The 0.01% Rule and Why Upward Mobility Feels Out of Reach

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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 financial advisor at Wealth

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Enhancement Group, one of the nation's largest registered

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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 here for another segment of

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Something More with Chris Boyd.

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I'm here with Jeff Perry and Brian Regan.

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We are all of the AMR team at

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Wealth Enhancement.

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Glad to have you joining us for another

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episode.

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We have a variety of things to talk

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about, and where I want to begin is

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an interesting article in the Wall Street Journal

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over the weekend, September 13th, I guess it

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was provided.

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The title is On the Fence About Spending

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Decision?

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Try the 0.01% rule.

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Well, we hear about all these rules, huh,

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Jeff?

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There's no shortage of rules.

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The 5% rule, 4% rule, the

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rule of 55.

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I got all these rules.

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I don't know where to begin, right?

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So now we got another rule, the 0

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.01% rule.

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Did you happen to read this article?

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I read it, and I mentioned to my

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wife, and that doesn't sound like enough.

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Well, do you want to elaborate what the

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gist of this was, this rule?

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It's about setting a spending limit, basically, right,

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out of your cash flow to help guide

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you to make decisions, and I don't know.

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Things don't necessarily have to be elaborately deliberative,

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but if it's under a certain amount, and

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if I am correct, the amount was 0

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.01% of your investments is, I think,

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the way it was expressed.

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And so I started thinking about that, and

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I was like- It's a pretty broad

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definition.

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Honey, let's go out to dinner tonight, and

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she's like, oh, we just went out last

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night.

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I'm like, but it would be less than

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0.01% of this kind of thing.

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And so when you're thinking about how to

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do it, it could be slippery slope.

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You're making permission for yourself on things you

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care to do just because you'll want to

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without maybe a little bit of discipline.

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It reminded me of the Dave Ramsey, burn

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it on my dining room table rule.

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That's more about big decisions for him, not

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just spending.

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But people will ask him, call into a

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show or whatever, and say, I want to

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buy this car, and he'll go through their

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net worth, their debts, and whatever.

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And they'll say, oh, I want to buy

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this old car.

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It's $50,000.

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And Dave will say, if you burnt that

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money on your kitchen table, would it make

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a difference to your financial plan?

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And if the answer is no, it doesn't

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matter.

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Then go ahead and do it if you're,

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in his case, debt-free and have your

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retirement plan set up.

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And so context matters, right?

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It's not just- That's absolutely true.

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Brian, you read this article as well, right?

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Yeah.

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Well, I'm very familiar with Nick Viguli and

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the Rittholz Wealth team because I listen to

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their podcast.

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So I'm familiar with the rule because I

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heard it through those avenues.

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And I saw that it was written up

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in the Wall Street Journal.

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And I thought, my first thought was, hey,

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good for him.

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He's going to sell a lot of books,

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a lot of great exposure.

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Yeah, that's true.

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Generally, I like the idea that he's going

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for.

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And I think that idea is like, you

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don't always have to be a tightwad.

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You can loosen up and get comfortable at

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some point.

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I think a lot of people spend their

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whole life saving and have that mindset.

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And then they'll get in a situation and

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their wife won't let them go out to

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dinner back to back nights, even if they

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have the means to do it.

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So from that standpoint, I think it's interesting.

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And maybe if it lets people enjoy life

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a little bit, bravo.

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One of the things that I was thinking

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was, my net worth and my available liquidity

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are two completely different numbers.

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And my available liquidity is much, much smaller

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than my net worth.

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So would this rule apply to 0.01

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% of my available liquidity or 0.01

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% of my net worth?

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Because if it's 0.01% of my

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net worth, then I shouldn't have any heart

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palpitations about my daughter's birthday party this weekend.

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But the reality is with 35 people coming,

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it's going to be very, very expensive, no

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matter how you look at it.

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So that would be my question, if Nick

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was here, that I would ask him, what

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does he really mean by that?

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And I'm sure there would be some kind

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of caveat.

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I think he has mentioned, I've heard elsewhere

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saying that maybe you should take out your

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primary residence, but still- Well, your point

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is a good one.

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If you're really thinking about it, some people

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have investments that have very minimal access.

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And so if you can't really access that

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wealth, house is a good example, but there's

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lots of different kinds of investments that don't

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give you potential access to either to sell

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it or to generate cash flow from it.

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So if that's the case, maybe there's a

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good case for reconsideration of how do I

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go about that calculation of how much is

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inconsequential?

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Yeah.

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So I can't pay for dinner.

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It's my wife's birthday this weekend too.

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So I get my daughter and my wife

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back to back, right?

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It's going to be an expensive weekend.

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That's your wife.

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I hope you're not going to hold that

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against her when it comes to her birthday

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present.

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Oh, my wife's going to do just fine.

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Excellent.

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But yeah, so- Birthday party, there's no

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getting around that.

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She deserves one too.

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0.01% of, I can't pay for

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the birthday parties with my house, either one.

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I can't pay with it with my 401k.

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I can't pay with it with my IRA.

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I can't reasonably pay for it with my

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Roth IRA.

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I can't reasonably pay for it from my

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529.

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I don't want to pay for it from

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my brokerage account.

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I can't pay for it with my HSA.

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So is it 0.01% of what's

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in my checking account?

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Reasonable.

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All liquidity is not the same.

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So I think this rule needs a lot

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of caveats and footnotes, I guess.

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I think it's about having a personal rule

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for your own situation, right?

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Because some people are...

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Chris, we run into clients all the time

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and you laugh when I say this word,

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but sometimes some of them need permission.

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I post all the time, Jeff.

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I talk about this with people routinely, that

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notion that you talk about the financial plan

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can give you permission.

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And these are people with liquidity.

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These are people with cashflow.

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Everything Brian said is valid, but these are

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people who no matter what formula they use,

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they're okay.

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I think ultimately, Jeff, that's the people who

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this rule is for.

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The people who have the money, have the

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liquidity, but struggle to actually spend the money

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that they've spent their life saving for.

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I think in that sense, this is an

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excellent rule.

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Right.

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And however you come up with that rule,

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if it's a budget, if it's a formula,

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whatever it is, you should enjoy the effort

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that you put into having a great financial

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plan and all those early years when you

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didn't have liquidity and didn't have cashflow and

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you were just working to make ends meet.

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And you did the hard work and you

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reached to your ultimate financial plan, your critical

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mass, whatever terms we want to use.

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Jeez, find a way to enjoy it.

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Enjoy it.

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Giving it away, spending it, traveling, whatever it

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is.

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Well, I think it's a good point.

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And we often talk about some of these

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rules of thumb, which aren't just that, they're

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not necessarily hard and fast to everyone's unique

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circumstances.

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But I think that was a good clarification

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about what should we be thinking about?

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It might be different for different stages of

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life and different access to aspects of wealth.

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And that kind of brings us to thinking

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about, Brian, you were talking about all these

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different issues.

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It might be different for one stage of

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life from another.

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Someone who is, in your case, well before

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access to your retirement accounts, you face different

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circumstances than, say, Jeff, or I'm getting close,

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Jeff.

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I'm six months away.

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Yeah.

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Yeah.

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I'm definitely at my closer to spending age,

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right?

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Yeah.

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And you have access to that money if

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you want it.

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I do.

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I'm over 59 and a half.

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So generationally, there are different kinds of issues.

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And you had a recent article that kind

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of fed into this topic.

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Maybe you want to set that up, Brian?

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Yeah, I think it's related.

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And it's built off another Wall Street Journal

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article.

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And the Wall Street Journal article was called,

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Americans Lose Faith That Hard Work Leads to

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Economic Gains.

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It's based on a survey that shows that

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only 25% of Americans believe that they

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can raise their standard of living.

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And I thought that was very depressing.

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So I looked back at some historical data,

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and I tried to say, hey, look, what

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is actually doing this?

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This has been a conversation for years now.

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It's been a trend going for years.

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I mean, the data on the survey goes

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back, I believe, to the 80s.

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And this is the worst it's ever been.

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And I made my attempt at trying to

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figure out what's causing this.

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And I made the caveat at the beginning

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of the fact that I'm of the millennial

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generation, because I do think a lot of

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these sentiment conversations come down to what part

274
00:11:03,030 --> 00:11:03,790
of life you're in.

275
00:11:05,870 --> 00:11:10,690
My mother, who is retired, she is less

276
00:11:10,690 --> 00:11:14,350
concerned about the cost of college education than

277
00:11:14,350 --> 00:11:17,830
she is about the cost of her trip

278
00:11:17,830 --> 00:11:18,590
to Vietnam.

279
00:11:20,270 --> 00:11:21,770
She's just in a different stage of life.

280
00:11:22,710 --> 00:11:26,770
So I thought that was illustrative of pointing

281
00:11:26,770 --> 00:11:28,790
out why maybe these things are to the

282
00:11:28,790 --> 00:11:29,170
top of my head.

283
00:11:29,250 --> 00:11:30,650
I'm trying to reveal my bias.

284
00:11:30,650 --> 00:11:32,810
But when you think about it, I put

285
00:11:32,810 --> 00:11:35,790
in this article 20 years of data, and

286
00:11:35,790 --> 00:11:37,190
it's a compounding effect.

287
00:11:37,790 --> 00:11:39,790
And when you guys were my age, I'm

288
00:11:39,790 --> 00:11:41,590
sure if I look back at 40 years

289
00:11:41,590 --> 00:11:43,450
of data, it would have been a compounding

290
00:11:43,450 --> 00:11:48,410
effect that led to a similar situation or

291
00:11:48,410 --> 00:11:51,510
a similar feeling when you were around 40

292
00:11:51,510 --> 00:11:53,810
years old with kids as well.

293
00:11:54,030 --> 00:11:56,950
So I think one of Chris's reactions when

294
00:11:56,950 --> 00:11:58,950
he first read this is, I felt similarly

295
00:11:58,950 --> 00:12:01,630
when I was younger.

296
00:12:02,370 --> 00:12:05,230
And my reaction was, I don't doubt that

297
00:12:05,230 --> 00:12:05,610
you did.

298
00:12:06,050 --> 00:12:07,550
That's the kind of the point that I'm

299
00:12:07,550 --> 00:12:08,130
putting out here.

300
00:12:08,250 --> 00:12:10,510
These are compounding effects.

301
00:12:11,730 --> 00:12:13,310
And basically what I did was I looked

302
00:12:13,310 --> 00:12:14,010
at the CPI.

303
00:12:14,130 --> 00:12:15,670
I looked at the CPI over the last

304
00:12:15,670 --> 00:12:16,250
20 years.

305
00:12:16,450 --> 00:12:17,710
I could have done it the last 40

306
00:12:17,710 --> 00:12:19,150
years and made it more relevant to more

307
00:12:19,150 --> 00:12:19,770
people, I'm sure.

308
00:12:19,870 --> 00:12:20,830
But I think the story would have been

309
00:12:20,830 --> 00:12:21,190
the same.

310
00:12:22,150 --> 00:12:24,410
And I said, hey, look, the target inflation

311
00:12:24,410 --> 00:12:24,970
is 2%.

312
00:12:25,520 --> 00:12:27,350
The actual inflation that we're seeing right now

313
00:12:27,350 --> 00:12:30,370
is 2.9%. But these three categories, which

314
00:12:30,370 --> 00:12:32,910
are big categories for happiness in life, are

315
00:12:32,910 --> 00:12:36,390
growing at well beyond the target and the

316
00:12:36,390 --> 00:12:37,810
headline inflation.

317
00:12:38,210 --> 00:12:43,250
And those three categories were shelter, education, and

318
00:12:43,250 --> 00:12:44,270
health care.

319
00:12:46,090 --> 00:12:51,110
So let's talk about shelter first, because it's

320
00:12:51,110 --> 00:12:53,270
been more dramatic over the last five years

321
00:12:53,270 --> 00:12:54,790
since the post-pandemic.

322
00:12:55,730 --> 00:12:58,170
And that's been growing at nearly 5%

323
00:12:58,170 --> 00:13:01,090
annual compounded rate for the last five years,

324
00:13:01,130 --> 00:13:02,890
which is substantial.

325
00:13:03,950 --> 00:13:06,470
Most people have not kept up.

326
00:13:06,530 --> 00:13:09,110
Their wages have not kept up with that

327
00:13:09,110 --> 00:13:10,790
amount.

328
00:13:11,790 --> 00:13:13,850
In the lower end, you've actually done slightly

329
00:13:13,850 --> 00:13:14,170
better.

330
00:13:14,310 --> 00:13:16,810
In the higher end, the higher 50%, you've

331
00:13:16,810 --> 00:13:17,770
done slightly worse.

332
00:13:18,930 --> 00:13:21,430
So that's a problem.

333
00:13:21,670 --> 00:13:24,830
And the longer these problems last, the bigger

334
00:13:24,830 --> 00:13:28,810
and bigger the exasperation of the problem gets.

335
00:13:29,430 --> 00:13:31,650
Now, looking at wages isn't even like a

336
00:13:31,650 --> 00:13:35,650
good way of assessing shelter, because the biggest

337
00:13:35,650 --> 00:13:39,570
deterrence to buying a home is the down

338
00:13:39,570 --> 00:13:39,790
payment.

339
00:13:40,210 --> 00:13:41,690
So a lot of people need to be

340
00:13:41,690 --> 00:13:43,170
part of what I call the capital class,

341
00:13:43,230 --> 00:13:45,410
meaning they already have to have investments, or

342
00:13:45,410 --> 00:13:46,930
they have to have help from family members.

343
00:13:47,130 --> 00:13:50,470
25% of people who buy their first

344
00:13:50,470 --> 00:13:54,210
home, according to the National Association of Realtors,

345
00:13:54,890 --> 00:13:56,950
or maybe that one was Redfin, I don't

346
00:13:56,950 --> 00:14:00,610
remember correctly, get help from mom and dad.

347
00:14:01,150 --> 00:14:03,090
And the average first-time home buyer is

348
00:14:03,090 --> 00:14:08,510
38 years old, and the average home buyer

349
00:14:08,510 --> 00:14:09,690
is 56 years old.

350
00:14:10,370 --> 00:14:13,410
So that seems pretty old to me, and

351
00:14:13,410 --> 00:14:15,430
it is historically old for a first-time

352
00:14:15,430 --> 00:14:17,050
home buyer and for the average home buyer.

353
00:14:17,170 --> 00:14:19,590
So there's obviously a problem here, and it's

354
00:14:19,590 --> 00:14:21,170
getting exasperated.

355
00:14:21,890 --> 00:14:25,330
Now, even if you're renting, oftentimes, at least

356
00:14:25,330 --> 00:14:26,890
here in Boston, you need first, last, and

357
00:14:26,890 --> 00:14:27,590
security deposit.

358
00:14:28,910 --> 00:14:31,150
So that's three months' rent that you need

359
00:14:31,150 --> 00:14:32,350
on day one.

360
00:14:32,430 --> 00:14:33,890
That can be an onerous tax for a

361
00:14:33,890 --> 00:14:34,910
lot of people, and we're not even talking

362
00:14:34,910 --> 00:14:35,830
about moving expenses.

363
00:14:37,150 --> 00:14:39,510
So that could be a big headwind.

364
00:14:39,510 --> 00:14:42,570
So no matter how you look at it,

365
00:14:42,590 --> 00:14:46,550
this has been frustrating to people, particularly over

366
00:14:46,550 --> 00:14:47,290
the last five years.

367
00:14:47,430 --> 00:14:49,090
But even if you look over the last

368
00:14:49,090 --> 00:14:54,530
20 years, it's well ahead of headline inflation

369
00:14:55,010 --> 00:14:56,150
or target inflation.

370
00:14:58,450 --> 00:15:00,090
Finally, I get the sense that a lot

371
00:15:00,090 --> 00:15:01,250
of people don't think they could start a

372
00:15:01,250 --> 00:15:02,910
family without owning a home.

373
00:15:03,250 --> 00:15:04,770
And whether that's right or wrong, I do

374
00:15:04,770 --> 00:15:05,990
think that's a cultural perception.

375
00:15:06,450 --> 00:15:09,070
So if people are banking their standard of

376
00:15:09,070 --> 00:15:11,310
living or their happiness into the ability to

377
00:15:11,310 --> 00:15:15,090
get married, start a family, start growing a

378
00:15:15,090 --> 00:15:20,010
life, at least the vibe is that there's

379
00:15:20,010 --> 00:15:21,790
a huge impediment here, that you can't afford

380
00:15:21,790 --> 00:15:21,930
it.

381
00:15:22,590 --> 00:15:23,590
And I think that's sad.

382
00:15:24,470 --> 00:15:26,170
Now, the second part that I want to

383
00:15:26,170 --> 00:15:27,950
talk about is education, and the cost of

384
00:15:27,950 --> 00:15:29,090
childcare is astronomical.

385
00:15:29,990 --> 00:15:33,310
If you didn't experience that, I don't know

386
00:15:33,310 --> 00:15:34,630
where you live, because this seems to be

387
00:15:34,630 --> 00:15:35,410
the case everywhere.

388
00:15:35,710 --> 00:15:37,130
It grows well beyond...

389
00:15:37,130 --> 00:15:39,890
Childcare grows well at 3.6% a

390
00:15:39,890 --> 00:15:40,830
year for the last 20 years.

391
00:15:41,950 --> 00:15:46,150
Again, that's higher than wage growth for the

392
00:15:46,150 --> 00:15:46,790
last 20 years.

393
00:15:48,770 --> 00:15:51,890
The cost of education, college education has gone

394
00:15:51,890 --> 00:15:54,170
up also by 3.6%. Whether that's coincidence

395
00:15:54,170 --> 00:15:55,550
or not, I do not know, but I

396
00:15:55,550 --> 00:15:56,750
checked the numbers and that's case.

397
00:15:56,830 --> 00:15:58,270
They're both 3.6% for the last

398
00:15:58,270 --> 00:15:59,250
20 years.

399
00:15:59,690 --> 00:16:03,990
The only sector of the economy that has

400
00:16:03,990 --> 00:16:07,050
grown wages faster than 3.6% are

401
00:16:07,050 --> 00:16:08,570
people who hold bachelor degrees.

402
00:16:08,870 --> 00:16:11,710
So the people with bachelor degrees, their family

403
00:16:11,710 --> 00:16:15,150
tree has the ability to afford more bachelor

404
00:16:15,150 --> 00:16:15,530
degrees.

405
00:16:15,950 --> 00:16:17,630
So I can see how that could be

406
00:16:17,630 --> 00:16:19,930
frustrating to people who feel like they can

407
00:16:19,930 --> 00:16:20,810
just never get there.

408
00:16:20,870 --> 00:16:21,990
Or if they do, they have to take

409
00:16:21,990 --> 00:16:24,050
in an exuberant amount of student loans and

410
00:16:24,050 --> 00:16:26,670
that they'll be paying off for the foreseeable

411
00:16:26,670 --> 00:16:27,030
future.

412
00:16:29,390 --> 00:16:32,930
There's tons of data out there that suggests

413
00:16:32,930 --> 00:16:35,170
that if you have a college degree, you're

414
00:16:35,170 --> 00:16:37,730
more likely to have a job, you're more

415
00:16:37,730 --> 00:16:40,630
likely to have higher wages, you're more likely

416
00:16:40,630 --> 00:16:41,370
to have a family.

417
00:16:42,330 --> 00:16:45,250
So these things, they compound on each other.

418
00:16:45,830 --> 00:16:49,150
And finally, healthcare, again, it's growing at a

419
00:16:49,150 --> 00:16:49,910
rapid pace.

420
00:16:52,230 --> 00:16:54,650
62% of personal bankruptcies in this country

421
00:16:54,650 --> 00:16:55,930
are caused by a healthcare bill.

422
00:16:56,690 --> 00:16:59,090
If you can't feel like you can have

423
00:16:59,090 --> 00:17:01,570
a good job and have a home and

424
00:17:01,570 --> 00:17:04,750
have reasonable health insurance, I could see why

425
00:17:04,750 --> 00:17:07,329
it can get frustrating for people and feel

426
00:17:07,329 --> 00:17:08,930
like they can't raise their standard of living.

427
00:17:10,270 --> 00:17:11,970
So basically that was what the article was

428
00:17:11,970 --> 00:17:12,270
about.

429
00:17:12,450 --> 00:17:15,109
Now tack on to the fact that if

430
00:17:15,109 --> 00:17:16,770
you're paying 5% to 10% for

431
00:17:16,770 --> 00:17:18,869
student loans and your wages are growing at

432
00:17:18,869 --> 00:17:21,569
3.5%, well, now you're using your all

433
00:17:21,569 --> 00:17:25,650
important minimal liquidity during your formative adult years

434
00:17:25,650 --> 00:17:26,990
where you would like to be saving for

435
00:17:26,990 --> 00:17:29,850
a house, saving for your child's education, saving

436
00:17:29,850 --> 00:17:32,550
for having children or paying your health insurance.

437
00:17:32,850 --> 00:17:34,230
You can see how that can get sucked

438
00:17:34,230 --> 00:17:37,330
up and continue this frustrating cycle.

439
00:17:37,850 --> 00:17:39,050
So that's what the article is about.

440
00:17:39,110 --> 00:17:43,430
It's just trying to be explained why people

441
00:17:43,430 --> 00:17:44,570
might feel this way.

442
00:17:44,970 --> 00:17:47,250
And I understand the frustration.

443
00:17:47,250 --> 00:17:51,270
We have a lot of help for people

444
00:17:51,270 --> 00:17:53,750
trying to get to retirement.

445
00:17:54,430 --> 00:17:59,950
We have 401k plans and IRAs and Roth

446
00:17:59,950 --> 00:18:00,790
IRAs.

447
00:18:01,610 --> 00:18:03,570
But a lot of that kind of takes

448
00:18:03,570 --> 00:18:04,630
away from your earning years.

449
00:18:05,490 --> 00:18:07,710
And I think it's important to save for

450
00:18:07,710 --> 00:18:09,770
those retirement years.

451
00:18:10,050 --> 00:18:15,410
But when you're working in your formative years,

452
00:18:15,530 --> 00:18:19,450
you do have a lot of expenses and

453
00:18:19,450 --> 00:18:20,590
a lot of liquidity needs.

454
00:18:21,590 --> 00:18:23,590
And I think that can be, again, this

455
00:18:23,590 --> 00:18:24,410
compounds, right?

456
00:18:24,630 --> 00:18:26,210
The effect of compounding is significant.

457
00:18:26,390 --> 00:18:30,150
So the longer this goes unsolved, the more

458
00:18:30,150 --> 00:18:31,990
frustrating it's going to be for subsequent generations.

459
00:18:35,250 --> 00:18:36,490
A lot to unpack in that.

460
00:18:37,430 --> 00:18:40,450
I think it's challenging because I think, as

461
00:18:40,450 --> 00:18:42,570
you said, a lot of times, the initial

462
00:18:42,570 --> 00:18:44,330
reaction is, hey, we had a tough two.

463
00:18:45,730 --> 00:18:46,950
That's not a good thing, no.

464
00:18:47,590 --> 00:18:48,350
No, no.

465
00:18:48,710 --> 00:18:54,850
And as I think about it, I have

466
00:18:54,850 --> 00:18:55,990
a number of reactions.

467
00:18:56,290 --> 00:19:00,090
First one is, based on what you just

468
00:19:00,090 --> 00:19:04,350
discussed, it is really interesting to think that

469
00:19:04,350 --> 00:19:12,210
education begets education, which also suggests wealth begets

470
00:19:12,210 --> 00:19:13,410
wealth, right?

471
00:19:13,470 --> 00:19:17,830
The idea that if I am coming from

472
00:19:17,830 --> 00:19:20,030
a household that has a higher education, I

473
00:19:20,030 --> 00:19:23,710
have a higher propensity for getting a higher

474
00:19:23,710 --> 00:19:24,350
education.

475
00:19:24,890 --> 00:19:28,930
Higher education, whichever generation we're talking about, implies

476
00:19:28,930 --> 00:19:34,330
greater opportunity for income and less unemployment.

477
00:19:35,550 --> 00:19:37,730
We can see stats about that year after

478
00:19:37,730 --> 00:19:39,750
year after year, whether it's in good economies

479
00:19:39,750 --> 00:19:40,530
or bad economies.

480
00:19:41,970 --> 00:19:43,130
And that's really relevant.

481
00:19:43,570 --> 00:19:45,890
And that's part of how that factors into

482
00:19:45,890 --> 00:19:46,170
this.

483
00:19:46,430 --> 00:19:49,690
I think I relate to my own experience,

484
00:19:49,830 --> 00:19:51,310
of course, anecdotal stuff, right?

485
00:19:51,330 --> 00:19:52,810
We all internalize this.

486
00:19:52,970 --> 00:19:56,570
And I think, well, yeah, I had family

487
00:19:56,570 --> 00:19:59,970
who helped me with a down payment, right?

488
00:20:00,050 --> 00:20:03,510
If you don't have that kind of support

489
00:20:03,510 --> 00:20:06,750
or the ability of a parent to do

490
00:20:06,750 --> 00:20:09,250
that, then that's a disadvantage.

491
00:20:09,950 --> 00:20:12,970
You could put that same point to education.

492
00:20:14,130 --> 00:20:16,390
So those are valid points, I think.

493
00:20:16,670 --> 00:20:19,250
And probably today, you can make that same

494
00:20:19,250 --> 00:20:20,350
case about childcare.

495
00:20:21,670 --> 00:20:25,630
In our case, Kristen stayed home for years.

496
00:20:25,790 --> 00:20:27,130
So that's how we dealt with the cost

497
00:20:27,130 --> 00:20:27,770
of childcare.

498
00:20:28,390 --> 00:20:31,250
After we had our second child, it was

499
00:20:31,250 --> 00:20:31,790
too expensive.

500
00:20:32,310 --> 00:20:34,370
We couldn't afford to have childcare.

501
00:20:34,650 --> 00:20:38,350
So it made more sense at the rates

502
00:20:38,350 --> 00:20:41,770
we were getting paid in those days, not

503
00:20:41,770 --> 00:20:44,270
to have that other income, rather to be

504
00:20:44,270 --> 00:20:46,630
home and have the opportunity to raise the

505
00:20:46,630 --> 00:20:47,690
children the way we wanted.

506
00:20:48,150 --> 00:20:50,630
Well, the average child care expense in Massachusetts

507
00:20:50,630 --> 00:20:52,890
is $22,000 per child.

508
00:20:53,570 --> 00:20:55,450
That's after tax money, okay?

509
00:20:55,810 --> 00:21:00,530
So there should be the expectation, I would

510
00:21:00,530 --> 00:21:03,750
say, if you have two children, that most

511
00:21:03,750 --> 00:21:07,170
people can't, it doesn't make sense for both

512
00:21:07,170 --> 00:21:09,490
parents to continue to work.

513
00:21:09,570 --> 00:21:11,810
Because you have to assume that both parents

514
00:21:11,810 --> 00:21:14,590
make a substantial amount of money and then

515
00:21:14,590 --> 00:21:16,190
they'd just be working just to send their

516
00:21:16,190 --> 00:21:16,790
kids elsewhere.

517
00:21:16,790 --> 00:21:17,410
Yeah.

518
00:21:18,010 --> 00:21:19,990
That was the case in our situation.

519
00:21:20,210 --> 00:21:22,290
It was like, well, you get to a

520
00:21:22,290 --> 00:21:24,090
point where it's like, well, I'd rather be

521
00:21:24,090 --> 00:21:24,630
home anyway.

522
00:21:24,830 --> 00:21:25,990
I guess we'll have to make it work

523
00:21:25,990 --> 00:21:27,370
this way, that kind of thing.

524
00:21:27,930 --> 00:21:28,030
Right.

525
00:21:28,030 --> 00:21:29,970
And then we live in a society where

526
00:21:29,970 --> 00:21:32,630
shelter and education are married to each other,

527
00:21:32,630 --> 00:21:32,830
right?

528
00:21:32,830 --> 00:21:34,890
Because your property taxes pay for your public

529
00:21:34,890 --> 00:21:36,090
school's education as well.

530
00:21:36,230 --> 00:21:36,530
True.

531
00:21:36,810 --> 00:21:38,610
So if you can't afford a house in

532
00:21:38,610 --> 00:21:46,770
a good school district, I mean, we're-

533
00:21:46,770 --> 00:21:48,610
So this is all to say, when you

534
00:21:48,610 --> 00:21:50,150
put these things together and you think about

535
00:21:50,150 --> 00:21:52,510
the compounding effect, I think that's the most

536
00:21:52,510 --> 00:21:54,670
important thing is year after year after year,

537
00:21:55,530 --> 00:21:56,870
it's going to continue to be hard.

538
00:21:57,310 --> 00:21:59,510
And why do we want it to be

539
00:21:59,510 --> 00:22:01,570
so hard for people to have families?

540
00:22:02,550 --> 00:22:05,610
I think the difference though is it's hard,

541
00:22:06,290 --> 00:22:08,890
but does that mean that there is not

542
00:22:08,890 --> 00:22:12,430
the capability or the opportunity for upward mobility?

543
00:22:13,710 --> 00:22:15,530
I think your point is a good one.

544
00:22:15,670 --> 00:22:19,490
Maybe it's harder than it should be, and

545
00:22:19,490 --> 00:22:22,790
there are certainly equity issues beyond the scope

546
00:22:22,790 --> 00:22:24,630
of what we're going to solve in our

547
00:22:24,630 --> 00:22:28,530
conversation, but whether or not education should be

548
00:22:28,530 --> 00:22:31,310
tied to the property values in your town

549
00:22:31,310 --> 00:22:36,810
and how should that be structured?

550
00:22:37,790 --> 00:22:39,010
Well, let's think about it this way.

551
00:22:39,170 --> 00:22:42,010
Just think about the ways that it can

552
00:22:42,010 --> 00:22:42,790
handcuff people, right?

553
00:22:43,290 --> 00:22:44,690
We just talked about how, if you have

554
00:22:44,690 --> 00:22:47,010
two kids, it might make sense under most

555
00:22:47,010 --> 00:22:50,850
circumstances for a parent to stay home.

556
00:22:51,030 --> 00:22:52,990
That parent, which has historically has been women,

557
00:22:53,570 --> 00:22:54,710
are going to be taken out of the

558
00:22:54,710 --> 00:22:55,470
workforce for years.

559
00:22:56,130 --> 00:22:57,330
When they go back, are they going to

560
00:22:57,330 --> 00:23:00,330
get- Wage level, yeah.

561
00:23:00,470 --> 00:23:01,850
Yeah, we talk about this all the time

562
00:23:01,850 --> 00:23:04,030
with social security and the loss of years

563
00:23:04,030 --> 00:23:08,610
from 401ks and building their income over job

564
00:23:08,610 --> 00:23:10,150
promotions that they're sacrificing.

565
00:23:10,890 --> 00:23:12,230
Absolutely, real detriment.

566
00:23:12,750 --> 00:23:15,390
As we know, women tend to make less

567
00:23:15,390 --> 00:23:16,890
than men in the same job, and I

568
00:23:16,890 --> 00:23:18,530
think a big part of that, I don't

569
00:23:18,530 --> 00:23:20,110
think I know what big part of that

570
00:23:20,110 --> 00:23:21,870
is because of the lost years in the

571
00:23:21,870 --> 00:23:23,570
workforce because of child rearing.

572
00:23:24,850 --> 00:23:27,650
That's one big reason where upward mobility is

573
00:23:27,650 --> 00:23:29,590
hampered, right, because of one of these reasons.

574
00:23:30,790 --> 00:23:32,770
Another one would be, let's talk about health

575
00:23:32,770 --> 00:23:33,290
insurance again.

576
00:23:33,390 --> 00:23:36,210
Most people are subsidized, their health insurance is

577
00:23:36,210 --> 00:23:38,730
subsidized by their employer, or at least most

578
00:23:38,730 --> 00:23:39,990
white-collar workers, right?

579
00:23:40,110 --> 00:23:43,350
That's not even available from blue-collar workers.

580
00:23:44,670 --> 00:23:47,110
You can't take any- Unionized, maybe, not

581
00:23:47,110 --> 00:23:47,430
necessarily.

582
00:23:47,790 --> 00:23:48,730
Unionized, certainly.

583
00:23:48,830 --> 00:23:51,350
Yeah, but you can't take an interruption in

584
00:23:51,350 --> 00:23:52,150
your service.

585
00:23:53,510 --> 00:23:55,590
That's not something that's going to be available

586
00:23:55,590 --> 00:23:58,610
to most families because your insurance is so

587
00:23:58,610 --> 00:23:59,530
important, right?

588
00:24:01,290 --> 00:24:03,760
Does that limit your opportunity set?

589
00:24:04,120 --> 00:24:06,620
Does that limit you from changing careers if

590
00:24:06,620 --> 00:24:07,140
you want to?

591
00:24:07,680 --> 00:24:09,720
I would say it certainly does, right?

592
00:24:09,760 --> 00:24:11,860
If you work in a union job, are

593
00:24:11,860 --> 00:24:13,480
you going to stick out that union job

594
00:24:13,480 --> 00:24:15,400
just because you know that your family has

595
00:24:15,400 --> 00:24:18,380
health insurance, even if it makes you unhappy,

596
00:24:19,420 --> 00:24:23,700
even if you don't see it adding significant

597
00:24:23,700 --> 00:24:27,520
changes to your standard of life, as the

598
00:24:27,520 --> 00:24:30,740
survey points out, I would say yes.

599
00:24:31,320 --> 00:24:34,320
If you have to spend what I estimate

600
00:24:34,320 --> 00:24:36,680
$1.1 million to send my children to

601
00:24:36,680 --> 00:24:39,440
college, and you have to put away a

602
00:24:39,440 --> 00:24:43,060
substantial amount of your paycheck in your working

603
00:24:43,060 --> 00:24:48,560
years to fund that education, well, will that

604
00:24:48,560 --> 00:24:49,760
take away from your standard of living?

605
00:24:50,340 --> 00:24:51,240
Of course it will.

606
00:24:51,360 --> 00:24:52,820
Will it take away from the amount of

607
00:24:52,820 --> 00:24:54,580
money that you would have to invest elsewhere?

608
00:24:55,200 --> 00:24:55,980
Of course it will.

609
00:24:56,600 --> 00:25:00,460
With education expenses rising 4% a year,

610
00:25:01,620 --> 00:25:06,860
as they have for the last decade, you're

611
00:25:06,860 --> 00:25:08,300
significantly hampered.

612
00:25:09,100 --> 00:25:10,360
When does that change?

613
00:25:11,240 --> 00:25:13,140
It has slowed down recently.

614
00:25:13,520 --> 00:25:18,480
You have demographic components that will exacerbate that

615
00:25:18,480 --> 00:25:21,460
shift where you'll have some schools going out

616
00:25:21,460 --> 00:25:24,480
of business, perhaps, but just the idea that

617
00:25:24,480 --> 00:25:28,940
there'll be a tighter market, right?

618
00:25:29,160 --> 00:25:31,260
Less customers for the department, right?

619
00:25:31,400 --> 00:25:31,500
Yeah.

620
00:25:31,560 --> 00:25:35,120
But there is a fair point that maybe

621
00:25:35,120 --> 00:25:40,840
government subsidized funding of college educations has made

622
00:25:40,840 --> 00:25:45,460
it accessible in a way that's caused costs

623
00:25:45,460 --> 00:25:48,540
to continue to rise when it's being shouldered

624
00:25:48,540 --> 00:25:52,700
by students who pay it over a decade

625
00:25:52,700 --> 00:25:54,740
or more, well beyond.

626
00:25:54,900 --> 00:25:57,800
They're probably longer than that after their college

627
00:25:57,800 --> 00:26:01,060
education, and at a rate that's more comparable

628
00:26:01,060 --> 00:26:05,320
to a mortgage than it is what used

629
00:26:05,320 --> 00:26:07,460
to be thought of as how you would

630
00:26:07,460 --> 00:26:08,320
pay for education.

631
00:26:09,800 --> 00:26:13,260
So that's its own dilemma.

632
00:26:13,580 --> 00:26:14,600
How do you deal with this?

633
00:26:14,860 --> 00:26:14,960
Yeah.

634
00:26:14,980 --> 00:26:16,800
We see this with our clients.

635
00:26:16,980 --> 00:26:19,360
They come in and especially the younger clients,

636
00:26:19,580 --> 00:26:22,560
like Brian's age and give or take, and

637
00:26:22,560 --> 00:26:24,300
they want to do it all, right?

638
00:26:24,340 --> 00:26:25,040
You want to do it all.

639
00:26:25,120 --> 00:26:26,100
You want to save for retirement.

640
00:26:26,200 --> 00:26:28,700
You want to go on all these vacations.

641
00:26:28,860 --> 00:26:30,340
You want to save for your college, for

642
00:26:30,340 --> 00:26:33,640
your children and so forth, and you can't

643
00:26:33,640 --> 00:26:34,460
do it all sometimes.

644
00:26:34,620 --> 00:26:36,220
It's a matter of prioritizing.

645
00:26:36,480 --> 00:26:40,340
Chris, you must remember, I remember the days

646
00:26:40,340 --> 00:26:42,360
when you had no money, and then you

647
00:26:42,360 --> 00:26:43,980
started to have some money because you were

648
00:26:43,980 --> 00:26:45,720
either working two jobs or you were doing

649
00:26:45,720 --> 00:26:48,260
well in your profession or whatever the situation,

650
00:26:48,460 --> 00:26:49,660
and then you started to be able to

651
00:26:49,660 --> 00:26:51,880
save, and you did what you could, and

652
00:26:51,880 --> 00:26:54,760
then you build your career, and you start

653
00:26:54,760 --> 00:26:56,120
to say, well, what's important to me?

654
00:26:56,240 --> 00:26:57,260
Where are my values?

655
00:26:57,400 --> 00:26:59,560
So if my values are to provide education

656
00:26:59,560 --> 00:27:03,580
for my family through savings so they can

657
00:27:03,580 --> 00:27:06,260
go to college, then no, I can't go

658
00:27:06,260 --> 00:27:08,760
on a quarterly cruise around the world, right?

659
00:27:08,960 --> 00:27:12,320
So there's a lot of conflicting things, and

660
00:27:12,320 --> 00:27:16,220
sometimes I hear from people, not to be

661
00:27:16,220 --> 00:27:18,780
the negative side of this, but you can't

662
00:27:18,780 --> 00:27:19,220
have it all.

663
00:27:19,340 --> 00:27:20,760
You do have choices to make.

664
00:27:20,940 --> 00:27:21,640
Maybe you can't.

665
00:27:22,160 --> 00:27:24,020
I think about the first house that I

666
00:27:24,020 --> 00:27:26,280
bought was 800 square feet.

667
00:27:28,040 --> 00:27:31,020
You see a lot more larger homes and

668
00:27:31,020 --> 00:27:33,560
people using leverage, a lot more than my

669
00:27:33,560 --> 00:27:34,300
memory is.

670
00:27:34,400 --> 00:27:35,240
You see cars.

671
00:27:35,680 --> 00:27:37,860
There's another thing, Ryan, the cost of vehicles

672
00:27:37,860 --> 00:27:40,260
is, I don't know what the inflation rate,

673
00:27:40,640 --> 00:27:42,160
but in healthcare for sure.

674
00:27:42,640 --> 00:27:43,840
And yeah, if you have to stay in

675
00:27:43,840 --> 00:27:45,540
the job, if you make the decision that

676
00:27:45,540 --> 00:27:47,060
I'm going to stay in this job because

677
00:27:47,060 --> 00:27:49,740
it has health insurance for me and my

678
00:27:49,740 --> 00:27:52,280
family, and it has a 40-hour a

679
00:27:52,280 --> 00:27:54,080
week wage, and it has the potential for

680
00:27:54,080 --> 00:27:56,780
promotion, even if I don't love the job,

681
00:27:57,260 --> 00:27:59,520
well, that's part of my choices on how

682
00:27:59,520 --> 00:28:01,680
I want to raise my family and the

683
00:28:01,680 --> 00:28:04,340
values that I want to instill in the

684
00:28:04,340 --> 00:28:05,680
people that I care about.

685
00:28:06,840 --> 00:28:07,760
So it's about choices.

686
00:28:07,940 --> 00:28:10,380
It's about discipline, and it's about having a

687
00:28:10,380 --> 00:28:12,960
plan, even when it doesn't seem like the

688
00:28:12,960 --> 00:28:14,300
plan's going to work long-term.

689
00:28:15,200 --> 00:28:15,300
Yeah.

690
00:28:15,320 --> 00:28:20,880
So Jeff, what I heard is what you're

691
00:28:20,880 --> 00:28:22,420
saying is you agree that it's tough to

692
00:28:22,420 --> 00:28:23,520
raise your standard of living, right?

693
00:28:23,640 --> 00:28:24,980
You have to make a lot of trade

694
00:28:24,980 --> 00:28:25,200
-offs.

695
00:28:25,200 --> 00:28:27,680
I do, and that is my main point,

696
00:28:27,780 --> 00:28:29,240
and it's been every generation.

697
00:28:29,880 --> 00:28:32,260
And I'm going back to your original point,

698
00:28:32,320 --> 00:28:34,240
maybe not doing a good job about it.

699
00:28:34,260 --> 00:28:38,040
If the unhappiness or the happiness quotient, however

700
00:28:38,040 --> 00:28:39,440
you want to measure it, if the unhappiness

701
00:28:39,440 --> 00:28:43,180
quotient is higher now, I wonder why.

702
00:28:43,680 --> 00:28:44,880
It's always been tough.

703
00:28:44,940 --> 00:28:46,160
There's always been sacrifices.

704
00:28:46,660 --> 00:28:49,540
I wonder why people are less willing to

705
00:28:49,540 --> 00:28:53,560
either make those sacrifices or they're more unhappy

706
00:28:53,560 --> 00:28:55,280
to make those sacrifices.

707
00:28:55,580 --> 00:28:57,660
In recent years, I think it's very much

708
00:28:57,660 --> 00:29:03,160
a housing story because it's accelerated so much

709
00:29:03,160 --> 00:29:03,720
more.

710
00:29:03,900 --> 00:29:05,000
It's been 5%.

711
00:29:05,000 --> 00:29:08,420
Historically, it's been around 3.1%. But that's

712
00:29:08,420 --> 00:29:09,300
a significant leap.

713
00:29:09,640 --> 00:29:12,360
That's a 60%, 70% change in the

714
00:29:12,360 --> 00:29:14,640
change of typical prices.

715
00:29:15,060 --> 00:29:18,680
You're talking about a 40% change compound,

716
00:29:18,940 --> 00:29:20,940
give or take, over the last five years.

717
00:29:21,340 --> 00:29:22,120
That's huge.

718
00:29:22,260 --> 00:29:23,140
That keeps people out.

719
00:29:23,620 --> 00:29:25,520
And it keeps a whole generation of people

720
00:29:25,520 --> 00:29:28,120
that want to increase their standard of living

721
00:29:28,120 --> 00:29:30,820
but can't and then have a jealousy factor

722
00:29:30,820 --> 00:29:33,420
if they see someone getting help from mom

723
00:29:33,420 --> 00:29:36,320
and dad or if they do see that

724
00:29:36,880 --> 00:29:38,560
that's done well, that's been able to buy

725
00:29:38,560 --> 00:29:38,900
a house.

726
00:29:39,060 --> 00:29:43,160
I think that's a natural human reaction.

727
00:29:43,920 --> 00:29:45,980
Did you have a bottom line in the

728
00:29:45,980 --> 00:29:48,860
article as it relates to this?

729
00:29:49,080 --> 00:29:52,020
I think we can certainly take a takeaway

730
00:29:52,020 --> 00:29:57,040
that maybe it's an uphill slog, but you

731
00:29:57,040 --> 00:29:58,400
really need to do planning.

732
00:29:58,620 --> 00:30:02,760
You can't expect to get there without some

733
00:30:02,760 --> 00:30:03,600
serious effort.

734
00:30:04,980 --> 00:30:07,680
So my bottom line is that inflation has

735
00:30:07,680 --> 00:30:09,380
been around 2% over the last 20

736
00:30:09,380 --> 00:30:09,640
years.

737
00:30:09,860 --> 00:30:11,240
There's been periods when it's been a little

738
00:30:11,240 --> 00:30:11,640
bit higher.

739
00:30:11,760 --> 00:30:12,880
There's been periods when it's been a little

740
00:30:12,880 --> 00:30:13,520
bit lower.

741
00:30:13,760 --> 00:30:15,820
But the three things that actually really matter

742
00:30:15,820 --> 00:30:19,640
to people's happiness or increasing their standard of

743
00:30:19,640 --> 00:30:23,300
living has been orders of magnitude higher than

744
00:30:23,300 --> 00:30:23,980
2%.

745
00:30:23,980 --> 00:30:26,540
We're talking three, three and a half percent,

746
00:30:26,640 --> 00:30:28,340
and with shelter more recently, 5%.

747
00:30:28,340 --> 00:30:32,340
So we can measure how much electronics have

748
00:30:32,340 --> 00:30:32,760
gone down.

749
00:30:32,880 --> 00:30:34,520
When I graduated from college, I think I

750
00:30:34,520 --> 00:30:36,360
bought a TV for $1,100 and I

751
00:30:36,360 --> 00:30:37,700
just bought one for $115.

752
00:30:38,760 --> 00:30:39,400
That's great.

753
00:30:39,580 --> 00:30:41,280
That gets into the data, that gets into

754
00:30:41,280 --> 00:30:41,980
the 2%.

755
00:30:41,980 --> 00:30:45,400
But it's a pretty insignificant part of trying

756
00:30:45,400 --> 00:30:48,040
to build a life for me and my

757
00:30:48,040 --> 00:30:50,440
family, which is ultimately the most important thing.

758
00:30:50,800 --> 00:30:51,780
I own eight TVs.

759
00:30:51,880 --> 00:30:54,600
I don't need eight TVs, but my kids

760
00:30:54,600 --> 00:30:55,600
do need to go to college.

761
00:30:55,780 --> 00:30:57,360
I have eight TVs because they cost $100.

762
00:30:57,760 --> 00:30:58,420
They're cheap.

763
00:31:01,480 --> 00:31:04,060
We've decreased the cost of things that are

764
00:31:04,060 --> 00:31:08,220
nice to have, and the necessities are wildly

765
00:31:08,220 --> 00:31:08,840
out of control.

766
00:31:09,060 --> 00:31:13,200
I think that compounding rate of effect has

767
00:31:13,200 --> 00:31:15,720
become frustrating for people over time.

768
00:31:15,860 --> 00:31:17,180
That was my bottom line.

769
00:31:17,660 --> 00:31:19,240
My wife read the article and she said,

770
00:31:19,940 --> 00:31:22,360
you should really end with something happier.

771
00:31:23,520 --> 00:31:25,100
I said, it's not a happy article.

772
00:31:25,100 --> 00:31:29,120
I told her, maybe in one of my

773
00:31:29,120 --> 00:31:32,180
follow-ups, it'll be about how to be

774
00:31:32,180 --> 00:31:33,060
better than the average.

775
00:31:33,580 --> 00:31:38,620
I talked a lot about median and mean

776
00:31:38,620 --> 00:31:40,280
wages and costs.

777
00:31:40,940 --> 00:31:42,900
It's like, well, can you live a life

778
00:31:42,900 --> 00:31:43,740
that's a little cheaper?

779
00:31:44,500 --> 00:31:47,500
Can you find a way to increase your

780
00:31:47,500 --> 00:31:47,800
wages?

781
00:31:49,640 --> 00:31:53,240
I've written similar articles before about how to

782
00:31:53,240 --> 00:31:55,880
save money, how to live beneath your means,

783
00:31:56,340 --> 00:31:58,600
but ultimately you need to become part of

784
00:31:58,600 --> 00:31:59,380
the capital class.

785
00:31:59,600 --> 00:32:01,460
You need to become an investor.

786
00:32:01,800 --> 00:32:04,140
Otherwise, I think you're just going to have

787
00:32:04,140 --> 00:32:06,900
an endless struggle and frustration.

788
00:32:07,380 --> 00:32:09,620
I think we can look at the last,

789
00:32:09,880 --> 00:32:13,580
what is it, since the great recession, the

790
00:32:13,580 --> 00:32:17,560
wealth class versus the wage class, vastly different

791
00:32:17,560 --> 00:32:18,260
experiences.

792
00:32:18,640 --> 00:32:21,000
If you had wealth, it grew dramatically.

793
00:32:21,420 --> 00:32:23,980
If you had wages, it grew a little

794
00:32:23,980 --> 00:32:24,240
bit.

795
00:32:25,020 --> 00:32:26,180
Big difference.

796
00:32:26,520 --> 00:32:29,380
You have to find a way to be

797
00:32:29,380 --> 00:32:31,940
living below your means so that you can

798
00:32:31,940 --> 00:32:35,040
have some creation of wealth over time.

799
00:32:35,640 --> 00:32:38,080
We've talked about this on other episodes.

800
00:32:38,960 --> 00:32:41,620
It's not easy to do, but you're making

801
00:32:41,620 --> 00:32:42,080
choices.

802
00:32:42,500 --> 00:32:45,620
If you're deciding to go to college, are

803
00:32:45,620 --> 00:32:48,000
you going to a college that's going to

804
00:32:48,000 --> 00:32:50,480
result in a vocation, a job, or are

805
00:32:50,480 --> 00:32:51,640
you just going to college?

806
00:32:51,740 --> 00:32:53,460
Are you going to do two years at

807
00:32:53,460 --> 00:32:54,220
community college?

808
00:32:54,340 --> 00:32:55,900
Are you going to take out $60,000

809
00:32:55,900 --> 00:32:58,080
loans and study sociology?

810
00:32:58,720 --> 00:33:01,900
These are decisions that are important.

811
00:33:02,780 --> 00:33:04,920
The debate about the value of a liberal

812
00:33:04,920 --> 00:33:08,860
arts education is another topic for another day,

813
00:33:09,040 --> 00:33:10,740
but I follow your point.

814
00:33:11,280 --> 00:33:13,200
I meant it as an example, not a

815
00:33:13,200 --> 00:33:14,560
- I totally got your point.

816
00:33:14,740 --> 00:33:15,280
It's a value.

817
00:33:15,760 --> 00:33:16,880
Thought-provoking stuff.

818
00:33:17,000 --> 00:33:18,420
If you want to learn more about this,

819
00:33:18,520 --> 00:33:19,660
head to our webpage.

820
00:33:20,120 --> 00:33:23,660
You can read Brian's full article, Why the

821
00:33:23,660 --> 00:33:25,720
Economic Vibes Are Off.

822
00:33:26,420 --> 00:33:29,300
If nothing else, you can go to somethingmorewithchrisboyd

823
00:33:29,300 --> 00:33:33,100
.com to find our webpage, or you can

824
00:33:33,100 --> 00:33:36,060
go to wealthenhancement.com.

825
00:33:37,580 --> 00:33:40,140
If we can be a help to as

826
00:33:40,140 --> 00:33:43,460
you're trying to navigate your financial planning and

827
00:33:43,460 --> 00:33:46,760
portfolio management, whether for you or for your

828
00:33:46,760 --> 00:33:49,160
family members, don't hesitate to reach out to

829
00:33:49,160 --> 00:33:49,720
our team.

830
00:33:49,900 --> 00:33:52,640
Until next time, keep striving for something more.

831
00:33:54,240 --> 00:33:56,120
Thank you for listening to Something More with

832
00:33:56,120 --> 00:33:56,840
Chris Boyd.

833
00:33:57,160 --> 00:33:59,300
Call us for help, whether it's for financial

834
00:33:59,300 --> 00:34:03,240
planning or portfolio management, insurance concerns, or those

835
00:34:03,240 --> 00:34:05,260
quality of life issues that make the money

836
00:34:05,260 --> 00:34:06,360
matters matter.

837
00:34:06,740 --> 00:34:10,000
Whatever's on your mind, visit us at somethingmorewithchrisboyd

838
00:34:10,000 --> 00:34:13,199
.com, or call us toll free at 866

839
00:34:13,199 --> 00:34:18,719
-771-8901, or send us your questions to

840
00:34:18,719 --> 00:34:22,679
amr-info at wealthenhancement.com.

841
00:34:22,860 --> 00:34:24,800
You're listening to Something More with Chris Boyd

842
00:34:24,800 --> 00:34:25,639
Financial Talk Show.

843
00:34:25,760 --> 00:34:28,260
Wealth Enhancement Advisory Services and Jay Christopher Boyd

844
00:34:28,260 --> 00:34:30,580
provide investment advice on an individual basis to

845
00:34:30,580 --> 00:34:31,120
clients only.

846
00:34:31,300 --> 00:34:33,280
Proper advice depends on a complete analysis of

847
00:34:33,280 --> 00:34:34,460
all facts and circumstances.

848
00:34:34,659 --> 00:34:36,560
The information given on this program is general

849
00:34:36,560 --> 00:34:38,580
financial comments and cannot be relied upon as

850
00:34:38,580 --> 00:34:40,179
pertaining to your specific situation.

851
00:34:40,400 --> 00:34:42,340
Wealth Enhancement Group cannot guarantee that using the

852
00:34:42,340 --> 00:34:44,340
information from this show will generate profits or

853
00:34:44,340 --> 00:34:45,460
ensure freedom from loss.

854
00:34:45,659 --> 00:34:47,820
Listeners should consult their own financial advisors or

855
00:34:47,820 --> 00:34:49,920
conduct their own due diligence before making any

856
00:34:49,920 --> 00:34:50,679
financial decisions.