AMS 6-24-22 FULL SHOW.mp3: Audio automatically transcribed by Sonix

AMS 6-24-22 FULL SHOW.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

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

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

J.R. Rotchford:
Welcome to Another Money Show. We're so glad you're with us. Thank you very much for taking time out of your weekend. If you're here in this later. Thank you so much for listening to us. We're we're we're starting to get questions. We're starting to hear people are listening to us. So we appreciate it. We actually were working on Sam Davis, the one and only Sam Davis to get.

Anthony Carrillo:
A better Sam.

J.R. Rotchford:
Super spreader. Yeah, he's he's going to a comedy show this upcoming weekend. So we've warned him, you know, the COVID is making a resurgence. We've we've explained monkeypox to him, but it's still going. So and Sam, when he goes out, he wears six or seven masks. So I'm not as worried about him as I am some of the people around him. But there's still a chance.

Anthony Carrillo:
Massive bubble suit that he's got. It looks great in it, though.

J.R. Rotchford:
Yeah, and he looks good. We rolled him down the hill. So we just it took a while to get Sam back for today's show, but we got him.

Anthony Carrillo:
Well, that's a that's how you solve the gas crisis. Just put yourself in a ball suit.

J.R. Rotchford:
His role, I've decided because the commander in chief rides the bike and saves on gas, I'm going to do the same thing. I think our president should be a spokesperson for Schwinn or somebody and kind of explain to people that it's better to be on a bike than to pay these gas prices. Speaking of which.

Anthony Carrillo:
I'll be a sidecar.

J.R. Rotchford:
How fun.

Anthony Carrillo:
I'm going to ride the bike.

J.R. Rotchford:
Do they make sidecars for bikes that they should? So we jumped right in the show today, didn't we? Usually the first segment we talk about what chaps jars, but right usually we start with what makes me angry, what makes me upset. Nothing today is making me upset. You know, we record this on a Tuesday. So today is actually Tuesday, June 21st. And by the time you hear this, the world could be dramatically different.

Anthony Carrillo:
I mean, you know, something to be upset about between now and then, I'm sure.

J.R. Rotchford:
All right. No, don't get me wrong. I mean, I'm always upset. I'm just I'm in a really good mood today. So I think today is going to be a wonderful day.

Anthony Carrillo:
So I thought, did you miss me?

J.R. Rotchford:
Oh, my gosh, I missed you. Yeah. It's funny, because when you're not here, when I'm without adult supervision, I don't think I ever saw the inside of the office. Yeah, it was pretty fun.

Anthony Carrillo:
So I always got Kiana. Now someone's got to watch the office.

J.R. Rotchford:
We have somebody running the show, so I don't need to. Speaking of which, how is Costa Rica? Tell me a little bit about Costa Rica. Is that how is the did you make your way to any banks or financial institutions? I know you didn't go to the beach or anything. So did you do any research for the show or what did you do?

Anthony Carrillo:
Yeah, it was all just a study and bail ins and their banking system trying to see how well they're prepared for a crash. Definitely didn't hang out on the beach. Definitely didn't hang out by the pool and drink mai tais. Also, I'd never had a mai tai before. Those things are delicious. I think I found a new summer cocktail.

J.R. Rotchford:
Mai Tai. I've heard of them. Isn't that kind of an older thing? Is that. You know, but you drink old fashioneds. I mean, for Pete's sake, talk about my grandparents being reborn through you.

Anthony Carrillo:
And I didn't do so well in Sun City.

J.R. Rotchford:
Right?

Anthony Carrillo:
I can drink with these people. These are my people. I've got the same pains in my knees and my back.

J.R. Rotchford:
All right. So this show took a turn from what I thought it was. And by the way, part of how I knew that you did not go to the beach. You're still you're quite you're a little pasty. All I'm saying, you're you're.

Anthony Carrillo:
At my umbrella the entire time.

J.R. Rotchford:
I believe that is true. So what chaps? My but what's going on? You know, by the time you hear the show on Thursday, the Supreme Court may release their decision on Roe versus Wade. If not, that'll be next week. So we watch all the normal stuff. We talk about the ten pillars. Should I list the ten posts? Anthony, I know you love the ten pillars. I'm going to do it just because you don't want me to. And I didn't do it last week. Where were you on that one, Sam? You should have told me. You say the same thing every week. You need to keep doing that. It's consistency. So the ten pillars, what we're watching, we're watching debt, deficits, financial markets, taxes, inflation, health care, unfunded and underfunded liabilities. The shrinking middle class, social media, geopolitical missteps, and the potential of civil war. Those are the things we're watching, you know, because every single one will definitely affect your finances. But you have to add stuff. I mean, in between these things, there's the emotional issues, there's the social things, you know, Roe versus Wade, that that is definitely quite the hot button. So if that gets released, that could really you know, that could set everything back a little bit. No matter what side you're on. It will be interesting. You know, we still have we we talk about the deaf, the diesel exhaust, fluid shortages that are looming and the wheat shortages. You know, there's rolling blackouts. There's not a shortage of things to worry about. You know, in most homes. What is the number one things? You know, what are people worried about the most right now? I would say gas prices. You know, I did hear that there might be a a reprieve from federal gas tax. My understanding is that will be about $0.18 a gallon. So that'll be good. I mean, everything helps, you know. Sam, what would that be for you? About $3 a week ish. So, yeah, if that I think.

Sam Davis:
It would be about $3 every time I filled up, which my car is pretty fuel efficient. So I don't know what I'm going to do with this extra $6 a month.

Anthony Carrillo:
Well, not fuel efficient vehicle yourself a. S Camaro.

Sam Davis:
That's right. I can save up for a for a truck.

Anthony Carrillo:
Yeah. So hasn't Sam. I don't know if you can pull up a graph for this, but gas prices relative to the actual crude oil prices, because I'm hearing crude oil prices are really just. Back to kind of normal, yet the price at the pump is skyrocketing. So what's the deal there?

J.R. Rotchford:
Well, you do know that when gas prices go up, they seem to go up fast. They don't talk as much about reserves. And, you know, they go up fast. When they go down, they seem to go down slower. I know the last week the the barrels of oil have come down. You know, I know today, Tuesday morning, they're flying they're going way up again. So it's very volatile.

Anthony Carrillo:
Well, I know they've got 90 day contracts, but I do think it's funny how one bad news on Monday and the price skyrockets on Tuesday, yet their prices have been locked in for the next whatever amount of time.

J.R. Rotchford:
Well, and let's talk about the stock market for a second. I mean, you know, by the time you hear this on Saturday, who knows what it be like? But today, on Tuesday, you know, I checked on the Dow Jones Industrial Average, which, by the way, is only 30 companies. So the Dow Jones was up 550 points when we went into the studio to record this 550 points up in the Dow. You know, and you know where I'm going to go with this. First of all, the advisers out there that are always saying buy the dips, you know, where are the same advisors when there's peaks like today? You know, why aren't people out there shouting sell on the peak? So I don't know. Is today a good day to buy or sell? I don't.

Anthony Carrillo:
Know. Selling doesn't make advisors money.

J.R. Rotchford:
What are you saying? That there's some motives other than just helping our clients through the fiduciary rule? You know, one of the things that I noticed about 2008, some of the best days in the history of the stock markets, in the financial markets are during bear markets. You know, if you if you research best days in the financial markets, you're going to see the top ones, 2008, you know, 2000. There's a kind of a crude term that I heard years ago called Dead Cat Bounce. And it means basically these financial markets, they're they're diving, they're they're going down. But there's the these opportunities. I do question, you know, the market opened up this morning and it just starts skyrocketing. Who's buying into this? You know, I mean, really, you have to think when the market goes up and down in normal, you know, with normal percentages. Okay. But these days that are just huge. What is that? I mean, is that Warren Buffett saying buy is that Elon Musk tweeting that we're all going to live in Mars? I mean, what makes these things move, you know, so violently, either up or down, you know, and if they.

Anthony Carrillo:
Really understood that watching especially the volatility, you know, I started really paying attention in the fourth quarter of 2018, March of 2020, but they would say, oh, the market moved for this reason and it would go down really low. And then the next day it would recover. And they would give you another reason. But it was like the reason you just gave for the market drop yesterday, never got fixed, is still around. And how do we all just forget about it? Like I loved when they talk about the market going down for inflation and then the next day the market's back up, it's like inflation is still a problem. Don't tell me inflation is the reason why it's going down, so why any of this stuff moves? Who really knows?

J.R. Rotchford:
By the way, inflation, chaps, my you know what? We are going to have a little vignette. We're yeah, we've got something coming up that talks about the cost of air conditioning and, you know, our monthly bills, if you're listening to this show, which, you know, obviously there could be a wide range of people listening. So if you have no money, you know, what are you doing right now? How are you? Are you making a choice between gas or food? If you have a whole bunch of money, if you've got lots of money, you're probably not worried about this yet. We haven't gotten to that demand destruction. I mean, it's not problematic yet from our observations if you're in the middle. I mean, I'm really starting to notice people that are middle class solid, they're starting to get nervous. I mean, they're starting to really wonder is are we going to keep having gas prices go up? You know, my conversations when I was up north with Blaze last weekend with a bunch of like, you know, finger quotes, normal people, they're very worried. You know, Sam said something last week after we got done recording. I actually wrote it down because I thought it was a genius statement. He said, We want to know what we don't know yet. And I thought about that. I'm like, Wow, how philosophical is that? How deep and heavy is that? Sam Davis The one and only? Sam Davis We.

Anthony Carrillo:
Don't have a fortune cookie.

J.R. Rotchford:
Well, for sure, no. Remember the old bazooka bubble gum? You guys are too young for that. Anyway, so when Sam said that, I was like, well, yeah, you know, when a roller coaster is creeping up and you hear that crackling creeping going towards the top, is that where we are? Are we at the top? Are we going down? I mean, if to me, this whole country in so many ways feels like we're on a roller coaster and we are getting right towards the top and we're getting ready to fall like nothing. I hope I'm wrong. You know, all my doom and gloom, I promise you, I do not feel like, you know, this is exciting. I can't wait. Bring it on. I mean, I am very nervous. I've said, you know, you and Sam have to fix this stuff. I'm old. You know, you guys are going to have to revamp Social Security, Medicare, Medicaid. So this is on you guys. You know, the younger you are, the harder it is to see out five years, ten years, 20 years. So but on so many fronts, there's so many things that go wrong. We want to know what's going to happen.

Anthony Carrillo:
We don't know. Same on that same level. Talking about, oh, do you guys just want the market to crash? We're like, No, it's not necessarily you. The market to crash. You just want the market to make sense. Fed so many years of it not making sense. How do I give financial advice when I feel like everything's on the verge of total destruction? I mean, we've been wrong, right? The market's just been skyrocketing lately, but it shouldn't. So when you look behind the scenes, it shouldn't do that. So how do I give advice? I don't want to follow trends and be like, well, everybody else is buying. Just buy, too. We want to be smart about it. But when you look behind the scenes, behind the curtain, things don't make sense. And that makes our job significantly harder.

J.R. Rotchford:
But most advisors, like you said, it's how do I get you to invest and then how do I keep you invested? You're actually really genuinely trying to help people. So you are a little bit different from what we see. So let's do this.

Anthony Carrillo:
Let's go to the end of this segment. But when we come back, let's talk about some of the stuff that we talk about in our appointments with people, because I feel like we cover a lot of things that don't normally get covered. Just like on the show, I feel like we bring up topics that aren't typically talked about, so let's review some of that. Thanks.

J.R. Rotchford:
So sounds good. So go ahead and make sure you look us up. We're on another money show. If you have any questions for us, you can email us at team at another Money Show. And again, we just really greatly appreciate you joining us.

Sam Davis:
If I had $1,000,000, if I had $1,000,000, well, I'd buy.

We will try to put.

Sam Davis:
Talking about my Twitter.

Producer:
Another weekend, another money show visit. Another Money Show.

Anthony Carrillo:
You're back. Anthony Crew, J.R. Roger and Sam Davis on another Money Show. And leading into the break, we talked about appointments and what it's like sitting down with financial advisors. So when I joined Jr's office four years ago, I did not know what to expect. But learning this industry and when we've all the information and stuff that I've gathered over the last few years, I definitely think we've got a very different approach from what we're hearing sitting down with people, especially to sit down with us for the first time and talk about all the stuff that they're advisors have never shared with them. So yesterday we had an appointment, a first appointment with a woman who had listened to the show. So if you hear this one big shout out, but J.R. and her sat there for three and a half hours for this appointment, and knowing J.R. for as long as I have, that's not unusual. And I feel like we cover a lot of stuff just like this radio show. We like to cover a lot of stuff that we don't think financial advisors are really covering with most people and talking about things going on behind the scenes. I think we do that in appointments, too. J.r. asks for a lot of contact information in the beginning, and, you know, it's not to spam emails, it's not to pressure calls for sales.

Anthony Carrillo:
But his story behind that was when they, him and his father had this firm and a plane hit a building on 911, they needed to get a hold of people. The market's weird. They ended up closing the market for a few days. So it's how do you get out in front of that and be proactive with your finances when weird things are happen? So they called. Every client went down the list name by name and reached out and said, You know, we wouldn't say four with our money. We can't tell you what's going on. Do you want to go safer with yours? But that's when you realize like, Oh, I didn't have enough contact information. So it's not like we're asking questions. I see to spam email boxes, but in case of emergencies, things like that. And those are lessons that he's learned over the last 25 years he's been doing this. So I always thought that was interesting, all the kinds of stuff he covers. But Jerry, you want to talk about a little bit. You know what you cover and appointments and all the other miscellaneous things that I don't think are typically covered.

J.R. Rotchford:
Sure. Yeah. Well, and our office is totally different. You know, we're a fourth generation family practice. You know, my name is still on the door. It's like it's a little more personal. I have hung my license at a couple of different firms, and I felt like there was a lot of pressure quotas. You know, you can be the most honest person on the planet. And if you're managing somebody's health or their money, you should be doing what's right for them. But if you're doing what's right for people and it's not right to offer them a mutual fund or a variable annuity or whatever, you know, if you don't make sales, you know, enough sales for these companies, you're gone in six months. So some of the people that are just a little bit better at sales, you know, they'll have a job forever, you know, so it's a different focus. I mean, we are fully independent and I look at it, it's funny when you first tell people that we don't rush people, you know, and and it's we block off a half a day. I mean, our normal appointment day is an appointment in the morning, an appointment in the afternoon if the people are new, you know. Yeah, it can take an hour and a half, it can take 3 hours.

J.R. Rotchford:
We want to get to know people, you know, we're handling your money. That's pretty important. We want to make sure we're a good fit for you. We want to make sure you're a good fit for us. You know, over the years, we've misjudged some clients. You know, we want to help everybody. We don't ask how much money they're bringing in when they set the appointment. We sit down with anybody. We don't have quotas, you know, minimums. I hear some of these radio shows and they're like, you know, one of the people here locally in Phoenix says if you've done all the heavy lifting and you have 250,000 or more, you can have an appointment with us. I'm like, Well, what if I only did medium lifting and not heavy lifting and I only have 239,000, so am I out? Well, no, no, no, no. I'm sure there's exceptions made, but it's like, you know, I mean, I guess that's good work. I mean, I'm sure the advisors that only will see you if you have a million and up or whatever, I'm sure they have a much nicer boat than I do. I don't even have a boat. I suck at this job.

Anthony Carrillo:
That's how poor you are. You don't even have a boat. That's embarrassing.

J.R. Rotchford:
What's my new mission? I'm going to sell anything I can to anybody I see just so I can get a boat. And then I'll go back to being honest. I don't want to say so, but our office is different. We take time with people. It really is true, you know? And with you there, I mean, how it was with my father and how it is with you, we have time to split up. We can do reviews. I mean, we can still carry on normal business, but for new people, you know, it's really on you. We have people that, you know, we talk about the most important thing with your money is communication. You know, the worst thing you can do is get angry behind the scenes with a financial advisor. And we see it all the time. You know, one of the problems we see is, well, I've been with this firm for years, and every six months to a year I get a new advisor, you know, here they come again trying to sell me something, you know, or I've had this advisor for 20 years. It was my parents advisor, you know, now he or she is 72 years of age. You know, they never call me, you know. Well, why is that? I mean, you know, if you have $1,000,000 or up with an advisor, they probably don't want to lose you. So they're probably still courting you so much. So you'll stay in the fold if you don't have enough money, is it worth their while to call you? And we run into all these things.

J.R. Rotchford:
We don't really have those same problems in our office. You know, we had an office manager for about 14 years and her main job was to call every single client every single quarter. You know, we got the mutual fund statements in. You know, she would highlight the name. She would give it to me. I would look at the funds. She would take it back. Call the people you want to talk to, Jer? Do you want an appointment? You know, and it was funny because when you first start that. And you call a recorder and people aren't used to that from previous advisor experience like oh my gosh, you know, he's going to try to sell me something, you know, what do you want? Why are you calling? And then I'll send you get used to it. And it's because if Janet was late, like if we got her statements a couple of days later than usual, we'd have a few phone calls into her saying, you know, how come you haven't called Anthony? You were one. You know, even when you move to Utah, you you had stuff with me, so you got a phone call every quarter and you're like, you know, I am related. You know, you don't need to call me. So, yeah, I do. It's part of my job. So, and now that we have about.

Anthony Carrillo:
I mean, like actually in the appointment because you talk about personal like family stuff, you know, ask about kids, are they a strange how is your relationship with your parents like in the appointment itself? What are other things that you you're covering?

J.R. Rotchford:
Well, and again, the difference between an advisor and a sales person, I think is more of a personal touch. I do care about these people. You know, when we do our financial needs analysis, it covers a lot of things that we don't even do. You know, we have partnerships with estate planning attorneys, but we make sure people have that covered. You know, you did a blog on how to at least get a good handle on your estate plan without having to see an attorney right away. You know, you talk about the one page MVPD form that is like a beneficiary form for your vehicle. You know, talk about making probate easier. We explain to people, if you go to your bank or your credit union, you can do what's called a TOD, which means transfer on death, and it's a beneficiary form. So we try to make life easier. We are very thorough. You know, we do ask what the family dynamics are life like on on purpose. You know, sometimes people don't even know that a simple will won't suffice. They really need to trust. You can determine some of that when you start getting to know people you know. So we definitely want to make sure that we get the whole picture before we try to help somebody, you know, well, let's do this.

Anthony Carrillo:
The estate planning thing's good. Let's come back to that. We're going to go on another break. You can find us at another money show or reaches that team at another money showcase. You're a back.

Producer:
Go ahead with your life. Leave me alone. And remember, if you like what you're hearing, try doing it. It's even better visit another money show. This is another money show. Except this one's different. This one will actually keep you awake.

Anthony Carrillo:
You're listening to another money show with Anthony Corio and J.R Rochford and we were just talking about estate planning and some of the stuff that we talk to clients about in our appointments and wills and trusts are huge. I mean, we've had to be in a fourth generation family practice. Quite a few generations have passed away since. So we see what loved ones have to go through when that happens and there is a night and day difference. If people have their estate planning together, if they have a trust or if they have nothing. And having a trust makes everything so much easier. But Gerri mentioned the blog that we put together. So as important, as great as a trust and a will, are beneficiaries held with companies supersede anything you have in a trust? And I don't think a lot of people know that having a beneficiary on as many accounts as you can is by far the best thing you can do for your estate planning. The wills and trust pots. Those are all great, but you have to start first things first and first things first is having a beneficiary. You can have one on your car. If it's paid off, you can find the form of the DMV. The powers of attorney are state forms. You can just print those off. You know, if you check out Rochford and Associates or you find us at another Money Show and you can find a list of the blogs and it has a ton of those on there for you to find.

J.R. Rotchford:
But and why why is that important? I mean, you know, we look at financial planning differently than most people. We look at it like, yes. I mean, we we're obviously in sales. We do have to help people. We have to ask them to trust us. But the biggest thing is money is personal. You know, when I learned this job years ago, I'm guessing you feel the same way. I thought it was a science. We learned the rule of 72. We learned the rule of 100. We learn all these things. We get our insurance license, certified long term care securities license. You do all this stuff, you're an expert. You're ready to go out in the field, and then I'll send you your very first appointment. You're like, Holy cow, you know, money. This job is an art, not a science. And our whole thing, I mean, we talk to people in in general to find out if we can help them. You know, we make sure we do ask about estate planning. We ask about their property and casualty insurance. Do they have an umbrella policy? You know, part of our job, more importantly, I think, than sales. We have to protect people from themselves, from other people.

J.R. Rotchford:
You know, if you're not covered with different insurances and that sort of thing, and we put together the perfect financial plan for you and then there's a big hole in it. You get sued during your car accident or whatnot, and you've never heard of an umbrella policy. You know, we didn't really do our job because if you don't have an umbrella policy and somebody sues you, you know, for $1,000,000, you don't have that sitting there. You know, basically it's going to come out of your financial plan. So we really, really mean it when we say we're holistic. We're just we take our time, we make sure we, you know, set reasonable expectations. We have some clients that want to talk to us monthly. We have some people that say they don't really need to talk to us. You know, that's why I have you. So they we want them to have a minimum of a quarterly phone call, you know? Why is that? So we can sell them something new? No, it's so they know we're here. So we know they're there. You know, it's this the right thing to do when you're managing some of these money.

Anthony Carrillo:
So talking about the umbrella policy and things we cover in these appointments, most people don't know what that is. But basically it's in addition to your liability, your car insurance, your homeowner's, your renters. And if it's an extension so if you have 500,000 in coverage, you can add another million, 2 million to that. But it extends. So I mean, even stuff like a slander lawsuit, if someone says J.R was saying bad stuff about me, I'm going to sue. You can be covered for things like that, anything that you may be liable for. So before I even joined Jr's office, I flew down for a little bit just to sit in some appointments, just to kind of get a feel for what he does. And if I can make that transition into this field, if I want to make this transition and we sat down with a client, a man and a woman, and he had had some health issues. Typically women live longer anyway, so we did all of the planning for the wife. Well. I left on my trip and I get a phone call from J.R. and I think we're just going to leave this on a cliffhanger because Sam's telling me to wrap it up. But this is this is going to be a good story. I learned so much weight faster in this job than I ever anticipated. So for the time being. Check us out at another money show dot com and you can find the blog that we wrote on estate plan at Rochford Financial dot com or you can reach out to us directly at team at another money show and I will send it to you. So we'll wrap this up and we'll see in a moment.

Producer:
At Rochford 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. Rochford and his team of specialists have been helping individuals, families and business owners find financial freedom at their veteran owned firm for more than 25 years. Give us a call now at 6235230444. That's 6235230444. 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.

Anthony Carrillo:
All right, we're back. Another Money Show. And we kind of left you on a cliffhanger because. Running out of time. So let me finish up this story, because I do think it's very, very important. Like I said, I learned a lot about this industry and how money works even before I took the job with J.R.. But essentially what we were doing is we were doing a lot of planning for this woman because the husband had health issues and women tend to live longer anyways. So I get a phone call from J.R. when I leave on my trip. I was like, Oh, this couple that we just sat with how we did all the planning for her. You remember them? I was like, absolutely. This is only a couple of days ago. Of course I know. Well, what happened was she was in a car accident, a fatal one, unfortunately, and she passed away. And with her, she took the life of a young mother also. So the husband has nothing to do with this. He's not in the car. He's not even in the same city. He's about an hour away from where this accident happened.

Anthony Carrillo:
And it's a tragic accident. And as he's trying to mourn his wife, he gets served with papers and is sued because his wife has essentially ended the life of another young mother. So, again, he had it's a tragic accident. It's very sad. But instead of being able to grieve now, he's served with papers. So this went from something just sad to a lawsuit and he was sued for $5 million. Well, you know, most people don't just have $5 million, but what he did have was an umbrella policy. So when they found out that he. Essentially could. Instead of going through the long court process, they could settle with the insurance company for his umbrella policy, plus car insurance policy. They ended up walking with that as opposed to taking everything that he had, taking his bank accounts, taking his investments, making them take a mortgage out on his house. So I saw firsthand an umbrella policy, save a client. And it's one of those we pray you never need it. The odds are you'll never need it, but should you ever need it, that will 100% save your financial future.

J.R. Rotchford:
Well, again, it's a foundation. It's a base. It's to help your financial planning. It's something that we don't even offer. But we want to make sure you know about it. You know, we tell you, call your property and casualty agent. There's three questions. One, do I have it? Believe it or not, a lot of people don't even know whether or not they have one. Second question, do I need it? You know, and obviously, you know, insurance advisers, they make commission. So perhaps you need it just because they can get paid. But usually that's not what we see. And then, you know, I mean, why do I need it if they say a similar argument than we say, you know, we definitely believe in them. And then the last question, how much is it? You know, I think you're going to find it's anywhere from 300 to 600 a year. You know, one of my observations, a lot of times when you take one, it lowers some of your other coverages. So it winds up where you may actually even pay less on your insurance to have the umbrella, you know, and why I have one. I see the world changing sometimes even easier to sue each other than to work real hard. So, you know, we're in a changing landscape in the country. If I get sued for defamation of character, slander, car accident, whatever, you know, the first thing I have to do is I have to find an attorney.

J.R. Rotchford:
What am I doing? Am I Yellow Pages, Internet search? You know, do we cheat them? And how had a commercial? So I'm going to call them. Then you've got to slap down that $5,000 retainer to get the attorney to start the case. So would you rather use your own attorney that you found on an Internet search, or would you rather use the attorneys of American family or State Farm or farmers or whatnot? They can probably afford much better attorneys than you can as an individual. So they're important. So let's move on a little bit from the umbrella policy because we're not actually just trying to represent the insurance companies, you know, and by the way, I mean, with that particular family, you know, it's a tragic story. The man that Anthony is talking about, he was in very poor health. He he literally should have died on an operating table after heart surgery. He didn't he went on to have multiple strokes. He had he just numerous health issues. So very tragic. Lost his wife got sued, you know, tons of health problems. So long story short, he also went through simultaneously, he went through a bunch of financial problems. It started with a phone call, somebody from the Federal Bureau of Investigation, the FBI, called him and said that they were investigating him and that basically he needed to go to the store and buy Apple play. I think it was Google play.

Anthony Carrillo:
Google play cards.

J.R. Rotchford:
So he had to buy these cards for the tune of $2,500 and read them the numbers on them. So and believe me, I'm too old to understand how Google play cards work. But he had you know what?

Anthony Carrillo:
The FBI's not calling you and saying, hey, your Social Security number got used in Mexico and drug deals and we can clear your name if you give us Google play cards. It's very obviously a scam. So if you're listening this and someone from the FBI calls, you don't buy Google play cards for them.

J.R. Rotchford:
Look at that life advice from Anthony Carrillo. Yeah. No, I mean, but you make it sound like how could this ever happen? But in some city, it happens. First of all, people still have landlines. They have home phone numbers. There's some people that lost a spouse. They're lonely. They'll talk to people just to have somebody to talk to. Sometimes, you know, their kids in Michigan don't call them regularly. So there's a lot to it when you when you're older. You know, I watched people in our family buy a ton of magazines because the chances of winning the Publisher's Clearing House sweepstakes would be better as long as they were very supportive of this whole process. I mean, we see it all, you know, because this man was younger, you know, in the grand scale of Sun City beings. And there's no way that he should have fallen to this this scam. And he did. But the scam grew legs. And once they got their hooks into him, he kept cashing out more and more things. And he you know, it ends very tragically.

J.R. Rotchford:
He actually passed away recently. But what he went through, I mean, he went through all of his retirement money. And it's, you know, I mean, for us as a financial office, Anthony, you called the attorney general. We called the police. We called the companies that we have managing his money and said there's a. Problem. Is there any way to seize the to to block him from taking the money out? Not like we're Celcius blocking you from taking your bitcoin. You know what Sam Davis is thinking right now? So but we tried to protect this man from himself and we were unable to. They basically said, we'll put a flag on his accounts, but he's over 18. He can sign a legal document. If he wants his money, he can take it. And when we tried to stop him, we actually went to his attorney. He had an estate planning attorney that did his trust, his family trust. And we said, can you help us? We did everything we could and ran into brick wall after brick wall. So. And I guess I.

Anthony Carrillo:
Think the most heartbreaking part of it, because everybody says they care about seniors and they care about fraud and they want to protect you and they don't. I mean, this was a real life world experience where they pretend they care, but they don't. We went to so many channels and we knew this was an obvious scam. I think what happened is even before the Google play card thing is he lost a bunch of money, one of those like Nigerian print scams years ago and then this time around was supposedly working with the CIA and the FBI and they're going to help him retrieve his money from the last time he lost a ton of money, you know, more than $2,500 in Google play cards. But again, the police, the attorney general, who else? The companies I feel like we called oh, adult protective services on that list, too. We called so many people. And for them to just be like, well, it's his money can do whatever he wants and get that, you know, it is your money. You should be able to be free to make your own choices. But these were very obvious scams. He called us and we're no, we're not going to help you take out your money. These are an obvious scam. And he just didn't listen to us. I mean, this ended up being. You know a lot. I can't say the number, but a lot of money. More money than most people probably have in their lifetime. That's how much he just gave it away.

Anthony Carrillo:
And we knew it was a scam and eventually came to a senses. Once it was all gone, he apologized to us. But apologize doesn't same save all those poor choices that you just made. So we've had clients and just people we've sat with in the past and tell him, use a sounding board if you don't have friends or family. When these things come up, call us. We had another client and for a while she was calling a couple of times a week. And it was always very. You know, I didn't have to spend a ton of time with her. It was, oh, somebody called and they said they needed my Social Security number for something. I was like, It's just a scam. Don't answer it. Oh, the IRS called and I owe money. They need this. And I was like, they they're going to send you mail. They're not going to give you a phone call. Just ignore it. So does that take time out of my day? Absolutely. But I am more than happy to do that so that this woman doesn't have to go through all the same stuff he does. So if you don't have somebody in your life, have an advisor, have a friend, something just to bounce it off. If something seems strange, you know, don't lose money to scams because unfortunately there's no getting it back and there's nobody there to protect you. None of these organizations will. And it's heartbreaking.

J.R. Rotchford:
And they may have good intentions. They may want to maybe they're too stressed out. You know, maybe there's not the finances. I don't know. I don't know the answer to some of this. I know after the man that we're referring to that lost a lot of money, you know, we started telling people that story and we wound up finding more people that if we run into this again, maybe able to help us. Little shout out to a friend of ours from our networking circles, Malia. There's a woman named Malia in the Sun City area that her whole livelihood is helping to protect people. She does seminars on how to avoid scams, you know, how to freeze your credit, all these things. We ran into another woman in our travels. Her name is Monica and she works for Congresswoman Debbie Lesko office. And she said, if you run into that again, call me. She's like, I'll I'll get this elevated a little higher than you you were able to do before. So bottom line, yes, we are in financial services. We do have to ask people to trust us, but we also want to protect people. We, you know, our whole thing where our theme to the show is protect. You know, it's put protect overgrowth. I mean, we want to protect and grow in that order. We want you proactive, not reactive. We say the same things all the time. And it's funny. It's just when people are full service, you know, when people can really protect you and cover you, that's worth gold instead of just selling you a product. You know, we've always believed in education over sales, so yay, we're so great.

Anthony Carrillo:
Trust, make us know money, umbrella policies make us no money. But they're so important to your full financial picture. So we spend so much time talking about that. Some people don't know that they're brokerages, too. You know, we talking about the umbrella policy. Again, I moved from I think I was with USAA. I didn't know insurance brokers were were a thing until we met Heather Olsen through our networking group. But I ended up going to her. She shopped around, I raised all my coverage, added the umbrella policy, and then all of a sudden my payments were the exact same that they were. So we cover stuff like, again, we make no money by telling you you can save money elsewhere through all these channels and protect yourself. But it just it's so important and we love spreading that education.

J.R. Rotchford:
So and you know, the bottom line of this show, we're trying to reach more people than we normally would just in our office, just in our networking circles. You know, if you're hearing us and you think, you know, something's wrong with a family member, with your parent, call us. You know, we're not going to charge you. Let us see if we can help you. You know, last week, Sam, you and I talked a lot about if you have an old 401k, don't just ignore it. Call us. Will be a second opinion. We'll see if we can help you. We want to be full service. We really we really want to get to one person, one couple, one family at a time and rinse and repeat to borrow Sam's. You know, Sam, something else I got to point out last week when you talked about now's not a good time to have your head in the sand, that you should dig a deeper hole and put your whole body in the sand. Several people did make comments on that. So good for you on that one. Sam doesn't say much, but when he does say something, it's usually pretty brilliant, which I admire. Anthony says a whole bunch, but it's never worth the crap. But you know what I'm saying? Ouch. That one hurt. So we need to start wrapping this up. We ran out of time. We were going to play the little clip. You know, we ran out of time for the vignette on on air conditioning costs next week, I promise. Talk about a cliffhanger. We're going to talk to you about your air conditioning bill next week. So I know you're not going to sleep well during this whole week and anticipation. It'll be a good time. So, as always, we greatly appreciate you joining us and we look forward to helping you in any way we can. Thanks. Make sure you find us another Money Show. Email us at teen at another money showed up. And we will talk to you in about a week.

Producer:
Thanks for listening to another Money Show. You deserve to work with a private wealth management firm that will strategically work to protect your hard earned assets, to schedule your free no obligation consultation. Visit another Money Show dot com Investment Advisory Services offered through Brookstone Capital Management LLC. Bcm, a registered investment adviser, BCM and Rochford Financial are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Investment involve risk and unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results.

Sonix is the world’s most advanced automated transcription, translation, and subtitling platform. Fast, accurate, and affordable.

Automatically convert your mp3 files to text (txt file), Microsoft Word (docx file), and SubRip Subtitle (srt file) in minutes.

Sonix has many features that you'd love including advanced search, share transcripts, world-class support, automated transcription, and easily transcribe your Zoom meetings. Try Sonix for free today.