Speaker 1: Welcome to another episode of the Chicks on the Right
podcast where we talk to our friend and sponsor of
the show, Zach Abraham from Bulwart Capital Management. And there's
been a lot of changes with respect to how Trump
is now allowed to manage his tariffs, and of course,
the Supreme Court recently just struck down a major part
of his tariff agenda, which has forced him to kind
of adjust strategy employ some different sections. We've played a
bunch of clips of Scott Bessen talking about section two
ninety four. Whatever the numbers are of all the sections,
there's a bunch of them that they are now relying on.
But we're now remembering about this idea that floated around
about checks that would be going out to everybody because
of all this potential tariff revenue that's coming in. And
so how do you think that the changes and the
Supreme Court ruling impact the likelihood of people getting checks.
Speaker 2: At this point?
Speaker 3: I mean, it's a moving target at this point, so
we're gonna have to see the way it plays out,
but at this point, I don't think it's going to
have a whole lot of impact on them, meaning from
and I am not a tariff expert, but from my
understanding that Trump still has quite a bit of latitude
to basically re route the tariffs, like rebrand them sort of,
you know, and probably institute them in a very similar,
if not effectively identical way that they were instituted in
the beginning. So I don't think that overall what the
Supreme Court did is going to have a big difference.
Speaker 2: We'll see.
Speaker 3: And I also wouldn't anticipate it having checks or or
or being if I'm listening to the Trump administration, and
I think it's I think it's fairly easy to see
why they would be in this posture. But I would
anticipate some site, some type of check, some type of
quote unquote fiscal stimulus in some way, shape or form,
really to go out before the election.
Speaker 2: Yeah, I didn't say I'm a fan of it, but
I think that, you know, I.
Speaker 3: Mean, unfortunately, we've started to go down and if you
think about it, it's just gotten more and more or
it's just gotten less and less opaque over the last
fifteen years, meaning you know, you know, politicians have always
promised stuff in exchange for votes. Those promises have gotten
less and less veiled over the last fifteen twenty years
to the point where we're just buying votes at this time.
Speaker 4: Yeah, and then COVID made it much worse too.
Speaker 2: One hundred percent. Yeah, yeah, And so am I in
favor of it?
Speaker 3: No, you know, but my job is doing what I
do for a living, is not to project what I
want to happen.
Speaker 2: It's to project what I think is going to happen.
Speaker 4: And this may be tangential, but but you know, like
a lot some people will be like, oh my god,
I really want that two thousand dollars, you know, as
a stimulus check. Be so great to have that, And listen,
I would never turn down two thousand dollars, but because
it's my money to begin with, Like, right, you gave
it to the government and they're giving it back to you.
It's like, thanks for my money back, jerks, you know.
But at the same time, like I just as a
as a financial guy, like if you were counseling somebody
and you were like, listen, you should have X amount
or in an emergency fund at all times, Like you
shouldn't be relying on a government to give you two
thousand dollars to have as like is there a percentage
that you threw out to people, like, what do you
say when it comes to emergency funds and stuff like that,
just having money on hand or having a slush fund,
or making sure that people have because a lot of
people nowadays don't have, you know, a car breaks down,
or if they have an unexpected bill or whatever, they
just don't have that money to cover it. I'm just
curious what you usually say to people.
Speaker 3: Yeah, you know, I think there's two ways that you
can look at that topic. I think you can look
at it in a numeric way and I can kick
out a percentage. I think it's really more important. In
so funny, my wife and I rapping this conversation last night,
I think it's more important to understand the concept.
Speaker 2: Now.
Speaker 3: I have absolutely been in the place in my life where,
for an extended period of time, we are trying to
make a dollar out of fifteen cents. Okay, when you're
in that place economically, let me just tell you something.
As long as you're working your tail off, quit worrying
about it. Okay, this teo shall pass. Everybody goes through it.
Worry about surviving, worry about if you're young and married,
worry about building up your relationship and figuring out the
fun times that you can have in the midst of that,
because you can have a lot of fun even though
you're broke.
Speaker 4: Right.
Speaker 3: But what I would encourage you to do is start
thinking about a very important concept, and I think it's
a really important thing that most people do not think
about before they start making more money. And that is
the only way you can generate and build wealth is
if as your income increases, your liabilities and your assets
don't or your excuse me, your liability and you're spending
your liabilities and your spending habits and your debt doesn't.
See one of the biggest problems that athletes go broke, right,
how do you go broke after you make one hundred
million dollar contract. It's actually really easy, right, because you're
going out and you're accumulating these liabilities based on an
income that we know will not last.
Speaker 2: Right. And so the problem is is that you'll find these.
Speaker 3: People that make a lot of money, and when you
look at their life financially, as that income is rolling in,
the liabilities and the expenses look reasonable as a percentage
of their overall income. As a matter of fact, they
might even compare them to your life and go, look,
my mortgage is the same percentage of my income that
yours is.
Speaker 2: Right, I'm not out over my heels, but you are.
Speaker 3: And you are because you do not make a normal income,
which means, like I look at my income, it's considerably
higher than a normal income. But I'm also self employed,
so there's a level of volatility that I need to
factor in there.
Speaker 2: Right.
Speaker 3: But the number one thing is getting that constant of no, no,
don't maintain the percentages. The way you will build wealth
and get financial independence is if you hold the spending
in the liabilities here as the income advances, right, And
I am telling you right now, if you do that,
it is an infinitely better feeling and an infinitely bigger
flex than driving that new car to that new twelve
hundred dollars bag. I'm just telling And you will get
to a point where you're sitting there pulling in in
your ten year old paid off car, smiling, when people
don't think you have any money because you're sitting there
going no, no, no, bud, I actually have real money, which
is money sitting in an account, not just an income
that I get to use twenty percent of because all
the rest of it is going to existing liability, or
if you have.
Speaker 4: An emergency, you know, something that comes up, you can
just take care of it. Yeah, you take care of
it and you know nothing.
Speaker 2: You know or or like living.
Speaker 3: So one of the ways I structure my life is
relatively speaking, I don't have any debt. One of the
things that that enables me to do is to spend
extravagantly on certain things and do some things that are
kind of.
Speaker 2: Like, dude, that's a little over the top.
Speaker 3: Why Because if things were bad to happen or my
income was to take a drop, I can. I can
drop my spending instantly because I have no structural spending, right,
And that's the key to me, like is people need
to understand and you can play that game no matter
where you are. As your income starts to like, as
it starts to climb, you got to cover the basics.
I'm not telling you to try to make your own
soap in the backyard, right. I'm not saying we need
to get extreme. I'm not saying you got to start
trying to trap squirrels, right.
Speaker 4: I'm just although I heard they taste like chicken. I'm
just putting that out there.
Speaker 3: Supposedly mean those things do most things do right exactly,
but just that concept of don't care what anybody else thinks.
It is the most expensive thing on earth you can
possibly neat exactly, And instead of thinking about a metric
you need to hit, or a measurement you need to hit,
think about liberating yourself from other people's expectations. And actually
that's what real wealth building is. It's I'm going to
make this decision because it's wise, it is responsible, and
it is the best.
Speaker 2: And I don't care what other people think.
Speaker 3: Right, if they're not paying for my retirement, why do
I care what they think? And then the other thing
that we should be holding in our mind, the other
reason why you shouldn't care what they think the masses
or asses most people are idiots. You don't want to
retire like the average person, so don't do what the
average person's doing.
Speaker 4: It's funny because when you turn fifty, like you just
stop caring anyway, like by default.
Speaker 2: Yeah, but you're so right.
Speaker 4: Between twenty and like forty five, I think people still care.
But it is a beautiful thing is when you hit fifty,
you're like, yeah, it's just I don't give a crap anymore.
Speaker 3: Yeah, one of the best things that ever happened to
me is I, for some I was able to learn
that lesson earlier. And I think my give a crap
button was broken at like thirty seven's and good. It's
because just because you start realizing you're like all these
people are they don't even they're not even thinking about me.
Speaker 2: They're they're consumed with their own lives and I don't
and and and no offense to them.
Speaker 3: I wish them all the best, but I wouldn't want
any part of their life, So why do I care
what they think of mine?
Speaker 4: It's so true?
Speaker 2: Who cares?
Speaker 1: That's exactly right, absolutely, But you do care about people's
finances and their retirement planning, and that is why they
should contact you to do just that. Please let them
know how they can so bad, so good, so good?
Speaker 2: Right?
Speaker 3: It is Yeah, not hard to find, but we're Capitalmanagement
dot com.
Speaker 2: Know your Risk podcasts.
Speaker 3: You can find find our video feed of our daily
podcasts and uh just search Know your Risk podcast on YouTube.
Know your riskpodcast dot com Borcapitalmanagement dot com.
Speaker 2: Not hard to find. Thank you, Zachana, Thank you ladies,