12.17.22: Audio automatically transcribed by Sonix

12.17.22: 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:
You're listening once again to Another Money Show with your hosts, Anthony Carrao and J.R. Rotchford. Taking a break from our day jobs as financial advisors with Rotchford and Associates, a fully independent fourth-generation family business. That means we have been putting up with family over and over and over again and we are not learning our lesson. So maybe we'll get into the fifth and sixth generation. I didn't plan on being the fourth. J.R. didn't plan on being the third, but look at us now. And not only are we financial advisors in the greater Phoenix area, we are now radio hosts bringing you information you may not hear on those other financial shows. And this week we've got a lot of stuff. We're going to probably pretend that we're going to get to. Who knows if we will or not. Definitely want to talk about. That's been big in the news. Sbf in the Bahamas getting caught. But the big story right now is that debt ceiling. We talk about debt all of the time in the miscellaneous and atrocious spending of our government, and it does not seem to be getting any better. In fact, it gets worse and it's substantially worse and exponentially worse. And, you know. Where's it going to end? How's it going to end?

J.R. Rotchford:
Well, good morning. You seem on fire today. You seem more awake than last week. Like we're not going to go to bed angry tonight. This is good. I like. I like you in a good mood. Yesterday we went to a men's networking happy hour group. So I want to say thank you. We've got some people that attend regularly. They're all starting to listen to the show. So shout out. I mean, Chad, Mike, some of you some of you listen to the show that makes us super happy. The more people we get to, the more people we sound alarms with, the better. And people are asking us the right questions. You know, you're not getting in the news that there's a debt ceiling. There are still people that have never heard of FTX and SBF and SPX and whatever the hell else is going on out there.

Anthony Carrao:
P and G, And we just are we saying letters now?

J.R. Rotchford:
Grand Theft Auto? I don't know what you're talking about, but I agree with you know, I think what we do, I think it's important. I think we are saying stuff that other shows aren't saying. So we're just we're always glad you're here with us. You know, when you listen to mainstream media yesterday, you were getting a lot of the Defense of Marriage Act. So I think I think now it's protected that I can marry a chair, but I'm not sure you know, I don't know. I mean, the government is so intrusive into everything, whether it's guns or abortion or marriage or, you know, our money. It's like, you know, we need to kind of remember that this is supposed to be a free country. You know, these elected officials, they are supposed to work for us and represent us, but I'm not sure if they do. So I think about the intrusion, the governmental intrusion, and then I think about you can't manage your own house. So the debt ceiling, you're not hearing about that on ABC or NBC or whatever. You know, we were recording today is Wednesday, the 14th of December, but the show airs on Saturday. So we will have last night. If you're here on Saturday, we will have this debt ceiling again. And the government is going to do this comprehensive package. You know, the last time we hit the debt ceiling. Do you remember when that was? That was a month ago. So a month ago.

Anthony Carrao:
They did a really good job in this last month to not have the same issues again.

J.R. Rotchford:
No, they did. I mean, they.

Anthony Carrao:
Learned their lessons.

J.R. Rotchford:
Oh, of course they learn it about every 30 days. So the government is taking in record setting revenue on the taxes. And we're going to get to that today no matter what. So and yet they keep spending more. It's like it's insane what's going on. So we hit the debt ceiling about a month ago and I made fun of it a little bit because it kind of went under the radar. But I actually started digging into what they were going to do to satisfy the requirements. What they did was the emergency spending package included foreign aid. Guess where that went? Yes, you're right, Ukraine. So but the irony of.

Anthony Carrao:
Flat out a debt, they passed an emergency spending plan. I want to make sure I followed that right.

J.R. Rotchford:
Yes. To get out of debt, we've decided to print or tax you more money. What's the best thing to do when you're on fire or you? You certainly you add lighter fluid. I mean, obviously, everybody go find a fire extinguisher or a bottle of water, God forbid. So but the thing about the debt ceiling, emergency rescue package, you can't make this you know, what up, Jim, Can I say a bad word just one time? Let me swear just today so you cannot make this stuff up. What they did, you know, we've been given a lot of money to Ukraine for weaponry and that sort of thing. In our debt ceiling emergency package, we put money in to keep the government in Ukraine running. Go back, do your research. Luckily, we have the interweb so you can find out if what I'm saying is true. Yeah. And to keep our lights on. We gave money to Ukraine to keep their lights on. All right, So now back to last night when we ran into the debt ceiling. My presumption is we are going to pass another spending measure to keep going. You know, who cares about the $32 Trillion in debt? As somebody very close to me, actually, this woman lives in my house or I live in her house. I think I'm actually more in her house.

J.R. Rotchford:
But anyway, this woman that is very close to me on some levels. So she's like, who cares? She said the stuff you said when you got in the office four and a half years ago, She's like, Who cares? Let it go to 100 trillion. Who cares? I'm like, Sandy, I accidentally sent the listener's name, the, you know, Anyway, this woman that I live with, so she's like, you know, it's just nobody understands it. Nobody knows. It means it doesn't affect me. It doesn't until it does, you know, sooner or later we are going to have a problem. Look at history. The world reserve currency is being yanked out underneath us. You have said over and over, fiat currencies have a lifespan. It certainly seems like we have pushed the boundaries of our financial lifespan. So when the debt tips, how is it going to look? We think at least I think I never want to put words in your mouth. We I think that we're going to have a stock market collapse. I'm going to finally say the word collapse. Think what we've gotten this year has been bad, but it's like, you know, we're on our third do over. It's like it's bad. Then it's okay, then it's bad. All the stock brokers are Oh, this is you know, by.

Anthony Carrao:
The last couple of weeks, we've seen a reprieve a little bit.

J.R. Rotchford:
Again. Why? Why is everything fixed? Are we are we out of the woods on geopolitical strife? Are we out of the woods on potential?

Anthony Carrao:
I think it has to do with people cover in shorts. I mean, there's such a massive short market that you you're borrowing and selling stuff that you don't own. You have to replace it. So it's just kind of slowly increasing into that bubble. I mean, the derivatives market, what did they say? And that there's eight or 80 trillion in derivatives that are tied to the crypto market, 80 trillion. Our GDP is not 80 trillion, not even close to 80 trillion. And that's how much betting on top of betting on top of betting that we have behind the scenes and this is another one and we need to spend a show on this term one of these days. But it's so complex. But reapplication, if you can find a way to look into that because there's so much trading going on between these banks and the Fed that a lot of these institutions have the exact same assets on their sheets. So they're all claiming to have all owned the exact same property. Well, they don't all own that. And that came to light big in 2008. And I think it's going to be even more so now in the coming future.

J.R. Rotchford:
I agree. And when you get into the word hypothecation, when you get into derivatives, when you get into debts and deficits, a lot of people's eyes glass over and they change the channel.

Anthony Carrao:
Yeah, I got bored while I was saying that and I was like, Well, I'm sorry, let me apologize. Take that back. We'll edit it out.

J.R. Rotchford:
Jim's resting comfortably. He's like, Oh, that's pretty good. So no. And you know what? I think how it plays out. We're going to have a stock market, I think crash that's going to lead to the housing market crash. I think I think this time is different. Oh, yeah. This time it's different. That's right. Yeah. You know what?

Anthony Carrao:
Every day, because it's worse, right?

J.R. Rotchford:
It probably will be. It's like to me, it's how long do we have? Do we have six months or do we have two years or we have four years? Who knows? Without a crystal ball? You know, if I've asked you to jot this down, Executive Order 14067, especially Section four. Now we are in the middle of a test on a parallel financial universe, on the digital currency and how it's going to play out if you're still not looking up the word bail in, if you're not looking up central bank, digital currency, I'm sorry, but you're going to be unpleasantly surprised in the future with how our our financial landscape changes. So when people say to me, who cares? Whatever. If you look at Rome, you know, bread and circuses, just keep the people happy and they'll never rise up. We are. You're potentially going to have some changes that will devastate this country. And I after that, I don't know. I mean, do we. Does it get really ugly? Do we go into civil war and we're all throwing rocks at each other? I don't know. You know, you certainly have a media. That wants to push us all against each other. You know, I made a little fun of the marriage defense. And I don't mean if people are in love. Be in love. I just. I don't want the government. Telling me how to be in love.

J.R. Rotchford:
Who to be in love? How do you know the people need to do their thing? So I don't know. It's just upsetting, you know? When you look at. Things that are overwhelming, like 32 trillion in debt. You know, let me bring it down a little bit to what does affect people. And they might not glass over so much. So we said, I don't know, like a year ago, a little bit over we said that or let's go back two years. There was no inflation. We didn't have any inflation. They needed to get inflation up to 2%, the target rate. Who in the hell makes up the rate of inflation? We should have. We have a free country. Simple economics should dictate. You know, we're a consumer nation. You know, things are only as worth as much as somebody is willing to pay. Let's let the marketplace work itself out. No, we've got a government that's going to control it. How are they doing right now? Not so good. Oh, it's great news, though. We're down to 7.1 from 7.7. Everybody's happy. Gas is down from 450 to 350. We're all so happy. So, you know, bringing it down, I get kind of excited about this stuff, bringing it down. They said no inflation. Then they said transitory. Now there's an oil where there's inflation. This is all within the last two years. So.

Anthony Carrao:
Well, they also said that with the digital currency is like, oh, we're just we're testing it in a minute. We're not doing it. It would take so much. To implement. And then. A little bit. A few months later, they're like, Oh, yeah, no, we're actually we are working on that. Then the executive order came out. Now this test. And the scary thing is I cannot find any news on this test any time I do try to do Google search, DuckDuckGo doesn't matter. I cannot find news articles on this, just like the news articles. You know, we brought up a bunch a long time ago the fraud case for the banks in China, where the banks weren't taking in the funds, they were actually being moved offshore. It was strictly a fraud case. But that's a huge deal. I mean, just because it's not happening in this country doesn't mean that it can't. And it's just I don't know.

J.R. Rotchford:
Now I follow what you're saying with that.

Anthony Carrao:
Well, yeah. In the meantime, you can check us out. We're going to commercial. Check out Another Money Show wherever you like and subscribe podcasts. Check us out online at AnotherMoneyShow.com Or get in touch with us directly at Team@AnotherMoneyShow.com

Producer:
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J.R. Rotchford:
Welcome back to Another Money show. Thank you so much for being with us. So continuing on. You know what I was saying about the inflation was there's no inflation then. The inflation is transitory. Now there's inflation. Oh, but now the inflation is coming down, so everything's be okay. So today, again, we're recording on the 14th. There is supposed to be a rate hike. Most people are saying a half a point. Some are saying a quarter, some are saying none. The market is rejoicing as always. The market on the days that there seems to be potentially good news jumps for joy. And then the days that the market has really bad news, the world has bad news, the market jumps for joy. You know, there's no rhyme or reason. So another little area when the when the government said that there's no inflation, then transitory. Now there's inflation. You know, don't forget about taxes. You know, the government is taking in record revenue tax receipts. And yet Janet Yellen is still on the world tour saying it's going to get worse. It's going to get higher. We sorry, we're all in this together. You know, even though the rich don't really pay taxes, the poor don't really pay taxes. It's another version of the middle class shrinking. So with taxes, think back. This is going to take you back, I don't know, maybe even up to a year ago. Oh, we're only going to raise taxes on people that earn 400,000 or more.

J.R. Rotchford:
You remember that one? I don't worry. You know, unless you make over 400 grand, you're safe. And then what we talked to you about last week, they're tracking you. It used to be if you make like, up to $20,000, you're fine. They're not really, you know, get an Uber job. Lyft, Uber eats whatever. You're fine. And now it's $600. Who do you think they're tracking at a $600 level? Is it the rich? Nope. Is it the poor? No. It's squarely on the middle class. Again, the people that are making the $600 and by the way, the people that are doing transactions through Venmo and Zelle. That's you, Anthony That's you. Jim These are younger people. So they're going after the masses now. They're going after the future tax revenue and nobody's calling them out on it. You know, I am. That's why I never give out my home address on here because I know somebody's going to come pick me up. So, yeah, no, it's it's amazing. So you're not going to tax me if I make over 400 grand? What if I make 700? Well, then we're going to track you. Then we're going to get you. You know, make sure you do everything in cash. Don't use Venmo well until we take the cash away, and then we're going to track you a little further.

Anthony Carrao:
Yeah. And it's not even individual transactions either.

J.R. Rotchford:
It's total aggregate. Yes, sir. That's scary. Yep. So it's just it's another example of how everybody is saying, look at this hand, watch this. And then if you look at the other little hand behind their back, it's amazing what's going on. So we are racing into big, big transformations in this country and there's still people that don't want to hear it. It's more comfortable not, you know, my my favorite thing and I haven't indulged in a while. Let me read you the definition of normalcy bias. Another thing to jot down when you're resting. Why don't people see what I see? Why don't people talk about it? Normalcy bias. Let me. It's 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. Do you realize the size of the calamity caused by human error that we're about to run into? It's not. It's not if anymore, it's when. You know, when I started in this job a quarter of a century ago, there was news going around about a new currency, like they knew 25 years ago that our fiat currency had had its days numbered. It was called the Amero. And every time you tried to talk to people about the Amero, it's like, put on your tinfoil hat. You know, fast forward 25 years. There's no such thing as a tinfoil hat, there's no conspiracy theorist. Everything that people that were worried said. Now there's all kinds of proof that they were absolutely right. It just nobody's flipped a switch yet. You know, you get into heavy, heavy stuff, you know, way beyond my scope. You get into chemtrails and, you know, other life forms and all that. That's out of my pay grade.

Anthony Carrao:
So speaking of that, I'm going to get off topic real quick, though. Aren't they supposed to be releasing documents on the Kennedy assassination stuff that's been locked up for forever? I think that's supposed to be released very, very soon. If it hasn't already, they will.

J.R. Rotchford:
It's going to be 4973 pages and 4971 pages will be redacted. It'll say at the end, I'll just say, have a nice day. We're in charge. We're in control. You're good.

Anthony Carrao:
So it's always funny how tinfoil hat some of these things are until they come to light that they were true.

J.R. Rotchford:
And that's what I hate to say it. That's what I think they all are. I mean, I actually think that the air we breathe is not good for us. There's a lot of testing. I believe the water we drink. Why are we still putting chlorine in the water? I mean, I think a lot of things might not be as crazy as you thought. And you know what? I say this all the time. Even normal stuff that you were supposed to count on, Medicare or Medicaid, Social Security, the safety nets of the middle class, they're all in trouble. It has not been politically favorable to address them. So we just keep kicking the can. But then you look at you guys, you younger folk, you have to deal with what's going on with health care and borders and all this stuff, all of the conspiracy theories. If they pan out to be true, you have to live in the world. You know, you're 30 something. You have to live for the next, what, 60, 70 years in a world where all this stuff is coming to light, are you going to be able to change it? Is it too late to put the genie back in the bottle? You know, I don't know. Very uncertain times. So it's very weird. I went up to Snowflake last weekend.

J.R. Rotchford:
A friend of mine named Jeff went with me. Jeff's been listening to all the shows, by the way. I greatly appreciate that he. Jeff is quiet. He's very smart. He's very you know, he just sticks to himself. It's amazing how he sees the world, though. And it really it got to me thinking that there's a whole bunch of people like Jeff, like you, like Jim, like Sam, all these people that are younger, you are going to be collateral damage to the world around you. You know, if you're if you're just all you're worried about is getting the next part of your tattoos, leave and Tiktok. No offense to people with tattoos or people that like Tiktok, I'm just stereotyping because that's what I do. So if that's your main focus, I hate to say this to you, but when things change, you're going to be blindsided, you know, and you are very much awake and very much aware. I was surprised how much Jeff is. It's like, you know, we had three and a half hours each way to converse about this stuff. And I just I feel bad for him. And then he's got two kids, so I don't even know what to think for future generations. But it's crazy.

Anthony Carrao:
Speaking of Tiktok, though, did you hear about the bipartisan bill that's coming out to make that illegal in the States?

J.R. Rotchford:
I have heard that. I've heard that. I've heard the Tiktok is a Chinese tool to get all our information. I think Tiktok. Whether that's true or not, again, above my pay grade, I think just what I've seen of it, it's amazing. It's our attention span has really transformed because of Tiktok. If we can't be entertained or amused or informed in 30 seconds, we'll forget it. I don't need it.

Anthony Carrao:
And Tiktok is from a financial standpoint though, is a lot of the stuff associated to Tiktok after they announce that went up. You know, I think Facebook, all these other stocks went up after they announced that there's going to be a bipartisan bill to potentially shut down TikTok.

J.R. Rotchford:
And why is that? Because they'll use their platform to fill that void if they get rid of TikTok.

Anthony Carrao:
I guess so. It just seems like a weird transition. But speaking of transitions, you are listening to Another Money Show on 960 The Patriot. Check us out at AnotherMoneyShow.com Like and subscribe to us wherever you listen to podcast Another Money show.

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

J.R. Rotchford:
Welcome back to Another Money Show. Thank you, as always, for joining us. We love that you're there. Another quick shout out. We had a client I'll use. I'll say the name Darrell. We had a client named Darrell who reached out to us and he asked us, you know, he's been listening to the show. He asked if he has too much money in the bank. And the answer to his question is, well, that depends. That's a very personal matter, you know, depending on the amount of money you have. You know, usually things are proportional when people say, should I have gold and silver? It's like, well, it depends. I mean, you know, if you look at your total assets, if you put more than five or 10% into gold or silver, perhaps it's excessive. Some people have have, you know, maybe it's 20 or 30%. But with Jarrett, with the bank, when the question came up, it was like, well, let's you know, how much do you have in the bank? The biggest thing is you ask this question because of what we've said on the show. So do you think that we are potentially correct? Do you think there could actually be a bail in? And what's going to happen is they're going to say, don't worry, your money is safe, but you can only have so much a day.

J.R. Rotchford:
You know, first of all, this country is going to panic. You know, we we there were people in Greece when they defaulted into their billing. There were people in Greece that were literally killed at the banks. They were set on fire. It barely made it to our media, but you could find it. You know, could that happen here? We're on the edge. I mean, there's a lot of people that think that this country is on the edge of more extreme violence and people are just there. They're at each other's throats. So when you start getting people claustrophobic and, you know, they get like a dog, I mean, sooner or later you cornered a dog, they're going to lash out at you. And so back to the bank. So the answer is, how much should you have in the bank if you keep enough to pay your bills? I mean, you have to do that. You still have to pay your mortgage and your rent and your insurance and that sort of thing. So above that, what is a comfortable emergency fund? For me, it should be low because I think that they're never going to give you warning.

J.R. Rotchford:
I mean, I'm reading every night, I'm looking to videos, not just on TikTok. I am really trying to be a sponge on what's going on around me. So I feel like if a bank bail in is imminent, I'll have as good a chance as anybody of knowing. It's going to happen. And then I realize it's I'm not going to know. I'm going to go through my weekend as normal and then Monday morning. I'm going to get a call from somebody back east because they're up earlier than I am and they're going to say, what's going on? So that's all I know. That's how I know when the planes hit a building. I had a friend from back East call and say, What's going on? And I got to know, turn on the TV. I'm like, Holy crap, what's going on? So with the bailout, it's just going to be a monday morning. You know, that's when we do everything. We're going to default on a Friday night. That's when Silver State Bank defaulted. Desert Hills Bank. That was my next-door neighbor. You know, when did Lehman Brothers go south? When did we pass the Affordable Care Act? Everything happens at Friday night. After 5:00 Arizona time.

Anthony Carrao:
So that's why you prepare ahead of time to we say this a bunch on the show have. Money. At home, have cash at home, get it safe. Protect yourself. Have access to funds. Should this happen? I mean, unfortunately, banks necessary evil. There's just no way around that. You can't pay for things in cash anymore, and you certainly won't be able to once there's a digital currency. But there's. You have to have money in the bank. There's no way around it. It's do you have excess? And that's what we're trying to avoid.

J.R. Rotchford:
And pay down debt and have cash at home and put things. We talk about insurance companies all the time. There's insurance companies with one year products, two year, three year, five year through your lifetime. I mean, they have options for you, you.

Anthony Carrao:
Know, just like bank CD's plus the interest is or not the interest, but the taxes are deferred, which you don't get with the bank CD. There's other benefits to it. But before we make that transition, I did update my notes on the FDIC because we talk about that all the time, how much money they actually have versus what they are insuring. So the new numbers for Q three and 2022, the reserve ratio is 1.26%. That means for every $100 you have $1 and 26 that is insured at these banks. So they have in their coffers $124 Billion, which sounds like a lot of money, right? If I had $124 Billion, I'd be Elon Musk before he destroyed his finances with Twitter. But that 124 billion is used to insure 9.9 trillion. That's where you get that 1.26 number. Now, on the flip side of that, too, what's not included in these numbers or how many banks that they're estimating to be what they consider problem banks? Currently, there are 40 banks that they consider problems with 40 banks doesn't seem like a lot. However, those 40 banks have $170 billion in assets. That means there are troubled banks with $170 Billion, but we have 124 billion to ensure that 170 billion in assets held by problem banks is the highest number since 2013. And if you look at the number of assets that these problem banks have holding, these have skyrocketed in the last couple of quarters. So we're not seeing good trends with these banks.

Producer:
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J.R. Rotchford:
Welcome back to Another Money Show. Thank you for being with us. So let's take a couple of more seconds on the banks to finish up with the with the clients question, The amount you should keep in the bank is whatever gives you peace of mind. Speaking of peace of mind, I saw an ad yesterday for a big bank. Can I name the bank or is that a no? No, I don't want to get PNC in trouble or whatever for given such luxurious rates. But I saw this ad for this bank that has a 13 month CD for 3.6%. You know, we haven't seen those rates in 15 years. I mean, this year, as much as if you have credit card debt, if you're buying a mortgage, all that stuff, you are on deep. You know what? The savers rate is insane. I mean, you know, and by the way, 13 months. What the hell is that? Make it 12 months, huh? We kind of always measure time by months and years and all that. So the 13 month thing throws me off. But anyway, so 3.6%. And then it says, why you should do it. It talks about the great rate and it says the peace of mind of being insured by the FDIC. So the FDIC, the Federal Deposit Insurance Corporation, that's who Anthony is talking about. You know, you get a buck 26 for every 100 when when they not if when they default. So it's like how much peace of mind does that buy you? You know what? Give me peace of mind. Give me my $100 back plus $1.26 and then I'm in. So they don't have any money. Nobody's got any money. So that's the bottom line with the banks. Nobody's got any money. The banks.

Anthony Carrao:
The government has plenty of money. They'll bail them out again.

J.R. Rotchford:
They do until they don't. Back to segment one. Things they do until things tip. Sorry, Sandy. You're right. It doesn't matter until it does. And then it's going to matter in a big way. And I think we're getting closer and closer. You know, the people that run our country financially, you know, when you think about Lael Bernard, Janet Yellen, you know, let's talk about the the who's in charge of the SEC or is it Gensler, Gensler, whatever his name is, I'm starting to read stuff about a bunch of secret meetings that the in person in charge of the SEC is having. And they're I guess some of them have disappeared from the ledgers. I guess they've scrubbed some of the names like Hilary. Oh, I shouldn't say any names because I don't want to disappear for real. I make jokes about that, but I'd rather you didn't come pick me up. So there's some names. Chuck Schumer, you know, some of these high power names in the in the political sphere that had appointments and then the names that are missing. So that's bizarre. That's kind of odd. Makes me want to know why. So. And that leads me to the potential global corruption you brought up at the beginning, Sam Brinkman, Friede Fried, whatever his name is, he he finally got arrested. That would be on the 13th lucky day for that man got arrested. You know. You know what it's not lucky for? It's not lucky for the people. Like with pension plans, the people in Canada and stuff that lost money through all this big messing around. It's not like for them.

Anthony Carrao:
Late hedge funds just falling off the face of the earth. And it's funny too, because you bring up the SEC chairman and he was saying that, God, I wish I could find that quote again, but basically that it's all it's all a Ponzi scheme. He's saying that all this is it's fake. And I was like, Yeah, but so is the whole market. So it's funny to point the finger at crypto when it's very easy to our whole economy, our whole system that everybody knows and loves is all just as manipulated and all just as fake. So for him to call out crypto when he's doing the exact same thing with the stock market I thought was hilarious.

J.R. Rotchford:
Well, and he's got to call it out that way because that whole thing, it's going to usher in the digital currency but done the right way, done the government way. It's not going to be done the private way because there's flaws in it. So and, you know, with with our buddy being arrested, they're going to extradite him. Part of the problem with this is why why do they arrest him now after a little speaking tour and all his apologies and talk shows? The second thing is, how is this going to end? There's a lot of very powerful people that are involved with this man. So it's either going to be I'm going to get right to the bottom line. Is he going to be Epstein or Maxwell? Is are they they better you know, they better watch the cameras because, you know, those are going to malfunction in whatever cell they put them in or the other way. You know, when's the last time you heard of Maxwell? So like Epstein, you know, he had a lot of information that would have been valuable for the country. He's gone. We can't ask him now And then Maxwell has a lot of information that the country really could use. We could use a little guest list on the island. And where is she? We don't we don't hear anything about her anymore. She's just gone. So we're never going to hear the guest list. You know, once again, it's the conspiracy theorists are the ones that are correct. The people that that talk down to the conspiracy theorists are the one that are not correct. That's. I see it. So this guy is either going to unfortunately, I think he's 30. I think he's only 30 years of age.

Anthony Carrao:
You don't think he's going to just walk?

J.R. Rotchford:
I don't think he's going to walk at all. They're going to hide him as soon as you had. Who is it? Maxine Waters. As soon as you had some of these politicians commend him for for admitting his errors and for saying how sorry he is. And he didn't mean to you know, he didn't mean to destroy lives. It just, you know, you know what happens. Can I say another one?

Anthony Carrao:
I would bring up Maxwell, too, because supposedly Sam bought her attorney, hired him, her attorney to protect him. Yeah.

J.R. Rotchford:
What is the thing? What a.

Anthony Carrao:
Correlation.

J.R. Rotchford:
Unreal. The tangled web web. We don't know what it is. You know what I'm saying, though? There's something. There's something there. Yeah. So either way, I think that nobody can ever know what happened with that thing. You know, money laundering, political. Everybody say now, Oh, well, the political donations were to both sides of the aisle. Well, when you start looking at who got favors from that money, it was only certain people on one side of the aisle. It wasn't the mainstream. So I don't know. And all I'm trying to do is, is pique people's interest, wake up, look around you, and then bring it down to your house. Because all of this current events stuff we talk about, what can I do about it? You know, it's like the 32 trillion in debt. That means nothing to me. What can I do about it? You can do whatever's best for you. That's all you can control. And then you have to move on and have a nice day and go to work and raise your kids and do your thing. So you know, how much money should I have in the bank? Let's talk to you. Let's narrow down for you what actually makes sense to you, your peace of mind. We want to help one person, one couple, one family at a time. So let us help you figure out what you can do about EFT and about money in the bank. And we will. So, you know, one of the things. Go ahead.

Anthony Carrao:
Well, I was just going to say because I saw your notes and this is kind of a topic you want to bring up, but we did have somebody else reach out to us recently, too, and ask about reverse mortgages. And, you know, Jared's been in this industry for 25 plus years, doing it a long time. I think he's only ever done a handful of them. So they do have a time in a place. But there's a lot of other options out there too. And we talked about downsizing. If you can take the equity from a bigger home, find something you can pay off, get rid of that mortgage and retirement, as opposed to taking on a reverse mortgage. But it's well, what do you do with those extra proceeds? Well, we talk about pensions and income all the time. If you can. There's something called a SPEA. It's a single premium of media annuity. But essentially what it is is you take a lump sum and you give it to insurance company and they agree to pay you for X amount of years, typically for life. Ideally, we like to see lifetime payments. So it's, you know, downsizing a home. Buying off the next home and using that money to turn into a pension for yourself, money that you'll never be able to outlive. Now, you don't necessarily have to do that to avoid a reverse mortgage. This is just something in general that's kind of a smart idea when selling homes, when looking into retirement communities. And I know Gerri wanted to bring that up and tell some stories from that was something big. You and your grandma or I guess my grandfather you and your dad used to do.

J.R. Rotchford:
Yes. Yeah. No, I mean, we did that a lot. I mean, you know, our our dearly departed Mavis. I mean, she was one of those examples, you know, spouse passes away. There's one spouse left. If that spouse wants to stay in their house until they die, you know, presumably things can change. You know, maybe reverse mortgage is the way to look If they have no other options, if income is too tight, look at a reverse mortgage. We kind of went the opposite way years ago. We felt that the reverse mortgages were a bit pricey. We thought that they were a bit, you know, especially if there's kids, because a lot of times later on, the kids have to make a choice when they die within so many months. So what we did a lot of times was, you know, when the person is ready to move, usually it's going to it's not buying another house and downsizing as much as it is going to independent living. You know, go to some of these senior communities are unbelievable. They're gorgeous. The food is amazing. You know, I would love to live in most of these places. Most of them most everyone I've been to. I would love to live there. And so what we do is sell a house. You know, you sell a house in Sun City right now, you're getting three, $350,000. Take that money, you know, put it into a lifetime pension and, you know, it's not market sensitive. So if the world gets weirder and weirder, at least you're protected from that.

J.R. Rotchford:
You can't outlive it. You know that 350,000 can be leveraged for your entire life. It's not like, you know, annuities 30 years ago where there were some horror stories because the person had lifetime income, but then they passed away two years later and the family lost out on any kind of inheritance. The insurance company kept the money and we are extremely aware of that in our office. We have never, ever, ever helped somebody get a lifetime, only we always name a beneficiary. So you help somebody move in. They have the peace of mind of lifetime income. Anthony, you've looked for people, you know, insurance company products that that have cost of living adjustments where they go up with inflation. I mean so there's options. And then if the person passes away, there's a beneficiary. If the person passed away in two years, the lump sum goes to their kids or grandkids or if they have no kids, What is passionate to you? Is it the Heart Foundation, the cancer? You know, is it the Humane Society? You know, who who do you think you want to leave your money to? So and it it just everything we do is for peace of mind. Everything we do in our office is peace of mind. Can we help you protect and grow your 41k you voted for om ks. You have no idea where they are. We put everything together and help people.

Anthony Carrao:
Can we talk about for I don't know if there was more you wanted, but for one case we had somebody else reach out about those and I've talked to a couple of people recently on for one case. So for one case versus having your own IRA for one case are limited to what a third party administration will offer you, what your employers offer you. Your investment choices are limited. However, you can't just move for one case while you're still working. Not always. There are non-hardship withdrawals. Occasionally you can. It's not often we see that. But if you leave an employer, is there any reason to leave it at a41k versus to move it to an IRA? And my stance is outside of the loan provisions for a one for one K, there's really no benefits. So we talked to somebody recently who has a41k who's talked about all the money that they've made in the market recently because they've been getting out and getting back in. And listen, good for you if you can make it work. Not a lot of people can. The problem is, is he's no longer with that employer. So I asked him, I was like, I know that you have a good system with your 401. K, but why are you paying all these fees? Why are you limiting your allocation options? There's no reason. You know, places like TD Ameritrade offer zero commission trading and free trades on most of their stocks.

Anthony Carrao:
You know, there's a lot less expense fees and stuff with ETFs versus mutual funds. So why are you leaving stuff in a 401 K? So even though we can't manage your 401. K, if you are still with an employer, if you have questions about your 401k, please reach out. We will give you a rundown on everything that they have, everything that they offer. We can be your advisor. I had so many for one case when I was an engineer. Not one time did an advisor ever reach out to me. If I had a 401 K through Fidelity, I didn't have a fidelity advisor at a one 800 number. It's funny because I was, you know, I was an engineer. That's my job. I wasn't a financial advisor at the time. I didn't know how to manage those funds, but they just leave it. Who me to dictate my own retirement from then on. You know, 401K, you need some assistance. When we've moved to those planes outside of pensions, it's kind of put retirement into your shoes. But do you know how to run a 401 K? If the answer is no, then please reach out. We'll be more than happy to assist. And I think that might be it for our show today.

J.R. Rotchford:
So that went fast.

Anthony Carrao:
Right way, way faster than I was expecting. But hopefully some good information. So if you liked what you heard, if you have questions on any of the topics today, you want to sit down with us to review your personal financial situation. You can reach us at team at another Money show Find us on the web, AnotherMoneyShow.com. Listen Another Money show wherever you subscribe to podcasts. We're pretty much everywhere. There are no minimums. There's no cost for appointments. There's nothing to lose by getting a second opinion on your financial and state or nothing. Yeah, this is a rough one today. There is nothing to lose by getting a second opinion on your financial situation.

J.R. Rotchford:
Thank you for being with us.

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