Episode 142: Personal Finance

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Oh.
Welcome back to a Record of My

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Father.
We're going to be talking about

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personal finance today and how
you're going to keep your money

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until you die.
I think that that was a highly

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requested idea, or, Cambria said
Top, yeah, top idea.

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I'm tired to listen to your to
your BS topics.

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Why don't you do something that
could actually help?

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She did not like sandwiches.
That was not enjoyed.

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That was really not enjoyed but
but we enjoyed doing that one,

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didn't we?
Well, I, I think it's we've,

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we've, we ignore the audience
and we realized that it's all

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about us and we just don't care
'cause we're selfish fucks.

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What do you think?
I mean, that's kind of what it

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is, yeah.
I mean, we take the phone call,

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we take the phone call, we say
let's put it on Zoom and let's

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just share it everywhere 'cause
we talked enough already.

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Why not monetize your words?
Not about.

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Well, I don't know if we're,
it's, it's, well, it's

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monetization, but for the most
part, it's not really that

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'cause we say it's money, we're
not making any money.

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We're actually doing it to, for,
for you to truly have a record

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for your 19 grandchildren that
are spread around the country

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and around the, around the
world.

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So they can actually see where
you came from and then they can

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understand why you're so messed
up the the see look.

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At that exactly.
You keep from that No, but

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anyway, anyway, the finances I I
am always I have so many stories

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about people buying things and
not realizing what they had to

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pay for them.
And I think that when you think

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about personal finance, it it,
it bothers me that we don't have

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a class in high school that
teaches personal finance that

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goes through like, you know, how
to balance, how to how to have a

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checkbook, how to look at what
are your expenses in a month,

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you know, and most people don't
realize what they actually

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spend.
If they have, they have to write

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down every single thing.
Oh, I got rent, I got utilities.

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And you go, what about your
phone?

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Oh, yeah, I got to pay for my
phone.

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Oh, what about your insurance?
Oh, I got an insurance.

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Oh, and they'll go through
everything and you're like,

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well, hey, do you eat?
I think when money became a

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number on a screen, it became
more difficult for people to

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understand.
I don't know, I just think the

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whole idea of a credit card and
being able to digitize

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everything was really to screw
the consumer over.

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I really think it was because I
think it was meant to gamify

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your own life and your own kind
of decision making according to

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a number on a screen, when in
reality the way we measure

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things is with our hands in the
physical world.

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And this gamification has, I
think, really destroyed a lot of

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people.
You.

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Can you can elevate your your
current lifestyle by by by

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spending your future earnings?
See what I'm saying?

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Everybody has an iPhone.
Right.

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So you can, you can buy
something you cannot, you could

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not afford today with monies
that you will have in the

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future, But you're going to have
to pay more.

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And then you're going to have to
pay a little bit more as a

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finance fee.
That's going to be added on to

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that.
And the longer you, you take to

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pay that off, the more you're
going to pay.

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And that's why I like when I've
asked people, I, I have the old

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construction worker thing where
I remember when I was working

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it, what was it?
It was Reed foundations, poured

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walls.
And I had a guy there.

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What was his name?
I think his name was Derek and

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he was going to buy a car and I
was talking to said so how much

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does it cost?
And he goes and it was for Ford

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Pento.
So you'd know how long ago that

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was like 8180.
It's $99.00 a month and there's

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like 3 guys.
Oh yeah, that's a really great

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deal, $99.00 a month.
That's great.

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I go well so how much does it
cost?

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And he was like you dumb effort.
It's it's $99.00 a month.

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That's what I said and and I'm
just kind of like going oh, OK,

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well, like what's the total
cost, you know?

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And he goes, what do you mean?
It's like, like how long do you

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pay $99.00 a month?
Well, as long as you have the

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car, really.
There's a reason why used car

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dealerships are located on the
outside military base.

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He did not realize how long he
was going to pay and it was

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like, so, so then you could
figure out what the total amount

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is that you actually paid, how
much its finance charges.

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And they actually have to show
you that that's, believe it or

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not, that's one of those
regulations that makes a lot of

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sense for people that don't
understand finance.

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And you can't get shit on them
because he didn't know you,

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don't you, you know, you just
got to show people how to

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understand that it's not $99.00
a month for as long as you own

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the car.
It's not, it's going to be

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$99.00 a month for whatever the
time frame it is for you to pay

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it off.
And I think it was like 4 or

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five years.
So it was crazy.

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And the, and the price of a
pento at that time was like 3

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grand or something.
He was going to pay 5.

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And you know, and you were like,
but the interest rate 16.6%,

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what difference does that make?
You know, and it's like, well,

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that's because you're not
actually buying the car.

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You're just paying somebody to
use their money to pay for a

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piece of the car.
That's why.

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And so you have to, but also
people are very touchy when you

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talk to them about finances
because they don't want to

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appear stupid, because that's a
really hard thing to do.

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It's a really hard thing to talk
to anybody about things that you

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don't know anything about.
And that's a very and, and if

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you're, if you're, if you
dropped out of high school or

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you're high school educated or
you're a little bit of college,

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you don't want to be a peer to
be stupid.

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People have that in their mind
that it really kind of steps on

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them.
You know?

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I don't know anything about
finances.

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Fuck you.
You know, I'll just, I'll trust

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the banker.
Stupid, stupid, stupid, stupid.

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I'll trust the car dealer.
Stupider the worst.

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Snake oil salesman in the world.
And I don't know if it's I, I,

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I, I don't want to know if I say
it's stupid.

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It's just like, what is it when
you're not informed?

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You're you're you're ill
informed or something?

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It's not about being smart and
knowing a lot.

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Uneducated, I mean on the topic.
And and but but not even

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uneducated because I don't want
to say that because that sounds

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like really it.
Does it sounds demeaning and

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it's not.
I'm not trying to be that way.

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I'm trying to find the.
Way I would say it's that the

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thing that that that that gets
me is people's inability to see

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where they could learn something
and they will deny it to save

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for their pride.
They do it for pride or for I

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need to feel better about myself
because I had four people

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yelling at me telling me that
the car was $99.00 a month.

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It was not one.
It turned there was like 3 other

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people in the crew and they were
looking well, it's $99.00 a

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month, you dumbass.
You said it three times.

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You know when you're like, no, I
don't know.

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That's not the total price that
you pay.

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That's all you write a check for
every month.

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That's it, you dumbass.
You know, when they got hostile.

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Because they saw.
They saw what you were really

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asking.
And all I was trying to do was

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say like, maybe you should
compare that to another car

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dealer and say, well, I pay 5
grand here and I pay 4 grand

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here.
And then, you know, whether you

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pay 119 at the other one for a
year or two, three years, and

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this one you pay 99 for five
years, it, it ain't the same.

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And so figuring that out and,
and it's complicated.

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It's very complicated.
Well, that reminds you of a Ford

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Raptor that you went in to buy
and they snacked that.

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What did they stacked like a
$10,000 service charge or

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something?
15 and you said but this.

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Was an excessive.
It was an excessive order fee.

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Oh, there we go.
There we go.

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Yeah.
No, no high demand vehicle fee,

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something like that.
And that was a really cool

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story.
But anyway, I ended this story

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by just giving up.
I let that go, you know, I said

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OK, and I just walked away.
And they're like, yeah, yeah.

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He doesn't know what he's
talking about.

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College boy, because I was going
to Community College at that

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time, so I was a college boy
anyway.

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That I just was like, OK, I'm
trying to, you know, I was

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trying to get him to see, you
know, to measure.

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Like what, $99.00 a month
actually meant?

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You know, I had a roommate that
did that too.

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But what were we talking?
What was the other other one?

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We jumped off onto the Ford.
Raptor or the Ford Raptor the.

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Ford Raptor was I was going to
buy a Ford Raptor.

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I, I got, I got enamored by
them.

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I thought they were really cool.
And my, my, my wife said, Oh my

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God, it looks like a, it looks
like a penis with an engine.

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Maybe that's why I like it.
I don't know, man.

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It's a closet gay thing.
Or I'm, I'm a bro man.

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I'm a bro man.
Anyway, so I'm looking around

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and I'm just, I'm kicking the
tires and it's like $60,000 for

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a pickup truck, which that's, I
mean, I, it, it wasn't going to

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financially hurt me in any way,
but it was sort of like, wow,

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that's, you know, I, I do stupid
shit all the time.

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So this is not really and and
it's not the biggest dumb thing

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I've ever done.
So, and that's what I always

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measure things and it's like,
what's the stupidest thing

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you've ever done, Phil?
Well, it's not that.

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There's many more anyway,
anyway, so I, I'm, I'm all

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excited.
I find a dealer and I go and I

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call the Ford dealer and I say,
OK, so it's advertised that it's

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62 something or 45.
Is that it's list price?

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You don't give a discount, but
that's what you're charging,

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right?
Yes, yeah, absolutely.

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Come on in.
We'll fill out the paperwork and

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we'll do it.
I get there and I'm talking to

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Bob or Jim or Harold or Sheila
or that was a guy and I bought

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my dog with me.
Yup Yup, don't know why I did

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this and I have a pick up too
'cause I'm driving at that time.

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Yeah, why'd you bring the dog
with it?

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That makes no sense.
I have no idea.

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I was just like, we had the dog
and no, you were gone somewhere.

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The wife was gone somewhere and
I didn't want to leave them at

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home, her at home and she liked
to ride and it's like, I'll take

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the dog for a ride, What the
hell?

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So I took the dog with me and I
said maybe it'll make a

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difference when buying a truck.
I don't know why I did it.

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It was just kind of weird.
So I walk in there and I'm

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walking around the parking lot
with a dog on a leash.

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We go inside, we sit down, I
talk to him, he goes.

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Yeah, yeah, yeah.
And he's going through and he's

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going like, OK, so you want the
big wheels?

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Yeah.
You want this?

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Yeah.
You want this?

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Yeah, yeah, yeah.
You want this?

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Oh yeah, You want this?
You want you want the spotlights

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on the top?
Yeah.

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You want the leather seating
inside?

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Yeah.
You want the, you know, auto

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backup camera, sideways
quivering.

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Love Harvest.
Yeah, yeah, I'll take that too.

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So I got.
I mean, I'm doing, I'm doing the

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whole thing 'cause then usually
when I do it, I overdo it, which

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is kind of typical for me.
And I get screwed and I know I'm

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going to get screwed.
And I know that's why I'm going

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to pay that list price that he
said.

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And he comes back and he goes,
oh, that it's going to be 85 or

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I think it was, yeah, it was 80.
Five that's for for a truck for

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Ford, all the.
Things I added on to it made it

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00:11:27,960 --> 00:11:31,080
about the high 60s, but now it's
going to be 85 and I'm going

222
00:11:31,080 --> 00:11:36,920
like what's what's you guys
said, 63 nine or 64 nine?

223
00:11:37,320 --> 00:11:41,880
He goes, Oh well there's a a
high demand vehicle fee on it.

224
00:11:42,320 --> 00:11:44,320
Like what?
He goes $15,000 for the high

225
00:11:44,320 --> 00:11:45,040
demand vehicle.
Fee.

226
00:11:45,040 --> 00:11:47,760
Oh my gosh.
Like, but but I called you.

227
00:11:50,040 --> 00:11:52,000
What do you mean?
I said I called you and I asked

228
00:11:52,000 --> 00:11:55,880
you guys here what was happening
and I really want this car.

229
00:11:55,880 --> 00:11:58,240
I've been wanting this vehicle
ever since they started showing

230
00:11:58,240 --> 00:12:01,080
the pictures.
So, so the inside of me is just

231
00:12:01,080 --> 00:12:05,200
like, I want this, I really want
this.

232
00:12:05,200 --> 00:12:07,040
You know, when you really want
something and you're willing to

233
00:12:07,680 --> 00:12:11,200
and then, and then so, and I got
to put a down payment on it.

234
00:12:11,200 --> 00:12:14,640
It's like 5 grand and then they
order and it comes in six months

235
00:12:14,640 --> 00:12:17,320
or whatever, you know, because
there's a line, the guy is there

236
00:12:17,320 --> 00:12:21,120
and he's punching all the stuff
and he and he goes and he tells

237
00:12:21,120 --> 00:12:22,560
me the fee and I'm there and he
goes, what?

238
00:12:22,560 --> 00:12:25,000
Your credit card?
And I just and I'm holding Yup,

239
00:12:25,000 --> 00:12:27,720
Yup, my arms and I pull my
credit card out and I hand it to

240
00:12:27,720 --> 00:12:35,560
him and I'm standing there and
it hit me every time I get into

241
00:12:35,560 --> 00:12:37,560
that truck.
I'm going to feel like I was

242
00:12:37,560 --> 00:12:40,680
screwed every single time
because he didn't tell me.

243
00:12:40,680 --> 00:12:44,680
Because if he had told me 85,000
from the front end, I probably

244
00:12:44,680 --> 00:12:47,360
would have just gulped and paid
it before I came there.

245
00:12:47,480 --> 00:12:51,400
But I felt like it was a sneak
and steal or a switch and bait

246
00:12:51,400 --> 00:12:52,880
and switch.
I was.

247
00:12:52,880 --> 00:12:54,800
So I just started to blow up
angry.

248
00:12:55,040 --> 00:12:57,320
And he has a credit card like
right here.

249
00:12:57,680 --> 00:12:59,960
Right next.
To his his laptop and he's

250
00:12:59,960 --> 00:13:03,120
starting to type it in.
And I reached down and snatched

251
00:13:03,120 --> 00:13:08,400
away and just start yelling.
And this is Saturday.

252
00:13:09,000 --> 00:13:12,600
This is in the Ford dealerships.
So there's a lot of people

253
00:13:12,600 --> 00:13:13,760
there.
I learned this from my mother.

254
00:13:14,280 --> 00:13:19,080
And I'm holding the dog.
And I start and I say you told

255
00:13:19,080 --> 00:13:23,840
me over the phone before I came
here, you're the third dealer I

256
00:13:23,840 --> 00:13:27,640
called and you guaranteed the
price, and now you're raising it

257
00:13:27,640 --> 00:13:30,600
by 15 to $20,000.
And I was loud.

258
00:13:30,600 --> 00:13:35,200
Which is another car he's like,
doesn't.

259
00:13:35,280 --> 00:13:39,120
Doesn't say a word and then so I
get louder and the people that

260
00:13:39,120 --> 00:13:43,000
were down at the other tables,
you're ripping me off, you're

261
00:13:43,000 --> 00:13:47,600
ripping me off, you're ripping
me off and it's wrong and I will

262
00:13:47,600 --> 00:13:50,280
not stand for and I got I got
angry.

263
00:13:51,720 --> 00:13:54,160
I didn't realize you got angry.
Most people.

264
00:13:54,160 --> 00:13:55,480
I didn't realize you got angry
in there.

265
00:13:55,680 --> 00:14:01,600
People that know me know that
it, it's, it's a very, it's a

266
00:14:01,600 --> 00:14:04,520
precarious situation when you
get me angry because I don't

267
00:14:04,760 --> 00:14:08,880
like I, it, it takes an
incredible amount of stuff to

268
00:14:08,880 --> 00:14:11,280
get me to cross line.
When I cross the line, I will

269
00:14:11,280 --> 00:14:14,760
burn your fucking house down.
I, I just, I and, and I will

270
00:14:14,760 --> 00:14:16,960
worry about the consequences
afterwards because I was real

271
00:14:16,960 --> 00:14:21,360
and I was pissed off.
My car was parked behind him.

272
00:14:23,080 --> 00:14:27,560
I walked to the far doors to
exit, screaming at him the whole

273
00:14:27,560 --> 00:14:30,880
way with with my dog holding my
dog.

274
00:14:31,080 --> 00:14:35,800
With the small dog.
Exited from there, walked the

275
00:14:35,800 --> 00:14:39,040
length the front of the
dealership yelling through the

276
00:14:39,040 --> 00:14:41,440
window.
I was a just I was a prick.

277
00:14:41,760 --> 00:14:44,720
And I went back and my car got
my car drove home and I said I

278
00:14:44,720 --> 00:14:48,120
can never buy a Ford Raptor.
I can never buy a car from this

279
00:14:48,120 --> 00:14:49,280
place.
I'll never buy it.

280
00:14:49,280 --> 00:14:50,800
And that was the one at Bailey's
Crossroads.

281
00:14:50,960 --> 00:14:54,440
I would never buy a car there.
I, I would, I would, it would be

282
00:14:54,440 --> 00:14:57,800
hard for me to stop there if I
had to pee, OK, that would be,

283
00:14:57,880 --> 00:14:59,960
you know, only if I was going to
pee on one of the vehicles.

284
00:15:00,080 --> 00:15:02,880
But that, that, that would be
it, that, that it was just the

285
00:15:02,880 --> 00:15:06,080
most dissatisfying thing.
But anyway, I mean, I've run

286
00:15:06,080 --> 00:15:07,280
into this over and over and
over.

287
00:15:07,280 --> 00:15:12,240
My, my roommate had bought a
Trans Am and I asked him what it

288
00:15:12,240 --> 00:15:16,960
cost and he said $12,000 or
$15,000 something like that.

289
00:15:16,960 --> 00:15:22,520
And this is he got a settlement
and the we went to Canada and

290
00:15:22,520 --> 00:15:25,000
got stoned and came back and his
car broke down.

291
00:15:25,000 --> 00:15:27,080
And there's, there's like a
whole bunch of stories that go

292
00:15:27,080 --> 00:15:28,320
with that.
It's really wild.

293
00:15:28,840 --> 00:15:31,640
Anyway, he comes back and his
car's all messed up in the

294
00:15:31,640 --> 00:15:34,080
engine block melted.
And he had a Mustang 2.

295
00:15:34,440 --> 00:15:36,760
So he buys a Trans Am or the
other way around.

296
00:15:36,760 --> 00:15:42,400
He buys a Trans Am, comes back
and, and, and he shows me the

297
00:15:42,400 --> 00:15:45,360
paperwork.
And this is in the late 80s.

298
00:15:45,360 --> 00:15:49,400
It's not early, early 80s.
This has been a go K The

299
00:15:49,400 --> 00:15:56,320
interest rate was 18.5% on a
monthly loan and I was just like

300
00:15:56,320 --> 00:16:02,240
my God, you you realize that for
for every time you give them a

301
00:16:02,280 --> 00:16:08,080
dollar towards the purchase of
the car that you're only paying

302
00:16:09,120 --> 00:16:14,520
82 cents, 81 1/2 out of every
dollar.

303
00:16:14,520 --> 00:16:17,080
Brutal.
It's 81 and a half cents.

304
00:16:17,080 --> 00:16:19,840
That's that's the mindset that
you have to think when you think

305
00:16:19,840 --> 00:16:22,160
about interest.
There were fees involved too,

306
00:16:22,160 --> 00:16:25,360
which jacked it and made it
actually more like a 20%

307
00:16:25,360 --> 00:16:27,400
interest.
You know, oh, there's a, there's

308
00:16:27,400 --> 00:16:30,440
a dealer prep fee and there's an
underwear check your underwear

309
00:16:30,440 --> 00:16:33,880
fee and there's a service fee
and you know, all that other

310
00:16:33,880 --> 00:16:35,200
kind.
Of oh, the undercutting, the

311
00:16:35,200 --> 00:16:37,600
under spray.
Oh my gosh.

312
00:16:37,880 --> 00:16:42,320
That's $500 or 300 or 400.
They asked us when we got my car

313
00:16:42,320 --> 00:16:43,800
if they wanted if we wanted
that.

314
00:16:44,520 --> 00:16:45,480
Well, that's like when they
they're.

315
00:16:45,600 --> 00:16:48,080
Like, oh, it's a black pain
underneath the car and it's

316
00:16:48,080 --> 00:16:50,840
like, what?
Yeah, when they tell you that

317
00:16:51,400 --> 00:16:55,400
they're selling the car at cost,
we're selling you at an invoice

318
00:16:55,400 --> 00:16:57,560
price.
And you're like, but, but it's

319
00:16:57,560 --> 00:17:00,320
not a real invoice.
No, it's an invoice.

320
00:17:00,320 --> 00:17:02,920
It's an invoice price.
You're like, so you're selling

321
00:17:02,920 --> 00:17:08,000
your cars, all your cars, and
you have a downtown location in

322
00:17:08,000 --> 00:17:11,040
Tyson's Corner where the real
estate costs like $1,000,000 a

323
00:17:11,040 --> 00:17:14,560
square foot and you've got
100,000 square feet and you're

324
00:17:14,560 --> 00:17:18,079
telling me that you're selling
it all at cost.

325
00:17:18,240 --> 00:17:20,480
So you guys should be out of
business in like a week.

326
00:17:21,119 --> 00:17:22,760
And so you work for nothing,
right?

327
00:17:23,119 --> 00:17:26,119
You know, And you're like.
And then silence comes over.

328
00:17:26,160 --> 00:17:27,520
So it's volunteer.
This is a.

329
00:17:27,640 --> 00:17:30,000
Volunteer car dealership stop
that.

330
00:17:30,000 --> 00:17:31,360
I don't believe anything you
say.

331
00:17:31,360 --> 00:17:33,560
You're just making it up because
that's what they they gave you

332
00:17:33,560 --> 00:17:36,720
the sales book and that's what
they're reading to do, you know,

333
00:17:36,920 --> 00:17:38,280
and you and you, you worry about
that.

334
00:17:38,280 --> 00:17:40,680
I mean, this is really more of a
finance about cars and stuff.

335
00:17:40,960 --> 00:17:43,440
I think.
I think that that he did that.

336
00:17:43,440 --> 00:17:48,160
I was shocked and I was like,
you should go get a low interest

337
00:17:48,160 --> 00:17:51,080
credit card, borrow the money on
there and pay your car off.

338
00:17:51,920 --> 00:17:53,760
But then I'll have another
credit card debt.

339
00:17:53,760 --> 00:17:57,400
I'm like, but you're, you're,
you're paying more.

340
00:17:57,880 --> 00:18:02,280
And he couldn't get over the
whole paying more, you know, and

341
00:18:02,280 --> 00:18:07,080
he, but he, he, he, he could
handle 400 a month or whatever

342
00:18:07,080 --> 00:18:10,200
it was to pay for the car at the
time, which think about it.

343
00:18:10,200 --> 00:18:12,480
And that's Nineties 8880.
Seven.

344
00:18:12,480 --> 00:18:14,720
That's really high.
I was crazy.

345
00:18:14,720 --> 00:18:17,200
I was just like, what are you
that's and it wasn't that

346
00:18:17,440 --> 00:18:21,080
expensive a car and it was used,
but that was another car story,

347
00:18:21,080 --> 00:18:22,920
another.
I mean, I have so many cars.

348
00:18:22,920 --> 00:18:26,040
Well, I'll ask you for young
people out there, what are the

349
00:18:26,040 --> 00:18:29,080
top 3 personal finance things
that you would say?

350
00:18:31,200 --> 00:18:34,000
I would.
Say probably the smartest thing

351
00:18:34,000 --> 00:18:41,760
that you can do is go in and
make yourself a semblance of a

352
00:18:41,760 --> 00:18:45,400
budget.
Just just ballpark once a month,

353
00:18:46,080 --> 00:18:49,240
write down, write down today
what you're going to spend for

354
00:18:49,240 --> 00:18:52,240
the month of you don't even have
to be the most current one.

355
00:18:52,240 --> 00:18:54,560
Look at January, look at
February and write down.

356
00:18:54,880 --> 00:18:57,800
Every single thing is spent.
And and now here's the thing to

357
00:18:57,800 --> 00:18:59,880
do.
You get a paycheck, right?

358
00:18:59,960 --> 00:19:03,040
Everybody gets a paycheck.
I assume your paycheck is auto

359
00:19:03,040 --> 00:19:07,520
deposited into your, is that
auto deposit into your account,

360
00:19:07,600 --> 00:19:13,280
right, Zach?
So every dollar that leaves that

361
00:19:13,280 --> 00:19:19,840
account for 30 days, itemize
those lists, every single one of

362
00:19:19,840 --> 00:19:22,480
those, that is what you pay for
that month.

363
00:19:22,840 --> 00:19:27,680
OK, simple, simple, simple.
Unless you haven't, Well, even

364
00:19:27,680 --> 00:19:31,080
if you have an auto pay out of
that account, it's going to show

365
00:19:31,240 --> 00:19:34,040
that hey, I got paid $1000 this
month.

366
00:19:34,720 --> 00:19:39,880
I saw $50.00 I took out in cash,
which you can then you can write

367
00:19:39,880 --> 00:19:42,960
down it was cash for drugs.
And then you could say OK, and I

368
00:19:42,960 --> 00:19:46,080
took $100 out for food.
Or you can do the you know, 100

369
00:19:46,080 --> 00:19:48,280
for drugs and 50 for food.
That's probably what I would

370
00:19:48,280 --> 00:19:50,920
have done.
And then $300.00 for alcohol.

371
00:19:50,920 --> 00:19:54,320
That's a little light, but some
of us have that 50 bucks for

372
00:19:54,320 --> 00:19:59,200
rent, 75 bucks for food, which
part of that's alcohol.

373
00:19:59,400 --> 00:20:02,600
And then you know, you write
down, you know, you write down

374
00:20:02,600 --> 00:20:05,000
your phone bill, you write down
your insurance, you write down

375
00:20:05,000 --> 00:20:07,640
all the little things that you
know, you have heat,

376
00:20:08,000 --> 00:20:13,960
electricity, water, sewer, every
single thing that comes out of

377
00:20:13,960 --> 00:20:16,960
that bank account statement.
If you you know if you get a

378
00:20:16,960 --> 00:20:20,600
direct deposit from your check
and everything you spend.

379
00:20:21,040 --> 00:20:23,440
That comes out of there.
This does not account if you get

380
00:20:23,440 --> 00:20:27,840
a you know, if you have a mother
who sends you, gives you $100

381
00:20:27,840 --> 00:20:31,960
cash a week or you know, you,
you, you prostitute yourself and

382
00:20:31,960 --> 00:20:36,400
you get paid cash, then you
should add that in into that

383
00:20:36,400 --> 00:20:38,160
bank account and see where that
money goes.

384
00:20:38,480 --> 00:20:41,800
If you funnel all of it through
1 central account, you can

385
00:20:41,800 --> 00:20:44,960
actually keep very easy control
to your finances.

386
00:20:45,240 --> 00:20:48,920
And if and a lot of bank
accounts, a lot of them one in

387
00:20:49,040 --> 00:20:52,160
ours in particular were DOC
Department of Commerce.

388
00:20:52,160 --> 00:20:55,800
I have wanted like 6 or 7
different banks, but almost

389
00:20:55,800 --> 00:20:59,000
every single one has a personal
finance thing.

390
00:20:59,760 --> 00:21:04,400
It will allow you to make how
much I make, how much I spend.

391
00:21:04,400 --> 00:21:05,720
And that's what you really need
to do.

392
00:21:05,720 --> 00:21:09,520
And then you just need to look
at the 2 lines and say, OK, I

393
00:21:09,520 --> 00:21:16,680
make 1000, I spend.
It should be less than 1000, OK,

394
00:21:17,080 --> 00:21:19,440
because that is the only way
you're going to move forward.

395
00:21:19,520 --> 00:21:24,080
That's the only way you need to
spend less than you make unless

396
00:21:24,080 --> 00:21:26,120
you're waiting for some, you
know you have some windfall

397
00:21:26,120 --> 00:21:28,680
that's going to happen every
quarter, then you would want to

398
00:21:28,680 --> 00:21:33,000
look more work this in a more
than one, one month financial

399
00:21:33,000 --> 00:21:34,360
statements.
That's why I would look at it

400
00:21:34,720 --> 00:21:38,120
over the course of like 3 or 4
six months and just see where

401
00:21:38,120 --> 00:21:41,080
you are and just get a visual
idea in your mind to see.

402
00:21:41,320 --> 00:21:44,560
I don't keep track of my
checking account, but I know how

403
00:21:44,560 --> 00:21:46,880
much is in it.
I don't keep track.

404
00:21:46,880 --> 00:21:49,320
I know what I spend, I know what
I spend on things.

405
00:21:49,520 --> 00:21:51,760
I know with something's
unreasonable and if something

406
00:21:51,760 --> 00:21:54,800
comes in big, how it will affect
things and if someone wants to

407
00:21:54,800 --> 00:21:57,720
borrow money or loan me money or
invest.

408
00:21:57,720 --> 00:22:00,240
And usually more than anything,
my biggest numbers are

409
00:22:00,240 --> 00:22:03,200
investments where I write a
check to somebody for big

410
00:22:03,200 --> 00:22:07,880
numbers and that it it
materially changes the makeup of

411
00:22:07,880 --> 00:22:12,680
whatever portfolio I have.
Another thing to consider early

412
00:22:12,680 --> 00:22:18,600
as you possibly can on
investments is at, I would say

413
00:22:18,880 --> 00:22:24,080
if you can start with a mutual
fund, go to Vanguard, go to

414
00:22:24,080 --> 00:22:26,840
Fidelity, fill out the fund.
I think it's a hundred or two.

415
00:22:26,840 --> 00:22:31,840
I think it's a $250 minimum save
an save money, save money enough

416
00:22:31,840 --> 00:22:36,240
to open a mutual fund account
and have them take $25.00 a

417
00:22:36,240 --> 00:22:39,120
month out of your account, 1530,
whatever.

418
00:22:39,440 --> 00:22:41,400
So you don't see it just like
it's an expense.

419
00:22:41,920 --> 00:22:45,800
And if you start that in your
20s, you'll have 1,000,000 bucks

420
00:22:45,800 --> 00:22:49,440
by the time you're in your 40s.
And that will be irrespective,

421
00:22:49,880 --> 00:22:54,400
you know, and, and a lot of
people will actually add more

422
00:22:54,400 --> 00:22:58,720
and more to that as they go.
And they'll start to see while,

423
00:22:58,760 --> 00:23:02,640
while this thing is constantly
tight, my, my, my monthly

424
00:23:02,640 --> 00:23:06,000
expenses will grow.
My, my salary should grow along

425
00:23:06,000 --> 00:23:08,960
with them.
But also now I'm saving for the

426
00:23:08,960 --> 00:23:11,120
future, in the future can be
just anything.

427
00:23:11,120 --> 00:23:16,360
It can be, you know, just, it
could be anything you want to

428
00:23:16,360 --> 00:23:17,760
be.
You want a house, you want a

429
00:23:17,760 --> 00:23:21,160
car, you, you want a, you want a
retirement.

430
00:23:21,320 --> 00:23:23,760
You know, those are the kind of
things that you plan.

431
00:23:23,760 --> 00:23:27,040
And I will tell you that every
year that you start earlier.

432
00:23:27,800 --> 00:23:35,560
I started my first mutual fund
when I was 30, Nicholas Fund.

433
00:23:36,800 --> 00:23:38,760
No, my first real job, I'm
sorry, 27.

434
00:23:39,200 --> 00:23:43,480
I started doing that because I
had, I got paid $15,000 a year

435
00:23:43,920 --> 00:23:48,360
and I was spending it all on
alcohol and women and travelled

436
00:23:48,360 --> 00:23:50,400
so.
And then, I mean, that was, that

437
00:23:50,400 --> 00:23:53,800
was the whole thing.
It was about sex and drugs and

438
00:23:53,800 --> 00:23:57,240
that was it.
And I didn't really, I didn't

439
00:23:57,240 --> 00:23:59,280
care about anything else.
I had the cheapest department in

440
00:23:59,280 --> 00:24:01,160
the world.
I had a car that didn't cost

441
00:24:01,160 --> 00:24:02,200
very much.
I had insurance.

442
00:24:02,200 --> 00:24:04,960
It was low, you know, And so
outside of that, it was like

443
00:24:05,400 --> 00:24:09,000
party money.
And so I put, I started that and

444
00:24:09,000 --> 00:24:12,040
I think I did 50 bucks or 75 or
100.

445
00:24:12,280 --> 00:24:15,960
I don't remember who told me to
do that, but it turned out to be

446
00:24:16,360 --> 00:24:24,640
like I had $25,000 when Global
Securities came around, which

447
00:24:24,640 --> 00:24:27,760
was two or three years later,
which was saved.

448
00:24:27,760 --> 00:24:31,720
In addition to I had C DS coming
out of College of all things.

449
00:24:31,720 --> 00:24:34,400
I actually had money coming out
of college, weirdly.

450
00:24:35,040 --> 00:24:36,680
How did my?
C DS coming out of college.

451
00:24:36,720 --> 00:24:40,000
Who who give what I did what I
did was see I started working

452
00:24:40,080 --> 00:24:43,880
when I was 7, which I think
maybe that's you know, or six or

453
00:24:43,880 --> 00:24:46,160
five or whatever.
I would go out and collect and I

454
00:24:46,160 --> 00:24:49,000
would get money.
My parents were Piedmont federal

455
00:24:49,000 --> 00:24:50,720
savings and loan.
There was a savings and loan

456
00:24:51,120 --> 00:24:54,280
that you would physically go to
and you open up a kids account.

457
00:24:54,520 --> 00:24:57,960
And I, I had, I forgot I got
some money.

458
00:24:59,040 --> 00:25:01,800
Oh, I stepped on the neighbor's,
I stepped on a glass bottle in a

459
00:25:01,800 --> 00:25:04,360
neighbor's yard.
And the insurance company was

460
00:25:04,360 --> 00:25:06,120
all freaked out that we're going
to sue the neighbors.

461
00:25:06,120 --> 00:25:09,200
Like now we're not going to do
that well for your pain and

462
00:25:09,200 --> 00:25:14,280
suffering.
They wrote me a check for $100,

463
00:25:14,600 --> 00:25:18,720
which, and this would have been
6867.

464
00:25:19,600 --> 00:25:22,680
So I immediately was going to
take the money and put in the

465
00:25:22,680 --> 00:25:24,840
account.
And actually, you know, I was 8

466
00:25:24,840 --> 00:25:26,320
years old, so I was probably
going to buy some drugs.

467
00:25:27,120 --> 00:25:31,240
Probably not.
What I, what I, what I did is I,

468
00:25:31,240 --> 00:25:34,200
I opened up a savings and loan
account because this is my, my

469
00:25:34,200 --> 00:25:38,560
mother had me do this and she
and I had the check and we put

470
00:25:38,560 --> 00:25:41,640
that and we said, OK, well,
you're, you're only going to put

471
00:25:41,640 --> 00:25:43,320
$50.00 in.
I'm going like put the checks

472
00:25:43,320 --> 00:25:44,640
for 100.
And she goes, well, you're going

473
00:25:44,640 --> 00:25:47,960
to pay, you're going to give
$50.00 to the Volunteer Fire

474
00:25:47,960 --> 00:25:50,640
Department.
They picked me up.

475
00:25:51,360 --> 00:25:54,200
Oh, OK.
They came there and they were so

476
00:25:54,200 --> 00:25:55,920
nice.
They were full.

477
00:25:55,920 --> 00:25:58,000
They had, they gave me like a
little stuffy toy, like a little

478
00:25:58,000 --> 00:26:01,120
plushy toy.
I mean, they were just amazing

479
00:26:01,160 --> 00:26:04,840
and didn't do amputate.
No, it was really, it was just

480
00:26:04,960 --> 00:26:08,280
it was 13 stitches.
They did a couple internal

481
00:26:08,280 --> 00:26:09,880
stitches.
I saw white internal.

482
00:26:09,880 --> 00:26:12,680
I mean, yeah, it was, I mean, it
was deep.

483
00:26:12,680 --> 00:26:15,280
So this was it was bad all the
way to the bottom.

484
00:26:15,320 --> 00:26:18,320
And it was about this one.
Yeah.

485
00:26:18,480 --> 00:26:20,160
And, and I bled like a stuck
pig.

486
00:26:20,160 --> 00:26:22,520
And, you know, everybody came
and looked and laughed at.

487
00:26:22,520 --> 00:26:24,280
Well, they didn't laugh.
They kind of like, look, that

488
00:26:24,280 --> 00:26:25,360
didn't happen to me.
That's good.

489
00:26:25,920 --> 00:26:29,040
And so I went to the hospital
and they sewed it all up and all

490
00:26:29,040 --> 00:26:30,160
that kind of stuff like that.
But they.

491
00:26:30,320 --> 00:26:34,160
But we got the check for $100
and I signed some document or

492
00:26:34,160 --> 00:26:35,720
something.
I don't know, my parents did,

493
00:26:36,080 --> 00:26:38,720
but I put 50 in the count and
that was the start.

494
00:26:39,200 --> 00:26:41,080
And so every time I got money, I
would put it in.

495
00:26:41,400 --> 00:26:46,200
And once I got to $1000, my
mother knew that, you know, I

496
00:26:46,200 --> 00:26:49,960
would be into drop whatever the
bad stuff, you know, you, you,

497
00:26:50,600 --> 00:26:52,960
you'd want a PlayStation, which
there were no PlayStation.

498
00:26:52,960 --> 00:26:56,080
You want something that cost a
lot of money, you'd use it.

499
00:26:56,760 --> 00:27:02,120
So, and her wisdom is, well,
you're, you're earning 4% on

500
00:27:02,120 --> 00:27:06,680
your money And, and as savings
loan buy ACD, you get 5 1/2,

501
00:27:06,680 --> 00:27:10,640
six, 6 1/2.
But here's the kicker.

502
00:27:10,640 --> 00:27:11,800
It's not about the interest
rate.

503
00:27:11,920 --> 00:27:15,080
It's about it takes your money
and it puts it somewhere where

504
00:27:15,080 --> 00:27:16,920
you don't have immediate access
to it.

505
00:27:17,160 --> 00:27:21,120
And as a kid, I didn't, I, I
didn't have anything that I had

506
00:27:21,120 --> 00:27:23,880
to do, you know, I wasn't going
to have pay an insurance bill or

507
00:27:23,880 --> 00:27:28,680
anything like that.
It, it kept me from bleeding the

508
00:27:28,680 --> 00:27:31,960
account dry buying candy every
fucking day, which is, you know,

509
00:27:32,760 --> 00:27:34,280
you can see how you'd want to do
that.

510
00:27:34,440 --> 00:27:36,280
No, exactly.
That's what it prevented me.

511
00:27:36,280 --> 00:27:37,920
Phil's buying.
Phil's buying.

512
00:27:37,920 --> 00:27:38,840
He's going.
We're going.

513
00:27:38,840 --> 00:27:40,200
Yeah.
Everybody loves Phil because he

514
00:27:40,200 --> 00:27:42,200
buys candy for everybody.
No, because we went to.

515
00:27:42,200 --> 00:27:44,120
Cardinal for me, I remember
that.

516
00:27:44,200 --> 00:27:46,560
No.
And we opened up a kids club and

517
00:27:46,560 --> 00:27:48,800
then, right, Cardinal became
United.

518
00:27:49,240 --> 00:27:51,920
And then, yeah, they got bought
up by United.

519
00:27:52,640 --> 00:27:55,720
But it was always a way, you
know, saving pennies, all your

520
00:27:55,720 --> 00:27:58,280
Dimes, all the change and all
the different things like that.

521
00:27:58,280 --> 00:28:00,680
That's what it taught me.
And each time I had a job, I

522
00:28:00,680 --> 00:28:04,440
would put money in there quite
regularly.

523
00:28:04,960 --> 00:28:08,440
And every time I got $1000, I
would turn it into ACD like a,

524
00:28:08,720 --> 00:28:12,320
and it was usually a three to
five year CD because those were,

525
00:28:12,680 --> 00:28:15,120
you know, the longer they were
in, the more, more, the higher

526
00:28:15,120 --> 00:28:18,840
interest rates you had.
So I'd make more money and also

527
00:28:18,840 --> 00:28:23,800
would be out of my hands longer.
So paychecks for McLean hardware

528
00:28:23,800 --> 00:28:28,160
were pretty sparse.
I remember that because 725 and

529
00:28:28,160 --> 00:28:31,040
you're only working like 4 hour
shifts, four or five hour

530
00:28:31,040 --> 00:28:33,880
shifts.
So man, yeah, some of those

531
00:28:33,880 --> 00:28:41,040
checks, it's like, wow.
I was making $1.65 with a $0.25

532
00:28:41,040 --> 00:28:43,680
an hour meal ticket.
So I was making a 40 to buck 40

533
00:28:43,680 --> 00:28:48,600
an hour and I was putting money
away and I was buying weed so.

534
00:28:49,360 --> 00:28:52,560
And you were buying weed.
Yeah, weed was $20.00 an ounce

535
00:28:52,560 --> 00:28:57,120
then, so weed was. $20 a gram
when I was in high school an.

536
00:28:57,320 --> 00:29:00,640
Oz Man but it was Mexican so.
And now it's cheap.

537
00:29:00,640 --> 00:29:05,520
Now it's $100.00 an ounce.
Crazy I could smoke half of an

538
00:29:05,520 --> 00:29:09,840
ounce of Mexican and not be as
high as one hit off of the weed

539
00:29:09,840 --> 00:29:11,760
today.
That is true, I can believe.

540
00:29:11,760 --> 00:29:13,640
Yeah, I would do one hit off,
no, do another one.

541
00:29:15,800 --> 00:29:18,840
I don't understand why we have a
fascination upon going

542
00:29:18,840 --> 00:29:21,480
nonverbal.
I don't know what that is.

543
00:29:22,040 --> 00:29:26,440
Any sort of drug that has been
legalized, it's like how do we

544
00:29:26,440 --> 00:29:31,000
make this strongest we possibly
can so that its user is going to

545
00:29:31,000 --> 00:29:33,240
be as massively uncomfortable as
possible.

546
00:29:33,560 --> 00:29:36,080
And I don't get it.
I don't get that.

547
00:29:36,280 --> 00:29:39,360
Well, I'm going to say that what
it is, is it's for chronic users

548
00:29:39,640 --> 00:29:41,160
because they use it all the
time.

549
00:29:41,160 --> 00:29:43,640
Medicinal, that would make
sense, yeah.

550
00:29:43,800 --> 00:29:46,160
Not medicinal I'm talking about.
Habitual user.

551
00:29:46,160 --> 00:29:47,120
Yeah, okay.
Habitual.

552
00:29:47,120 --> 00:29:50,000
That's that one.
Because I'm thinking that they

553
00:29:50,000 --> 00:29:52,120
build up a tolerance just like
you and I, when we go out and

554
00:29:52,120 --> 00:29:55,960
drink alcohol, it's like, you
know which drink 3 gallons, you

555
00:29:56,680 --> 00:29:59,120
know?
Intolerance you need to to build

556
00:29:59,120 --> 00:30:01,840
up to now it that would take a
year.

557
00:30:01,840 --> 00:30:03,720
I mean if that it would probably
take more.

558
00:30:03,720 --> 00:30:05,920
Than I think about weed.
I mean weed's the same way.

559
00:30:05,920 --> 00:30:07,440
I mean all these drugs are the
same thing.

560
00:30:07,440 --> 00:30:10,800
It's like that's why when I take
pills I always have to take 1

561
00:30:10,800 --> 00:30:15,040
1/2 times because I was such an
abuser in my teens.

562
00:30:15,440 --> 00:30:18,640
I don't know why it still sticks
most of the time it sticks for

563
00:30:18,640 --> 00:30:22,160
the most part.
I don't get, you know, it's it's

564
00:30:22,360 --> 00:30:25,800
or or maybe it's just in my
mindset that hey, if I take 2

565
00:30:25,800 --> 00:30:30,160
oxy, it's not going to no fat.
So that's why I take. 3 or 4?

566
00:30:30,280 --> 00:30:32,400
Interesting.
You know, and maybe it's just

567
00:30:32,400 --> 00:30:33,840
the mindset.
What about Adderall?

568
00:30:33,840 --> 00:30:35,520
Does it do the same thing?
Same thing for.

569
00:30:35,520 --> 00:30:39,200
You Adderall's 11 and done for
me, it's it's good for the day

570
00:30:39,200 --> 00:30:43,640
because I've done it and it's
it's still it'll interrupt when

571
00:30:43,640 --> 00:30:46,200
I sleep.
That's how even if you take it

572
00:30:46,200 --> 00:30:47,760
in the.
Beginning that's like the that's

573
00:30:47,760 --> 00:30:50,160
the capsules, the big.
Facts are yeah, the extended.

574
00:30:50,160 --> 00:30:52,360
Rolling, that's not the roll in
and out and snorting it, that's

575
00:30:52,360 --> 00:30:54,280
actually taking the Adderall
pill and.

576
00:30:54,320 --> 00:30:56,320
Well, that's how you're supposed
to do, because the last way

577
00:30:56,520 --> 00:30:58,240
it's.
An amazing drug.

578
00:30:58,360 --> 00:31:02,440
It's focused like when when I
was prepping for long hikes,

579
00:31:02,440 --> 00:31:05,240
then I would have to go out and
just be mindset that hey, the

580
00:31:05,240 --> 00:31:07,880
only way I'm going to get ready
for this to do 10 miles a day

581
00:31:07,880 --> 00:31:11,840
for three days in a row is I'd
pop an Adderall in the morning

582
00:31:11,880 --> 00:31:15,160
and just go out there and be a
mile of fuck walking 10 miles

583
00:31:15,240 --> 00:31:16,360
because.
It was good focus.

584
00:31:16,360 --> 00:31:18,800
No, it definitely is.
Because it helps you focus on

585
00:31:19,320 --> 00:31:23,480
you know your you have a task
before you and you will do it no

586
00:31:23,480 --> 00:31:25,680
matter what.
I think it's really interesting

587
00:31:25,680 --> 00:31:30,360
to see those that have ADHD and
how drug addiction correlates

588
00:31:30,360 --> 00:31:32,480
with that.
So predominantly, it's pretty

589
00:31:32,480 --> 00:31:36,400
crazy.
Well, you think that there isn't

590
00:31:36,440 --> 00:31:39,400
There's, there's I think the
problem that I have with the

591
00:31:39,400 --> 00:31:43,680
doctors and the diagnosis at
early ages is that there's no

592
00:31:43,680 --> 00:31:47,200
off ramp.
There's no, and there's no even

593
00:31:47,200 --> 00:31:51,840
thought to an off ramp to a
child that's 7-8 years old.

594
00:31:52,400 --> 00:31:57,400
That's going to be, you know,
and not just one out of 100 or

595
00:31:57,400 --> 00:32:01,680
1000, you know, 'cause I mean, I
would understand that there are

596
00:32:01,680 --> 00:32:04,080
kids that are going to have to
be medicated their whole life.

597
00:32:04,080 --> 00:32:06,640
I'm, I'm fine with that.
They're they're, they're,

598
00:32:06,640 --> 00:32:10,680
they're beyond.
They will not fit into a normal

599
00:32:10,680 --> 00:32:12,760
atmosphere.
I mean schizophrenics and things

600
00:32:12,760 --> 00:32:14,880
like that.
But when you're talking, you

601
00:32:14,880 --> 00:32:18,760
know 40% of a class.
There's.

602
00:32:19,240 --> 00:32:21,920
There's there's somebody's
pushing something on somebody

603
00:32:21,920 --> 00:32:24,160
that they don't really need.
No, exactly.

604
00:32:24,200 --> 00:32:27,800
Well, it's like, how?
Why is an 8 year old acting like

605
00:32:27,800 --> 00:32:29,760
a child?
That's very odd, right?

606
00:32:30,080 --> 00:32:32,960
It's a very odd thing that 8
year olds some.

607
00:32:32,960 --> 00:32:36,280
Of us are worst others.
And they act like children.

608
00:32:36,520 --> 00:32:38,840
I don't understand.
I don't understand that.

609
00:32:39,200 --> 00:32:43,160
But oh, going back real quick,
we said budget, budget, top

610
00:32:43,160 --> 00:32:44,720
budget.
Budget's the biggest thing.

611
00:32:44,720 --> 00:32:48,240
Mutual fund, right?
Mutual fund starts as early as

612
00:32:48,320 --> 00:32:52,320
you possibly can.
I know people always say, oh,

613
00:32:52,320 --> 00:32:55,760
don't buy the the I have never
been someone.

614
00:32:56,120 --> 00:32:59,480
Well, I don't want to say that
I've always been someone that

615
00:32:59,480 --> 00:33:03,400
looked at prices.
I I mean we used to what?

616
00:33:03,400 --> 00:33:05,880
Do you mean prices on ETFs or
on?

617
00:33:05,880 --> 00:33:09,600
When, when When we would shop
when my mother.

618
00:33:09,600 --> 00:33:10,840
Oh, you mean just general
shopping?

619
00:33:10,840 --> 00:33:13,400
OK, gotcha.
My mother would get a paycheck

620
00:33:13,800 --> 00:33:18,600
and my father would do the
grocery list and the grocery

621
00:33:18,600 --> 00:33:20,400
list.
And this is really kind of

622
00:33:20,400 --> 00:33:22,120
unusual.
And this is in the 60s because,

623
00:33:22,440 --> 00:33:25,440
I mean, we were making 68 grand
a year for six people.

624
00:33:25,440 --> 00:33:29,120
So it was, it was tight.
And so we would get a grocery

625
00:33:29,120 --> 00:33:32,120
list and it'd be a list of all
the things and should get paid

626
00:33:32,120 --> 00:33:36,360
every two weeks, all the things
that we would buy and we would

627
00:33:36,360 --> 00:33:40,120
fan out and food fair.
This is down in Shirlington

628
00:33:40,120 --> 00:33:42,720
area.
We would fan out the kids and

629
00:33:42,720 --> 00:33:46,440
we'd all, oh, you got to get
the, the washer, the dishwashing

630
00:33:46,640 --> 00:33:52,480
or the, the laundry detergent
and the peanut butter and you,

631
00:33:52,520 --> 00:33:54,160
you get blah, blah, blah, blah,
blah, blah, blah.

632
00:33:54,200 --> 00:33:57,040
And we would go and we would
get, we would, we knew what

633
00:33:57,040 --> 00:33:59,560
brands we could get if we ever
came back with the wrong brands.

634
00:33:59,880 --> 00:34:04,200
But my father would calculate
every single thing what it cost.

635
00:34:05,000 --> 00:34:09,199
He would have the coupons there.
He'd have the total and the

636
00:34:09,199 --> 00:34:14,080
taxes and my mother would write
a check 04.

637
00:34:14,159 --> 00:34:18,000
She went in for the total amount
at the grocery store.

638
00:34:18,560 --> 00:34:21,679
That's how and, and, and it was
right.

639
00:34:21,719 --> 00:34:24,440
And, and if it was wrong and if
it was wrong, which is the

640
00:34:24,440 --> 00:34:27,400
weirdest thing in the world, she
would go like, what do you mean?

641
00:34:27,400 --> 00:34:31,120
No, no, those are not snap peas.
Those are snap peas.

642
00:34:32,120 --> 00:34:35,159
And then the the, the, the
checkout lady would go, Oh yeah,

643
00:34:35,159 --> 00:34:42,280
I'm sorry, I'm mis wrong.
And then it's it's 18142, you

644
00:34:42,280 --> 00:34:45,400
know, when you were and I was
just by amazed by how much

645
00:34:45,400 --> 00:34:47,280
detail.
And that was in the early years

646
00:34:47,560 --> 00:34:49,600
as he drank more.
He didn't.

647
00:34:51,280 --> 00:34:53,239
The math skills kind of fell
apart.

648
00:34:53,560 --> 00:34:56,840
Yeah, I mean, he was always like
really brilliant at looking

649
00:34:56,840 --> 00:34:59,920
across huge things and pulling
all the facts out.

650
00:35:00,320 --> 00:35:06,080
But he had other issues that
kind of negated all that those,

651
00:35:06,080 --> 00:35:10,560
those good points.
But anyway, but I was like, you

652
00:35:10,560 --> 00:35:13,040
know, knowing what you spend is
a big thing.

653
00:35:13,040 --> 00:35:16,600
It's kind of like when people
tell you you smoke cigarettes,

654
00:35:16,600 --> 00:35:18,880
how do you quit smoking?
Well, first thing they tell you

655
00:35:18,880 --> 00:35:20,040
to do is, well, how much do you
smoke?

656
00:35:20,040 --> 00:35:22,720
Well, like, you know, I have a
pack and I smoke.

657
00:35:23,320 --> 00:35:27,040
I smoke like crumple up two of
them a day and then I open a

658
00:35:27,040 --> 00:35:30,320
third so it's over 2 packs.
You know, I crumple up.

659
00:35:30,320 --> 00:35:32,160
I, I don't, I hold it for two
days.

660
00:35:32,160 --> 00:35:35,000
So I crumple half a pack.
So if that's 10 cigarettes

661
00:35:35,040 --> 00:35:38,080
roughly, you know, and you can
kind of figure out, and then you

662
00:35:38,080 --> 00:35:40,880
start to keep counting what
you're doing and then, you know,

663
00:35:40,880 --> 00:35:43,480
cause a lot of times you don't
realize that well, how many

664
00:35:43,480 --> 00:35:46,440
times you drink every week?
Well, I go out on Tuesdays and

665
00:35:46,440 --> 00:35:50,120
sometimes Thursdays and
Saturdays and Mondays and.

666
00:35:50,880 --> 00:35:53,920
You know, sometimes on
Wednesdays, so.

667
00:35:54,200 --> 00:35:57,040
But but you look at your, you
look at your bill over here and

668
00:35:57,040 --> 00:35:59,760
you're like, my alcohol budget's
like 300 bucks a month.

669
00:35:59,760 --> 00:36:03,840
It's more than my rent.
You know, it's like, OK guy, you

670
00:36:03,840 --> 00:36:06,280
got a problem.
You know, same thing.

671
00:36:06,280 --> 00:36:10,240
It, it's the, the first thing
you need to do.

672
00:36:12,040 --> 00:36:15,680
Don't overcomplicate it.
Get a budget, get a budget.

673
00:36:15,680 --> 00:36:20,080
See where you are, then step
into investing and putting money

674
00:36:20,080 --> 00:36:22,480
into a fund and just do it in a
generic fund.

675
00:36:22,840 --> 00:36:24,920
You know, you can do Vanguard,
you can do Fidelity, you can do

676
00:36:24,960 --> 00:36:30,440
any mutual fund out there.
Pick their their S&P 500 or

677
00:36:30,600 --> 00:36:32,240
their Russell.
I mean, I've done really well

678
00:36:32,240 --> 00:36:34,560
with Russell 2000 because it's a
really war.

679
00:36:34,760 --> 00:36:38,560
You can do a whole world fund,
you can do a whole US fund, you

680
00:36:38,560 --> 00:36:41,200
can do big company funds.
You can do anything.

681
00:36:42,160 --> 00:36:45,000
At the end of the day, that's
going to earn more money than

682
00:36:45,000 --> 00:36:46,880
anything you just leave in a
bank forever.

683
00:36:47,640 --> 00:36:50,160
It's going to be riskier if you
need it, if you need it in a

684
00:36:50,160 --> 00:36:54,240
timely fashion, you shouldn't be
put in the market anyway.

685
00:36:55,800 --> 00:36:59,360
And remember, if it rises up to
if it double s and triples

686
00:37:00,120 --> 00:37:03,040
really quickly, if you're in a
really risky thing, well,

687
00:37:03,040 --> 00:37:04,920
there's a chance that it'll go
down by 1/3.

688
00:37:05,960 --> 00:37:08,680
Well, there was advice that you
gave me as well, that was would

689
00:37:08,680 --> 00:37:11,560
you rather have this money today
or nothing tomorrow?

690
00:37:11,920 --> 00:37:14,200
And right.
And that really resonated with

691
00:37:14,200 --> 00:37:16,440
me on a lot of things, on a lot
of deals.

692
00:37:16,480 --> 00:37:20,440
That was the GameStop.
Yeah, that was GameStop and then

693
00:37:20,560 --> 00:37:23,760
also AMC as well.
Well, you did the most with

694
00:37:23,760 --> 00:37:25,960
GameStop and AMC.
You did some of the most amazing

695
00:37:25,960 --> 00:37:27,640
things that I would have thought
were just for me.

696
00:37:27,760 --> 00:37:30,320
That was ridiculous.
Yeah, I really thought of this.

697
00:37:30,320 --> 00:37:33,040
I bought AMC too.
Way too late.

698
00:37:33,040 --> 00:37:35,800
Like it was way too late.
A lot of people were like, it's

699
00:37:35,800 --> 00:37:37,840
never going to go up again.
It's impossible.

700
00:37:38,120 --> 00:37:41,040
And then it tripled.
And then they were.

701
00:37:41,040 --> 00:37:42,440
Wrong.
And you told Yeah.

702
00:37:43,000 --> 00:37:46,000
And then you did the same
GameStop you, you sold it at the

703
00:37:46,000 --> 00:37:50,440
halfway point or the 2/3 point?
Not even I think I sold it at

704
00:37:50,440 --> 00:37:53,360
$80 a share, 805A share.
No, it's over 100.

705
00:37:54,160 --> 00:37:56,280
Really, it was.
Yeah, yeah, 'cause it went up to

706
00:37:56,320 --> 00:37:58,840
330 the next day.
I remember that you.

707
00:37:58,840 --> 00:38:02,840
Paid 40 grand in taxes on it,
yeah.

708
00:38:02,920 --> 00:38:06,840
That was crazy.
OK, see, 40 grand in taxes means

709
00:38:07,360 --> 00:38:12,040
you made 160 roughly.
See, So that's why I'm saying

710
00:38:12,040 --> 00:38:14,640
that it's that because it's.
I thought it was 20 in taxes.

711
00:38:14,640 --> 00:38:17,400
I didn't think it was 40.
I thought you paid 35 or 37?

712
00:38:17,400 --> 00:38:19,040
I thought it was around 20,
yeah.

713
00:38:19,040 --> 00:38:20,560
OK.
Maybe I mean, and that's it was

714
00:38:20,560 --> 00:38:24,040
a huge number and that was one
of those things and it was it

715
00:38:24,040 --> 00:38:27,240
was basically Warren Buffett
that tells you like what do you

716
00:38:27,240 --> 00:38:28,600
invest in?
You invest in things you know

717
00:38:29,400 --> 00:38:31,560
that you know everything about.
People.

718
00:38:31,760 --> 00:38:33,600
You don't.
You don't need.

719
00:38:33,840 --> 00:38:35,000
You.
Well, I was just going to say,

720
00:38:35,040 --> 00:38:38,760
you have these people in New
York, they use phrasing

721
00:38:38,760 --> 00:38:43,440
specifically to make it sound
confusing, to make it sound like

722
00:38:43,440 --> 00:38:45,720
it's way more complicated than
it actually is.

723
00:38:46,000 --> 00:38:49,800
And it's way easier for the
average person to invest than

724
00:38:49,800 --> 00:38:53,960
they actually believed it to be.
Because the reason why they do

725
00:38:53,960 --> 00:38:57,120
this in New York is it's to
build status and to confuse

726
00:38:57,560 --> 00:39:00,760
people like the average person.
And to confuse the average

727
00:39:00,760 --> 00:39:04,560
person then makes it seem like
they're doing a better, bigger

728
00:39:04,560 --> 00:39:08,200
job than anybody else could ever
do, and so that they can't have

729
00:39:08,200 --> 00:39:10,280
access to that.
And that's what the whole thing

730
00:39:10,280 --> 00:39:14,320
is, is to distract the general
public from being able to

731
00:39:14,320 --> 00:39:16,320
enhance their own lives.
And I think.

732
00:39:16,320 --> 00:39:17,840
That that's we're doing.
We're doing stuff that you

733
00:39:17,880 --> 00:39:19,920
don't.
What is it?

734
00:39:20,240 --> 00:39:21,400
It's so.
Simple too.

735
00:39:21,920 --> 00:39:24,760
Yeah, it's so.
And that's incredibly simple.

736
00:39:25,560 --> 00:39:28,320
Well, I found that.
When I put money with investment

737
00:39:28,320 --> 00:39:31,400
advisors and and and.
I've done this one too.

738
00:39:31,400 --> 00:39:34,760
They're all a bunch of crooks.
Not crooks.

739
00:39:35,200 --> 00:39:37,080
Here's the deal.
When I put money with Merrill

740
00:39:37,080 --> 00:39:41,200
Lynch, they are, they're going
to make a certain amount of

741
00:39:41,200 --> 00:39:44,320
money and they're going to take
my money.

742
00:39:44,320 --> 00:39:46,680
They're going to make money with
it and then they're going to

743
00:39:46,680 --> 00:39:50,920
take a piece of that and they're
going to put it in their funds,

744
00:39:50,920 --> 00:39:54,720
which load fees on to each one
of their funds, which takes a

745
00:39:54,720 --> 00:39:56,760
piece of that.
So they got multiple pieces that

746
00:39:56,760 --> 00:39:59,600
are coming out of it.
So they're not these thumb funds

747
00:39:59,600 --> 00:40:02,560
may, let's say they're really
cool and they actually are near

748
00:40:02,560 --> 00:40:05,320
what the market does, which is
just what I'm telling you to do,

749
00:40:05,560 --> 00:40:11,640
buy a market stock by the NYSE.
Exchange all the securities that

750
00:40:11,640 --> 00:40:13,680
are traded, all the you can buy
it in a basket.

751
00:40:13,920 --> 00:40:16,280
You can buy it through something
called an ETF and exchange

752
00:40:16,280 --> 00:40:18,880
traded fund.
You can buy it directly.

753
00:40:19,120 --> 00:40:21,440
It's a very, very simple it's
easy to buy, it's easy to sell.

754
00:40:21,640 --> 00:40:23,880
You can buy it through Fidelity,
you can buy it through Vanguard.

755
00:40:23,880 --> 00:40:26,320
You don't need to contact a
stockbroker who will charge you

756
00:40:26,320 --> 00:40:29,680
a 1% or a half percent fee on
going in and out.

757
00:40:29,840 --> 00:40:32,600
You don't have to do that.
You can do it online.

758
00:40:32,760 --> 00:40:35,120
You can mail them a check and
you can start your brokerage

759
00:40:35,120 --> 00:40:36,400
account.
You can do this in a lot of

760
00:40:36,400 --> 00:40:39,200
different places and then you
can do your own fund, your own

761
00:40:39,200 --> 00:40:41,640
investing and it kind of kind of
like it makes you more

762
00:40:42,120 --> 00:40:46,160
interested in the market.
And, but remember when you chase

763
00:40:46,160 --> 00:40:49,400
those little things like hey,
someone said buy palantir blah

764
00:40:49,400 --> 00:40:52,920
blah blah and you buy it and it
goes up six times, well, it can

765
00:40:52,920 --> 00:40:55,280
drop 6 times, remember and you
didn't.

766
00:40:55,280 --> 00:40:58,480
And the money isn't yours until
you sell it.

767
00:40:59,000 --> 00:41:02,680
Exactly.
And loss is not yours until you

768
00:41:02,680 --> 00:41:04,200
sell.
It there's something I'll also

769
00:41:04,200 --> 00:41:07,800
say, people talk about Palantir
and they talk about NVIDIA.

770
00:41:08,200 --> 00:41:13,520
These things are $400.00 a
share, 4 or $500 a share.

771
00:41:13,520 --> 00:41:16,120
You're much better off finding
something that's $20 a share and

772
00:41:16,120 --> 00:41:18,760
buying many, many of those.
Well, you see, yeah, I see that.

773
00:41:18,760 --> 00:41:22,960
I see the movement that they
loop when I used to work for a

774
00:41:22,960 --> 00:41:26,520
trader, he said.
I want a, in a perfect world, I

775
00:41:26,520 --> 00:41:30,840
want a 12 to $15 stock that I
can buy 10 dot because it's

776
00:41:30,840 --> 00:41:34,800
liquid and it's got to have like
a couple $100 million market

777
00:41:34,800 --> 00:41:37,360
cap, like 4-5 hundred million.
Now it's like a billion or more

778
00:41:37,560 --> 00:41:39,640
because you want to have
liquidity in the stock.

779
00:41:40,320 --> 00:41:43,960
Because let's say you buy, you
buy 10,000 shares or 5000 shares

780
00:41:43,960 --> 00:41:48,640
or 1000 shares or whatever.
People, if everybody starts

781
00:41:48,640 --> 00:41:51,680
selling, if you start selling,
people will see you selling,

782
00:41:52,120 --> 00:41:55,200
They'll see the trades go in and
it'll put a downward pressure on

783
00:41:55,200 --> 00:41:58,920
the stock.
If it's AOTC, people will always

784
00:41:58,960 --> 00:42:03,000
point to the over the counter
stocks.

785
00:42:03,000 --> 00:42:06,320
They're usually penny stocks.
They're you buy them for $0.80

786
00:42:06,320 --> 00:42:10,000
and you sell them for $3 and you
made 300% or 400% of your money.

787
00:42:10,440 --> 00:42:14,520
But you know 90% of the time the
$0.80 turns into two cents and

788
00:42:14,520 --> 00:42:17,560
they go belly up.
So there is that.

789
00:42:17,960 --> 00:42:22,760
And then if you try to sell an
80 cent stock at $2.00, people

790
00:42:22,760 --> 00:42:27,240
won't buy it at 2, they'll buy
it at 18171615140.

791
00:42:27,400 --> 00:42:30,880
So if you have like 1000 shares
or 2000 shares, it's very hard

792
00:42:30,880 --> 00:42:33,640
to lose it because there's no,
you have to look at the number

793
00:42:33,640 --> 00:42:37,320
of shares traded per day on that
stock to get an idea on how

794
00:42:37,320 --> 00:42:39,520
liquid it is.
You don't have a liquidity

795
00:42:39,520 --> 00:42:44,000
problem with a Palantir because
it's what 40 billion and or

796
00:42:44,000 --> 00:42:48,080
whatever market cap and it's
got, you know, 10 million shares

797
00:42:48,080 --> 00:42:51,080
trade every day.
You know, unless you're it's a

798
00:42:51,080 --> 00:42:52,960
billionaire and you're and if
you're a billionaire and you're

799
00:42:52,960 --> 00:42:55,360
listening to this, you need to
call me, I'll sell you my

800
00:42:55,360 --> 00:42:56,720
laptop.
OK.

801
00:43:00,240 --> 00:43:03,120
And and Zach, Zach has a podcast
he wants to do with you anyway.

802
00:43:03,400 --> 00:43:04,920
That's that's kind of the
difference.

803
00:43:04,960 --> 00:43:07,680
You know, when you think about
it is like that kind of

804
00:43:07,680 --> 00:43:12,560
mentality, is it?
You know, and the whole thing

805
00:43:12,560 --> 00:43:16,920
with investing in the, in the,
in the beginning is that I have

806
00:43:16,920 --> 00:43:18,680
a lot of people now because I'm
66.

807
00:43:18,680 --> 00:43:21,120
It's like they come to me now
and they're at the end in their,

808
00:43:21,200 --> 00:43:23,120
their retirement and they're
looking at it and it's not a

809
00:43:23,120 --> 00:43:25,200
lot.
And they're like, well, I need

810
00:43:25,200 --> 00:43:28,600
to double it.
You're like, well, here's the

811
00:43:28,600 --> 00:43:30,400
deal.
If you got $500,000 in your

812
00:43:30,400 --> 00:43:34,720
retiring and you want to double
it and you can, there's things

813
00:43:34,720 --> 00:43:38,360
you can bet on that'll double
it, but they'll also cut it in

814
00:43:38,360 --> 00:43:40,880
half.
Well, that was another thing

815
00:43:40,880 --> 00:43:43,720
that we talk about all the time,
which is options.

816
00:43:43,720 --> 00:43:47,240
Rewarding.
And options trading, me and my

817
00:43:47,240 --> 00:43:49,440
father never have done really at
all.

818
00:43:49,440 --> 00:43:51,320
I've never done options.
Have you done options?

819
00:43:53,400 --> 00:43:56,120
I kind of started and then I
just never followed through.

820
00:43:56,120 --> 00:43:58,760
I thought it was a kind of a
neat idea, but I'm not.

821
00:44:01,080 --> 00:44:04,120
I don't.
The level of attention required

822
00:44:04,320 --> 00:44:08,280
is about 100 times what you need
for long term investing, which

823
00:44:08,280 --> 00:44:12,120
is what we're talking about.
And therefore it's also a huge

824
00:44:12,120 --> 00:44:15,440
gamble too, because in the long
term investment, it fluctuates

825
00:44:15,840 --> 00:44:18,360
and which in options it
fluctuates and then you lose

826
00:44:18,360 --> 00:44:21,400
everything or you gain
everything, you know, But that's

827
00:44:21,400 --> 00:44:23,840
why I'm I've been there's also.
A lot of investment.

828
00:44:23,960 --> 00:44:27,120
There's financial, what do you
call it?

829
00:44:28,080 --> 00:44:33,040
Gaming like commodities, CFTC,
commodities, Future Trading

830
00:44:33,040 --> 00:44:37,440
Commission, trading on the
Chicago CBO, whatever the

831
00:44:37,440 --> 00:44:41,760
Chicago Board.
When you trade like hog futures

832
00:44:41,760 --> 00:44:43,360
and all this other kind of stuff
like that.

833
00:44:43,800 --> 00:44:48,280
That if a big player comes into
the market and it's going to

834
00:44:48,280 --> 00:44:51,120
buy, thinks that orange juice is
going to go up.

835
00:44:51,120 --> 00:44:55,320
If you go back to trading places
that if they're going to buy in

836
00:44:55,320 --> 00:44:59,240
the marketplace, the price will
rise whether or not it's a good

837
00:44:59,240 --> 00:45:03,480
idea or not.
And if they sell into good news,

838
00:45:04,080 --> 00:45:07,720
the price is going to go down
because only there's, there's

839
00:45:07,840 --> 00:45:10,200
there's a person who's selling
at a lower rate than whatever

840
00:45:10,200 --> 00:45:12,840
the market should be.
So they can control the market

841
00:45:12,840 --> 00:45:14,440
that way because they spend so
much.

842
00:45:14,440 --> 00:45:17,160
If they're 20 or 30% of the
market, that's, that's what

843
00:45:17,160 --> 00:45:20,480
happens.
You know, so it's a lot riskier

844
00:45:20,480 --> 00:45:23,640
to do things.
But a lot of people say, hey, I

845
00:45:23,640 --> 00:45:26,000
just got to know that Zac's
going to be buying orange juice

846
00:45:26,000 --> 00:45:27,600
tomorrow.
So with the opening bell, I'm

847
00:45:27,600 --> 00:45:30,800
going to be buying orange juice
and I'm just going to ride his

848
00:45:30,880 --> 00:45:33,480
wave up.
And then when he decides to

849
00:45:33,480 --> 00:45:37,000
sell, I want to get out before
he sells, you know, so you got

850
00:45:37,000 --> 00:45:39,080
to have your ear to the ground
and all that kind of stuff.

851
00:45:39,080 --> 00:45:40,960
And then, I mean, there's a
whole lot of stuff now, you see

852
00:45:40,960 --> 00:45:44,520
with the whole insider trades
where, you know, when they said

853
00:45:44,520 --> 00:45:49,040
that we they were in talks with
the Iranians that there was a

854
00:45:49,160 --> 00:45:53,760
502.
Was it a 500 million or $2

855
00:45:53,760 --> 00:46:00,840
billion trade in the stock
market on shorting oil?

856
00:46:01,120 --> 00:46:02,960
Yeah, Will was talking about
that, Yeah.

857
00:46:03,280 --> 00:46:09,640
Shorting oil and it was like
really, really timely and

858
00:46:09,640 --> 00:46:14,920
unusual and and this is
happening a lot now.

859
00:46:15,320 --> 00:46:18,600
I mean, it's very and the SEC
isn't like looking at these

860
00:46:18,600 --> 00:46:21,840
trades and because they know who
did the trade when they say, oh,

861
00:46:21,840 --> 00:46:24,120
we don't know, yeah, you do we
absolutely.

862
00:46:24,280 --> 00:46:25,720
You could track who did the
trade.

863
00:46:25,720 --> 00:46:28,360
You can every single trade that
happens that comes across New

864
00:46:28,360 --> 00:46:31,560
York Stock Exchange, they can
find a guy that executed the

865
00:46:31,560 --> 00:46:35,000
trade because the company
executed for a person every

866
00:46:35,000 --> 00:46:37,040
single time.
So if you start to hear that,

867
00:46:37,040 --> 00:46:40,720
that's that's just not true.
And that's what enforcement of

868
00:46:40,720 --> 00:46:42,960
the SEC is supposed to do.
They're supposed to go in there

869
00:46:42,960 --> 00:46:47,440
and say 500 million that the the
morning before you gave a speech

870
00:46:47,440 --> 00:46:49,800
that you're going to do this,
which made the whole market

871
00:46:49,800 --> 00:46:54,480
tank, which he just made $150
million in a day and then he

872
00:46:54,480 --> 00:46:57,640
sells out the next day because
the talks that you talked about

873
00:46:57,640 --> 00:47:02,880
were fake.
That's a little too timely, you

874
00:47:02,880 --> 00:47:07,600
know, so, or, or maybe it's not.
Maybe it was perfect, maybe

875
00:47:07,600 --> 00:47:11,080
there was no problem with it,
but it's it's certainly worth a

876
00:47:11,080 --> 00:47:14,440
conversation to look at.
Well, I know it's kind of like.

877
00:47:14,480 --> 00:47:17,680
It's kind of like if you saw
money stuffed out of my pockets

878
00:47:17,680 --> 00:47:21,200
and running out and it had red
ink on it and the bank right

879
00:47:21,200 --> 00:47:23,600
there was just robbed.
Well, this was like the whole

880
00:47:23,600 --> 00:47:24,520
you.
Should talk to me.

881
00:47:24,760 --> 00:47:29,160
Bitcoin thing in 2016 when he
was doing Trump coin and he was

882
00:47:29,160 --> 00:47:35,080
going to do a Bitcoin rug pull
and that's insane and

883
00:47:35,080 --> 00:47:37,520
everybody's like, but he wasn't
president yet, but I'm like he

884
00:47:37,520 --> 00:47:40,720
was running for president.
So, I mean, I don't really you

885
00:47:40,720 --> 00:47:43,600
had the potential president of
the United States that was going

886
00:47:43,600 --> 00:47:46,720
to do a Bitcoin rug poll.
But it's illegal.

887
00:47:47,080 --> 00:47:49,800
It's it doesn't matter.
It's if you're the head of a

888
00:47:49,800 --> 00:47:52,680
company and you're touting
something and you have a plan

889
00:47:52,680 --> 00:47:55,120
that's going to short it, then
that's illegal.

890
00:47:55,960 --> 00:48:01,440
OK, That is called front running
there there are, you know, you

891
00:48:01,440 --> 00:48:03,880
see this all the time.
That's that's the same thing

892
00:48:03,880 --> 00:48:10,680
that what was it Gordon Belfort,
Jordan Belfort got nailed for

893
00:48:10,680 --> 00:48:13,400
and Wolf of Wall Street.
It's that they were selling

894
00:48:13,400 --> 00:48:15,880
stocks that they were saying are
going to go through the moon and

895
00:48:15,880 --> 00:48:18,360
then they were pumping them up.
Pump and dumps is what we called

896
00:48:18,360 --> 00:48:19,680
them.
And that's what they were doing

897
00:48:19,680 --> 00:48:21,760
was the standard pump and dump.
They tell you that this is the

898
00:48:21,760 --> 00:48:23,280
greatest thing in the world,
greatest thing in the world,

899
00:48:23,280 --> 00:48:25,720
greatest thing in the world.
And they wait until it raises to

900
00:48:25,720 --> 00:48:29,400
say it double S their profit or
triples it in a couple days.

901
00:48:29,720 --> 00:48:32,400
And then they sell into it as
much as they possibly can.

902
00:48:32,840 --> 00:48:34,720
And then they take as much
profit as they can.

903
00:48:34,720 --> 00:48:37,360
And then and then they say, ah,
it was the market.

904
00:48:37,440 --> 00:48:40,640
And it's like, no, it wasn't
you, you, you, you made a phony

905
00:48:40,640 --> 00:48:42,560
market, you lied about it, you
cheated.

906
00:48:42,800 --> 00:48:45,320
That's what happened in the 29
stock market.

907
00:48:45,320 --> 00:48:47,480
That's what happened then.
I mean, and it, and it's

908
00:48:47,480 --> 00:48:49,520
happening again now.
And that was the whole point of

909
00:48:49,520 --> 00:48:52,840
oversight, but they killed
oversight into all of these

910
00:48:52,840 --> 00:48:55,880
different areas.
So you gotta, you gotta wonder

911
00:48:55,880 --> 00:48:58,880
if it's going to happen.
Maybe it won't happen until now.

912
00:48:58,880 --> 00:49:01,800
They're trying to put timelines
on when you can go after people

913
00:49:02,320 --> 00:49:06,040
that cheat and steal.
So which is kind of sad, but you

914
00:49:06,040 --> 00:49:09,640
know, it is what it is.
Can you right before we end

915
00:49:09,640 --> 00:49:14,720
here, pre market trading and
post market trading after hours

916
00:49:14,720 --> 00:49:15,960
trading is really what it's
called.

917
00:49:15,960 --> 00:49:17,800
And then I guess pre hours
trading.

918
00:49:18,000 --> 00:49:19,640
Why?
How does how does that exist?

919
00:49:19,640 --> 00:49:21,680
I still don't understand it.
I still don't get it.

920
00:49:22,200 --> 00:49:26,280
Well, there's OK, let's say
like.

921
00:49:27,400 --> 00:49:29,840
Why is that possible?
General Motors stock is trading

922
00:49:29,840 --> 00:49:34,920
in New York, It's trade in
London, it's traded in Tokyo.

923
00:49:36,240 --> 00:49:38,240
OK, OK.
If you want to buy 24, you can

924
00:49:38,240 --> 00:49:40,400
buy on those exchanges.
OK.

925
00:49:41,080 --> 00:49:43,520
One's pre, one's post.
There's pre and post.

926
00:49:43,520 --> 00:49:47,240
If it starts to rise over there
that that, then that that fee

927
00:49:47,240 --> 00:49:48,800
will come in and tell you the
next day.

928
00:49:50,480 --> 00:49:55,080
There's, I don't know if there
is a, a set vehicle for

929
00:49:55,080 --> 00:49:58,320
institutional investors to buy
and sell and trade in a

930
00:49:58,320 --> 00:50:02,640
secondary market after I'm I'm
not, I'm not you know, what is

931
00:50:02,640 --> 00:50:05,120
the pre market trading, you
know?

932
00:50:05,240 --> 00:50:10,200
Yeah, I don't understand because
I remember GameStop was had

933
00:50:10,200 --> 00:50:14,440
after hours trading and I was
not allowed, right.

934
00:50:14,520 --> 00:50:18,280
But at the same time, I think it
was to control what was going on

935
00:50:18,280 --> 00:50:21,440
because it was fluctuating in
such a way that people are

936
00:50:21,440 --> 00:50:24,960
saying these these firms were
saying, well, we're getting

937
00:50:24,960 --> 00:50:27,720
screwed here.
How do we how do we control this

938
00:50:27,720 --> 00:50:32,280
thing?
That's what I thought it was.

939
00:50:32,360 --> 00:50:34,480
I thought it was a control
method more so than.

940
00:50:34,480 --> 00:50:36,440
Buying and selling securities
before the regular market

941
00:50:36,440 --> 00:50:38,760
usually started at a.
It provides early opportunities

942
00:50:38,760 --> 00:50:40,080
to react.
Overnight news.

943
00:50:40,080 --> 00:50:42,280
It is characterized by low
volume, limited liquidity,

944
00:50:42,280 --> 00:50:46,520
higher volatility.
Unlike regular auto trades are

945
00:50:46,520 --> 00:50:49,720
conducted via electronic
communication networks Ecns,

946
00:50:49,720 --> 00:50:51,400
rather than through a central
exchange.

947
00:50:52,920 --> 00:50:55,680
So you know what it is but.
Why are they allowed to do that

948
00:50:55,680 --> 00:51:00,040
is is really my question.
OK.

949
00:51:00,040 --> 00:51:02,680
They allow pre market trading
with active hours for beginning

950
00:51:02,680 --> 00:51:04,640
at 7.
Schwab does.

951
00:51:05,720 --> 00:51:07,160
Interesting.
OK, I didn't know.

952
00:51:07,160 --> 00:51:10,960
That OK, so you can, so you can
run in and you can buy stock

953
00:51:10,960 --> 00:51:12,200
there.
Interesting.

954
00:51:12,360 --> 00:51:14,240
But there's probably going to
have to be paperwork that you

955
00:51:14,240 --> 00:51:17,560
fill out that says they may not
be able to execute the order.

956
00:51:17,560 --> 00:51:19,480
And you know, because there's
buyers and sellers in the

957
00:51:19,480 --> 00:51:21,680
marketplace at that hour and
that's all you really need to do

958
00:51:21,680 --> 00:51:23,200
because that's what they're
doing is they're matching them

959
00:51:23,200 --> 00:51:25,920
for a fee.
You know, you want to, you want

960
00:51:25,920 --> 00:51:29,840
to sell your stock at, you want
to buy a stock at, at $9 and I

961
00:51:29,840 --> 00:51:32,400
want to sell my stock at 9.
And so they match this together,

962
00:51:33,600 --> 00:51:35,720
right?
You know, you're a winner.

963
00:51:35,720 --> 00:51:37,520
I'm a loser.
If it goes to you're a winner.

964
00:51:37,520 --> 00:51:41,840
If it goes to 10, I'm a loser.
If it goes to 8, I'm a winner.

965
00:51:41,840 --> 00:51:44,600
You're a loser.
You're just basically taking

966
00:51:44,600 --> 00:51:46,600
money from somebody else across
the table.

967
00:51:46,960 --> 00:51:50,040
That's what that's what it is.
Unless the company's issuing new

968
00:51:50,040 --> 00:51:54,720
stock, you're basically there's
100 million shares of General

969
00:51:54,720 --> 00:51:57,560
Motors or whatever company it
is, or 10 million or 5 million

970
00:51:57,560 --> 00:51:59,520
or whatever it is.
That's what's in the

971
00:51:59,520 --> 00:52:01,480
marketplace.
That's what's being sold.

972
00:52:01,800 --> 00:52:04,840
You're buying from somebody else
that believes that they've

973
00:52:04,840 --> 00:52:07,360
maximized their value or they
needed to pay for the kids

974
00:52:07,360 --> 00:52:10,160
education or they want to buy a
new car or whatever the hell,

975
00:52:10,520 --> 00:52:13,920
and you believe that whatever
that price is, it's going to go

976
00:52:13,920 --> 00:52:16,040
higher.
So you're betting on the future

977
00:52:16,040 --> 00:52:19,440
being higher, you know, and if
you look at and, and when I,

978
00:52:19,440 --> 00:52:22,040
when I talk about people buying
and investing and not by

979
00:52:22,040 --> 00:52:24,800
investing in because they used
to say you need a diversified

980
00:52:24,800 --> 00:52:26,680
portfolio to go across all the
things.

981
00:52:26,680 --> 00:52:30,320
If you're in your 20s, don't
bother with bonds, buy stocks.

982
00:52:31,240 --> 00:52:34,320
You know, do do your income
averaging, do your $25.00 a

983
00:52:34,320 --> 00:52:36,840
month or 50 or 75, whatever you
can do.

984
00:52:37,120 --> 00:52:40,600
Just have that go into the
marketplace continuously into a

985
00:52:41,120 --> 00:52:45,640
world stock Fund or all stock
fund or you know, an SAP 500

986
00:52:45,640 --> 00:52:49,200
fund, something to that degree.
And over time you'll do better.

987
00:52:49,360 --> 00:52:52,120
And it's, it's, it's about, it's
about playing a long game and a

988
00:52:52,120 --> 00:52:55,760
long, and it's hard in the
marketplace to see that your

989
00:52:55,760 --> 00:52:58,960
stock only went up 7% in a year.
But you know, if you look at the

990
00:52:58,960 --> 00:53:01,680
interest rate, if you left in
the bank, it was 2.7.

991
00:53:01,960 --> 00:53:06,440
If you put it in ACD, it's 3.9.
So you could double that.

992
00:53:07,440 --> 00:53:09,400
And then if you start to look at
other stock, if you start to

993
00:53:09,400 --> 00:53:12,600
look at the other, you know,
random walk theory and you start

994
00:53:12,600 --> 00:53:14,920
to look at all the stock
brokers, they're all doing 6.

995
00:53:15,160 --> 00:53:18,000
So you, you beat them because
you don't have any other fees

996
00:53:18,000 --> 00:53:21,360
that they're going to tack on.
You know, that's always the

997
00:53:21,360 --> 00:53:23,600
thing when they measure the
returns that they'll say, hell,

998
00:53:23,600 --> 00:53:27,520
I'm Bob and I, I pick stocks and
I got a 19% return when the

999
00:53:27,520 --> 00:53:32,040
market went up 27% like, and
then they're saying, and then at

1000
00:53:32,040 --> 00:53:33,160
the bottom, they'll have a
little thing.

1001
00:53:34,520 --> 00:53:38,440
This does not include fees and
they charge three or four or

1002
00:53:38,440 --> 00:53:40,440
five, whatever, whatever
percentage they do.

1003
00:53:40,440 --> 00:53:43,760
So you know, it's, it's always,
it's, it's a simple thing to do,

1004
00:53:45,560 --> 00:53:49,840
but there's steps in all this.
And the first step is you got to

1005
00:53:49,840 --> 00:53:52,080
know what you have.
You got to know what you, you

1006
00:53:52,080 --> 00:53:55,040
know what your income is and you
know what your outflow is and

1007
00:53:55,040 --> 00:53:57,840
know when your outflow is.
If you're all your money goes

1008
00:53:57,840 --> 00:54:02,240
through one bank account, you'll
have a monthly statement that

1009
00:54:02,240 --> 00:54:05,680
says, and you don't have to like
I got to guess what it is for

1010
00:54:05,680 --> 00:54:08,520
next month.
Look at last month's go online,

1011
00:54:08,520 --> 00:54:11,560
print it out.
Look at look online.

1012
00:54:11,560 --> 00:54:16,280
They will have a little finance
app that tells you it's called,

1013
00:54:16,360 --> 00:54:21,160
It'll be a budgeting app.
Most banks have it and it's free

1014
00:54:22,080 --> 00:54:25,160
and you can just sit there and
say, oh, I print, they put their

1015
00:54:25,280 --> 00:54:28,680
or mortgage or mortgage
insurance, all that stuff.

1016
00:54:28,680 --> 00:54:31,120
You can put it all in and see
where you are.

1017
00:54:31,120 --> 00:54:33,680
And you just get a sense of
your, because what you're really

1018
00:54:33,680 --> 00:54:39,200
looking for is a dollar more
being made than that's being

1019
00:54:39,200 --> 00:54:41,240
spent.
And what are you saving for?

1020
00:54:41,240 --> 00:54:42,600
You're saving for when you
retire.

1021
00:54:42,600 --> 00:54:46,760
You're saving for all the
wonderful things in life, you

1022
00:54:46,760 --> 00:54:48,760
know, trips, whatever makes you
happy.

1023
00:54:49,120 --> 00:54:50,720
You know, buy your kid an ice
cream cone.

1024
00:54:50,720 --> 00:54:51,920
I don't know, you know, buying
some.

1025
00:54:52,200 --> 00:54:55,960
Shoes well, I think that's a
great place to to let off and

1026
00:54:55,960 --> 00:55:01,120
that this is fantastic and as
always go check out our reels.

1027
00:55:01,600 --> 00:55:04,600
We are being really consistent
on social media.

1028
00:55:04,920 --> 00:55:08,040
We love to see you there
Instagram.

1029
00:55:08,440 --> 00:55:12,040
What is it?
Instagram's Facebook and also

1030
00:55:12,040 --> 00:55:15,920
YouTube Go there and then TikTok
account is incoming as.

1031
00:55:15,960 --> 00:55:18,320
And give us ideas for changes
that works for things.

1032
00:55:18,360 --> 00:55:21,800
We're we're always welcome.
We don't read anything, we don't

1033
00:55:21,800 --> 00:55:25,120
know what's going on and we'll
deny any responsibility, but

1034
00:55:25,120 --> 00:55:28,360
we'll definitely steal your idea
like Spotify stole my idea.

1035
00:55:28,360 --> 00:55:29,800
I can't believe that.
I saw.

1036
00:55:30,600 --> 00:55:32,960
That story.
All right, we'll talk to you

1037
00:55:32,960 --> 00:55:33,640
later.
Bye, bye.

1038
00:55:33,640 --> 00:55:34,120
Party on.