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Speaker 1: Welcome to another edition of the Chicks on the Right

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podcast where we talk to a friend and sponsor of

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the show, Zach Abraham from Bulwart Capital Management, and today

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we have a very unusual, weird topic. It's not brand

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new news, but it is kind of in the news

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right now, and that is the fact that Klarna, like

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this payment system, and door Dash have partnered together. So

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so basically people can get an installment plan to pay

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for their meal for interest free in payment installments. And

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so this seems really emblematic of our entire culture that

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you can't just pay for your food. And so now

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there's some you know, people are saying, well, the good

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thing is that you can. It's interest free, it's not

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like it's costing you any more per se. But then

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other people are saying, this is a terrible idea because

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it's going to just lead people to overspend because they

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don't have that feeling that they're just paying it off

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in one you know, one fell swoops you don't have

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afraid what do you think about it?

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Speaker 2: I'm afraid before for you answer that, Zach, I'm afraid

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that eventually there's going to be a politician, like four

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years from now, a Democrat politician is going to be like,

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we're going to pay off your food loans. I'm so

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afraid of that.

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Speaker 3: That's we're paying off yours, paying.

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Speaker 2: Off your chicken, your Chipotle loans. I'm afraid.

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Speaker 4: I mean, by that time, we could be wasting away

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because maybe everybody's on ozembic and maybe maybe the battle

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cry will be make America fat again.

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Speaker 3: Maybe or like we on the skinny.

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Speaker 2: Side, writer RFK will have gotten all the preservatives out

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of our food and like everybody is just like so

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incredibly healthy that I don't know what's going to happen.

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But you're right, but it's crazy and it's all lay away.

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We're putting food on lay away. Now, what are we doing?

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Speaker 3: Well?

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Speaker 1: But not really because you get it right away, you

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get your food still, that's right.

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Speaker 2: It isn't like you're right, reverse lay away, Yeah right,

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it's reverse lay away. They're putting it on charge cards.

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Speaker 3: Yeah.

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Speaker 4: I So, first of all, this kind of this kind

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of might be a weird response to this, but when

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I hear something like that, I think, then again.

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Speaker 3: To it's a cultural failure, but it's also.

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Speaker 4: An educational failure, right, because do I blame the companies

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for doing this.

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Speaker 3: No, and I guarantee you they've done a lot of.

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Speaker 4: They've done a lot of work that's probably similar to

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like actuary work figuring out you know, Okay, what will

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our recovery rate be on these This is profitable. You

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can't get bad at them because they're hitting the people

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with interest, you know. That's the other thing people, we

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need to accept it. If people want to be stupid,

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they should be allowed to be stupid.

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Speaker 3: True, you know what I mean.

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Speaker 4: It's check because because it costs so much for the

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rest of the society to idiot proof everything. And I

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think we're suffering from that right now, which is you know,

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it's the old adage.

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Speaker 3: It's sad but true. A fool and his money.

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Speaker 4: We're lucky enough to get together in the first place,

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you know, and it's not it's not going to last, right,

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And so to me, it's really a break down in

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financial education. And it goes back to a conversation I

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was having this morning with a client of mine and

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he had hired a twenty three year old kid, and

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we were talking about how these kids come out and

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even at the age of twenty three, twenty four, we

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all know that they have really unrealistic income expectations, but

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it's driven by what they're seeing, primarily on social media

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and believing that there's so much further head. There's so

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much further behind, There's so much And I tell them,

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I'm like, look, man, I live a pretty good life.

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I didn't have two pennies to r up together when

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I was twenty three. You're gonna be just fine, but

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not if you keep listening to all of these freaking nonsense.

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You don't need a Lamborghini, you don't need a credit

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card with no limit, you don't need a black Amex,

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you don't need lay away for your food. What you

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need to do is learn how to spend less than

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you make and quit hearing about what a bunch of

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idiots that you don't know think about you. Yeah, right,

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And the further and the quicker you do that, the

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more you will accomplish, the greater levels you will go to.

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Because right, there's so many constraints that we build around ourselves,

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and putting ourselves in a bad position financially is one

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of them.

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Speaker 3: Yeah, right, And for all of these stupid.

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Speaker 4: Reasons, and if kids were properly educated, speak, Look, there's

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still going to be people that make stupid decisions, right,

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But I think, well, I'll just tell you first handed,

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and I'm sure if you had more of these conversations,

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you guys would be just as shocked, if not more shocked,

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than I am. But you go through life working hard,

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putting money away, trying to make sensible decisions. If you

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really and maybe you guys have people in your life

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like this, if you really start understanding and seeing and

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realizing what the quote unquote average person is out there

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doing with their money and what they think.

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Speaker 3: Is average, it is freaking shocking.

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Speaker 2: Yeah, it is shocking, yeah.

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Speaker 3: Right, Like how ideal?

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Speaker 4: I see people all the time four five hundred thousand

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dollars a year incomes levered to the gills, right, and

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you're looking at them going, what.

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Speaker 3: Are you doing? What are you? What are you doing?

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Speaker 4: Right? You can live on two hundred grand after tax

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money if you're making five hundred grand a year and

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still bank one hundred grand.

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Speaker 2: A year, right, That ain't that right?

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Speaker 3: Right?

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Speaker 4: I mean you can do a lot of damage with

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seventeen grand after tax money a month and you're stalking

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away ten grand.

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Speaker 3: It's not rocket science.

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Speaker 4: And more importantly, it's sad to see people do it

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because I've been blessed enough in my life to experience

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both ends of the financial spectrum and to be at

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a place now where I'm not wealthy, but you know,

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I'm not limited by the things that I want, you know,

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in terms of my income. And I try to tell

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this to me, You're gonna hear it from a million people.

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You're gonna hear it from one more. If you think

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having those things, or the ability to buy those things

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is the secret to happiness, you're gonna be horrifically disappointed

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because most of you, once you achieve it, you're not

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gonna want it. Yep, because you're no longer an idiot. Yep. Right,

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And you realize that driving around a billboard telling everybody

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how much money you have isn't fun anyway.

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Speaker 3: Yep.

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Speaker 2: Right, It's so true.

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Speaker 3: It attracts all the wrong people.

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Speaker 4: So it's just to me, it's it's the it's the

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financial education thing, and it breaks my heart because there

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are real costs to this, right, these things. A lot

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of people don't figure this out by the time they're

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thirty five, Right, they end up with two bankruptcies on

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a second marriage, at the age fifty two.

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Speaker 3: Yeah, right, what do you.

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Speaker 1: What do you tell the people that like, because you know,

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when I read about this deal, I get that Klarna

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is paying DoorDash like we're or maybe DoorDash is paying

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I can't even remember who is actually paying for the service.

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I think DoorDash is actually paying Klarna so that they

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feel like they're gonna be able to offer their services

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to more people because it'll be more affordable.

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Speaker 3: But there is.

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Speaker 1: Something to be said for the fact that this is

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for interest free payments, where most people are using a

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credit card that does not have interest free payments. So essentially,

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if you're really being thoughtful about it, and I doubt

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most people are being that way, but if you're being

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thoughtful about it, you could make the argument, I'm saving

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money by splitting it up because I'm not putting it

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on my credit card, which I may not pay off

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every month.

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Speaker 3: Do you know what I mean?

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Speaker 4: Oh? Yeah, well, I mean like for instance, so I

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mean yeah, I can see, yeah, I can say this.

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Speaker 3: I was sitting there and I don't want to so

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we've got to we like, if you're here at the

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here at our business.

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Speaker 4: We have a American Express platinum corporate card, right, and

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they've got killer cash back deals and all that kind

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of stuff. And so we literally put every single bill

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every month on that thing and pay it off.

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Speaker 3: Right, So we do that. Here's the problem with that.

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Speaker 4: You and I might do that most people want, right,

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most people are going to use that to continue to

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buy and send at levels that they.

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Speaker 2: Can't really and not pay it off.

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Speaker 1: Right.

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Speaker 4: But to the point of like people calling out like

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Klarna and.

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Speaker 3: And uh, what's.

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Speaker 4: The yeah, and door to ask, I'm sitting there going again,

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it's it's it's interest free, it's transparent. I don't see

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the like I get why they're doing it, right, And

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and this is kind of one of the this is

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kind of one of the hidden costs of the Internet,

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if you will, is the Internet has made it possible

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for these businesses basically to do like micro transactions, and

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because they can do them on such a broad scale

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using the Internet, you can offer things that otherwise wouldn't

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be economical.

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Speaker 3: Right, And.

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Speaker 4: Most of the time that scene as an efficiency, But

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in this case, in situations like this, I think that

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that is actually an impediment and a danger to the

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average consumer, right, because they're getting access to things that

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that never would have been Like for instance, if you

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didn't have an Internet, not only would door dash not

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be feasible, but this whole setup wouldn't be feasible, right

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because because the only way they can do this is

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if there's it's it's like life insurance. You can do

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these sorts of things if you're doing it to a

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wide enough pool of people, and the only reason it's

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feasible is through the Internet and the Like I said,

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the cost of that comes with the ability to people,

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for people to do things they shouldn't do that they

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otherwise never would have had the ability to do right

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without doing so, Yeah, it's I don't have a problem,

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Like I said, I don't have a problem with the

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companies offering it. But it's just another one of those

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things where people are just putting themselves in debt bondage

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for all the wrong you know, it's just the memes.

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Speaker 1: Though the memes are great. There was I saw this

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one of le guy said. This is from Chase Passive

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Income and it says excited to announce that I closed

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on a thirty one dollar and thirty eight cent transaction

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to secure a burrito as a side of chips. It

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goes twenty plus year or twenty year senior fixed rate.

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Financing was provided by Klarna. Door Dash provided delivery of

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the asset. Congratulations to all involved.

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Speaker 4: The funny well, and the funny thing is is that

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fits in so much into like you know, the market

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right now, right Yeah, Like there's just there's I mean,

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I love the meme that I describes it, but man,

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it's it's so it's so true. Like you watch the

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movements of some of these stocks right like it's just

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it's just great. Like today now, I think we're all

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supporting what Elon is doing, right, all supporting Tesla, holping

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them all the best, all that kind of stuff.

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Speaker 3: Tesla stock up ten percent of it.

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Speaker 4: If you want to actually look at the merits of

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Tesla as a company, that stock would probably be too

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expensive of expensive for.

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Speaker 3: Us if it was half its current price.

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Speaker 4: Okay, Like we have got such ridiculous expectations of investors

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right now, and I as investors, and I think it's

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it's unfortunately. I think it's going to create a lot

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of what we were just talking about. I think it's

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going to create a lot of people that are all

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loaded up on a bunch of things that are very

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irresponsible and where there's not real value there. And uh,

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you know, I think we're in the process now of

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those things starting to get to more of an intrinsic value.

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And I think a lot of people are going to

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get wrecked, kind of like with this, you know, micro

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finance thing. I just all you see are just people

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keep levering up and making bad decisions, and I hate

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to see it.

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Speaker 1: Well, I mean, and this is this is your field,

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this is your industry expertise. You are really really good

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at helping people become financially literate. It's why you do

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all those webinars and why you offer risk reviews to

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folks that are complementary. Where can people find out more

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about how to do that?

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Speaker 3: Yes, that was well said.

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Speaker 2: Thanks, She's very good at that, very very Yeah.

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Speaker 4: I was gonna say, yeah, I want her to start

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pitching this other than me here. You can always get

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us at Bordcapital Management dot com.

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Speaker 3: Know your risk radio dot com.

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Speaker 4: And you know, obviously I'm biased, it's my company, but

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I think everybody should do it. We don't twist arms.

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We're not gonna keep calling you if you don't like to.

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We sit down, have a thirty to forty five minute

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consultation with you. Next meeting, we come back okay, based

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on what you said, here are some things that we

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think would make sense. What do you think about that?

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Get a little more information. Third phone call, We go okay,

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here's portfolio proposal. Here's what it's going to cost you.

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Let us know if you'd like to proceed.

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Speaker 3: Right. So, yeah, it's it's not too big, not too.

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Speaker 4: Uh, not too arduous, not too painful, and it doesn't

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cost you anything. And if nothing else, maybe you'll leave

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more informed.

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Speaker 1: You know, and you can and people need to go

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to know your Risk radio dot com.

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Speaker 3: And Bullwardcapitalmanagement dot com. Yep, yep. Perfect find us there,

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not hard to find us. Thank you, Zach, Thank you.

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Eighties as fun as always. Reservices offered through Trek Financial

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loc and SEC Registered Investment Advisor.

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Speaker 4: The opinions expressed in this programmer for general informational purposes only,

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and are not intended to provide specific advice or recommendations

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for any individual or on any specific security.

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Speaker 1: Any references to performance of security so it thought to

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be materially accurate and actual performance may Different investments involve

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risk and are not guaranteed. Past performance doesn't guarantee future results.

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Speaker 3: Trak twenty fourth rows zero week