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