these different terms, I don't know how many people just say AA AA and then they just forget about it. Look up Executive Order 14067. Pay special attention to section four. So look up bail in, look up 14067. Something else for you to look up. This one's newer. The the term I've heard is that's mostly the more technical term is regulated liability network. What that is the banks Wells Fargo we're looking at you MasterCard some of the big investment banks, they are doing a simulated test as we speak. It started a couple of weeks ago. It went live Wednesday, right before Thanksgiving. So nobody would know that. So last Wednesday, it went live. It is basically a test of the upcoming digital currency. If you've had if you've heard the term central bank, digital currency. So how do I tie repo market into a test for this central bank, digital currency? Because all of the things we're telling you, inflation, taxes, unemployment, all of the different things are leading us down one major road. We believe if you put two and two together that we're going to have a stock market. I don't want to say the word collapse without a crystal ball, but I would say reckoning. I mean, we're getting it this year, right? It sounds

Anthony Carrao:
Yes. It's not a revelation. Right.

J.R. Rotchford:
Well, you were talking about nuclear holocaust a few weeks back. So I think whatever I say is going to be tame. But, I mean, not really. Everything seems to be going exactly the way it should to get us to the end of the line where there's a grand reset that what we think there's going to be a stock market reckoning, there's going to be a housing market slowdown and perhaps to make 2000, seven, eight, nine, ten look tame, there's going to be a bank bail in. Then the government is going to pick a few select banks to stay in operation and then there's going to be a digital currency. You said a couple of weeks ago. You know, Dogecoin, Bitcoin, whatever, you name it. Ftc's Oh, by the way, is FTC's still a thing? You know, what is his name? Sam Brinkman. Fried, Fried, whatever. Is he still a guy? I heard he's on tour with Janet Yellen now, so all you have to do is lose people billions or trillions or whoever the number is.

Anthony Carrao:
And I don't know if he's still on that. He was scheduled to speak with Janet Yellen and a few other people. I can't imagine he's in jail.

J.R. Rotchford:
Is he sitting.

Anthony Carrao:
Next? I think he's still dipping out in the Bahamas. I don't think.

J.R. Rotchford:
Yeah, that's nice. That's nice. Well, you know, people lost a lot of money. Not really so worried about Tom Brady. I think even if he lost a little bit of money, he'll be all right. More read more about pension plans and people that got duped into buying that horse.

Anthony Carrao:
Stuff like the Ontario teachers pension.

J.R. Rotchford:
I don't care about Canada. I'm only worried about this country in Mexico. You guys can lose all you want. Ontario. Is that Mexico or Canada? Is that north or south of us? The borders are open one way, so all the Ontario's are coming into the country now. Where I think it's going to affect people, I think we're going to have stock market from a real estate market from I think we're going to have a bank bailout and then I think we're going have a digital currency. And I don't even want to go where I think that ends up. These people are talking about Chinese style social credit scores. I don't know.

Anthony Carrao:
I mean, those 1099 KS now, right? I'll believe me, over $600 in transactions.

J.R. Rotchford:
Yeah. And even if the digital currency doesn't arrive until 2023, I'm hearing now. But, you know, 2024, you know, starting January 1st, if if you sell Cardinals tickets, which don't go for as much as they would normally. Now if you sell I went to go to sell a yellow parking pass at the beginning of this season and $10 I wanted $10 it I went to seek geek I went to Ticketmaster. What's the other one I saw? I try to sell $10 ticket. You have to put in your Social Security number. Let me let's take a break so we can get on that for a second. I do want to talk about that $600 limit. So make sure you reach out to us team@AnotherMoneyShow.com or give us a call. 623 523 0444. We'll be right back. And we will tell you what's coming January 1st.

Producer:
You're listening to Another Money Show to learn more and contact J.R and Anthony visit AnotherMoneyShow.com. At Rotchford 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. You're listening to anoAher Money Show.

J.R. Rotchford:
Welcome back to Another Money show. On 960, The Patriot, every Saturday at noon. And wherever you find your favorite podcasts, we're up to like show number. I think it's 34 or 35 this week, so we got a lot of stuff. Do you want to know if there's still a baby food formula shortage, diesel exhaust, fluid shortage? We've covered everything in the last seven months is going on with this world.

Anthony Carrao:
So we have a full episode dedicated to bail-ins, too. So if you want more information and that we can send you that episode.

J.R. Rotchford:
We do. And that one's a good one to listen to because it's really, really important. And we actually have a few shows that touch on it about a segment or two. So yeah. No, the bailin is a good thing to familiarize yourself with because I believe it's getting closer. So before the break, we talked a little bit about the $600 thing that's coming up. If you go to sell something, if you pay somebody, Venmo, Zelle or whatever these things are. If you are looking at a transaction. Cumulative, not $600 or more cumulative in the year. For $600. The IRS is tracking you very closely. And you're going to receive a form called a 1099 K. So this ten K, if you're working a side job, if you do a lot of garage sales, you know, depending on what's going on in your life. That's. You're under the microscope. If you live in, I don't know, the Bahamas or somewhere. I'm just going to throw out a crazy example. If you live in the Bahamas and you lose pension funds millions or billions, if you you know, if you're a big player, you're fine. I'm talking to you normal folk. You know, we haven't touched on something in a while. The IRS, they got the money in the funding to hire 87,000 IRS agents.

J.R. Rotchford:
When's the last time you heard about that? And I was screaming about that. I was like, Yeah, really? So there's and I said at the time, there's roughly 600 billionaires in the country. Well, I went ahead and did a little search this morning on Google or DuckDuckGo or whichever platform I use. Anyway, as of this morning in the United States, there is 723 billionaires. You know, Anthony, I'm not sure if you're one, but I know you're getting close if you're not so 723 billionaires. So the IRS, because they said they're going to go after the rich and kind of, you know, even out the national debt by taking money from Warren Buffett. So if you hired 723 IRS agents and put a one on one ratio, I would understand this do an audit every year. You've got big money. We got to watch it. We've got to make sure you're paying your fair share. But, you know, there's 87,000 of them. So just a thought for you. If you're a single individual, whoever uses Zelle or Venmo or does anything, you have somebody come cut your grass once a month for 50 bucks, whatever. 50 bucks a month is $600. So if you have a landscaper or a pool person, you know, get ready, because 87,000 IRS agents, I called it a security force.

J.R. Rotchford:
You know, I think when the digital currency are, they're going to make sure everybody's in line, make sure everything goes well. But, you know, who knows? I'm a no, I'm a I have a tinfoil hat. No, I don't. I'm I'm just trying to put two and two together and make four. And it's getting harder and harder. So be be very aware of the fact that everything you do with money and it's now because, again, I tried to sell a parking pass for $10 and I could not do it without putting in my Social Security number, which I did not do. So I decided just to waste the parking passes this season because I'm not going to get my Social Security. I'll give the passes away. And I guess the way around it is you can go on Facebook and you can go on offer up and you can find a private party way to get rid of your tickets or your parking passes. The only problem is if there's 87,000 IRS agents, they might be trolling Facebook or Twitter or Instagram or one of these social media platforms. So I don't think that.

Anthony Carrao:
Only lasts as long as we have cash, as soon as we don't have cash anymore, you know, you're going to have to pay taxes on your garage sales because they're going to track it all.

J.R. Rotchford:
So maybe I'm worried for nothing. Maybe the $600 thing will only last until, you know, sometime in 2023 and then.

Anthony Carrao:
Know it's only going to get worse. That's like that's not even the tipping point. That's just kind of it's a small precursor of what's coming in, the amount of tracking that they're going to be able to do.

J.R. Rotchford:
But there's always a you know, there's always a half full. You know, you talked about how people don't have to worry quite as much about lifelong financial planning because the mortality rates are switching. You know, people are dying younger now. You know, we may have peaked. In 2019, maybe we peaked and then 2020. I don't know what changed in 2020, but all sudden more people started passing away and 2022 was starting to get a little more mainstream. There's a lot of people talking about blood clots and heart attacks and myocarditis, and it's.

Anthony Carrao:
We want to talk about that in the next segment because, again, we've got to go back to commercial. So in the meantime, check out Another Money Show wherever you listen and subscribe to podcasts. And we will be right back.

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

J.R. Rotchford:
Welcome back to Another Money Show. As always. We're so glad you're here. So I was a little passionate. Sandy, that was all for you. Hopefully this show is a little bit more lively than the pre-Thanksgiving fiesta we had. You know, a lot of the stuff that goes through my head. I read an article this morning that said that certain states are sounding the they're trying to make a lot of noise about getting more stimulus checks. They want money. People want money. I'm like, do you realize that the stimulus checks you got are part of the problem, you know? Have you gotten your stimulus check taken back via high food prices and gas prices? I don't know. It's just funny, You know, we're not Ukraine. We shouldn't get all the free money we want forever. We're the United States, dammit. So anyway.

Anthony Carrao:
So we send all that free money elsewhere.

J.R. Rotchford:
Yes. We're going to give you free money with the stipulation that you send it all to the Ukraine or Taiwan. Taiwan. You know, that's been a little quiet lately. China is going to go into Taiwan and we're going to have to start giving them a bunch of cash. So that'll be good. Oh, I did get another person that reached out to me that I haven't talked to. I don't know, at least a decade. I used to. I don't know if if you knew this, Anthony, you may have. I used to teach country Western dance lessons. I actually spent over two decades working in different nightclubs and bars and Glendale Community College, and I taught dance lessons. That was my part time job. You know, obviously don't want to do it now because if I earn more than $600, I have to report it. But and yeah, yeah, I did report it. Don't go back and audit me from 1993 when I was teaching. But anyway, this person reached out. Heard the radio show. I have no idea how you know, I haven't. I haven't connected yet. Live it just. But the person reached out and was talking about how far I've come from dance lessons to talking about all the world's problems and how to solve them. So I just thought that was kind of cool. Back to current events, back to financial planning and uncertain times.

J.R. Rotchford:
You know what's funny? We were talking a couple of months ago about a potential railroad strike, and I believe that without going back and check in my work, I believe that I said, Well, you're okay because the government will fix it like they always do. And they did. You know, I believe it was on a Thursday night. You know, Joseph Biden came in and fixed the problem and everybody's happy. And he took a lot of credit for that. And then the next day, we were talking to a person that actually works with the railroad unions and that person said they didn't fix squat, that this isn't done know, just wait, you'll see. But but it went away. And now all said, guess what's back on the table? So I thought it was fixed. You know, it's kind of like student loan debt. Talk about getting off track student loan debt. Everybody said a couple of months ago they were so happy. Ten grand. 20 grand, forgiven. Is it forgiven yet? You know, now I'm heard that a judge just put that on hold. You know, and I am very cynical. So I was like, well, why don't you do all that after the midterms? So we don't think there's any way that you're kind of using that. But anyway, I.

Anthony Carrao:
Know a lot of people with student debt, I don't know a single one that benefited from that program.

J.R. Rotchford:
Well, it still hasn't happened, for one thing. So even all the people that thought it was going to be a slam dunk, you know, the website was crashing because of all the activities. So certainly it is a big deal. So yeah, but that still hasn't happened. And the railroad strike. Yes. And it's so funny because we were one of a very select few radio shows that we're talking about it before it happened last time, a few months ago. And then we talked about it a couple of weeks ago. And we are one of the very few people that are saying keep watching it. Well, now here it is. The railroad strike potentially is supposed to begin next Monday, December 5th. We'll see what happens. You know, I'm still I'm not as worried about it as I should be because, you know, the government are just coming again. They'll just fix it again. They'll put another Band-Aid on it. They'll put a Band-Aid.

Anthony Carrao:
And they these unions are really, really kind of pissed at the administration for trying to back businesses, these large corporations, when they're talking about record high profits while these railroad workers can't get sick days, even though that was a platform that Biden ran on, making sure these people are taking care of. Well, now he's having this opportunity to stick up for these laborers and he's not. So that really could be a I mean, they could use that as the tipping point. And the reason to just say, okay, you know. You've drawn your line in the sand, you're not going to take care of us and you're going to profit all these billions of dollars. So let's see what happens when you don't have a railroad.

J.R. Rotchford:
Well, and and Biden, our current sitting president, is very pro-union. He's very blue collar. He says it himself. Well, once in a while, he says, I don't work for you, but he's very much, you know, you would think that he would have this solved for real. And now he's turning to Congress. Nancy Pelosi is getting involved again. I thought she was leaving, by the way. Oh, wait. I got to be careful because it's not a political show. You know, here's a weird thought for you. The railroad strike is going to be a bigger deal than people think. I don't think they realize that stuff goes by railroad still. You know, if you're on Grand Avenue in Phoenix and you get caught by a train on your way to whatever, you know, that's the only time you think about it. You know, I'm in Peoria once in a while. I can hear the trains at night. We don't see it like, you know, it's just we think everything is is trucks, you know, And diesel is still $5 a gallon, by the way, kids. So we're not out of the woods with diesel and the low inventories and the high prices. You know, I still think that's going to come back, raging back. But, you know, with the trains, this is going to be a bigger deal than people think. Of course, it's happening right before Christmas, which is not good. You know.

Anthony Carrao:
Shopping early.

J.R. Rotchford:
Shopping. I don't buy squat. You know, one good thing about being married, you'll see this one day is all you have to do when you're married is buy a gift for your spouse. I'm talking to men. I know that's sexist, but in general, we just have to buy one gift. I have to buy a gift for Sandy. And then she buys a gift for you and everybody else. It's kind of nice. I don't have to scratch, so I don't care about the strike. Sandy, you better. Better listen up saying we're saying Sandy a lot today. We should say Mike, Arlene, Jeff. We should name everybody a lot today. So with the railroad strike, you know what? This is a weird thought for you. I'm sad that I have to say this. It might be the best thing that could happen to this country. You have people that are still with their head in the sand. You know, we're talking about billions in stock market collapses. Sorry, reckonings. We're talking about stuff that's pretty heavy. And in our travels. How many people know about this stuff? You know, you've got the masked singer. That's probably the peak of my. You know, when I think about the average person, it's like I think about the masked singer. It's this pink blue cotton candy. Purple. It's just so. Wow. It's Saturday morning.

Anthony Carrao:
Be as miserable as you. Is that what you're saying? Yes. Because he's not miserable right now.

J.R. Rotchford:
Yes. That's why I love anything. Yes. When you say to people, well, I was happy once and then I joined there and the family practice. I love that. Misery loves company. Everybody knows that. And I want everybody to be miserable. So. And what I'm getting at. If the railroad strike causes more pain than you're going through by paying $4, you know, we're all happy. Because gas went from 475 for 80 down to four, and we're still happy. It's like, well, I don't know. It's still kind of problematic if you ask me, especially because we could have gas down to a dollar something if we make some changes in this country. But that's just me. Simple economics are lost on everybody. So. If the railroad strike happens and it happens for any length of time. You could have food shortages. I'm not worried about Christmas presents. I'm worried about people eating. We've talked over this seven months about people reaching out to our friend Marcy. Buy a tower garden. You know, go to the Army, Navy surplus supply and buy a case of MREs if you're a veteran, because those are sweet memories. You know, buy some extra ten number ten cans at the LDS food store. I mean, you know, we've told people how to get ready for this stuff. So our people are ready for the railroad strike. A lot of people are not. And that sucks. But if that's what it takes to wake them up and understand that it's not normal to have 31 trillion in debt as a country, it's not normal to know that you're about to lose the fiat currency.

J.R. Rotchford:
We're getting out of the world reserve currency. I mean, we're. Changes are coming. I don't care if you want to see it or not. If you put your head in the sand that's on you, you know, people that bought gold and silver, you know, guns and ammo, food and water sustainability, they went solar. They drilled a well. They, you know, wound up talking to neighbors to find out who has different skills, you know, doomsday preppers and doomsday bunkers. You're the crazy people. I don't know. We'll see. You know, there's a lot of memes on Facebook that are talking about conspiracy theorists. You know, how now they're not really so crazy. We'll see. And I am a Boy Scout at heart. I think if you have it and you don't need it, so what if you need it and you don't have it, you have a problem. And all of this stuff. If we get a wake up call in this country, perhaps people will care more about how to get the right officials in office, how to save more than they spend. You said we're we're back down to saving 3% of our income. That is not enough. Everybody has always said you need to save 10 to 20%. You know, I mean, people want to retire at 65. Well, if you go and retire at 65 and you live to 95 and you have only saved 3% of your income over the years, you are going to have some trouble.

J.R. Rotchford:
So and you know, and I want to go mellow now. I want to I want to kind of, you know, the railroad strike. We'll see what happens next week. We may have a lot to talk about, I don't know, but at least we threw it out there. It is getting a lot more mainstream. I heard it this morning as I was getting ready on several different stations. So at least now everybody is joining, you know, Another Money Show. We were on the forefront. There was very few people talking about it. Now they all are. So we'll see what happens. But, you know, one of the things we give problems I love giving problems because people need to be awake, aware, nimble. But we we have to make sure you understand we have solutions. You know, when people come in the office. Anthony, you always say good financial planning is good financial planning. You know, it weathers different things. So that's what we're all about. You know, we talk about insurance companies a lot. If you're worried about the volatility in your 41k or your IRA or your mutual funds or whatever we have, we can help you hedge your bet. I'll give you just a general strategy. If you took half of your IRA and put it safe with an insurance company, it does two things. One, you're not going to lose money on that half, so your other half you can take more risk. It buys you time If the market's down when you retire and you need money and your stocks and bonds and all that fancy stuff are down, then go into the insurance company.

J.R. Rotchford:
Take that money off the table. Wait, it buys you time. You know, we have amazing you know, things are amazing. In the first time in 15 years, we have ultra short term products, just like CD's, like a CD alternative paying amazing interest rates, you know? I mean, these companies are back with good interest rates. We should have a line out our door on people saying, Do you have something for one year, two years? People think insurance company, if they hear that evil word annuity, they think, oh, I'm going to lose my money, I'm going to die and the insurance company's going to keep my money. That is not the case. So, you know, I mean, I look at it like all of my doom and gloom. I want you awake. I want you aware, I want you proactive, not reactive. But we can also help you. What if I'm right? Things are going to get sketchy, but I'm wrong on the time frame. I think it's coming at us like a freight train. Pardon the railroad strike analogy, but what if I'm wrong and things don't hit the fan for ten years? 20 years? We can still help you protect and grow your money in that order and do good things. Anthony, should I let you get a word in edgewise before the show is over today?

Anthony Carrao:
No, I mean, you heard everything, but I loved what you said about the railroad strike. I mean, from what I'm reading, that's about 30% of all transportation for goods and services. So that's going to be a major deal if that's gone, you know, especially stocking up on food and water. You if you listen to this show for any length of time, we've already told you to be prepared for these things. So as much as that's not going to be fun to deal with, if there is this railroad strike, if you've taken any of our advice, you know, there's only so much that's in your control and you're going to get you're going to weather that storm so much better if you've prepared for it. And that's all we're trying to do. So not just in your day to day lives, but trying to prepare you for retirement. You know, we're big on the insurance companies because we're big on turning them into pensions if you have excess income. In in each month that can allow you to make financial mistakes. If you make financial mistakes with your assets and you don't have enough to live off of, that's going to deeply, deeply hurt your future. So if you have excess income, you have options. But that is it for today's show. If you like what you heard and have questions about any of the topics we talked about today. If you want to sit down with us to review your personal situation, you can reach us at team@AnotherMoneyShow.com. Find us on the Web at AnotherMoneyshow.com. Check us out at Another Money Show. Wherever you listen to podcast, like subscribe all that fun stuff. There are no minimums, no cost for appointments, nothing to lose by getting a second opinion on your financial situation. So until then, we will see you next Saturday at noon right here on 960 The Patriot.

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:
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. Wouldn't you love Another Money Show? You would if it were as good as this one. This is Another Money Show with J.R. and Anthony.

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