1 00:00:00,120 --> 00:00:05,200 The real wealth builder is holding it so that it can accumulate. In our 2 00:00:05,280 --> 00:00:10,000 area, real estate's accumulating at eight to ten percent, which is unbelievable. 3 00:00:10,000 --> 00:00:13,720 You're going to beat inflation. There, you are listening to Carrie Leutz's Financial 4 00:00:13,800 --> 00:00:18,760 Survival Network, where you get valuable information. You just can't find anywhere else 5 00:00:19,320 --> 00:00:25,120 to thrive in today's trying times. You need the Financial Survival Network now more 6 00:00:25,160 --> 00:00:30,320 than ever. Go to Financial Survivalnetwork dot com and get your free newsletter and 7 00:00:30,399 --> 00:00:39,960 gift. Financial Survival Network now more than ever. And welcome. You are 8 00:00:40,119 --> 00:00:44,840 listening to and watching the Financial Survival Network. I'm your host, Carrie Lutz. 9 00:00:45,119 --> 00:00:48,320 Well, we all know inflation is here. It's here to stay. 10 00:00:48,359 --> 00:00:53,479 The numbers have been coming in higher than the so called experts we're expected. 11 00:00:54,200 --> 00:00:59,119 The only thing this expert is done by is the fact that they admitted that 12 00:00:59,200 --> 00:01:03,880 inflation is coming in higher than expect it. Well, we've got a really 13 00:01:03,880 --> 00:01:08,680 good guest on today, Andrew Winnett. You're look, you've been around Hollywood 14 00:01:08,760 --> 00:01:15,560 literature, finance, you produced, You produced movies like The Retirement Deception and 15 00:01:15,599 --> 00:01:19,519 The Baby Boomer Dilemma, So you're an expert on this. So inflation. 16 00:01:21,040 --> 00:01:25,000 First, where does inflation come from? I mean, I know that most 17 00:01:25,000 --> 00:01:29,680 of you out there know it, but it never hurts to refresh and get 18 00:01:29,680 --> 00:01:33,400 a different view on that. Andrew, thanks for coming on. And oh, 19 00:01:33,519 --> 00:01:36,879 if you've got a question for Andrew or myself, shoot me an email 20 00:01:37,200 --> 00:01:41,480 kl at Karrie LUTs dot com. So, Andrew, it's great to have 21 00:01:41,560 --> 00:01:46,400 you on Where does inflation come from? You know, like if you listen 22 00:01:46,439 --> 00:01:49,239 to the politicians, they just can't figure it out. They have no idea. 23 00:01:49,760 --> 00:01:53,879 But you and I know differently, don't we, Well you do, 24 00:01:53,040 --> 00:01:57,640 Carrie. It's great to be with you. So there's a lot of problems 25 00:01:57,640 --> 00:02:01,120 that we're experiencing in our economy right now. Inflation is clearly one of the 26 00:02:01,120 --> 00:02:06,599 biggest. You know, we're I don't want to kick a dead horse, 27 00:02:06,680 --> 00:02:10,360 but you know, to oversimplify, when we elect dead horses in this country, 28 00:02:10,400 --> 00:02:14,960 we don't kick them. That's true. That's that is true. Hopefully 29 00:02:14,960 --> 00:02:19,159 we don't do that again here in a couple of months. But so when 30 00:02:19,159 --> 00:02:22,800 we print too much money, obviously it's going to have an inflationary effect. 31 00:02:23,319 --> 00:02:27,159 You know, if you look at our present debt, which is you know, 32 00:02:27,199 --> 00:02:30,800 across thirty four trillion dollars. We're on a run rate of ten trillion 33 00:02:31,039 --> 00:02:38,120 per year through twenty thirty. I mean, we're talking colossal amounts of debt. 34 00:02:38,400 --> 00:02:42,280 Now, the inflation problem. You know, if you go back to 35 00:02:42,599 --> 00:02:46,599 Jerme Powell, which is kind of like the Wizard of Oz, he's the 36 00:02:46,639 --> 00:02:50,759 guy in the behind the scenes who's pushing all the levers, and he has 37 00:02:50,840 --> 00:02:54,159 a big part to play in this inflation issue. And you know, the 38 00:02:54,919 --> 00:03:00,599 Federal Reserve, they really only have a couple of tools in their tool bell, 39 00:03:00,639 --> 00:03:06,400 and oftentimes it just takes us on this merry go round dealing with inflation 40 00:03:07,120 --> 00:03:13,080 and then combating inflation by raising interest rates, and the interest rates to destroy 41 00:03:13,120 --> 00:03:16,199 the economy and we go into a recession. And then we lower interest rates 42 00:03:16,639 --> 00:03:22,439 essentially quantitative easing, printing money, and the cycle starts over. And so 43 00:03:22,560 --> 00:03:24,960 we're in another cycle. But the problem is is that this merry go round 44 00:03:24,960 --> 00:03:30,599 can only go around so many times before this debt is unsustainable. What I'm 45 00:03:30,639 --> 00:03:38,080 concerned about is not just inflation, but it's also how is the stock market 46 00:03:38,080 --> 00:03:42,840 going to perform in the long term. We are going to have inflation. 47 00:03:43,000 --> 00:03:46,159 In fact, if you were to look at back in the late seventies and 48 00:03:46,199 --> 00:03:50,639 eighties, you know, the Paul Wolker era, when we had double digit 49 00:03:50,719 --> 00:03:54,639 inflation. You know, back then, they were factoring in food and energy 50 00:03:55,039 --> 00:04:00,759 into that CPI number. And they're being honest about it. Right last year. 51 00:04:01,879 --> 00:04:08,159 You know, for for a long long time, the definition of a 52 00:04:08,199 --> 00:04:13,039 recession was two quarters of negative GDP. Well we had that last year, 53 00:04:13,599 --> 00:04:15,199 and then all of a sudden, they're like, no, no, no, 54 00:04:15,199 --> 00:04:16,519 no, no, we're going to change the definition. I know we 55 00:04:16,560 --> 00:04:20,399 had two quarters of make EDP. We're going to change the definition. That's 56 00:04:20,439 --> 00:04:25,959 not what a recession is anymore. They're doing the same thing with inflation now. 57 00:04:26,000 --> 00:04:31,120 They're extracting food and energy out of the CPI numbers, which is forty 58 00:04:31,160 --> 00:04:35,680 percent of the entire metric. And so the numbers that we're getting are flawed, 59 00:04:35,720 --> 00:04:40,040 they're skewed, they're manipulated. You know, their goal is a two 60 00:04:40,079 --> 00:04:46,120 percent inflation rate. That's never going to happen. And even then, you 61 00:04:46,160 --> 00:04:48,360 know, we're having a hard time at the three percent three point one to 62 00:04:48,399 --> 00:04:54,360 three point two, the sticky inflation. I'm concerned that inflation is going to 63 00:04:54,399 --> 00:04:58,839 continue to go up. And as it goes up, what is the Fed 64 00:04:58,959 --> 00:05:01,040 going to have to do there. We're going to have to keep rates higher, 65 00:05:01,519 --> 00:05:04,399 and something's going to break. Banks are not out of the woods yet. 66 00:05:05,120 --> 00:05:09,360 We're going to have a lot of problems moving forward. And I'll end 67 00:05:09,399 --> 00:05:13,720 it with one other thought. You know, right now the stock market is 68 00:05:13,759 --> 00:05:16,920 at essentially all time highs. I mean, it's been an unbelievable ride. 69 00:05:17,079 --> 00:05:21,040 But you know, there's that old adage and obviously we all listen to the 70 00:05:21,120 --> 00:05:27,120 same experts, but if you show me your demographics, I'll show you your 71 00:05:27,160 --> 00:05:30,600 future. You know, predicting the stock market on the short term is extremely 72 00:05:30,720 --> 00:05:35,439 difficult, right It takes a really big braining to look at the trends and 73 00:05:35,519 --> 00:05:39,199 predict, you know, what the stock market is going to do on a 74 00:05:39,279 --> 00:05:42,560 day to day basis. Oftentimes, when people do that, they end up 75 00:05:42,560 --> 00:05:46,839 becoming a chain smoking, you know, day trader and they're stressed out of 76 00:05:46,839 --> 00:05:50,639 the find losing their hair. But predicting the stock market on the long term 77 00:05:50,720 --> 00:05:57,680 is actually very easy because it's all demographically driven. Right. So, right 78 00:05:57,720 --> 00:06:01,839 now we have such a swelling elderly pop population that they call the silver haired 79 00:06:01,839 --> 00:06:09,199 tsunami that around twenty thirty we are going to have so many people retired or 80 00:06:09,240 --> 00:06:15,240 retiring, we're not going to have enough workers or taxpayers to cover the rising 81 00:06:15,319 --> 00:06:18,600 costs of social security, social security, disability, Medicare, and Medicaid. 82 00:06:19,079 --> 00:06:24,920 And we're not the only country in this predicament. The entire messy yeah, 83 00:06:25,079 --> 00:06:28,480 Western world is in this predicament. Right, I've seen the charts. They're 84 00:06:28,600 --> 00:06:32,079 scary, they are terrifying. You're absolutely right. Carry you look at Germany. 85 00:06:32,680 --> 00:06:38,000 Germany's in just as bad a shape as we are. China, similar 86 00:06:38,040 --> 00:06:43,040 situation. They're one child policy backfired big time. Then you look at Japan. 87 00:06:43,240 --> 00:06:47,399 Japan is the worst in the entire world for their demographic problems. And 88 00:06:47,519 --> 00:06:55,000 once the demographics get off kilter or out of whack, the stock market flatlines. 89 00:06:55,040 --> 00:07:00,800 If you look at Japan as an example, because of their demographic issue, 90 00:07:00,160 --> 00:07:04,959 their stock market and I'm oversimplified, but their stock market has been stagnant 91 00:07:04,959 --> 00:07:10,399 for three decades. You look at Europe, They're an older country, same 92 00:07:10,480 --> 00:07:15,560 thing. Their stock market has been relatively flatlined and stagnant for two decades. 93 00:07:15,920 --> 00:07:21,199 As we in America go into this new season with this demographic problem, the 94 00:07:21,240 --> 00:07:27,319 stock market is not going to perform like it has like we've enjoyed, and 95 00:07:27,480 --> 00:07:30,879 when that happens, inflation is going to punch harder. It's going to hit 96 00:07:31,000 --> 00:07:36,879 us even worse because we don't have our accounts right, our stocks balls mutual 97 00:07:36,920 --> 00:07:43,399 funds that are combating inflation. So we're facing some big problems. And then 98 00:07:43,639 --> 00:07:47,040 one little cherry on top. Stanford Research recently came out and said, well, 99 00:07:47,800 --> 00:07:54,720 by twenty fifty, the average lifespan will be a century long with AI 100 00:07:54,720 --> 00:07:59,279 technology and with modern medicine, so people are going to be living longer. 101 00:07:59,560 --> 00:08:03,519 The stock market is not going to perform as well. Inflation is going to 102 00:08:03,560 --> 00:08:07,519 be a consistent problem because of our massive debt. I mean, it's kind 103 00:08:07,560 --> 00:08:15,480 of a recipe for disaster. You're just a bundle of optimistic, cheery thoughts 104 00:08:15,519 --> 00:08:20,079 today, aren't you, Andrew. Well, we have solutions. We have 105 00:08:20,240 --> 00:08:22,319 solutions, and if you'd like, I'd be happy to kind of tell you 106 00:08:24,199 --> 00:08:30,480 always looking for solutions. Okay, So I'll tell you a quick story when 107 00:08:30,519 --> 00:08:35,639 I was when I was dating my now wife Jazz. We were on our 108 00:08:35,799 --> 00:08:37,559 I don't know, second or third date, We're getting to know each other, 109 00:08:39,120 --> 00:08:41,840 and I decided, you know what, I'm going to take her to 110 00:08:41,960 --> 00:08:45,240 a batting cage, right like, you know, to you know, hit 111 00:08:45,320 --> 00:08:48,840 baseballs. I don't know how romantic, oh, I know, I just 112 00:08:48,879 --> 00:08:50,639 want you know. I was trying to show off. I'm pretty athletic, 113 00:08:50,679 --> 00:08:56,799 but I never played baseball. You know. I thought, oh I could 114 00:08:56,879 --> 00:08:58,120 do this. You know, I'm going to show where manly I am. 115 00:08:58,600 --> 00:09:01,639 So we go to this batting cage and again we're getting to know each other. 116 00:09:03,279 --> 00:09:05,879 And I did not know this, but my you know, now to 117 00:09:05,919 --> 00:09:13,399 be wiped. She got a full Righte scholarship for playing softball, So I 118 00:09:13,480 --> 00:09:20,159 mean she wiped the floor with me. She crushed it. Every ball she 119 00:09:20,240 --> 00:09:22,360 hit out of the bark and I can't hit a stink in baseball. It 120 00:09:22,440 --> 00:09:26,440 was so embarrassing. I had to surrender my man card. It was humiliating, 121 00:09:28,600 --> 00:09:33,039 as you're right, you see, that's what happens when you're when you 122 00:09:33,080 --> 00:09:37,720 make assumptions about the fairer sex. That's true. Yeah, I made a 123 00:09:37,799 --> 00:09:43,840 great error there. But winning the game of retirement is a lot like winning 124 00:09:43,879 --> 00:09:48,799 the game of baseball. Okay. The way you win the game of baseball 125 00:09:48,799 --> 00:09:52,279 they call it small ball, and small ball is you hit singles and doubles 126 00:09:52,279 --> 00:09:56,000 and you never strike out. It's the fundamentals, right, don't try to 127 00:09:56,080 --> 00:10:01,360 hit the home run. It's singles and doubles and never strike out. Well, 128 00:10:01,440 --> 00:10:05,039 at our firm, my personal belief is how you win the game of 129 00:10:05,080 --> 00:10:09,240 baseball is how you win the game of retirement. If you can earn five 130 00:10:09,279 --> 00:10:13,440 to seven percent net okay, so net of fees, net of you know, 131 00:10:13,519 --> 00:10:18,639 any loss, and you never strike out, you never go backwards, 132 00:10:18,799 --> 00:10:24,120 you're gonna win the game of retirement. So you don't win baseball by strikeout, 133 00:10:24,120 --> 00:10:26,879 strikeout, home run, strikeout, strikeout, strikeout, home run. 134 00:10:26,919 --> 00:10:30,360 That's not how you win. It's singles and doubles and never striking out. 135 00:10:30,480 --> 00:10:35,720 I believe in retirement as you get older, right, it's not so much 136 00:10:35,720 --> 00:10:37,519 about how much do you learn, it's how much do you not lose. 137 00:10:39,279 --> 00:10:41,240 You know Ted Betta, the founder of the four to one k he's in 138 00:10:41,240 --> 00:10:46,679 my first movie. He talks about the danger zone, which is five years 139 00:10:46,679 --> 00:10:50,960 before retirement and five years after. And if you're in that danger zone and 140 00:10:52,000 --> 00:10:54,879 you lose twenty percent he said this, I didn't say this. If you 141 00:10:54,960 --> 00:10:58,759 lose twenty percent in that danger zone, he said, you would never recover 142 00:10:58,840 --> 00:11:03,759 it. Now that's sobering because we have a beer market, or at least 143 00:11:03,759 --> 00:11:09,679 we should one out of every four or five years, right, So that 144 00:11:09,840 --> 00:11:13,200 is a big problem. So if you can are five to seven percent and 145 00:11:13,240 --> 00:11:16,080 never go backwards, you're going to win the game of retirement, just like 146 00:11:16,120 --> 00:11:20,879 you'd win the game of baseball singles and doubles, never strikeout. I'm every 147 00:11:20,919 --> 00:11:24,159 now and then you get a Grand Slam and you really clean up. So 148 00:11:24,720 --> 00:11:30,240 right, but now you got to do a little bit better because of inflation. 149 00:11:30,480 --> 00:11:33,080 Right, that's right, yep, And that is a big problem. 150 00:11:33,120 --> 00:11:39,159 And that's why for us at our firm. Okay, this is pretty unconventional, 151 00:11:39,039 --> 00:11:45,759 but when we're looking forward the next fifteen years, we're trying to factor 152 00:11:45,799 --> 00:11:50,000 in inflation, we're trying to factor in the risk of the stock market, 153 00:11:50,200 --> 00:11:54,320 okay, the stock market not performing as well as it has. We're trying 154 00:11:54,320 --> 00:11:58,080 to factor in longevity risk because this is going to be a big issue. 155 00:11:58,279 --> 00:12:03,879 In fact, the National Bureau of Economic Research, this is in twenty and 156 00:12:03,039 --> 00:12:09,679 twelve. Okay, in twenty and twelve, they came out with this report 157 00:12:09,840 --> 00:12:15,840 that fifty seven percent of single, divorce and widowed individuals will run out of 158 00:12:15,879 --> 00:12:20,799 money before they run out of life, and forty six percent of married couples 159 00:12:20,840 --> 00:12:22,919 will run out of money before they run out of life. Now it's even 160 00:12:22,960 --> 00:12:26,799 worse. It's literally one out of two. It's a coin flip, right, 161 00:12:26,879 --> 00:12:30,879 heads, you don't run out of money. Tails, you got to 162 00:12:30,919 --> 00:12:33,559 go back to work at Low's or Home Depot or Starbucks, you know, 163 00:12:33,600 --> 00:12:39,240 and have some weird boss with face tattoos and purple hair. It's brutal. 164 00:12:39,279 --> 00:12:43,039 I don't like those statistics, but the odds are stacked against us, and 165 00:12:43,120 --> 00:12:48,639 so you have to have a conservative approach when it comes to planning for your 166 00:12:48,679 --> 00:12:54,679 future. I'll give you another quick metaphor. Have you climbed Mount Everest? 167 00:12:54,720 --> 00:12:58,639 Kerrey? No, It's on my bucket list, but I'm sixty six. 168 00:13:00,000 --> 00:13:03,919 I think it's going to have to wait for the next life. Andrew gotcha, 169 00:13:03,039 --> 00:13:05,519 Okay, I haven't either. One of these days, I'm going to 170 00:13:05,559 --> 00:13:11,000 get somebody who says, yes, I didn't know this, but more people 171 00:13:11,200 --> 00:13:15,879 die going down Mount Everest than going up. Now. When I first heard 172 00:13:15,960 --> 00:13:18,279 that, I'm like, what, that doesn't make any sense. But as 173 00:13:18,320 --> 00:13:22,919 I discovered more, you know, when you're going up the mountain, you 174 00:13:22,960 --> 00:13:26,600 know you wake up early at base camp. You ate your weedies that morning, 175 00:13:26,000 --> 00:13:28,840 you've got your eye on the prize. You're excited. You get to 176 00:13:28,879 --> 00:13:31,879 the top of the mountain, you plant your flag, and this is where 177 00:13:31,879 --> 00:13:35,480 all the mistakes happen. You know, you stay up there too too long, 178 00:13:35,679 --> 00:13:39,559 you take too many selfies, you get outageing sickness, and then you're 179 00:13:39,600 --> 00:13:45,519 disoriented, you're tired, you slip on a crevass and you end up passing 180 00:13:45,519 --> 00:13:48,919 away. And the fatality rate for climbing Mount Everest is about four percent, 181 00:13:50,039 --> 00:13:54,440 which is brutal. Well, saving for your future, we'll call a retirement 182 00:13:54,080 --> 00:13:58,559 is a lot like climbing Mount Everest. When you're going up the mountain, 183 00:13:58,679 --> 00:14:05,159 Okay, this is your accumulation years, your twenties or thirties or forties or 184 00:14:05,200 --> 00:14:09,039 fifties, maybe even into your sixties. Right, you're saving money. You're 185 00:14:09,080 --> 00:14:13,039 putting it in the stock market. You're kicking butt. And it doesn't matter 186 00:14:13,120 --> 00:14:16,639 if the stock market crashes. Why because you have time to recover and time 187 00:14:16,639 --> 00:14:20,639 to recouprate. You've got a paycheck coming in. You're good. But as 188 00:14:20,720 --> 00:14:26,120 you get towards the top of the summit, this is where the mistakes happen, 189 00:14:26,919 --> 00:14:31,279 and going down the mountain. This is your decumulation years, where you're 190 00:14:31,399 --> 00:14:35,639 enjoying what you've saved and Carrie, this is where all the mistakes happen. 191 00:14:37,159 --> 00:14:43,159 And I often tell people that the shirpah quote unquote, or the financial advisor 192 00:14:43,360 --> 00:14:48,240 or the way of investing that got you up the mountain is rarely the right 193 00:14:48,360 --> 00:14:54,600 shirba or financial advisor or way of investing to get you safely down. Why 194 00:14:54,320 --> 00:14:58,679 going down the mountain takes a different skill set. You know, most people 195 00:14:58,720 --> 00:15:03,080 have financial advisors in those accumulation years, and they're good at growing your money. 196 00:15:03,320 --> 00:15:07,000 The wealth management guys, that's important. It's good, right, Maybe 197 00:15:07,039 --> 00:15:11,720 you're doing it on your own, that's awesome, But as although it's good, 198 00:15:11,840 --> 00:15:18,120 it's often incomplete on the downhill side of the mountain because there's more pieces 199 00:15:18,159 --> 00:15:22,879 of the puzzle that you've got to consider. For example, you need to 200 00:15:22,960 --> 00:15:26,919 have long term care planning. Seven out of ten people will find themselves in 201 00:15:26,960 --> 00:15:31,000 a long term care situation before they pass. What about a state planning. 202 00:15:31,320 --> 00:15:33,519 You know, you saved your whole life, you worked hard, how are 203 00:15:33,519 --> 00:15:39,399 you going to pass it on longevity risk? What if we have another lost 204 00:15:39,480 --> 00:15:43,600 decade like we did in the SMP, where if you parked one hundred thousand 205 00:15:43,200 --> 00:15:48,960 in two thousand in the SMP, you didn't see that same hundred thousand until 206 00:15:48,080 --> 00:15:54,360 twenty fourteen. That's fourteen years of lost time because we had two crises in 207 00:15:54,399 --> 00:15:58,679 there, the dot com bubble, global financial crisis. So how are you 208 00:15:58,799 --> 00:16:03,000 going to factor at all tax planning? Right? You may see a couple 209 00:16:03,039 --> 00:16:07,879 million bucks in your IRA, but the IRA is an io you to the 210 00:16:07,919 --> 00:16:11,679 irs. You don't get to keep all that money. So having a strategy, 211 00:16:11,879 --> 00:16:15,320 then we go to the lovely inflation, how are you going to keep 212 00:16:15,440 --> 00:16:22,960 up? Right? What about required minimum distributions at seventy three? Right in 213 00:16:22,080 --> 00:16:26,000 twenty thirty three, you'll jump up to seventy five. So if there's inflation 214 00:16:26,120 --> 00:16:30,639 that you're dealing with, and the market happens to be down, and then 215 00:16:30,679 --> 00:16:34,080 the irs Uncle Sam says, Carrie gets time to take out two hundred grand 216 00:16:34,159 --> 00:16:38,639 and pay taxes on it. If the market's down, you realize the loss. 217 00:16:40,320 --> 00:16:42,600 So there's going to work to the puzzle than just growing your money. 218 00:16:44,039 --> 00:16:48,320 And that's where we want to help help our clients. Okay, so how 219 00:16:48,320 --> 00:16:51,440 do we do this here? How do we get this done? How do 220 00:16:51,519 --> 00:16:56,720 I push these goals. Yes, it's a great question. So I discovered 221 00:16:56,720 --> 00:17:02,480 a strategy. This may blow you away by reading a story in the Book 222 00:17:02,480 --> 00:17:07,880 of Genesis. It's actually the story of Joseph in the Bible. Many people 223 00:17:07,920 --> 00:17:11,079 are probably familiar, whether they believe in God or not. It's a fascinating 224 00:17:11,160 --> 00:17:18,359 story. And there's five principles in that story of Joseph that we base our 225 00:17:18,480 --> 00:17:22,039 entire firmon. And you know, there's that old saying, if it's new, 226 00:17:22,079 --> 00:17:23,759 it's not true. If it's true, it's not new. This is 227 00:17:23,799 --> 00:17:27,599 thirty five hundred year old wisdom that stood the test of time. But one 228 00:17:27,599 --> 00:17:32,519 of the strategies in there, we call it this silo strategy. Okay, 229 00:17:33,119 --> 00:17:37,920 imagine if you would, that you're looking at for silos right next to each 230 00:17:37,920 --> 00:17:44,519 other. The first one on the very left is safety or emergency fund. 231 00:17:45,119 --> 00:17:48,279 Okay. The second one from the left, so the one immediately to the 232 00:17:48,359 --> 00:17:52,559 right is income, the one the third one to the right is growth, 233 00:17:52,119 --> 00:17:56,559 and the fourth one is long term care slash estate planning. Okay, we'll 234 00:17:56,559 --> 00:18:00,400 go back to the first one, and it's in order of importance from left 235 00:18:00,400 --> 00:18:04,960 to right, So safety is the most important, then income, then growth, 236 00:18:06,119 --> 00:18:10,200 then long term care slashes, stay planning with safety. On a typical 237 00:18:10,240 --> 00:18:15,759 portfolio, you want to have five to ten percent of your overall portfolio invested 238 00:18:15,880 --> 00:18:19,640 in something liquid safety, you know, checking saving these money market so to 239 00:18:19,759 --> 00:18:23,160 use round numbers, to use easy math. If you've got a million bucks, 240 00:18:23,440 --> 00:18:26,079 you want to have at least fifty to one hundred grand in a checking 241 00:18:26,119 --> 00:18:30,319 your savings account that you can get access to in a pinch. Right, 242 00:18:30,359 --> 00:18:33,680 if Fluffy gets sick, it's a big deal. The heating and air unit 243 00:18:33,759 --> 00:18:37,000 goes out, the transmission explodes, whatever, you need access to cash. 244 00:18:37,160 --> 00:18:41,240 But once that five to ten percent is good, then we go to income. 245 00:18:42,200 --> 00:18:48,240 Now again, you may be retired for thirty to forty years. Maybe 246 00:18:48,240 --> 00:18:52,359 not us guys we die early, but our spouses, right, they may 247 00:18:52,440 --> 00:18:56,839 be retired for thirty to forty years. They need an income that they can 248 00:18:56,880 --> 00:19:02,359 count on. So fifty to seventy percent of that overall portfolio is going to 249 00:19:02,400 --> 00:19:04,640 be ear art for income. Now, this could be social security. This 250 00:19:04,759 --> 00:19:08,079 could be not as well, call social insecurity, I mean talk about that 251 00:19:08,240 --> 00:19:14,799 later. But real estate, income, pensions, you know, annuities, 252 00:19:14,839 --> 00:19:18,799 whatever the case may be, is providing you at income you can count on 253 00:19:18,200 --> 00:19:23,680 fifty to seventy percent. One stat is satisfied and you can count on it 254 00:19:23,799 --> 00:19:29,440 covering your bills, your fund money, and any sort of gifts or donations, 255 00:19:29,480 --> 00:19:33,640 benevolence, whatever. Then you go to growth. Now this is going 256 00:19:33,720 --> 00:19:37,480 to vary depending upon the person and their risk tolerance. This could be ten 257 00:19:37,519 --> 00:19:41,160 to twenty percent. Okay, now this one you can be a little bit 258 00:19:41,200 --> 00:19:45,400 more risky with it because if the market crashes, it's all good. You've 259 00:19:45,440 --> 00:19:48,480 got a steady income coming in that you can count on. Right. And 260 00:19:48,519 --> 00:19:52,960 then finally long term care slash death benefit. This one varies the most depending 261 00:19:53,039 --> 00:19:56,319 upon your goals, dreams, desires, conserves, and objectives. This is 262 00:19:56,480 --> 00:20:02,759 zero to twenty percent. So safety, income, growth, and estate planning. 263 00:20:03,400 --> 00:20:08,039 When it comes to income, we want to make sure that your income 264 00:20:08,160 --> 00:20:12,599 is going to increase to help offset inflation. We want to make sure it's 265 00:20:12,640 --> 00:20:18,039 in the safest institutions in our country. We want to make sure it's got 266 00:20:18,079 --> 00:20:22,160 to proven track record and it's been around since the dinosaurs, and we want 267 00:20:22,200 --> 00:20:26,119 to make sure that no matter what happens in our economy, barring armageddon, 268 00:20:26,920 --> 00:20:32,599 that is, it is predictable, it's reliable and you can count on it. 269 00:20:33,039 --> 00:20:37,960 Once that's achieved, then the growth you can be more risky. You 270 00:20:37,960 --> 00:20:40,559 can put it in the S and P, you can put it in bitcoin, 271 00:20:40,920 --> 00:20:44,960 you can put it in high risk investments. It's okay if you see 272 00:20:44,960 --> 00:20:48,960 some fluctuation there, because you're not going to be living under a bridge because 273 00:20:48,000 --> 00:20:52,680 that income's covering everything. And then find if you have more disposable income. 274 00:20:52,960 --> 00:20:56,839 That's long term care slash of state planning. Obviously, there's many strategies that 275 00:20:56,920 --> 00:21:00,519 you can utilize, but when it comes to retirement, which is who we 276 00:21:00,640 --> 00:21:06,720 usually deal with, that is a silo strategy that we base everything upon, 277 00:21:07,519 --> 00:21:11,359 and it is bulletproof. If we provide a written down income plan, we 278 00:21:11,519 --> 00:21:19,680 factor in a one third reduction in social security. So Olivia Mitchell, who's 279 00:21:19,680 --> 00:21:23,240 the foremost expert of social security in our country and really in the world. 280 00:21:23,920 --> 00:21:27,319 Other countries have their own version of social security. They don't call it that. 281 00:21:27,400 --> 00:21:33,039 Of course, all the Nobel winning economists point to Olivia as the expert 282 00:21:33,039 --> 00:21:37,920 of experts on that program. What's her name again, Olivia Mitchell? Okay, 283 00:21:38,359 --> 00:21:44,119 and she's in my first movie, The Baby Boomer Dilemma. But Olivia 284 00:21:44,200 --> 00:21:49,440 Mitchell talks about how because of the mismanagement and bad stewardship of social security, 285 00:21:49,440 --> 00:21:56,400 which guys it is a full blown by definition Ponzi scheme. You know, 286 00:21:56,160 --> 00:22:00,200 you know Bernie Madoff does it as a high at a high level, he 287 00:22:00,240 --> 00:22:03,400 goes to prison. When you do it at a gigantic level, you get 288 00:22:03,400 --> 00:22:10,559 reelected. It's ridiculous. So social Security, because of again our demographic issue, 289 00:22:11,240 --> 00:22:14,240 they we are going to see We weren't going to see a one third 290 00:22:14,279 --> 00:22:18,759 reduction in twenty forty, well then it got bumped up to twenty thirty five. 291 00:22:18,440 --> 00:22:22,200 Now, when we filmed the movie a couple of years ago, it's 292 00:22:22,240 --> 00:22:29,039 twenty thirty four, and today it's twenty thirty three. Barring massive reform, 293 00:22:29,559 --> 00:22:33,160 we are going to see a one third reduction in social security. How is 294 00:22:33,200 --> 00:22:36,880 that going to affect everybody here? Social Security is a big piece of the 295 00:22:37,200 --> 00:22:40,640 puzzle when it comes to retirement. So one of the things that we do 296 00:22:41,039 --> 00:22:45,640 is we're going to create a Social Security stop gap fund. And what it 297 00:22:45,680 --> 00:22:48,799 does is it it's a bucket of money that you put aside, that it 298 00:22:48,839 --> 00:22:52,480 grows, It bakes in the oven at a very nice rate, typically around 299 00:22:52,480 --> 00:22:56,759 eight percent. And then if and when that happens, you can turn this 300 00:22:56,839 --> 00:23:04,000 sucker on and you will not experience any reduction in standard of living. Fact, 301 00:23:04,240 --> 00:23:10,319 in many situations you'll actually make more. So again, not to be 302 00:23:10,400 --> 00:23:15,720 mister doom and gloom Debbie Downer, but social Security is going. It's headed 303 00:23:15,759 --> 00:23:18,920 for a cliff carry and unless you know, we hope for the basketball, 304 00:23:18,960 --> 00:23:22,640 we prepare for the worst. You know, there's that old proverb A prudent 305 00:23:22,720 --> 00:23:27,680 man foresees calamity and prepares himself for it. But the simple move forward and 306 00:23:27,720 --> 00:23:32,119 get punished. And so we want to make sure that everybody's in the know, 307 00:23:32,279 --> 00:23:34,400 that they're aware, so that they can prepare. Hey, I got 308 00:23:34,400 --> 00:23:38,720 a question for you, So you know, based upon what you're saying here, 309 00:23:38,759 --> 00:23:44,599 with the Social Security, you know, a cut and I don't know 310 00:23:44,640 --> 00:23:48,519 if we cut it through inflation or they actually cut it, actually cut benefits. 311 00:23:48,519 --> 00:23:51,920 I just can't see him doing that. But I guess if you don't 312 00:23:51,920 --> 00:23:55,480 have a choice, you'd have a choice. Yeah, do you take the 313 00:23:55,519 --> 00:24:00,400 maximum you can get now? Yeah? Do you wait till you're seven in 314 00:24:00,440 --> 00:24:03,720 a few years so you get thirty percent more? It's a great question. 315 00:24:04,119 --> 00:24:08,440 I'll give you two answers. Uh to address the first portion of the question. 316 00:24:08,960 --> 00:24:14,000 There's really only three, well there's four. There's four ways they can 317 00:24:14,079 --> 00:24:19,160 solve this problem with social security. Number one, raise taxes. That's highly 318 00:24:19,200 --> 00:24:22,640 unpopular. It's a political hot potato, and so nobody, you know, 319 00:24:22,680 --> 00:24:26,799 they kick the can on this thing, right, no one. That's not 320 00:24:26,839 --> 00:24:30,240 a way to get reelected. So you get raise taxes. Number two, 321 00:24:30,359 --> 00:24:33,680 you can you can extend the full retirement age, which, by the way, 322 00:24:33,720 --> 00:24:37,240 we saw what happened when they did that in France. They about burned 323 00:24:37,279 --> 00:24:41,319 the country to the ground, right, right, that's not popular. They've 324 00:24:41,359 --> 00:24:45,440 done it. They've already done it. Though. It used to be sixty 325 00:24:45,480 --> 00:24:48,720 five. Now it's sixty six and six months, and it goes up a 326 00:24:48,720 --> 00:24:53,440 couple months every every year, right yeah, and it's actually sixty seven, 327 00:24:55,079 --> 00:24:59,559 so it's it for depending upon your age, you maybe you know sixty six 328 00:24:59,599 --> 00:25:02,599 and six months, eight months, nine months, but the full retirement age 329 00:25:02,759 --> 00:25:07,119 moving forward to sixty seven, well, they may have to bump it out 330 00:25:07,160 --> 00:25:10,799 two years to solve this problem. Well that's two years, you know, 331 00:25:10,920 --> 00:25:15,559 and most people at sixty seven don't want to wait till sixty nine. So 332 00:25:15,599 --> 00:25:18,039 they can extend for retirement age they can raise taxes, or they can lower 333 00:25:18,079 --> 00:25:22,640 cost of living adjustments, which again don't help, which they've done that as 334 00:25:22,680 --> 00:25:27,440 well. They've done that for years already. It's you know, their definition 335 00:25:27,519 --> 00:25:32,759 of inflation forget it. Yeah, so it's non key and then it's in 336 00:25:32,880 --> 00:25:36,960 arrears. Right. So we saw this with COVID when we had nine percent 337 00:25:37,000 --> 00:25:41,920 inflation at the peak and they didn't adjust the cost of living adjustments for almost 338 00:25:42,160 --> 00:25:48,160 entire year. So for a year, all of the Social Security benefits were 339 00:25:48,160 --> 00:25:52,480 being devalued in because of a nine percent quote unquote inflationary rate. And it 340 00:25:52,519 --> 00:25:56,640 wasn't until the following year that they finally got that cost of living adjustment. 341 00:25:56,960 --> 00:26:02,000 So again for that year, you kind of got that's screwed again. The 342 00:26:02,519 --> 00:26:06,319 fourth reason, before I go off on a tangent and my frustration with so 343 00:26:06,400 --> 00:26:10,599 security, the fourth way you could solve it, and it's actually a pretty 344 00:26:10,599 --> 00:26:14,559 good idea, and Donald Trump, love him or hate him, you know 345 00:26:14,640 --> 00:26:18,319 he did come up with this is you could start being a net exporter of 346 00:26:18,359 --> 00:26:22,200 oil. We have so much natural resource in America that we could actually solve 347 00:26:22,240 --> 00:26:29,160 that problem with social security and fund it by exporting oil. Drill drill, 348 00:26:29,240 --> 00:26:33,240 drill. Now, again, that's unpopular with a lot of folks, and 349 00:26:33,519 --> 00:26:36,920 it you know, who knows if that will ever happen, but it could 350 00:26:37,240 --> 00:26:41,079 solve that problem. Again, there's a lot of obstacles in the way. 351 00:26:41,480 --> 00:26:45,319 Now, that was the first my first answer. As far as practically when 352 00:26:45,519 --> 00:26:52,000 changing claim social Security, here's a really good limus test. Okay, if 353 00:26:52,039 --> 00:26:56,400 you are the quote unquote primary breadwinner, which means you make more to Social 354 00:26:56,400 --> 00:27:00,319 Security. Maybe your spouse works, but you end up making more over your 355 00:27:00,319 --> 00:27:07,079 guys' career, then it is more beneficial for you to wait until at least 356 00:27:07,119 --> 00:27:14,319 full retirement age to claim social Security. Now, your spouse, she can 357 00:27:14,400 --> 00:27:18,200 turn on her social Security and again you need an expert, you know, 358 00:27:18,240 --> 00:27:21,079 we can help you with that. But your spouse could turn it on at 359 00:27:21,160 --> 00:27:25,400 sixty two and then, depending upon how big hers is, she could actually 360 00:27:25,400 --> 00:27:30,319 get the spousal benefit, which is half of yours at sixty seven. And 361 00:27:30,359 --> 00:27:34,160 there's some strategies there. But here's the math. Okay, as long as 362 00:27:34,240 --> 00:27:41,640 you are going to live past age seventy nine, it is more beneficial for 363 00:27:41,680 --> 00:27:45,880 you to wait until full retirement age. Now, the mortality rate today in 364 00:27:45,920 --> 00:27:52,160 America for males is eighty four, and for females is eighty seven. So 365 00:27:52,440 --> 00:27:56,000 as long as you don't have a chronic illness or everybody in your family died 366 00:27:56,000 --> 00:28:02,000 in their sixties, it is better for you to wait until full retirement age. 367 00:28:02,119 --> 00:28:06,680 If you're the primary breadwinner, you end up that's the break even point. 368 00:28:06,839 --> 00:28:08,319 You end up making a lot more, not just for you, but 369 00:28:08,400 --> 00:28:14,039 for your spouse if you wait until full retirement age as the primary breadwinner. 370 00:28:15,000 --> 00:28:18,640 Now maybe you're a single individual and so you would be the primary breadwinner. 371 00:28:18,680 --> 00:28:23,039 Of course, you do want to wait until least sixty seven. You don't 372 00:28:23,079 --> 00:28:26,319 have to wait till seventy. You end up getting you know, eighty percent 373 00:28:26,920 --> 00:28:32,160 more per year from sixty seven to seventy, but you're just getting paid on 374 00:28:32,200 --> 00:28:34,599 the back end. It's no more of a big you know benefit. Sixty 375 00:28:34,680 --> 00:28:40,720 seven is the number? Okay? Interesting, Yeah, well so sixty seven 376 00:28:40,880 --> 00:28:45,799 or sixty six and whatever months, but call it sixty sixty seven. But 377 00:28:47,720 --> 00:28:53,279 if there's really a forty percent cut coming, it is this forty right, 378 00:28:53,880 --> 00:29:02,039 thirty three, Yeah, in twenty thirty that's only sixty is away now and 379 00:29:03,920 --> 00:29:07,720 right, so it's twenty thirty three, and it's a great point, Carrie. 380 00:29:07,799 --> 00:29:10,640 You know, the sentiment is, well, maybe I should turn it 381 00:29:10,680 --> 00:29:14,680 on at sixty two. You know, I paid into this for super long. 382 00:29:15,079 --> 00:29:18,240 Let's get it while the getting's good, you know. But the thing 383 00:29:18,359 --> 00:29:23,920 is is, even if we have a one third reduction, which we're planning 384 00:29:23,920 --> 00:29:27,559 on it happening. Most advisors, in fact, I've never met another advisor 385 00:29:27,640 --> 00:29:33,039 that actually I've never I've talked to dozens on this show, hundreds maybe over 386 00:29:33,039 --> 00:29:38,000 the years. No one ever said they're going to cut. Yes, well 387 00:29:38,200 --> 00:29:41,440 that's what That's one of the reasons we're different is we're factory in the worst 388 00:29:41,440 --> 00:29:45,720 case scenario, so and we prepare for it. So if it doesn't happen, 389 00:29:45,759 --> 00:29:51,599 it's rivers of gravy and retirement. But having said that, the sentiment 390 00:29:51,680 --> 00:29:53,119 can be, well, I'm going to turn this on. It's going to 391 00:29:53,160 --> 00:29:57,079 get cut by a third. Yeah, I have the benefit now, but 392 00:29:57,400 --> 00:30:03,440 if you do the math, one third of a watermelon, you know, 393 00:30:03,680 --> 00:30:07,279 a one through reduction of a watermelon is still better than a one third reduction 394 00:30:07,400 --> 00:30:11,880 of rape. Right, you still won't end up making more if you defer 395 00:30:11,000 --> 00:30:15,279 until sixty seven or four retirement age, whenever it may be for you, 396 00:30:15,119 --> 00:30:19,480 Right, I still defer that. Yeah, that's a given. You should 397 00:30:19,480 --> 00:30:25,200 always defer. But the real question is do you take it sixty seven or 398 00:30:25,240 --> 00:30:30,519 do you take it at seventy and get the thirty percent benefit? And if 399 00:30:30,519 --> 00:30:34,160 we assume that you are correct, all right, and we have no reason 400 00:30:34,240 --> 00:30:40,599 not to because it's obvious to many of you out there that this is in 401 00:30:40,640 --> 00:30:47,319 fact coming here, right, If we are in fact the ten year is 402 00:30:47,359 --> 00:30:51,079 going to take a one third hit. The question is, and you're going 403 00:30:51,160 --> 00:30:55,039 to be assuming you're going to live longer than ten years, you could get 404 00:30:55,079 --> 00:30:59,839 your full retirement now or wait three years? What's worth it? That's the 405 00:31:00,119 --> 00:31:03,319 question. Well, and this is where the stakes are not so high. 406 00:31:03,880 --> 00:31:07,359 As long as you made it to full retirement age. It's preference. Right. 407 00:31:07,400 --> 00:31:10,960 So if you're still working, as an example, and you've got a 408 00:31:11,000 --> 00:31:14,880 bunch of money coming in and you don't want to get taxed on the Social 409 00:31:14,880 --> 00:31:18,880 Security because by the way you're going to you can get taxed on your Social 410 00:31:18,920 --> 00:31:22,680 Security and come up to eighty five percent of whatever Social Security pays you, 411 00:31:23,000 --> 00:31:26,839 so you get double tax. It's a joke, it's ridiculous. So if 412 00:31:26,839 --> 00:31:30,480 you want to defer that, if you're making six figures, multiple six figures. 413 00:31:30,839 --> 00:31:34,079 You know your spouse is, you know, still working. Maybe you 414 00:31:34,079 --> 00:31:37,799 don't need it. Yeah, I defer it. That's fine, but it's 415 00:31:37,799 --> 00:31:41,000 not it's not going to make or break the overall equation. You made it 416 00:31:41,039 --> 00:31:44,880 till full repowerment age. If you want to turn it on, would you 417 00:31:44,960 --> 00:31:48,400 benefit from it? Would it provide more peace of mind? Great? You 418 00:31:48,440 --> 00:31:51,640 know you have the green light for me because at least you made it to 419 00:31:51,720 --> 00:31:56,880 full retirement age. Beyond that, that's more preference. Yeah, all right, 420 00:31:57,160 --> 00:32:00,440 all right, Well, hey, wech covered a lot of it early 421 00:32:00,480 --> 00:32:05,720 here. Andrew really appreciate your insights mind. Why don't you tell us where 422 00:32:05,720 --> 00:32:07,960 we find you, how we connect with you on the web. Yeah. 423 00:32:08,359 --> 00:32:12,400 So, I actually have an offer for every listener. If you go to 424 00:32:12,519 --> 00:32:17,400 No More Losingmoney dot com No More Losing Money dot Com, you can get 425 00:32:17,440 --> 00:32:22,119 access to three out of four of my books. Uh, and then you 426 00:32:22,160 --> 00:32:25,720 also have access to one of my movies, The Retirement Deception, which is 427 00:32:25,759 --> 00:32:30,279 a wonderful film. It goes over the story of my mom and many others 428 00:32:30,559 --> 00:32:35,039 across the country who have obtained the retirement of their dreams. There's no actors, 429 00:32:35,119 --> 00:32:37,720 there's no lines, we fed anybody. It's just good people like you 430 00:32:37,799 --> 00:32:42,400 and me who are living a dream and what they did to obtain that retirement. 431 00:32:42,759 --> 00:32:45,839 So no more losing money dot com or you can check on my website 432 00:32:45,839 --> 00:32:51,880 at Retirement Renegade dot com. Retirement Renegade dot com. All right, hey, 433 00:32:52,240 --> 00:32:58,680 Andrew, one other thing. Real estate. Yes, housing crisis exactly 434 00:32:59,079 --> 00:33:05,039 when we're talking retirement, that is going to be people's largest asset generally. 435 00:33:05,599 --> 00:33:08,440 Yeah, hopefully you've had a mortgage for a while, you paid it down 436 00:33:08,599 --> 00:33:13,039 or you bought it for cash when it was really cheap, and now at 437 00:33:13,039 --> 00:33:19,200 the latest housing price inflation, presumably the value of your home's really gone up. 438 00:33:19,480 --> 00:33:22,240 Yes, what do you do with that? When? Do you like 439 00:33:22,279 --> 00:33:25,480 get rid of the house? Yeah? Downsize and is it worth it if 440 00:33:25,480 --> 00:33:29,759 you've got to get a mortgage anyway? Now? Well, also, I'll 441 00:33:29,799 --> 00:33:32,000 tell you this, I am a gigantic fan of real estate. I am 442 00:33:32,039 --> 00:33:37,480 buying as much as I possibly can. We bought about five and a half 443 00:33:37,480 --> 00:33:39,920 million bucks in real estate last year. We'll buy twenty more renolds this year. 444 00:33:42,160 --> 00:33:45,839 Huge fan because it's a tangible asset that typically keeps up with inflation. 445 00:33:46,279 --> 00:33:52,319 Now where I'm at in the Nashville area. This is a booming area, 446 00:33:52,480 --> 00:33:58,319 a booming area, and so that demand is driving prices up. As far 447 00:33:58,400 --> 00:34:00,839 as when you're retired and let's see, you're sitting on a ton of equity. 448 00:34:01,240 --> 00:34:06,720 You know, that's a complicated conversation. You know, most people in 449 00:34:06,759 --> 00:34:09,920 my area the average house is one to one and a half million, and 450 00:34:10,000 --> 00:34:15,280 so most and most people have it completely paid off. So it's like, 451 00:34:15,360 --> 00:34:17,239 well, you could downsize, but where youre going to go, right? 452 00:34:17,280 --> 00:34:22,599 I mean, we live at such an amazing area. Maybe you drive an 453 00:34:22,719 --> 00:34:25,199 hour into town and you buy a house for four hundred grand and you pocket 454 00:34:25,239 --> 00:34:30,480 the million. You could do that. But wealth is really built on holding. 455 00:34:30,960 --> 00:34:35,880 It's it's it's long term holding. You know, even even renolds, 456 00:34:36,280 --> 00:34:40,079 which most retirees you know have dabbled with at some point in their life. 457 00:34:40,239 --> 00:34:44,760 You don't make money on the cash flow. Typically, that just allows you 458 00:34:44,840 --> 00:34:47,119 to hold on to it for longer. The money eOne else to pay the 459 00:34:47,159 --> 00:34:52,280 debt if there is any debt, right, that's right. But the real 460 00:34:52,400 --> 00:34:55,280 wealth builder is holding it so that it can accumulate. You know, in 461 00:34:55,320 --> 00:35:00,239 our area, real estate's accumulating at eight to ten percent, which is unbelievable. 462 00:35:00,280 --> 00:35:06,599 You're going to beat inflation there so, but if it if it keeps 463 00:35:06,679 --> 00:35:08,960 up, that's the big if, right, Yes, yes, but I'm 464 00:35:09,000 --> 00:35:13,440 a huge fan of real estate. Okay, Hey, we'll leave it at 465 00:35:13,440 --> 00:35:17,000 that. Ah kl at Carrie LUTs dot com. If you have any questions, 466 00:35:17,400 --> 00:35:22,000 link to Andrews sites in the show notes to this interview on Financial Survival 467 00:35:22,039 --> 00:35:28,119 Network dot com. Please sign up for your free newsletter Andrew really a pleasure. 468 00:35:28,440 --> 00:35:30,800 We're going to have you back. You're on our list as a retirement 469 00:35:30,880 --> 00:35:36,599 Expert extraordinaire and we'll talk to you again real soon. Thank you, Thank 470 00:35:36,639 --> 00:35:42,159 you, thanks for listening to Carrie Letz's Financial Survival Network, your solution to 471 00:35:42,159 --> 00:35:46,639 today's trying times. For the latest, go to Financial Survivalnetwork dot com. 472 00:35:46,679 --> 00:35:51,639 Financial Survival Network now more than ever.