Speaker 1: Welcome to another episode of the Chicks on the Right podcast,
where we talked to our friend and sponsor of the show,
Zach Abraham from Bulwart Capital Management. Zach, are you a
follower of Dave Ramsey?
Speaker 2: I like Dave. I don't watch him regularly, but you know, yeah,
I'm a fan.
Speaker 3: Yeah, I think that's kind of like.
Speaker 1: I don't have time to watch every episode, but I
appreciate his role in the world, and he's helped a
ton of people manage their money. And I saw a
real interesting question come into him that I was surprised
by his answer. Normally, I'm like, of course, that makes
all kinds of sense, but this time I was surprised.
So there was a caller who was twenty six, a
guy who called in and said, Hey, I'm twenty six,
I'm about to get engaged, but my net worth is
way higher than my girlfriends. Do I need to get
a prenup? And so Dave's like, okay, well what does
that mean exactly? And the guy said, I have fifty
grand from I'm assuming cash, I have fifty grand from
my grandparents for a house. I have a fifty thousand
dollars truck that I have equity in one hundred and
sixty five grand across four one K accounts, one hundred
and fifty grand left in a college fund. My fiance
is finishing PA school with about one hundred and twenty
thousand in debt. Nice And Dave said, well, what do
you make every year? And the guy said about one
hundred and twenty grand a year. So Dave said, first
of all, if you've got six hundred grand to your
name at twenty six, that's really really good. But secondly,
it's not enough of a net worth to warrant a prenup,
which I was stunned at because he's basically coming in
to the relationship with like everything, with everything and no debt,
and so like, what is your take on that? Do
you think just in the in terms of prenups, which
I think we may have discussed with you before, but
still like in that example and in others, is it
something that you talk about with your clients ever?
Speaker 3: Is it something that comes up.
Speaker 4: Not a law because you know, the vast majority of
our clients are married right in their sixties. Obviously, when
you're married in your sixties, divorce rates very low, right so.
Speaker 2: And most unless you captain well there you go.
Speaker 3: Yes, yes, obviously to not keep them together. It did
not clearly together.
Speaker 2: Clear there's.
Speaker 3: Up around for some muskrat love is what he wanted.
This is getting out of hand. It's getting a hand.
Speaker 2: In a good way, in a good.
Speaker 4: There, my mike, my Mike even took off there and
it's not where.
Speaker 2: Even are you?
Speaker 3: Don't you go where?
Speaker 2: Hello? Hello?
Speaker 5: There?
Speaker 6: It was a muskrat love that put him over there.
Speaker 4: It killed it killed killed the roadcast Okay, muskrat love
out short circus, in the circuits.
Speaker 6: Yeah, goodness, okay, any of this.
Speaker 1: Do not.
Speaker 2: This is this is gold anyway.
Speaker 6: All the years are like, what's muskrat love?
Speaker 3: Like googling it, the ai ing it right now.
Speaker 2: It's boomer music, guys, it's boomer music. Okay, right, totally anyway, Okay.
Speaker 4: When he said that out of curiosity, because I'm not
super intimate with did he mean like legally, is there
like a legal amount that you can't protect?
Speaker 6: And I think so, I think he was just giving
like his philosophical like for that individual person.
Speaker 3: He thought that that wasn't enough because I don't think there's.
Speaker 1: Any legal I mean, if you want a prenup and
you each have ten bucks. I think you can get
a prenup like a lawyer is going to help.
Speaker 3: You, you know what I mean.
Speaker 2: Yeah, you know, man, So it's so hard.
Speaker 4: I hate to answer it this way, but if it was,
I'll just take Like if it was if it was
a young couple that was like my wife and I
when we got married, I'd tell him not to sweat it,
just because, you know, nobody knows what relationships are going
to work and which ones are. But we've all seen,
like there's some obvious ones where you go, this isn't
a good idea, right, you know, and then yeah, you know,
you just and you never like to be right, but
you usually are. Yeah, we all know those circumstances.
Speaker 2: Right.
Speaker 4: So generally speaking, generally speaking, I told I would agree
with him.
Speaker 2: I think in the sense that.
Speaker 4: I traditionally I don't think that's enough to protect And
I think that part of the thing about choosing to,
you know, share your life with somebody else is coming
together and sharing the circumstances and figuring it out and
doing it together and all that kind.
Speaker 2: Of stuff I agree with.
Speaker 4: But but the flip side, let me go talk to you know.
I've got a friend going through a situation right now
where you know, infidelity was involved.
Speaker 2: Wasn't his fault.
Speaker 4: He was the one that had assets and he's getting
taken for you know, probably forty percent of his net worth.
Speaker 3: Oh oh, oh my gosh.
Speaker 2: Yeah.
Speaker 1: It's always been like I feel like what you bring
into the marriage isn't even the issue. It's what you
potentially will earn together, or what one of you will
earn and the other one will be along for the ride,
and that's cool. Like a Jeff Bezos for example, his
wife was there to build him up, to help build
up the business, and so she got a huge fortune
out of their divorce. But it's to protect what's to come,
I think, just as much as it is about what
you're bringing in. And so that's why I was just
real surprised by his take on that, you.
Speaker 4: Know what I mean, because it's well and this is
why I would have a tough one with it though,
And I think that I think that you could justify
either answer. Are we talking about it in terms of
financial or we And like Dave talked like it's a
financial show, so he's talking about finances. But Dave's also
you know, a guy that's you know, very much interested
in and he's a Christian guy, you know, big fan
of the institution of marriage, things like that. So I
think that those are questions to ask. But then it
kind of goes around, which is, if somebody has substantially
more going into a relationship, and everybody is there for
the right reason, then why would there be pushed back
on a prenup, you know, or maybe even a time
certain prenup, maybe it's for the first ten years or
something like that. That's just I have a tough time
with that one, because what do you tell young people
to do. I know that, you know, marriage is tough enough,
and it's tough enough when you're in and it's wonderful,
but you know it's difficult too if you're both fully committed,
and so one of you know, party sits there and goes, is.
Speaker 2: This one of you having one foot out there? Or
you know what I mean? Like, you know, I kind
of feel that way too.
Speaker 6: Yeah, I mean I think, but I think I'm probably
the only one here at the three of us.
Speaker 3: Maybe I'm wrong. That's a child of divorce.
Speaker 6: And so I've seen I've seen ugly I've seen I
don't think your parents are divorced, but I've seen some
ugliness in divorce. And no matter what, even like even
with you can agree on whatever at the beginning, but
if it ends ugly, even in a you know, an
emotional way, people are going to be fighting over plates, you.
Speaker 3: Know what I mean.
Speaker 6: It's like so true the bank accounts are like even
the least of the concern because they just want to
they're fighting anyway.
Speaker 3: So I just I don't know.
Speaker 6: I look at it and I'm like, I there's just
never a win, even if you have a prenup. I
just don't think there's a It sucks for your friend though,
Like I think about your friend, and I think what
sucks is that, you know, they can't just be normal
human beings at the end of a situation like that
and go, okay, how did we we started off as
people who actually loved each other and liked each other
a little bit. Let's not be complete dicks at the end,
you know what I mean, Like that would be the best,
but people just people are always people are dicks at
the end.
Speaker 3: And it's like this is what stinks, you.
Speaker 4: Know, especially you know, and this is a tale as
old as time. But I've learned this and I've had
this put my face multiple times dealing with honestly, both
sides of this income tax fight. Meaning it is, it
is so disheartening to me how important people are gonna
be like you're.
Speaker 2: A money manager, and I know, I know, I.
Speaker 4: Get it, but but it it just it never, it
just never ceases to amaze me how people will separate ethics.
Speaker 2: And morality from money.
Speaker 4: You know what I mean, We're like, what what like
they they'll sit there and they'll sing a good song
about this and that Da da da da, and then
when a money situation comes up, it's, oh.
Speaker 2: It's a business decision.
Speaker 4: Well, hold on a second, I'm still going off about
your moral discussion you just had over right, what do
you mean it's all you know, it's like that will,
it's not business, it's personal nonsense, and business is personal
and what you do with money, in my opinion, is
a true indication of character.
Speaker 2: Right.
Speaker 4: It's like, we've got a lot of people in the
state right now. I'm so against the income tax. So
I'm so against the income tax and I'm rich and
it's gonna hurt me. And then you want to donate no, no, no,
And you're.
Speaker 5: Just like Manet, get out of here, right because at
the end of the day they're reading all they're fearful
and and at the end of the day they can
sit there and talk about their politics and I'm fighting
for that.
Speaker 4: You're not fighting for anything. All you care about is
your own pocketbook. And that's one of the things that's
like infect at our country, right, like this money above
all all other things. Nobody stands on principle anymore. You
know what, what about the old stand of that could
cost you everything? Yeah, I'm more yeah.
Speaker 6: Right, And I guess a prenup is sort of like
I guess, an add on to what the laws that
are already on the but like it depends on what
state you're in, right, I mean like something, you know
what I mean.
Speaker 4: I was saying all that in defensive prenups, meaning like
you can see kind of the other side of it,
because like you guys were saying, like you know, you
can have the most beautiful art, like my buddy's situation,
and he's not perfect, but he was the one that
came in with it. His spouse lived a life that
was reflective of his business success.
Speaker 2: Not hers.
Speaker 4: Then she cheats on him and I know for a
fact he didn't do it to her, that she's not
even alleging that, and watching what she has done to
him to extract more money, and it's just disgusting.
Speaker 6: And when you see that, Yeah, that's why I wish
that courts would look at every individual situation and make
a determination based on that situation. And I just wish
they did that more instead of had these blanket Well,
I mean, she's gonna get half, or he's going to
get this, or you know what I mean. It's we
see that way too much. They need to start looking
individually because that sucks for your buddy. It sucks, and
that happens way too often.
Speaker 1: Yeah, think about how amazing it would be and maybe
how much things would change when it comes to family
law if prenups were just part of the whole process
of marriage. Agree, and if it just came with like
getting a marriage license, that you sit down and you
have the conversation at the outset that says, if in
the unfortunate circumstance that we ever split, how would we
like each other to be treated? And that's and that
happens across the board, so that nobody's hurt about it,
and there's it's just part.
Speaker 3: Of the process. Would save so much heartache.
Speaker 4: I agree, I heard, and it caught me so off guard,
right because I hear I'm watching an interview of like
one of the nation's most successful divorce attorneys.
Speaker 3: I'm sitting was it, Yeah, he's like one of our
favorite people.
Speaker 1: James Sections tell me, yeah, yeah, yeah.
Speaker 4: I'm prepping myself for a reaction to what he says,
something along the lines of what I feel every time
I hear Gavin Newsom talk. Right, I'm gonna feel like
I need to take a shower, right right, Yeah, Because
he made this point that just stopped my anti Yeah, Prina,
it just stopped in his tracks. Where he goes, where
did this idea come that having a predetermined agreement to
protect all parties involved, especially if you have children, Why
in the world would that be a bad idea? Because
we know that one of the most contentious, horrible things
in the world are divorce processes that turn into fights
over assets and money, and the kids are often the
biggest loser. And he goes, why would it be a
bad thing to pre do that and protect everybody involved?
And I went that's a really solid point, right right,
because we've all seen the war of the roses type
to just and.
Speaker 2: Right and it smokes everybody, you know.
Speaker 4: That was another one my buddy went through, is he
tried to explain to her and he goes, listen, here's
how this is going to work. We're going to end
up at this place. So we can either do it
now or we can waste another two hundred and fifty
or three hundred grand on lawyer fees and we're still
going to end up here.
Speaker 2: Guess what happened. She wanted to fight over it.
Speaker 4: It looks like he's going to get a favorable ruling,
but he has to pay her legal bills too.
Speaker 3: Yeah, this is my thing. He's lost so much. I mean,
it's his money. So what does she care?
Speaker 2: Yeah that she doesn't.
Speaker 3: Yeah, I agree, it's this.
Speaker 2: It's just nuts.
Speaker 6: If they could have some sort of a plan up front,
you know, that would be the b It's changed.
Speaker 2: It's changed my stance on it.
Speaker 3: Yeah, I think it did for me too.
Speaker 1: Like as soon as I listened to him, I was
like because I was so anti because I'm a romantic.
Speaker 3: At heart, and I was like, oh, you don't need
that if you love each other.
Speaker 1: He completely changed my mind about the entire issue. And
now I've become just like, everybody needs them all everybody,
no matter what money you have, no matter what money
you don't have, everybody needs them.
Speaker 3: That's my stance.
Speaker 4: Yeah, I mean, well, like I said, seeing what I've
seen up close now and hearing him talk, I am
much more open to it. I'm much more open to
I think doing it the way my wife and I did,
and we were so lucky. Like That's the other thing
you realize is when you have a great marriage, you've
done some things right, but you've also been really lucky
and really blast and you know, get both. Starting with
nothing and building it together sure makes it a lot easier.
But yeah, in the event, in the event that one
has I've really.
Speaker 2: Come around on that idea. I think it's not a
bad it's not a bad way to go.
Speaker 1: Well, the good news is that people tend to not
break up with their financial advisors, and they definitely won't
if they.
Speaker 3: Have a conservative one like you. It has integrity.
Speaker 1: Tell people how they can find you and how they
can seek you out for financial help.
Speaker 4: Yeah, not hard to find, go to Bororcapital Management dot com.
You can also watch our podcast that airs every day
from between thirty to forty minutes surmising we're summary of
all that's gone on financially and economic that day and
yeah not hard to find Bororcapital Management dot Com. Know
your Risk podcast and yeah there we are awesome, Thank
you saying Zach, all right, thank you, ladies. Investment advisory
services offered through Track Financial loc and SEC Registered investment advisor.
The opinions expressed in this programmer for general informational purposes only,
and are not intended to provide specific advice or recommendations
for any individual or on any specific security. Any references
to performance of security so are thought to be materially accurate,
and actual performance may differ investments involved risk and are
not guaranteed. Past performance doesn't guarantee future results. Track twenty
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