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Speaker 1: Welcome to another episode of the Chicks on the Right

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podcast where we talk to our friend and sponsor of

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the show, Zach Abraham from Bulwart Capital Management. And there's

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been a lot of changes with respect to how Trump

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is now allowed to manage his tariffs, and of course,

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the Supreme Court recently just struck down a major part

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of his tariff agenda, which has forced him to kind

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of adjust strategy employ some different sections. We've played a

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bunch of clips of Scott Bessen talking about section two

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ninety four. Whatever the numbers are of all the sections,

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there's a bunch of them that they are now relying on.

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But we're now remembering about this idea that floated around

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about checks that would be going out to everybody because

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of all this potential tariff revenue that's coming in. And

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so how do you think that the changes and the

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Supreme Court ruling impact the likelihood of people getting checks.

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Speaker 2: At this point?

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Speaker 3: I mean, it's a moving target at this point, so

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we're gonna have to see the way it plays out,

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but at this point, I don't think it's going to

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have a whole lot of impact on them, meaning from

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and I am not a tariff expert, but from my

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understanding that Trump still has quite a bit of latitude

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to basically re route the tariffs, like rebrand them sort of,

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you know, and probably institute them in a very similar,

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if not effectively identical way that they were instituted in

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the beginning. So I don't think that overall what the

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Supreme Court did is going to have a big difference.

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Speaker 2: We'll see.

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Speaker 3: And I also wouldn't anticipate it having checks or or

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or being if I'm listening to the Trump administration, and

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I think it's I think it's fairly easy to see

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why they would be in this posture. But I would

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anticipate some site, some type of check, some type of

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quote unquote fiscal stimulus in some way, shape or form,

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really to go out before the election.

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Speaker 2: Yeah, I didn't say I'm a fan of it, but

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I think that, you know, I.

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Speaker 3: Mean, unfortunately, we've started to go down and if you

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think about it, it's just gotten more and more or

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it's just gotten less and less opaque over the last

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fifteen years, meaning you know, you know, politicians have always

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promised stuff in exchange for votes. Those promises have gotten

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less and less veiled over the last fifteen twenty years

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to the point where we're just buying votes at this time.

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Speaker 4: Yeah, and then COVID made it much worse too.

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Speaker 2: One hundred percent. Yeah, yeah, And so am I in

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favor of it?

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Speaker 3: No, you know, but my job is doing what I

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do for a living, is not to project what I

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want to happen.

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Speaker 2: It's to project what I think is going to happen.

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Speaker 4: And this may be tangential, but but you know, like

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a lot some people will be like, oh my god,

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I really want that two thousand dollars, you know, as

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a stimulus check. Be so great to have that, And listen,

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I would never turn down two thousand dollars, but because

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it's my money to begin with, Like, right, you gave

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it to the government and they're giving it back to you.

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It's like, thanks for my money back, jerks, you know.

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But at the same time, like I just as a

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as a financial guy, like if you were counseling somebody

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and you were like, listen, you should have X amount

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or in an emergency fund at all times, Like you

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shouldn't be relying on a government to give you two

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thousand dollars to have as like is there a percentage

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that you threw out to people, like, what do you

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say when it comes to emergency funds and stuff like that,

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just having money on hand or having a slush fund,

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or making sure that people have because a lot of

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people nowadays don't have, you know, a car breaks down,

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or if they have an unexpected bill or whatever, they

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just don't have that money to cover it. I'm just

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curious what you usually say to people.

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Speaker 3: Yeah, you know, I think there's two ways that you

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can look at that topic. I think you can look

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at it in a numeric way and I can kick

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out a percentage. I think it's really more important. In

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so funny, my wife and I rapping this conversation last night,

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I think it's more important to understand the concept.

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Speaker 2: Now.

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Speaker 3: I have absolutely been in the place in my life where,

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for an extended period of time, we are trying to

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make a dollar out of fifteen cents. Okay, when you're

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in that place economically, let me just tell you something.

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As long as you're working your tail off, quit worrying

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about it. Okay, this teo shall pass. Everybody goes through it.

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Worry about surviving, worry about if you're young and married,

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worry about building up your relationship and figuring out the

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fun times that you can have in the midst of that,

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because you can have a lot of fun even though

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you're broke.

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Speaker 4: Right.

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Speaker 3: But what I would encourage you to do is start

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thinking about a very important concept, and I think it's

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a really important thing that most people do not think

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about before they start making more money. And that is

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the only way you can generate and build wealth is

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if as your income increases, your liabilities and your assets

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don't or your excuse me, your liability and you're spending

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your liabilities and your spending habits and your debt doesn't.

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See one of the biggest problems that athletes go broke, right,

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how do you go broke after you make one hundred

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million dollar contract. It's actually really easy, right, because you're

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going out and you're accumulating these liabilities based on an

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income that we know will not last.

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Speaker 2: Right. And so the problem is is that you'll find these.

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Speaker 3: People that make a lot of money, and when you

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look at their life financially, as that income is rolling in,

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the liabilities and the expenses look reasonable as a percentage

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of their overall income. As a matter of fact, they

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might even compare them to your life and go, look,

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my mortgage is the same percentage of my income that

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yours is.

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Speaker 2: Right, I'm not out over my heels, but you are.

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Speaker 3: And you are because you do not make a normal income,

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which means, like I look at my income, it's considerably

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higher than a normal income. But I'm also self employed,

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so there's a level of volatility that I need to

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factor in there.

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Speaker 2: Right.

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Speaker 3: But the number one thing is getting that constant of no, no,

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don't maintain the percentages. The way you will build wealth

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and get financial independence is if you hold the spending

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in the liabilities here as the income advances, right, And

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I am telling you right now, if you do that,

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it is an infinitely better feeling and an infinitely bigger

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flex than driving that new car to that new twelve

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hundred dollars bag. I'm just telling And you will get

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to a point where you're sitting there pulling in in

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your ten year old paid off car, smiling, when people

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don't think you have any money because you're sitting there

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going no, no, no, bud, I actually have real money, which

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is money sitting in an account, not just an income

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that I get to use twenty percent of because all

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the rest of it is going to existing liability, or

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if you have.

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Speaker 4: An emergency, you know, something that comes up, you can

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just take care of it. Yeah, you take care of

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it and you know nothing.

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Speaker 2: You know or or like living.

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Speaker 3: So one of the ways I structure my life is

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relatively speaking, I don't have any debt. One of the

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things that that enables me to do is to spend

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extravagantly on certain things and do some things that are

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kind of.

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Speaker 2: Like, dude, that's a little over the top.

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Speaker 3: Why Because if things were bad to happen or my

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income was to take a drop, I can. I can

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drop my spending instantly because I have no structural spending, right,

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And that's the key to me, like is people need

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to understand and you can play that game no matter

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where you are. As your income starts to like, as

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it starts to climb, you got to cover the basics.

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I'm not telling you to try to make your own

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soap in the backyard, right. I'm not saying we need

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to get extreme. I'm not saying you got to start

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trying to trap squirrels, right.

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Speaker 4: I'm just although I heard they taste like chicken. I'm

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just putting that out there.

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Speaker 3: Supposedly mean those things do most things do right exactly,

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but just that concept of don't care what anybody else thinks.

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It is the most expensive thing on earth you can

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possibly neat exactly, And instead of thinking about a metric

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you need to hit, or a measurement you need to hit,

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think about liberating yourself from other people's expectations. And actually

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that's what real wealth building is. It's I'm going to

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make this decision because it's wise, it is responsible, and

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it is the best.

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Speaker 2: And I don't care what other people think.

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Speaker 3: Right, if they're not paying for my retirement, why do

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I care what they think? And then the other thing

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that we should be holding in our mind, the other

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reason why you shouldn't care what they think the masses

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or asses most people are idiots. You don't want to

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retire like the average person, so don't do what the

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average person's doing.

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Speaker 4: It's funny because when you turn fifty, like you just

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stop caring anyway, like by default.

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Speaker 2: Yeah, but you're so right.

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Speaker 4: Between twenty and like forty five, I think people still care.

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But it is a beautiful thing is when you hit fifty,

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you're like, yeah, it's just I don't give a crap anymore.

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Speaker 3: Yeah, one of the best things that ever happened to

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me is I, for some I was able to learn

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that lesson earlier. And I think my give a crap

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button was broken at like thirty seven's and good. It's

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because just because you start realizing you're like all these

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people are they don't even they're not even thinking about me.

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Speaker 2: They're they're consumed with their own lives and I don't

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and and and no offense to them.

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Speaker 3: I wish them all the best, but I wouldn't want

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any part of their life, So why do I care

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what they think of mine?

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Speaker 4: It's so true?

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Speaker 2: Who cares?

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Speaker 1: That's exactly right, absolutely, But you do care about people's

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finances and their retirement planning, and that is why they

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should contact you to do just that. Please let them

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know how they can so bad, so good, so good?

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Speaker 2: Right?

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Speaker 3: It is Yeah, not hard to find, but we're Capitalmanagement

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dot com.

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Speaker 2: Know your Risk podcasts.

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Speaker 3: You can find find our video feed of our daily

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podcasts and uh just search Know your Risk podcast on YouTube.

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Know your riskpodcast dot com Borcapitalmanagement dot com.

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Speaker 2: Not hard to find. Thank you, Zachana, Thank you ladies,