Speaker 1: Welcome to another edition of the Chicks on the Right
podcast where we talk to our BFF and sponsor of
the show, Zach Abraham from Bulwark Capital Management, And today
we're going to talk about like bro finance culture on
social media. Because you're a bro and you're also in finance,
and there's so many people out there giving advice. How
are the young folks who are maybe just starting their
careers or who are just dabbling or feeling like they
should dabble into things like stock or crypto or just
finance in general. Where should they be looking and where
shouldn't they be looking.
Speaker 2: Yeah, that's a great question, and I'll start off with
a little bit.
Speaker 3: Of an anecdote. It's kind of like the lay the groundwork.
Speaker 2: And I'm sure you can relate to this anytime that
you're speaking in front of people on a regular basis,
or you're making in a public medium like radio or
a podcast or anything like that. When when I first
started doing that, there was an almost an insecurity or
like a fear of saying something stupid or saying something inaccurate,
because you knew that it was just going to be,
you know, frozen into perpetuity and on the Internet and
all that kind of stuff, and you know, and so
and I still feel like that nobody, nobody wants to
be an idiot and just completely put their foot in
their mouth. And so you're really you know, looking through
stuff and really trying to get it straight. And I
was probably doing the radio for about a year and
a half, maybe two years, and then looked around and went, oh, weird,
nobody else feels that same pressure, you know, and and
and it kind of shocked me because you hear people
say stuff, you know, especially like when they get into
your realm of expertise, like you know, finance and investing,
and you hear it and you go, yeah, that's just
really wrong, that's just one hundred percent wrong. And you
say it was such confidence in bravado that you convince
all these people.
Speaker 3: So what that kind of did was it kind of opened.
Speaker 2: Up my eyes from a whole different perspective, because I
think there's this assumption that somebody sitting behind a camera
or a microphone has done something to earn that position, Right,
They're there for a reason. That's like the case, right, yeah,
And that's just not the case, especially today. So when
it comes to investing, I think that there are a
lot of places to go to get really solid fundamental basics,
you know.
Speaker 3: I think Dave Ramsey is a great source for that.
Speaker 2: I think that there's a ton of that responsible you know,
you know, spending less, thing you make, saving, how to
set There's a bunch of different systems, a bunch of
different things to do. When you cross over into the
world of investing, it's a completely different animal and it's
one of the most I feel like, next to being
like a professional football coach, it's next to being like
one of the most frustrating professions because it is something
that very very few people even in the industry, meaning
the average. And this is this is nothing against it
financial advisors. Technically speaking, I'm a financial advisor. But financial
advisors are not investors. They are investment product or investment salespeople.
And I don't mean sales like bad. I mean they
don't actually manage your money. They put you in programs
or funds where other people do. And so when you
think about the world of investing, there are so many
people that talk about it and there are so few
that actually do it. Like, are you researching individual stocks?
Are you making are you making investment recommendations. And the
easiest way to see this is I could point out
several people on social media that have actually incredible records
at forecasting events and four casting market moves.
Speaker 3: Then you go, right now, there.
Speaker 2: You go, yeah, she's actually generating she's actually.
Speaker 3: Generated some really good returns. Though, yes she has.
Speaker 2: But but what's funny is then you'll go look at
the accounts that they manage and the funds that they run,
and the returns on those funds aren't anywhere near as
good as you would think based.
Speaker 3: On their forecasting.
Speaker 2: Why is that Because actually investing real dollars is much
harder and much more intimidating than investing theoretical dollars and
telling somebody else what they should do.
Speaker 3: It's it's just it's you know, you can imagine, you know.
Speaker 2: I would equate it to going hunting and being the
spotter versus being the shooter.
Speaker 3: Very different experience, right, and so good analogy.
Speaker 2: So the one thing I will tell you, and you
can fight against this, and you can wrestle against this
as much as you want.
Speaker 3: Do not follow anybody that knows.
Speaker 2: If they know what's gonna happen, or they know how
it's gonna work out. I don't care if it's a stock,
I don't care if it's bitcoin. Where certainty is the
hallmark of the Charlatan. It's one of our favorite sayings
of Bulwark. Certainty is the hallmark of the Charlatan. Why
because nobody knows, and the only guy whose opinion is
worth nothing is the one who has certainty to period.
Speaker 3: And then what happens.
Speaker 2: He'll get one or two calls right, or she will
get one or two calls right, and everybody's like, Oh,
they're an oracle. No, it's dice, it's a it's Vegas
crap's luck. If you walk up to a crabs table
and a guy hits black five times in a row,
are you gonna think he's the paragon of betting knowledge
and he's unstuck. No, you're gonna be like he's on
a run. Okay, Well, same with investing, and it's tough.
The guys you want to listen to are the guys
the caveat themselves. Stan Rucken Miller, in my opinion, the
greatest investor to ever do it at scale. You ask
Stan at any given moment what he thinks is going
to happen. He's like, well, this is what we see
right now, but I reserve the right to reverse my
opinion at any time because things you're always changing.
Speaker 3: And that's just that's just the truth.
Speaker 2: Like people think he's holding his cards close to his
vest right, he's not trying to give away a secret. No,
there isn't any that's that's just there is no certainty
for anybody that's shopping it to you disavow them. But
other than that, I think it's you know, Dave Ramsey
is a great source of information. Again, I think Dave
is great for how to set up your financial life.
Not a fan of debt right, yes, yes, not a
huge fan of his investment, his investment what he says
about investing. For instance, he says, go buy a low
cost mutual fund in your average twelve percent a year.
Speaker 3: And no you won't. You will not. I have no
idea what mutual.
Speaker 2: Fund he's talking about, or what time fragment he's looking
or time segments he's looking at.
Speaker 3: But if you go do that over a.
Speaker 2: Long period of time, if you're US cap based, that
mutual fund, mutual fund is probably going to perform net
A fees around nine to ten over an extended period
of time.
Speaker 3: Right.
Speaker 2: Dave Ramsey also says you can pull ten percent per
year out of your retirement savings. In certain circumstances, you can,
but in most cases you can't. So anyway, Yeah, there's
so I think Dave is really good. The way I
would look at is, I feel like Dave is a
very good framer, right, builds a really good structure. I
wouldn't hire him for finished carpentry. That's kind of the
way I put it. Yeah.
Speaker 1: Yeah, have you ever watched any of Caleb Hammer's videos.
Speaker 2: The name sounds familiar. I've probably seen it at one point.
Refresh my memory.
Speaker 3: What did he talk about? You have?
Speaker 1: I mean, because he basically he also tries to help
people manage debt primarily, but he absolutely shames them, like
so he has his guests like sign this huge waiver
that says, you know, I'm going to mock the shit
out of you basically if you can't do anything about it.
But he does genuinely help people, and particularly the highlights
that you often see on social media from him are
people that are just making a ridiculous amount of money
through taxpayers, like a ton of you know, former military
who are on disability through you know, taxpayer dollars, and
so he shines kind of a spotlight on how much
they can make and how much they can mismanage it.
And it's just super interesting.
Speaker 3: But I wondered if.
Speaker 1: There were people that are in that younger sort of
gen Z age group that you've noticed, who you would
be like, yeah, that person's you know, that person's offering
some good advice, or if you would stick with the
old school folks like you mentioned.
Speaker 2: Well, I mean there's this, you know, I there's this
one podcast out there called Know Your Risk Podcast.
Speaker 3: I mean, I think it's phenomenal. I love that one.
Speaker 2: I'm a huge fan. I think the lead host is
a little bit annoying, but other than that, some goodful no.
I you know, I'm trying to think right now on
the investment side, I don't all the stuff I listen
to is much more high level, like researchy stuff like
stuff that probably make most people I roll over, And
so I'm not really up to date on those. I
know there are several, but here like, here's the thing,
especially for young people, And I'm just gonna level with you.
Anybody who's advocating a quick, easy way to do it,
do not listen.
Speaker 3: And and here's the deal.
Speaker 2: You can spend years of your life chasing that, and
you're gonna end up coming back around to what I'm
telling you anyway, or or you can be smarter than
other people are.
Speaker 3: You can be smarter than I was to some extent.
Speaker 2: Meaning you know, I've probably wasted the first eight or
niney years of my careers is being stubborn not listening
to people. But but look, like I said, if anybody's
telling you it's an easy, quick plan that anybody can
you know, easy quick plan everybody immediately you know that's
wrong because if that was the case, everybody would have already.
Speaker 3: Done it, right, that's right, Well, that's exactly right. But
here's the deal.
Speaker 2: If you're willing to work your tail off, all right,
and you're willing, most importantly in the culture today, if
you can put your financial ego behind you, meaning quit
caring about what people think, because everybody around you is
a financial idiot. The average American is leveraged to the
freaking hilt. And I'm not trying. I am not a
wealthy human being. You know, Wealthy to me is when
you can quit working and still live your same lifestyle.
I'm not there yet, but I've been blessed and been
abnormally successful for my age. I'll just tell you right
now the stuff that everybody. Once you get, once you
get the perspective or the ability to buy a lot
of those things or do a lot of those things,
you realize how stupid it is. You realize that there's
nothing to it. That car is not going to make
you happier than that car. That watch is not going
to make you happier than that watch. Doesn't mean you
can't have nice things. What it means, though, is that
that's your aim. Just listen to me. I didn't say
you're going to be a bad dad, didn't say you're
going to be a bad husband. Said you're not going
to be happy, You're not going to be fulfilled. Right, Yeah,
So break that strand now. Don't care what people think. Financially,
if you can get to that place right now, if
you want to guaranteed financial outcome that is better than
ninety five percent of society, Quit caring about but what
people think, right, don't go buy great advice, Yes, don't
go buy a new car. Everybody's like, what should I
do with cars, My advice will never change. By a
hondre of Toyota with sixty to eighty thousand miles and
drive until wheels fall off, period, or even one hundred
thousand miles, if it's been taking good care of right,
get rid of your ego. We have another saying a bulwark,
get rid of your ego because they're really expensive.
Speaker 3: Right, that's so true.
Speaker 1: And these are the pearls of wisdom that people can
get from the Know Your Risk Podcast.
Speaker 3: Yes, look at that the Queen of transitions there.
Speaker 2: Yeah, so anyway, yeah, reachus at Know Your Riskpodcast dot com,
Bulworkcapitalmanagement dot com.
Speaker 3: We got another one of our road shows coming up.
Speaker 2: I want to say, in two or three weeks, and
you can sign up for that for free at Bullworkcapitalmanagement
dot com. Little prompt comes up and we're not going
to twist your arm, not gonna call you on the weekends.
If you like, we have to say, you can talk
to me or one of our advisors and if not,
hopefully hopefully you'll leave knowing a little bit more than
you came in.
Speaker 3: So that's right, that's always the goal. Thank you, Zach,
appreciate it all right, Thank you thanks for having me.
Investment advisory services offered through TREK Financial loc and SEC
Registered Investment Advisor.
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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 it thought to be
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