TradFi: Building Wealth in Traditional Finance with Joe Garrisi

He was merely part of the background . Ronald , or Ronnie as he was known , grew up as an impoverished farmer . His childhood home was described as extremely tiny . He would walk or , if he was lucky , would hitchhike to his high school that was four miles from the farm . After graduating , ronnie enlisted in the United States Army and served in World War II .

He was deployed in North Africa , italy and the Pacific Theater , where he reached the rank of technician fifth grade . After the war , ronnie returned home to Vermont and deployed his skills as a mechanic at a gas station where he pumped gas and wrenched on cars for the next 25 years . On the surface , ronnie was a good blue-collar man .

He married a widow with children and supported them well . He even paid for his stepchildren's college educations . His wife tragically passed away when he was only 49 years old and he did not remarry . He retired from the gas station for one year and decided that retirement was not for him .

After all , he didn't have a wife and his hobbies collecting stamps and coins didn't take up much of his time , and that's when he became the part-time janitor at JCPenney . Mopping floors and cleaning toilets . He would drive his old car to his family's homestead to chop firewood to feed the wood stove that heated his modest home .

He daily frequented the Battleboro Memorial Hospital's coffee shop and the local library . In 2014 , after 17 years of employment at JCPenney , ronnie's health began to fade . He was admitted to the same hospital where he drank his daily cup of coffee and died at the age of 92 .

Nothing seemed extraordinary about Ronnie Reed he was a farm kid , world War II vet , mechanic and janitor but when the attorneys looked at his will , they were astonished . Ronnie was a millionaire worth nearly $8 million , much of which was in stocks .

Ronnie's family , friends and neighbors had no idea that he had been actively investing in blue-chip stocks since the 1950s . They had seen a man with fraying denim jacket with safety pins holding it together . One time , a man bought his breakfast because they assumed he couldn't afford it . Due to his derelict attire .

Ronnie was even known to park his 2007 Toyota Yaris far from his destination because those spaces didn't have parking meters . Everyone assumed he was poor , but they were wrong . Ronnie owned shares in Pacific Gas and Electric , jm Smucker , cvs Health , johnson Johnson , procter Gamble , jp Morgan , ge and Dow Chemical .

He focused on stocks that paid generous dividends and used those dividends to reinvest in more stocks when he died . He owned shares of 95 different companies in healthcare , telecommunications , utilities , rail transport , banking and consumer goods . Ronnie stored his stock certificates in a safe deposit box at the local bank .

His library reading comprised of the Wall Street Journal and Barron's . Despite his paltry salary , ronnie amassed a substantial fortune In his will . He left $2 million to his stepchildren and $4.8 million to Battleboro Memorial Hospital and $1.2 million to the Brooks Memorial Library . The King's Hall Podcast exists to make self-ruled men who rule well and win the world .

You don't have to disclose , this is a friendly environment , but I'm just saying Look , I've dug holes in his backyard at night .

Yeah , it's doing what it's supposed to , it's got personality .

It was like the guy wins the lottery or you know whatever . We have this story of Ronnie and he's just Dan , basically a guy who is frugal and he saves over the long haul , kind of reminds me of my grandparents generation . Yeah , they live frugally . They knew exactly what that meant .

You know , my grandparents would tell me stories about world war ii and grandpa would talk about how you had to flavor , you had to color your own butter and , uh , there's rations and stuff like that . So people got used to frugality and kind of not as commonplace in our day .

No , no , no , I like to live generally by the old adage you've got to spend money to buy things . But that's not quite what this is about .

It's much more exciting than the story that we just read where this guy is like he's a millionaire but he's going to his old family farm to cut wood to heat his home . You know it's just not , as it's not as sexy , if you will .

You know , it's like perfect illustration of that biblical principle , which isn't teaching that anybody who ever gets rich quick sinned , but as a principle you want to do it that way , not the roaring hello kitty , hello kitty , no roaring , roaring hello kitty , roaring hello kitty that'd be a different thing . You know , you know , don't , don't plan on that working .

Is it putting ? it like don't ape into gme stocks , and then you diamond hand your way to the moon . Most of the time , you'll diamond , diamond , hand your way to poverty .

They're probably equating that you have two incomes for the home , but it's actually surprising how much wealth will pass through your household in a course of time .

Now , of course , cost of living is increasing and all those things , but there is the reality that I think a lot of people should be encouraged that you don't have to make a million dollars a year in order to save money in the long term and to build wealth .

So this seems like you know , dan , one of those stories that would encourage just us everyday Joes to be frugal and to save . As you look at the stories in Chris and Brian , I'm wondering do you ? I mean , it seems like we see a little bit of both . Right , obviously you could .

You could have gold rush type situations , but there's also people , groups and countries that are just frugal and they wash their money and they're conservative on the balance sheet and they build wealth slowly over time . What do you think the important ? I guess just the important lesson today from some of those stories in Christendom would be on wealth building .

And then this is probably the one where there's also pitfalls , like giving $4 million almost $5 million to the cat library instead of your generations might be one of the pitfalls , but , Dan , you could use this for really good purposes as well .

1950s was when he started investing , and so that's you know 64 years in which he was essentially compounding off of those investments . And there's something called the rule of 72 , which is a calculation figuring out how long does it take to double your money by taking the interest rate divided by 72 .

And so if you got a measly 6.5 half percent , it takes about 11 years for you to double your money , which is not very romantic . But for Ronnie that's six times he doubled his money . So if it was 100 , 200 , 400 , 800 , 1600 , you can see how that that grows over time . And so I don't even remember what you asked me eric .

I think that can be some of the angst among , like , the current generation , like we're figuring out for the first time hey , maybe our ancestors didn't do this very well and so you feel like , well , I got to regain it all in one generation .

If the Lord blesses you with kids and with grandkids and with great grandkids , and you are able , through the power of the Holy Spirit , to actually pass on that vision to your kids and that they continue to walk in the faith , you've just multiplied your efforts over time , and so this is a 500-year work . And so what we're doing right now ?

We're just trying to stop the bleeding in a lot of ways , right , we're trying to stop the bleeding in a lot of ways . Right , we're trying to stop the bleeding . And so you have these conflicting emotions and frustrations , because you look out at the world and you're like how do they not see things like I see them ? This is really obvious to me .

All you have to do is go to Eric Kahn's Twitter on any given day and you see a new topic in which people should actually be thinking through , like post-war consensus , or the crusades , or feminism or masculinity or whatever it is . And if , if you just followed , like Eric's content , and you , you're like , yeah , I'm convinced of that , I think that's right .

And you look out at the world and you're like we're going the opposite way though . Like how do we even , how do we correct that ? How do we have a long-term vision when we can't even like the trajectory is going the opposite way ?

And so I think a lot of black pill and discontentment can creep in , in the same way as , like if you invest in an account and you're like six and a half percent on my thousand dollars , like I'm never going to get a return on that , and then you start taking astronomical risks and you start being dumb , you know I can really make things worse .

And so I think it's really important , especially for young zealous men , to temper their zeal like a cutting implement , like a sword or a knife .

You're tempering that to harden it and sharpen it , not quench it , but to actually temper it so that it can last your vision , can last for a long time , it can hold up to the durability of use , and I think that's really important to have this idea of like my interest is going , the interest will compound , and so I have to do the small things now and over

time I'm going to trust in the Lord that his spirit will move and he will bless this work , and so I think that's really how we have to think through some of this .

But one of the things that I've reflected on and I think , dan , it was you who told me this there's all these different ways we've been talking about how to invest your money and at the end of the day , like if money was just sitting in an account , it would be better that , even if you had like a money market account , or if you had .

So I think part of this is like these seem like unsexy , small things , but the whole point is it adds up to something big in the long run , even if it's like , let's be honest , it's a lot cooler If you're like I started a business and like we're like $10 million a month now .

I don't want BlackRock competing with single-family home buying , things like that . But at its best , what are we talking about with TradFi , with stock investment ?

We're really talking about betting on something that God designed humans to do working , which is I'm going to place a bet on human labor and activity generating more than goes into it , so you get more than just an input output , where I put in you know a thousand calories worth of work in my day and I get you know a break even sort of rate .

You're betting that God made a world where man can go and dig materials out of the earth or write lines of code or you code or fill in the blank with a million different economic activities and he can actually multiply his fruitfulness and hire other people and the business can grow and it can be profitable in a non-exploitative way , in a way that helps everybody

along the supply chain , can be blessed , and this is an ideal picture . But what you're doing in TradFi investing is you're saying I'm betting that God made a world like that and that if I put my money on people doing ingenious things and turning a profit on it over the long haul , then I will be rewarded for that .

Let's say you take your thousand dollars and you bet on a company . Well , ideally , they're taking that money , they're hiring someone with it , they're developing a product with it , they're meeting some human need with it , they're serving you know , they're serving some community somewhere with it , and then they're rewarded for that with profit .

And then you get to share in that because you participated in it . And that's all wonderful , like that's . We have a temptation in our kind of communist egalitarian age to have a default , almost egalitarian impulse to say like , to be skeptical of all these things , instead of just saying no , god really did make the world this way . This is a good thing .

People can exploit it . Capitalism is real , that's all we get it . People can exploit it . Capitalism is real , that's all we get it .

But we should expect for exactly this thing to be how the world works , because God to investment and finance that we end up making the mistake of , like the mattress guy where he's like just shoving his money in the mattress because he doesn't trust anybody , he doesn't know what to do anywhere and I think I hope what people get from this series is multiple

perspectives on probably a multi-pronged strategy that if you take the principles of discipline , self-control , wealth gained slowly over time and then you deploy some of these strategies from wise people who have been at it a long time , that really it can make a huge difference in your generations , like for generations in your family .

You could be the starting point .

I think all of us can , probably would appreciate it in the position we're in right now If all of a sudden you receive some sort of inheritance of $8 million , for example , from you know our story like that would be monumental in my ability to execute the vision I have for my community and family and church and the school and all of that .

So I think I think that that's definitely a way that we should think through this . The other thing I would like to say this is our last interview in this series on investing , and feedback's always appreciated If you want more of this sort of content . If you didn't like this content , we'd love to know that too .

We'll be returning back to our Crusades content .

They were able to sail around the muslim trade and then basically cut it off , and also cut some heads off in the process .

Bird now X , but I think more and more people are cognizant of this idea of a different kind of Christianity than sort of the pietistic drivel we have today . The question of what is a Christian hero , I think , is changing . Dan , you mentioned post-war consensus . We'll probably be bringing up some of that as well , so we encourage people to check that out .

Be sure to sign up on Patreon as well , because you get a lot of exclusive content . Yeah , we are just loading people down with content .

Do it on a computer , oh , don't do it on the app because , starting in like november , uh , apple is going to be adding a 30 up charge to all of it and you get nothing extra if you just sign up on the no , it basically just means website 30 of that cost that you would spend goes to apple goes to apple and not to goes to china , not the people actually

making it . Well , I mean apple , same thing figure . Oh okay , I mean fox , foxconn , basically same difference .

It's going to be here before you know it and we're going to be talking about some amazing things . There's going to be some amazing speakers . I mean , you have not heard anything like what you were hearing . Tremendous , tremendous , can I just say , huge . One of the speakers , dan , will be Brian Sorian sovey wait are you serious ?

So jump on now and you get the same potentially Hulk Hogan , donald Trump , tucker Carlson experience that nobody's going to get .

So , joe , what we've been doing through this whole finance series , this investing series , is exploring the idea , you know , if I or one had a hundred thousand dollars I was just laying around we don't have any investments , we don't have , you know , any assets or anything like that , and inflation is unprecedented at the moment , maybe only rivaled by by the eighties

or something like that . And inflation is unprecedented at the moment maybe only rivaled by the 80s or something like that some period before I lived . And this is happening worldwide is that inflation is just run rampant , and so the silent theft of inflation is decreasing the buying power of the cash you hold on hand .

So what's the average man supposed to do with their hard-earned dollars that's already been taxed , by the way , through income taxes and other things , when trying to preserve the buying power of your cash ?

One thing that we've encountered a lot as younger families move here into Ogden , utah , housing prices continue to rise , even with high interest rates on homes , to the point where it's not really realistic for people to buy homes in this area . Families are struggling even to buy food .

Insurance costs continue to skyrocket and everything that we actually make that we bring in as far as dollars continues to be taxed at greater burdens , even with , you know , the election looming and the idea that maybe there'll be a taxation on unrealized gains , which is absolute insanity . Maybe we can get into that later Horrific .

But there's also things like a looming employment crisis . Maybe people don't understand what's happening , but with the advances in AI and super intelligence and computers and things like that , a lot of work will be transitioned into AI and Brian Sauvé he just did a podcast with Tim Pool on some simulation theory nonsense whatever .

But they talked about AI a lot and how rapidly it's advancing , and that within three years , you can expect this employment crunch to be possibly hundreds of millions of jobs , and so the question is what is the answer for the future of making and securing wealth ? Where does this all end ? And do the old ways of wealth management still work ?

Do the well-beaten path of investing in stocks and bonds and in different forms of insurance and things like that still work today ? And looking to the future ?

And so we've already talked about Bitcoin , about real estate and about gold and precious metals , and so what I wanted to do was to talk to you about your , your expertise in what I call traditional financing .

But what is stocks and bonds and , and , and all of those different products , etfs and mutual funds , and you know the stock market , all those , all those those crazy , exciting things . So , joe , why don't you ?

But first of all , I grew up in Southern California , like so far south that I could see the lights of Tijuana at nighttime , so I grew up with Baja Mexican food , which I love . Therefore , you should then deduce I do not like Tex-Mex . Tex-mex is not real Mexican food . For those that say it is , they're just wrong .

Dry rub pork ribs is what we had for dinner , but that's a whole section of food and that's not even what the topic was today . Real meat and the scam of the food pyramid and all kinds of different things we can talk about for fun . Yeah , yeah , that'd be great , but okay .

So I grew up playing soccer , started playing soccer when I was three years old , played throughout my scholastic years . I really enjoyed it .

I'm short compared to the average guy and so I had to be fiery and fast and with an extreme aggression of not being willing to lose , and so that's how I became excellent in sports , of just having some strong tenacity and brought that out to me , and I really enjoyed the opportunity in the sports world to go do that . My family was poor .

My dad was a pastor in an OPC church . He started the church from scratch . He was the plank owner in Navy terms , or they have the picture with him breaking the ground , et cetera , there in Bonita in San Diego the picture with him breaking the ground et cetera .

There in Bonita in San Diego , which was one town over from Bayview OPC those in the post-mill world should know that church . That's where Greg Bonson was an elder at during his time in the OPC . So I knew him and his family et cetera lightly during that time .

But my dad worked full time as a pastor and so , dan , from your position as an elder , he had himself and one other elder for 100 people . He taught Sunday school , preached Sunday morning , preached Sunday night and led things in the middle of the week . And then he had to have another full time job so that we could have the basics .

And I mean the basics like just eating oatmeal and having food and basic clothing and type of stuff . We qualified for free food at the government so we would go get the free government food so we'd have food type of stuff . So it was hey , if you want anything , you got to go to work . Well , I was homeschooled for about half my time .

Both of my grandfathers were wealthy business owners . So I saw the hey , you can go out into the world , use that tenacity to go make yourself something . And they encouraged me and showed me opportunities and et cetera on that . So I grew with that possibility and my dad wanted to be a business owner and so he actually owned five different rental units .

I learned the rental industry in a direct relationship , as in , we were the repairman , so I learned basic plumbing and basic repairs and painting and all kinds of things . As in hey , we need to actually make this positive financially and I saw the intensity of that . Hopefully get more into that later on .

On real estate my personal experience here's the short version . I don't own any real estate rental right now . So now you know where I'm going to go on that . I own all the other things you talked about . I don't own that type of thing . Yes , I do own Bitcoin . Yes , I do own gold on my own stuff .

So grew up playing sports , grew up aggressively going after income . I'd ride the bus when I was 14 . I think I was 14 , rode the bus in the morning before it grew light to go work at a fast food place and came home and went to school .

It was intense , but also intensity and trials helped me learn to be able to go get what I wanted , put that fire in my belly , which it really was an opportunity .

And so when I'm talking to other parents and I wanted put that fire in my belly , which it really was an opportunity and so when I'm talking to other parents and et cetera , is don't withhold pain from your kids . Obviously , with with you know barriers , but don't try to make this a pain-free environment . They learn through pain .

The reason why I got into the actual traditional finance , trad fi I feel cool now I'm using the term TradFi . By the way , I never learned this term until listening to you guys . I went to others in my industry hey , you ever heard of this , this TradFi , and they looked at me like what in the world are you talking about ? What ?

So the short version I was supposed to inherit a lot of money when I was a senior in high school from my deceased grandfather on my mom's side , and through technicalities I got nothing , Not because of my parents . My parents got nothing .

My cousins and sisters and brothers got nothing because of a technicality in how things were titled and how the estate plan was put together , and so that really just fueled a fire in me to go learn myself , originally for my own family .

And then another aspect of this was when I was in high school and going into college , my dad was trying to help me understand hey , what am I good at ? Where should I go in careers in life ? And he , even though he's severely tight financially , paid for an exhaustive list of testing in my abilities .

And so I went to this testing center I think it was about a full day for nonstop of testing . And so I went to this testing center I think it was about a full day for nonstop of testing and at the end of the results , the owner who'd been doing this for over a decade .

What I remember them saying is they've never seen someone ever have a perfect score in abstract thought until working with me , and so I just had a natural ability of enjoying abstract thought . When I was in college I loved the philosophy classes because I just loved my brain just twisting and turning in all different ways . To me it was enjoyable on that .

So I got fueled into the fire of the world of finance by getting treated dishonorably and then my natural ability of how things twist and turn and try to solve those financial puzzles . That's the short version of how I got into this . I didn't actually start into this field until mid career .

I was 38 years old when my wife said , hey , she was working as an admin in this field . She saw the other people here and said , Joe , you would run circles around them . You do this as a hobby . Why don't you actually go do this full time ? That was the catalyst . Before that I ran a manufacturing floor , had many , many employees .

Before that I was in the army and did all kinds of fun shooting and strategic work and jumping out of airplanes and trying to think abstractly what the enemy was going to do before they did it . So therefore , we then can know how to counter it and be ready to counter it .

So it was an interesting work in abstract thought and then direct leadership in what to do . As people are disagreeing , it's like , no , no , we actually need to go this way because they're going to do this and we need to be prepared for it .

I could either be lazy and merely crave knowledge of these things , or utilize someone specializing in tax and investment and life insurance strategies . That's why I work with Joe Garrisi at Backwards Planning Financial . Thank you . He will customize a plan for your specific needs . Visit backwardsplanningfinancialcom . That's backwardsplanningfinancialcom .

Or call 615-767-2555 to speak with Joe to prepare for the future . Hmm , Let me ask hey Dan , what are you doing ? I'm just checking my mutual funds , my stock portfolio .

Just go over to the guys at Alpine Gold . They're right here in Ogden . They're members of Refuge Church , the church that you pastor . You should know this . If you give Alpine Gold a call , they'll talk you through the steps of how to move your TradFi , mutual funds and even things like IRAs into precious metals that you can use to start building durable wealth .

Sounds great . Call Alpine Gold today or go to alpingoldogdencom . Again , that's alpingoldogdencom and link is in the description below .

Max D builds innovative , hardworking trailers for the builders , fixers and growers of the world . You can follow their stories by checking out Max D Trailers on Instagram or by visiting the link in the show notes by checking out Max D Trailers on Instagram or by visiting the link in the show notes .

Learn more about Max D Trailers by visiting maxdtrailerscom , where you can check out the article 10 Ways to Make Money with your Trailer .

Well , I've done a ton of research on the labyrinth of tax laws and investment laws in tools , pros and cons and how they work together , and so I use all of that incredible research , with my enjoyment of abstract thinking , to then give direct , concise recommendations to clients after we've had a full scope conversation .

So it's not just hey , let me listen to you for 30 seconds or five minutes and here's what you should do . That is 99.99% almost never , unless someone's very obvious to me in that situation .

Yes , they'll give you the employee match and you've got three options well , typically four , and one's just like bonds or or whatever , but anyway yeah , the the not to derail you , but continuing no , no , I run 401ks and I totally agree .

It was really cool . So what I enjoy doing is planning . So I call myself a planner , a holistic , integrated wealth manager . I have two different credentials . I have letters before my name and after my name and big fancy schmancy stuff , but it really doesn't matter unless I do a good job .

So what I do is I go pester the heck out of CFA's and attorneys and tax advisors and I become a pest to make sure I understand how they're thinking , and then I bring that with the investment world to the table and bring ideas to my clients .

So I want to know about what they're trying to accomplish , where they're trying to go , not just five years from now , but what about when they die , how they want things to look like , what they want their families and kids to inherit . And what about grandkids , your children's children , right . How do they want those to look like financially long-term ?

And then what should we be doing today ? What should the next three months look like because of what we want their children's children financially to look like ? And then what insurance to buy because of that ? Well , how should we give money to a 501c3 or to a church ? Or what about debt ? And when to attack debt and not it , and how to use debt right .

Tim Six has talked about the use of debt in certain ways , and that can be appropriate for some and not appropriate for others , depending on willingness to accumulate that risk .

When I listen to that , I just start getting the willies on some of it , so I love that he brings that intensity of the fighter pilot back into this type of scenario , and he's done well with it . So it's awesome , but I haven't met him yet . I look forward to meeting him here in the future . Yeah , he's a really good man .

So I want to make sure that people's holistic picture works well now with how they want that picture to look like in the future . Trying to understand that's where I named my company backwards planning .

That comes from my military intelligence time hey , backwards from what you want your future picture to be and then , therefore , what to use now because of how you want it to be . So think forward and then backwards . It's got to think both directions and then we can have understand . Well , you know , how should you approach debt because of all that ?

How should your estate plan be put together because of all that ? How should your investments be titled ? Okay , I was just talking with someone earlier today about the titling of their joint account , because they live in a state that allows multiple different titling options that can add legal options , legal protection , if you title things correctly .

Of course , they need to go talk to their tax advisor and legal advisor before they execute , but I want to make sure it all works together . That's holistic or that's integrated .

You're buying gold , right , there's there's not a lot of complexity to it . Even real estate , it's a high barrier of entry and it's really like starting a business , and so that's really where the complexities lie . But you're , ultimately , you've got a single asset .

Um , with what you do is , essentially , it's a completely different ballgame , because you can have REITs , you know where you own real estate , you know through your markets , and you can get gold and you can get Bitcoin and all those things , and so I guess , how does this all work ? What is the value proposition of what you do ?

I know that's a really big question and , just as a side note , joe has credentials , he has licenses , and so a lot of what he says had to go through compliance , and so he has handcuffs that nobody else does . So just be aware of that when we start this conversation . Is that because Joe has all these regulations surrounding his career field ?

Those are a little bit of a handcuff . So thank you . That being said , yes , traditional finance . How does this work ? What's the value proposition ?

So I have to do what's their best interest , not mine , both short and long term . I have to be available for questions , have to be available when the markets change and they worry or they want to do different things and discuss in a holistic manner on the rest of their life what's going on with their kids and et cetera .

So I have to be ready to discuss that holistically for the money that we manage and answer questions . So to me that's fun , by the way .

Okay , so a term that has been good to understand that if you , outside of this circles here of new christened press , if you use the term fiat currency , most people think you're a weirdo . They don't even understand what that is so you guys have talked about man .

We've got to have some type of medium of currency to use . So we've got to have something . So a fiat currency really is just a currency that doesn't have an asset behind it . That's it , right . Gold , I would suggest , is an actual currency because it is its own stuff . It has intrinsic value . Gold has intrinsic value , so it's its own currency .

There's also representative currency . Representative currency would be like a stock certificate or a deed to a house . It has an asset behind it , so it represents a hard asset . So I wanted to start there because I had to make sure that we use the right terms when we're discussing things .

By the way , the book you guys refer to over and over again about the creation of the Fed was introduced to me about 25 years ago . This is something that was not taught in schools , right ? It's not taught in my industry . By the way , the formation of the Fed is not taught in my industry , which is crazy , you would think . Actually .

Public stock market because everyone in the public has access to it . You should then think , ooh , there's maybe a sneaky one out there , but there are other stock markets okay , in the alternative space and maybe we'll get into that .

But the public stock market , because everyone who has , let's say , 10 bucks can go open up an app and buy something in the stock market is primarily two tools . Everything is a variation , really , of two tools a stock and a bond . A stock is a minority ownership in a business and a bond is a loan .

So companies that are on the stock market typically for the stuff that we use the smallest out there would be a small cap fund . Small cap small means the company is worth typically a minimum of $800 million , right ? So this is not your mom and pop store that goes public and sells shares .

When you see the word cap in the market , it means capitalization , or what's the value of the company . How do you find that out ? You multiply the number of shares by the price of the share . You can see the capitalization of the company . What's the current value of that ?

So small cap typically is $800 million to $2 billion , mid cap is $2 to $10 billion , mid cap is 2 to 10 billion and large cap is 10 billion plus with it with nothing on top . Okay , everything above that . So those are the different spaces in the marketplace for people to use . So we use stocks and bonds . You can .

There's international , there's U Sbased , there's commodities which we get into commodities , which is oil and gold primarily , but lots of others . We get into real estate , like you mentioned , reits . There's public and then there's in the alternative space , in almost every sector of this . So we use these tools to help people grow wealth on this .

Okay , so what is traditional holistic wealth management ? Well , I want to look at all everything . What are the goals people are trying to have , not just what to invest into , but also what contingency plans people should have . So I don't expect any asset to grow in a straight line .

It hasn't in the past , it's not going to in the future , and to assume that is too flowery , too perfect of planning and it doesn't actually work . So I want to make sure that we have contingencies planned for . Well , there's health contingencies of people dying or being disabled or long-term care events and how to cover those . There's contingencies of inflation .

There's contingencies of tax volatility . There's contingencies of when you lose a job or forced out of , and it could be not just because of the work we do . It could be a business closing down . That's happened to me in the past . A business closes down around me and now I'm scrambling . What do I do next ?

From industries change to laws , with industries change with , like you were saying , with AI will take some jobs away . I have clients right now struggling and seeing that on their near future and they're going . What do we do ? This is new . We thought that our industry would be in perpetuity .

Obviously , you want to grow your investments , but you're really doing risk management . That's what you're talking about with a lot of this . Right ? Is risk management Correct ? What are the contingencies ? Loss of job , loss of health , loss of ability to work .

You know all of these different contingencies death of a spouse , death of a child , disability of a child , like all of these things . So you're talking about risk management . Yes , this is way different than just buying gold and holding onto it .

Yeah , so therefore , I want to legally not pay them and I love and I'm going to steal some words , some verbiage from Tim , from Tim Six so the tax law is a book of incentives .

That's vernacular , I believe he used in his podcast , correct me if I'm wrong incentives , that's vernacular , I believe he used in his podcast , correct me if I'm wrong which I think is great . It's a trying to understand .

Look , these are incentives that are put in , and so , therefore , the most efficient line is not a straight line , and so , therefore , how do you be efficient ? Are we called to be efficient ? Are we called to be good stewards ? Is part of being a good steward being efficient ?

Yes , I would say so very much , and so , therefore , it's not being simple in what we're doing . So , therefore , we have more we can do . One of the reasons we should have more to do is so , therefore , we can bless our children and children's children , but also bless those around us ?

Right , we are given blessings so that when people come into our place with needs outside of them being lazy , we should be able to help them . Well , to be able to help them , we need money . Yeah , right , based on one of the talks there in your conference right , it takes money to be able to help other people .

It takes money to accomplish these things , and so , yes , we should save for contingencies and then we can take advantage of opportunities if we do so . So setting yourself up to take advantage of opportunities is how you make great leaps in bounds on wealth accumulation , and that's one of the things that I enjoy doing for clients is being able to take advantage .

So let me rabbit trail into this as an example . In 2020 , when the market crashed , I was begging my clients to put money into the market . Call them , please , find some money somewhere .

Not everybody can do that , but when those that did , doing reviews later afterwards with them , you could tell the smiles on their faces their returns were glorious because of that . So when the market crashes , it's not a bug . By the way , when the stock market crashes , it's part of the feature , how it's put together to crash .

When it crashes , most often in arrears , it's been because of emotional things , not only because of fundamentals . Of course there are fundamentals inside there , but a lot of them are because of emotionals that make them deeper and take advantage of that .

A lot of people you know I'm sure it's foreign to them or maybe they have never done this , but I have and one person said correct me if I'm wrong you don't get variations in price Like a very volatile stock right now is Tesla .

Yes , it went from 141 to like 285 in just a couple of weeks and now it's back like $200 , you know , it's just like up and down , up and down . Well , nothing really changed with Tesla , like the value didn't really change . What you're charting is human emotion . It's not . Otherwise it would be stair steps right .

They opened a new line of their business , they reported revenues . You know , stair step up up , they lost money , stair step down . What you're charting is human emotion and so the crashes are just amplified fear and then the spikes are amplified greed . Is that correct ?

If you track PE ratios price to earning ratios in large cap , we're above normal . Ok , small cap , mid cap PE ratios are lower than normal .

So when you look at a company , the price compared to the earnings , the earnings of a company compared to the price it's selling for it's most often a multiple . So how many years in advance are we assuming growth , and what kind of growth for that company ? Like we can look at NVIDIA . Right now , the PE ratio is wildly high compared to a normal S&P 500 .

S&p 500 is large cap or blue chip . Those are three names typically for the same thing . Why do they use three names ? Well , they are the same thing . It may be to tend to confuse people , but I don't know exactly why . So if you look at historical PE ratios compared to the way they are right now , they're always changing .

But when you look at an industry section or a whole capital section and you see trends , then you can deduce well what has happened in the past . When trends happen like this . Well , also , you can look at there are jobs being lost right now in the industry across the whole US and across the country and across the whole world on that .

And where are they losing ? Not in w2s so much yet , and these are in the contract labor . Contract labor is actually losing and historically that's where jobs have been lost first , before they go into the w2s . Um , so it looks like , with big air quotes and all kinds of maybes here , that we're towards the end of a market cycle .

Is this equation Like uh , if you have a hundred dollar share that you can expect $5 in earnings and that's what you get a 20 or is it more complex than that ?

So you , it's not this simple versus the cost of the stock , okay , okay , if it was that .

So the PE ratio is way high , big time high , you know , versus Coca-Cola , right , I mean , they're not doing anything different than they have the last 20 years , you know . So , yeah , anyway , sorry , didn't mean to derail you there , but I just wanted to clarify with that .

They're buying water and sports drinks , and all that stuff Literally yes . Yeah , so where we are . This is what you're talking about , was ? It looks like that we're coming to the end of an up cycle ? Is that kind of what you were insinuating ?

In fact , the stock market grew significantly more than normal last year , so the economists thought it was going to crash and it ended up growing more than normal . Therefore , be careful about trusting the short-term view of economists . I mean over and over and over again . You should learn that lesson People that tell you what's going to happen in the short term .

You should learn that lesson People that tell you what's going to happen in the short term . Be very careful on that . This is why I like to do planning , of setting my clients up to take advantage of crashes when they happen , but don't completely swath your investments , assuming that's going to happen in the short term .

You will lose out on quite a bit of growth if you try to time the market on the way down . I'm a fan of timing the market when it crashes , taking your cash out and investing , but not changing . Oh , the market may crash . I'm hypothetically 30 years old and I've got another 60 years in the market . I should put all my money in bonds .

No , because you may lose out on this year's growth .

You're talking a long time that you're going to have to wait . You're correct 12 years . You're 42 and you've gained no ground , so it's really difficult to time it .

If I have , hypothetically , x amount whole held in in bullion over there and the market crashes , can I go say I want my money now , give me two weeks . I want to buy in the market . The market just crashed by 30 . I want to take advantage of this . Or is the money locked down ? I don't know the answer to that . Okay , so because of how ?

How liquid is the storing of that asset right ? You know , we've you guys talked about that in the real estate there's a non-liquid asset . There is real estate , right ? You need to make sure that sucker is stable in its position because you don't want to leverage yourself to having to buy in a fire sale . That's how you really get hurt in that .

Yeah , so when BlackRock and Fidelity they're they're now entering the game . They're buying just an unprecedented amount of Bitcoin . At the moment . You also have mysterious buyers . They call him Mr 100 . Wow , Just yesterday he bought 300 Bitcoin . He buys 100 very frequently . Yeah , he just yesterday bought 300 . And so he has a .

He's keeping up with the ETFs in a lot of ways . If you're curious , you can look him up . But as far as gold goes , you have the inconvenience . You can't just log into your computer and say , right , I have , you know , 20 ounces of gold , I want to sell . Yeah , and you just sell it over the , you know , over the computer .

You actually have to go somewhere and so you do have restrictions there . But there's , uh , there are other ways you could . Well , you can actually sell it on your computer . You can go to SD bullion or JM bullion and you can sell them , your gold , they , they , and then you ship it to them .

So so the liquidity is not as difficult on those two items , uh , as it would be say , with , like , penny stocks or with maybe some alternative currency . You know alt coins , uh , these just random cryptocurrencies , you know those sorts of things . You definitely run into liquidity issues .

So , but that's from my understanding is that those two assets typically don't have a lot of issues associated with it . But as far as liquidity . But the thing is , if you had a , say , a , a bigger drop or , and it didn't look like it was going to stop , I don't know who's going to take it .

So if the dollar crashes , literally , what do we use ? Like , how do you go to the grocery store ? You take your gold coins . They don't want your gold coins , they don't care about your . They need people , need food , right . Gold coins can't be because they don't care about your , but they need people , need food , right .

Gold coins can't be because they don't care about them . Okay , your Bitcoin can't be used and they don't care about it . Okay , your real estate ? You can't just say , hey , you know , here I'll give you a deed , or come rent to my house , and if things are crashed like , I don't care that we need to have food to eat , right .

The stock market and the same thing . Well , the market has cancels if things crash too much , so that they stop the emotional craziness of people , so they'll shut down there . So you know , we've had a run on banks in the past . Where do we go ? So in Armageddon , nothing is safe . We can't protect against that .

Oh well , joe , you can raise your own chickens and pigs and cows . Well , the majority of the folks that listen to this podcast have guns , right ? And if we have guns and there's , my wife is starving and you have a chicken . Guess where I'm going ? I'm going to get your chicken , ok , so that my wife didn't starve .

Ok , like the Soviet bloc stuff is start , they take the ownership of your house and they put new people in to live with you , type of thing . So that's every asset . There's nothing that's safe in that scenario . So we can't plan for that . Where's our hope ? Okay , who do we trust in for our hope ? Well , we cannot trust in our wealth , right ?

We have to trust in our God . So what do we do in probable ? That's where I want to talk to my guys what's probable going to be ? And then let's do the best we can with the rules around us . Let's be efficient and smart with how we maneuver through those to grow and move our wealth and grow it to the next generation for ourselves . Let's grow our own .

Many folks here listening don't have their own . Some do . Right , if we inherit how , how to inherit smartly there's ways to inherit smartly , by the way , when you do and the titling of those so that you avoid unnecessary legal expenses and unnecessary taxes . So there's what I'm trying to say .

It's complex and where we're going , and we haven't even started down where this podcast was going today .

You have bonds , which you said is a loan , so you're buying a bond and you're receiving interest back as payment for that bond . Is that correct , correct , that's right .

And then you have other , more exotic options , like ETFs or mutual funds , which are essentially a conglomeration of multiple companies in different regions or different industries that you buy a share of , and you have managers that manage these funds .

So you'll have a tech one that has Apple and Amazon and Tesla and Nvidia and who knows , like all of these , and you just have a very small piece of all of these companies and your tech fund . You can buy index funds , so you can buy S&P 500 and it tracks along with the performance of the S&P 500 , which is is it actually 500 companies ?

I don't think it is 503 , 505 .

You're the expert , so you interrupt me at any point , but you can , you can you can buy shares in hotels and apartment complexes , in commercial real estate and all of these different things , so you can actually have an interest in real estate without actually having to manage the real estate .

There's fees associated with the REIT for the property management and for the fund managers and things like that . You have , like you said , commodities , which is a physical product .

Funny story there was a gentleman I knew who , uh , he experimented in commodities and talk about like losing your shorts on something I think he bought , like pork bellies yes , that's one and uh , it didn't go the direction he wanted and they were going to deliver pork bellies to his house yes and so he had to find a buyer for pork bellies .

You're not going to get into options trading , you know , or futures or anything like that , correct ?

So , yeah , you have covered calls , that's right , that's right , that's right . All kinds of stuff .

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Or are you at the stage where this is a apartment complex that's already rented out and now you're buying a rented out complex , right , different stages , you can have different kinds of investments in different stages and therefore they have different kinds of risks and returns and dividends and et cetera on that . So it's not just one sector of real estate .

There's so many dimensions of each sector and who is allowed to go in , because there's actual SEC laws to require , if they're more aggressive and speculative sectors , that you have to obtain certain levels of assets and income to be able to allow to invest in those . So that gets into the alternative market which , compliantly , I can't say much about here .

But we do invest into the alternative market for clients and the rate of return on those is juicy . Every time I show this to somebody they say , yes , please can I have some more of this ? So it is a very nice set of tools , set of products to use in the appropriate time and space . But , like you mentioned earlier , there is liquidity risk .

Liquidity is and that's what I was asking about about gold and I'm curious more about Alpine gold and their liquidity and et cetera type of thing but liquidity risk is hey , I want my money now . How can I go get it Right ? So the alternatives market is very ill . Liquid has liquid risk .

Uh , you know , with Nvidia or something like that , you have this meteoric rise , while what's stopping it from going down ? You know there's there's definite risks . What goes up must come down . Who knows ? Um , uh , I don't .

I don't know if that's the case with Nvidia , I should have picked someone else , but , um , anyway , so you , you have alternative markets , anything else that I mentioned offhand , that I probably fumbled , that you know a lot more about .

A major change that affects everyone . On standard deductions , how much you can deduct standard-wise versus those that don't itemize , how much you can deduct standard wise versus those that don't itemize , or when should you itemize and not versus just the ? If you make the same , what the tax bracket rates will be OK .

So this is going to affect a lot of people unless the administration changes and they change the laws , which have to get passed through Congress and et cetera to change laws . So tax efficiency creates a multiplication factor or a wealth building factor of your existing assets .

Ok , when you add those up , right , do you use the standard deduction amount , which has been an indexing . That means increasing each year amount . Now , in Trump's administration , compared to Obama's administration , trump's administration doubled the amount you deduct if you don't itemize . Ok , so that means less money . You pay income tax on that .

Think of that as good for the average Joe , because the average Joe is the one that's not itemizing , because they don't have enough of those others added up to itemize , so they use the standard . So if there's more they can use as a standard , there's less income they pay tax on . Well , think of that in reverse .

The standard deduction is going down by roughly half . So that means if you make the same thing and you don't itemize , there are more income you'll pay tax on . So straight up more dollars that you pay in tax for the same income . That's not good . Who that hurts is not the wealthy . The wealthy itemize . Who that hurts is the poor in the lower middle class .

They're the ones that normally don't itemize . So that's going to be painful in 2026 , unless the Tax Cut and Jobs Act that's the official name of it Tax Cut and Jobs Act , which is Trump's administration put forth into there . Okay , plus also tax bracket , just the brackets you make between X and X . That income is at certain different rates .

Those rates look for a lot of people to be going up . Each of those brackets look to be going up , so the money you make in that bracket is going to be taxed heavier . So that's a double tax .

Well , think of this those that actually pay this get a tax deduction on the federal , but if you live in a state where you don't have those taxes , you don't get a deduction on your federal . So those that live in tax-free states glorious like Texas and Tennessee and Florida they end up paying more per same amount of income . We don't .

They don't have this deduction because people that decide to live in states with state income tax . So fairness is not a goal here .

So one of the things I wanted to talk about because I was talking to this with let's just call them a pastor and refuge church , not going to say which one . So I was just talking having a conversation earlier last week about hey , they want to buy some real estate and what are efficient ways to do this , and so I said you know what ?

Why don't you consider growing another asset that you can use as collateral ?

It's just called a non-qualified account , non-qualified investment account in the market , and you can use that as collateral for a loan to go buy a piece of real estate and then the money in the market keeps growing , and to go buy a piece of real estate and then the money in the markets keeps growing and then you have a piece of real estate too , and now

you're growing from two sides . So it's a multiplication of your dollars instead of just buying real estate and growing there , or just buying a stock market and growing it there . There's a way to use them as collateral to multiply . So how do you invest ? What tools do you wrap it with ? What insurance do you buy ? What risk do you assume ?

Because we can assume risk ourselves by not but understanding what to assume and when to assume it . And then what about the titling of it ? So that's where I'm coming back to . What is planning ? Yes , it is risk mitigation . But and then what tools do we put inside ? I use the stock market tools , the public and the alternatives market for the tools .

That's how I get paid . I get paid two primarily ways . I prefer to invest in the market in an advisory manner or a fee based manner . There's two ways called fee based . I do them both .

One is we charge an asset fee , a fee of the assets under management , and there's another way , that called fee for service , which is just , joe , will you talk to me and I write you a check to talk . I mean that's very crudely put , but it's more than that .

But yes , we do that manner too , because those people hey , joe , I want to maintain all my own assets and do it myself , but I want your help . How do I do that ? Well , you can pay me for my brain , that type of thing . And then on the insurance side , all insurance is commission-based and those are fixed in price wherever you go .

So we get paid a commission on the insurance . So , on the insurance side , what are the other tools I use you asked for ? So I use insurance tools . Okay , this is a compliance heavy arena . So briefly , without spending the next day and a half to talk about this one , there is life insurance . That is pure insurance . That's called term .

Pure insurance means you either use it or lose it , type of thing . Right , disability insurance is all pure insurance . Car insurance I don't sell car insurance . That's pure insurance . That type of scenario . Homeowner's insurance is pure insurance . But I use asset-based also , life insurance tools when appropriate , not always appropriate for every client .

Actually , it's a minority of my clients that use them . I am one of my own clients that uses them . So there's a whole life tool that has a guaranteed growth aspect to it , but it's not a very snazzy growth compared to the stock market or other tools .

There's tools called variable that are invested in sub accounts that themselves go into the stock market and therefore they vary , but they're attached to life insurance . So if you die , there's a life insurance check to them also to liquidate and end the account . So those are tools that can be used in the right case , marrying up with other assets that you have .

I'm not a fan of only using those for all of someone's portfolio . I'm not a fan of only using those for all of someone's portfolio . But one of the things that I want clients to understand in that arena is two phrases here of research . If whatever you buy , if you buy any of those is to understand participating versus non-participating .

This is a question I ask clients who are interested in this . I've never had someone yet that I remember say they've heard those terms . Those terms are referring to who owns the company . Just like if you own another company , profit always goes to the owner . So in these two insurance scenarios you have different kinds of owners .

In a non-participating they're owned typically on the stock market , so the people who own the stock own that company and receive the dividends . And mutual companies or participating companies are owned by whoever owns the insurance policy , so they receive the dividends .

So if you have an asset-based insurance product like Whole Life or Variable Universal Life or Universal Life et cetera , and you buy it with a participating company , the dividends can participate , can go into the asset and have it grow faster , versus buying with a non-participating company the dividends go to somebody else and having to grow slower .

So the question is well , do you want to have the dividend or do you want to have the dividend go to somebody else ? Kind of a silly question , but most people have never thought of the difference of if they want to go that route , how do they research which company to use ?

That's a lot of places you can research different qualities of companies and et cetera . But that's a little bit . It's very heavy on what I can say and not say on that . So let's keep going .

Maybe no , because you still own shares , but there's all kinds of different shares of stock , of preferred stock , and non-voting stock to voting stock to common stock . The stock market is heavy on different pros and cons of different kinds In bonds .

You can have convertible bonds that convert into stock shares and non-convertible bonds and bonds that have call features early , so they get called if you don't want them to . It's not just simply buying one thing or buying another . It's the strategy of how do you wrap it and what do you buy together .

But you know , but that's just a really like scratch the surface kind of thing . What you're really offering is expertise in navigating all of these different options , these investment vehicles and risk mitigation vehicles , and there's a lot more to it than just I buy stock and it goes up , yes , sir . So there's a lot more to that . I was curious .

Bitcoin guys , gold guys they seem to have like this , their preferred investment . It has a lot of moral elements to it . They're convinced because of some moral reason . Usually it has to do with , like you said , fiat currency . That's why not many people understand the terms which I could go off on and I'm not going to .

I am resisting , but they , they tie their investments to some form of economic morality . Do you think there's an element of that in traditional finance , or even do you think that there are elements that are immoral ? I'm just curious what your thoughts are on that , and I know compliance .

And if you look historically , currencies have been used immorally and been used morally , so a currency in and of itself is not immoral . In fact , a currency is important to have . I wish , personally , we'd go back to the gold standard . That's what I want or to go to an asset-based standard . How about that ?

But pick an asset , pick a stable asset and have that be a standard . I would rather have that . Yes , it takes power away from those that want power , which I'm fine with too . I'm a little power guy . Hey , those above should have little bits of power . I want lots of power .

I don't think that there is a view of hey , gold is immoral or immoral , or Bitcoin is immoral or immoral , or the stock market is moral or immoral . You know the , the dollar market , which I find people , a lot of people , confuse the dollar with the stock market is very different . Fuse the dollar with the stock market is very different .

The dollar is the fiat currency we use to buy and sell and those that hold their money in dollars in banks is different than holding it in any of these other assets that your podcasts have been on . The stock market is , if you're buying a stock , you are buying a minority share in a big company . Okay , so have .

One of the things that I want is having other small business owners around me . Right , some barriers to entry into the business world is money . Right , as Joel Webben says , we need money to be able to build , which I love his talk by the way over on a conference . So there's your plug . Yeah , it was really good . But so I believe we should own assets .

You know as something that in one of the things I wanted to get to in a little bit here , so I'll go into now , is is ripple effect assets . What do I mean by a ripple effect asset ? A ripple effect is a benefit to another family , which has a benefit to another family , which has a benefit to another family .

Right , it has a ripple effect in our culture . So if I go and buy a minority share in a business I don't care if it's mom and pop garage auto around the corner or buying a stock or whatever . That company then has money to then go and pay employees .

Okay , that employee takes that and goes , buys groceries for their family and that grocery store takes that money and goes and pays the electrical bill and so it has . Buying into businesses has ripple effect . I think we should have ripple effect in building effect on our communities , on we're trying to grow . Real estate I think does a good job in that also .

So buying into businesses and buying into real estate I believe are excellent because of the ripple effect of that .

And so one of the questions is , like , well , I want returns , like that's what I want , like , why would I buy Bitcoin or gold or real estate ? Is you know , uh , stock stocks or bonds or whatever ? Is because I want returns . I guess , speaking generally , how are returns ? How are returns in in traditional markets ?

I know that , sure , that's too big a question , because it well , because it depends on , like , what sector of the stock market are you invested in ? How ? What percentages in bonds ? What's in your whole life insurance ? You know it really does depend on that , but we have a ton of data for the stock market , so maybe you could speak to that .

I don't like using point to point statistics at this point in time and now at this point in time , because I can take any asset , you can give me an asset , and if I get to choose the time frame I talk about it , I can make that asset the worst thing or the best thing .

So if you I can then say you know gold's worth saying the world lost half , more than half . You should never buy gold . So you know I can .

So my principles that I come to a meeting with , with someone I haven't met with is , hey , let's look at everything that you have access to , because different people have access to different tools , absolutely , and that is based on wealth or business , or business ownership or the kind of company they work for , or they all have different opportunities .

So what are the opportunities and tools you have access to in that ? And then , is your catastrophic risk taken care of ? Someone dies , becomes disabled , do you have a will ? Do you have a trust ? Do you have a durable powers of attorney ?

That is area that I find , actually , that the most people don't have , and that is their wills , durable powers of attorney . It is super common for people not to have that , especially when they have little kids . So that's really important to solidify catastrophic risk . And then I go into well , emergency fund money . What's the appropriate amount ?

There's not one standard because different people have different stabilities of their income ? And what about different family situations ? Some people have wealthy families , family situations right . Some people have wealthy families they can go to . Some people have families they're having to support , type of thing . So there's not one standard .

Then get into debt efficiency , then get into what investments they should be doing and then get into tax strategies and estate planning . So it's not just hey , I have a hundred grand , okay , go buy this . There's too much .

If you have credit card debt , well then maybe you should kill that , right , yeah , but if you don't have a will , then you should go to an estate planning attorney get a will on that . So it's not simple . What are the returns ? Depends on how the rest of your picture is .

Okay , a significant amount of my clients last year grew , uh , in the 20s percent in a year . Okay , that's with the diversified portfolio and etc . Uh , in 2020 , the clients that did what I told them . I had many of them come back and tell me their money grew by 50% . Okay , because they were positioned and were able to take advantage of when things crashed .

Not everybody has access to that . Okay , some people are only have 401k options and that's it . Well , those could be very few of what you can do in there unlimited . So to ask what's the return is like saying Joe , I want to buy a car and not know anything about cars . It's are we getting a Lamborghini or a moped , you know hey ?

So , you know , comparing , you know this massive world of the stock market and of all of the other exotic products that you have access to what do you think are some of the better assets to hold for the future ?

Sure , you know , as you look out there I know you can't speak to specifics and it depends on the person and the situation Just looking out in the future , with potentials and issues in banking and with AI and all of this , yeah , like , what do you think are some of the best sectors or products that you would , you would think of ?

You know , maybe even if you're saying , like , well , this is what I , I do , you know whatever you can do to get around your compliance handcuffs .

One , not everybody's a business owner , right , I'm a business owner , so I have access to things that they don't type of scenarios , so I am positioned to take advantage if a market crash happens in the near future , to be able to buy a bunch , and I want to be able to do that .

Okay , I did that in 2020 when it crashed and I bought a bunch , and I was . But I also invest in something called dollar cost averaging . Here's a great basic concept that you mentioned one earlier compound interest is number two . You want a starting place for understanding those two concepts . Or , compound interest is number two .

You want a starting place for understanding those two concepts . Those are awesome . Dollar cost averaging is putting money into whatever it is you're investing on a routine basis , whether it be every paycheck or every week or every month , and you will take advantage when the market crashes , just naturally .

If you're not watching exactly when to do it , well , you'll just dollar cost average into a crash and your money will grow faster on the money that purchased in the crash . So it's a glorious way for people to systematically get in and not know what to do .

And on the way down and and , and you're , yeah , just building your account slowly over time .

Bull means going up Massive bull market versus those that were dollar cost averaging took advantage of it in that .

So I have a 401k for my company that we contribute as much as we can into , and then we do something called backdoor Roth IRAs , which is a way to get money into a Roth IRA regardless of other limitations , and there also we have a non-qualified investment account that we can borrow against if we want to , or keep it invested in the marketplace .

I have whole life insurance . I have variable universal life insurance , and we use those as risk mitigation tools when markets crashes to be able to use when we want to . On that Also , something that are a wonderful , wonderful tool for those that can get into it . We do this for clients that have $250,000 in account and above .

We do this as an option not necessarily and it's called private debt . Private debt is an extremely illiquid asset mega , mega , mega risky on liquidity , but you're getting a liquidity pop on that and so you're getting a higher rate of return because of that lack of liquidity .

So that's something that I like to use for myself and , when appropriate , for other clients . This is something I find that most people never heard of . I don't know of a way to get it individually .

The mucky mucks that I have talked to constantly tell me you have to go through an advisor , not only through me , through an advisor , and not all advisors have access to this . Not all advisors have done the extra training and not all companies even offer this in the investment space . Um , so , uh , I want .

I want to use those tools when appropriate , but also inside the wrapping of what tax tool you know and how old is someone ? When do they need income ? When do they need to transfer money ? So those are some of the basics that I'm doing , but it's not right for everyone .

If they have credit card debt , my normal thing is hey , try to kill that as fast as possible . In fact , you and I did a whole podcast almost on that subject right there on hey , how to get out of debt efficiently and pay the least amount of interest A big pet peeve of mine in this whole space is what banking institution are you banking with ?

Are you banking with an organization that is using the profit of your money to engage in services that you would dislike ? Exclamation point the . The big banks tend to do that , like you can . Go go read the creature from Jekyll Island in the history of JP Morgan . Talk about give us a free hair , I'll take a hair curl , I'll take some hair , but me too .

But so what banking are you using ? I don't like Bank of America and Citi and Chase and Wells Fargo and the big banks tend to be spending money in ways you don't want to .

Also , when I went to look at a bank , what I did is I went and asked them the management team hey , when , when credit default swaps were going around , right , and a big proponent of the 2008 crash was credit default swaps you know how much did you invest in credit default swaps ?

And then , when , when the banking bailout came , how much did you accept of that and what was your position ? Because I want to know how they control their own finances . So I think those are some good questions to consider when you choose an organization to bank with , but also look to be your morals . Who are you doing business with ?

A big pet peeve of mine , which is why Brian's talk , which was the first one at the conference you had , is my favorite , because he goes into this and that is , I forget the exact term he used but purposeful business with those in your community . Who are you doing business with ?

Ok , we should be doing business with those that we like their morals and ethics , and you know what , if you're a business owner here , you're called to excellence in absolute everything , uh , in the way you run your business is a big pet peeve of mine for business owners if they're not excellent in what they do , get excellent .

We're called to do that because who do we work for ?

You know Bitcoin doesn't control the economy . It's actually a tiny portion of the economy . You know gold doesn't do that . Real estate obviously is a big portion of that . But when you're looking at the future of the economy , what do you see as potential risks in the future ? And I understand you have compliance things .

I don't know how much you can speak to speculative things in the future , but you know that I'm really curious about how you're looking at this with the election , with inflation , economic uncertainty , like all of that , like what's going on .

So we can talk macro and can get really frustrated that's the kind way of putting it of how those that are in charge of banking worlds and high interest , high position government officials in that , and then how are our leaders taking money , as you know , incentives and et cetera , their whole world of of let's we can reference .

I don't know if we're allowed to make Basham's book right Very interesting aspect of all of that . So the macro world . I don't think the world is going to come crashing to an end in Armageddon and China is going to invade , but where I normally work is in the trenches with clients .

I'm normally like the captain up in front with clients , not the general looking back and making macro moves . So my specialty is in the micro , not in the macro . What I do is , if I use one of Brian's phrases , we live in Babylon . Therefore , how should we live ?

So that's what I get into is how then , dear family , what should you be doing with your goals in your situation ? That's where I specialize in on that in your situation .

Is it through owning these assets , or is there something else that you would think of that that isn't covered necessarily in your , your sphere of investment products ? You know how else you know you've mentioned in the past , like if you don't make a lot of money , you can't invest , you need to get another job , or something like that .

You know along more of those lines .

So if you're making that , that you need a second job or more work , or does your employer allow for time and a half ? Like that's glorious . You use your current skills , go make time and a half and you can come home and be done .

I also try to encourage families to consider I cannot recommend because of all my compliance , but what about starting a family business , a business that your little kids can do , work in and grow into and learn working skills and sales skills , and then you show them the finances of this ? There's all kinds of businesses you can do .

I think it was you that mentioned in one of your podcasts recently that when your brain looks for opportunities , they're just endless . They're all over the place for things that you can do . Yeah , so opportunities are all over the place . I think we need more people with gumption to go get it . We're not promised a 40-hour work week .

Hey , that's what we should be able to do is only work 40 hours and then forget it and be done . I don't think that's possible 20 , 30 , 40 years ago , especially today . Today , I work definitely more than 40 hours . I don't remember a time in my life I worked less than that , except for scholastic time . So , yes , you need more income .

I love business owners and working because of their complex situation , but the the tax book of incentives , as Tim Six would put it , favors business owners Absolutely . Business owners are great . They create new opportunities . They create new jobs . So business ownership , though , is not right for everyone .

You've got to have an intense level of being able to handle risk , because the majority of businesses fail , so you'll handle that risk , and so not everybody's .

For that , maybe they should invest in big and small companies , consider that with your money going to get an extra income , and invest more early and be smart about it on the wrapping tool that you put around it . So I like businesses , I like real estate , I like it in all different sizes , but there's not a perfect answer for everyone .

Because of their ability to handle risk , and maybe they got punched in the face with medical debt and they need to focus on that . So , because of all kinds of qualifiers , yes , there's wonderful things you can do . The majority of people need to work more and make some more income .

The younger they do it because of here's a concept the compounding of money , which is based on when you put it and how much time do you have for it to internally grow . If you can start this when you're young , it is glorious . One of my favorite things to do in the world I work in is with working with my clients' kids .

One of my favorite things to do in the world I work in is with working with my clients' kids . If , when I get to help them open up an investment account when they're young , as a minor , to be able to show them the potential growth of this , their eyes normally pop out of their heads .

It's wonderful for them to get the practice of setting money aside for the future benefit right . Delayed gratification money . Who likes that ? I don't know many adults that like delayed gratification .

But to teach kids delayed gratification and compounding , it is a wonderful way to get them started because then you can see them why you need to stay out of debt or bad debt versus get into good debt , because of the compounding difference of the debt compared to the interest in growth on the money .

When somebody just has an off the cuff question about marriage , like hey , what about this conflict ? I'm like I don't know .

I need to know a lot more information before I'm going to start giving advice , you know , so I I really appreciate the complexity of what you do , and and and for your hard work , and so if people want to hear more from you , where , where can they reach out to Joe ?

My email is joegaracygarrisi at nmcom . So joegaracygarrisi at nmcom , my phone number for business , 615-767-2555 . You can text me there or call me there . Leave me a message Lots of ways you can get ahold of me if you want to talk more . So here's my ask , and that is if you want help in your stock market assets , please call me .

If you have life insurance or disability insurance and are willing for a review , please call me , because I'm a broker in these fields . We work all over the place .

If you're a business owner and are interested or want to take a look at reviewing your retirement plan for your business , if you have a 401k or a pension or a simple whatever it may be , please give me a call . I'd love to have an opportunity to see if my team can be helpful .

So thank you very much , joe , at some point from him on this episode . So thank you very much , joe .