1 00:00:00,040 --> 00:00:02,799 I think we need to understand, Okay, where have we been, where 2 00:00:02,839 --> 00:00:06,559 are we today? Where are we going? What worked yesterday is not necessarily 3 00:00:06,639 --> 00:00:09,759 going to be working today, you know. But we've been looking at the 4 00:00:09,759 --> 00:00:13,839 big fang stocks and so you know, there's been this saying that there is 5 00:00:13,880 --> 00:00:18,039 no alternative to like these seven or eight different stocks that just continue to lead 6 00:00:18,079 --> 00:00:23,399 everything. You're listening to Carrie Lets's Financial Survival Network, where you get valuable 7 00:00:23,399 --> 00:00:29,000 information you just can't find anywhere else to thrive in today's trying times. You 8 00:00:29,039 --> 00:00:34,840 need the Financial Survival Network now more than ever. Go to Financial Survival and 9 00:00:34,920 --> 00:00:42,079 Network dot com and get your free newsletter in gift Financial Survival Network now more 10 00:00:42,159 --> 00:00:49,920 than ever, and welcome. This is Financial Survival Network. I'm your host, 11 00:00:50,000 --> 00:00:54,359 Carry Lets. Well, we got job numbers, conflicting job numbers that 12 00:00:54,399 --> 00:01:00,039 came out last week. Does that mean that rates are going higher? And 13 00:01:00,159 --> 00:01:04,359 we've got the PPI the CPI coming out this week. David Drzuski is with 14 00:01:04,480 --> 00:01:08,719 us now to help us make sense of these numbers. David, what do 15 00:01:08,760 --> 00:01:15,400 you make of the job numbers? What do you make of the upcoming CPI 16 00:01:15,439 --> 00:01:19,640 and PPI numbers? Will great to be with you here, Kerry. You 17 00:01:19,680 --> 00:01:23,239 know a couple things. So in my opinion, the latest jobs report, 18 00:01:23,599 --> 00:01:26,359 you know, shows very conflicting information if you're looking at the difference between the 19 00:01:26,439 --> 00:01:32,400 jolts and the household surveys. So just for your your viewers information. You 20 00:01:32,400 --> 00:01:36,560 know, an ADP, this organization that just does pay rolls for all these 21 00:01:36,560 --> 00:01:40,159 different organizations. When they come out and say, hey, there's five hundred 22 00:01:40,159 --> 00:01:45,280 thousand new people that are working. What that's doing is it's interviewing different organizations 23 00:01:45,280 --> 00:01:47,959 and that's saying, do you have new employees now that could be full time 24 00:01:48,000 --> 00:01:52,040 employees, part time employees. As we look at the household survey, that's 25 00:01:52,079 --> 00:01:56,959 actually just contacting a household. They may have two different jobs working part time 26 00:01:57,000 --> 00:02:00,719 at different places, so they might count as two on the JOLT survey. 27 00:02:00,920 --> 00:02:02,959 But when you call a household and they say, hey, I only I 28 00:02:04,079 --> 00:02:07,560 have a work I'm working, there was only two hundred and nine thousand. 29 00:02:07,680 --> 00:02:13,080 So I think that we're getting a slowing system here today, and we're transitioning 30 00:02:13,159 --> 00:02:19,159 right now just to a slower cruising speed as we look at our economy right 31 00:02:19,159 --> 00:02:23,479 now. But you know, worker hoarding is something that that happens here with 32 00:02:23,960 --> 00:02:30,159 basic economies as we you know, find ourselves in new places. Right now, 33 00:02:30,759 --> 00:02:32,159 you know, everyone's trying to wonder, hey, are we going to 34 00:02:32,240 --> 00:02:36,960 be in another bull market that's just going to continue to go up forever. 35 00:02:37,520 --> 00:02:40,879 I'm not personally of that perspective. I think the macro picture is very negative, 36 00:02:40,919 --> 00:02:45,560 even though we're seeing you know, positive increases and certain parts of the 37 00:02:45,599 --> 00:02:47,919 market if you will, here in the short term. But you know, 38 00:02:49,039 --> 00:02:53,560 the last part of an economy to go is the employment portion, because no 39 00:02:53,599 --> 00:02:57,759 one wants to fire anybody. And right now it's very difficult to find really 40 00:02:57,759 --> 00:03:00,240 good labor and so you know, people are holding on. But this this 41 00:03:00,319 --> 00:03:06,319 definitely shows a slowing for sure, uh in in specifically you know, getting 42 00:03:06,360 --> 00:03:08,680 new workers and a lot of that's just gone through, you know, the 43 00:03:08,719 --> 00:03:15,039 services side of the world kind of getting into CPI right now. Um. 44 00:03:15,120 --> 00:03:17,719 You know, I think that we're we're actually probably you know, we're seeing 45 00:03:19,039 --> 00:03:22,560 uh, you know, CPI numbers come down, PC numbers come down. 46 00:03:23,000 --> 00:03:24,919 Um. I think that it's gonna you know, we're a long ways off 47 00:03:24,960 --> 00:03:29,039 from from this two percent number though that the Fed really wants us to be 48 00:03:29,120 --> 00:03:31,759 at. And uh and so I think that we're probably actually going to see 49 00:03:31,759 --> 00:03:36,360 things, uh, you know, begin to become more inflationary, which I 50 00:03:36,439 --> 00:03:39,439 understand I'm an outlier in that statement, but but there's a number of things 51 00:03:39,479 --> 00:03:45,280 that are important for us to understand from from that thought process. One Milton 52 00:03:45,319 --> 00:03:50,680 Freeman taught us that we're printing is not taking place, inflation is not occurring. 53 00:03:50,879 --> 00:03:53,479 Well, we're seeing printing take place at rapid rates right now. Ten 54 00:03:53,599 --> 00:03:59,360 trillion dollars just went into our our our our debt here in just less than 55 00:03:59,400 --> 00:04:02,000 four years. We just committed to four trillion more over the next year and 56 00:04:02,000 --> 00:04:06,520 a half. That's very inflationary. Uh. You know. Additionally, we're 57 00:04:06,560 --> 00:04:13,159 looking at right now a lot of things that that are also inflationary. Just 58 00:04:13,360 --> 00:04:16,399 understanding the supplying demand dynamics here, and of course, if you affect demand, 59 00:04:16,680 --> 00:04:19,680 which is basically what the FEDS doing, which is what you know, 60 00:04:20,120 --> 00:04:26,800 reducing our ability to pump more oil here in the United States, find new 61 00:04:26,839 --> 00:04:30,920 minerals and copper and gold and silver and all those things that have just really 62 00:04:30,959 --> 00:04:34,800 restrained things here. Those actually cause bubbles to be in our system and hiccups, 63 00:04:34,839 --> 00:04:40,199 if you will, that that caused supplying demand factors and challenges. But 64 00:04:40,319 --> 00:04:44,519 of course, if the demand continues to rise like we see and copper as 65 00:04:44,519 --> 00:04:47,439 a result of you know, all this green energy stuff, demand rises, 66 00:04:47,480 --> 00:04:51,639 but we can't explore and we can't keep up with this trajectory of the need. 67 00:04:51,920 --> 00:04:55,800 Well, guess what's going to have with the price there's stewer dollar, 68 00:04:55,839 --> 00:05:00,120 there's more dollars station, fewer ounces that are out there, the prices going 69 00:05:00,199 --> 00:05:03,839 to go up. Now, we're also looking at reshoring different parts of our 70 00:05:05,000 --> 00:05:09,480 economy. You know, we don't even make any antibiotics here in the United 71 00:05:09,519 --> 00:05:13,319 States. You know, I'm a type one diabetic and I was told from 72 00:05:13,319 --> 00:05:17,319 my pharmacists that we're low on insulin as a nation. Now it's pretty concerning 73 00:05:17,360 --> 00:05:23,279 stuff, given the fact that type one diabetics can't live without insulin. And 74 00:05:23,319 --> 00:05:27,839 so I think we're bringing a lot of these industries back here to the United 75 00:05:27,879 --> 00:05:30,959 States, or we're friend shoring them. Uh, you know with other nations 76 00:05:30,959 --> 00:05:34,480 that you know, can hopefully do things, you know, lower costs than 77 00:05:34,519 --> 00:05:40,519 the United States. Good potentially, But all that transition, all this reshoring, 78 00:05:40,680 --> 00:05:44,920 those are inflationary ideas. So if we see a different inflation, it 79 00:05:45,040 --> 00:05:48,279 is definitely going to be going up, which adds to our thesis of we 80 00:05:48,319 --> 00:05:53,639 believe that you know, Fed's going to be higher for longer. We are 81 00:05:53,680 --> 00:05:58,199 not out of this this winter yet. I think we're actually more like about 82 00:05:58,279 --> 00:06:01,920 to really be facing some of the real challenges as the numbers continue to unfold 83 00:06:02,240 --> 00:06:08,040 ahead of us here, right, and you can't eventually have to pay the 84 00:06:08,040 --> 00:06:12,639 piper. So you think inflation numbers are going to be up and interest rates? 85 00:06:12,680 --> 00:06:15,360 Are you heading? Hired David? Is that the final conclusion? Yeah? 86 00:06:15,360 --> 00:06:18,120 I do. I think I think inflation is going I mean there's five 87 00:06:18,160 --> 00:06:23,240 things that move markets. We've got inflation, it's not under control. We 88 00:06:23,279 --> 00:06:27,240 are seeing things come down, but it's going to rise again. We've got 89 00:06:27,279 --> 00:06:30,720 interest rate environment. There's a lag effect that's taken place. We just raised 90 00:06:30,800 --> 00:06:34,360 rates faster than ever before in history. I know your viewers know all about 91 00:06:34,399 --> 00:06:39,800 this, but you know it takes twelve to eighteen months for those interest rates 92 00:06:39,839 --> 00:06:43,839 to get priced in. You know, one year ago we're looking at less 93 00:06:43,839 --> 00:06:47,279 than one percent of the five percent that the FED brought in. I mean, 94 00:06:47,519 --> 00:06:50,959 this is not even close to being priced into our market here today. 95 00:06:51,759 --> 00:06:56,199 And so I think that then we see, you know what the Fed is 96 00:06:56,240 --> 00:06:59,680 ultimately done. Hey, they're radical, they're raising rates. Who knows what 97 00:06:59,720 --> 00:07:02,040 power is ultimately going to do. I think this guy's actually a lot more 98 00:07:02,160 --> 00:07:08,079 dubbish than he claims to be at this moment, and so we're seeing a 99 00:07:08,079 --> 00:07:12,079 lot of hawkish speak, if you will, as he's talking about raising rates 100 00:07:12,120 --> 00:07:15,839 more. Again. Hey, we'll find out what ends up happening. It 101 00:07:15,839 --> 00:07:19,519 looks like it's priced in to occur here on July twenty fourth. But you 102 00:07:19,560 --> 00:07:24,399 know, I think that we're more looking at a pause right now, and 103 00:07:24,560 --> 00:07:27,839 we're not going to be looking at a pivot to a lower rate though. 104 00:07:27,879 --> 00:07:30,720 That's the part that the market has dead wrong. And then that gets into 105 00:07:30,759 --> 00:07:35,199 corporate earnings as the force factor that moves markets. I think that it's really 106 00:07:35,279 --> 00:07:42,079 important for us to understand today that corporations have to borrow at a much higher 107 00:07:42,160 --> 00:07:46,399 price today than they did before. Whether we're talking about the office of real 108 00:07:46,519 --> 00:07:51,360 estate, which is very expensive and there's trillions of dollars coming due here over 109 00:07:51,399 --> 00:07:56,680 the next eighteen months, or we're looking at just corporate America right now and 110 00:07:56,959 --> 00:08:01,839 so many zombie companies today that require more cap all to run than they actually 111 00:08:01,879 --> 00:08:05,839 produce. Those organizations are gonna have a very difficult time making it in this 112 00:08:05,879 --> 00:08:11,000 new economy where you know, again it's it's it's more pricey to borrow, 113 00:08:11,720 --> 00:08:13,920 and therefore their margins are going to be compressed. The whole reason why we 114 00:08:15,079 --> 00:08:18,600 purchase stocks is because of the profitability or the margin that they're going to make. 115 00:08:18,839 --> 00:08:24,439 I've seen margins coming down significantly as the consumers is getting tighter. Right 116 00:08:24,480 --> 00:08:28,920 now, we're seeing just even the credit report that came out yesterday, UH 117 00:08:30,040 --> 00:08:33,039 indicate that it was about a third of what expectations were as far as new 118 00:08:33,080 --> 00:08:37,639 borrowing was supposed to go over a month. So you know, that is 119 00:08:37,720 --> 00:08:39,960 the lowest level we saw since November of twenty twenty. So that's a big 120 00:08:41,000 --> 00:08:46,000 deals we're seeing that begin to subside. And then the fifth thing is geopolitical 121 00:08:46,000 --> 00:08:50,000 offense. So I don't care whether we're talking about COVID was the biggest geopolitical 122 00:08:50,039 --> 00:08:54,120 event in the last you know, several decades or centuries. You know, 123 00:08:54,279 --> 00:08:58,159 now we're looking at wars, we're looking at you know a number of challenges 124 00:08:58,200 --> 00:09:03,720 here. You know with China now you know very likely leading a new bricks 125 00:09:03,759 --> 00:09:07,720 currency, Brazil, Russia, any Chinese, Saudi Arabia, South Africa, 126 00:09:07,960 --> 00:09:15,039 Iran, these organizations are these nations are looking to gather together and rival the 127 00:09:15,120 --> 00:09:20,159 US dollar today and you know it's not good for the US dollar at all, 128 00:09:20,919 --> 00:09:22,399 but yet we're seeing, you know, some strength today. So you 129 00:09:22,440 --> 00:09:24,919 know, there's a lot of people that are looking at stuff right now and 130 00:09:24,919 --> 00:09:28,840 they feel like, you know, maybe the climate inside the house feels pretty 131 00:09:28,840 --> 00:09:33,120 good. But if we examine things a little closer, the windows are broken 132 00:09:33,200 --> 00:09:37,000 up and all as we did was just crank up the heat. So we 133 00:09:37,039 --> 00:09:39,799 can't continue to print and price this thing. We will eventually have to pay 134 00:09:39,840 --> 00:09:45,360 the piper. We are looking at tremendous debt as a nation that ultimately leads 135 00:09:45,360 --> 00:09:50,039 to taxes. Taxes are demand suppressor, and so again supply and demand are 136 00:09:50,159 --> 00:09:54,000 are these really big factors that are going to be playing in here for our 137 00:09:54,000 --> 00:09:58,159 future and we cannot get past basic economics. It's just a matter of time. 138 00:09:58,399 --> 00:10:03,159 So basic economic is eventually going to catch up with us. That's right, 139 00:10:03,320 --> 00:10:07,600 most anticipated recession in history. Okay, so what are you doing with 140 00:10:07,639 --> 00:10:11,879 your portfolio your clients? Where are you like looking for opportunities or are you 141 00:10:13,000 --> 00:10:18,240 just battening down the hatches and going into full scale defensive mode. You know, 142 00:10:18,399 --> 00:10:20,799 it's a very important question. I think that how we answer that question, 143 00:10:22,000 --> 00:10:26,759 you know, is also very important. So I think we need to 144 00:10:26,840 --> 00:10:28,480 understand, Okay, where have we been, where are we today? Where 145 00:10:28,519 --> 00:10:33,639 are we going? What worked yesterday is not necessarily going to be working today. 146 00:10:33,919 --> 00:10:35,600 Um, you know, but we've been looking at the big fang stocks 147 00:10:35,799 --> 00:10:39,759 and so you know, there's been this saying that there is no alternative to 148 00:10:39,840 --> 00:10:43,679 like these seven or eight different stocks that just continue to lead everything. Well, 149 00:10:43,720 --> 00:10:48,240 I think right now that there's it's not a tina, there is no 150 00:10:48,360 --> 00:10:52,799 alternative. It's now a tea. There are reasonable alternatives at this point. 151 00:10:52,200 --> 00:10:54,879 Um, you know, you're getting paid right now, at least at the 152 00:10:54,879 --> 00:10:58,000 treasury for short term commitments and money. You know, you can get paid 153 00:10:58,000 --> 00:11:01,759 five percent now, your personal inflation might be higher than five percents, so 154 00:11:01,759 --> 00:11:05,600 you can still be going backwards on that. So it's not going to solve 155 00:11:05,679 --> 00:11:09,120 all of our problems here in life. I think that the biggest place that 156 00:11:09,480 --> 00:11:11,399 we need to be paying attention to as far as allocation goes, is, 157 00:11:11,519 --> 00:11:16,600 yes, the risk return assets. We need to be very strategic in the 158 00:11:16,639 --> 00:11:18,279 things that we're doing and I think that we can find out where we are 159 00:11:18,279 --> 00:11:22,039 in cycles. I think that there's ways of playing this that are more defensive 160 00:11:22,080 --> 00:11:28,679 and hedged. But I want to just draw specific attention to protected assets where 161 00:11:28,679 --> 00:11:33,320 we would primarily be looking at bonds. You know, most people here today 162 00:11:33,320 --> 00:11:37,559 are either trying to beat inflation that's going to be a risk on strategy, 163 00:11:37,559 --> 00:11:41,240 welling to accept whatever the downside is, or they're going to be trying to 164 00:11:41,279 --> 00:11:46,399 be protected today and you know they're going to be allocating to higher percentages of 165 00:11:46,480 --> 00:11:50,080 things like bonds. Okay, big caution though, So bonds can lose money 166 00:11:50,080 --> 00:11:54,840 in five different ways. The one that we've seen so significantly this year is 167 00:11:54,879 --> 00:11:58,799 that with all these interest rate rises that we just discuss, there's a seesaw 168 00:12:00,159 --> 00:12:03,799 fact between the value of bonds and in the interest rate environment that we find 169 00:12:03,799 --> 00:12:07,360 ourselves in. So this is the reason why Selicon Valley Bank went out of 170 00:12:07,360 --> 00:12:09,159 business in two days. They had a run on the bank. They didn't 171 00:12:09,159 --> 00:12:13,279 have to mark to the market what their true value was of their assets. 172 00:12:13,279 --> 00:12:16,200 So they have a billion dollars of treasuries. Well, actually it's thirty to 173 00:12:16,279 --> 00:12:20,559 forty percent less than what you thought. You just didn't have to market to 174 00:12:20,600 --> 00:12:22,519 the market because of some obscure law that happened in two thousand and eight and 175 00:12:22,559 --> 00:12:26,519 two thousand nine with the Dodd Frank Act. Okay, well, there's a 176 00:12:26,600 --> 00:12:31,879 number of things that are not priced in today that we're ultimately seen. But 177 00:12:31,000 --> 00:12:37,879 these protected assets, in my opinion, all five of these areas and reasons 178 00:12:37,919 --> 00:12:41,759 why bonds can lose money are on the table, and that's really concerning for 179 00:12:41,879 --> 00:12:45,320 people that are trying to be protected today. They're trying to be more conservative, 180 00:12:45,360 --> 00:12:48,559 they're trying to allay this next whatever comes, but they also need to 181 00:12:48,639 --> 00:12:52,399 understand that the sixty forty portfolio last year had its worst year since O eight, 182 00:12:54,200 --> 00:12:58,440 and the reason for that is because of the challenges that interest rates bring 183 00:12:58,519 --> 00:13:03,960 to bonds. But could you imagine our bond market here today, just one 184 00:13:03,080 --> 00:13:09,039 year ago, when junk bonds could trade at four percent interest, we could 185 00:13:09,159 --> 00:13:13,080 lend to junk bonds less credit worthy organizations. How can you not make it 186 00:13:13,080 --> 00:13:16,000 at four percent? But you're somehow going to make it at ten percent today, 187 00:13:16,360 --> 00:13:20,320 It's just not going to happen. I think we're going to see tremendous 188 00:13:20,360 --> 00:13:24,639 defaults. I think we're going to see Chapter eleven's very specifically, which are 189 00:13:24,679 --> 00:13:28,919 not full bankruptcies, but bankruptcies that say, hey, debtors, we make 190 00:13:30,000 --> 00:13:33,799 commitments to you, we can pay sixty percent of that just help us to 191 00:13:33,840 --> 00:13:37,159 reduce it. We've got a viable business who get paid something versus nothing, 192 00:13:37,519 --> 00:13:41,600 and so that's a real big concern. So where do we go for protected 193 00:13:41,600 --> 00:13:46,759 assets today? I have this very simple idea that also sounds pretty obscure probably 194 00:13:46,799 --> 00:13:52,919 the most listeners, and that is a growth oriented fixed indexenuity. I can 195 00:13:52,919 --> 00:13:56,960 tell you right now, based upon math and science, I cannot prove more 196 00:13:56,600 --> 00:14:03,440 specifically that there is a better time in history to own a growth oriented fix 197 00:14:03,480 --> 00:14:07,600 indexinuity than the present moment that we have right now. And what's amazing is 198 00:14:07,639 --> 00:14:13,600 that these this insurance industry is actually growing at a faster rate this year than 199 00:14:13,639 --> 00:14:16,679 it has in any other previous year. And so you know, I'm somebody 200 00:14:16,679 --> 00:14:20,399 that's fallowing the trend. I'm financially agnostic. I don't care the whole goal 201 00:14:20,519 --> 00:14:24,240 here, just like the theme of year, So it's financial survival. You 202 00:14:24,279 --> 00:14:28,000 know, this is a journey that we're trying to get someplace, and so 203 00:14:28,240 --> 00:14:31,639 you know, how do we ride bowls? And tame bears. Well, 204 00:14:31,720 --> 00:14:33,679 here's the deal. We've got to be able to play defense. When it's 205 00:14:33,720 --> 00:14:37,559 time to put defense on the field. We all know how to play offense. 206 00:14:37,799 --> 00:14:41,639 And I hope that you know, the market could go up ten percent 207 00:14:41,759 --> 00:14:45,720 more, that'd be nice. It probably wouldn't change most people's retirement. We 208 00:14:45,759 --> 00:14:48,960 get to drop a thirty forty fifty percent, which is what I believe is 209 00:14:48,960 --> 00:14:54,799 coming here in the next quarters, then you know that will definitely change people's 210 00:14:54,799 --> 00:15:00,399 retirement. Hey, and it could very well be a buying opportunity for the 211 00:15:00,440 --> 00:15:07,240 so called value investor if fingo she has not to infect extinct at this point. 212 00:15:07,559 --> 00:15:11,200 Well, David, interesting thing to chew over here. Your view, 213 00:15:11,240 --> 00:15:20,159 your take on the market certainly not what you expect from a traditional financial planning 214 00:15:20,240 --> 00:15:22,440 outfit. Hey, tell us, how do we find you? How do 215 00:15:22,480 --> 00:15:26,120 we connect with you on the web? Again? Sure? So, my 216 00:15:26,240 --> 00:15:31,399 website is myspg dot com. People can follow us up. There got a 217 00:15:31,399 --> 00:15:33,320 lot of different things going on. We do a lot of educational events. 218 00:15:33,399 --> 00:15:37,440 You know, we work with retirees and pre retirees. So this is all 219 00:15:37,440 --> 00:15:41,879 about making plans for the next thirty plus years. Taxes are one of the 220 00:15:41,879 --> 00:15:45,320 most important ways that we can be doing that planning today. Do not miss 221 00:15:45,360 --> 00:15:48,320 out on the Tax Cuts and Jobs Act. We got three D ten forties 222 00:15:48,320 --> 00:15:50,639 to be able to file three more years of tax returns to take advantage of 223 00:15:50,720 --> 00:15:54,360 here it so, yes, we are not traditional. We actually work on 224 00:15:54,399 --> 00:15:58,639 behalf of the families that we represent. We're here to try to help to 225 00:15:58,639 --> 00:16:02,559 make sure that they can ride bulls, tame bears, know what accounts of 226 00:16:02,600 --> 00:16:03,879 what amounts are going to be drawn from in order to create the most tax 227 00:16:03,960 --> 00:16:07,159 opp and lend complants for the rest of their life. So all right, 228 00:16:07,519 --> 00:16:11,799 so I find us We appreciate that. And if you've got a question for 229 00:16:11,879 --> 00:16:17,720 David myself, kl at Kerry Lutz dot com is the email address, and 230 00:16:17,879 --> 00:16:22,840 of course you can find a link to David's site right on our site, 231 00:16:22,840 --> 00:16:27,080 Financial Survival Network dot com in the show notes to this interview. Just click 232 00:16:27,120 --> 00:16:30,360 through. While you're there, sign up for your free newsletter. David always 233 00:16:30,360 --> 00:16:33,279 a pleasure, Thanks for coming on. He appreciate you. Carry, thank 234 00:16:33,320 --> 00:16:40,639 you, thanks for listening to carry Letts's Financial Survival Network your solution to today's 235 00:16:40,759 --> 00:16:45,639 trying times. For the latest, go to Financial Survival Network dot com. 236 00:16:45,639 --> 00:16:48,480 Financial survival Network now more than ever