Speaker 1: This show is produced and hosted by Mark Webber. The
Speaker 1: show is sponsored by G three of Parow. The views
Speaker 1: expressed in the following program are those of the sponsor
Speaker 1: and not necessarily the opinion of seven tenor or iHeartMedia.
Speaker 1: Who is Mark Weber. He's a self made business executive
Speaker 1: here to help you find your success from the New
Speaker 1: York City projects to the Avenue Montaigne in Paris. His
Speaker 1: global success story in the luxury world of fashion is inspirational.
Speaker 1: He's gone from clerk to CEO twice. Mark is classic
Speaker 1: proof that the American dream is alive and well, here's
Speaker 1: your host of always in Fashion, Mark Weber.
Speaker 2: Mark Weber, I never gave much thought to what's next
Speaker 2: until I did. One of the best statements ever made
Speaker 2: on the future is I planned for the worst and
Speaker 2: hope for the best. Caution and concern can save you
Speaker 2: or your business. Another I admired. You can't reminisce about
Speaker 2: the future. You can't look back and learn from that
Speaker 2: which hasn't happened yet. You must plan for the future.
Speaker 2: We get paid to see around the corner. Problem is
Speaker 2: it's quite difficult without a crystal ball, but none the less,
Speaker 2: we need to be soothsayers. That's a person who's set
Speaker 2: to see into the future, but back to the future.
Speaker 2: Illustrated how hindsight could be twenty twenty. Have the answers
Speaker 2: in advance, and you be a genius, the richest man.
Speaker 1: In the world.
Speaker 2: But we don't get tipped off in advance. Yes, I
Speaker 2: never planned until I woke up and realized all of
Speaker 2: life is a plan. You can try to replan, but
Speaker 2: they're no do overs. There's no road map. The greatest
Speaker 2: generals that have ever lived have been quoted as saying,
Speaker 2: the best paddle plan only less till the first shot
Speaker 2: is fired. Said professionally, no plan of operations reaches certainty
Speaker 2: beyond the first encounter with the enemy's main force. You
Speaker 2: can ply this to life. You go to school, you graduate,
Speaker 2: you get a job, you work hard, you find a
Speaker 2: significant other, you have children, and you create the life
Speaker 2: cycle for their lives. In business, your plan, execute, replan,
Speaker 2: re execute. They are no guarantees. The one lesson I've learned,
Speaker 2: the one lesson we've all learned. No matter how brilliant
Speaker 2: the idea, no matter how strong the brand, no matter
Speaker 2: how brilliant the product or the creativity of the marketing
Speaker 2: it takes people. People are the ultimate resource in a business.
Speaker 2: Brilliant plans need brilliant people to develop them, and people dedicated,
Speaker 2: hard working, loyal people to the point. In order to
Speaker 2: have a thriving company, your people, your associates, need to
Speaker 2: be happy. Your need is to motivate them and then
Speaker 2: retain them keep them in the company. You do it
Speaker 2: through compensation, commending them on jobs well done, motivating them,
Speaker 2: and ensuring that the company messages and goals are clear
Speaker 2: and selfishly ensure that all key executives want to stay.
Speaker 2: Having said this, well run companies ensure that people assets
Speaker 2: are protected. Well run companies I love that phrase. More
Speaker 2: on that later. The most senior or critically skilled people
Speaker 2: in the company have contracts, then your HR team and
Speaker 2: senior managers should understand it's okay to lose people as
Speaker 2: long as you lose them to yourself. Make sure the
Speaker 2: openings are there when they exist. The future is clearly
Speaker 2: spelled out in positions delineated, and that whenever possible, you
Speaker 2: promote from winning. And lastly, your board if there is one,
Speaker 2: your lenders, if you have them, your shareholders want to
Speaker 2: ensure a documented succession plan is in place. If your
Speaker 2: CEO leaves, it gets hit by a truck, how will
Speaker 2: the company go forward? Who will succeed him? It could
Speaker 2: be the president, chief financial officer, the head of marketing,
Speaker 2: could be anyone that may be the most critical decision
Speaker 2: in the plan. Should our CEO leave, we have to
Speaker 2: be prepared to go to the outside to find the
Speaker 2: next one. A well crafted succession plan includes a backup
Speaker 2: plan for every significant operating job in person. Now, succession
Speaker 2: plans don't always work. Sometimes people really get angry. I
Speaker 2: have a clip I want to play for you.
Speaker 3: You're my kid brother, and you take care of me.
Speaker 3: Do you have to think about that? Do you ever
Speaker 3: once think about that? Save Fredo off to do this,
Speaker 3: Save Fredo off to do that. Let Fredo take care
Speaker 3: of some Mickey Mouse nightclub somewhere. Save Freido to pick
Speaker 3: somebody up at the airport. I mean your older brother, Mike,
Speaker 3: and I was stepped over. Ain't the way I wanted it.
Speaker 3: I can handle things. I'm smart, like everybody says like dumb.
Speaker 2: Let's smart and I want not. Everyone will be happy,
Speaker 2: particularly if the succession plan links. Everybody has high visions
Speaker 2: of where they are, and it can lead to mayhem.
Speaker 2: But this is the way it works. Now, those of
Speaker 2: you who know the show know me. You know this
Speaker 2: is where I usually introduce Jesse, my co host, Jesse Weber.
Speaker 2: He's not here again. He's busy. He work in twenty
Speaker 2: four to seven, so he's not gonna be with us tonight. However,
Speaker 2: I'm gonna go it alone and I want to talk
Speaker 2: to you about succession plan, my own personal succession plan
Speaker 2: that you might find interesting. Back in my PVH days,
Speaker 2: my CEO was a young man. He was basically I'm
Speaker 2: fifty four years old, and he started to talk about retiring.
Speaker 2: I thought he was a Nazi's the CEO of the company.
Speaker 2: I'm the president of company. It's running well. We have
Speaker 2: a great chief financial officer. We're running the company. He
Speaker 2: doesn't come in every day. He lives a life. He's
Speaker 2: on the strategic side. Why would you possibly resign? Why
Speaker 2: would you give that up? He says, I have other
Speaker 2: things I want to do. I said, I don't believe
Speaker 2: He says, well, don't believe me, but I'm going to
Speaker 2: be leaving. And the more we spend time together, the
Speaker 2: more he was driving home the point that he was
Speaker 2: going to retire early and I was the president. Where
Speaker 2: did that leave me? On top of which him and
Speaker 2: I grew up together, and I was concerned. So one
Speaker 2: day we're having a conversation and he said, uncategorically, Mark,
Speaker 2: you better get ready. I'm getting serious. I'm going to
Speaker 2: retire and move on, and you're going to be my replacement.
Speaker 2: And I said, how do you know that? He says,
Speaker 2: because I'm going to insist. I said, how do you
Speaker 2: know that? I said, Look, if you're serious about leaving,
Speaker 2: which I don't understand, if you want to stay here
Speaker 2: for the rest of your life, I'll be your number
Speaker 2: two president. I'm happy. I love working with you. That's
Speaker 2: fine with me. But if you decide to leave and
Speaker 2: I don't get to become the CEO, I want to leave.
Speaker 2: I don't want to be stuck here with someone new.
Speaker 2: I don't want to be stuck here thinking that the
Speaker 2: company didn't think I was good enough to have the
Speaker 2: number one spot. After all this slime, I need to
Speaker 2: be taken care of. So what does that mean? I said,
Speaker 2: I want a provision in my contract that says that
Speaker 2: if I'm not made the CEO, I can walk off
Speaker 2: into the sunset with you, and I henceforth called it
Speaker 2: a sunset contract. And he looked at me and said
Speaker 2: one of the dumbest things I ever heard in my life. Sindmy,
Speaker 2: what are you talking about? Mark? This makes no sense.
Speaker 2: If you can't get the CEO job, then you'll just
Speaker 2: behave poorly and they'll fire you and you'll get your contract.
Speaker 2: And I looked at him, I said, did you just
Speaker 2: say that to me? I've been here for twenty five years.
Speaker 2: I look at this company as if it's my own.
Speaker 2: I treat the money as if it's my own, my heart,
Speaker 2: my time, my life, my family invested here. And you're
Speaker 2: telling me that should I not become the CEO, I
Speaker 2: should behave like Peck's bad boy and hope to get fired.
Speaker 2: That's what I want to do with my career. Unacceptable.
Speaker 2: I want a contract that illustrates if I'm not going
Speaker 2: to be the CEO, I can leave. I think it's
Speaker 2: fair for the amount of time I've been here, for
Speaker 2: the contribution I make to the company, He said, let
Speaker 2: me talk to the board. The board had a compensation committee.
Speaker 2: I don't know how the conversation went, but Lo and Behold.
Speaker 2: A week later, he came back and he said, you're
Speaker 2: going to have your sunset contract. Namely, if in fact
Speaker 2: I leave and the board doesn't name you CEO, you'll
Speaker 2: be able to walk off into the sunset. You'll be
Speaker 2: able to get your package and leave and go with me.
Speaker 2: And I thought that was amazing, and I won, and
Speaker 2: I wanted using my brains and it was the right
Speaker 2: thing to do. And after all is said and done,
Speaker 2: in this life, you always have to plan. You always
Speaker 2: have to have a succession plan. So what is a
Speaker 2: succession plan? I'll tell you what it is. It's not
Speaker 2: a Chinese menu. Contract is not a Chinese menu. You
Speaker 2: don't get to pick what you want from column A
Speaker 2: or column B. A succession plan outlines every single critical
Speaker 2: role in the company. And you might wonder why am
Speaker 2: I talking about this tonight, which, by the way, the
Speaker 2: show is called succession. And I'll tell you why. You
Speaker 2: know what got me thinking about this? Twice former person
Speaker 2: in Trump was almost assassinated. Where would that have left
Speaker 2: us as a country? And then the vice presidential debate
Speaker 2: talk about succession? Hold that thought. If you're a family business,
Speaker 2: I've found family business is very interesting and very peculiar.
Speaker 2: No matter what happens, family members run the business. But
Speaker 2: if there are three children, does the oldest get it
Speaker 2: and the eldest what happens if the eldest son is
Speaker 2: an idiot, or for that matter, what is the eldest
Speaker 2: woman is an idiot. I'll tell you what. One of
Speaker 2: the things impressed me most and my travels around the world.
Speaker 2: In Hong Kong, the woman, if she was the most capable,
Speaker 2: got it over the sun. They didn't fool around, they
Speaker 2: passed it along. I'm not so sure that's the way
Speaker 2: it's done here in the United States Corporate America, the
Speaker 2: seriousness in which a planned discussion for succession is planned
Speaker 2: and put and set in stone. The first thing you
Speaker 2: have to ask yourself is what I was saying before
Speaker 2: about contracts. The top most executives in the company have
Speaker 2: to have great contracts. You want them with the company.
Speaker 2: You want them to know that there's a future, and
Speaker 2: there's a story and told and should they get fired,
Speaker 2: they have a severance package. But here is the key.
Speaker 2: There's always a non compete that mirrors the severance package.
Speaker 2: So if you are a president of the company and
Speaker 2: you get fired for not cause, if nothing, you did wrong,
Speaker 2: cause generally is about legal things. You did a bad job,
Speaker 2: you can get fired, it doesn't matter. You still get
Speaker 2: your severance. But if you have two years, then you're
Speaker 2: going to sign a non compete that says you can't
Speaker 2: go to a competitor for the next two years. Now,
Speaker 2: some come copanies will list every single company in the
Speaker 2: industry that you're in to try to avoid you getting
Speaker 2: a job anywhere. That's not valid. Can't stop a person
Speaker 2: working forever, but they say, hey, I'm going to pay
Speaker 2: you for two years. I don't want you working in
Speaker 2: this industry. So you have to be smart when you're
Speaker 2: negotiating a package. My severance package, the only thing it
Speaker 2: included with companies that we considered taking over and buying
Speaker 2: the rest I was free and clear. I refused to
Speaker 2: sign a severance package and a non compete that would
Speaker 2: keep me out of the industry forever. The second thing
Speaker 2: that a good succession plan does it protects the executives,
Speaker 2: the CEO, the president, and sometimes the chief financial officer.
Speaker 2: In my case, the first thing they did after nine
Speaker 2: to eleven they brought a consulting firm who specialized in security,
Speaker 2: and they told us to build special rooms as bunkers
Speaker 2: in our houses, so gofa bit something happens, you had
Speaker 2: a room that was impregnable, that had its own air system,
Speaker 2: its own water supply, conditioning, and food that they would
Speaker 2: detail on what need to do. They wanted you safe.
Speaker 2: The second thing that probably nobody thinks about when it
Speaker 2: comes to a good succession plan is the senior VPS,
Speaker 2: the executive VPS, and certainly the CEO and president can
Speaker 2: never be on a flight together. We were not allowed
Speaker 2: to fly together because God forbid something happened to the CEO.
Speaker 2: The president needed to be available. In my case, I
Speaker 2: was the successor to the CEO. I had to be available.
Speaker 2: So nobody thinks about that, But there are detailed things
Speaker 2: that go involved in each of those things. It also
Speaker 2: includes a detailed job description of every position held in
Speaker 2: the company and who that success it would be. If
Speaker 2: you were a vice president in the warehouse, they wanted
Speaker 2: to know if you disappeared, was there a vice president
Speaker 2: available to pick up the place and walk right in.
Speaker 2: If not, the HR team was told to have a
Speaker 2: list of potential candidates should we need to press a
Speaker 2: button to fill those positions. This was a very detailed, heart,
Speaker 2: well thought out plan, and having said that, it was
Speaker 2: presented to the board and generally speaking, an entire board
Speaker 2: meeting would be set aside for the discussion of succession.
Speaker 2: And when it came to the CEO to the president,
Speaker 2: I was asked to recuse myself, which means you walk
Speaker 2: out on your own volition, recognizing that it's confidential information
Speaker 2: that in this case, because you're involved, the board might
Speaker 2: not want you to hear. And what got me thinking
Speaker 2: about it is the presidential election, as I started to say, politics,
Speaker 2: It's always been said, but very few people think about
Speaker 2: the vice president as a heart beat away. That's what
Speaker 2: it is, a heart beat away that if something would
Speaker 2: have happened to Trump, or something would have happened to
Speaker 2: whom I wanver is President Biden. Now there's a succession plan,
Speaker 2: believe it or not, it's the vice president and then
Speaker 2: the Speaker of the House, Nancy Pelosi, or was Nancy Pelosi?
Speaker 2: Mike Johnson? Is that his name? Anyway, There's never been
Speaker 2: a time in our country where our populace was more
Speaker 2: aware and evolved with the country than it is right now.
Speaker 2: Whether it's a combination of the Internet, social media, Opinion
Speaker 2: News twenty four to seven. We're all involved in the
Speaker 2: government now, we're all invested citizens, and we're all aware
Speaker 2: of what's going on in this presidential election. And let
Speaker 2: me state it upfront before I tell you what I think.
Speaker 2: I have tremendous respect for each candidate. For that matter,
Speaker 2: anyone who runs for office and wins has my respect,
Speaker 2: even if I don't like them personally, even if I
Speaker 2: don't like their policies. I was trained to respect the
Speaker 2: office that they hold. Kamala Harris is a woman. I
Speaker 2: don't care. Woman makes no difference from me. Is she capable?
Speaker 2: Is she strong decision making? Does she get what's important?
Speaker 2: I'll come back to that. I want to play a
Speaker 2: clip from you from a movie I saw when I
Speaker 2: was thirteen years old. It was a comedy. It was
Speaker 2: called No Time for Sergeants Andy Griffin anybody who knows them.
Speaker 2: But I remember how young I was when I saw
Speaker 2: this movie because it left an impact on me, and
Speaker 2: I'm gonna play it for you.
Speaker 4: I want you to turn around very slowly and look
Speaker 4: very carefully this time and tell me exactly what you see.
Speaker 4: I see or Cornel, Yeah, a captain, that's all.
Speaker 1: And the captain's a woman nation.
Speaker 4: I don't notice whether it's a man.
Speaker 1: Or what.
Speaker 4: All I see is a captain, that's all.
Speaker 2: Look. Having a woman president is historic. Having a black
Speaker 2: woman president is even more historic, and that is wonderful.
Speaker 2: But I could care less. I want the best person
Speaker 2: in the office, and if she's crazy on the left,
Speaker 2: I don't want her. Trump an acquired taste, his own
Speaker 2: worst enemy. Everything that comes out of his mouth is questionable.
Speaker 2: So many people hate him, so many people dislike him,
Speaker 2: so many people don't want him to be president. But
Speaker 2: I have a problem. He did get the job done.
Speaker 2: He did have a lot of great ideas. He did
Speaker 2: make things happen, he did have strength. Now, obviously I'm
Speaker 2: leaning towards him based on the way I'm saying, but
Speaker 2: it doesn't matter. I'm only one vote you get to decide.
Speaker 2: But back to succession, no one knows what life brings.
Speaker 2: Remember I said it, I respect all. But what really
Speaker 2: got me thinking about succession was the vice presidential debate. Now,
Speaker 2: I was pleased as there was cordiality. I was pleased
Speaker 2: that they shook hands, they respected one another. It's the
Speaker 2: way debates should be in reality, I thought Jad've answers
Speaker 2: a far right religious Yahoo. Turns out he's a brilliant,
Speaker 2: accomplished served in the Marines for his country, and he's
Speaker 2: a humble human being. The reality was in succession, I
Speaker 2: saw him as a president, and I thought that was
Speaker 2: important considering we're discussing a heartbeat away. On the other side,
Speaker 2: Tim Walls, a self described knucklehead with buffoonish behavior. I'm
Speaker 2: not making this up. He said it himself. Oh and
Speaker 2: he admitted he was a liar and a truth changer,
Speaker 2: this own version of the truth. And when he got caught,
Speaker 2: he could have answered this whole thing in Tenement Square.
Speaker 2: He could have said, I wasn't there for Tenement Square,
Speaker 2: but I was there in the summer when the riots
Speaker 2: were still going on and the problems were still going on.
Speaker 2: But he made it come out differently. And I'm told
Speaker 2: he did the same thing with his service record. Look
Speaker 2: at you never come to it, But can you really
Speaker 2: see that guy as president? A heart beat away. That's
Speaker 2: what got me thinking about succession tonight. But we are
Speaker 2: always in business life, politics and now this we have
Speaker 2: to consider succession back in a minute, always in fashion.
Speaker 2: As one of the world's most celebrated fashion designers. Carl
Speaker 2: Lagafeld was renowned for his aspirational and cutting edge approach
Speaker 2: to style. His unique vision of Parisian shit comes to
Speaker 2: America through car Lagefeld Paris. He has women's collections, men's collections,
Speaker 2: ready to wear, accessory, shoes and bags. The fashion house
Speaker 2: Carlagafeld also off is a ring of watches I wear
Speaker 2: in premium fragrances. You can explore the Carlagophil collection at
Speaker 2: carlagofilpowers dot com. But it's more than that. I, for one,
Speaker 2: love to shop. I love going around and seeing what's
Speaker 2: happening and what catches my attention, what would make me
Speaker 2: feel good to wear now. I don't wear the women's
Speaker 2: wear obviously, but I can appreciate it and they look amazing.
Speaker 2: If you want to look right, you want to have
Speaker 2: clothes that fits you well. You want to look like
Speaker 2: you're wearing something that's very expensive, that's exclusive for you
Speaker 2: and yours. You can find it at very affordable prices
Speaker 2: at Macy's Orcarlagofel dot com Paris. The women's ready to
Speaker 2: wear fashion is extraordinary, as well as the handbigs and
Speaker 2: the shoes. I for one wear men's clothes, unlike my
Speaker 2: appreciation of women's clothes. I'm a modern guy. I want
Speaker 2: to look current, I want to look the way I
Speaker 2: want to feel. I go out at night, I'm in
Speaker 2: black and Carlagofel is my buddy. Calls are great. They
Speaker 2: fit great, and they have little tweaks and touches, whether
Speaker 2: it's a stripe on the sleeve, button at the neck,
Speaker 2: or on the shoulder. There's a lot of details that
Speaker 2: go into Carl Lagafel because he's always been, he always
Speaker 2: had been one of the world's great designers, and this
Speaker 2: legacy and goes on and on. I can't speak enough
Speaker 2: about it except to say to you, you want to
Speaker 2: feel good about yourself. You want to know that you're
Speaker 2: dressing properly. You want to clothes that fits you well.
Speaker 2: Carl lagafeld Paris at Macy's Orcarl Lagafel dot com. A
Speaker 2: favorite brand has always been ISOD. My company at one
Speaker 2: time bought that brand. The CEO of the company handed
Speaker 2: it to me and said, you better make it work.
Speaker 2: And I put everything in my career to make Isaod work,
Speaker 2: and I fell in love with that brand, and to
Speaker 2: this day it is one of the most exciting endeavors
Speaker 2: I've ever got involved with. ISOD is an incredibly strong
Speaker 2: golf brand. If you play golf, if you play tennis
Speaker 2: for that matter. They make a great polo shirts. I
Speaker 2: mean great. They're fit perfect. The material is unique because
Speaker 2: it's a PK fabric, that waffle weave you see, and
Speaker 2: it's made of a blend of cotton and microfiber that
Speaker 2: allows you to stretch. And very often they are treated
Speaker 2: with solar protection as well, so they stretch, they're comfortable,
Speaker 2: and they breathe well. And one thing about ISAC they
Speaker 2: always fit. They'll never tug on you. You put it
Speaker 2: in your waist, they'll fit you great. The colors, patterns
Speaker 2: are sensational. Now I will also tell you ISOD makes
Speaker 2: great shorts and great golf pants. You're a golfer and
Speaker 2: you want to look good. You don't have to think
Speaker 2: about how do I look. You want to think about
Speaker 2: how you play, not how you feel. ISOD is the
Speaker 2: brand for you. I know I was there when it
Speaker 2: was created. The strategy behind that brand is brilliant. It's
Speaker 2: one of my favorite brands. Will I talk about it?
Speaker 2: I should tell you about the men's sportswear. ISOD wasn't
Speaker 2: enough being a golf brand. It wasn't enough being just
Speaker 2: great polo shirts with logos, without logos, incredible branded story
Speaker 2: and history. ISOD makes salt weather programs. They have great
Speaker 2: printed woven shirts, short sleeves that look excellent with colors,
Speaker 2: excellent with shorts, excellent with cotton pants of which they
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Speaker 2: and pants of a range of colors and fabrics that
Speaker 2: are perfect for a guy wants to go casually in
Speaker 2: the spring and summer of this year. And here's the thing,
Speaker 2: ISOD is affordable. Everyone listening to me talk about this
Speaker 2: brand can afford to buy it and know that there
Speaker 2: are a lot of other brands that also have a
Speaker 2: look like ISOT. Although I don't believe it's fun as
Speaker 2: ISOD is. The brand has a lot of energy in it,
Speaker 2: but at the price points no one can compete. You
Speaker 2: can find Isaac at your leading retails and online at
Speaker 2: isad dot com. Talk to you later, guys. I wish you.
Speaker 2: I'm very happy spring in summer, and I help you
Speaker 2: by telling you if you were isaid, you're going to
Speaker 2: look great.
Speaker 1: Welcome back to Always in Fashion. Here's your host, Mark Webber.
Speaker 2: Tonight, I'm discussing succession, the future, Who's going to be, whom, Who's.
Speaker 3: Going to be?
Speaker 2: What? What got me thinking about it was the vice
Speaker 2: presidential debate, which was scary when you consider these folks
Speaker 2: are a heartbeat away from the presidency. Nobody pays any
Speaker 2: attention to the vice president. You listen to all the pundits,
Speaker 2: they'll say nobody votes based on the vice president. Nobody
Speaker 2: even gives it a second thought. And yet it's scary
Speaker 2: because you never know what life brings. You pick from
Speaker 2: those two candidates and ask yourself whether or not either
Speaker 2: one of them would be a good presidential candidate. God
Speaker 2: for bit, you know, we're talking about the most powerful
Speaker 2: position in the world, the leader of the world. And
Speaker 2: not only that, they're clearly I're gonna be decision making
Speaker 2: policies for the rest of our four year policy if
Speaker 2: something should happen, so it really matters, and that is
Speaker 2: what they say. Words matter. And while I'm atter, I
Speaker 2: want to talk about the rich paying their fair share.
Speaker 2: I've told you that I used to be important. Then
Speaker 2: I no longer am, and I guess, Jesse, if you
Speaker 2: see us, say stop whining. You're still important. Your family
Speaker 2: thinks you're important. You're always important. I used to be important.
Speaker 2: I had huge jobs, considering I grew up in the
Speaker 2: city projects. To get two CEO jobs, I think it
Speaker 2: was pretty huge. And to work for one of the
Speaker 2: largest companies in the United States in the paril sector,
Speaker 2: and then the largest luxury company in the world. I
Speaker 2: used to be important, and I don't think I am now.
Speaker 2: But I tell you what that importance had done. It
Speaker 2: taught me a lot of stuff. And when someone talk stupid,
Speaker 2: get the rich to pay their fast share. Billionaires and
Speaker 2: millionaires that have to pay their fast share. It is
Speaker 2: the dumbest, stupidest lie in the world fair share. I
Speaker 2: made a ton of money and everything I made was
Speaker 2: tax through the roof. I've worked for a public company
Speaker 2: who published my salary. They gave me the check, they
Speaker 2: took my taxes out of it. I had no deductions
Speaker 2: other than when anyone else had. At the time, I
Speaker 2: guess I was in the thirty six thirty eight percentile,
Speaker 2: and that's just for federal tax New York State tax.
Speaker 2: I was seeing less than fifty percent of my money.
Speaker 2: You think about it. Person works, they make one hundred
Speaker 2: dollars and at best they get fifty dollars for their effort.
Speaker 2: Don't tell me the rich don't pay them have fair share.
Speaker 2: Of course, we pay our fair share. Now, this is
Speaker 2: where it gets stupid, and where they bend the truth
Speaker 2: and they try and work you up. I always work
Speaker 2: for a public company. I guess the honesty is during
Speaker 2: those days, I would be afraid to start my own business.
Speaker 2: How do you do that? I mean, we'd even begin,
Speaker 2: And yet these brilliant entrepreneurs figure out how to build businesses.
Speaker 2: You could be a plumber. You went to plumber school.
Speaker 2: You have your own business, you hire your own crew,
Speaker 2: you work your own hours. You have to make customers happy,
Speaker 2: and you build a business on your own. And that
Speaker 2: plumber has to have a truck, he has to have equipment,
Speaker 2: he has to have people to do his bills. He
Speaker 2: needs staff, he needs plumber's assistants. He's making an investment
Speaker 2: in his business. It's not like me. I go to
Speaker 2: work and I show up, I get a salary. That
Speaker 2: plumber has to do a lot, has to invest his
Speaker 2: own money to establish himself in the plumbing business. In
Speaker 2: this world, in every world, when you're paying your taxes,
Speaker 2: you're allowed to deduct your expenses. If you're Louis Viton
Speaker 2: and you invest thirty five forty fifty one hundred million
Speaker 2: in advertising that brand to make it interesting to people.
Speaker 2: You're allowed to deduct your expenses if you have a
Speaker 2: store and it does one hundred million dollars on fifty
Speaker 2: seventh Street, to pick a number out. It's not free
Speaker 2: and clear, one hundred million dollars. You have to pay
Speaker 2: your rent, you have to pay employees. Your profit is
Speaker 2: based on what's left over, not the total number. And
Speaker 2: because you're investing and you're taking a risk, corporations are
Speaker 2: taxed at a different rate than individuals because it makes sense,
Speaker 2: it's only fair. Which brings me to capital gains. That's
Speaker 2: where the billionaires make their money. That's where many millionaires
Speaker 2: make their money in capital gains. What is capital gains?
Speaker 2: Before I go there, I would tell you any time
Speaker 2: I've ever been in my position and an entrepreneur showed
Speaker 2: up by my doorstep to offer me a service, to
Speaker 2: sell me something, to talk about me, all we talked
Speaker 2: about is whether they get the courage to start on
Speaker 2: their own. You think about all the immigrants, and I
Speaker 2: am in favor of legal immigration, not illegal immigration, but
Speaker 2: whichever the case may be. Think about the risks they
Speaker 2: took to come to this country, how they were willing
Speaker 2: to do anything, to be in a caravan, to walk
Speaker 2: through the jungle, through the woods, through the course rivers,
Speaker 2: to come here to start anew It's really an extraordinary
Speaker 2: set of experiences. If you ask an immigrant, weren't you
Speaker 2: afraid to start your own businesusiness rather than get a job,
Speaker 2: they'd look at you and say to you, after what
Speaker 2: I went through to get here, how can I be
Speaker 2: afraid of anything else in my life? Fascinating? Don't tell
Speaker 2: me the rich don't pay that their share. Entrepreneurs are
Speaker 2: investing their own money, which brings me back to capital gains.
Speaker 2: I have two choices in theory what to do with
Speaker 2: my money. As to you, you could have put it
Speaker 2: in a bank or treasury bill, but it's guaranteed by
Speaker 2: the government. You put it there, it gives you a
Speaker 2: return and no matter what happens, you get your money back.
Speaker 2: A stock, however, is a risk this country is built
Speaker 2: on selling companies to the public market. I own Apple shares.
Speaker 2: I'm an owner of Apple. I own a portion of
Speaker 2: that company. I invest money and I wait and I
Speaker 2: wait and I wait, and the stock can go up,
Speaker 2: the stock can go down. But the government recognizes that
Speaker 2: I'm taking a risk and to you move the economy
Speaker 2: along to understand how it helps hire workers give people jobs.
Speaker 2: The government understands that you are taking a risk investing
Speaker 2: in companies, and for that, we're going to give you
Speaker 2: a special tax break, which at the moment is between
Speaker 2: twenty and twenty five percent instead of thirty six percent.
Speaker 2: It tacks you at a capital gains rate to recognize
Speaker 2: the fact that you are taking risk. That's where billionaires
Speaker 2: make their money. They're not taking salaries, and if they do,
Speaker 2: they pay the same tax as you do. But if
Speaker 2: they invest in their company, like Elon Musk, and he
Speaker 2: decides to sell this company, and the rule with capital
Speaker 2: gains meaning you'll get a benefit on the tax rate
Speaker 2: if you hold it for more than one year. You
Speaker 2: buy a stock Apple tomorrow goes up ten points and
Speaker 2: you sell it, you're gonna pay regular tax on that.
Speaker 2: But if you buy a stock and you hold it
Speaker 2: for a you're gonna pay capital gains twenty percent a
Speaker 2: lot less big companies create jobs. All entrepreneurial companies create jobs.
Speaker 2: What are these puntings saying there'd be no country without entrepreneurs.
Speaker 2: Jobs aren't created by the government. Well, there's a lot
Speaker 2: of jobs, but none of them make money. They're a
Speaker 2: service sector to the country. So please, guys, I'm telling you,
Speaker 2: nobody gave me anything in life. I came from the
Speaker 2: city projects. I worked hard, I worked smart, I got lucky.
Speaker 2: I made money. I paid my taxes the same amount
Speaker 2: as any one of you. I want to be an
Speaker 2: Uber driver, I gotta pay Uber, I gotta pay for gas,
Speaker 2: I gotta buy a car. I have to pay for
Speaker 2: maintenance on that car. So if you come in my
Speaker 2: car and I charge you one hundred dollars, I didn't
Speaker 2: make one hundred dollars. At least fifty or sixty percent
Speaker 2: of that one hundred dollars goes to other people, or
Speaker 2: it goes to costs. So of course I only pay
Speaker 2: tax on the forty dollars that's left. Oh wake up,
Speaker 2: don't be dumb.
Speaker 4: Always in fashion, spent a.
Speaker 2: Lifetime of my career building the van Usen brand, and
Speaker 2: I am so pleased that they're back with us now
Speaker 2: talking about suits. Men were dressing up again and it's
Speaker 2: become cool to wear a suit. Suits can be won
Speaker 2: on multip occasions in multiple ways. You could wear a
Speaker 2: suit formally to go out at night or to an event.
Speaker 2: You wear a suit to the office with or without
Speaker 2: a tie. If you look closely, now fashion trends suits
Speaker 2: are being worn with turtlenecks or mark next. The choices
Speaker 2: are endless and every one of them looks right. You
Speaker 2: could really really look the part. I believe that packaging
Speaker 2: yourself is as important does the products you package, and
Speaker 2: wearing a suit is one of those things that make
Speaker 2: men look their best. Venues and invented a new idea.
Speaker 2: It's called the cool flex suit. It's been engineered with
Speaker 2: stretch technology, giving you the most comfortable fit and mobility.
Speaker 2: It's wrinkle resistant fabric, it's cool moisture WICKI it makes
Speaker 2: it perfect for all occasions. As we discussed just now,
Speaker 2: this new style of looking sharp while feeling cool and
Speaker 2: comfortable is amazing and I'm so excited that the van
Speaker 2: Using company is involved in this new technology and is
Speaker 2: embracing the whole idea of dressing up. Let's not forget
Speaker 2: van Usen made it's name with dress shirts. It's only
Speaker 2: proper that the suit business follows strongly in its way.
Speaker 2: You can find van using Kolflex Men's stretch suits at
Speaker 2: jcpenny are online at jcpenny dot com. Guys, they're great.
Speaker 2: You should go look at them. D Knwhy Donna Karen,
Speaker 2: New York. Donna Karen began her career as one of
Speaker 2: the finest, most successful, powerful women in the fashion industry.
Speaker 2: She developed a collection aimed at the luxury market for
Speaker 2: women on the go, women who were powerful in their workplace,
Speaker 2: women who had lives that extended beyond the workplace, and
Speaker 2: her clothes went from day and tonight. An extraordinary collection.
Speaker 2: But the interesting thing Donna Karen had a young daughter,
Speaker 2: and she had friends and they couldn't afford to buy
Speaker 2: the Donna Karon collection, and Donna invented dk NY Donna Aaren,
Speaker 2: New York. It's an offshoot of the Donna Karen collection.
Speaker 2: The same concept a lifestyle brand. Now we talk about
Speaker 2: lifestyle brands, what does that really mean? Simply what they say,
Speaker 2: there are brands that follow you throughout your lifestyle. You
Speaker 2: get up in the morning, you start to get dressed
Speaker 2: Donna Karen dcaan why as intimate apparel, as hosiery, as
Speaker 2: all those products. You're getting dressed for work. You get
Speaker 2: accessorized shoes, handbags, and it takes you through the day.
Speaker 2: The remarkable thing about DK and Y clothes for work,
Speaker 2: they work into the evening. The dresses, the suits, the pants,
Speaker 2: the sweaters, the blouses, extraordinary clothes at affordable prices that
Speaker 2: go from day in tonight. Part of your lifestyle is active.
Speaker 2: You have weekends, you have events, you participate in sports.
Speaker 2: Donna Karen's casual clothes did that under the DK and
Speaker 2: Y label. A vast array of casual sportswear that make
Speaker 2: women look great as they navigate their busy lives. Whether
Speaker 2: you're going to soccer games for your children or whether
Speaker 2: you're going out to the movies, whatever you want to do,
Speaker 2: DK and Y, Jenes dc HY sportswear is there for you.
Speaker 2: That's what a lifestyle brand is. And I need to
Speaker 2: mention DKY Activewear, which is extraordinary, the leggings, the sports bras,
Speaker 2: the sweats. You can wear DKY active Wear certainly in
Speaker 2: the gym, certainly when you're working out at home, and
Speaker 2: certainly if you want on the street, because it's that
Speaker 2: well done. The quality of k Y is nothing short
Speaker 2: of exceptional. And why shouldn't it be? Because it was
Speaker 2: born from the idea of luxury made affordable for women
Speaker 2: of America. Dk and Why a true lifestyle brand that
Speaker 2: takes you from day and tonight, from the week into
Speaker 2: the weekend. DCN Why you can find DCNHY and Macy's
Speaker 2: DKNY dot com.
Speaker 1: Welcome back to Always in Fashion. Here's your host, Mark
Speaker 1: webber So.
Speaker 2: On the subject of stuff, which is where I am
Speaker 2: right now. There are a bunch of things that got
Speaker 2: on my mind. I just discussed taxing the rich. I
Speaker 2: have a question for everybody. Why isn't anybody talking about
Speaker 2: astronauts trapped in the International Space Station. Isn't that crazy?
Speaker 2: We put these two people up there and we can't
Speaker 2: get them back, and no one's screaming, where's NASA, where's
Speaker 2: Elon Musk. I've been told that Elon Musk might be
Speaker 2: coming to help them out, but you would think we'd
Speaker 2: be talking about this. It's hard to believe. It's amazing
Speaker 2: how hard it is to believe you want to talk
Speaker 2: about heroes and brave people. Oh my gosh. I mentioned
Speaker 2: well run companies before. There are uncertainties in every business.
Speaker 2: They're uncertainties and changes that happen that people have to
Speaker 2: figure out what to do with to take the luxury
Speaker 2: industry right now, luxury industry is taking a bath. It's
Speaker 2: getting hit fairly dramatically. For one of the reasons is
Speaker 2: is there is a move towards silent luxury, stealth looks.
Speaker 2: There's a move towards buying great looking products without logos,
Speaker 2: not bragging about who you are. You look at Laura Piano,
Speaker 2: Nobody knows you're wearing Lorda piano unless there's another Laura
Speaker 2: Piano person there who appreciates the quality, understands the looks.
Speaker 2: Luxury industry is under attack. Another thing that has happened
Speaker 2: is that luxury companies have driven their prices up. I'm
Speaker 2: told to as much as fifty percent or more. And
Speaker 2: some of the cork items that you would heretofore buy
Speaker 2: something that costs one thousand dollars now costs three thousand.
Speaker 2: And the world is changing because at one thousand dollars,
Speaker 2: there's a lot of people who had saved their money
Speaker 2: to purchase that one handbag and feel good about themselves
Speaker 2: when they walk around carrying and put it over their shoulder.
Speaker 2: It's not as easy selling three thousand or five thousand
Speaker 2: dollars handbags. So I'm told what's happening is their numbers
Speaker 2: are holding up, but they're selling less units. So they're
Speaker 2: relying on a smaller group of people to buy and
Speaker 2: spend more on the same items that they were spending
Speaker 2: on before. We're losing that entry level person into the
Speaker 2: luxury business, and it's starting to have an impact in general.
Speaker 2: Of course the board. So what do you do? I
Speaker 2: remember the last time we had a major recession that
Speaker 2: the world went to crazy, not COVID, when we closed
Speaker 2: the country, The question was what do you do? Even
Speaker 2: during COVID, what do you do? I'll never forget. October seventeenth,
Speaker 2: I think two thousand and eight, I get a call
Speaker 2: from the Manning Gen, director of EL. He was in Paris.
Speaker 2: I was in New York. I remember I was walking
Speaker 2: on the street and I just tourned into the the
Speaker 2: LVH compound on fifty seventh Street in Manhattan, and I
Speaker 2: was in the lobby and he said Mark, we're very
Speaker 2: concerned with the recession that's taking place in the country
Speaker 2: and the world. We wanted to talk to you about
Speaker 2: what you're seeing going on in America and what you
Speaker 2: think about it. And I'll never forget what I said
Speaker 2: to him is, yes, you should be concerned. The best
Speaker 2: retailers are going to buy less. There's going to be
Speaker 2: less opportunity to save money. Everything will be at a premium.
Speaker 2: And you have to manage your business well. And I
Speaker 2: said to him, well run companies thrive in difficult environments.
Speaker 2: And he said, what does that mean to you, Mark,
Speaker 2: I said, the first thing you need to consider is inventory.
Speaker 2: Inventory is the lifeblood of the company. How much you
Speaker 2: sell or how much you don't sell is the key
Speaker 2: to your business. How much markup, how much you make
Speaker 2: on the items you sell versus whether you lose on
Speaker 2: those items you sell or as what makes or breaks
Speaker 2: a business. At a time like this, everyone should clean
Speaker 2: out their inventory. Now. In my case, mister managing director,
Speaker 2: we've been talking about this recession for the last six months,
Speaker 2: and I reduce my inventory levels across the board in
Speaker 2: the company. Was it easy.
Speaker 4: No.
Speaker 2: In the case of the Donna Karen Company, Donna Karen Kampany,
Speaker 2: what are you doing? Why are you buying less? The
Speaker 2: designers dcyn Why Mark, I don't understand you're making the
Speaker 2: line smaller. The production people saying, I usually buy one
Speaker 2: thousand pieces of this item. You're telling me it only
Speaker 2: buy five hundred. I said, yeah, that's exactly what I'm doing.
Speaker 2: And every single division in this company is going to
Speaker 2: buy less because I believe six months now every retail
Speaker 2: in the world is going to buy less. And I
Speaker 2: was right. I said to him at the time, here's
Speaker 2: a way of looking at it, mister managing direct I said,
Speaker 2: there are things that you should do. There are things
Speaker 2: that would be nice to do, and there are things
Speaker 2: that you must do. You have a business. You better
Speaker 2: pay your electure bills. You want the lights to come on.
Speaker 2: You have an office, you have retail stores. You have
Speaker 2: to pay your landlord, otherwise he's going to lock you out.
Speaker 2: I don't know that i'd be opening new stores right now.
Speaker 2: I know I wouldn't. I'd wait. I don't know that
Speaker 2: I would renew any lease higher than what I paid
Speaker 2: for it at this time. But I would deal with
Speaker 2: those things that only you had to do. And the
Speaker 2: things that made me feel good are the things that
Speaker 2: you should do. No if advertising wasn't proven. You know,
Speaker 2: I've talked about this before. John Wanna make a famous
Speaker 2: businessman famous retailers said, I know fifty percent of my
Speaker 2: average tising works. I just don't know which fifty percent.
Speaker 2: None of us know what works. Well run companies thrive
Speaker 2: in difficult environments. Unless I was sure that an advertisement
Speaker 2: or an expenditure would directly relate to increased sells or
Speaker 2: to sales that I needed to capture, I wouldn't spend
Speaker 2: the money anymore. Because well run companies must thrive in
Speaker 2: difficult environments. Back in a minute, always in fashion, then
Speaker 2: using for over one hundred and fifty years now has
Speaker 2: been a mainstay in American fashion. This brand that was
Speaker 2: invented for dress shirts was given to coal miners when
Speaker 2: they exited the mills dirty and dusty. The Phillips venues
Speaker 2: and company Phillips families there to give them fresh, new
Speaker 2: shirts that they could wear at home and feel their best.
Speaker 2: Over the course of time, venues and dress shirts grew
Speaker 2: and grew and grew to suit shirts and ties for
Speaker 2: the dress up, and now sportswear has become a dominant
Speaker 2: part of the using collection. You can find these products
Speaker 2: including sweaters, polos, quarter zips, trousers, and even the best
Speaker 2: of fashion has to be preserved. I don't know if
Speaker 2: I ever mentioned to you the advent of the men's necktie.
Speaker 2: There's nothing better in a men's necktie business than the
Speaker 2: business lunch because guys we go out, they'd have their
Speaker 2: lunch that have their salads or their beef and potatoes
Speaker 2: and snow stout about it. They would always stain their
Speaker 2: die and therefore the business grew and grew venues. And
Speaker 2: today doesn't want to make money on your hardships. They
Speaker 2: want to do it and prevent you from having to
Speaker 2: go through that. And they invented stain shield. It's the
Speaker 2: technology that was invented to protect your favorite items. The
Speaker 2: stain Shield collection provides extreme defense against water based stains
Speaker 2: by causing spills to beat up before they can be
Speaker 2: absorbed into the fabric. This collection, by the way, in
Speaker 2: addition to regular fits, is also often in all body sizes,
Speaker 2: including big and tall. You can find Vanues and Stainshield
Speaker 2: and the great venues in style sports were at Vanues
Speaker 2: in dot com. That's Vanusen dot com. As one of
Speaker 2: the world's most celebrated fashion designers, carl Lagafeld was renowned
Speaker 2: for his aspirational and cutting edge approach to style. His
Speaker 2: unique vision of parisianshit comes to America through car Lagofeld Paris.
Speaker 2: He has women's collections, men's collections, ready to wear, accessory,
Speaker 2: shoes and bags. The fashion house Carlagofeld also offers a
Speaker 2: range of watches, I wear and premium fragrances. You can
Speaker 2: explore the car Lagofl collection at car Lagofelparis dot com.
Speaker 2: But it's more than that. I have for one, love
Speaker 2: to shop. I love going around and seeing what's happening
Speaker 2: and what catches my attention, what would make me feel
Speaker 2: good to wear Now. I don't wear the women's wear obviously,
Speaker 2: but I can appreciate it and they look amazing. If
Speaker 2: you want to look right, you want to have clothes
Speaker 2: that fits you well. You want to look like you're
Speaker 2: wearing something that's very expensive, that's exclusive for you and yours.
Speaker 2: You can find it at very affordable prices at Macy's
Speaker 2: Orcarlagofel dot com Paris. The women's ready to wear fashion
Speaker 2: is extraordinary, as well as the handbigs and the shoes. I,
Speaker 2: for one, wear men's clothes unlike my appreciation of women's clothes.
Speaker 2: I'm a modern guy. I want to look current, I
Speaker 2: want to look the way I want to feel. I
Speaker 2: go out at night, I'm in black and Carlagafel is
Speaker 2: my buddy. Carls are great, They fit great, and they
Speaker 2: have little tweaks and touches, whether it's a stripe on
Speaker 2: the sleeve or button at the neck or on the shoulder.
Speaker 2: There's a lot of details that go into Carlagafel because
Speaker 2: he's always been, he always had been one of the
Speaker 2: world's great designers, and this legacy and goes on and on.
Speaker 2: I can't speak enough about it except to say to you,
Speaker 2: you want to feel good about yourself. You want to
Speaker 2: know that you're dressing properly. You want to clothes that
Speaker 2: fits you well. Carl Lagafeld Paris at Macy's Orcarlagafel dot com.
Speaker 1: Welcome back to Always in Fashion. Here's your host, Mark Webber.
Speaker 2: On a personal something drove me crazy this week. I'm
Speaker 2: a homeowner. You know I mentioned plumbers before you want
Speaker 2: to say, I say, I used to be important. You
Speaker 2: know it's important now My plumber, my electrician, my heating
Speaker 2: and air conditioning people, those people are important. Those people
Speaker 2: are incredibly important. Something goes wrong, what do you do?
Speaker 2: What do you do? I'm at the end of the season,
Speaker 2: like everyone else. I've been running air conditioning all along,
Speaker 2: and I had to switch to heat, or at least
Speaker 2: make sure in order to keep my warranties. I had
Speaker 2: to make sure that I made official adjustment. And they
Speaker 2: come in and check my air conditioning and heat. So
Speaker 2: they come in and after the workman is there for
Speaker 2: around a half hour, he says, I'm afraid I have
Speaker 2: some difficult news to you. You have two boilers running
Speaker 2: your house. You need them because you have a big house.
Speaker 2: One is the main, the other is the they call
Speaker 2: it the slave helps the main, and both of them
Speaker 2: are in trouble right now. Ye that it's a relatively
Speaker 2: new unit, he said. I know it should have lasted
Speaker 2: much longer, but it doesn't. And I have to go
Speaker 2: out in the market and try and find parts. I said,
Speaker 2: why are in the market? He said, Well, the company
Speaker 2: that we installed this from you went bankrupt, so we
Speaker 2: have to go out and try and track down parts.
Speaker 2: And the problem is, let's say we find him now,
Speaker 2: what's going to happen to the next time, and there'll
Speaker 2: be a next time. I suggest you have to replace
Speaker 2: this units. I said, what about the other one? He said,
Speaker 2: that's also bad news. It has to be replaced. If
Speaker 2: not now, it'll be six months from now, and it
Speaker 2: could come at the worst possible time when it's cold outside, freezing,
Speaker 2: and these things aren't generating the heat that you need
Speaker 2: for your water or your house swell. I have to
Speaker 2: ask you a question. You guys told me to buy
Speaker 2: this brand. Are you responsible or I am? And after
Speaker 2: clearing his throat, he said, well, you should call the owner,
Speaker 2: but of course not, we're not responsible. We install this
Speaker 2: in good faith, wear and tear. I don't know what
Speaker 2: to tell you. Then he tells me the price, and
Speaker 2: I thought my head would go through the roof. I
Speaker 2: bought a system, put it in this house ten years ago,
Speaker 2: the entire system. I have six processes outside, I've got
Speaker 2: six inside. I got all this going on, and everything
Speaker 2: has turned over in the last ten years. And the
Speaker 2: cost of this is crazy. And what are you supposed
Speaker 2: to do? You know what I did? I vented how
Speaker 2: can you do this to me? Ba ba b b
Speaker 2: b b b b b And you know what I
Speaker 2: gotten for it? Nothing. I'm on plumbers tonight. If I
Speaker 2: knew what I knew now, maybe I would have been
Speaker 2: a tradesman. While I'm on the subject of stuff and
Speaker 2: I'm off the subject of succession, those of you who
Speaker 2: still listening want to learn how There's a few things
Speaker 2: I have to make sure I get off my chest.
Speaker 2: I was with one of my son's friends the other
Speaker 2: day and I asked him, does your company match your
Speaker 2: four oh one K contribution? And he said, I don't
Speaker 2: invest in four o one k. I started screaming, are
Speaker 2: you out of your freaking mind? But before I really
Speaker 2: get great, do they match it? And yeah, they match
Speaker 2: it up to six percent. A four oh one k
Speaker 2: a company gives you free money. You put your money in.
Speaker 2: You put fifteen thousand dollars a year, and what is
Speaker 2: a four oh one k? The government says you do
Speaker 2: not have to pay any taxes on the income that
Speaker 2: fifteen thousand dollars makes until you retire in your seventies.
Speaker 2: You get all of those earnings free of charge until
Speaker 2: you retire. Now, from the government point of view. Thank
Speaker 2: you when I'm making the least amount of my money.
Speaker 2: When I'm retired and I'm not making money, that's when
Speaker 2: you want to tax me. That's when you should leave
Speaker 2: me alone. I spent my whole life paying taxes, which,
Speaker 2: by the way, you want to talk about taxes, rich
Speaker 2: don't pay the fair share. I live in a nice neighborhood.
Speaker 2: I pay taxes on my house some crazy number, and
Speaker 2: of the crazy number, I don't want to say it,
Speaker 2: ninety percent is school tax I'm like hymen Roth and
Speaker 2: the Godfather. I'm just a retiree living on a pension.
Speaker 2: I'm not going to school. I have no children going
Speaker 2: to school. I have no grandchildren living in this house
Speaker 2: going to school. I have nothing to do with the
Speaker 2: school system. And most of my taxes on my hom
Speaker 2: are for schools. What's wrong with that system? Back to
Speaker 2: four o one K. Anyone who doesn't find a way
Speaker 2: to contribute to their four oh one K force themselves
Speaker 2: to save money is a moron. Now you are a
Speaker 2: more on for one or two reasons. Either you're spending
Speaker 2: too much money or you're not taking advantage of one
Speaker 2: of the greatest perks that God ever invented companies matching
Speaker 2: your contributions, giving you free money, and the government telling
Speaker 2: you don't have to pay anything. And while I'm on
Speaker 2: the subject of this and money tonight tax the rich.
Speaker 2: I'm not sure my son's friend talks to me anywhere,
Speaker 2: by the way, after I let loose on them. But
Speaker 2: again it happens something else for someone else. The other
Speaker 2: woman talking about bonuses. We're talking about you know, is
Speaker 2: Trump good for the economy? What's going to be with
Speaker 2: interest rates? And I happen to say, do you shop
Speaker 2: with credit cards? She said yeah? I said, do you
Speaker 2: pay your credit card bills off every month? And know
Speaker 2: I just pay a small amount and just keep charging.
Speaker 2: I went crazy. I went crazy. Do you know what
Speaker 2: credit card interest is? It's like twenty percent or more.
Speaker 2: That means like you're borrowing money from people who are
Speaker 2: taking incredible advantage of you. Do you imagine you borrow
Speaker 2: one hundred dollars you're based only one hundred dollars and
Speaker 2: by the andy die, oh, I'm one hundred and twenty dollars.
Speaker 2: It's crazy. I'll tell you what. All of you out there,
Speaker 2: anyone who wants to borrow money from me, call me up,
Speaker 2: I'll charge you twenty percent. I'll do it with you.
Speaker 2: The problem is you have to give me some collateral.
Speaker 2: You have to sign over your children, or your house
Speaker 2: or something that really has value to me. But the
Speaker 2: reality is charging you twenties percent, I go to jail.
Speaker 2: So how come the credit card companies can do that
Speaker 2: I want? I don't know. Tonight is a lesson in finance,
Speaker 2: I suppose, or succession. Hopefully you're learning from what I
Speaker 2: have to say, If not, replace me. Jesse's here and
Speaker 2: he'll do a better job than I will. That is
Speaker 2: a backdrop. I hope you enjoyed tonight's show. Good Night,