10.19.22: Audio automatically transcribed by Sonix

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

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

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

Anthony Carrao:
Here we are, your host, Anthony Carrao. And J.R. Rotchford is back this week. We're taking a break from our day jobs as financial advisors with Rotchford and Associates to bring you Another Money Show to give you some news that you may not be hearing on those other financial radios. So we were aware the last thing you need is another money show. But we appreciate you being here. What do we got on the docket today, J.R.?

J.R. Rotchford:
On the docket, Docket is a big word for my little brain. I was on vacation last week. I was up in beautiful White Mountains in Arizona, and I didn't not want to come back. This, like, every time I go up there, I really don't want to come back down here. The traffic, I mean, up there, the air is cleaner. You can see the stars. It's it's just less hectic living up there. So one of these days you will not know that I won the lottery. But there will be signs. As I heard, you were just not see little J.R. down in the valley anymore today. Well, first of all, great job. Last week. You in the one and only Sam Davis. You you not you didn't knock it out of the park. I mean, it wasn't the best show ever, but you definitely hit it towards the wall. I'll give you.

Anthony Carrao:
Well, that's that's very nice. I was not I was very scattered. I was like, hopefully I made some points. I was just I was not ready to be without you, J.R..

J.R. Rotchford:
I understand that.

Anthony Carrao:
It's just so sad.

J.R. Rotchford:
About last weeks show or just in general? No, it was good. I mean, you spent a little bit of time on one of our favorite punching bags. And I appreciate that. I the person that you were referring to, the other firm. You know, it's funny because you know that I'm not a huge fan of hypocrisy. I think you should lay out who you are, what you are, and then run with it. And the person that you were referencing without saying his name, he invested millions of dollars in annuity companies. The person that hates annuities was a huge investor. We learned that years ago. Remember that we got about three or four different articles that talked about the amount of money he put into things that he went on air saying he did not like.

Anthony Carrao:
So that must be like a top-five owner in American equity at some point, which is a firm that just does fixed-indexed annuities.

J.R. Rotchford:
They do life too, but they're bread and butter. They're huge.

Anthony Carrao:
not variable but the fix the stuff that we like the stuff. And again, the issue with that guy too is he just he hates annuities but he describes variable annuities and never differentiates. Annuity is such a blanket term, it can be used to essentially mean any pensions, but there's good and bad ones we don't like variable. We're very adamant about that. And if you listen to him talk in detail about annuities, he describes variable. He just doesn't disclose that they're variable. He just all annuities is how he makes it sound. And I have such an issue with that.

J.R. Rotchford:
Well, and I've owned variable annuities when I started in the industry in the late nineties. I mean that's that's a big part of what I was trained on and what I, you know, I was, I was trained heavily on the good side, the ratchet of death benefits. You know what I wasn't really understanding at the time. You can, for example, you can substitute and this is what I wound up doing after I really figured it all out. The risk, the fees. You can substitute a variable annuity using conservative mutual funds or a good broad basket of mutual funds. Maybe a company like Vanguard that's low cost and a fixed annuity bring down your risk level dramatically, lower your fees dramatically. Your performance in most cases goes up. You don't have to sit with a 20, 30, 40% dump every decade or 15 years. Welcome year 2022. We're having a great time with that. So but and let's not dwell too much on that man, because, you know, forget him.

Anthony Carrao:
Real quick, though. I mean, you had brought up a really good point that I want to.

J.R. Rotchford:
Say that again. Stop right there. Say that again one more time.

Anthony Carrao:
I've already given you enough credit. This show, we're only 3 minutes in. I think these are the two. That's two too many compliments. No, but you said you were trained, right? That was before you took the office to be fully independent. You were trained to sell variable annuities. Whether they're good for people or not, you're trained to sell. Just like we talk about a lot of these advisors being trained in the rules are the same. So when things go up, I mean, all these plans were seen. Nothing's original, it's all the same. It's all outlaid to the old school rules. It's not for the world around us. And that's what you have the freedom doing now that you've brought the firm Independent.

J.R. Rotchford:
Well, exactly. And you know variable annuities. I always said I had to sell fixed annuities I. At the present. I showed people, I showed the pros and cons. I always talk about liquidity. I talk about riders if there's a fee. I talk about contingent deferred sales charge. What's what's the woman's name at Compliance. Are you listening? Full disclosure, I always gave full disclosure. I talked about the pros and cons. We always use moderation, diversification, things that are smart. If somebody came into my office with $100,000, I didn't put $100,000 into a fixed annuity, if that's the main thing they have, I laddered it out. You know, we use some short-term products as emergency funds laddered out. We use some long-term pension planning. But the one thing when you really dig into the difference between fixed and variable and it is stark, it's, you know, maybe variable annuities fit for some people. We haven't really dealt with those people. That's not the clients we gravitate towards. We can't find one that you and I would own ourselves. I think that should suffice. We've talked to a brilliant man who's a CFP, a CPA, friend of yours, Father. As a matter of fact, it loves variable annuities. We're like, Wow, you're so smart outside of this. Why? And it's and he just said, because they're good. Well, he's got money and he can be laddered out and no debt and.

Anthony Carrao:
You can diversify you can once you build your base which we talk about all of the time diversify I mean you can take your chances if you want. The problem is it's we're very pessimistic about the market and variable annuities are market sensitive. So if we're telling people to get out of the market, it would be hypocritical for us to say variable annuities are a good idea we like to fix because if the market goes up, you get to share in it and if the market goes down, you don't lose. It's very basic. It's very boring. But slow and steady wins the race.

J.R. Rotchford:
But how does the financial services industry work? I mean, what's the bottom line? Isn't it about moving things? Isn't it about securities because of trails and 12 by one fees and it's about.

Anthony Carrao:
Moving money from the client's pocket into your pocket as advisor? Isn't that what we learned from Wolf on Wall Street?

J.R. Rotchford:
Yes. Speaking of which, one of these weeks we need to do another movie review when we used to just do a podcast, if you remember the episode, we did a movie review. We took like ten financial-based movies and went over them. We need to do that. Let's gather our thoughts on that.

Anthony Carrao:
I love that. I love Wolf on Wall Street as a movie. The problem is if you dig into that character like that guy was an awful human being and capitalize on the misfortunes of others, he was a terrible person. Very entertaining movie, just like Wall Street.

J.R. Rotchford:
Sell me this pen. Good job, Jim. Jim. Putting a wolf on Wall Street reference over there. We have Jim. Is that right, Jim?

Producer:
Very good.

J.R. Rotchford:
We've got a producer whose name I cannot say.

Producer:
You're pulling back the black curtain today because you always mentioned when I'm producing you guys my name. And now you're finally pulling back that curtain and saying, Here's Jim, and here I am. Hello.

J.R. Rotchford:
Now I have a handle on

Anthony Carrao:
What's your favorite financial movie?

J.R. Rotchford:
We have Sam and we have Jim. I can do salmon, too, but when you get to the last name I can do Dave is easily My little brain is hard to process.

Producer:
What I'm trying to say is me too. And to answer your question too, my my favorite financial movie is probably Wolf of Wall Street, because everything is in that movie that makes it just the complete movie from actors to production, everything.

J.R. Rotchford:
You guys are young, I'm older. So for me, it's just there's a bit of nudity and a lot of foul language that just I gravitate towards that stuff, you know? I don't get that stuff at home.

Producer:
Sell me this pen, sell me this pen.

Anthony Carrao:
It's such a great scene.

J.R. Rotchford:
So we're going to we're going to dig into that. Anthony We're going to talk about that for one of our upcoming shows and remind people there's some really, really wonderful movies to see. Back to the show, though, you know, when we talk about another money show being tongue in cheek that we're not you know, we're not doing the traditional financial planning stuff, I look at it like we are a current event show and how it ties to your finances. We're trying to manage money into the future without a crystal ball. So we are reading I have seven days a week. I'm looking, reading, listening, watching videos. I'm trying to be a sponge. The reason being we are managing money in the future. You know, the best thing to do is to avoid surprises. You know, we talk all the time. You reference the ten pillars last week. Big stuff inflation, taxes, borders, health care, politics, geopolitics, you know, that's all on the table, you know, But and we do bring up black swan events. We're looking for things other people aren't. You know, I find a lot of stuff that I don't find on the mainstream media. For example, we talked about the railroad strike and then it was averted in the 11th hour a few weeks ago.

J.R. Rotchford:
Do you realize that fell through? Have you heard that yet? Do you realize the railroad strike is back on? That's that's what you know how it's going to play out? I don't know. But about a week and a half ago and you and I talked to somebody the day after they averted that strike that works for the railroad. And we asked what he thought He didn't think it was going to hold. Sure. As you know what, it ain't holding. So obviously it'll hold till after the midterm elections. I'm sorry about the political slant to this, but come on. I mean, all of sudden we're dipping into the strategic oil reserve again right before the midterms. Why don't you dip into it right after the midterms and then we'll know this is not political. We'll know that it's to help the country. You know, I read yesterday there's a bill I don't know, article or whatever you call it, on the table now to start giving money to Taiwan because China is rattling their sabers over there.

Anthony Carrao:
we don't have any money.

J.R. Rotchford:
Oh, yeah. Well, we're going to come up with it. We always do. We're going to print it. We're going to raise your taxes. You know, you know what frustrates me? Let's talk about Ukraine for a second, which nobody had a clue what Ukraine was a year ago, where it is, what it is, where is the where's the tracking of the billions of dollars We shifted over there. Where did it go? You know, I mean, am I paralleling with Afghanistan? Are we leaving billions of dollars worth of equipment over there? Well, there is no accountability. So not only are we still siphoning money over to Ukraine, now we're going to add Taiwan.

Anthony Carrao:
Well, it wasn't there. An article we quoted this had been four or five weeks ago. It was something like 30% of the billions moved they could track and said everything of all the the assets, the military equipment of all the money we're sending over there was something like 37% was accounted for.

J.R. Rotchford:
Okay, So then cut that in half. Whatever they tell you, presume it's half as good. If they say something's bad, I presume it's twice as bad. Just my thought, my cynical thought about the world around us right now. You know, I realize.

Anthony Carrao:
Spending that kind of money, you should probably know where 100% of it is going regardless.

J.R. Rotchford:
But it's other people's money. You know, when you're spending money, it's a little bit easier.

Anthony Carrao:
Our money, it's taxpayer money.

J.R. Rotchford:
Well, there's a select few there's a handful of people that are spending it for us. So and I realize life was never the Brady Bunch. It wasn't Mayberry. I get it. There's always been problems. There's never been this many, though. And today we are going to talk about every single one. But first, we're going to take a break. You know, and I do want to recap. Last week I got one bone to pick with you. So after the break, there is one thing I want to talk to you about. So let's take a break. If people want to reach out to us, you know, we're here for you. You hear all this current event stuff, But we'd also like to help you personally reach out to us at team at another money show dot com or give us a call. 623 523 0444. 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:
Another weekend, Another Money Show. visit AnotherMoneyShow.com.

Anthony Carrao:
Welcome back. You're listening to Another Money Show. And J.R. was just leading into a how upset he was with me about last week's show. I'm not sure what I'm getting in trouble for. So I guess we're all going to find out together.

J.R. Rotchford:
I don't believe I'm upset. I just have a little bone to pick with you.

Anthony Carrao:
I'm just disapointed I'm not angry.

J.R. Rotchford:
Right. I'm just sad, stepson. My blended family product, my red-headed stepchild.

Anthony Carrao:
Yeah, I could be red-headed. Nobody would know.

J.R. Rotchford:
You and Sam, right? You and Sam threw me under the bus. You're always talking about my January 1st light switch deadline. The world is going to be different next year. I just use that as a frame of reference to to tell people, be aware until some things get off the table. But the October 9th deadline. So here is when you guys know when Sam's like, how many years? October 9th. Here's the deal. So if you haven't researched it, we've asked you to. It's important if you go on YouTube and some of the videos, Jim Rickards is out there saying, make sure you familiarize yourself this. This could be the black swan we're waiting for, you know, not a black swan at this point. If you're not thinking digital currencies coming, I'm not really sure where you're living or what you're doing or if you're playing for the Cardinals or not. So anyway, if you haven't looked into executive order 14067, now is the time. Drop that down. Do you want me to wait while you grab a pen? I'm going to have Jim sell me this pen so you can jot down Executive Order 14067, pay special attention to section four. So basically, October 9th was the deadline for the different departments of the government to come back and release their findings on yay or nay on moving forward on digital currency. So on October 10th, because I didn't forget that date on October 10th, I start searching, I start Internet searching.

J.R. Rotchford:
I'm curious what they've come back with. You know what I found? Nothing. So either we have further incompetence and just ridiculousness for the people that represent me or it's worse. Like they did come back and they said, we better keep this under wrap. And, you know, I mean, if I'm being too extreme, my thoughts this week, the market's up. I'm going to call that a dead cat bounce. I still think there's way too many issues with the world for the market. The Dow Jones, which is 30 companies to be flying high again. So if I am right, we still have a bigger market decline to come. And then I don't know the time frame. I know people should never give dates. I didn't pull October 9th out of my bucket. I pulled it bucket because I can't say ass on the air. I don't want Jim beeping me that October 9th. I pulled that out of the executive order that that October 9th was not a date. I made up the fact that October 9th came and went and I can't figure out what was said that bothers me. But what really I mean, I think there's going to be a stock market correction. I don't think we've had it yet, or at least fully. Then I do think sooner or later the banks are going to have to close their doors.

J.R. Rotchford:
So if you're keeping a lot of cash in the bank, I don't know what to tell you. Everybody we've talked to, we've got them keeping some cash. We've got them buying a tower garden. Thank you, Marcy, for being our contact there. If you want us to introduce you to Marcy, she's great. She can help you make your own food. We're telling people to put some food and water and precious metals away. I like that you reference that to precious metals, so it is dangerous to give dates. We just recently one of our clients who we trust very much, is very well connected with people that are very smart and insightful. We're he's having us watch October 24th again, I hate that a date was given, but he's saying that there's a lot of biblical prophecy that that has the the beginning of the change of our entire global financial structure begins on October 24th. So we'll see. We'll see if it plays out. You know, I'm still I'm still old school. I believe in moderation. I believe in diversification. If you sell everything you own and buy precious metals, you better be right. Because if October 24th comes and goes and you liquidated everything to buy gold, then refer to our previous episodes on why that could be a problem. You know.

Anthony Carrao:
I talked to a friend Tommy about that, driving him to the airport. You know that movie, 11 Cloverfield Lane, John Goodman builds that bunker. There's the nuclear holocaust, said creepy. Well, is that how you want to go about this? We're not talking that extreme. We're talking moderation. Like, if you're going to be that guy, I mean, you're not going to know the day before it happens. You have to prepare before and then you just sit down and you wait for this kind of destruction. Or do you go about your day to day life. But if you prepare for things like that and they do get here, then you have a plan like you did it, you prepared, you know, you don't want to be scrambling last minute. So we're never saying doing anything obnoxious, you know, not refinancing your home to. Be able to make all of these changes. Just little extra food, little extra water, a little here and there, you know, not break the bank.

J.R. Rotchford:
A little nascent iodine at this point. I mean, you know, you've got the government spending, what is it, 300 million of our taxpayer dollars on an iodine case. There's a little World War three action popping up our way. And, you know, if I'm wrong about all this, so the stock market, this we did hit the bottom. Now it's going to just skyrocket. Now it's Dow 50,000. That's coming. Banks are completely solvent. There's everything is there's money everywhere. You know, the paper, precious metals, they all get where there's back in. So we don't go into civil unrest, increased violence, red states, blue states. Eventually everything's okay. You know, you do still have to deal with health care, borders, politics. The incivility in this country is getting very noticeable. It's getting harder and harder to just be adults and have different opinions and not have people push it towards each other.

Anthony Carrao:
So it's I mean, you and I disagree on a lot of things. I think we have the overall concepts are very similar, but some of the specifics, what was that? I don't know if now is the time to talk about it, but we mentioned it before talking about universal basic income.

J.R. Rotchford:
We did promise we did promise that we would air that out a little bit. Yeah, now's a great time. I mean, you know, we have no good Segway, we have no transition skills. We just throw stuff out and see if it entertains people. And by the way, real quick, before we hit up Andrew Yang or whatever we're talking about. So when you say moderation, when you say have a little extra food, amen. We want people prepared, not scared. You know, when we talk about fixed products for people like where if the world is crazy, as a lot of us are starting to see, where do you put your money If you can't have it in the bank, you can't have it in the stock market, you can't have bonds. We work in some cities, so that's really been tragic. So where do you put it? We are using insurance companies for some of our short-term money. Now we have a heck of a lot higher interest rates on short-term CD type alternatives, you know, long-term pension planning, you know, and we've talked about other episodes, so I won't beat it. But we have ideas for people, you know, pay down debt, buy hard assets, look at insurance companies. They're not sexy. But boy, they've they've withstood the test of time. During the Great Depression, when the government was broke, the insurance companies, the old stodgy, you know, 150 to 200-year-old companies, they did loan and give money to the government to keep the lights on.

J.R. Rotchford:
You know, they did some good. So back to the Segway that you did so nicely and I just followed it all up. Universal Basic Income. We got started on that because Cook County, Chicago, Illinois, which usually does everything perfectly well. I'm from Chicago, by the way. Did you know I lived there for 23 years? So anyway, Chicago, Cook County is is basically letting people apply for free money. So the free money there is no it's just how much money do you make? That's it. You can be here illegally, legally. You can be 18 years of age who at 18 wouldn't put their hand out, you know? Oh, man. Jim just kind of held up the flash card that we have to go to break. So this is good. We get to tease you to stay after the break so you can hear our insight on universal basic income. As always, you know, we appreciate you being here. Please tell people about us. Please tell people we really want to get the word out and sound alarm. So help us and reach out to us at team at another Money show dot com or give us a call. 623 523 0444. Thanks, and I hope you're having a great weekend.

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

Producer:
You're listening to Another Money Show.

Producer:
Welcome back to Another Money Show on 960, The Patriot. Thank you for joining us today. Don't forget that our show is also available in podcast form. So subscribe wherever you get your podcasts Apple, Google and Spotify. Also, don't forget J.R. and Anthony. I'm Jim, by the way, the producer. They let me bring them in, give them a little bit of a break. Don't forget to call J.R. and Anthony. 623 523 0444 for a free consultation as well. J.R., you were teasing universal income last segment about what we're going to talk about here, universal income. It's really starting to kind of pick up steam in certain pockets of the country.

J.R. Rotchford:
Yeah, yeah, yeah. And that's all important. But Jim. Holy cow.

Anthony Carrao:
That was beautiful.

J.R. Rotchford:
Yeah, it was amazing.

Producer:
Gentlemen, this is not my. For those who don't know, this isn't my first rodeo.

Anthony Carrao:
Well, it was our first rodeo, so we are pleasantly surprised. And what it's like to watch a professional do this work.

J.R. Rotchford:
Now we're going to start. You've got a radio voice, and he's good looking.

Producer:
Anthony, are you sure that you know what the word the meaning of professional is?

Anthony Carrao:
No, not at all. I claim to be one. I've never seen a dictionary, though, so I'm not really sure what that means.

Producer:
Well, look, every week you guys bring great content to the show financially and even some opinions mixed in as well. But again, with universal income and I think a lot of people from the younger generations are adaptive to this idea, but I'm not sure that people really, truly know what it what it really means, quite frankly. And with universal income starting to pick up steam, as I mentioned, throughout certain pockets of the country.

J.R. Rotchford:
Well, and it is it's it's been going on forever. I mean, the state of California has perfected it pretty well when during the COVID, you know, some of the the aid we got through that money sending out checks to people that isn't that isn't that free money, isn't that universal basic income. It was supposed to be temporary, but it was free money. Andrew Yang I mean, when he ran for president, I don't remember, but I think it was 2000 a month was the target. You know, first of all, we're broke. So let's start with that. We don't have any money. So how do we give money to Ukraine? We shouldn't How do we give any money now to Taiwan? We shouldn't. How do we give money to people, whether they work or not? We shouldn't. But let's start there. We're broke. If we weren't broke, let's say you and I, Anthony, become in charge of the country, which actually we're considering. So when we are in charge of the country, the first thing we think we should do is pay down the debt. We think financial fiscal responsibility is important because we think sooner or later this is going to tip. And anybody who's listening, if you have kids or grandkids, you know, feel bad for them for what they're going to see, they're never going to have the American dream that we had the chance to get so well.

Anthony Carrao:
A lot of that has to do with I mean, the reason for the universal basic income, right? Andrew Yang's argument is that we're becoming more and more efficient in our manufacturing and we're replacing people. I mean, that's what our economy was built on, forties, fifties, sixties was people building products. First of all, we've outsourced a ton. We've moved manufacturing to China because it's significantly cheaper. And we're being replaced by robots at this point. So his Andrew Yang's thought was we're going to essentially get rid of individual workers. I mean, you comment on that all the time. You know, the self-checkout lines and the checkout boards at McDonald's, You know, those don't pay Social Security. You're right. They don't. But they also remove jobs from individuals. So we've got all these people in this country that have to live and have to survive, and we're getting rid of jobs for them.

Anthony Carrao:
Income is to how do we fund this to give individuals just enough for basic necessities. Now, if they can find jobs, if they can work, then they can spend more to build up the economy, because that's how the economy is not built on saving. The economy is built on spending. But we're talking about exactly. We can't afford it as a country. We can't afford universal basic income. But the problem and the reason why this is. Even a topic is because people have less money, you know, the price differential or not price. But the wage differential between lower workers and CEOs is massive. I took a census poll, we've talked about this a couple of weeks ago, looking at Arizona specifically and adjusting for inflation numbers. Our income in 1985 was 55,000. Adjusted to 20 $20, but average income is 66,000. That's a 22 or about a 20% increase. However, CEO incomes in that time from 78 to 2020, adjusted for income, is 1300 percent higher. Not 20%. 1300 percent.

J.R. Rotchford:
Isn't this a free country, a capitalistic country, where if you become a CEO, it is what it is? I mean, do you isn't UBI universal basic? Is it going to be like socialism, like we're all going to be even?

Anthony Carrao:
Are you not already a socialist country? Now, when it becomes the haves and the have-nots, it gets to a point where capitalism goes too far and it becomes the exact same thing. So let's save that thought. We've got to go to break again. In the meantime, you can reach out to us at team at another money show dot com. You can find us at another money show dot com and you can listen to Another Money Show wherever you subscribe to podcasts. We'll 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.

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

Anthony Carrao:
All right, we're back. And we are discussing universal basic income. And my argument right now is just that capitalism has kind of gone past, you know, the big fear in this country is communism. And my argument is capitalism has almost become communistic at this point because there's such a divide between the haves and the have-nots. So it's how do we give, you know, the little people like you and I just the breadcrumbs just to get them by. So a get universal basic income is just kind of to. You know, kind of keep the lower levels happy, Right. So there's not some sort of uprising. But the problem is we've gone way too far in the price, ranging in the wage gaps between everybody else and these massive billionaires.

J.R. Rotchford:
I see it. I mean, and don't get me wrong, I see both sides of this, but I tend to focus on the more negative aspects of things. I mean, not just because, you know, I'm the person that watches the news just to see the train wreck. It just it's more powerful. I mean, our motivation is love, hate, fear, greed. I mean, the negative is oftentimes more powerful. My problem with giving people 2000 a month, it's I don't think it'll change the rich getting richer and the poor hovering in the middle class shrinking. I don't think it'll work. And obviously I start by saying we're broke. I think it's actually going to kind of reward the lazy, further lazy. I mean, I don't mean a blanket, everybody that's going to get lazy, but I think it'll make generational subservience. I mean, I think it'll keep people kind of a lot of what we're doing now with the food stamp program. We've ushered everybody onto this program. It gives you just enough to get by. It never helps you temporarily like it was supposed to. I mean, you know, when when stuff like unemployment came out, it wasn't supposed to be a lifestyle. It wasn't supposed to be permanent food stamps, all these things. We're supposed to help each other. If we could get the corporate CEOs to to help people more, I would love that. I mean, believe me, I think it's disgusting the disparity between the average worker and the CEOs. I do If I was a CEO, I wouldn't see it that way. You know, I mean, if you if you were in the Walton family, I bet you you wouldn't have the same UBI thoughts. But for most of us who aren't billionaires and the 1%, it is disgusting.

Anthony Carrao:
I don't disagree. But. All right. So let's talk about the universal basic income. The wage is right. There's the argument that if we increase wages, it's going to put small businesses out of business. It's going to they're going to just we're going to have this massive amount of inflation and raise costs. Well, we have all of that now by the government printing all of this money with wages not increasing enough. So at what point, how do you fix the fact that most lower-end jobs, you know, how how do you get those people to be able to afford any sort of lifestyle at all? Right. So we talk about the 20% increase in pay, but housing, cars, I mean, those have shot up way past that 20%. You know, it's just not feasible for people to live. And how do we fix that? Because you can only buy so many super yachts. You can only buy so many cars, like you can just have one guy with billions of dollars spending a bunch of money. You know, you need lots of people spending a little bit of amount of money because it's essentially I feel like at this point, like if you're hiring people and they can't make a living and they can't rent a house and buy a car and stuff, is that not, you know, almost the fact that it's slave labor? If you're how many hours a week do you have to work? Like what's a justifiable amount to make people be able to afford to.

J.R. Rotchford:
right now? You can't I mean, you know, Jim gave us some facts that we could read if we wish. You know, one of the things is on inflation, the cost of candy is up 13% just in time for Halloween. The 13% increase is the largest annual jump in candy prices the CPI has ever recorded. We're in a no-win situation here, Anthony. Part of the problem is and we like to air this stuff out, make people lose their critical thinking skills. It's too late. We needed to have these conversations in the fifties, sixties, seventies, eighties, nineties. It's too late. It's going to tip. You know, my neighbor sent me a video yesterday in a way to double down on making me nervous about the world, about C, e, r n, and about how automation it's basically we are looking to get rid of people in general. It's very dark and very, very scary stuff. I'll send it to you if you wish, but.

Anthony Carrao:
Yeah, so where do what do all those people need to survive? If we essentially get rid of all the jobs at the lower levels, how do these people exist? And that's where universal income comes in. So also I want to state that I'm not necessarily for that. I just want to say I kind of get the basics of why the push. And also as a financial guy, I know we can't afford it, so I don't think it's feasible. I think there's way more cons than there are pros. I just it's it stresses me out because I know that there's yeah, like you said, we're at it. We're at a tipping point. Everybody loses right.

J.R. Rotchford:
Now. Yep. Except for the select few, the people that have the big wealth, if they go to Aruba or Belize or whatever, you know, and and with the UBI, I mean, who's going to administrate it? Don't forget, you know, we seem to think that the government is always there to help us. I don't know if I see it that way. The government caused all of our problems. That's who we're going to trust to get us out of them. I mean, you know, there is no win. We're never going to win. We could talk about this for hours and we're never going to win. On how to fix it as my frustration. So I don't know. I don't know how it ends. I think we are living in such uncharted territory times. I think it's going to be very interesting what happens with this country and with the world. And more immediately, I mean, when I when I go back to starting aid for Taiwan, you know, everything when I talk about how there's always been things to worry about, if somebody comes in our office and they sit down, we go over their statements, we get to know them financial needs, analysis, all the very fancy risk allies and pie charts and graphs and all that stuff. So then we tell them, let's let's we're going to go through all that. We're going to put together a financial plan for you. And again. So we wind up finding ten financial plans.

J.R. Rotchford:
All slightly different, but all really good for these people, a good fit. Would we present ten plans, these people? Absolutely not, because it overwhelms them. If you show them ten plans, they're not going to pick one, not because they're not all so brilliant, but because they're afraid of make a mistake. This world has given us ten different things to worry about, and we keep adding one every day. You know my problem with the foreign aid to Taiwan? Don't forget a few shows back, we talked about how the government is urging military active duty military to go on food stamps. There's a huge problem with veteran homelessness and suicide. There's all these issues in this country, and yet we are making Ukraine and now we're going to give money to Taiwan. Fix your own house first before you fix other people's house. It's infuriating to me. You know, one of the things that I got in trouble for debating with somebody recently, I brought up a wounded warrior. And Dave, you know, and I bring this stuff up. I'm a veteran. I feel like I have a little bit of room and a little bit of a right to discuss some of this wounded warrior. It's it's a wonderful cause. It's a very important thing. But what the hell? Why are we passing the hat? To take care of our wounded warriors? Somebody comes home from Afghanistan, they lost a leg, and now we're going to do a Go

J.R. Rotchford:
Fund me for them while we're giving money to Ukraine. We've talked a couple of weeks ago about the debt ceiling. Nobody even knew about it. We hit the debt ceiling again a few Fridays ago. And in the debt ceiling emergency plan to keep the lights on. They put more funding for Ukraine to operate their government, not just for the weaponry. This time, the irony, the ridiculousness of what's going on in our country is so extreme and you still have people that don't see it. I don't get it. If you're listening to us, you know, we've been out here for over six months, so if you've been listening to us, you probably are seeing it. You are probably hearing it or you think we're just crazy, as you know what? So and maybe, maybe both. Maybe we're brilliant, maybe we're crazy. Maybe it's a mixture of the two. I don't know yet. You know, back to the dates thing. You don't like when I give dates. I don't like when people give dates. I understand that. But I also know that when somebody gives a date, it's usually pretty important stuff to talk about it. Stuff we need to know. And we're not getting it. We're just we're not getting it on the news. We're not getting it anywhere. So you're getting it here. Welcome to it. Oh, that's funny. I don't know. I mean, am I supposed to be exhausted after?

Producer:
I think maybe you need to take a nice, deep, long breath breather in 5 seconds. Hold it. 5 seconds. Breathe out. 5 seconds.

Anthony Carrao:
Yeah. I think we need some yoga in the middle of this show.

Producer:
Some yoga? I don't want to pull a hamstring. I. I've heard that you can pull some muscles doing some yoga if you're not experienced. Just my Ms.. My producer. $0.02.

J.R. Rotchford:
I pulled a muscle this morning trying to tie my left shoe so that I believe.

Anthony Carrao:
Thanks jim. Yeah. No, I think it's. You know you're not you're not wrong is the problem. And I wish we had more answers because it's one of those you can't fix everything else where you can take care of is your own home in the sense of you as an individual listening to this show, the government's job should be taking care of its own home here. It's just not. We've set ourselves up as the world police, but we're crumbling within. So it's tough.

J.R. Rotchford:
There's there's a lot to worry about, you know, and it's funny because when I do get myself all worked up, you know, it reminds me of when I started thinking things were off. It's been about 15 years now that I've been, you know, kind of seeing things are going the wrong way. I watched a lot of younger people that I would I would talk to their parents about helping them with a Roth IRA. Your mom and I did that for you, Anthony. I don't know if you remember that when you first were working, you worked at NYPD, you worked at Subway, these different jobs. And we made a deal with you. Every dollar you put in, we are going to match dollar for dollar. You put in 100 bucks, You just got 200 bucks. You took us up on it. You actually had a Roth IRA from a very early age. Most of the people that I ran into where I talk to their parents about, about doing that for their kids, they they there was no long term they couldn't see far enough out for it to be valuable. A lot of them had fully sleeve, you know, tattoos. They have other priorities. Thousand dollars Cell phone Roth IRA is not a priority. So and unfortunately the world is sketchy and getting sketchier. So some of the basic traditional financial planning things that we've always done it still. Underneath all this. But when I first started getting worried 15 years ago, I remember your mom saying, Well, you know, you can't wait for things to go south. I was like, That's not true at all. I think things are going to go south one day. So if I do everything I can within my power and my control to prepare for it and it doesn't happen.

J.R. Rotchford:
So what? I'm not out there robbing banks. I'm not refinancing my house just to buy MREs and stored number ten cans. But I am becoming prepared, not scared. I didn't use that term back then. And it's funny because over the years your mom started understanding that she's like, well, you've you've gotten us where we feel is as safe as we can be for the world being as weird as it is. And then we go to work every day. We do our stuff. You know, your mom's nearing retirement. She's 55 years of age, and she's been with the school districts long enough where she can retire. What we have to get her from 55 to 95. And by the way, I. I think we should talk a little bit. You sent me an article yesterday about our life expectancy. That's a good Segway caveat into that. So how do we tell somebody who's made the lives of small children better? She's been such a wonderful person her whole career. How do we tell her? Taxes, inflation, you know, possibly food shortages and gas shortages are in your future. This is tough. So what we do, you know, how do you eat an elephant? One bite at a time. How do you eat an elephant? I love that you don't. How do you know there's more than one way to gut a cat is that you don't leave the elephants and the cats alone. How about we start there? All right, In the next segment, we need to talk about life expectancy. And we need to talk about.

Anthony Carrao:
This is the last segment.

J.R. Rotchford:
This is it. Jim, are we almost done today? I think we have one more segment. I think we're just having so much fun. Oh, my gosh.

Producer:
We are. We are having fun. But this is indeed the last segment.

J.R. Rotchford:
Oh, my gosh.

Anthony Carrao:
Let's let's recap that article real quick. But essentially the joke is, you know, you tell us when you're going to die and we can tell you exactly how much money you need. The problem is nobody knows when their time is. And so you have to plan for today and tomorrow when it comes to your finances. But recently there was an article out of a scientific journal. I can't find it right now, but essentially we've dropped down to what was it, 1996 for life expectancy and we've.

J.R. Rotchford:
Had a gain.

Anthony Carrao:
Yeah. So we've lost 20-plus years of life expectancy over the last couple.

J.R. Rotchford:
And the article scared me because, you know, covid well covid, you know, a lot of people died of COVID. But then when you look at the suicides and the drug overdoses, it's, you know, a lot of this it it stinks, but it's happening.

Anthony Carrao:
There's a lot more to it. So the good news is, according to this article, you'll need slightly less money moving forward. Right. So we'll end on a high note right there. So that is it for today's show. If you like what you heard, if you have questions about any of the topics today, you want to sit down with us to review your personal situation. You can reach us at team at another money show dot com. Find us on the web at AnotherMoneyShow.com or listen to Another Money Show wherever you subscribe to podcasts. If you reach out to us, you want to sit down. There are no minimums, no cause for appointments, nothing to lose by getting a second opinion. If anything, if you don't have money to invest, you probably need an advisor more. Let's get you on the right path moving forward. There's no better time to start than today. Thanks for being with us. 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. Investment Advisory Services offer 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. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results.

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