1
00:00:00,480 --> 00:00:02,439
Speaker 1: Welcome to another episode of the Chicks on the Right

2
00:00:02,480 --> 00:00:05,040
podcast where we talk to our friend and sponsor of

3
00:00:05,080 --> 00:00:09,039
the shows, Act Abraham from Bulwart Capital Management. Today or

4
00:00:09,119 --> 00:00:11,640
I think today, maybe within the last couple days. Anyway,

5
00:00:11,679 --> 00:00:16,719
Matt Walsh posted a headline from money Wise which has

6
00:00:16,760 --> 00:00:19,760
got a lot of people conversing, and so we're going

7
00:00:19,839 --> 00:00:23,079
to do the same thing. So the headline reads, millions

8
00:00:23,160 --> 00:00:27,640
of US boomers are refusing to give their eighty four

9
00:00:28,280 --> 00:00:34,119
trillion dollar in real estate wealth away to their adult kids.

10
00:00:34,640 --> 00:00:37,600
Here's why and what it means for the economy. And

11
00:00:37,679 --> 00:00:41,320
apparently part of the why at least is that forty

12
00:00:41,359 --> 00:00:44,840
five percent of those baby boomers say I want to

13
00:00:45,079 --> 00:00:48,320
enjoy my money for myself while I'm still alive. And

14
00:00:48,359 --> 00:00:52,039
Matt Walsh has a huge problem with this because he

15
00:00:52,159 --> 00:00:55,719
believes that the entire point of wealth is to take

16
00:00:55,759 --> 00:00:57,560
care of your kids.

17
00:00:58,240 --> 00:01:03,479
Speaker 2: What are your thoughts. I tell Matt Walsh that be

18
00:01:03,600 --> 00:01:05,879
my guest, Go use your money, take care of your kids, right,

19
00:01:08,280 --> 00:01:11,640
you know, free markets, making your own decision. I mean,

20
00:01:11,640 --> 00:01:14,280
he doesn't sound that much different than a socialist, honestly.

21
00:01:14,439 --> 00:01:15,840
Speaker 3: Right, I agree?

22
00:01:16,239 --> 00:01:18,879
Speaker 1: No, just look telling people what to do though.

23
00:01:19,879 --> 00:01:22,760
Speaker 2: Oh no, well, from from his from his perch of

24
00:01:22,799 --> 00:01:25,000
moral superiority as well. Right, because he's the only one

25
00:01:25,000 --> 00:01:27,840
that's got it all figured out. I would just say, look,

26
00:01:27,920 --> 00:01:30,959
generally speaking, I kind of like, you know, I think

27
00:01:31,000 --> 00:01:32,680
about my money the way I do my body gets

28
00:01:32,680 --> 00:01:35,640
your hands off it, right, Why are you telling me

29
00:01:35,680 --> 00:01:38,000
how to spend my money or what the moral you know,

30
00:01:38,599 --> 00:01:41,760
organization of my fund? Like, I, okay, you do it

31
00:01:41,799 --> 00:01:45,319
that way. I don't care, you know that? Being said?

32
00:01:45,400 --> 00:01:48,879
That being said, would I handle it exactly that way?

33
00:01:51,359 --> 00:01:55,560
Probably my job is not to I want to put

34
00:01:55,599 --> 00:01:59,760
my children in a position to where they are not disadvantaged,

35
00:02:00,200 --> 00:02:03,400
you know what I'm saying. Yet I do not believe

36
00:02:03,400 --> 00:02:05,239
it's a moral imperative for them to live the same

37
00:02:05,280 --> 00:02:08,800
lifestyle that me and their mother did. Why me and

38
00:02:08,840 --> 00:02:11,840
my mother made choices that they might not make, right, Like,

39
00:02:12,159 --> 00:02:14,159
I'll look at them and go, hey, did you work

40
00:02:14,199 --> 00:02:16,719
sixty to seventy hours a week building something that you

41
00:02:16,759 --> 00:02:18,840
didn't know was going to turn into anything and invest

42
00:02:18,919 --> 00:02:21,439
every single cent of your life on it. Well, if

43
00:02:21,479 --> 00:02:23,120
you didn't do that, then you probably don't deserve to

44
00:02:23,120 --> 00:02:28,159
live that lifestyle. So if you did, I have zero

45
00:02:28,280 --> 00:02:31,400
interest in helping you finance something you didn't earn, right,

46
00:02:31,840 --> 00:02:34,120
So I think that there's I think this gets back

47
00:02:34,159 --> 00:02:37,400
to this whole baby boomer discussion that's become really popular,

48
00:02:37,520 --> 00:02:39,960
you know what I mean, like blaming the baby boomers

49
00:02:40,360 --> 00:02:43,120
for all the financial ills. And I think I think

50
00:02:43,240 --> 00:02:46,280
that there is like most things in our culture today,

51
00:02:46,319 --> 00:02:49,759
I think that that conversation, I think there's some merit

52
00:02:49,840 --> 00:02:51,719
to it, and I think that there's some I think

53
00:02:51,800 --> 00:02:55,400
there's some some meat there. I just think everybody's expressing

54
00:02:55,400 --> 00:03:01,000
it in the wrong terms. Meaning, look, by boomers were

55
00:03:01,280 --> 00:03:05,120
the largest generation of all time, coming you know, and

56
00:03:05,159 --> 00:03:09,319
not even close, right, and so and coming of age

57
00:03:09,520 --> 00:03:12,080
in the dawn of the technological age, where so many

58
00:03:12,120 --> 00:03:16,560
different things were changing, and therefore so many of our practices,

59
00:03:16,639 --> 00:03:18,840
so many of our institutions, and so many of our

60
00:03:18,919 --> 00:03:23,520
laws ended up reflecting the interests of a generation. But

61
00:03:23,759 --> 00:03:28,400
that was going to happen regardless of who that generation was, right,

62
00:03:28,439 --> 00:03:33,479
And it's a byproduct of living in a democracy, meaning whoever,

63
00:03:33,800 --> 00:03:36,039
like wait, maybe they were going to be super conservative,

64
00:03:36,039 --> 00:03:38,479
maybe they were going to be super liberal. Maybe whatever,

65
00:03:39,039 --> 00:03:42,840
whoever baby boomers were, they were going to have an

66
00:03:42,840 --> 00:03:47,319
amount of like un previously seen or experienced sway for

67
00:03:47,400 --> 00:03:50,479
one generation in the democratic process because there were so

68
00:03:50,520 --> 00:03:52,400
many of them, right, So, if you wanted to win

69
00:03:52,439 --> 00:03:55,240
an election for the last thirty years, you had to

70
00:03:55,319 --> 00:03:58,159
throw things out that were beneficial to the boomers. And

71
00:03:59,120 --> 00:04:02,960
like most generations, and a lot of the boomers didn't.

72
00:04:03,080 --> 00:04:06,759
But a lot of people vote for things that are

73
00:04:06,800 --> 00:04:10,879
immediately expedient to them, right, and so of course, so

74
00:04:10,919 --> 00:04:13,520
I kind of feel like the people having the critiques

75
00:04:13,560 --> 00:04:17,000
of boomers. I mean it's fair, right because, like, look

76
00:04:17,000 --> 00:04:19,240
at what's happened in national debt as the boomers have

77
00:04:19,319 --> 00:04:22,639
taken over, you know, control the economy. Again, I think

78
00:04:22,680 --> 00:04:26,079
whoever did that would have seen an explosion in national

79
00:04:26,120 --> 00:04:30,120
debt regardless, right, So anyway, but I think it's a

80
00:04:30,160 --> 00:04:32,920
classic case of one of the things that you can't.

81
00:04:33,279 --> 00:04:35,160
I think one of the things that frustrates me the

82
00:04:35,160 --> 00:04:37,920
most about our country today and the most about so

83
00:04:38,000 --> 00:04:41,240
many of these political debates, is that nobody believes two

84
00:04:41,319 --> 00:04:43,639
things can be true at the same time. Right, Like,

85
00:04:43,959 --> 00:04:47,040
it's do you think the boomers suck? Or are they

86
00:04:47,079 --> 00:04:49,240
the best people that ever walked to face the earth?

87
00:04:49,279 --> 00:04:51,480
And you're like, well, like most generations I think it's

88
00:04:51,480 --> 00:04:55,480
probably a mix. Right, so you know, oh, yes, this

89
00:04:55,680 --> 00:05:02,120
one evil generation. Oh oh I didn't really great, My god,

90
00:05:02,160 --> 00:05:04,879
the aliens care yeah yeah, they were like enough for

91
00:05:04,920 --> 00:05:09,480
that guy. So you know, even the computers like get

92
00:05:09,560 --> 00:05:15,120
him out of here. Right. But but and I just

93
00:05:15,319 --> 00:05:18,279
I think it's so bizarre when you start telling people

94
00:05:18,360 --> 00:05:20,079
what is like, I want to look at Matt Walsh

95
00:05:20,160 --> 00:05:23,439
and go, So you think it's your job to feather

96
00:05:23,519 --> 00:05:26,399
your kids nests and give them wealth that they didn't earn.

97
00:05:26,399 --> 00:05:27,879
Speaker 3: Well, I think it's I think you brought up an

98
00:05:27,879 --> 00:05:31,160
interesting concept. You said, it's kind of like being a socialist.

99
00:05:31,240 --> 00:05:33,439
And when you talk to socialists if they say they

100
00:05:33,480 --> 00:05:35,639
should tax the rich, but they need to be taxed

101
00:05:35,680 --> 00:05:36,279
more bluff.

102
00:05:36,439 --> 00:05:37,839
Speaker 2: Okay, what's the figure?

103
00:05:38,439 --> 00:05:41,120
Speaker 3: So like, can you give me an actual monetary figure

104
00:05:41,160 --> 00:05:42,800
of what that means to you to tax the rich

105
00:05:42,839 --> 00:05:45,959
because it's never freaking enough. So seeing, I think the

106
00:05:46,000 --> 00:05:50,439
same concept applies here because Matt has pissed that. You know,

107
00:05:50,480 --> 00:05:52,680
I guess boomers aren't taking care of their kids, but

108
00:05:52,720 --> 00:05:57,199
they're enjoying their wealth that they earned themselves for themselves,

109
00:05:57,680 --> 00:06:00,360
and so he's like they need to like, hey, they're

110
00:06:00,360 --> 00:06:02,399
a fair share? Well, what is that fair share? Is

111
00:06:02,439 --> 00:06:04,600
it buying your kids a house? Is it buying cars?

112
00:06:04,639 --> 00:06:06,040
Is it paying for education? Is it?

113
00:06:06,519 --> 00:06:07,120
Speaker 2: What is it?

114
00:06:07,279 --> 00:06:10,279
Speaker 3: Or is it literally giving them a salary every month

115
00:06:10,319 --> 00:06:12,600
to live on? I need to understand because I don't

116
00:06:12,920 --> 00:06:15,720
because to me, it's like where does where does it end?

117
00:06:15,879 --> 00:06:18,920
Like what's the line? Because I think that people, at

118
00:06:19,000 --> 00:06:21,879
least nowadays, young people are looking at a lotti and

119
00:06:21,920 --> 00:06:24,439
not all of them. Some young people look at boomers

120
00:06:24,439 --> 00:06:26,439
and they think they need to give me, like they're

121
00:06:26,439 --> 00:06:30,560
so selfish. They should be giving me x y Z. Yeah.

122
00:06:30,639 --> 00:06:34,759
Speaker 2: Why well why do tell you that? Yeah? Yeah, they

123
00:06:35,240 --> 00:06:38,000
should be. They should be giving me wealth. And I

124
00:06:38,560 --> 00:06:41,439
just here's the other problem with what Matt Walsh is saying.

125
00:06:42,279 --> 00:06:45,279
The numbers disagree with what he's saying, meaning boomers are

126
00:06:45,360 --> 00:06:48,839
financing their children to a level that no other generation has.

127
00:06:49,480 --> 00:06:52,120
That's just a fact. So when you look at what

128
00:06:52,160 --> 00:06:55,279
the average boomer is helping out kids, the number of

129
00:06:55,279 --> 00:06:57,560
them that are helping out their kids, it's higher across

130
00:06:57,560 --> 00:06:59,959
the board, it's higher across the board. And you can

131
00:07:00,199 --> 00:07:03,879
actually make an argument. Now, I look again, I don't

132
00:07:03,920 --> 00:07:05,600
want to get involved in telling people how to spend

133
00:07:05,600 --> 00:07:07,800
their money, regardless of what side it's on. But you

134
00:07:07,839 --> 00:07:09,879
could make an argument that giving away kids money is

135
00:07:09,879 --> 00:07:13,720
actually making things less affordable. Right, kids are having money

136
00:07:13,720 --> 00:07:15,639
to spend on houses and things that the otherwise wouldn't have,

137
00:07:16,600 --> 00:07:21,279
you know so, And that's why these conversations I hate them.

138
00:07:21,319 --> 00:07:24,720
Whenever we're trying to find and you see this happen

139
00:07:24,759 --> 00:07:26,759
all the time, and it makes sense because of the

140
00:07:26,759 --> 00:07:29,639
way people's brains work. But they see things that aren't working,

141
00:07:29,879 --> 00:07:32,040
and it's like we're looking for the silver bullet, right,

142
00:07:32,079 --> 00:07:34,560
who's to blame? Who's the bad guy? And they're like, guys,

143
00:07:34,720 --> 00:07:38,519
go study history. What you'll see is it's never one thing, right,

144
00:07:38,600 --> 00:07:42,759
It's a things come together that create cocktails, and different

145
00:07:42,800 --> 00:07:46,639
currents come at different times in history and create unique happenings.

146
00:07:47,000 --> 00:07:49,399
And we've got to deal with those things. And the

147
00:07:49,439 --> 00:07:51,759
other thing is the world isn't static, right, We're going

148
00:07:51,800 --> 00:07:54,439
to have new issues and new things to overcome, and

149
00:07:54,720 --> 00:07:57,199
this is certainly one of them. But I don't think

150
00:07:57,240 --> 00:08:02,040
advocating for like we I will my wife and I

151
00:08:02,120 --> 00:08:06,720
God willing, will we help our kids out? Well? If

152
00:08:06,720 --> 00:08:09,319
we yes, if we need to, we will certainly help

153
00:08:09,360 --> 00:08:13,040
them out, Like, if they're making the right decisions and

154
00:08:13,519 --> 00:08:16,920
housing is really unaffordable, will I help them purchase a home? Yeah,

155
00:08:16,959 --> 00:08:19,360
I can definitely see myself doing that. My wife and

156
00:08:19,360 --> 00:08:22,959
I have discussed it. But not because they deserve a home.

157
00:08:23,079 --> 00:08:27,920
I don't believe in that. I think everybody deserves their

158
00:08:27,920 --> 00:08:29,000
own home. Nonsense.

159
00:08:29,240 --> 00:08:32,360
Speaker 3: And hopefully your kids and hopefully your kids aren't like, oh,

160
00:08:32,360 --> 00:08:33,559
mom and dad are going to buy me home so

161
00:08:33,600 --> 00:08:34,480
I don't have to work.

162
00:08:34,279 --> 00:08:37,960
Speaker 2: As hard too. Like that.

163
00:08:37,960 --> 00:08:39,519
Speaker 3: That's where I've because I grew up with a lot

164
00:08:39,559 --> 00:08:41,720
of kids who were trust friend kids and like had

165
00:08:41,799 --> 00:08:43,960
a lot of their parents are wealthy, and they you know,

166
00:08:44,000 --> 00:08:45,480
they gave them stuff. And I got to tell you,

167
00:08:45,759 --> 00:08:47,799
those those people are losers now.

168
00:08:48,159 --> 00:08:51,799
Speaker 2: I know, and I want I want my children to

169
00:08:51,840 --> 00:08:54,360
have the I want them to experience the thrill in

170
00:08:54,399 --> 00:08:58,399
the excitement of achievement totally. It's not the stuff. That's

171
00:08:58,440 --> 00:09:01,639
the other thing we live in this today that tells us, yes,

172
00:09:02,039 --> 00:09:05,440
the stuff is what the benefit is and it's you know,

173
00:09:05,519 --> 00:09:07,919
it sounds so corny, and it sounds easy for a

174
00:09:07,960 --> 00:09:09,879
guy like me that can buy a lot of that stuff.

175
00:09:09,879 --> 00:09:11,720
It sounds easy for me to say it but it

176
00:09:11,759 --> 00:09:14,840
really is the truth. Man. You look back and the

177
00:09:14,879 --> 00:09:18,600
work and the striving and the scary times and the

178
00:09:18,679 --> 00:09:21,440
nights without sleep, and you, in a weird way, the

179
00:09:21,559 --> 00:09:25,519
journey really is the gift itself and you and the

180
00:09:25,720 --> 00:09:29,679
freedom it provides you that is to be cherished the

181
00:09:29,840 --> 00:09:32,639
stuff you get with it. You know, you talk to

182
00:09:32,679 --> 00:09:37,000
anybody that's had any serious level of success that you

183
00:09:37,039 --> 00:09:39,440
know gets to a financial place where they're capable of

184
00:09:39,480 --> 00:09:42,840
buying more than they need and unless there's really unless

185
00:09:42,879 --> 00:09:45,360
they're kind of bent or something's wrong with them, you know.

186
00:09:45,399 --> 00:09:47,679
I universally they all look at you and go, look,

187
00:09:47,879 --> 00:09:51,000
it's wonderful to have more than you need. At the

188
00:09:51,039 --> 00:09:53,960
same time, I don't buy nearly as much as that

189
00:09:54,080 --> 00:09:56,279
stuff because it's just not as fulfilling as I would

190
00:09:56,279 --> 00:09:57,480
have thought it would be, you know.

191
00:09:57,600 --> 00:10:00,879
Speaker 3: And I always get irritated when I see like people

192
00:10:01,000 --> 00:10:03,679
or this is such a flex for parents when they

193
00:10:03,679 --> 00:10:06,080
get on social media and you're like, we just bought

194
00:10:06,200 --> 00:10:09,840
Sally a brand new BMW for her sixteenth birthday, and

195
00:10:09,879 --> 00:10:12,879
it's like, Sally's not gonna want to work for anything

196
00:10:12,919 --> 00:10:14,879
if she has I don't have a brand new bm

197
00:10:15,200 --> 00:10:16,559
Like this is like I look at that, I think

198
00:10:16,600 --> 00:10:18,919
that is just such a silly thing to do. Like

199
00:10:18,960 --> 00:10:21,240
that's wonderful that you have lots of money, but it's

200
00:10:21,279 --> 00:10:25,159
not a flex to give your sixteen year old car

201
00:10:25,360 --> 00:10:26,759
that you see what I'm saying, Like.

202
00:10:26,720 --> 00:10:30,159
Speaker 2: It's yeah, but it usually means they've got lots of payments,

203
00:10:30,240 --> 00:10:32,960
is what it usually dost a lot of money, right.

204
00:10:32,879 --> 00:10:35,120
Speaker 3: But that's the thing is like, didn't you when you

205
00:10:35,159 --> 00:10:37,200
were a kid and you were working, because I know

206
00:10:37,240 --> 00:10:40,039
you're an entrepreneur, like we're entrepreneurs. It's one of those

207
00:10:40,039 --> 00:10:43,159
things where you get to like you want to work

208
00:10:43,200 --> 00:10:45,360
for things. So when you finally get that thing. If

209
00:10:45,360 --> 00:10:47,639
somebody would have handed me a brand new something when

210
00:10:47,639 --> 00:10:50,039
I was sixteen, I would have not understood the value

211
00:10:50,080 --> 00:10:51,240
of it. You see what I'm saying.

212
00:10:51,240 --> 00:10:53,320
Speaker 2: It's not, of course not. I mean, we we just

213
00:10:53,320 --> 00:10:55,919
got my daughter, what is it, like a twenty twenty

214
00:10:55,960 --> 00:10:59,720
one first cards and it's way nicer than anything I had.

215
00:10:59,759 --> 00:11:01,919
Speaker 3: But it's right, yeah, that's how we feel.

216
00:11:01,919 --> 00:11:04,320
Speaker 2: Her with like fifty thousand miles on its super sick

217
00:11:05,600 --> 00:11:07,480
well and she's gonna be able to drive it forever,

218
00:11:07,840 --> 00:11:10,960
four wheel drive, all that kind of stuff. But even that.

219
00:11:11,120 --> 00:11:13,200
I mean, first of all, they ain't as cheap as

220
00:11:13,240 --> 00:11:17,759
they used to be. The thing is, no, but me

221
00:11:17,879 --> 00:11:20,480
and me and me and my wife were having a conversation. Look,

222
00:11:20,960 --> 00:11:23,360
she's my baby girl. When she's I want her to

223
00:11:23,399 --> 00:11:25,960
be in something safe, something that's reliable, all that kind

224
00:11:26,000 --> 00:11:28,799
of stuff. But I also don't want it so nice

225
00:11:29,120 --> 00:11:31,240
to wear. It's her first luxury car, right like, I

226
00:11:31,320 --> 00:11:33,879
want it to be something where, like you know, it's

227
00:11:33,960 --> 00:11:36,759
a significant step below me and mom's car, and it

228
00:11:36,799 --> 00:11:39,000
gives her something still to reach for. Because we've seen

229
00:11:39,039 --> 00:11:41,600
some of these friends where the kids are driving around

230
00:11:41,600 --> 00:11:46,000
in brand new, hundred thousand dollars cars. Yeah, yeah, right,

231
00:11:46,080 --> 00:11:48,919
Oh my god. Thankfully she's not friends with a lot

232
00:11:48,919 --> 00:11:52,159
of those kids. Because for me, when I see that,

233
00:11:52,480 --> 00:11:54,639
all I see and I'm not trying to step on

234
00:11:54,679 --> 00:11:56,840
any toes out here, all I'm not. That's not about

235
00:11:56,840 --> 00:11:58,639
the kid at that point. That's about the parent wanting

236
00:11:58,799 --> 00:12:01,679
totally totally right, and they're using the kid as like

237
00:12:01,960 --> 00:12:05,240
a coat hangar to display their robes, you know, or whatever.

238
00:12:05,639 --> 00:12:08,759
And I just i'm I think that's not I just I.

239
00:12:08,799 --> 00:12:11,120
Speaker 1: Think too, when like when Matt Walsh makes these sort

240
00:12:11,120 --> 00:12:14,559
of blanket statements that it's pure selfishness, and I think

241
00:12:14,600 --> 00:12:16,679
a lot of I would I would think that there

242
00:12:16,720 --> 00:12:19,600
are baby boomers out there who are hoarding their wealth

243
00:12:19,639 --> 00:12:23,639
to some degree because they also fear living to a

244
00:12:23,679 --> 00:12:25,840
point where they're going to need care that they don't

245
00:12:25,879 --> 00:12:29,480
want to be burdened onto their children. And so I

246
00:12:29,480 --> 00:12:31,720
feel like, you know, I don't know what the I

247
00:12:31,759 --> 00:12:34,399
haven't read the whole article that he posted, but I

248
00:12:34,799 --> 00:12:37,679
feel like there's more to it than just people being

249
00:12:37,799 --> 00:12:39,679
like I want to buy like a brand new boat

250
00:12:39,720 --> 00:12:40,120
every year.

251
00:12:40,360 --> 00:12:42,919
Speaker 2: I think it's about that. That's a great point. It's

252
00:12:42,960 --> 00:12:43,840
easy to say.

253
00:12:43,600 --> 00:12:45,799
Speaker 3: That when you're in your thirties, you know you're right

254
00:12:45,879 --> 00:12:48,960
and you've never been faced. Listen, hit fifty and like

255
00:12:48,960 --> 00:12:51,120
get out of bed and have an ailments because you've

256
00:12:51,120 --> 00:12:53,320
had a sleep related injury. You start realizing your body

257
00:12:53,360 --> 00:12:55,279
falling apart. And that is such a great point that

258
00:12:55,360 --> 00:12:55,759
I think.

259
00:12:55,799 --> 00:12:58,480
Speaker 1: Long term care it's like what ten to fifteen thousand

260
00:12:58,559 --> 00:13:02,679
dollars a month, it's excel. If you're affarding your money

261
00:13:02,679 --> 00:13:05,320
because you worry that you might be living into your

262
00:13:05,360 --> 00:13:07,519
nineties and you don't want to move in with one

263
00:13:07,519 --> 00:13:09,279
of your kids because that would be like a huge

264
00:13:09,320 --> 00:13:11,559
burden on them. I mean, I don't blame a single

265
00:13:11,600 --> 00:13:13,919
person for saving for that sort of thing.

266
00:13:14,000 --> 00:13:16,600
Speaker 2: It's funny you say that, because one of the things

267
00:13:16,600 --> 00:13:18,919
that I counsel all of our clients on is I go, guys,

268
00:13:19,320 --> 00:13:22,480
it's like Maslow's hierarchy of needs, meaning when we're planning

269
00:13:22,519 --> 00:13:25,639
for retirement, we must take care of Your first job

270
00:13:25,679 --> 00:13:28,600
in retirement is to make sure that we can pay

271
00:13:28,639 --> 00:13:32,840
your lifestyle so you're not a burden to your children. Yeah,

272
00:13:32,919 --> 00:13:35,639
that's the first thing that we throw on, right, and

273
00:13:36,000 --> 00:13:38,240
then we work down from there. If we want to

274
00:13:38,240 --> 00:13:41,639
get into legacy planning, all of that comes after those

275
00:13:41,679 --> 00:13:45,039
things are covered, right, right, And I remind them of

276
00:13:45,080 --> 00:13:49,360
that all the time, because I'm like, listen, five years

277
00:13:49,360 --> 00:13:53,720
from now, if we do things this way, your financial

278
00:13:53,759 --> 00:13:56,320
picture could be substantially different to where we can do

279
00:13:56,360 --> 00:13:59,879
all the above. Okay, but if we go down this

280
00:14:00,120 --> 00:14:04,679
path right now, we're seriously risking the chance that none

281
00:14:04,720 --> 00:14:07,039
of it will be accomplished. Right. Not only will you

282
00:14:07,080 --> 00:14:08,440
not be able to give any money to the kids,

283
00:14:08,480 --> 00:14:10,919
but you won't be able to pay your own lifestyle. Yeah. Right,

284
00:14:11,279 --> 00:14:14,320
So let's let's not play the game of financial Well,

285
00:14:14,360 --> 00:14:17,559
let's play the game of good financial dominoes, meaning we

286
00:14:17,759 --> 00:14:21,120
can do this, you know, but as the money allows.

287
00:14:21,559 --> 00:14:25,159
And let's not make one off emotional decisions, and let's

288
00:14:25,200 --> 00:14:29,159
not listen to people telling us what their moral superior

289
00:14:29,279 --> 00:14:32,080
belief is on how we should handle our wealth. The

290
00:14:32,159 --> 00:14:34,759
other thing too, I'll just tell you I'm a big

291
00:14:34,960 --> 00:14:38,320
I'm a big believer in you know, setting some money

292
00:14:38,320 --> 00:14:41,480
aside so the kids. I love the Warren Buffett adage

293
00:14:41,480 --> 00:14:44,559
where he said I want to leave my kids enough

294
00:14:44,600 --> 00:14:47,159
money to where they can do something cool with it.

295
00:14:47,240 --> 00:14:49,159
I don't want to leave them enough to where they

296
00:14:49,399 --> 00:14:53,000
they don't have to do anything. Yes, right, exactly right,

297
00:14:53,080 --> 00:14:55,799
And I and I just I love that image. Like

298
00:14:56,000 --> 00:14:58,960
you know, will help you do this if you're making

299
00:14:59,000 --> 00:15:03,399
the right decisions. But you know, our plan, I'll just

300
00:15:03,639 --> 00:15:06,559
our plan is to have some of those provisions for

301
00:15:06,639 --> 00:15:08,559
our kids. And like I said, God willing, because I'm

302
00:15:08,600 --> 00:15:10,720
only forty four, who knows what work you know, the

303
00:15:10,720 --> 00:15:13,320
world will look like thirty five years from now or whatever.

304
00:15:14,559 --> 00:15:16,639
But but our plan is to sit there and go, hey,

305
00:15:17,279 --> 00:15:19,600
we'll give you each this, but the majority of it's

306
00:15:19,639 --> 00:15:22,320
going to go away to charities and in different places

307
00:15:22,360 --> 00:15:25,519
like that, because my job, your job is not to

308
00:15:25,600 --> 00:15:27,720
sit on a beach and live a life of luxury

309
00:15:27,759 --> 00:15:28,600
based on what I.

310
00:15:28,600 --> 00:15:31,600
Speaker 3: Did right, exactly right, And that is I think that

311
00:15:31,720 --> 00:15:34,360
is the big point here, That is the big thing away.

312
00:15:34,679 --> 00:15:36,240
Speaker 2: I just don't think that. Yeah, yeah, I don't think

313
00:15:36,279 --> 00:15:38,120
it's good. I don't think it's I don't I think

314
00:15:38,120 --> 00:15:40,879
it's good for anybody to enjoy the fruits or the

315
00:15:40,960 --> 00:15:43,200
late or the fruit of somebody something they did not

316
00:15:43,279 --> 00:15:43,840
labor for.

317
00:15:44,759 --> 00:15:48,919
Speaker 3: It's disincentivizing all that obviously needs you as a financial planner.

318
00:15:49,360 --> 00:15:53,039
Speaker 2: So does everybody? Look? Everybody? Look look at that.

319
00:15:53,159 --> 00:15:56,840
Speaker 3: I wasn't even trying to transition.

320
00:15:57,039 --> 00:15:58,919
Speaker 2: I honestly think you should actually call you.

321
00:15:59,080 --> 00:16:00,159
Speaker 3: Yeah I did, so good?

322
00:16:00,320 --> 00:16:02,399
Speaker 2: Well, Matt, he's out there. The problem is that Matt

323
00:16:02,440 --> 00:16:03,840
kind of struck me as a guy that would call

324
00:16:03,879 --> 00:16:05,399
me and try to explain to me why I was

325
00:16:05,480 --> 00:16:10,200
run to Would you know what I mean? I'm not

326
00:16:10,240 --> 00:16:11,919
calling for your help. I'm going to call it square.

327
00:16:11,919 --> 00:16:14,200
Your way can tell you what to do exactly.

328
00:16:14,600 --> 00:16:16,720
Speaker 1: So where can people find you?

329
00:16:17,320 --> 00:16:19,600
Speaker 2: Yes? Okay, so yeah, it's super easy. You can listen

330
00:16:19,639 --> 00:16:21,960
to our podcasts every single day. We readdress everything that

331
00:16:22,039 --> 00:16:24,519
happened in the world of politics and finance that's applicable.

332
00:16:24,879 --> 00:16:27,440
That's Know Your Risk Podcast. You can find it on YouTube,

333
00:16:27,759 --> 00:16:31,639
but also Know Your Risk Podcast dot com Borworcapitalmanagement dot

334
00:16:31,639 --> 00:16:33,000
com if you want to set up a meeting with

335
00:16:33,480 --> 00:16:35,600
or a call consultation with me or one of our

336
00:16:35,600 --> 00:16:41,240
advisors Borgcapitalmanagement dot com. Not hard to find and yeah easy,

337
00:16:41,279 --> 00:16:43,759
easy to find us. Great, Thank you, Zach, Thank you,

338
00:16:44,000 --> 00:16:47,480
Thank you, ladies. Investment advisory services offered through Trek FINANCIALOC

339
00:16:47,559 --> 00:16:50,120
and SEC Registered Investment advisor. The opinions expressed in this

340
00:16:50,120 --> 00:16:52,519
programmer for general informational purposes only and are not intended

341
00:16:52,559 --> 00:16:55,039
to provide specific advice or recommendations for any individual or

342
00:16:55,080 --> 00:16:57,720
on any specific security. Any references to performance of security

343
00:16:57,759 --> 00:16:59,960
so it thought to be materially accurate and actual performance

344
00:17:00,080 --> 00:17:02,279
may different. Investments involve risk and are not guaranteed. Past

345
00:17:02,279 --> 00:17:04,799
performance doesn't guarantee future results. Track twenty four three zero

346
00:17:04,880 --> 00:17:05,039
eight