Taxes, Tech & Tangents

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Welcome to something more with Chris Boyd.

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Chris Boyd is a certified financial planner, practitioner

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and senior vice president and financial advisor at

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Wealth Enhancement Group, one of the nation's largest

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registered investment advisors.

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We call it something more because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Welcome everybody.

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Thanks for being with us for another episode

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of something more with Chris Boyd here with

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Jeff Perry.

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We are both of the AMR team at

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Wealth Enhancement and glad to have you joining

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us again and hope you do every episode.

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We offer two a week and you can

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find them not only wherever you might listen

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to podcasts, but you can find them on

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video, on YouTube or at our webpage.

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And you can find that by going to

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somethingmorewithchrisboyd.com as an easy way to do

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that.

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In any case, we have a mishmash of

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things today.

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Mishmash.

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Mishmash.

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Lots of various things to discuss.

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Among them will be, we want to touch

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on a recent client experience talking about rule

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of 55.

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There's been some interesting legislative developments around crypto

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and stable coin thought would be worth just

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pointing out and talk a little bit about

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how and whether that should fit into your

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portfolio.

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And a few other things that are timely.

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Before we jump into some of those, Jeff,

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I find that lately, when I'm watching TV

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at night, there's all these oldies I'm watching.

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Oh, you're getting attracted to them.

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Yeah.

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And I can't go by, you know, money

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balls on, I got to watch it.

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Are they oldies if they're...

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I mean, they're not that old, but you

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know what I mean?

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They're not new movies.

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Movies I've seen before.

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And then a few good men.

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I mean, how many odds...

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Oh, geez.

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Yeah.

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But happened by that, I was like, I

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got to watch it.

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Do you have any movies like that that

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are for you?

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I have a lot of movies.

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Don't go by like, oh, I really should

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watch that.

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Or do you not watch television that way

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anymore, where you are clicking through channels where

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it's more deliberate, just go to the show

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you want?

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Well, that's a good point.

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You know, that's a good point.

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Like you don't just, the clicker, you know,

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you're not just...

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Don't scroll as much as we used to.

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Kind of have a movie plan or a

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Netflix series you're watching.

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But when I'm just like thinking about it,

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my mind goes back to what do I

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want to watch?

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And oftentimes it's like, oh, I haven't seen

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the Bridge over the River Kwai in a

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long time.

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There you go.

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That's an oldie.

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Yeah.

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Right?

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Yeah.

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But I think those movies that were present

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and meaningful to us in our formative years,

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define that however you want.

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They hold a special place.

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Yeah.

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And I, in many ways, this is a

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broad statement, you know, not true in every

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case, but many ways I still enjoy them

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more than some of the new movies.

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So, so true.

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Even though you know it and your favorite

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lines that come up and all that.

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Yeah.

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Yeah.

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Anyway, my wife gets a kick out of

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me.

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Reciting lines.

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Reciting the lines and thinking, why are you

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enjoying this?

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If you know the lines.

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Yeah.

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You know it that well.

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You know the end.

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I will say that that's probably a good

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episode sometime for our listeners, or we'd love

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to hear from you if you care to

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share with us now.

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What are those things that for you that

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just, if you're, if you're watching movies, you

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know, like favorite all time gotta, you can't

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go past if you're scrolling by.

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You know what I like?

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Share that with us, Jeff, if they should

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want to.

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Well, if they're watching on YouTube, I guess

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they could throw a comment in the underneath.

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Yeah, that would be a good way to

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do it.

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You could also, you can shoot us an

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email.

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AMR-info at wealthenhancement.com.

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If we get a bunch of these, we'll

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share them as part of an episode.

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That'd be fun.

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On the same theme.

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One of the things I like is when

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they remake an old movie, like, well, example

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of something I watched recently was Midway.

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Yeah.

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You know, the old Midway.

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The original, yeah, back in the 70s.

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I think it was, you know, somewhere around

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there.

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Probably late 60s, 70s.

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Yep.

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And then they did it.

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The remake isn't new either, but I just

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happened to watch both of them maybe a

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month ago.

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Just to...

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Yeah.

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What was that?

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About five years ago, maybe?

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Yeah.

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So I do like when they remake them,

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as long as they're...

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They're not always as good though.

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Yeah.

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I don't know.

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We watched Jaws recently.

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Oh, yeah.

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Because of the anniversary.

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Yeah.

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What was that?

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50 years?

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50 years ago.

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Yeah.

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That's great.

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It was kind of fun to watch.

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And then just the, you know, it was

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like noticeably a different era.

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You know what I mean?

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Like...

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The technology.

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Yeah.

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Well, not even the technology of the shark

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or anything.

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Just the...

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In the movie when, you know, they're dealing

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with the old phones and there's no cell

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phones.

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I'm sure, yeah.

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The styles, the cars.

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It just, I don't know, felt like, oh,

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it's kind of fun.

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But 50 years, that's hard to believe.

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Yeah.

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I was like, I was probably the age

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of that kid right there.

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But anyway.

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All right.

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Well, let's get on to real stuff.

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I don't know why I went down that

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little rabbit hole, just sort of fun.

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That's real.

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That's real stuff.

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Let's start with a reminder about our upcoming

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webinar.

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Lots to learn on this and want to

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share with everyone some valuable lessons.

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I went to a program that was offered

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by the Financial Planning Association of New England

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a while back.

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And they had a presenter, Kate, I've forgotten

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her last name now.

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Excellent presenter.

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Huffnagle or something along those lines.

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She is the digital wrangler.

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And so we've invited her to give a

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presentation.

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Don't leave a digital mess.

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How to prepare for the inevitable in today's

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high tech world.

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There's so many variables that we can easily

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overlook when it comes to the digital wealth,

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assets, memories that we have.

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And I don't mean that in the form

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of cryptocurrency or something.

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Correct.

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Yeah.

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Although that could be included in this discussion.

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It's in the category, I think.

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But more thinking in terms of online footprint,

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whether it's social media accounts, maybe it's your

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iTunes.

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Maybe it's sometimes we've bought movies or music,

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things of that sort.

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What happens to those books that you've acquired,

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Audible or Kindle or whatever?

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Examples.

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Those are just some random examples.

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Broad category.

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What about if something happens to you, does

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someone else have access to that bank account?

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If there's auto pay going on, is it

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a joint account?

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Is it a singly owned account?

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Will bills stop being paid?

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Will people know what bills need to be

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paid?

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If you're the one handling it as an

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example, do people have access?

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Do they have rights to have access?

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Maybe the bank or whatever will say, no

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way, no how.

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This will be a great explanation of getting

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your bearings on the variety of things to

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consider with regard to your digital footprint that

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may have some implications for your estate planning,

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or essentially, it's not necessarily your will or

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something, but thinking in terms of, have I

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planned for this properly?

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What's going to happen to these resources?

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Will people have the ability to retain any

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of the things that they might want or

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I might want them to have?

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Those are all very valid.

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Even from an organizational or knowledge point of

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view, not so long ago, if you were

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watching over your parent or your aunt or

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uncle or whoever, and they passed away, you

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walked into their house, you could probably figure

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out what their bills were.

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They probably had a folder.

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They probably had receipts or mail.

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A checkbook or a bank statement.

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These are all good points.

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Within a month or two, you would get

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the whole full picture, but it is entirely

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possible now, unless somebody's printing things, there are

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people, I don't know if it's the majority,

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it very well could be, that have nothing

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printed.

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Everything is saved on a computer in the

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cloud or whatever.

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If someone doesn't have access, you wouldn't know

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how to find that.

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You wouldn't know anything.

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They might be getting emails with late notices,

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but nobody gets the email as an example.

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And if you don't know, one of the

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stories that was just told in this, that

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as people go through, and by the way,

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we're going to have her on as a

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guest after we have this program, so our

282
00:09:54,380 --> 00:09:57,540
audience for the program will hear some of

283
00:09:57,540 --> 00:10:00,820
her expertise, so you'll hear this in more

284
00:10:00,820 --> 00:10:03,720
depth, but she shared a story about someone

285
00:10:03,720 --> 00:10:06,480
who passed away and the husband's dealing with

286
00:10:06,480 --> 00:10:07,780
small kids.

287
00:10:11,890 --> 00:10:13,320
It's chaos, right?

288
00:10:13,800 --> 00:10:18,100
They're going through all the grief that comes

289
00:10:18,100 --> 00:10:23,520
with a loss, and then suddenly new responsibilities

290
00:10:23,520 --> 00:10:25,020
are thrust upon us.

291
00:10:26,160 --> 00:10:29,420
This particular individual, suddenly the lights go out.

292
00:10:30,460 --> 00:10:31,020
Literally.

293
00:10:31,600 --> 00:10:34,140
Literally, the lights went out because they didn't

294
00:10:34,140 --> 00:10:37,160
know that there was a bill not being

295
00:10:37,160 --> 00:10:41,100
paid because it was all done automatically before

296
00:10:41,100 --> 00:10:44,740
and no access to any of this stuff.

297
00:10:44,840 --> 00:10:45,380
That's right.

298
00:10:46,740 --> 00:10:50,080
It's a very relatable example you could envision.

299
00:10:51,060 --> 00:10:54,120
In any case, at any stage of life,

300
00:10:54,240 --> 00:10:56,460
wherever you are, this would have value to

301
00:10:56,460 --> 00:10:58,720
you to think about my planning for these

302
00:10:58,720 --> 00:10:59,120
issues.

303
00:10:59,260 --> 00:11:02,120
We'll leave a link in the show notes.

304
00:11:02,340 --> 00:11:04,400
If you'd like to register and join us

305
00:11:04,400 --> 00:11:07,620
live, we're going to have this webinar at

306
00:11:07,620 --> 00:11:10,320
10.30 a.m. on September 9th.

307
00:11:10,420 --> 00:11:13,540
It will be recorded, and we will be

308
00:11:13,540 --> 00:11:15,460
happy to make it available to people as

309
00:11:15,460 --> 00:11:15,680
well.

310
00:11:17,640 --> 00:11:22,140
There won't be anything that's compliance concerns or

311
00:11:22,140 --> 00:11:25,020
anything, so it's just good third-party information.

312
00:11:25,160 --> 00:11:26,720
I think we'll be able to have it

313
00:11:26,720 --> 00:11:31,300
available on our website subsequently, but if you

314
00:11:31,300 --> 00:11:33,800
want to be able to ask questions, join

315
00:11:33,800 --> 00:11:34,440
us live.

316
00:11:34,520 --> 00:11:35,840
That'd be the best way to do it.

317
00:11:36,920 --> 00:11:38,440
Anything to add to that, Jeff?

318
00:11:39,020 --> 00:11:39,300
No.

319
00:11:39,560 --> 00:11:41,940
I think the more you think about it

320
00:11:41,940 --> 00:11:43,460
and the more that you learn about it

321
00:11:43,460 --> 00:11:45,740
as you have, and I hope to on

322
00:11:45,740 --> 00:11:48,760
the webinar, it gets bigger and bigger, and

323
00:11:48,760 --> 00:11:50,340
it's really something you can't ignore.

324
00:11:51,640 --> 00:11:54,520
I have to tell you, she does a

325
00:11:54,520 --> 00:11:55,400
great talk.

326
00:11:55,640 --> 00:11:56,580
It's very dynamic.

327
00:11:56,780 --> 00:11:57,700
It's very fast-moving.

328
00:11:57,960 --> 00:11:59,560
There's a lot of information.

329
00:11:59,820 --> 00:12:02,720
It's entertaining, so I think you'll enjoy it.

330
00:12:03,100 --> 00:12:03,620
And it's free.

331
00:12:04,040 --> 00:12:04,640
And it's free.

332
00:12:04,980 --> 00:12:07,560
Yeah, that's a nice perk too, but it's

333
00:12:07,560 --> 00:12:07,960
valuable.

334
00:12:09,120 --> 00:12:10,640
So anyway, join us.

335
00:12:10,640 --> 00:12:12,280
I hope you'll be with us.

336
00:12:13,440 --> 00:12:22,340
Additionally, we've got, believe it or not, National

337
00:12:22,340 --> 00:12:27,360
Financial Awareness Day is upon us August 14th,

338
00:12:27,360 --> 00:12:28,720
depending on when you're watching this.

339
00:12:28,880 --> 00:12:31,580
It may be coming up or have just

340
00:12:31,580 --> 00:12:35,080
passed, but in any event, or listening rather,

341
00:12:35,220 --> 00:12:35,720
watching, listening.

342
00:12:37,780 --> 00:12:40,540
So with that being said, let's talk about

343
00:12:40,540 --> 00:12:41,360
that for a minute or two.

344
00:12:42,480 --> 00:12:44,260
Yeah, they do it once a year, and

345
00:12:44,260 --> 00:12:47,660
I don't know if these things really make

346
00:12:47,660 --> 00:12:50,080
people more aware, but they do get on

347
00:12:50,080 --> 00:12:50,460
the news.

348
00:12:50,720 --> 00:12:52,220
You see those little snippets on the news,

349
00:12:52,260 --> 00:12:53,680
and people like us talk about it.

350
00:12:54,340 --> 00:12:56,720
And hopefully, it's a reminder to, if you're

351
00:12:56,720 --> 00:12:59,260
not where you want to be, or things

352
00:12:59,260 --> 00:13:01,360
aren't organized, or you're not reaching for your

353
00:13:01,360 --> 00:13:04,500
goals, it's an opportunity to stop and pause

354
00:13:04,500 --> 00:13:06,980
and say, is this a good time to

355
00:13:06,980 --> 00:13:07,680
get organized?

356
00:13:07,880 --> 00:13:09,320
Kids are going back to school, if you

357
00:13:09,320 --> 00:13:12,800
have small kids, and the summer is fading.

358
00:13:13,080 --> 00:13:13,680
Sorry about that.

359
00:13:13,920 --> 00:13:15,260
I can't believe it.

360
00:13:15,540 --> 00:13:17,620
Sorry about that for the people in the

361
00:13:17,620 --> 00:13:17,940
Northeast.

362
00:13:18,460 --> 00:13:20,320
But it's hard to believe, just on that

363
00:13:20,320 --> 00:13:20,940
for a second.

364
00:13:21,200 --> 00:13:26,340
I mean, August is flying by.

365
00:13:26,680 --> 00:13:32,120
It's only started, but I was talking with

366
00:13:32,120 --> 00:13:38,080
Ross, our financial assistant, fellow member of our

367
00:13:38,080 --> 00:13:38,800
team here.

368
00:13:40,140 --> 00:13:43,580
Our listeners will know, his fiancée is starting

369
00:13:43,580 --> 00:13:46,660
as a teacher, and she's moving to the

370
00:13:46,660 --> 00:13:46,840
area.

371
00:13:46,960 --> 00:13:49,360
And it's like, in two weeks, she's already

372
00:13:49,360 --> 00:13:51,320
going to be full-time at work.

373
00:13:51,840 --> 00:13:53,520
So that means school's starting.

374
00:13:54,400 --> 00:13:55,640
School is starting, yep.

375
00:13:55,740 --> 00:13:57,840
And I know, probably in other parts of

376
00:13:57,840 --> 00:14:02,480
the country, it's maybe about to begin next

377
00:14:02,480 --> 00:14:05,460
week, next week here in our area of

378
00:14:05,460 --> 00:14:05,840
Florida.

379
00:14:06,240 --> 00:14:08,700
Yeah, it happens much earlier in the South.

380
00:14:09,400 --> 00:14:13,280
So in any case, coming fast.

381
00:14:13,460 --> 00:14:15,580
We got to squeeze in as much summer

382
00:14:15,580 --> 00:14:16,900
as we can in the next few weeks.

383
00:14:17,940 --> 00:14:21,460
So back to national financial awareness day.

384
00:14:22,640 --> 00:14:25,240
Our regular listeners know there's tangents in every

385
00:14:25,240 --> 00:14:25,660
episode.

386
00:14:27,180 --> 00:14:29,040
Well, just a reminder, go out there and

387
00:14:29,040 --> 00:14:29,700
enjoy your summer.

388
00:14:29,700 --> 00:14:30,420
Yeah, exactly.

389
00:14:31,360 --> 00:14:34,480
So there's six goals to financial awareness day.

390
00:14:34,680 --> 00:14:36,380
It's to review and adjust your budget.

391
00:14:36,720 --> 00:14:38,600
Some people do this every day.

392
00:14:39,200 --> 00:14:40,480
Some people don't have a budget.

393
00:14:40,640 --> 00:14:42,480
So I think it's a good idea for

394
00:14:42,480 --> 00:14:43,560
everyone to at least have a- People

395
00:14:43,560 --> 00:14:45,180
do this every day, Jeff Perry.

396
00:14:45,660 --> 00:14:46,960
Yeah, sorry, guilty.

397
00:14:48,320 --> 00:14:49,420
Yep, you're good.

398
00:14:49,980 --> 00:14:51,320
Good, yep.

399
00:14:51,480 --> 00:14:52,700
The people who know me are laughing.

400
00:14:54,100 --> 00:14:57,880
Educate yourself about, you know, be an educated

401
00:14:57,880 --> 00:15:01,180
consumer, you know, pay attention, read articles, listen

402
00:15:01,180 --> 00:15:01,880
to podcasts.

403
00:15:01,940 --> 00:15:03,980
So, you know, you're already ahead of more

404
00:15:03,980 --> 00:15:05,880
than half the people are doing that, right?

405
00:15:06,300 --> 00:15:07,780
Take an online course.

406
00:15:09,040 --> 00:15:10,900
Number three is set financial goals.

407
00:15:11,040 --> 00:15:13,040
We talk about goals a lot on this

408
00:15:13,040 --> 00:15:16,160
short term, long term goals and check your

409
00:15:16,160 --> 00:15:17,640
credit score, I think is a, you know,

410
00:15:17,700 --> 00:15:18,900
good thing to do once a year.

411
00:15:19,020 --> 00:15:20,960
I helped someone do it yesterday, in fact.

412
00:15:21,520 --> 00:15:24,380
Do you remember the, there's a couple of

413
00:15:24,380 --> 00:15:26,460
free, you know, resources for this.

414
00:15:26,580 --> 00:15:28,440
How would you typically encourage people to do

415
00:15:28,440 --> 00:15:28,580
that?

416
00:15:29,560 --> 00:15:30,360
Annualcreditreport.com.

417
00:15:30,680 --> 00:15:30,980
There you go.

418
00:15:31,020 --> 00:15:32,740
It's a very, yeah, that's the one I

419
00:15:32,740 --> 00:15:33,320
used yesterday.

420
00:15:33,700 --> 00:15:35,360
It's very easy to use.

421
00:15:36,480 --> 00:15:39,260
You know, you need to identify yourself for

422
00:15:39,260 --> 00:15:41,380
three different ways and all that, but it

423
00:15:41,380 --> 00:15:43,000
gives you, it doesn't give you your credit

424
00:15:43,000 --> 00:15:43,580
score.

425
00:15:43,680 --> 00:15:44,840
You can pay for that, but it gives

426
00:15:44,840 --> 00:15:46,280
you your credit report, which I think is

427
00:15:46,280 --> 00:15:48,060
more important than your credit score.

428
00:15:49,640 --> 00:15:50,940
I'm writing it down.

429
00:15:51,080 --> 00:15:52,420
I just put it in our chat because

430
00:15:52,420 --> 00:15:53,420
I want to be able to do it

431
00:15:53,420 --> 00:15:54,020
for myself.

432
00:15:54,160 --> 00:15:55,500
That's a good suggestion.

433
00:15:55,780 --> 00:15:57,660
Don't do it all the time, but once

434
00:15:57,660 --> 00:15:59,440
in a while you got to go see

435
00:15:59,440 --> 00:16:00,460
if there's anything you've overlooked.

436
00:16:00,880 --> 00:16:02,560
We could do a whole show on this,

437
00:16:02,680 --> 00:16:04,780
but, you know, looking at your credit report,

438
00:16:05,260 --> 00:16:08,180
the primary thing you're looking for first is,

439
00:16:08,280 --> 00:16:10,880
is anyone opened up an account or taken

440
00:16:10,880 --> 00:16:12,460
out credit in my name, right?

441
00:16:13,080 --> 00:16:15,100
So then there's all types of other information

442
00:16:15,100 --> 00:16:16,960
and ultimately you can get your credit score.

443
00:16:17,320 --> 00:16:18,780
You can get your credit score from other

444
00:16:18,780 --> 00:16:22,660
sources also, but annual credit report is free.

445
00:16:23,140 --> 00:16:25,840
It's all three of the credit reporting bureaus.

446
00:16:25,920 --> 00:16:27,120
You can pick one, you can pick all

447
00:16:27,120 --> 00:16:29,740
three and get a good review of your

448
00:16:29,740 --> 00:16:30,040
credit.

449
00:16:31,140 --> 00:16:34,780
The fifth goal for National Financial Awareness Day

450
00:16:34,780 --> 00:16:37,240
is start or build an emergency fund, kind

451
00:16:37,240 --> 00:16:40,040
of the foundational basis of a good financial

452
00:16:40,040 --> 00:16:40,500
plan.

453
00:16:41,640 --> 00:16:44,980
And the last one, which, you know, maybe

454
00:16:44,980 --> 00:16:46,560
should be the first one, consult with a

455
00:16:46,560 --> 00:16:50,700
financial advisor, you know, seek some help, seek

456
00:16:50,700 --> 00:16:55,660
professional guidance on planning strategies, portfolio management, debt

457
00:16:55,660 --> 00:16:56,160
management.

458
00:16:58,360 --> 00:17:00,040
When we have a problem, whether it be

459
00:17:00,040 --> 00:17:02,440
a legal problem, a medical problem, you know,

460
00:17:02,480 --> 00:17:05,380
you turn to the professionals and unless you're

461
00:17:05,380 --> 00:17:06,980
very astute and been doing it a long

462
00:17:06,980 --> 00:17:10,740
time, which some people do successfully, but if

463
00:17:10,740 --> 00:17:12,740
you're having some issues with your finances or

464
00:17:12,740 --> 00:17:14,460
you're not reaching your goals or you're struggling

465
00:17:14,460 --> 00:17:17,640
with your debt, why not sit down with

466
00:17:17,640 --> 00:17:20,079
a financial advisor and get some advice.

467
00:17:21,839 --> 00:17:23,880
And to that end, we will offer the,

468
00:17:23,880 --> 00:17:26,980
you know, the reality that we are happy

469
00:17:26,980 --> 00:17:29,000
to work with people or talk with people.

470
00:17:29,300 --> 00:17:33,960
If you need some opportunity for a consultation

471
00:17:33,960 --> 00:17:37,880
or a review of your personal financial life,

472
00:17:38,360 --> 00:17:41,060
whether that's your financial plan or your portfolio,

473
00:17:41,060 --> 00:17:42,860
don't hesitate to reach out.

474
00:17:43,100 --> 00:17:44,080
That's why we're here.

475
00:17:44,200 --> 00:17:45,220
We're happy to be a resource.

476
00:17:45,800 --> 00:17:49,360
You can connect with us by phone, toll

477
00:17:49,360 --> 00:17:52,420
-free 866-771-8901.

478
00:17:52,860 --> 00:17:55,160
Does anyone need toll-free numbers anymore, Jeff?

479
00:17:55,340 --> 00:17:56,320
I don't think so.

480
00:17:56,660 --> 00:17:56,960
All right.

481
00:17:57,160 --> 00:18:00,940
508-771-8900 is our local number.

482
00:18:01,920 --> 00:18:04,660
Or you can send us an email, amr

483
00:18:04,660 --> 00:18:07,560
-info at wealthenhancement.com.

484
00:18:08,160 --> 00:18:10,780
And whoever you work with, you know, hopefully

485
00:18:10,780 --> 00:18:12,920
you work with us, but if you don't

486
00:18:12,920 --> 00:18:17,280
and you're looking for an advisor or you're

487
00:18:17,280 --> 00:18:18,820
working with an advisor, you know, make sure

488
00:18:18,820 --> 00:18:20,580
you ask them those three questions that I

489
00:18:20,580 --> 00:18:24,760
repeat incessantly on the show is, are you

490
00:18:24,760 --> 00:18:25,480
a fiduciary?

491
00:18:26,300 --> 00:18:29,540
Which means the advisor has to work in

492
00:18:29,540 --> 00:18:33,720
your best interest, ethically, morally, only recommend things

493
00:18:33,720 --> 00:18:34,880
that are in your best interest.

494
00:18:35,540 --> 00:18:36,700
Number two is how are they paid?

495
00:18:37,660 --> 00:18:40,060
There's several different ways to get, you know,

496
00:18:40,140 --> 00:18:41,920
everyone's getting paid somehow.

497
00:18:42,240 --> 00:18:44,000
Several different ways people can get paid.

498
00:18:45,780 --> 00:18:48,980
If they can't explain to you within 30

499
00:18:48,980 --> 00:18:52,740
seconds how they're compensated, they're probably not being

500
00:18:52,740 --> 00:18:54,640
super straightforward with you.

501
00:18:55,220 --> 00:18:57,800
And so are they a fiduciary?

502
00:18:57,880 --> 00:18:58,580
How are they paid?

503
00:18:58,760 --> 00:19:00,840
And number three is where are your assets

504
00:19:00,840 --> 00:19:01,520
being held?

505
00:19:02,180 --> 00:19:04,600
Are they being held by the same person

506
00:19:04,600 --> 00:19:06,360
giving you the advice or are they being

507
00:19:06,360 --> 00:19:07,520
held by a third party?

508
00:19:08,580 --> 00:19:10,240
In our case, it's the third party.

509
00:19:10,720 --> 00:19:12,360
That's the best practice in my opinion.

510
00:19:12,900 --> 00:19:14,140
So you deal with us, we give you

511
00:19:14,140 --> 00:19:14,500
advice.

512
00:19:14,660 --> 00:19:16,680
We don't make more or less money based

513
00:19:16,680 --> 00:19:17,940
upon the advice we give you.

514
00:19:18,000 --> 00:19:19,620
And your assets in our case are held

515
00:19:19,620 --> 00:19:21,000
at swarble fidelity.

516
00:19:22,100 --> 00:19:24,180
So you can go independently to that third

517
00:19:24,180 --> 00:19:25,780
party and look at your assets.

518
00:19:25,900 --> 00:19:27,680
You can go through us, but you know,

519
00:19:27,740 --> 00:19:29,780
they're somewhere else other than the person who's

520
00:19:29,780 --> 00:19:30,820
sending you the statements.

521
00:19:32,100 --> 00:19:33,840
Just to go back to the number two

522
00:19:33,840 --> 00:19:39,440
on how people are compensated, recent news about

523
00:19:39,440 --> 00:19:44,540
an advisor who was being compensated by a

524
00:19:44,540 --> 00:19:47,380
fee as a fiduciary, but also being paid

525
00:19:47,380 --> 00:19:50,860
through commissions without- Without disclosure.

526
00:19:51,160 --> 00:19:53,540
Without clarity around the disclosure around that.

527
00:19:53,760 --> 00:19:55,700
And I think that's one of those things

528
00:19:55,700 --> 00:19:58,040
that, you know, it's probably an either or,

529
00:19:58,200 --> 00:20:00,180
not both for people.

530
00:20:00,840 --> 00:20:03,800
Well, if you're not disclosing something, that's a

531
00:20:03,800 --> 00:20:05,920
red flag that you're not comfortable with it.

532
00:20:06,800 --> 00:20:07,220
Yeah.

533
00:20:07,640 --> 00:20:07,900
Right.

534
00:20:07,960 --> 00:20:09,240
And when you're being paid by a third

535
00:20:09,240 --> 00:20:11,620
party to recommend something, there's the appearance, even

536
00:20:11,620 --> 00:20:14,160
if it doesn't really affect, you know, even

537
00:20:14,160 --> 00:20:15,820
if you're this most honest person in the

538
00:20:15,820 --> 00:20:17,480
world and you don't let it affect you

539
00:20:17,480 --> 00:20:20,920
at all, there's an appearance of a conflict

540
00:20:20,920 --> 00:20:22,420
there that should be disclosed.

541
00:20:24,770 --> 00:20:26,490
Conflicts have to be disclosed if they're real

542
00:20:26,490 --> 00:20:27,610
or there's an appearance.

543
00:20:27,970 --> 00:20:29,190
You know, it's not- Right.

544
00:20:29,390 --> 00:20:29,730
Right.

545
00:20:29,990 --> 00:20:31,230
It's part of the disclosure.

546
00:20:31,510 --> 00:20:34,230
It doesn't always mean that it's, if there

547
00:20:34,230 --> 00:20:39,010
is anything untoward, it just means that, you

548
00:20:39,010 --> 00:20:40,270
know, there's the potential for that.

549
00:20:40,410 --> 00:20:43,090
And if it's disclosed and discussed, it can

550
00:20:43,090 --> 00:20:46,410
be something you decide you're comfortable with.

551
00:20:47,070 --> 00:20:50,310
You know, just, you have to be careful,

552
00:20:50,450 --> 00:20:50,710
I guess.

553
00:20:50,770 --> 00:20:51,630
That's really the bottom line.

554
00:20:51,630 --> 00:20:53,650
I mean, I think most of our listeners

555
00:20:53,650 --> 00:20:57,550
and consumers know that if you go into

556
00:20:57,550 --> 00:21:02,010
any business and they get paid $1 or

557
00:21:02,010 --> 00:21:04,210
$2, depending on the product they sell you,

558
00:21:04,590 --> 00:21:06,550
there may be a natural tendency for the

559
00:21:06,550 --> 00:21:08,550
salesperson to sell you something with a higher

560
00:21:08,550 --> 00:21:08,970
commission.

561
00:21:09,610 --> 00:21:09,730
Right.

562
00:21:11,730 --> 00:21:13,470
So when you're dealing with people who get

563
00:21:13,470 --> 00:21:15,270
paid on commission, just, you know, you should

564
00:21:15,270 --> 00:21:15,910
be aware of it.

565
00:21:15,990 --> 00:21:17,450
And if there's a conflict, it should be

566
00:21:17,450 --> 00:21:18,190
disclosed to you.

567
00:21:18,730 --> 00:21:20,470
Like I said, in question number two, how

568
00:21:20,470 --> 00:21:20,950
are you paid?

569
00:21:21,090 --> 00:21:23,050
If you're being paid by a product that's

570
00:21:23,050 --> 00:21:25,530
being sold to you or, you know, just

571
00:21:25,530 --> 00:21:27,050
be aware of that as a consumer, that

572
00:21:27,050 --> 00:21:28,810
that may not be what's in your best

573
00:21:28,810 --> 00:21:29,270
interest.

574
00:21:30,490 --> 00:21:31,090
All right.

575
00:21:31,230 --> 00:21:35,790
So enjoy National Financial Awareness Day.

576
00:21:36,390 --> 00:21:37,650
The actual day, I don't know if you

577
00:21:37,650 --> 00:21:39,350
said it, if you did, I apologize, but

578
00:21:39,350 --> 00:21:40,750
it's August 14th.

579
00:21:41,870 --> 00:21:44,150
So- You can celebrate any day you

580
00:21:44,150 --> 00:21:44,530
like though.

581
00:21:44,550 --> 00:21:44,810
Yeah.

582
00:21:44,950 --> 00:21:47,250
Any day is- Or every day.

583
00:21:47,250 --> 00:21:47,750
Yeah.

584
00:21:49,070 --> 00:21:50,150
Every day.

585
00:21:51,110 --> 00:21:51,610
All right.

586
00:21:51,670 --> 00:21:53,190
One other thing I wanted to talk about

587
00:21:53,190 --> 00:21:56,130
as part of our mishmash, a variety of

588
00:21:56,130 --> 00:21:57,090
things to talk about.

589
00:21:57,830 --> 00:22:01,930
Had a recent client meeting and thought this

590
00:22:01,930 --> 00:22:05,250
was worthy of a conversation.

591
00:22:06,710 --> 00:22:09,990
So we have these clients who have been

592
00:22:09,990 --> 00:22:12,450
planning for a long time to retire early.

593
00:22:13,270 --> 00:22:13,530
Okay.

594
00:22:13,950 --> 00:22:15,170
Are they fire clients?

595
00:22:15,970 --> 00:22:20,770
I wouldn't call them that, but they have

596
00:22:20,770 --> 00:22:23,650
for a long time had a mission where

597
00:22:23,650 --> 00:22:26,790
they actually are going to travel the world.

598
00:22:27,210 --> 00:22:28,010
Okay.

599
00:22:29,610 --> 00:22:33,710
So they've planned early and often for their

600
00:22:33,710 --> 00:22:34,390
savings.

601
00:22:34,430 --> 00:22:36,250
So they're well-prepared.

602
00:22:36,670 --> 00:22:39,150
But one of the challenges you have when

603
00:22:39,150 --> 00:22:43,930
you retire early is for a lot of

604
00:22:43,930 --> 00:22:45,530
people where they put a lot of their

605
00:22:45,530 --> 00:22:49,410
money is in retirement plan savings or IRA

606
00:22:49,410 --> 00:22:51,910
or things that are- Work plans, who

607
00:22:51,910 --> 00:22:52,150
knows?

608
00:22:52,230 --> 00:22:52,610
Work plans.

609
00:22:52,890 --> 00:22:55,790
So now if you retire and you are

610
00:22:55,790 --> 00:22:58,410
before 59 and a half, do you have

611
00:22:58,410 --> 00:23:01,590
access to where a lot of your wealth

612
00:23:01,590 --> 00:23:02,090
is stored?

613
00:23:03,790 --> 00:23:05,250
So there's a challenge.

614
00:23:05,850 --> 00:23:09,590
Now, if you have non-IRA assets as

615
00:23:09,590 --> 00:23:13,510
well, that's helpful and valuable and you may

616
00:23:13,510 --> 00:23:15,930
be able to navigate this more effectively.

617
00:23:16,730 --> 00:23:19,870
But there is a rule called Rule of

618
00:23:19,870 --> 00:23:25,350
55 that does allow for penalty-free withdrawals.

619
00:23:26,550 --> 00:23:31,090
But it is from your current 401k.

620
00:23:31,330 --> 00:23:33,830
So the most immediate when you retire, you

621
00:23:33,830 --> 00:23:35,310
have to be separated from service.

622
00:23:35,910 --> 00:23:41,230
But if you had multiple 401ks, rather, you

623
00:23:41,230 --> 00:23:44,770
could not necessarily say, oh, well, I worked

624
00:23:44,770 --> 00:23:47,370
for that employer two employers ago.

625
00:23:47,710 --> 00:23:50,910
I'm going to withdraw from that 401k.

626
00:23:51,550 --> 00:23:53,350
It doesn't work that way.

627
00:23:53,510 --> 00:23:53,750
Early.

628
00:23:54,330 --> 00:23:57,610
Only without penalty, you know what I mean?

629
00:23:57,670 --> 00:24:00,430
So it's only this Rule 55 that applies

630
00:24:00,430 --> 00:24:05,830
to your most immediate employer 401k or 403b

631
00:24:05,830 --> 00:24:06,390
type plan.

632
00:24:08,010 --> 00:24:10,990
So when I heard this, I said, wait,

633
00:24:11,070 --> 00:24:12,550
isn't it for public employees?

634
00:24:12,870 --> 00:24:14,610
And I was trying to remember the rule

635
00:24:14,610 --> 00:24:14,950
of this.

636
00:24:15,790 --> 00:24:18,290
And there is a Rule 55 in Massachusetts

637
00:24:18,290 --> 00:24:19,630
for public employees.

638
00:24:19,630 --> 00:24:21,710
That is not what we're talking about today.

639
00:24:22,110 --> 00:24:22,590
That's right.

640
00:24:22,850 --> 00:24:26,190
And this can sometimes be even earlier for

641
00:24:26,190 --> 00:24:26,990
public employees.

642
00:24:27,810 --> 00:24:29,690
This type of a rule can be maybe

643
00:24:29,690 --> 00:24:30,570
age 50.

644
00:24:32,110 --> 00:24:33,070
It can be.

645
00:24:33,370 --> 00:24:33,850
Can be.

646
00:24:33,850 --> 00:24:36,090
But sticky wicky, right?

647
00:24:36,190 --> 00:24:38,450
Lots of details, lots of particulars.

648
00:24:39,230 --> 00:24:41,430
So in any case, that's not what we're

649
00:24:41,430 --> 00:24:42,150
talking about, though.

650
00:24:42,210 --> 00:24:43,890
This is not a public employee rule.

651
00:24:43,970 --> 00:24:45,330
Not a public employee rule.

652
00:24:45,490 --> 00:24:45,730
Right.

653
00:24:45,870 --> 00:24:49,290
So let's just say if you retire early.

654
00:24:49,770 --> 00:24:53,370
And again, I want to caution because for

655
00:24:53,370 --> 00:24:56,890
most people, you probably shouldn't retire early because,

656
00:24:57,610 --> 00:25:00,830
you know, now you could be living 40

657
00:25:00,830 --> 00:25:04,210
years more.

658
00:25:04,770 --> 00:25:04,930
Right.

659
00:25:05,390 --> 00:25:09,270
Where this money needs to continue to be

660
00:25:09,270 --> 00:25:11,010
productive to you.

661
00:25:11,590 --> 00:25:13,770
You know, maybe you've worked 40 years.

662
00:25:14,650 --> 00:25:16,990
I mean, probably not.

663
00:25:17,110 --> 00:25:17,290
Right.

664
00:25:17,390 --> 00:25:18,750
If you're retiring at 55.

665
00:25:19,150 --> 00:25:19,470
Right.

666
00:25:19,910 --> 00:25:20,090
Right.

667
00:25:20,210 --> 00:25:21,370
You've probably worked what?

668
00:25:21,630 --> 00:25:23,110
You know, 30ish years.

669
00:25:23,370 --> 00:25:24,290
30 some odd years.

670
00:25:24,370 --> 00:25:24,490
Yeah.

671
00:25:24,530 --> 00:25:24,870
At the most.

672
00:25:25,490 --> 00:25:25,730
Yeah.

673
00:25:25,730 --> 00:25:31,350
So anyway, you can see how that could

674
00:25:31,350 --> 00:25:34,010
be challenging to be in a position where

675
00:25:34,010 --> 00:25:36,890
you're going to have enough to last.

676
00:25:37,770 --> 00:25:43,050
And it definitely requires considerable planning and preparation

677
00:25:43,050 --> 00:25:44,750
to be in a position where you can

678
00:25:44,750 --> 00:25:45,330
do that.

679
00:25:46,090 --> 00:25:48,130
But so but for those who have that

680
00:25:48,130 --> 00:25:51,010
kind of opportunity and planning, or if they're

681
00:25:51,010 --> 00:25:53,190
more like that fire kind of story, you

682
00:25:53,190 --> 00:25:58,390
know, where they're going to maybe try to

683
00:25:58,390 --> 00:26:01,130
enjoy it along the way, maybe some time

684
00:26:01,130 --> 00:26:04,250
away, some work, some time away, some more,

685
00:26:04,490 --> 00:26:06,730
you know, maybe there's more work behind this

686
00:26:06,730 --> 00:26:08,050
that comes along the way.

687
00:26:08,710 --> 00:26:10,630
But what's what's the fire?

688
00:26:10,730 --> 00:26:12,410
It's like retire early as the army.

689
00:26:12,830 --> 00:26:13,030
Yeah.

690
00:26:13,030 --> 00:26:19,350
Well, the concept behind the fire movement is

691
00:26:19,350 --> 00:26:22,910
you live like on, as Dave Ramsey would

692
00:26:22,910 --> 00:26:25,090
say on rice and beans, you live super

693
00:26:25,090 --> 00:26:28,450
frugally in the beginning years, you know, years

694
00:26:28,450 --> 00:26:30,490
in your 20s and 30s, you save 80

695
00:26:30,490 --> 00:26:32,910
% of your income, you put it away,

696
00:26:33,070 --> 00:26:35,110
you don't touch it and you do nothing

697
00:26:35,110 --> 00:26:35,750
but work.

698
00:26:35,750 --> 00:26:40,550
And then at some some time, you know,

699
00:26:40,610 --> 00:26:43,470
hopefully based on math, you say, I'm out

700
00:26:43,470 --> 00:26:45,490
at 35, I'm out at 40, I built

701
00:26:45,490 --> 00:26:48,090
enough of a nest egg, that I have

702
00:26:48,090 --> 00:26:50,630
enough money to retire early.

703
00:26:51,010 --> 00:26:54,510
Now, this, they're not eligible for the rule

704
00:26:54,510 --> 00:26:57,230
of 55, if they're retiring at 35 or

705
00:26:57,230 --> 00:26:57,610
40.

706
00:26:58,490 --> 00:27:00,410
So you really need that money to be

707
00:27:00,410 --> 00:27:03,070
outside of that's right, or a status to

708
00:27:03,070 --> 00:27:03,890
help you do that.

709
00:27:04,450 --> 00:27:06,270
Here's a couple of the details for those

710
00:27:06,270 --> 00:27:08,650
people who are thinking, well, maybe this rule

711
00:27:08,650 --> 00:27:11,350
of 55 could be useful to them.

712
00:27:11,710 --> 00:27:13,650
And it doesn't have to be at 55.

713
00:27:13,850 --> 00:27:15,350
If you said, I'm going to retire at

714
00:27:15,350 --> 00:27:15,810
58.

715
00:27:16,150 --> 00:27:17,870
And I've just, I've got to get through

716
00:27:17,870 --> 00:27:20,670
that year or two before I can access.

717
00:27:20,970 --> 00:27:21,830
Here's how it works.

718
00:27:22,210 --> 00:27:24,290
So there's no early withdrawal penalty, that 10

719
00:27:24,290 --> 00:27:26,790
% penalty that applies when you there's an

720
00:27:26,790 --> 00:27:27,490
extra tax.

721
00:27:27,690 --> 00:27:29,670
If you take money from your retirement plan

722
00:27:29,670 --> 00:27:32,870
before age 59 and a half, ordinarily, that's

723
00:27:32,870 --> 00:27:34,370
waived under these circumstances.

724
00:27:35,550 --> 00:27:38,550
But only from your most current employer plan,

725
00:27:39,130 --> 00:27:42,170
again, 401k type plans could be a 403b

726
00:27:42,170 --> 00:27:47,330
that it would apply to, you must have

727
00:27:47,330 --> 00:27:50,910
completed your work with this employer, you're separated

728
00:27:50,910 --> 00:27:51,570
from service.

729
00:27:51,930 --> 00:27:53,790
So if you're working part time for the

730
00:27:53,790 --> 00:27:56,050
employer, doesn't apply.

731
00:27:58,950 --> 00:28:01,790
And doesn't doesn't apply to IRAs.

732
00:28:02,430 --> 00:28:05,230
IRAs don't qualify for the rule of 55.

733
00:28:06,290 --> 00:28:09,770
So that's sort of quick highlights of it

734
00:28:09,770 --> 00:28:11,750
and worth looking into.

735
00:28:11,990 --> 00:28:15,930
But if you're in that situation where either

736
00:28:15,930 --> 00:28:20,190
by circumstance or by design, you've retired early.

737
00:28:20,730 --> 00:28:24,910
Otherwise, there are sometimes other techniques, the 72t

738
00:28:24,910 --> 00:28:30,290
possibilities, but very complex, a lot of specific

739
00:28:30,290 --> 00:28:31,650
rules that relate to that.

740
00:28:32,490 --> 00:28:35,030
And generally, also something to be very careful

741
00:28:35,030 --> 00:28:38,310
around, because if you don't adhere to the

742
00:28:38,310 --> 00:28:41,190
rules fully, your whole retirement plan can blow

743
00:28:41,190 --> 00:28:44,310
up in terms of can be disallowed, and

744
00:28:44,310 --> 00:28:46,090
then you can have a lot of tax

745
00:28:46,090 --> 00:28:46,610
unexpected.

746
00:28:47,430 --> 00:28:48,270
All right.

747
00:28:48,630 --> 00:28:49,230
Absolutely.

748
00:28:49,430 --> 00:28:51,710
It's a it's one of those decisions, you

749
00:28:51,710 --> 00:28:55,290
need some real comprehensive advice to not just,

750
00:28:55,290 --> 00:28:57,430
you know, do the math on the back

751
00:28:57,430 --> 00:28:59,370
of a napkin and simple division.

752
00:28:59,590 --> 00:29:00,910
There's a lot of factors that go into

753
00:29:00,910 --> 00:29:01,270
it.

754
00:29:01,850 --> 00:29:03,790
And we're winding down on time, and I

755
00:29:03,790 --> 00:29:05,850
won't get into all this in as much

756
00:29:05,850 --> 00:29:08,370
depth as I had maybe thought we would.

757
00:29:09,010 --> 00:29:10,230
But let me just give it a quick

758
00:29:10,230 --> 00:29:10,850
mention.

759
00:29:12,490 --> 00:29:15,250
In the past couple of weeks, there have

760
00:29:15,250 --> 00:29:21,450
been some legislative movements as it relates to

761
00:29:21,450 --> 00:29:23,190
cryptocurrency and stablecoin.

762
00:29:23,190 --> 00:29:25,570
And I thought it would be worth just

763
00:29:25,570 --> 00:29:27,210
giving some quick mention to this.

764
00:29:27,410 --> 00:29:31,290
The Genius Act, which is named for Guiding

765
00:29:31,290 --> 00:29:36,470
and Establishing National Innovation for U.S. Stablecoin

766
00:29:36,470 --> 00:29:36,990
Act.

767
00:29:37,770 --> 00:29:38,530
Genius.

768
00:29:40,770 --> 00:29:44,630
Signed into law by President Trump on July

769
00:29:44,630 --> 00:29:47,630
18th, and bipartisan legislation.

770
00:29:48,270 --> 00:29:50,690
Basically, the idea is they want some rules

771
00:29:50,690 --> 00:29:51,890
around stablecoin.

772
00:29:52,630 --> 00:29:55,030
Stablecoin, if you recall, is supposed to be

773
00:29:55,030 --> 00:29:59,010
essentially a form of cryptocurrency that doesn't change

774
00:29:59,010 --> 00:29:59,650
in value.

775
00:30:00,690 --> 00:30:01,650
It's fixed.

776
00:30:01,810 --> 00:30:04,550
It's like a dollar, if you will, it

777
00:30:04,550 --> 00:30:07,710
might be pegged to a dollar or some

778
00:30:07,710 --> 00:30:10,410
currency that it is supposed to reflect.

779
00:30:11,330 --> 00:30:14,070
And so they've put in some rules around

780
00:30:14,070 --> 00:30:18,530
that, where there will be 100% reserve

781
00:30:18,530 --> 00:30:19,310
requirements.

782
00:30:19,310 --> 00:30:21,610
These are going to be treated more like

783
00:30:21,610 --> 00:30:24,410
banking institutions and subject to a lot of

784
00:30:24,410 --> 00:30:27,950
the rules, anti-money laundering and so forth.

785
00:30:29,110 --> 00:30:31,090
And regulatory oversight.

786
00:30:31,750 --> 00:30:35,050
You know, that being said, there's still a

787
00:30:35,050 --> 00:30:39,170
lot to be determined and executed and implemented.

788
00:30:39,410 --> 00:30:41,910
So why do we mention this?

789
00:30:42,250 --> 00:30:44,850
Because we've seen some stablecoin go out of

790
00:30:44,850 --> 00:30:46,450
business and not very stable.

791
00:30:46,990 --> 00:30:49,870
And so I think this is the beginning

792
00:30:49,870 --> 00:30:54,130
of a consumer protection move to make sure

793
00:30:54,130 --> 00:30:59,170
that if you're going to be participating in

794
00:30:59,170 --> 00:31:00,150
these kind of things, you want to make

795
00:31:00,150 --> 00:31:03,250
sure that you're working with or utilizing a

796
00:31:03,250 --> 00:31:07,490
stablecoin that is subject to these regulatory rules.

797
00:31:07,650 --> 00:31:10,770
Now, ideologically, a lot of times people are

798
00:31:10,770 --> 00:31:17,390
drawn to cryptocurrency because of the appeal of

799
00:31:17,390 --> 00:31:17,630
that.

800
00:31:17,730 --> 00:31:19,190
It's like, I don't have the government, you

801
00:31:19,190 --> 00:31:21,090
know, in my business kind of thing.

802
00:31:21,130 --> 00:31:22,450
And that can seem appealing.

803
00:31:22,690 --> 00:31:25,230
On the other hand, there's a reason we

804
00:31:25,230 --> 00:31:27,030
have a central bank and that is it

805
00:31:27,030 --> 00:31:30,370
has helped prevent panics in the market of

806
00:31:30,370 --> 00:31:31,130
banking, right?

807
00:31:32,110 --> 00:31:33,830
Where it runs on the bank.

808
00:31:34,390 --> 00:31:37,430
And we saw that a couple of years

809
00:31:37,430 --> 00:31:41,390
ago where First Republic and...

810
00:31:42,550 --> 00:31:43,930
The bank in California.

811
00:31:43,930 --> 00:31:46,910
The California one, Silicon Valley Bank.

812
00:31:48,250 --> 00:31:50,310
There was a run on these banks that

813
00:31:50,310 --> 00:31:54,290
were particularly, you know, had liquidity issues, but

814
00:31:54,290 --> 00:31:57,730
somewhat tied to technology, perhaps these kind of

815
00:31:57,730 --> 00:31:58,490
crypto issues.

816
00:31:59,190 --> 00:32:03,410
In any case, and the Fed stepped in

817
00:32:03,410 --> 00:32:08,510
and identified ways to limit the worry that

818
00:32:08,510 --> 00:32:11,670
consumers would have about a bank's viability.

819
00:32:12,550 --> 00:32:15,310
Well, that prevented a run on banks.

820
00:32:16,470 --> 00:32:20,390
That is an example of centralized finance that

821
00:32:20,390 --> 00:32:22,290
is helpful to consumers.

822
00:32:23,350 --> 00:32:27,290
And we don't have that right now in

823
00:32:27,290 --> 00:32:29,470
crypto.

824
00:32:30,350 --> 00:32:32,790
Additionally, there was, I think, a legislation that

825
00:32:32,790 --> 00:32:35,590
said they didn't really want the U.S.

826
00:32:35,590 --> 00:32:37,830
to create its own cryptocurrency.

827
00:32:38,690 --> 00:32:40,870
So that would bar the Fed from doing

828
00:32:40,870 --> 00:32:41,410
that, I think.

829
00:32:42,210 --> 00:32:43,650
There were a couple of other things, but

830
00:32:43,650 --> 00:32:46,670
one of them was about who's going to

831
00:32:46,670 --> 00:32:48,510
regulate the cryptocurrency.

832
00:32:51,630 --> 00:32:54,030
So Clarity Act was one of them.

833
00:32:54,310 --> 00:32:58,010
And do you remember what the others were?

834
00:32:58,110 --> 00:32:59,150
There were a couple of acts here.

835
00:32:59,370 --> 00:32:59,770
I don't.

836
00:32:59,850 --> 00:33:01,430
I don't remember all the names yet or

837
00:33:01,430 --> 00:33:02,570
the letters.

838
00:33:02,870 --> 00:33:05,590
But overall, I think wherever you are in

839
00:33:05,590 --> 00:33:07,390
cryptocurrency, it's good news.

840
00:33:07,390 --> 00:33:10,390
I mean, many of the proponents of cryptocurrency

841
00:33:10,390 --> 00:33:13,790
use and blockchain are proponents of this.

842
00:33:14,490 --> 00:33:16,830
And many of the people say, maybe where

843
00:33:16,830 --> 00:33:18,750
I am on it, but on the law

844
00:33:18,750 --> 00:33:21,470
enforcement side of it, the concerns of money

845
00:33:21,470 --> 00:33:26,170
laundering and illicit activity, organized crime, getting a

846
00:33:26,170 --> 00:33:28,750
hold of it, et cetera, we're also in

847
00:33:28,750 --> 00:33:29,030
favor.

848
00:33:29,650 --> 00:33:32,710
So I think wherever you are, if you're

849
00:33:32,710 --> 00:33:34,470
an investor in cryptocurrency or if you're not,

850
00:33:34,470 --> 00:33:38,090
I think it's a good move to regulate

851
00:33:38,090 --> 00:33:40,250
it and back to disclosure and all those

852
00:33:40,250 --> 00:33:41,510
things that we were talking about with other

853
00:33:41,510 --> 00:33:41,950
things.

854
00:33:42,610 --> 00:33:43,790
I think it makes sense.

855
00:33:44,270 --> 00:33:47,750
On the topic of regulation, it looks right

856
00:33:47,750 --> 00:33:51,370
now that primary regulatory oversight will treat it

857
00:33:51,370 --> 00:33:55,250
like a commodity through the CFTC, but the

858
00:33:55,250 --> 00:33:58,110
SEC will still have a role in some

859
00:33:58,110 --> 00:33:59,550
of the regulatory oversight.

860
00:33:59,550 --> 00:34:02,450
So in any case, more to come, I

861
00:34:02,450 --> 00:34:06,050
think, where do we stand on this generally?

862
00:34:06,470 --> 00:34:08,989
Again, for most of the clients we deal

863
00:34:08,989 --> 00:34:14,090
with, this is a highly speculative cryptocurrency digital

864
00:34:14,090 --> 00:34:16,870
assets type of asset class, not typically appropriate

865
00:34:16,870 --> 00:34:19,710
for the retirees we deal with in our

866
00:34:19,710 --> 00:34:20,449
portfolios.

867
00:34:20,850 --> 00:34:22,590
That doesn't mean that people don't do it

868
00:34:22,590 --> 00:34:22,929
anyway.

869
00:34:22,929 --> 00:34:27,150
And now with the availability through ETFs, this

870
00:34:27,150 --> 00:34:34,250
is a mainstream accessible asset type of investment.

871
00:34:34,469 --> 00:34:35,810
So we will see more and more of

872
00:34:35,810 --> 00:34:36,510
this, I believe.

873
00:34:37,290 --> 00:34:38,650
And so I think it's still something we

874
00:34:38,650 --> 00:34:40,850
want to talk about, but because of its

875
00:34:40,850 --> 00:34:44,690
more speculative nature, we just don't think it's

876
00:34:44,690 --> 00:34:48,070
the right thing for most people, unless you're

877
00:34:48,070 --> 00:34:51,110
treating it as you're going to the casino

878
00:34:51,110 --> 00:34:51,550
to gamble.

879
00:34:51,550 --> 00:34:53,409
It's speculation at this point.

880
00:34:53,870 --> 00:34:56,270
Yeah, so you can have fun with it,

881
00:34:56,350 --> 00:34:58,170
but it can work against you too.

882
00:34:58,470 --> 00:35:01,850
So in any case, if you should have

883
00:35:01,850 --> 00:35:04,510
any questions about your financial planning and portfolio

884
00:35:04,510 --> 00:35:07,250
management, don't hesitate to reach out to our

885
00:35:07,250 --> 00:35:07,630
team.

886
00:35:08,190 --> 00:35:08,970
We're here to help.

887
00:35:09,230 --> 00:35:11,590
In the meantime, thanks for being with us

888
00:35:11,590 --> 00:35:11,930
today.

889
00:35:12,150 --> 00:35:14,190
Until next time, keep striving for something more.

890
00:35:15,430 --> 00:35:17,730
Thank you for listening to Something More with

891
00:35:17,730 --> 00:35:18,450
Chris Boyd.

892
00:35:18,450 --> 00:35:20,910
Call us for help, whether it's for financial

893
00:35:20,910 --> 00:35:24,830
planning or portfolio management, insurance concerns, or those

894
00:35:24,830 --> 00:35:26,870
quality of life issues that make the money

895
00:35:26,870 --> 00:35:27,970
matters matter.

896
00:35:28,370 --> 00:35:31,610
Whatever's on your mind, visit us at somethingmorewithchrisboyd

897
00:35:31,610 --> 00:35:34,790
.com or call us toll-free at 866

898
00:35:34,790 --> 00:35:40,330
-771-8901 or send us your questions to

899
00:35:40,330 --> 00:35:44,290
amr-info at wealthenhancement.com.

900
00:35:44,390 --> 00:35:46,410
You're listening to Something More with Chris Boyd

901
00:35:46,410 --> 00:35:48,810
Financial Talk Show, where wealth enhancement advisory services

902
00:35:48,810 --> 00:35:51,030
and Jay Christopher Boyd provide investment advice on

903
00:35:51,030 --> 00:35:52,730
an individual basis to clients only.

904
00:35:52,890 --> 00:35:54,870
Proper advice depends on a complete analysis of

905
00:35:54,870 --> 00:35:56,050
all facts and circumstances.

906
00:35:56,350 --> 00:35:58,150
The information given on this program is general

907
00:35:58,150 --> 00:36:00,190
financial comments and cannot be relied upon as

908
00:36:00,190 --> 00:36:01,770
pertaining to your specific situation.

909
00:36:01,970 --> 00:36:03,950
Wealth Enhancement Group cannot guarantee that using the

910
00:36:03,950 --> 00:36:05,950
information from this show will generate profits or

911
00:36:05,950 --> 00:36:07,090
ensure freedom from loss.

912
00:36:07,290 --> 00:36:09,450
Listeners should consult their own financial advisors or

913
00:36:09,450 --> 00:36:11,550
conduct their own due diligence before making any

914
00:36:11,550 --> 00:36:12,310
financial decisions.