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<v Speaker 1>Welcome to another episode of the Chicks on the Right podcast,

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<v Speaker 1>where we host our friend and sponsor of the show,

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<v Speaker 1>Zach Abraham from Bulwart Capital Management. And there is a

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<v Speaker 1>very promising report out of Bank of America. They've done

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<v Speaker 1>this study. I don't know whether to believe it or not,

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<v Speaker 1>because to me it seems kind of far fetched.

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<v Speaker 2>You do believe it.

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<v Speaker 3>I believe every bit of it.

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<v Speaker 2>Yes, Okay, Well.

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<v Speaker 1>The study finds that gen Z is apparently becoming less

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<v Speaker 1>dependent on family for financial help. And I it seemed

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<v Speaker 1>like the trends were going in the opposite direction that

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<v Speaker 1>like you constantly heard stories about, you know, kids never

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<v Speaker 1>leaving home, moving into the basement, et cetera, et cetera.

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<v Speaker 1>But it sounds like even though they rely, they're going

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<v Speaker 1>paycheck to paycheck right now, they're living paycheck to paycheck.

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<v Speaker 1>They are relying less on family and doing smart things

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<v Speaker 1>like cutting back on eating out, on doing all this

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<v Speaker 1>social stuff that costs a lot of money. And so

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<v Speaker 1>I just I'm curious to know from you, Daisy, why

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<v Speaker 1>you were like, oh, yeah, this makes total sense for me.

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<v Speaker 3>I'm like, really, well, two reasons. One, I have a

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<v Speaker 3>kid who doesn't go party or do anything like that.

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<v Speaker 3>She's literally like a sixty three year old and the

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<v Speaker 3>sixty year old body, So I feel like she's already

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<v Speaker 3>just geared to save money. She's a hoarder when it

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<v Speaker 3>comes to money. But my second hypothesis is that gen

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<v Speaker 3>Zers were raised primarily by gen xers, and so I

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<v Speaker 3>feel like gen xers are like we were, you know,

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<v Speaker 3>lashky kids raised on hose water and neglect, and so

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<v Speaker 3>we are more of like a you got to take

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<v Speaker 3>care of yourself, you got to get over it, that

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<v Speaker 3>kind of thing, Whereas I think Millennials were raised primarily

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<v Speaker 3>by boomers, which is just a little it's just a

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<v Speaker 3>different way of parenting. I think not everybody, and it's

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<v Speaker 3>not a blanket statement, but I think that lends itself

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<v Speaker 3>to gen Zers being like, Okay, we've been taught that

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<v Speaker 3>we've got to deal with our crap and do it quickly.

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<v Speaker 3>And that bode's true for my kid, at least, I

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<v Speaker 3>feel like she's gonna be okay, and she's gonna say

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<v Speaker 3>it because you are on your own, sweetheart bunch you

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<v Speaker 3>get out of college.

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<v Speaker 4>But yeah, yeah, yeah, good good luck, right, get out there,

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<v Speaker 4>get out there and make some of yourself. No, you look,

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<v Speaker 4>it's consistent with what I've seen, and I've actually sat

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<v Speaker 4>there and said that it's one of the things that

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<v Speaker 4>really gives me hope going.

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<v Speaker 2>Forward because there is a different attitude among gen Z.

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<v Speaker 4>There's a there's a hustle there that has kind of

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<v Speaker 4>caught me off guard. With a lot of gen Z

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<v Speaker 4>kids that I totally there is less of an expectation

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<v Speaker 4>to get something.

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<v Speaker 2>I've seen it with a lot of my daughter's friends.

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<v Speaker 4>Like the percentage of these kids that are working and

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<v Speaker 4>working significant hours and making some money is much higher

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<v Speaker 4>from my perspective, much more than what I've seen out

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<v Speaker 4>of out of millennials.

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<v Speaker 2>And I think another thing happened.

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<v Speaker 4>I was having this conversation the other day because when

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<v Speaker 4>I grew up, I was at that at the very

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<v Speaker 4>very beginning of this whole it doesn't matter if you

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<v Speaker 4>win or lose, right, It was like it was the

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<v Speaker 4>very beginning of like this, for lack of a better term,

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<v Speaker 4>pardon my language, with like this candy ass approach to raisings,

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<v Speaker 4>you know what I mean, everybody's a winner, and everybody

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<v Speaker 4>was yeah, yeah, be gentle, you know so yeah, And

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<v Speaker 4>I didn't take too kindly to that as a kid, right,

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<v Speaker 4>I remember getting all ticked off, and I remember looking

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<v Speaker 4>at the umpire.

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<v Speaker 2>I was like, I was.

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<v Speaker 4>I think it was like I was in kindergarten, first grade,

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<v Speaker 4>and I remember looking at the empire and going, what's

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<v Speaker 4>the score?

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<v Speaker 2>And he's like, well, we don't keep scoring, and I

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<v Speaker 2>was just like what. I was horrified?

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<v Speaker 4>Right, So I started going back in the dugout and

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<v Speaker 4>keeping score my t ball games, right, and I tell

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<v Speaker 4>the guys were down two runs. No, no, it doesn't matter,

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<v Speaker 4>you know, And I was like, yes, it does, Yes,

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<v Speaker 4>it does.

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<v Speaker 2>I didn't come here to lose power. So but but

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<v Speaker 2>you then you saw that attitude I was out of.

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<v Speaker 2>I was at the tail, you know, the very beginning

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<v Speaker 2>of that.

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<v Speaker 4>And then I think that kind of characterized the millennials

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<v Speaker 4>by and large.

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<v Speaker 2>Right, this this powder puff existence.

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<v Speaker 4>And then like you said, I think the gen xers

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<v Speaker 4>became the parents and it was kind of like this

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<v Speaker 4>disgust with the way you know, they had my experience.

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<v Speaker 4>They kind of saw it coming, you know, and yet

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<v Speaker 4>I experienced that. But I still drank water out of

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<v Speaker 4>hose is I had a rule growing up in summer?

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<v Speaker 4>Did I well, did I reinstitute with my kids, which is, hey,

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<v Speaker 4>if it is not raining and it is the summer,

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<v Speaker 4>if you are inside, you're doing jobs right that period.

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<v Speaker 4>Other than that, you're outside and you can play video

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<v Speaker 4>games after the sun goes down, right, Like, that's you're

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<v Speaker 4>going to be outside.

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<v Speaker 2>And that's how we grew up.

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<v Speaker 4>So we grew up the same way, and so I

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<v Speaker 4>think that I think that the average gen X are

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<v Speaker 4>like me, is probably more turned off by that stuff

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<v Speaker 4>than than the average boomer was. And I think you

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<v Speaker 4>see it reflecting the way we raise our kids.

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<v Speaker 3>I don't like did like they don't. I don't think

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<v Speaker 3>they date as much. I don't think they do a

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<v Speaker 3>lot of true things that are risky, like we you

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<v Speaker 3>know what I mean. It's just a lot different. But

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<v Speaker 3>if you were going to give advice to a gen

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<v Speaker 3>zer on what their priority should be for saving, like

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<v Speaker 3>say there's just an eighteen year old, it's like that

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<v Speaker 3>comes to you and says, hey, Zach, I am saving

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<v Speaker 3>I've got four thousand dollars in savings. You know what

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<v Speaker 3>I mean? What should I be saving for?

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<v Speaker 2>Like?

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<v Speaker 3>Priority wise? What do you think? What would you say

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<v Speaker 3>to them?

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<v Speaker 4>Well, I mean, you know the clear and obvious one

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<v Speaker 4>is a home, right, Like, that's that's kind of the

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<v Speaker 4>biggest one. But I was having this conversation with a

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<v Speaker 4>cousin of mine just this last weekend where I said, look,

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<v Speaker 4>it doesn't even matter what you're just stack cash, right,

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<v Speaker 4>just get out ahead of things. Yeah, Like, you know,

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<v Speaker 4>people have these financial goals, and I wish people understood

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<v Speaker 4>how valuable just not having debt is, right, like, in

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<v Speaker 4>terms of lifestyle, and I'm not talking about your mortgage.

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<v Speaker 4>It is a debt works a little bit differently, but

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<v Speaker 4>I'm just talking.

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<v Speaker 2>You know, we live in this.

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<v Speaker 4>Age where everybody's focused on, you know, getting the thing

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<v Speaker 4>or buying the thing, and I always look at him

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<v Speaker 4>and go, have you ever stopped to ask if having

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<v Speaker 4>the thing will make you happier than not having the

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<v Speaker 4>debt on the thing?

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<v Speaker 2>Right?

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<v Speaker 4>Right? Because I've had both, and I can tell you

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<v Speaker 4>right now I would much rather not have the thing

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<v Speaker 4>and not have the debt period, right Because even when

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<v Speaker 4>things don't go well or you take a hit financially,

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<v Speaker 4>when you don't have debt, like I'll just tell you,

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<v Speaker 4>as a business owner, it's the way I structure my life.

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<v Speaker 2>I have some debt very little.

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<v Speaker 4>I've got debt on my house, but even that is

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<v Speaker 4>enough to where I mean, this is kind of a

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<v Speaker 4>dark way to look at the world. But as a

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<v Speaker 4>business owner doing what I do, I kind of feel

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<v Speaker 4>like I have to, which is I only carry enough

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<v Speaker 4>debt on my house to where I know I could

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<v Speaker 4>fire or sell it at well below market value and

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<v Speaker 4>walk with enough money to pay cash for another typical

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<v Speaker 4>family home. Ye, so don't. I wouldn't keep the home

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<v Speaker 4>that I have. It would be too much. I'd need

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<v Speaker 4>to downsize. But just knowing that no matter what happens,

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<v Speaker 4>I can walk with net cash and no debts.

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<v Speaker 2>Like people are like, you.

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<v Speaker 4>Have to start over. Well, starting over with no debt

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<v Speaker 4>ain't that hard, right, And.

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<v Speaker 3>A lot of these kids, a lot of them aren't

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<v Speaker 3>going to I mean not a lot, but some of

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<v Speaker 3>them are deciding, you know what, screw college and going

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<v Speaker 3>into debt. I'm going to become a welder. I'm going

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<v Speaker 3>to do the trades. I mean, you're seeing a resurgence

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<v Speaker 3>and that stuff too, which.

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<v Speaker 2>Thank god, because we get it right. I absolutely appreciate that.

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<v Speaker 3>And I think that these kids they get it because

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<v Speaker 3>they're like, I'm not going to go and get a

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<v Speaker 3>degree in gender studies and have you know, one hundred

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<v Speaker 3>and fifty thousand dollars with a debt when I can

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<v Speaker 3>just go become a welder. And not saying that that

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<v Speaker 3>person would probably be doing that, but you see what

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<v Speaker 3>I'm saying. It's like it just get out and don't

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<v Speaker 3>have any debt and live simply. That's what we try

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<v Speaker 3>to teach our kids too, is just live as simply

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<v Speaker 3>as you can because it's just stuff, you know what

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<v Speaker 3>I mean. You don't want to buy it, but just stuff,

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<v Speaker 3>and then it have no debt. If you can have

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<v Speaker 3>no debt, you are ahead of the game. You're a

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<v Speaker 3>head of so many of your peers and other people.

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<v Speaker 2>A little anecdotal story.

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<v Speaker 4>I'll tell about that to the young people out there,

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<v Speaker 4>and I just I can't emphasize this enough.

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<v Speaker 2>It's very interesting.

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<v Speaker 4>So I'm a golf I'm a golf fanatic, and we

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<v Speaker 4>uh in twenty ten, my wife and I bought a

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<v Speaker 4>home inside of a gated country club community that was

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<v Speaker 4>it was really affordable, and they had this really great

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<v Speaker 4>club that was it's a private club, but not like

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<v Speaker 4>two like, wasn't crazy expensive, didn't I didn't even have

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<v Speaker 4>to pay an upfront deal, right Like it was just

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<v Speaker 4>you pay a monthly fee and you go there and

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<v Speaker 4>play golf all that kind of stuff. Well, while we

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<v Speaker 4>were building our business, I was driving I've told the

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<v Speaker 4>story I think on here before.

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<v Speaker 2>I was putting forty forty thousand.

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<v Speaker 4>Miles a year on my car, driving up down I five,

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<v Speaker 4>bringing in new clients. And I was doing it in

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<v Speaker 4>a two thousand and one Ford focused hatchback right that

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<v Speaker 4>didn't have air conditioning. And I think what it was

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<v Speaker 4>all said and done, I had two hundred and forty

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<v Speaker 4>thousand miles on the thing. So literally I'd go to

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<v Speaker 4>client meetings and in the summer, I'd have to hang

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<v Speaker 4>my dress shirt on the passenger side seat because if

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<v Speaker 4>I didn't, by the time I got there, it'd be

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<v Speaker 4>soaked with sweat, right right, questioning its summer, right, And

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<v Speaker 4>because of that, a lot of people in that club

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<v Speaker 4>thought that we were broke, like that we were poor,

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<v Speaker 4>and we were kind of like looked down on.

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<v Speaker 2>Right. Well, now our firm has grown to a point

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<v Speaker 2>where everybody in.

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<v Speaker 4>Our local community, you know, you know, knows that we're

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<v Speaker 4>probably not broke, right, they know that we made you know,

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<v Speaker 4>manage a lot of money.

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<v Speaker 2>I have a lot of people working for us, all

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<v Speaker 2>that kind of stuff.

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<v Speaker 4>And it was so funny because going back to an

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<v Speaker 4>event we had at the club, I had all these

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<v Speaker 4>guys who I didn't really like, now all of a

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<v Speaker 4>sudden kiss in my backsideeah yep. And and and what

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<v Speaker 4>what it iced in my mind is they didn't realize

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<v Speaker 4>that when I was driving the fore focus, it had

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<v Speaker 4>nothing to do with what I could afford. I was

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<v Speaker 4>making more money than most of them back then, right,

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<v Speaker 4>but it it I didn't care.

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<v Speaker 2>Right.

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<v Speaker 4>It's being mission focused. It's being going back to like purpose. Right,

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<v Speaker 4>what is your birth being mission focused? And my dad

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<v Speaker 4>used to have as saying, which is warrior's travel light right,

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<v Speaker 4>meaning if you want to go accomplish something rate in

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<v Speaker 4>your life, not having debt is a huge help.

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<v Speaker 2>The other thing that's helpful.

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<v Speaker 4>Is learning how to shut off caring about what other

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<v Speaker 4>people think totally. Yes, yeah, it is a freaking waste

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<v Speaker 4>of time, right. And money they will, yeah, they'll criticize

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<v Speaker 4>your car, but they won't help you make the payment totally.

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<v Speaker 4>And if you want to be wealthy, or more importantly,

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<v Speaker 4>if you want to be financially independent.

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<v Speaker 2>The number one thing.

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<v Speaker 4>I would urge you to do now is turn off

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<v Speaker 4>your give a damn button.

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<v Speaker 2>Don't care what other people think, Dave.

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<v Speaker 4>Ramsey says, all the time, you're running around in financial

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<v Speaker 4>jeopardy trying to impress people that don't like you anyway, right,

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<v Speaker 4>you know, don't quit caring. They don't pay your bills.

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<v Speaker 4>They it doesn't matter to them. And if they care

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<v Speaker 4>what kind of car you drive, you shouldn't care about

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<v Speaker 4>them exactly.

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<v Speaker 1>That's not the kind of people you need to be,

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<v Speaker 1>no involving in your life, totally.

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<v Speaker 3>No debt, No debt is a good one, and not

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<v Speaker 3>given a crap. I love these two pieces of advice.

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<v Speaker 3>Everybody should give their gen z ors that. And I

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<v Speaker 3>feel like they are some of them already know it.

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<v Speaker 1>Yeah, yeah, yeah, I mean they're getting it clearly. That's

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<v Speaker 1>why that report was such an eye opener.

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<v Speaker 4>And they're taking advantage of a situation right now, which

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<v Speaker 4>is so many of these places now, you know, and

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<v Speaker 4>I know it varies from state to state, but the

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<v Speaker 4>average wage these kids can go out and earn right

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<v Speaker 4>now is way higher than you could even five years ago. Yeah, right,

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<v Speaker 4>And so I'm looking at these kids going, Man, if

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<v Speaker 4>you work twenty hours a week, which isn't that much, right,

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<v Speaker 4>If you were twenty hours a week, you could leave

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<v Speaker 4>for college with fifteen to twenty grand safe.

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<v Speaker 2>Totally. Yeah, you know what I mean, totally.

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<v Speaker 4>And go do it like, go do it like exactly

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<v Speaker 4>what are you going to be doing in those other

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<v Speaker 4>twenty hours of the week.

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<v Speaker 2>Yeah?

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<v Speaker 3>And video games own yeah, exactly in trouble agree totally.

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<v Speaker 4>I bus tables during like high school, Like you know,

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<v Speaker 4>maybe maybe a couple times on a Friday night you

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<v Speaker 4>showed up an hour and a half late to the function,

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<v Speaker 4>but nobody cared.

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<v Speaker 2>Right, It's no big deal, right. We totally exactly stack

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<v Speaker 2>cash and be financially free. Man, It's the best thing

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<v Speaker 2>in the world.

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<v Speaker 3>I love it.

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<v Speaker 1>Great advice, love it, great advice which you always give,

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<v Speaker 1>which is why we always tell people to call you

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<v Speaker 1>and where can they find you online?

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<v Speaker 2>Yeah?

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<v Speaker 4>So go to our daily podcast on YouTube and any

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<v Speaker 4>podcast site.

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<v Speaker 2>Know Your Risk podcast cover.

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<v Speaker 4>Everything that goes on in the world of finance and

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<v Speaker 4>economics every single day, and then for our services find

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<v Speaker 4>more about what we do. Go to Boordcapitalmanagement dot com.

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<v Speaker 4>Hard to find awesome thank you Zach, Thank you ladies.

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<v Speaker 4>Fun as always.

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<v Speaker 2>Investment advisory services offered through Trek Financial loc and SEC

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<v Speaker 2>Registered Investment Advisor.

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<v Speaker 4>The opinions expressed in this programmer for general informational purposes

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<v Speaker 4>only and are not intended to provide specific advice or

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<v Speaker 4>recommendations for any individual or on any specific security. Any

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<v Speaker 4>references to performance of security so it thought to be

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<v Speaker 4>materially accurate and actual performance may different.

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<v Speaker 2>Investments involved risk and are not guaranteed. Performance doesn't guarantee

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<v Speaker 2>future results. Track twenty four three zero eight