0:01

I never told no one that my

0:03

whole life I've been holding back . Every

0:06

time I load my gun up so I can shoot

0:08

for the star , I hear a voice like

0:10

who do you think ?

0:11

another dollar ? Another one of my favorite podcasts

0:14

, because it's my own podcast . What

0:16

if it did work ? Season four here

0:19

I've got my buddy , my

0:22

buddy I talk

0:24

about the plan man

0:26

, bruce weinstein . I've

0:28

hung out with them .

0:29

I think I've hung out with you before in

0:32

tennessee then

0:34

we're an hour away , we don't see each other , but

0:36

we go to tennessee craziness man , meet

0:38

the plan man bruce weinstein , problem

0:41

solver , yankee fan , focusing

0:43

on the insurance wealth business space

0:45

.

0:45

he brings his 35 plus years

0:48

of experience , multi-platform

0:50

, he's ready to bring a plan

0:52

to your podcast , dude , you and

0:55

a podcaster , podcaster

0:57

, influencer all

0:59

along , great guy , motiv

1:01

, motivator . You inspire people

1:03

. Dude , I'm a Renaissance man

1:06

, you are man . I know

1:08

you laughed when I said you look

1:10

, dude , you look better

1:12

as you get older because you

1:15

take care of yourself .

1:16

I've been really trying that man ? Yeah , I've been

1:18

trying I'm . Since you and I have met

1:20

, I fluctuated a little bit , but I lost 65

1:23

pounds on my journey

1:25

. I posted that , like you shared , a

1:28

whole year on Facebook . Every Friday I posted

1:30

my weight loss progress and it's

1:33

been a couple of years since and I've been bouncing a little

1:35

bit here and there , but I work out and I

1:37

cold plunge and I drink a lot

1:39

of water and I'm 61

1:42

. I'm not a kid and

1:47

I'd like to be around a little bit longer , so I've been taking it fairly seriously . I just

1:49

had a frozen pizza for dinner before the show , so

1:51

I don't know how serious I'm taking it all

1:53

the time , but you know a good pizza

1:55

every now and then In

1:57

life .

1:58

Right Moderation man

2:00

, I mean absolutely

2:02

the old joke , the doctor , the doctor's like you got doctor .

2:04

The doctor's like you got to give up smoking . You

2:06

got to give up drinking . You got to give up eating steak

2:09

. You got to this . He goes . Why would I want to do that ? He

2:11

goes , you could live to be a hundred . And

2:13

the patient says to the doctor goes , if I got to give

2:15

all that up , I don't want to live to be a hundred . Like , come

2:17

on , like who that's not living . You got to live

2:19

well , you're gonna grandfather

2:21

.

2:22

He turned 100 , but he did that through clean

2:25

living . Can you imagine eating just

2:27

baked chicken , plain chicken

2:30

? He never

2:32

drank a day in his life , really .

2:34

Good for him , man .

2:36

Yeah , never partied .

2:37

And then you see the old lady in Long Island who's like

2:40

three packs a day and drinking a bottle of whiskey and

2:42

she's 107 . So go figure it

2:44

out .

2:52

Dude , there's no rhyme , or no ? No , everybody's like genetics . Yeah , dude , it's dna . I mean yeah , because we

2:54

can never explain the person that just dropped dead . They had

2:56

like lung cancer , never smoked a day

2:58

in their life , never had secondhand

3:00

smoke . So we can't say they worked as a casino

3:02

dealer or right right , anything

3:05

like that , and get my

3:08

mother was , uh , my mother's gone to

3:10

uh 39 years .

3:12

My mother was a two to three pack a day or salem

3:15

lights and I had the

3:18

world's , you know , biggest secondhand smoke

3:20

absorption . As , as most kids did in the

3:22

in the 60s and the 70s , I

3:24

couldn't condition for football

3:26

, I couldn't run , I was always in a doghouse , couldn't

3:29

breathe and , you know

3:31

, went to college , got away from that and all of a sudden

3:33

, you know , I could run and I could breathe and my lungs

3:35

got better . But to this day , all

3:38

right and , like I said , my mother's gone since 1985

3:41

. When I walk past somebody smoking

3:43

a cigarette and I

3:45

get a whiff , my body

3:48

literally tingles . It

3:51

still gets overcome with

3:53

some chemical reaction of

3:55

like hello , old friend , like

3:58

you're drawn to it , like a crack addict or heroin

4:00

addict and and it's been 40

4:03

years , but I'm convinced , know

4:05

I'll get , you know , some kind of carcinoma

4:07

, lung cancer at some point down the road

4:09

because of all the exposure I've got

4:11

a story for you on on secondhand smoke .

4:13

My , my mom didn't smoke , but her

4:16

I don't know whether call him stepdad

4:18

or whatever he smoked . He smoked on me

4:20

non-stop and

4:22

uh went away to

4:25

lsu . All my fraternity brothers smoked

4:28

. Now , going to a casino

4:30

, people

4:32

are smoking . People can smoke for me 24

4:35

7 and yes , if

4:37

a buddy , if you were hanging out with me and

4:39

you lit one up , it

4:41

wouldn't bother me . But

4:43

the moment a stranger or

4:46

just random being outside

4:49

, somebody you

4:51

know lights

4:53

up and starts smoking a cigarette . Not

4:57

that I'm gonna tell them to put it out , yeah

5:00

, but about my eyes start getting watery

5:02

. I think isn't that weird that

5:05

, like I'm condition that you

5:07

, you know if , if it's somebody I like , or

5:09

if it's I'm in Vegas , I'm doing something

5:12

.

5:13

Yeah , that's crazy . No

5:16

, I would go to a bar again this is years

5:18

ago and I'd go to light a cigar and

5:20

I think cigars smell pretty good . But

5:23

I go to light a cigar in a room

5:25

. You can't see the wall , it's

5:28

just nothing but a haze of smoke and

5:31

they're telling me to put out the cigar because it's offensive

5:33

and I'm like and I'm breathing all

5:35

this cigarette smoke and

5:37

my cigars bothering the crowd

5:40

, like I have to put it out . It's like

5:42

I always found that somewhat hypocritical

5:44

, crazy . But and the casinos too , they

5:46

they're not always good . They'll let you smoke cigarettes

5:49

at the tables , but you pull out a cigar

5:51

. It's like , sir , you can't smoke a cigar here yeah

5:54

, I , I never understood that .

5:56

Or like , well

5:58

, I , I know um , park place is

6:01

the only casino in vegas which

6:03

is smoke free . Park

6:07

place is the only casino in vegas which is smoke free

6:09

. Yeah , he's like , do you really need a smoke-free casino ? I mean , it's the

6:11

land of vices . I mean , who cares ? Man

6:13

like to me , light one up , go go get a massage

6:15

, do whatever you need to do . Man , go

6:18

go to plan 13 , go go

6:20

get some edibles , do it yeah I

6:22

got a patch .

6:23

My buddy who wrote the jingle to my plan man

6:25

, right , if people haven't heard , we'll plug

6:27

the ask the plan man podcast . But the opening

6:29

jingle to my podcast my buddy , ed , wrote

6:31

. He's a musician and and has

6:33

a agency that does that kind of work

6:35

and we go to vegas

6:37

. That's the only place he'll stay . He

6:40

doesn't even want to be in a casino that

6:42

has the casino smoke free , but other

6:44

areas , like , he doesn't want to walk through any

6:46

smoke . So we had to

6:48

stay there for that exact reason , cause he

6:50

doesn't want to be in in . I

6:53

mean , you know how vast , large these

6:55

casinos are , it's not like you're in a 10 by

6:57

10 room . But he's like no

6:59

, we got to stay there and I'm like , dude , it's half the price

7:01

across the street , like come on , I'll just walk

7:03

. Or like walk across , no , no , no I've

7:06

.

7:06

I've stayed there a couple times . It's the old monte

7:08

carlo . It I for

7:11

years it took me like , for some

7:13

odd reason , it was the only casino I never and

7:15

this was before they outlawed

7:18

, they banned smoking in there I it

7:20

just never did anything for me . And I've been

7:22

there and it's not like I mean

7:24

I I think MGM just marketed

7:26

that way have one property , have

7:29

one property , because it wasn't like their

7:31

crown jewel or anything , it's just , ah , we just

7:33

have this casino .

7:35

Well , maybe there's a way to get people to go there that

7:38

they weren't going to it in

7:40

general . So

7:44

make it smoke free and we'll get a different audience , who

7:46

knows ? But it's a good location because the arena is right

7:48

there . The hockey arena is right

7:50

across the street , so they got a good

7:52

market there .

7:53

So , bruce , speaking of podcasts , man

7:55

, yeah , baby , congratulations , You're

7:58

still going strong , man , you're still promoting

8:01

.

8:01

Yeah , finishing

8:07

is our third year and I just dropped just what's today . Yesterday or today we dropped

8:10

episode 75 , my first year . I did one a week and

8:12

then we cut it back to every other week , so

8:14

we're at 75 . Bradley

8:16

was episode 50 .

8:17

That's a year ago already and

8:20

you know what I love about you , I

8:23

give everybody the carp launch . Hey , you

8:25

can advertise , you can promote your stuff

8:27

on my page and if

8:29

you're like you and only a couple other

8:31

people , it's like oh , I

8:33

don't want to impose , imposing

8:36

, I just gave you a friggin

8:38

permission promote away , plug

8:40

away I always appreciate it

8:42

.

8:42

Yeah , you feel like you're a little annoying

8:44

after a while of just constantly dropping stuff

8:46

. But I look , I'm not .

8:49

I'm not selling candy bars , it was

8:51

like you , me and someone else , if

8:53

there was more people , you know if I

8:55

, literally , if you've been on my show or

8:58

if you're a friend , promote away , man

9:00

, everybody has something to sell , everybody has something

9:02

to promote well , we're just trying to be known

9:04

, right ?

9:05

you're just trying to get your message out

9:07

. It's not a matter of I have something specific

9:09

, like you know , today only and 20%

9:11

off and type of stuff . But you

9:13

know , you said before we started , like open

9:16

enrollment's coming around , it's a year end

9:18

, people are doing their budgets . They got to max out their

9:20

401ks . Stock market's at

9:22

all time highs , interest rates are bouncing

9:24

around . There's a lot of economic

9:27

uncertainty . But guess

9:29

what , 38 years I'm doing this

9:31

and the 30 years you're in the , it's

9:34

always something . It's never

9:36

streamlined and there's always noise

9:38

and you got to manage around

9:40

the noise . You got to still do the things you need

9:43

to do for yourselves and that's what the plan

9:45

man , the show promotes proactivity

9:48

and understanding things and

9:50

being proactive and not being a bystander and

9:52

a spectator going oh , I didn't know I wasn't

9:54

insured for that . Oh , I didn't know it was going to drop

9:56

30% . Like you're not paying attention

9:58

.

9:59

Well , here's my question to you . We just celebrated

10:02

two years . Bull

10:04

market , big bull , yeah . We

10:07

have an election coming Donald

10:09

Trump , kamala . Now

10:12

odds are , though we haven't

10:15

hit bear since . Who the

10:17

W ? Since ?

10:19

George , yeah Well , I

10:22

mean we had a little COVID hiccup for

10:24

a couple of weeks . Market dropped after

10:26

the flash crash , if you will , january

10:29

, february , I think you know March when COVID came

10:33

out , but it didn't last .

10:34

It was like a half an hour .

10:36

Yeah , it was nothing , and then soared , soared

10:39

after that . So , yeah , we haven't

10:41

. Look , I'm doing this since 86,

10:44

. The market crashed in 87 , right , right

10:46

around now October 19th of

10:49

87 . And

10:51

we

10:54

came out of the financial crisis

10:56

in 09 , right , the

10:58

market bottomed in 09 and chopped

11:01

around in 10 and 11 .

11:03

We're literally on a 14-year bull market

11:05

Now odds

11:07

are , though , economy

11:10

stupid , like what they always say . I mean , what

11:12

comes up must come down . We're

11:15

due for a correction , wouldn't you

11:17

say ?

11:18

And yesterday we hit an all-time new high

11:20

right on the Dow . So you know it's

11:23

yes , yes , I keep saying

11:25

it , I talk about it on my show . Be

11:27

prepared , what are you going to do ? We haven't

11:29

had one . Look again

11:32

. Here's one of my lines . I didn't , I didn't

11:34

write it and create it . All things end badly

11:37

, otherwise they wouldn't end that's

11:40

right .

11:40

from cocktail too , by the way , is it

11:42

?

11:43

Yeah , yeah , flanagan

11:45

, the guy Tom Cruise . Yeah

11:48

, is that what it's from ?

11:48

Yeah , when he was breaking

11:51

up with Gina

11:53

Gershon , oh God , and

11:55

he gave her that line , dude that's a movie from

11:57

the 80s too . Dude

12:00

, I love that , Both of us man I

12:03

saw that movie in the movie theater .

12:05

But to the point of this is , the stock

12:08

market doesn't plan its correction . Something

12:11

triggers , something

12:13

causes the knee-jerk

12:15

, panic and then the sell-off . And

12:18

the question is , who's going to yell fire

12:20

in the movie theater

12:22

? Who's going to create it ? What's going to create

12:24

it ? And the Middle East tensions , and oil

12:26

know , and oil prices , and Iran

12:28

, this and that . So you know that's been getting

12:30

rumblings and Ukraine's been getting rumblings

12:33

and the election's getting rumblings right . So there's

12:35

rumblings but it's

12:38

the kindling hasn't caught fire . Nothing

12:40

has happened yet , but

12:42

something's looming

12:44

, right , somebody's expecting . Now

12:46

you could look in this country with COVID

12:48

and the great resignation

12:51

and the amount of commercial real estate that

12:53

is still dormant

12:55

, unoccupied . That's a big

12:57

strain in certain arenas

12:59

Residential homes sitting

13:02

at all-time highs , even with rates going

13:04

from 3% to 7% . Home prices have

13:06

softened a little bit , but they

13:08

haven't come way down or

13:10

normalized . And , like you

13:13

said , what goes up comes down . And I

13:15

say this all the time , omar is if

13:18

the historical rate of return on something is

13:20

10% and you

13:22

just came out of a window of 100%

13:24

growth or increase , meaning

13:27

your home doubled in value . But it normally

13:29

only goes up 7% , 8% , 9% , 10%

13:31

. At some point it's got to normalize that

13:34

100% boom , has

13:36

to resort back or

13:38

revert back to the mean , which

13:41

means your million-dollar house goes to $2

13:43

million . It's got to settle back

13:45

to one and a half or one six or

13:47

one four . It's not going to sit at

13:49

2 million . So we're

13:51

still sitting here with the house prices , at

13:54

least for you and me in South

13:56

Florida . They've softened a

13:58

little bit , but not a lot , because people are still coming

14:00

down here .

14:01

Well , here's my . Here

14:04

we go , bruce Go babe NVIDIA

14:07

still coming down here well , here's my , here we go , bruce

14:09

go big nvidia all time high . Okay , I

14:12

think it . What a little sell-off

14:14

people today , today

14:16

, things today .

14:17

The tech names rolled over today's what tuesday

14:19

, october 15th right if you're time

14:21

time stamping , but yesterday , monday , october

14:24

15th , right If you're time-stamping

14:26

.

14:26

But yesterday , monday , nvidia closed at it

14:31

hit intraday highs , hadn't closed at its high closed at a

14:33

high , and then today , you know I believe Apple made a new

14:35

high today .

14:36

Apple did a new high today , right , but they're stretching

14:38

their normal uh

14:40

PE ratios , right , like the valuations

14:42

are stretching and people are questioning and but

14:45

go ahead what I'm sorry , what's your ?

14:46

question . I mean you and I

14:48

know that . But what about

14:50

the retail investor , mom and pop

14:53

, joe bob down in missouri

14:55

? I mean a lot

14:57

of people are going to get hurt because they're

14:59

piling money into wellVIDIA

15:03

is never going to come down and

15:05

every stock has

15:08

to come down . And

15:10

that's where the old saying buy

15:13

high and sell low comes from .

15:18

And I'm like this is so rigged but it goes back again

15:20

, goes back to what we've said . You're in a 14-year

15:23

bull market with very short

15:26

intervals of contraction and pullbacks

15:28

. People have not experienced pain

15:30

. You take my

15:33

oldest son is 34

15:35

. So if he started investing and dabbling

15:37

in the market at age 20

15:39

, he's yet to experience

15:42

a major correction he's

15:49

yet to experience a major correction .

15:50

I was gonna say he's lived like in this camelot , where right such thing is a market

15:52

right .

15:52

but then you go back to people who , from 1990

15:56

to 2000 that

15:58

was their big bull market run

16:00

with some hiccups and corrections along

16:02

the way until the dot-com bust

16:04

of you know , 2000 , 2001

16:06

. So you know

16:08

, when it looks like and

16:11

gets too easy , it probably is

16:13

. And there's your warning . And the same

16:15

happened with real estate in 07 , right

16:18

Like everybody was buying six , seven , eight

16:20

homes , getting in line for pre-construction

16:22

, put down 2000 and go sell it

16:24

to the guy in the back of the line and make 50 grand . Right

16:26

, like it was just a craze . And

16:28

then eventually saturation and

16:30

then kaboom , the bubble burst

16:32

. So what's good ? So the question now is what's the

16:34

catalyst ? What's going to get the stock market

16:37

to finally throw up ? And

16:39

that's the looming question when and what

16:42

?

16:43

I think one of the things just

16:45

baby boomers , just retiring

16:49

, man collecting you

16:52

know cash .

16:53

But look I'm . I'm

16:56

born in 63 and I think the last baby

16:58

boomer is technically born in 64

17:00

. Ok , so baby

17:03

boomers are 20 years older than me , 18

17:06

years older than me 1945 . So

17:09

the baby boomers the original

17:11

baby boomer is 78

17:13

, going on 79 . I would

17:15

assume they're long retired , right , and

17:18

my generation , the early sixties

17:20

, we're not retiring . We

17:23

were too young and healthy and want to do things , and you know the money to be made out there

17:25

. We're not retiring . We're too young and healthy and want to do things , and you know the money

17:27

to be made out there . It's not the same as I

17:30

worked at the railroad , you know for 40

17:32

years and I want to retire , and you

17:35

know it's . It's different , it's a different

17:37

world .

17:39

Well , we can't say the Middle East , because the Middle East , east

17:41

, there's been like , yeah

17:43

, it's like ishmael

17:45

and abraham cousins were fighting

17:48

, you know , thousands

17:50

of years ago . It's just , oh

17:53

, no man , I , I just

17:55

I just feel bad because I know a lot

17:58

of people are probably

18:00

, and that's why they need someone

18:02

like you to rationalize

18:05

and talk some sense . You don't think a lot of people are

18:07

like highly leveraged people

18:09

, for sure .

18:10

Our age 100

18:12

in tech when you

18:14

think it's easy and you're making

18:16

quick money and you're not getting

18:18

a lot of headwind , resistance and that

18:20

margin notice comes in

18:23

and you want to double down and borrow

18:25

money . I mean , that's what the hedge

18:27

funds right , they were putting up five cents on

18:29

a dollar back when things got ugly

18:31

with massive leverage

18:34

. That caused you know the excuse

18:36

me the 07 crash . So you know you

18:38

have to be prudent with your

18:40

risk . You better have some very

18:42

quick , short tripwires to get out

18:45

when things and that's the problem is , every

18:47

time things burped it just went

18:49

higher after the burp , right . And

18:52

so you get trained and you get in condition . So

18:54

you know , nvidia

18:56

goes to 140 and drops all

18:58

the way down to 110 . And you had some

19:00

Japanese things unwinding over the

19:02

summer and you had an overnight

19:04

flash crash going on and you didn't know

19:06

what was going to happen the next day here . And

19:09

then in two days it was all over , bro , and

19:11

everything was back to good . But

19:13

you're looking at your Nvidia at 100 or at 95

19:16

, and you're like , ah , and where are you going

19:18

to get the money to buy more ? And now it's back

19:20

to 140 or 135 , right

19:22

. So you know it's look

19:25

, I think a lot of people

19:27

are not stock pickers . I think a lot of people

19:29

use managed money and managed funds

19:31

, so now it's a matter of how good

19:33

are the managers ? And when did the managers

19:36

look ? You said the news

19:38

Warren Buffett dropped 50%

19:42

of his Apple stock over the summer . He

19:44

reduced his position and

19:46

Bank of America right . So

19:49

Apple's hitting all-time new highs

19:51

post-sale . So that was a very

19:53

non-event . Bank of America's

19:56

meandering a little bit , but the

19:58

questions were why was Warren doing

20:01

that ? And the reality is he

20:03

made a freaking fortune in those stocks

20:05

and they're overweighted relative

20:09

to the risk he wants and the size of

20:11

the portfolio . So the fact that he sold half

20:13

of something that , by

20:16

the way , apples up 28

20:18

times its

20:20

lows from 2009 . It

20:22

has split 28 for

20:24

one . So if he's buying

20:27

it back then he's made so

20:29

much money in it . But

20:32

he's sitting on $250

20:35

billion of cash . He's sitting on a quarter

20:37

of a trillion dollars of cash right now

20:39

. After those two sales

20:42

could buy like 15 major

20:44

companies with that kind of money . Like

20:47

it's ridiculous but

20:49

it becomes a non-event . But that's one person

20:51

. So let's tie it into the election . Let's tie it

20:54

into these so-called tax plans

20:57

that the Democrats . Kamala

20:59

is proposing , because I've been having debates on

21:01

my show with it and listeners of

21:03

my show who obviously are maybe more pro-democratic

21:07

views is you

21:09

know where do you think

21:11

let's

21:13

rewind the market's at all-time highs

21:15

? And so the Democratic side says

21:18

this is all Biden's doing . Give him credit

21:20

. Look how great the market is . Trump left

21:22

us in shambles with COVID and

21:24

the markets are hitting at all time highs . And

21:27

then , of course , I chime in . I'm like you know nothing about

21:29

economics nor economic history . I

21:32

said let's go back to Obama , when Obama

21:34

had corporate tax rates at 39.6%

21:37

or whatever the math was , and

21:39

countries like Ireland

21:42

and England and France were

21:44

getting headquarters , international

21:47

headquarters set up by Apple and Google

21:49

and Amazon and just

21:51

name the major players and

21:54

everything sold outside

21:56

of the United States was

21:59

kept in Ireland , in Apple's

22:01

Irish headquarters Everything

22:03

they sold in Europe , everything they sold in Asia , everything they

22:05

sold in Africa , all six continents

22:08

. That money stayed there , did not

22:10

come into the United States and Apple

22:12

stock did nothing . And

22:14

what did Trump do ? Trump and

22:17

I remember Hillary's campaign in 16 was

22:20

like we will tax , we

22:23

will penalize any company

22:25

that leaves this country . We're

22:27

going to charge them an exit tax . And

22:30

I'm shaking my head , omar going . You

22:32

don't know what you're doing . You're chasing

22:34

everybody out . You're taking all

22:36

that money out of this country and they're going

22:38

to leave it over there and they're going to do other things

22:41

with it over there . And

22:43

Trump comes into

22:45

office and he cuts corporate tax

22:47

down to the what 20% and

22:50

all of that Apple money comes back to the United

22:52

States . All that Amazon , all

22:55

that , whatever Tesla , whoever

22:57

they were , all that money got repatriated

22:59

. They paid their 20% tax and

23:02

now they're sitting on billions of dollars

23:05

that they're buying back stock and they're

23:07

raising or putting dividends in place and

23:09

they're inventing more R&D . And

23:12

that's why Apple's up 28 times . Not

23:15

because anything Biden did , not

23:17

because anything Obama did . It's

23:19

because of corporate tax . So now you get the next

23:21

regime that wants to come back in and raise

23:24

corporate taxes , tax the billionaires

23:26

, tax unrealized capital

23:28

gains , all this other nonsense

23:31

that they're talking about . Oh

23:33

, billionaires aren't paying enough

23:35

.

23:36

Unrealized gains .

23:38

Unrealized capital gains Now oh

23:40

, it's not for everybody ahead no

23:42

, think about that .

23:45

Think about that anybody .

23:49

Unrealized gains on your portfolio

23:51

, unrealized gains on

23:54

on your home 401k

23:57

, your home everything it's

23:59

just just fucking amazing

24:01

that people but they're saying

24:04

it's on $100 million net worth , individuals

24:06

and above . Okay , so that's

24:08

the top 1% of 1%

24:11

. Okay , so that's today

24:13

. That's today

24:15

. How long until it's not that

24:18

only person ? Because now they get

24:20

away with it and now they're going to keep lowering

24:22

it and lowering it .

24:23

And it trickles down to everybody .

24:26

Eventually it's not a hundred million , it's a somebody

24:28

worth a million . 10 million

24:31

becomes a million . But let's

24:34

go backwards because I was tying in the warren

24:36

buffett . Okay , if

24:38

warren buffett now has

24:41

to reassess his

24:43

gill stock , his Colgate stock

24:45

, his railroads , all

24:48

the stocks that he's been sitting on for 20

24:50

, 30 , 40 , 50 years

24:52

in those

24:54

portfolios and now has to liquidate

24:57

and pay

24:59

taxes on

25:01

all of those unrealized gains in

25:03

his portfolio , is it individual

25:05

ownership ? Is it mutual funds ? Is

25:08

it hedge funds ? Who are they going after and

25:10

where's the capital gains ? What about all the

25:12

guys with all the real estate properties

25:14

, the

25:17

billionaires , multimillionaires that own $100 million of real estate

25:19

? Now they got to start writing checks

25:21

. Real estate's not liquid . How

25:24

are they going to raise $250

25:26

million to pay capital gains ? I

25:29

got to sell stocks , so now I got to

25:31

sell more Berkshire Hathaway stock

25:33

or Gillette or Coca-Cola

25:35

or Bright into

25:37

an environment where everybody knows these a-holes

25:39

have to sell . To

25:46

sell . It's different than when Warren just is repositioning his own portfolio and the street wants

25:48

to absorb his stock or take it down a little bit because Apple did

25:50

drop . You got an

25:52

opportunity to buy Apple , you know $20

25:55

cheaper than where it is now and

25:57

you know , certainly , bank of America dropped quite

25:59

a while . But what happens

26:01

when the whole street has to sell , omar

26:04

, when

26:06

everybody has to meet that requirement

26:09

, who's absorbing all

26:11

of that stock ? It's

26:14

going to melt down . It'll

26:16

be a bloodbath because

26:18

the big money's not going to step in and buy

26:20

it , because the big money is the one who's selling it . And

26:24

if it's going to be hedge funds , if it's going to be , you

26:26

know , the majority of money people

26:28

don't understand is held by insurance

26:31

companies . The biggest pension

26:33

plans , the biggest portfolios

26:35

, all those trillions

26:37

of dollars that we pay into insurance

26:40

, whether it's auto

26:42

and home and life insurance

26:44

and whatever . All that money has to sit and

26:46

be put to work and all the insurance companies

26:48

do is try and make a spread and

26:51

they put that money to work . What

26:53

happens when they got to start liquidating ? Who's

26:56

going to absorb ? So if you want to say where's

26:59

the flash going to come from that could spark

27:01

a major stock market meltdown

27:03

, do

27:05

that . Put that in place

27:07

, elect her and let her put

27:10

all those tax changes in

27:12

place . And then I took

27:14

it beyond that in conversations I've had is

27:16

, omar , you have a new

27:18

startup , you're Mark Zuckerberg , you've

27:21

owned all this privately held stock

27:24

and if you go public

27:26

, you now are going to have

27:28

to reconcile and

27:31

pay on all that unrealized capital gains

27:33

. You're not going to go public because

27:37

there's no value on a non-public stock

27:39

. Who's going to ? You know , there's Johnson Controls

27:41

family , there's the Koch

27:43

brothers K-O-C-H , koch , koch , like

27:46

these guys are privately held

27:48

, multi-multi-billionaire families

27:50

. Kohler they're not publicly traded

27:52

. They're worth billions . M&m Mars

27:54

right , they

27:57

never came public . Nobody knows their balance

27:59

sheet , nobody knows their revenue , nobody really

28:01

knows . So are they going

28:03

to be told hey , now you got to sell some

28:06

of that , you got to pay tax on that . To

28:12

sell some of that , you got to pay tax on that . Yeah , go value it . But if I got apple stock and I've got

28:14

a you know 300 fold performance

28:17

and I got to start selling that , it

28:21

just , it's just bad , right

28:23

, it's just a bad idea . In my opinion , there's other

28:25

ways to get people to pay taxes

28:27

, but that one , oh

28:29

, most people aren't in the stock market . That's

28:31

not . Middle class is in the stock market , bro . Oh

28:34

, I hate when people I

28:37

mean there's poor and there's middle class and

28:39

there's wealthy , right ? So middle class

28:41

are in the stock market , middle class have 401ks

28:43

. Middle class have a million dollars . Ok

28:45

, I don't know what you deem to be poor versus

28:48

middle class , but you

28:50

don't live in half the places in this country

28:52

right now without a home . The average home value

28:54

is over a half a million dollars . Now what's

28:57

your net worth if your house alone is that right

29:00

? What kind of income do you need to make ? Are you putting a 401k

29:02

in it ? Like the stock market made

29:04

people wealthy the last 15 years , you could

29:07

be an average schmo and made a ton of money

29:09

the

29:13

last 15 years you could be an average

29:15

schmo and made a ton of money .

29:16

So what you're ?

29:17

saying is vote for

29:20

Donald Trump if I

29:25

cannot confirm nor deny my political affiliation . I'm a fiscal Republican . I'm not ashamed to say

29:27

it , but yeah , look , I said it to you offline . I'm not a fan

29:30

of Trump . I didn't like the Apprentice . He screwed

29:32

my brother-in-law . I've said it on my own show

29:34

. But I'm not voting

29:37

for the man and

29:39

the personality as much as the party

29:42

and the fiscal policy

29:44

of the party . And

29:57

look I I have . My middle son is gay , lives in new york . I'm pro-choice

29:59

, I'm pro-lgbt , like . I'm not against my own son , but he doesn't understand

30:02

why we're trump supporters . All they want to do is kill me . I can't

30:04

come to florida . They're going to lynch me . I'm

30:06

like . I know plenty of gay friends of mine

30:08

in florida . They're not being lynched . Last I checked

30:11

, I texted them yesterday . They're .

30:12

They're still , I believe , um there's

30:14

. There's homosexuals in all 50 states

30:17

. Yeah , yeah , so you know

30:19

, as red as possible , I think there's homosexuals

30:21

in oklahoma and texas and guess

30:24

what ?

30:24

there's homosexual billionaires there , many

30:26

sexual millionaires . But

30:29

my point is that

30:31

I've tried to explain to him

30:33

and

30:36

this is just my point of view . It's my

30:38

38 years of being in the financial industry

30:40

and being a student of the stock market

30:42

and economics to the best of my abilities

30:45

. This country

30:47

has to be run like

30:49

a business . It

31:14

cannot be run based upon political agendas . We are an economic machine and as such I have to support

31:16

the party that is pro-business , pro-growth and not tax and spend , not taking my money and redistributing

31:18

it randomly to people who don't want to work .

31:19

The democratic party is not the democratic party of , like bill

31:21

clinton and the party of

31:23

yore , where it was about

31:25

middle class , it was about the working class . It

31:27

was about about the middle

31:29

class . It was about the working class . It was about they

31:31

, they've , they've , they've lost that They've , they've completely

31:33

changed to , to something

31:36

that I mean . I'll

31:43

put it to you this way

31:46

Bill Clinton would have never been elected .

31:48

He would have been seen as like some far right racist

31:50

redneck . Yeah , I've heard this before . You

31:52

know , in today's world , kennedy

31:54

would be a Republican and Richard Nixon would be a

31:56

Democrat . Like the parties have just

31:58

rolled in such

32:00

vastly different directions , but their

32:02

views in the 60s , you

32:05

know , when they were both in office , you

32:08

know , is way different 60 years later

32:11

. And well , the

32:13

problem is there's extremism . There's no

32:15

middle road anymore . It's too extreme

32:18

because they , they .

32:20

It's like if it bleeds , it leads . You

32:22

know . It's like if

32:24

, if you're vanilla on either side

32:27

, either party , you're

32:29

not going to get people to donate . You're not going

32:31

to get people rah , rah

32:33

, rah , let's go vote . That's

32:35

why it's one extreme to the other and

32:37

what's sad is , the

32:40

majority of people in this country

32:42

are smack in the middle

32:44

.

32:45

Yeah , With nowhere to go , with

32:47

nowhere to vote , with no power . No , I'm

32:50

61 . I talked to friends

32:52

and they're like I'm what you are . That

32:55

party doesn't exist , that candidate doesn't

32:57

exist . And then they have to decide and

33:00

people look at it with total

33:02

disdain for Trump as a person and I

33:04

watched the debates and I watched . There's times

33:06

when he's on the money , there's times when he

33:08

could go for the jugular and he just becomes an idiot

33:11

. I'm like he had

33:13

her on the ropes . He had things to say

33:15

. I got things to say . She opened her

33:17

mouth and said things . I'm like dude , jump

33:19

on that , because that's a lie . That's not

33:21

accurate . She wants to talk about . She's behind

33:23

private health insurance and the debates

33:25

two weeks after they shut down and took away the

33:28

Democratic Party access

33:30

to private health insurance . I was screaming about it all summer

33:32

and now

33:34

you're forced on Obamacare . If

33:37

you don't have group insurance , you have very

33:39

little options , very small options . You

33:41

are forced on Obamacare . If

33:44

you make too much money , you get no subsidies

33:46

. You are grossly overpaying . We

33:49

had private options for clients that were 50%

33:51

less than Obamacare . Shut

33:54

down , Gone September 1st . Can't get it to you , Elmar

33:56

, Sorry , You're back on Obamacare

33:58

. So you talk about socialized health reform

34:00

. You know how much free health insurance

34:03

we give away . We meaning just my

34:05

wife and I in our practice , with a couple

34:07

hundred clients we have on Obamacare you

34:09

make within a certain amount of money your health insurance

34:11

is free , F-R-E-E

34:14

free . Who's paying for that ? The

34:16

guy who's not getting a subsidy and he's paying $2,500

34:19

for his family . And

34:21

the other guy he's getting free health insurance

34:24

. So the haves and the have-nots have been defined

34:26

based upon levels of income and what

34:28

health insurance you get them . And by the health insurance

34:30

you still got a $9,000

34:33

max out of pocket deductible

34:35

. You're not getting a free ride . You're

34:37

paying $2,500 a month and

34:39

you're going to have $10,000 out of pocket before

34:42

insurance pays for much . So what are

34:44

we getting ? And it's just- .

34:47

I agree because until very recent I

34:49

was paying , just for

34:51

myself , 650 bucks a month

34:53

and people would probably be like , oh

34:55

, he's in the Mac daddy , you

34:57

know , he's in the PPO

35:00

, he , you know the they . They roll

35:02

out the red carpet for me .

35:04

No PPO . You can't get a PPO

35:06

on Obamacare , they're HMOs . And

35:09

then you can't our clients call I can't get a PPO

35:11

on Obamacare , they're HMOs . And then you can't our

35:13

clients call I can't get a doctor . I got to wait

35:15

three months . They're not taking new patients , it's

35:19

a chronic , and that's just , you know , a small sampling of what's going on . And where's

35:21

it going to go ? Because the HMOs don't want to pay the doctors . So

35:24

if the doctors don't get paid or don't make a certain

35:26

amount of money , then they're not going to take new patients

35:28

, and then everybody's moving to concierge medicine , right

35:30

? Or I'm going to Canada . I'm like it's just

35:32

again another rabbit hole to get into

35:35

, but it's not what people think . So

35:37

if you don't have a group , look if you've got a group plan

35:39

, that's going to be

35:41

the ace of spades at the moment to run with

35:43

. But when you don't have problems

35:47

, if you make a decent living , you recommend

35:49

your everyday joe to

35:51

have a health savings account and just

35:54

say sure yeah yeah

35:56

. so I mean

35:58

, if your listener doesn't understand

36:00

what the health savings account , based

36:03

upon the type of plan that you have , usually a higher

36:05

deductible plan you could put away

36:08

, give or take . Take the dollar amount it's going to

36:10

change . It's a little over like $4,300

36:12

, $4,400 , depending on your age , there's

36:14

a little catch up , but it goes in pre-tax

36:17

. So why is this important ? Can I give the lesson

36:19

Is if

36:21

you have a health insurance

36:23

plan with a $5,000 deductible

36:26

and a $5,000 max

36:28

out of pocket deductible

36:33

and a $5,000 max out of pocket , when you go to

36:35

pay those bills , on that first $5,000 without a health spending account

36:37

, you're paying an after-tax dollars . There's

36:39

no tax deduction for that $5,000

36:42

because you have a donut

36:45

hole or I'm

36:47

not a tax pro . But when you go to do your

36:49

taxes in order to claim medical expenses

36:52

, it's somewhere around two or 3%

36:54

of your AGI goes to

36:56

the black hole . So

36:58

if you make a hundred grand and it's a 3%

37:01

donut hole the first $3,000

37:04

, you can't deduct anything

37:06

above the 3000 you can . So

37:08

now you take a married couple making 200 grand

37:10

a year . They're not going to fill that 5,000

37:12

. It's going to go to a black hole . They don't deduct it

37:14

. However , you fund

37:17

an HSA health spending

37:19

account . You can do

37:22

it at Fidelity , you could do it at Bank of America

37:24

, you could do it at certain places and you can invest

37:26

the money . You could buy Nvidia

37:29

stock if you find the right place . You could be in

37:31

a mutual fund , buy the S&P 500 as

37:33

an ETF . Like you can invest that money

37:35

. It goes in pre-tax

37:37

. You get a card . You get a debit card

37:40

. When you're at the doctor and they want their $25

37:42

copay , they swipe your card . It

37:44

comes out of your health spending

37:46

account . But if you don't use

37:48

it , it

37:51

sits there and it grows and it grows and it grows

37:53

. So it goes in tax-free , it's tax deductible

37:56

and it comes out tax-free

37:58

. So it's almost like a Roth IRA

38:00

but for medical expenses , Whereas

38:04

you can't deduct those medical expenses

38:06

outside of most

38:09

people's tax returns . Does that make sense

38:11

?

38:13

Crystal , so then you would

38:15

definitely recommend somebody to

38:17

open one up .

38:19

Yeah , but you have to have a plan that

38:22

qualifies for it . You can't just open

38:24

one up . So if you go on

38:26

Obamacare , there's not

38:28

a lot of HSA options for Obamacare

38:30

. When you go

38:32

to a group plan , there could be , and

38:35

usually are , options for an HSA

38:37

that you can enroll in . And

38:39

then when we had private health options

38:41

, they also offered

38:44

an HSA option . So

38:46

if the client was in the right financial situation

38:48

all day long , just like , why wouldn't

38:51

you want to do a Roth ? If you qualify Now

38:54

, a Roth doesn't go in tax-free , right

38:56

, Pre-tax , Roth goes in after-tax . So

38:59

I maybe confused people

39:01

there a minute ago . So Roth goes in

39:03

after-tax , grows tax-free , comes out

39:05

tax-free . Hsa is a tax

39:07

deduction . Tax-free

39:10

. Hsa is a tax deduction . Rose , tax-free comes out for medical

39:12

uses , medications

39:15

, devices , hospital

39:23

stay , whatever medical-related you know . Nursing homes for later and

39:28

that's where I had a lot of clients do it back in the 90s is it

39:30

was another way to save some money for long-term care , nursing home

39:32

things Medicare may not pay for or

39:35

other needs as they got older . So it's not

39:37

you and I in our 50s and 60s as

39:39

much as you and I in our 70s and 80s

39:41

Like oh , you can have $200,000

39:44

built up in an HSA after some time

39:46

, if you do it right . So it becomes

39:48

formidable money that comes out tax-free . Oh

39:51

no , by the way , you could leave to your kids , right .

39:55

Can't beat that . Do

39:57

you see Obamacare sticking

39:59

around ?

40:00

Yeah , I do . Look , they

40:04

brought this up in the debate a little bit . She

40:06

kind of goaded him and I don't think he

40:08

responded properly to it . But

40:11

as I saw it and being in the

40:13

industry , when

40:16

Obama created Obamacare

40:18

, he had penalties

40:21

for those who

40:23

didn't enroll . So

40:25

it was basically look , you're going to pay us one way

40:27

or the other . You're either going to play in the plan

40:29

, you're going to pay for the insurance . If

40:32

you opt out and don't have it and

40:34

you make a certain amount of money , we're penalizing

40:36

you . And I think it was like 600 , up to 600

40:39

or $700 a month . So

40:41

if you're going to pay a penalty , you might as well have insurance

40:44

for the same dollar amount , right ? So

40:55

, as much as the Trump election and you know 16 and all this stuff and dismantling

40:57

Obamacare and yada yada , all Trump did was take away the penalty . That's

41:00

all he did . He didn't get rid of

41:02

it , he didn't change it , he didn't tweak

41:04

it , it stayed as is . And

41:07

I'm not saying it's a bad

41:09

or it's a wrong plan . I

41:13

think conceptually

41:15

it's there the

41:22

problems I have , and again , I've said this before the Democratic Party will allow a woman the right

41:24

to choose what she does with her body right , roe versus

41:26

Wade , abortions , everything else , whatever

41:28

that is . So the party that

41:30

wants freedom of choice for what a

41:32

woman does with her body is

41:35

the same party that has now removed

41:37

freedom of choice of where you

41:39

get your health insurance . Like

41:41

WTF . You

41:46

can do what you want with your body , but

41:49

you can't pick your health . You can't pick from

41:51

different health insurance options . This is all we're

41:53

going to give you for health insurance . So

41:56

like , because the

41:58

mandate with Obamacare

42:00

is it . It's a path

42:02

to socialized health reform because

42:05

the haves are going to pay for the have , nots that

42:07

socialism . So what

42:10

happened September 1st ? The

42:13

red states is where I could

42:15

place . They call them short-term medical plans

42:17

, stms , and there's

42:19

other plans out there . There's indemnity plans and

42:21

others . But we did I've

42:23

done a lot of business using short-term medical

42:25

and the only difference is one day of coverage

42:28

365 versus 364

42:30

. But it's for

42:32

people without preexisting conditions . So

42:34

if you were healthy and you were wealthy

42:37

, a short-term medical plan

42:39

was literally 50% less than Obamacare

42:41

. The

42:44

blue states don't offer it , omar . You

42:47

can't get those plans in the blue states

42:49

. They were available

42:51

. They're available in all the red states New

42:54

York , new Jersey , connecticut , massachusetts

42:56

, colorado , california . These

42:58

short-term medical plans were not available

43:01

Florida , georgia , alabama

43:03

our clients in all the red states

43:05

have at it . So

43:10

because , again , it's the reverse of Roe versus Wade . It's , you

43:12

know it . It they took

43:15

it out of the federal level and Trump pushed

43:17

it back to the states to let the states decide

43:19

. And in the health insurance , biden

43:22

did the exact opposite . The

43:25

states were dictating . The red

43:27

states allowed for capitalism and free

43:29

enterprise and other players for health

43:31

insurance in the state of Florida

43:33

, in the red states . And

43:37

Biden decided that wasn't good and

43:40

so , federally , he mandated September

43:43

1st 2024 , you

43:46

can no longer have access to short-term

43:48

medical plans more than three months . So

43:51

the year plan , the two-year plan , the three-year

43:53

plan , the plans that I had , my

43:55

healthy clients , my higher

43:58

income clients , to avoid

44:00

being pushed onto Obamacare

44:02

oh , by the way which are HMOs

44:04

and the private stuff , were PPOs and

44:07

way less expensive . I

44:09

can no longer offer those products to my

44:11

clients in any state , let alone the red

44:13

states . It became federal . So

44:17

you know it . It

44:24

the seesaw of which party does what over what things and why . It's like it was okay

44:26

for Trump to kick it back to the States , but it's not okay

44:29

you know Biden to take it away from the States

44:31

and make it federal . Like , why is the federal

44:33

government ? You know it . Just this

44:36

is what frustrates me federal

44:39

government .

44:39

You know it . Just this is what frustrates me . You're

44:43

speaking to the choir man . Like I said , I I haven't been able to relate to either

44:46

party for for

44:48

some time , man , and I think a

44:50

lot of people are , and

44:52

it's it's . It's sad

44:54

man , because at the end of the day , I

44:56

do believe this

44:59

is what most people want . They

45:01

want the freedom , the freedom of

45:05

everything , just like the . Don't tread

45:07

on me , but not the extreme

45:10

.

45:12

Dude , I'm all about live and let live . If you

45:14

don't spit in my coffee , I'll

45:16

lift you up , I'll shake your hand , but

45:18

the second you stab me in the back

45:21

we're going to have a problem , right .

45:22

So this agenda nonsense

45:25

is just why impose

45:27

you know , it's like , it's

45:30

like that saying and you're going to laugh , like

45:32

when evangelicals like

45:35

, oh , we

45:41

need the Bible back in school and we need prayer back in school . And I'm like , oh , that's awesome

45:43

. So you know , being a catholic , so can we pray to mary and

45:46

what ? No , no , we don't . You

45:49

know , it's happy new

45:51

year , right . Like like they

45:54

don't understand .

45:54

There's other religions too right

45:57

, I go to events and there's a pastor or somebody

45:59

running , you know , running the event , and I'm respectful

46:02

. They're like can we bow our heads before we start ? And

46:04

I look around the room , half the room are Jews

46:06

from Boca . All right , we'll bow our

46:08

heads , but , you know , say your prayer and

46:10

you know , in the Lord's name and all that stuff , and

46:12

I'm respectful of it . I have no reason

46:14

, but it's like they're

46:17

not the only player in the room , like you said , and

46:19

so how does society ? And

46:22

then , of course , you know , the majority is the one that gets

46:24

the biggest voice

46:26

right and gets dictated

46:28

to , and the big stick .

46:31

If you want prayer in school , there's

46:34

Posnack . If you're Jewish , there's

46:37

Catholic . There's Baptist schoolsolic

46:39

, there's baptist schools , there's methodist

46:42

and send it

46:44

there and you know what everybody

46:46

else . Yeah , it's called moment

46:49

of silence . You can do whatever you want

46:51

, pray to whoever you want . You

46:54

can think of your fantasy

46:56

football team . You can think of the line . You can think of whatever you

46:58

football team you can think of the line . You can think of whatever you want , but

47:01

don't impose . Well , we need to have the Old

47:03

Testament and we need to do this , we

47:05

need to do that . And

47:09

you know they revisionist too , because

47:12

most of our founding fathers were

47:14

frigging atheists . Yeah

47:17

, they weren't holy rollers

47:19

heard .

47:20

I heard a commercial the day . You know , ron ronald reagan

47:22

jr is big on the atheism and

47:24

I was listening to cnbc in the car and they came

47:26

out with a big commercial and I'm like he's

47:30

still around touting it . You know , we just take

47:32

religion out of it and how are things truly

47:34

? You know , religion killed

47:37

a lot of people . You know the crusades

47:39

on . You know , religion's always a

47:41

combative , combative

47:45

combustible . You

47:47

know , and it's just like dude , if , if

47:49

you want to pray to the water bottle , and I'm going to pray

47:51

to the bell , like how about

47:53

?

47:54

it , but don't infringe on me . Well , that's

47:56

why I say don't tread on me , man . You

47:58

know , make

48:01

abortion I , I could care less

48:03

about the abortion , I'm , I'm

48:05

, I'm pro , pro choice

48:07

, because yeah , I

48:10

, I don't have the plumbing and you know it's

48:12

not no , but you got two daughters , you . You got

48:14

two teenage daughters be able to

48:16

to choose on their own . I wouldn't

48:18

want , just because some evangelical

48:22

their belief yeah

48:26

well , everybody's pro-life

48:29

until their kid gets knocked up . I

48:36

want people to hear that

48:39

one more time you are pro-life

48:41

until your kid gets knocked

48:43

up , your teenage kid , yeah

48:46

then then . Then what are the options

48:48

? Okay ?

48:49

yeah , no 100 . What's

48:53

the difference between depression recession

48:56

and depression Recession

49:03

is your neighbor's out of work .

49:05

Depression's when you're out of work .

49:07

And it basically means like nobody gives

49:09

a crap . When it happens to somebody

49:12

else , we're in a recession

49:14

. My neighbor's out of work this one , I see the car line , I'm fine , just a recession . But when

49:16

it happens to me now it's more critical . Now it's a recession . My neighbor's out of work , this one

49:18

, I see the car line , I'm fine , just a recession . But when it happens to me

49:20

now it's more critical . Now it's a depression

49:22

, but it was a depression for that guy who

49:24

lost his job six months before I did Right

49:27

. So it's the relativity of it . And

49:33

it's until it happens to you , we're all apathetic . And that's the reality

49:36

that we are very apathy . I talk to people all the

49:38

time . People say why don't people do the things they

49:40

need to do ? What are my biggest struggles

49:42

? At 38 years of being a financial advisor

49:44

, I said apathy is

49:47

one of the biggest reasons . And omnipotence

49:50

it's not

49:52

going to happen to me and

49:54

I don't care . And

49:57

it's hard to combat somebody who has that

49:59

point of view about themselves is it's not

50:01

going to happen to me . Oh , you're never going to get disabled . You're

50:03

never going to die . You're not going to get divorced . Your

50:05

kid's not going to get knocked up Like just go down the

50:07

list . Like the market's never going to crash , like

50:09

stuff happens

50:12

, you know again another line

50:14

I have life , no one gets out alive

50:16

. Like shit happens .

50:20

You're like a Jewish Tim Morrison there man .

50:27

Riders on the storm .

50:29

Bruce , I love you . Dude

50:32

, I'm going to go up to Delray . We

50:34

need to have that pizza .

50:36

Pizza baby .

50:37

I got a couple places to take you and some

50:39

new ones opened well , I I

50:41

need to do it because I'm thinking of doing the 75

50:43

hard again , because you know I'm gonna go back you

50:45

gotta binge and then go back you did good

50:48

on that . Yeah , but dude , that's my life

50:50

, man , because you know I call people

50:52

. I've never told people not

50:54

not to eat the cake . The problem is I

50:56

love the cake . When people ask

50:59

me , do I watch what I eat , I'm just

51:01

like , fuck , yeah , I love watching what

51:03

I eat from the plate to my mouth .

51:05

That's how I watch exactly there's

51:07

not .

51:07

It's not a problem with me watching what I eat

51:09

. Dude , I , no , I'm

51:12

, I'm not saying that because you know I

51:14

, I'm , you know I

51:16

, I need to go up there . I love

51:18

the area , I

51:21

love Palm Beach .

51:23

There's so many great places here that didn't blow away

51:26

in the hurricane last week .

51:28

Anthony Robbins lives in Palm Beach . Our

51:32

president , president Trump , our former

51:35

President Trump .

51:36

Our former president With

51:39

the hole in his fence around his golf course for

51:41

the sniper hey so

51:44

here's my question to you

51:46

.

51:46

We're going to wind down because bruce and I know the

51:48

yankees , because priorities .

51:50

What do you have ? What words ?

51:52

of wisdom do you

51:55

have ? What words of wisdom do you have , bruce , to

51:57

the person that's like oh

51:59

, I , I , I

52:01

know what I'm doing , I don't , I don't need

52:03

help , I don't need financial help

52:06

, I don't need help with retirement

52:08

I , I , I

52:12

have it all under control . The person has everything

52:14

on the CD , or the opposite I , I leverage

52:17

playing with options , because Joe

52:19

Bob told me options were cool

52:21

, high tech , et cetera

52:23

. No , I , you're the plan

52:25

man . What words would you have to tell this

52:27

person ?

52:28

The plan man saith and the plan man cometh

52:30

is . I'm doing this 38

52:33

years . Folks and I've

52:35

spoken , counseled , my

52:38

seminars , webinars , some

52:41

high net worth , some highly sophisticated

52:43

and obviously everything

52:45

in between . There

52:48

are so many . I'll

52:50

rewind . I'll go back for a second . I studied

52:52

and passed the Certified Financial Planners exam . I studied

52:54

and passed the certified financial

52:56

planners exam . Took

52:58

me many years to finally buckle down

53:01

and in 2011 , I passed

53:03

the final exam . And

53:06

I say that because the

53:09

certified financial planner training

53:12

had 82

53:15

subtopics , Not

53:18

just investments , so there were six chapters

53:20

. There were six sections tax

53:23

, retirement insurance

53:25

, investments planning

53:28

. There were 82

53:30

subtopics . Now , 82

53:44

things may not apply to everyone in every situation , but the fact that I had to

53:46

learn , train and be knowledgeable enough on 82 different areas

53:48

bodes the question how many of those do most people ignore or don't even know

53:50

about ? And

53:52

so I'm

53:54

going to be relaunching . I got to get my act

53:57

together . Maybe , after open enrollment , start doing my

53:59

webinars again , which were my old seminars

54:01

and how I attracted clients for

54:03

25 years . I talked

54:05

about enough areas of pain and issues

54:08

that , no matter who sat in the room

54:10

, somebody there had

54:12

to say done that , done that

54:14

, nope , didn't do that , nope

54:17

, don't have that . Did that , did that and

54:20

just pick . If there were six different topics I

54:22

talked about , I guarantee you nobody

54:24

ever had a perfect score that they addressed

54:26

all six period . End of statement

54:28

. Never happened . So there's something

54:31

out there somebody's just not doing

54:33

aware of or taking care of and

54:35

unfortunately , we'll find out the hard

54:37

way when something hits the

54:39

fan against them that they

54:42

had a blind spot on . That could

54:44

be underinsured

54:46

homeowners , which is a big problem

54:48

right now . That could be not enough life

54:51

insurance , not having disability insurance

54:53

, being over leveraged on their stock

54:55

portfolio , not having enough money in their

54:57

retirement account . Right

54:59

, I mean again

55:02

, and I'm saying things I've said numerous

55:05

times over the years you

55:10

tell me when you're going to die and I'll give you

55:12

the perfect financial plan . When should I take

55:14

social security ? Where should I retire to ? Where should I live ? What kind of

55:16

budget ? How many people actually have a budget , omar

55:18

? How many of your listeners ? God bless you . Half a

55:20

million plus , right , you've had over half a million

55:22

. You cracked that a while ago . Half a

55:25

million people .

55:25

Yeah , it sounds mainly me going to Best Buy in Circuit

55:28

City and hitting the play

55:30

hey , hit , play , hit , play , hit play .

55:34

But how many people actually have

55:36

lived by a

55:39

structured budget day

55:42

in and day out and don't stray

55:45

from it ? And

55:47

that's the core . I knew

55:49

a certified financial planner . He

55:52

worked with people $10 million

55:54

and up only . He was up in North Jersey

55:56

, had a lot of players , the football sports

55:58

and athletes in Northern

56:00

New Jersey the Jets , the Giants , the Rangers

56:03

, knicks and all that Mets and Yankees . So

56:05

he was in those circles and

56:07

his clients were a minimum were $10 million

56:09

and above . And

56:11

he said to me he was one of our instructors

56:13

, actually in my class . He

56:15

said I will not take on a client

56:18

until they

56:20

give me a budget . And

56:22

you figure , somebody making $10 million a year

56:24

worth $10 million a year . Like

56:27

what do they need a budget ? They got plenty of money Because

56:30

the person who makes $100 million

56:32

will piss away $100

56:34

million as easily as a person who makes $100,000

56:37

. Away

56:40

$100 million as easily as a person

56:43

who makes $100,000 . It's just

56:45

a bigger spend . It's Bugattis and it's Patek Philippe's versus whatever you and I do

56:47

. So bigger budget , bigger money . You still need

56:49

a budget because how many

56:51

lottery winners have gone broke or

56:53

gone busted because they just got paid

56:56

and they spent it and

56:59

they never replicated it and

57:01

they can't maintain the lifestyle . How many pro athletes

57:03

you hear about go bankrupt

57:05

after retirement ? Not everybody gets a

57:07

. How much did Brady get for his Fox ? You

57:09

know ? $600 million to

57:11

sit in a booth .

57:13

There's not many Drew Brees , there's not many

57:15

golden parachutes

57:17

out there , right , and you know

57:20

it's very , very

57:23

rare .

57:24

Rare If there's 500 , there's

57:28

52 players right On 30

57:30

plus teams . That's 1500 NFL

57:32

players that go through a year

57:34

. You

57:36

know the numbers . Average life shelf three

57:38

years , yada , yada , yada , right . So

57:41

what's that 25 year old who

57:43

just busted out of the NFL , maybe

57:45

made a million , $2 million , for a couple of years

57:48

? Now what's he going to do at 25

57:50

? And

57:53

and had that lifestyle for a few years

57:55

? Or the guy who made it for 10 years or 15

57:57

years but didn't put money away

57:59

or had bad financial advisors . So

58:02

you know , bigger money , bigger problems

58:04

, but it's .

58:07

Well , it's not . Everybody has Daniel

58:09

Jones money . You

58:11

know like it , everybody thinks

58:14

every player has like . You know that , like

58:16

what you said , your average player couple

58:19

mil .

58:20

Yeah , I mean what you get

58:22

Dak making 60 million and Daniel

58:24

Jones , and you know these guys are making 40 , 50

58:26

million . The NBA salaries are insane

58:28

. Chris Paul , well , he just got like $80

58:30

million or something like that . Like , these numbers

58:33

are nuts , but look , he

58:35

, he , not Chris Paul . What's his

58:37

face On

58:41

the goal of the Warriors ? Oh

58:43

, From Davidson . What's his

58:45

name ? Curry , Steph Curry , Steph

58:47

, not Chris . I said Chris Paul . Steph Curry just

58:49

got like $80 million or something

58:52

to re-sign for a year , right ? So look

58:54

, those are few and far between the LeBron

58:56

with 20 year careers and proper management

58:58

. You know Michael Jordan's worth over a billion dollars

59:01

, but you know what's Scottie

59:03

Pippen worth , what's Dennis Rodman worth ? What's

59:05

Horace Grant worth ? What's ? You know down

59:07

the list of the guys on those teams that weren't the

59:09

megastar Bill Wellington , right

59:11

, Like so what did they do

59:13

? What did they become ? How much did they put away

59:15

? Um , the

59:19

kid jefferson on your lsu boy jefferson

59:21

on the vikings well yeah

59:24

, he lives very modestly . He enjoys

59:27

a little bit of jewelry , but he lives in some townhouse

59:29

. He's not in a big fancy got rocks

59:31

mansion . He drives you know relatively

59:34

modest car , like

59:36

he's not blowing all that money , uh

59:39

, as some other people do . You

59:41

know , uh , what did ? What ? Did tyreek get pulled

59:43

over in a couple weeks ago and arrested ? Wasn't

59:45

it a brigatti or something

59:47

, or mclaren ?

59:49

it was something expensive he's like don't , don't touch my windows

59:51

you're arrested

59:54

oh , he's gonna blow

59:56

through his money .

59:58

Before you know it he's going to have like 20 kids .

1:00:00

Yeah , that's a whole other

1:00:02

topic , and

1:00:04

on that folks .

1:00:07

Well , bruce , I know how to find you . How

1:00:10

do people find you , how do people hire

1:00:13

you ? More importantly , and

1:00:15

how do people listen

1:00:17

to your podcast , which is , I

1:00:20

I'd say it's in my list

1:00:23

of podcasts to listen to . Out

1:00:25

of the three million that are there , only

1:00:27

listen to 10 , and not because I was a

1:00:29

guest , but yeah , no look

1:00:32

, whatever they say is uh , you

1:00:34

know , the average podcast doesn't make it beyond

1:00:36

so many episodes .

1:00:37

So our show is called Ask the

1:00:39

Plan man A-S-K . Ask the Plan

1:00:41

man no commercials , no advertisements

1:00:44

, no product pushes . Everything is education

1:00:46

. We break down all different aspects

1:00:48

of insurance , finance and more . We

1:00:51

have estate planning , we've got

1:00:53

special needs , trust , we got how your credit

1:00:55

scores are derived , homeowners insurance

1:00:58

, auto

1:01:04

insurance , obamacare , private health , medicare , life insurance , annuities , so anything you can

1:01:06

think of . We keep putting shows out there to help educate people at their own

1:01:08

pace . Taking my 38

1:01:11

years , so you can go to asktheplanmancom

1:01:14

. You can give me a call at 1-844-PLANMAN

1:01:17

. But we implement everything

1:01:19

in the world of insurance . So

1:01:21

life , health , medicare , disability

1:01:24

, long-term care , annuities

1:01:26

. And then we do we're duly licensed so we

1:01:28

do auto , home and commercials . So there's

1:01:30

nothing we can't . At least point you in the right

1:01:33

direction if we can't help you directly . But I'm

1:01:35

always open to conversation , questions

1:01:37

. People can hit me up , email me , call me . Happy

1:01:41

to come on other shows if there are any

1:01:43

people out there that have shows like yours , omar

1:01:45

, that want us . But look , I'm just

1:01:47

trying to promote financial literacy and

1:01:49

proactivity and one

1:01:53

of the things I sent to you is called Someday

1:01:55

Aisle , one of my talking points , and if you

1:01:57

go to my homepage on our website

1:02:00

I've got my five-minute story

1:02:02

of origin . My mother lived on

1:02:04

Someday Isle . We started this beginning

1:02:06

about smoking . My mother died at the age of 45

1:02:09

from cancer in 1985

1:02:12

. She would have been 85

1:02:14

years old this month . I'm

1:02:17

doing the breast cancer walk on the 26th

1:02:20

, which is her birthday . We're raising

1:02:22

money for that , for breast cancer awareness . If

1:02:25

you don't know what the BRCA gene is , brca

1:02:27

is a gene

1:02:30

that has been triggered

1:02:32

or found in families . It's

1:02:34

hereditary . It causes ovarian

1:02:37

, it causes breast , it causes prostate

1:02:39

cancers . So my

1:02:42

brother's been tested as negative . I'm

1:02:45

negative , but my cousins

1:02:47

on my mother's side of the family

1:02:49

have been tested differently

1:02:52

, and that is information

1:02:54

that you didn't have years ago . But my

1:02:57

mother , my grandmother , my

1:02:59

great-grandmother , my great-aunts

1:03:01

, every female in my mother's line

1:03:03

has died from breast cancer that

1:03:05

I knew or knew of , and

1:03:08

you know shit

1:03:10

happens , and so what motivated

1:03:13

me at 22 and 23 years

1:03:15

of age was to get people

1:03:17

living on someday aisle

1:03:19

. My point is my mother lived on someday aisle . Someday

1:03:21

I'll do this and someday I'll do that . Omar

1:03:24

, you were raised by a single mother . I was raised by a single

1:03:26

mother . My folks divorced when I was eight

1:03:28

and all I kept hearing from my mother is

1:03:30

someday I'll do this and someday I'll do that

1:03:33

. Like , once I get you kids out of college and take

1:03:35

care of the immediacy , I'll

1:03:37

go do things for myself , and

1:03:40

someday I'll never came . She

1:03:42

died , and so that

1:03:45

impacted me when I got into the financial services

1:03:47

at 23 . I

1:03:49

came with that message Dude , nothing's guaranteed

1:03:52

. Like , the sooner you could retire , wouldn't

1:03:54

you want to ? Well , what do you need to do to

1:03:56

be in place ? What are you waiting for ? Someday

1:04:01

I'll You're going to wait for someday I'll do something . Someday I'm going to take

1:04:03

that cruise , that river cruise , to Europe . Like , why aren't you doing things

1:04:05

now ? How do you figure out to

1:04:07

plan for your future but enjoy some

1:04:09

immediacy ? The problem in today's

1:04:12

generation , it's all about immediacy , isn't

1:04:14

it ? Oh , the newhone's out .

1:04:16

Thousand bucks , 1500 bucks yeah

1:04:20

, it is out the new ai .

1:04:21

I'm just

1:04:24

fucking . But thank you , omar

1:04:26

. Thanks again for having me on . I've been a while

1:04:28

since I was on the show and I appreciate it

1:04:30

right back I'll .

1:04:32

I'll text you um , you

1:04:35

know , before thanksgiving well

1:04:37

, let's , I'll come down to you too . You don't have to come up

1:04:39

here . You know

1:04:41

all the hot . I'm a sucker for pizza

1:04:43

man . Oh , I got a few .

1:04:45

All right , come

1:04:47

hungry . We'll go to two or three places . We'll make Dude

1:04:50

.

1:04:50

I'm a power eater . Bruce

1:04:53

, I love you . I know we've got a game

1:04:55

to go watch .

1:04:56

Let's go Yanks , we'll see you in the Subway

1:04:58

Series . What do you think ? Mets-yankers ? Definitely

1:05:01

, I think so . I think there's a shot .

1:05:04

The Dodgers . They're takeable . They're starting

1:05:06

pitchings for the Dodgers

1:05:08

. Padres should have beaten them .

1:05:19

Yeah , I was kind of last Subway Series in

1:05:21

2000 . I got to go to Shea

1:05:23

and to Yankee Stadium and experience it . It was pretty

1:05:25

wild back then . So 24

1:05:27

years later , it'd be nice to see another one .

1:05:32

Go Yankees and started living inside of

1:05:34

your purpose . What if it did

1:05:37

work ? Right now you can make the choice to

1:05:39

never listen to that negative voice

1:05:41

no more . The

1:05:43

hardest prison to escape is our own mind

1:05:45

. I was trapped inside that prison all for

1:05:47

a long time . To make it happen

1:05:50

, you gotta take action . Just

1:05:52

imagine what if it did work

1:05:54

.