Our top article today discusses the current financial markets. If you thought stocks were going to move south, why wouldn’t you do anything about it? We ask our panel today that question and two more. Today’s show features an all-star guest roundtable line up. PT from the new Masters of Money podcast, Len Penzo from LenPenzo.com, and Paula Pant from the Afford Anything podcast debate and discuss our three topics ripped from the popular press on today’s show!
This show originally aired in 2016, so please ignore any mention of current events.
FULL SHOW NOTES: https://www.stackingbenjamins.com/timing-the-market-rewind-1433
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.StackingBenjamins.com/201
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Written by: Kevin Bailey
Episode transcript
📍 Well, hello, welcome to a special episode of the Stacking Benjamins show. I’m Joe Saul Sehy, entertaining myself here in mom’s basement, but we’ve got a very special episode today. Before we hit play though, a couple of things, Tuesday of next week, a very special Stacking Benjamins show. I know we’re usually Monday, Wednesday, Friday.
We’re bringing you more with people from Fidelity, T. Rowe Price, a behavioral, uh, scientist, uh, Dr. Brad Klontz joining us as well for a rousing round table discussion about investing in an election year. How should you invest in the election year? What should you do? What shouldn’t you do? These guys are going to talk economy.
They’re going to talk politics. They’re going to talk all the dirt on Tuesday. Hope you can join us for that very special. episode. Second, we are celebrating veterans as we roll into Veterans Day weekend. A list of resources for the veteran who’s a friend of yours or family member, plus a giveaway, plus signing up for the 2 0 1.
So three big things there, stackyourbenjamins. com slash veterans, stackyourbenjamins. com slash veterans. And. You will find we’re giving away a charcuterie board, which we are going to put your, uh, uh, logo of choice on there, uh, for you. We’ll have that engraved specifically for 📍 you. It’s amazing. It’s modular.
That’s. Veterans only for that. So if you’re a stacker and you’re a veteran or, you know, a veteran, sign them up, get them signed up. Second thing, Kevin Bailey and our team has put together a huge resource from all of our military financial influencer friends, all the resources out there for veterans, what do they need to know?
We’ve got a one page PDF that Kevin, uh, made, which is absolutely brilliant and crucial for people that, you know, there’s so many programs out there and people don’t know where to turn. And then third, obviously, if they want to sign up for the 201, there’s a checkbox where they can do that to continue to get financial tips in their mailbox.
All right, stackofbenjamins. com slash veterans. Again, one more time. Uh, thank you for your service, veterans. Thank you to all of you for listening. Let’s listen to a fantastic roundtable discussion, shall we?
Hey, I’m Rob Berger When I’m not rolling in the dough. That’s right, I’m stacking Benjamin’s live via the miracle of sound particles traveling faster than Joe’s Dad’s 74. Buick drives down. I 75 hits the Stacking Benjamin Show.
Hey everyone, I’m Joe’s mom’s neighbor, Doug, and boy oh boy. You’re gonna love today’s show. First, it’s a special day because we welcome to the podcast Mr. FinCon himself and the host of the new Hot Out of the Oven Masters of Money podcast, Phillip Taylor. Second, it’s a fantastic day here because as you can tell by that special sound in my voice, I’m wearing my extra tight favorite jeans while I’m taping this.
But, there’s also a reason C. In our FinTech segment, we welcome the creators of a new platform to understand and manage your investments called the DIY. Fund, Eric and Wendy Neeson. Fourth, we’re also bringing you from Afford Anything, Paula Pant. And because I can’t remember what letter this is, let’s all just say hello to the man from Lenpenso.
com, Jim Kramer. I’m just kidding, it’s Len Penzo. And here he is, the guy who still laughs at that old Cowboys Hurting Cats video, Joe Saul Sehy!
Hey, hey, everybody. Happy Friday to you. And I don’t know if you have seen that old Cowboys Hurting Cats vehicle, but I was talking to my friend Brittany Burgett over at Haven Life, our brand new sponsor this week. How about them, huh? Innovation in life insurance. stackingbenjamins. com forward slash havenlife for more on their innovation in term insurance.
But anyway, we’re talking about just, I don’t know, Friday stuff. And she mentions this cat video. And, uh, one of the few cat videos I think I probably haven’t seen. So let’s get away from cat videos and talk about something. awesome, which is, we got a great show for you today. And only because it’s all brought to you by Magnify Money.
You know, you can save up to 450 by heading to stackybenjamins. com forward slash magnify money. Here’s what happens when you go there. You’re going to find out that they help you comparison shop more debt products. So you can get your debt under control, more savings accounts, more checking accounts, and coming soon, more mortgages.
So whether you’re worried about reward points, about a debt cleanup strategy, about. Finally getting some interest on your money. stackingbenjamins. com forward slash magnify money. And of course, what you’ll find when you’re there, the number one peeps when it comes to student loans is SoFi that’s spelled S O F I.
They are the leader in marketplace lending when it comes to student loans. and personal loans, and they also do mortgages. But check this out. You’ll get a hundred dollars if you use our link when you refinance your student loans through SoFi. stackinbenjamins. com forward slash s o f i. Apply that to the principal.
Use it for holiday shopping. Send it to me. whatever you want to do, stackingbenjamins. com forward slash S O F I phenomenal show today, as Doug said, the hot pants I can do without the Doug’s wearing, but the rest of it is amazing. So why don’t we get this party started? Huh? Let’s go.
All right. Let’s walk across the basement here to my dad’s shortwave. See if we can fire this thing up and man, it feels like we haven’t done this in a while. Uh, let’s start off in the desert where I believe Paula Pant from Afford Anything and the amazing Afford Anything podcast joins us. Are you there, Paula?
I am here broadcasting through that shortwave. Broadcasting from the closet. From the closet via the shortwave from Las Vegas to Texas to wherever your listeners are when they are listening. Technology is so amazing, isn’t it? Oh man, one of these days someone’s going to invent electricity and everything will change.
You know what’s better, Paula? What’s that? Someday somebody’s going to invent a gold bunker underneath the city of Los Angeles. Wait a minute, we might have him with us, is it? Is somebody knocking at my door? Len Penzo! Joe, how are you? You’re thinking, podcaster, get off my lawn, aren’t you? Absolutely, and just for the record, I am not in the bunker today, I am in the outhouse just outside the bunker.
You get in trouble with the honeybee, you get kicked out? I, I didn’t let her in right now. It’s just me. That’s my bunker. She’s in the house. What happens then when the world ends? You gotta go save her or what? I’ll go get her. I’ll bring her into the bunker. The problem is, the problem is when we have to use the restroom.
Cause like I said, the outhouse is outside. That is, you have to have a nuclear winner that’s not bad enough. I’ll figure that out when the time comes. And guess what, Paul, I think we have a special guest from the city of Dallas, Texas, Mr. Fincott himself and PT Money and the host of a brand new podcast that we’re going to talk about here in a second.
It’s PT, Mr. Phillip Taylor. How are you, man? Good, Joe. How are you, man? I’m better now that you’re here. The property values just went up now that you’re in the building. Honored to be here. Coming from the big city all the way. Out to the country, Texarkana, Texas. Congratulations. You just launched your new podcast.
Tell us about it. Yeah, it’s called Masters of Money and it’s revealing conversations, interviews with people from the FinCon community, people who are masters of their money. But it’s not just about the awesome things they’re doing. It’s really a deep dive into sort of the secret sauce that they feel separates their sort of slant toward money versus someone else.
And then we dig into their financial turnarounds. Some of the things they actually suck at with money still, and then goals for the future. So hopefully it creates a, you know, a roadmap for people wanting to follow a similar path. It’s such a great format and I love, I stole a peek when you and I were together recently at your pad of the people that are coming on the show.
Holy cow, man, you’ve got some names. We do. I’m lucky, like I said, to know most of the folks in the FinCon community. And so, uh, we’ve got some, uh, great guests coming on. I’m excited. Well, we’re glad that you’re able to hang out here with us, even though you’re a big time shooter now. So that’s good. Let’s move into the first piece, guys.
It comes to us from Yahoo Finance. This is an op ed piece by Alex Rosenberg of CNBC. It’s, if you really believe the market’s going to crash, and Paula, the very first line of this article says, then do something about it. And his big thing is, if you really think it’s going to crash, why are you sitting there on the sidelines?
Why aren’t you moving? Do you think that If you think the market’s going to crash, you should move. I do not. I think that trying to make predictions about what the market may or may not do in the future is a fool’s errand and you are far better off just investing a given amount of money. Whatever it is, you know, 10 percent of your paycheck or a fixed raw number, just invest that monthly or weekly or however periodically you, uh, you want to, and over time, you’ll do far better than the people who hop in, hop out, hop in, hop out.
And naturally, if you’re always investing the same amount of money, then you’re going to pick up fewer shares when things are expensive and more shares when things are cheap. But don’t you worry about, Paula, that if the market does fall out, that you’re losing tons of money that you wouldn’t have to lose if you just pulled out a little bit now, maybe?
Well, think of it this way. If you decide to time the market, then you have to be right twice. You have to be right when you get out as well as when you get back in. What is the probability that over the long term, you’re going to be right, not just once but twice, and you’re going to repeat that same success, not just once in your life, but multiple times throughout your life, over and over?
It’s probably fairly low. What we’ve learned from the Great Recession is that people who panicked and sold at the bottom, Ended up losing quite a bit more than people who stayed the course. PT, you agree with Paula, or you think if you really think the market, you know, we’ve had this eight year run, man.
Do you think that if you think the market’s going down now, we’ve had plenty of, plenty of returns, we should take some off the table? So, I, I’m sticking for the long term. right now. So if it goes up or down, I’m in it till I retire. But I know this, if I literally knew that it was going to crash tomorrow, like 100 percent new, or certainly I would move to cash, right?
I don’t think like the article suggests, you know, you should try to necessarily profit from that downturn. But sure, yeah, if 100 percent new is going to crash tomorrow. I would probably go move, you know, move it into cash, then buy a bunch of water, then move into the bunker with Len. Well, that’s a question for Len.
Len, would you let PT in the bunker? Thank you. Thanks for throwing that to me there, PT. Appreciate it. That was great. But that’s a good question, Len. You’ve successfully called nine of the last three downturns. What do you think? Yes, yes, yes. Go ahead and laugh, Joe. Yes. The market goes, the market goes down.
What are you doing? Well, I’m gonna make sure I’m out before the market goes down. I, I don’t, I don’t subscribe to the, to the, um, the conventional wisdom that you can’t time the market. Of course, it’s very impo it’s hard to time the exact day that the market will top, but when you look at longer term, when you pull back and look at the longer term, Graph, if you will, of the markets, you can get pretty close to the top.
Now, I did this myself back in 2007. In the summer of 2007, I felt things were getting frothy, and I pulled out and went to cash. And sure enough, the market turned. It turned, uh, seven months later, six months later, but it did, um, now on the downside, I will admit, I didn’t find the exact bottom there either.
I waited and I lost probably 15, 20%. The market began its climb from the bottom before I got back into the market, but it can be done not with total precision, but with. A lot of precision, and I think to a degree that you will minimize the destruction of your capital or loss of principal, uh, if, if you have an inkling.
Now, take for example right now. The market is, like you just said, it’s been on a roll here since when, uh, twenty, two thousand and ten, I guess it was, or two thousand and, yeah, two thousand and ten. It’s been kind of flat. for the last two years. It really hasn’t done a lot and I don’t think you’re going off a limb to say, hey, we might be getting close to the top and maybe there’s time for a correction.
Hey, take a chance. You know, if you’ve done your research and you think this is it, you know, go ahead and try it. PT, it’s funny that this article goes partway to the way Len’s going. This author says, instead of selling, like Len’s talking about, maybe you just buy an option where you can buy the market where it is now.
He says it costs you maybe 1 percent of your return, right? That’s the insurance that you pay. So if the market keeps going up, maybe it costs you 1%. And then instead of getting up, if the market goes up 10 percent this year, you get nine, but you’ve hedged your bet. What do you think about that type of a strategy?
Yeah, I’m sorry, Joe. I’m not smart enough to understand that strategy. I don’t think, but, uh, like I said earlier, I mean, I don’t think I would necessarily try to profit from. Uh, a known downturn or anything like that. I would literally just try to be in cash and, you know, uh, you know, cut my losses at that point.
Paula, do you, do you know what I’m talking about with this option strategy? Purchase an option where it is now, and if it goes down, just exercise the option and you still have all your money intact. So here’s my question. Have you ever tried options trading before? If so, is it worth your time to do all of the necessary research to know whether or not that’s a good strategy in this particular case?
And if so, would the amount that you gain relative to the risk that you are facing be a sufficient enough amount of money that it is the best use of your time? I am willing to bet. that the majority of people are either inexperienced or working with portfolios that are too small for this to actually move the needle.
Yeah, Len, are you, uh, do you work with options at all? Because it seems like for a guy who’s been fairly negative, options would be right up your alley. Yeah, but no, I don’t. I, I really don’t because it’s, I don’t want to deal with that. That’s, that’s not really my bailiwick. I, I’ve been comfortable lately with just sticking to my 401k.
And, and just to, for your listeners to know, so, okay. I think, I think a market top is near, is, is very close. And how am I doing that with my 401k? All I’m doing is I’ve changed my allocations. I’ve gotten out of a little bit less exposure to stocks, a few, a little more exposure to bonds. Of course, I’ve been on the record, of course, Mr.
Doom. Bonds are in a bubble too. Right. I was going to ask you about that. too. Because interest rates go up, which sometimes. So I’m going to cower in my bunker. That’s what, that’s what I’m going to do, Joe. You’re just thinking, you’re just thinking instead of sitting on one bomb, I want to sit on all the bombs.
It’s bad. That’s just me. I’m Mr. Doom and Gloom. You got to have some balance here, Joe. I think that, I think that’s great. Welcome to the Len Penzo of Doom and Gloom. You know, now everybody on this show has a podcast. PT’s here with his podcast. Paula has hers. You got to get the Len Penzo Doom and Gloom podcast.
That’s what you need. I know, huh? I don’t have the time. I’m a working man. You know, I gotta, I gotta, I work for the man. I’m like, you guys, you’re your own bosses. God bless you. I wish I could do that. If I, if I could, I would. Let’s work our way to our second article. How’s that for a transition? That’s pretty poor.
This is another opinion piece. This one by Jeff Reeves, who’s a columnist over at MarketWatch. He says, these are the seven stupidest ETFs on the planet. He says they focus too narrowly on certain sectors and charge excessive fees. They include the Whiskey ETF, the Nashville ETF, the Focus Five ETF, the Sustainable ETF, Video Game ETF, Vic’s Futures ETN, and the Bear ETF.
Paula, let’s start with you. You know, these, these sector bets, it seems like these could be kind of fun to play with, don’t you think? If you want to take a small percentage of your portfolio, say 5 percent or less, and try to make very narrow niche sector bets, mostly for the sake of your own amusement, I think that’s totally fine, but I wouldn’t put any more than 5 percent of your portfolio at most into one of these narrow little bets.
P. T., this whiskey ETF, you can tell your spouse that you’re drinking just to keep the thing moving. Isn’t that a good idea? Invest in what you believe in, right? Yeah, no, uh, I was going to say the dumbest investment opportunity out there right now is the Stacking Benjamins IPO you guys are going to release, uh, early next year, right?
Oh, that’s the last time PT’s on. Thanks for playing, dude. No, I would say don’t focus on individual funds, focus on dumb strategies. So, investing outside, for instance, outside of your tax advantage accounts. If you have those, if you have a access to a 401k or access to a Roth IRA, which most of us do, uh, you know, invest in those, I would say it’s dumb to invest outside of investments that aren’t diverse or your portfolio.
At least it isn’t diverse a portfolio that’s expensive. You know, I would think about it in terms of strategies versus, you know, individual funds. I guess it’s fun to poke fun at these individual ETFs, but for me, the dumb stuff is really the strategy part. I love that. Len, besides investing in the stock market, what’s the dumbest strategy you can think of right now?
You know, I don’t know if I brought this up before on your show, Joe, maybe I have. Maybe some of your older listeners who have been with you a little longer might remember me bringing this up. I had an uncle, a fellow electrical engineer, love the guy, he’s since passed away. My uncle Chuck and he used to tell me all the time about he used to love niche Investments and one of the investments that he was really huge on and it was hilarious He invested in a teak farm in Costa Rica You know the trees teak and he would buy acres of teak trees as an investment And he would go down every other year and and look at his investment, because I told him, I was like, God, Uncle Chuck, you know, are you, are you sure there really is a forest there?
You know, you’re not getting ripped off. He goes, no, I go down there and visit it. And he actually made some money off of this teak business. But, but the first two years he was making money, the third year, it got completely wiped out in this massive flood. And like all of his trees were knocked to the ground and the wood was ruined, so he totally crapped out.
But that, that’s a, that’s, I don’t know if that’s the dumbest investment, but it was really an interesting one and he enjoyed doing that kind of thing. But that, yeah, it sounds like it was a excuse for him to go to Costa Rica, which sounds awesome, doesn’t it? Yeah, actually, you’re probably right. You know what?
No, Michael Check, you’re right. That probably, him, yes. But Len, that does get back to PT’s point of under diversification is a stupid way to invest. Certainly. Yeah. Yeah. Well, you don’t want to ever put all your eggs in one basket. Absolutely. I think I might’ve heard that before. Mom might’ve said that once or twice.
I thought I just made that up right now on the spot. Blood, pencil, coins, a phrase. It’ll be our secret. Paula, dumbest, dumbest investment strategy that you’ve seen? During a bull run, dumbest investment strategy that I’ve seen, and by seen I mean that I have done, is, uh, treating the stock market as though it is a high yield savings account.
Oh, yeah. Yeah, throwing money there because the stock market’s doing really well, and you figure that if you’re just in a broad market index fund or in a mutual fund, You’ll, you’ll make great returns, much better than what you could get in a savings account. I definitely made that mistake and I definitely learned the hard way that the market and savings accounts are not the same thing.
I got one more. I got one more. Penny stocks. People get lured into penny stocks because you can make a lot of money really fast. Not so easy to get out when the penny stocks go the opposite direction just because the volumes are so low. You might not even find anybody willing to Buy what you’re trying to sell.
Well, there’s another problem there, Len, which is that they’re so lightly regulated that there is a ton of manipulation in those markets. I got lured into that too. And there in two of the cases, there were huge lawsuits that the founders of the company had against, against different brokerage firms, because there were pump and dump strategies going on where they would just, you know, they build up the stock and then they’d exit after they made their money and.
It was, it was, it was pretty bad, but because, but because they’re not on an exchange, it’s easy for them to do. And it’s hard to prove that anybody actually did anything wrong. Yep. And the lures, the lures, the quick gains, you know, it’s just, it’s very, um, uh, what’s the word, uh, attractive to, to a lot of newbies saying, Hey, I can make a lot of money really fast.
Well, maybe, but the odds are you’re probably going to get screwed in the end. So. PT, anybody from the interviews you’ve had so far for the show that, uh, has told you a story that is really a pretty dumb investing story? You know, the two have come out so far in my interviews have all been around real estate, you know, buying at the wrong time, buying during a bubble or buying too much house or buying a house before they could, uh, you know, are in a position where they’re really settled.
And so they had to make decisions in the back end of that. Whether, whether they were moving or whether the interest rates went up that affected them. So I think real estate is something, or specifically the home ownership piece of that, buying a piece of property before you’re ready is certainly a dumb investment.
That’s a dumb one. I’ve seen PT is, is people when they, I would meet with them for the first time back when I was a financial advisor and they say, my biggest investment is my house, the house they live in. And I thought, wow, really? Why? Like, why would you go do that? That’s where you go. Wow.
I dropped that off at the most awkward place ever. But, but, but Paula, it’s funny when PT talks about too much house. I’ve seen with rental real estate, you can get in over your head there too, where it looks like you’ve got a good deal in the, you know, 400, 000 house range. And I know, or at least I think I know those houses are pretty difficult to, uh, to, to do the math on.
Yeah. Well, those houses are no more difficult to do the math on than any other house. The thing is, well, there are a couple of things. Number one, your own property, the one that you own or occupy, is, I would argue, not an investment. So, Joe, you and I are in agreement on that. I don’t think that your personal residence is an investment at all.
For a rental property, The math is easy to do insofar as you’re just inputting numbers into a spreadsheet. What matters most is that you are actually doing that analysis. I think the big mistake that people make is that they’re not inputting any numbers into spreadsheets. They’re just assuming. that the house will rent for X, and they’re assuming that their operating costs will be Y, without actually doing the research to figure out what those numbers, what those variables are.
Gotta take a quick time out from talking to PT, Paula, and Len to say a big thanks to everybody who’s gone to stackybenjamins. com forward slash magnify money, because when you go to magnify money, here’s what you find out. Not only is that checking account you have not as good as it could be, maybe has more fees than it should, but also you’re not earning anything in your savings.
There’s plenty of places where you can at least earn a little money. And that debt strategy you’ve been thinking about, well, guess what? Lower interest rates, lower fees, and less fine print is out there than what they may have at your local bank. Here’s what you do. StackYourBenjamins. com forward slash magnify money.
And when you’re there. Check out SoFi at Magnify Money. It’s stackingbenjamins. com forward slash S O F I. Because our friends over at SoFi, right in the heart of Silicon Valley, this company was created by people at Stanford that saw that you know what? Student loan debt is a huge problem and part of it is, is that people could have a much lower interest rate than they have on their money.
So, they set up this company in a unique way where you get a lower interest rate. And you also get terms that are very clear to pay back your student loans. What are you waiting for? StackingBenjamins. com forward slash S O F I. If you have student loans, they also do consolidation loans and mortgages.
They’ll send you a hundred dollars if you do your student loan consolidation or your regular loan consolidation through them. Can’t do it for mortgages. That’s against the rules, but for the other two, they can. But regardless, StackingBenjamins. com forward slash S O F I. All right, this is pretty cool.
We’re on. to our FinTech segment for the day. You know what? So every Friday, if you’re brand new to the show, welcome. We have a FinTech segment because I like all the cool stuff that’s going on in money and technology where the two of them meet. And so every week we show you a brand new, cool company. And the one we have today.
No exception. I met Wendy and Eric Nissan over at FinCon in San Diego, and I thought this was pretty cool. And of course, as I’ve said before, we don’t endorse any of the companies that come on the show, but we want to show you a lot of ones that I find intriguing. and helpful. And I think you’re going to like this.
So let’s say hello to Wendy and Eric Nisan from DIY. fun coming down to the basement.
And Eric and Wendy Nisan from DIY. fun join us. Welcome to the party guys. Hey, thank you. I’m so glad you could come join us in the basement on your world tour, DIY. It’s a little cold in here, but we’ll survive. You know, mom says wear a sweater, right? I’m telling you. Wear a sweater. I always wear one. I always come prepared.
Absolutely. So, but let’s not talk about how cold it is. Let’s divert our attention to this awesome thing you guys are creating. Tell me, you know, for different entrepreneurs that we’ve talked to, sometimes it’s a personal thing where you had some annoyance and you wanted to solve it for yourself. Other people saw some break in the marketplace.
What was it for you? Yeah, it was the first. So my background is I come from the hedge fund world. I’m a technologist, and I was, actually the idea, the inception of this came, I was sitting on the trading desk, building portfolio management systems, etc. for professionals, you know, multi billion dollar hedge fund.
And I was looking at what they’re doing, and then I’m looking at what I’m doing, and I’m looking at what they’re doing, looking at what I’m doing. And I’m like, you know, this is crazy that I have this knowledge, and I know what I’m supposed to do, but for myself, I don’t do these right things. And so started to build small stuff for myself just so I can see what my performance is, see, understand my investments, and it just kind of grew from there and more.
And so what are those right things that they’re doing that other people should be doing, people like me and you? It begins with taking a holistic view of your portfolio, not starting with what stock am I going to buy, but really, how do I want to be allocated, what kind of positions do I want to have, and the problem is, the tools that your broker gives you are not geared to that.
It’s geared towards, you know, here’s a chart, you’re going to chart it, you know, they’re going to… You’re gonna be, you know, Warren Buffett sitting at home, and you’re gonna do head and shoulder patterns, and you’re gonna day trade, and the guy in the commercial’s sitting on the beach, and he just issued a trade, and he’s a millionaire.
But your broker, Eric, your broker’s not gonna give you any of that, because they wanna do it for you. Well, the broker wants you to trade, and the more you trade, the more commissions they earn. You’re an online broker. But the tools that they give you are geared towards, you know, quick, fast, do it. But the irony is that the majority of individuals end up Stop investing after a while because they just get handcuffed.
They either try to do it the broker’s way, doing all these crazy gambling things and realize it doesn’t work. And then they go, Oh, let me go hand this off to professional. And then a professional says, Oh, well, we need to allocate. We need to rebalance. We need to do all these things proper for you. And you’re thinking to yourself, well, why didn’t I just have those proper tools that the financial advisor has from the beginning?
And I could have just cut out this whole, like, years and years of poor performance and started off on the right path. What we’re doing is we are giving the tools that the professional has. To manage your investments, but to you, I know when I was, uh, ’cause I was in the trenches for 16 years also, and during that time, you know, there’s a lingo and it’s also difficult to get into the tools.
How are you guys able to make this accessible? Because for a lot of people, they don’t even understand the same language you were using. Yeah, for sure. And there’s a lot of segments of individual investors. There’s people who currently already, you know, invest, you know, actually, and it’s a great point because we did a lot of customer validation.
And one of the main things that we came up with, people who said, you know, we said, are, do you know how to invest? And they would say, yeah, I kind of know what I’m doing. We would ask some basic portfolio management questions. The majority of them couldn’t even answer what like basic, so there is an education piece of this, but also the platform is geared towards helping people.
Do it the right way. So when you go in, it’s not going to say, here’s a chart, start charting, and here’s some MACDs, and some moving averages, and go for it, and here’s some options, you know, tables as well. We’re saying to you, here’s a wizard, and we’re going to say, here’s a portfolio, model portfolio, and here’s how you should look.
Now let’s take in your investments. Let’s compare how you look towards what you think you should be doing. And now let’s make recommendations for you to rebalance that portfolio and make it so that it’s actually balanced properly. Well, let’s take it step by step guys. Cause this sounds really cool. So Wendy, do you mind walking us through?
So I’m somebody who’s brand new to you. What do I do? You go on our website, you first take the wizard, and what comes out of it, it determines whether you’re conservative, aggressive, or moderate. We will populate a model template. You can also then have your financial information sucked in and aggregated from all the different financial services that you use.
We use the top ten brokers right now. And we’ll run an analysis on what you currently have. And you thought you were aggressive? Well, you ended up finding out that you weren’t aggressive at all. And we’ll figure out, actually, we’ll suck in all the information and we’ll know. how you’re properly allocated, what you should look like.
And then from there, everything is just one click. If you want to keep your portfolio the same, you can, if you want to change it according to a recommendation, great. If you want to be 40 percent in tech, you can be, but we’re, you know, we’re recommending that, you know, you be 12%. Do you change it directly for me, or are you telling me what to do so that I then go make the moves myself?
We don’t tell you exactly what positions to buy, and that’s something we’re trying to stay away from. But what we want to tell you to do is, here’s parameters around your positions, like… The S& P is currently earning, and I don’t know the exact number, it’s around 2 percent in dividends right now. Are you earning 2 percent in dividends?
Are you under 2 percent in dividends? Well, let’s make sure you’re at least earning what the S& P is earning in dividends if you choose. You know, do you want to have a tech portfolio? Great, let’s lump your tech portfolio together, but let’s compare it to how the index tech portfolio is doing to let you know, is it worth your time or are you underperforming?
You know, you want to have a portfolio of ETFs, let you set targets on those ETFs so that when you go out of whack, we’ll alert you and say, hey, it’s time to rebalance, you click a button and your account is rebalanced for you. How do you keep this portfolio? How do you keep your investments in line? How do you make sure you’re performing as you thought you would?
It’s transparency for you versus, you know, calling your broker. I remember the story of calling my broker and he would say, you know, you’d be like, well, I don’t think this did well. And you want to have a, just a good conversation with the guy. And he’s, you know, well, you’re not looking at it, right. You got to look at this report.
Let me print it off here. I’ll show you the right, like, why can’t I see that report myself? I have to call you to print it out so that I can see. See it, and that’s what I’m paying for. I remember those days I had a manager that told me that when clients came in, depending on how they did versus whatever market he told me, and I totally disagree with this.
Well, he told me. That’s when you compare it against different indexes, right? Right. Yeah. So I have to tell you, when we did our customer validations, it was amazing. We were asking, you know, there’s people off the street, literally. And we asked a guy, and he said, I just inherited some money from my father in law.
We’re using the broker that he has, and the day before oil crashed, he put us in all these oil stocks. And I keep thinking that wasn’t right, but I asked him, and he said, but no, look, you’re looking at it the wrong way. Look at it versus this oil index. You’re way out… He goes, is that right? Right, right. I remember that during the tech crash, the first one, the 2000 to 2002, you know, telling people, and that was the time I talked to this guy, Hey, compared to the tech index, you’re only down 35%.
This techs are down like 70. You’re fine. Wow. I’m so great. Right. You’ve only lost a 30 year money. You want to see my dogs or my ponies again? Right. Well, and the, and the, the truth is, and I’m not here to bash advisors because there are some things that they do for people and. And there’s a place for everything, but, you know, this idea that they’re going to outperform or they’re going to, you know, do your best, that’s done with, right?
Well, that’s also, Eric, what I think, I think good advisors don’t even play that game. I mean the best advisors that we’ve had on the show, they know that that’s not the game. It’s the crappy advisors that keep trying to make people buy into that junk. Right. But even then, but then that begs the question, the good advisors, if they are just getting you to the market, then what, why are you paying out a fee for, there has to be a very specific reason to do that.
Otherwise you’re not getting the market, you’re getting the market minus, you know, I was thinking, I was thinking, just looking at how visual this is and how, when I was an advisor, how difficult it was to get people to see stuff. I mean, the fact that you’re showing people that here’s where you are visually, here’s where you are.
And visually, here’s where you need to be. I mean, that helps people get it so much better. I’ll bet there’s going to be advisors out there that are going to be using this tool with clients. Well, and this is also, we think this is a better collaborate. We’ve talked to a bunch of advisors who are interested in doing that.
This is a better collaboration tool. So our vision for an advisor is to not go behind the scenes, do some stuff. You don’t know why he did it or he didn’t do anything. And you wind up, you know, rife, right or not, you know, six months later, a year later, upset at your advisor because you don’t understand what he’s doing and it didn’t matter.
So we say, you know, use a tool like this, you can go in there and together set parameters, when there’s time to rebalance, you’ll get the same alert that your advisor gets. And so you can then understand what your advisor’s actions taking for you that you are then co managing together and you can have a proper conversation when it’s time to, hey, you know, let’s not rebalance now or why are we doing it instead of him just going off on the side, right?
So transparency. And being aligned with your advisor and understanding the actions he’s taking is key to a stronger relationship. And also knowing why they’re not doing anything. You know, if everything’s in balance, they’re not doing anything, not because they’re lazy, but because there’s nothing that needs to be done.
Well, they could be lazy. But then they, really nothing needs to be done right now. But if all of a sudden markets move and a lot of trades need to happen, you just think he’s churning your account. They’re not. There’s a purpose behind it. It just gives you clarity and everything is at a glance. You know, very simple.
You get a daily performance report. You know exactly how you perform versus your index. And you can look at a daily year to date since inception. But that being said, you know, I think that, and even myself, as I’ve begun to use this tool and looked at my portfolio holistically, I’ll see there’s times that I underperform the market, times that I overperform the market.
And in the past, when I was looking at individual securities, it would freak me out. You’d be like, you know, Oh, I’m down. I’m down 10%. Look at the stock. But now that I look at it holistically, And I, I know like there’s periods where, because if I overweighted in certain sectors, I’m going to underperform because those sectors are important, but I know it’s going to come back.
And I think that the stability that advisors bring to people, what they sell people on is the psychology of investing. But if you really do what they do and you invest in a way that you understand the data, it doesn’t become daunting and you’re not as scared. I don’t look at my portfolio and say I’m down or I’m underperforming because I know at some point.
I’m going to bounce back and I rebalance selling my winners off and putting towards my losers. Well, my partner here on the show, OG, frequently talks about a Vanguard study that shows that an advisor, a lot of the time, Eric, because of what you’re saying, just because they understand and they know that sometimes no move is the right move.
Even when you’re underperforming, but just because they understand why they’re underperforming, they can bring, you know, upwards of three basis points to the table a lot of times because they did nothing. So that’s powerful stuff. Let’s get into the nuts and bolts just a little bit. Cause you mentioned a few things.
Is it web based? Is it software I put on my computer? Is it an app? Like, how do I, how do I get it? You know, it’s up in the cloud and we do everything behind the scenes. It’s all secure, all the data’s encrypted, we’re not holding any of your passwords, those go through our aggregator services that, that handle all that stuff securely for us.
And you just sign in and every day we sync your accounts, send out alerts, and, and are constantly, programs looking at your accounts and reevaluating what steps need to be taken. And how do you guys get paid? So right freemium service. Actually, we’re in private beta right now, so it’s free for everybody.
So you go on there and give us a name and as we release features, we are letting more people into the beta as we test out the stuff that we’re building out. But we have a thousand plus people on there right now that are using the system that are giving us good feedback on it. Uh, version down the road, you know, as we get out of private beta, it’ll be, um, pay for some of the more premium features, but that hasn’t decided what that line in the sand is yet.
Okay, so you’re not sure what those features are going to be, that are going to be those. Correct. Yeah, correct. But everything in there right now is free. Okay, awesome. And then security, obviously, I think you kind of address this because you’re using aggregators. You’re using the same Yodlee stuff that most big banks use?
Correct. And so we don’t, we’re not storing your password, your, we don’t hold your account number internally. It’s just we grab your transactional data and display it back for you. And so that piece of security is handed off to the aggregator. Awesome. And then also, I think you, we kind of touched on this.
Wendy, you said that you work with the 10 largest brokerages, but can I also then put in my, I assume I can put in, I can feed it myself too, if I want. Yes, you can man, you can manually input anything. And you can also override it. Sometimes the data you get back is. The transactional data, if you don’t have a good history for it, you don’t have your cost basis for it, some of that data might not come in right, so it’s, it’s almost like, you know, there is like a back end of it that you can get to that’s kind of like a QuickBooks and I there and edit transactions and make sure that I have the right cost basis for stuff.
We talked to the guys from the Draft app in Austin, I don’t know if you’re familiar with those, with that team, but they, uh, they contribute to the show and we talk about kind of the guts of what you guys do and, and I know how hard just getting those transactions to be automatic, like it looks, Magic, and people like me think it’s easy.
When it works. Yeah, but that’s a, that’s a pain in the ass, isn’t it? Well, it’s that, and you have market data feeds, and you have security masters, and like, all those things from different places all have to come up in a line and match and give you a pretty number at the end of the day. I know where your hair went, Eric.
Believe me, every so often, well, these days where, you know, you’re, you’re up 52%, we’re like, Hmm, I wish that bad feed would have been true, right? Right. Right. No, that’s the day as an advisor, I wanted to be with my client and then, uh, tell them it was true. Yeah. No, probably not. All right. And by the way, you guys also, uh, have been building out a, a great education center, your blog, and we have to mention Hannah Rounds, who’s been on the show, uh, write your blog.
Hey Hannah. Yeah. You guys have great stuff though. Some good learning tools there. If I can’t go over… It’s all centered around portfolio management. So as you said, people who don’t know these terms or concepts, it’s all in that blog over there. And, uh, just our mission and our goals and what you should be looking at as far as your performance.
Guys, it’s a DIY fund, DIY dot fund. Yep. Not dot com. Yes. DIY dot fun. We’ll have a link in our show notes at stackybenjamins. com. If you’re walking the dog or driving down the road. Thanks for hanging out guys. Thank you so much. Have a great day,
and of course you’ll find out more about DIY. Fun. It’s diy.fun at our show notes, stacking benjamins.com. Thanks to Helen by the way, that listens the show. We’ve, uh, been able to, if your player will let you, we’ve put a hot link right in the show notes as often as I can, uh, so that you can go right to it from your device.
So if you take a look at the description of the show down at the bottom. If it goes all the way to the bottom, I’ve, I used about three different players and some do and some don’t, but, uh, if they do and you can hit the hot link, you’ll go right to the show notes and you’ll see Eric and Wendy’s DIY fund.
All right, let’s head back to our awesome conversation with Mr. P. T. Money, Phillip Taylor, Paula Pamp from Afford Anything and Len Penzo from Lenpenzo. com.
Our last piece is written by Jamie Young from GoBankingRates. The eight best and worst things to buy November. And as we kick off. We’re partway through the month of November, actually a little bit into it. Later on this month, guys, we’re going to have our same week, uh, Thanksgiving week, where we talk about black Friday deals and what’s hot.
And what’s not, but this article talks about things where people just get suckered into purchases now where they shouldn’t be. So I want to ask you guys this, Paula, anything in November. That is a buy for you when you see all these deals, they’re going to start coming around as the month gets longer? No, actually, I take a piece of advice I attribute to Jean Chatzky.
I interviewed her a few weeks ago and she said that she only buys things that are full price. And the reason for that is because oftentimes when you see a sale, you’re tempted to buy something that you don’t actually need. Whereas if something’s full price, you’re only gonna buy it if you need it. And so, um, that’s, that’s my strategy as well.
I really like the wisdom in that. But if you start PT with what you need and not with what’s on sale, and then you go find the sales by looking them up online, don’t you think November’s a great time to do it? I think so. I think marketers are doing a good job during these months of trying to move what’s left over with their inventory for the year.
So, it’s probably a good time of year to buy. Um, but I certainly like Paula’s advice there. I’m certainly not a heavy consumer myself. And so, I only try to buy when I absolutely need something. Don’t let the sales, you know, drive my decision making. But, yeah, I’ll poke around. If there’s sales that are on my list already, you know, I’ll pull the trigger.
They say PT that wedding dresses, this was surprising to me. Wedding dresses are great to buy in November and you’ve got daughters. I mean, they’re fairly young, but you can plan ahead and get their wedding dresses now, and it says you can get up to 70 percent off. You ever think about that? Joe, come on, man.
They’re 5 and 3. Don’t go there on me yet. Or 7 and 5, sorry. But 70% You’ve already aged them two years. Yeah. I just aged you two years by even asking you that question, didn’t I? Yeah. Yeah. Don’t make my mind go there, but no, they’re going to be paying for their own weddings. What are you talking about, Joe?
Of course, that’s right. You’re like, you know who I am? I’m PT Money, man. You’re of course paying for your own thing. Len, for you, I saw this Tools and hardware thing down there. And with all that work you’re doing in the bunker, I thought, uh, November’s a great time for you to pick up new tools. What do you think?
You nailed it, because that’s what I was going to tell you is tools and hardware, I’ll be all over that. And let me tell you why I’m a very conscientious person in my garage. I have a, I’ll call it a peg, it’s a pegboard. And I put all my tools up there, and that way they don’t get lost. Well, it works great when I have to use the tools, but when the rest of my family uses the tools, they’ll take a tool off the pegboard, and then it doesn’t go back.
And it, it irritates me, because when I go to use the tool, the tool’s missing! I have so many missing tools, I’m gonna go, I’m going to Home Depot and buy up this month. Because, uh, for example, my rubber mallet. I was looking for that the other day. Gone. I had just bought one. Three months ago. It’s gone. You can, you can tell you’re an engineer because you have the pegboard and I bet everything is in its perfect place.
Yes, it is. Yes, it is. I can look at a glance. I can say, okay, I can tell you in two seconds. Oh, this is missing or this isn’t because I know where everything is in a certain location on the pegboard. I have, my father in law was, was an engineer and my son is learning to be an engineer. He’s in college for electrical engineering.
And what I love to do at my father in law’s house. And I would clearly do if I ever get invited to the bunker. I’m going to go over to that pegboard and I’m going to move it like a quarter inch. And I’m going to sit down. I’ll never let you in again, Joe. I’m going to watch you sweat, standing there with me, pretending it doesn’t bother you.
Oh no, it does. Oh my God. I see. I stew. I stew. I’m like, where is it? You know? And how could you not put it back? And who did it? Yes. Oh, that’s so good way to get it, Lynn. Just take something off the off the pegboard and don’t put it back. Any bad sale stuff that you guys have bought in your life that you can think of that you really regret?
Paula, anything that you’re like, wow, I shouldn’t have. What was I thinking? Uh, definitely clothing that I’ve purchased from yard sales. There’s quite a bit of that, that I bought and just never wore. That’s funny. I’ve done that same thing with board games. I’ll see it, you know, cause I have my little obsession with board games and I’ll see something that’s marginal, but it’s only 3, so I’ll buy it.
And then we never play it. And it’s, it’s so stupid. It’s like 3 that I wouldn’t have spent on garbage. Why did I buy it? Cause it was only three bucks. Uh, PT, anything for you? Yeah, certainly. TVs, you know, they’re heavily marketed during the Christmas season as being a good buy during that time period. And yeah, I’ve, you know, pulled the trigger on some of those, uh, some of those deals.
And uh, now, you know, we’ve just got several TVs laying around the house and we’ve turned the cable off. We’ve occasionally watched Netflix, but half the time we’re on our computers. So having extra TVs around, uh, doesn’t make much sense anymore. That’s good. You have guests over though. They can all watch their own TV.
Isn’t that nice? There you go. Yeah, perfect. It’s hard to move a TV in the secondary market these days. That is right. Psst. Any, any listener want a TV, head to stackingbenjamins. com forward slash bt. I’ll meet you in an alley somewhere with a TV. Uh, Len, how about you? Yeah. Uh, you know, I’ve actually got some gift cards, and, and I wouldn’t use them for, for a year or two, and they sit in my wallet, and then by the time I go to use them, the penalties that they have for not using them, that, you know, I’ve lost 25 percent on my gift card, you know, so, uh, yeah, I try to stay away from the gift cards.
Oh, yeah, I’ve done that too. Yeah, me too. I forget what they call that, a holding fee or whatever, inactivity fee, yeah, it’s, yeah, don’t even bother, just use cash. I don’t even know who came up with this gift card idea. Well, do you guys, do you guys just cash, but no, Len, do you like this idea? They present at the bottom of this article about in December.
I’ve seen this a lot. They’ll give you a hundred dollar gift card for 80 or even 70. This, uh, guess what? I guess what I do that for, and I do it every December, Joe, I do do this, but I use it because you know, I, I love this place. I, uh, Benny Hanna’s. You can get, you get at Benny Hanna’s, uh, me and, me and the Honey Bee, we go to the Benny Hanna’s in, in, uh, December, we get, uh, like, uh, 200 worth of gift cards, and then they give us another, like, 100 worth of gift cards.
And so we use those to go eat at Benny Hanna’s and we get, you know, and we actually, we use, we use all of them for our birthdays and we invite the whole family and we use all the gift cards at once. So I don’t have to worry about the inactivity fees. P. T., did you know that Len Penzo is really 14 years old?
He hides behind that beautiful bald head of his. He’s really 14. He just aged very quickly. Yeah, that’s great. I love Benihana too, one of whom I joke him with, uh, uh, anybody else buy gift cards in December? I, I, I do the same thing. I get, uh, I get the, the, uh, I always get great stuff. Starbucks gift cards.
Like, I don’t go to Starbucks very often, but I find that I can actually make the price of coffee reasonable if I get the, if I get the great gift card deal in December. PT, anything you, you look at gift card wise? Yeah, we shop at, uh, Kroger mostly for our groceries. And so Kroger does the thing where if you buy a gift cards through them, they give you four times the fuel points.
And we get our, get our fuel there as well. So we can end up getting, if we buy enough gift cards and it’s obviously to places we’re already going to, we’re already going to spend money too. Um, and so we do that and throughout those months we can save, you know, 90 percent of our fuel costs. So it’s just nice.
Let’s see if I can predict what Paula is going to say. No, you don’t do gift cards at all. Actually, there’s one store that I do gift cards for. Sephora. How did you know? Are you kidding me? Seriously! No way! Seriously, that is the one store that I buy gift cards for. Alright, what’s Sephora? I’m the stupid one here.
What’s a Sephora? That is so good! Bam! It’s a makeup store, Len. Okay, very good. I’m surprised I don’t know about that. Hey Paula, Len’s really playing it up like he has no clue. Good job, Len. Thanks, Joe. The daytime Emmy goes to Len Penzo for pretending he doesn’t know anything about Sephora. Right. Yeah, I can smell that cologne from here, dude.
Was that just a lucky guess? Seriously? I don’t know why. I just thought, okay, if there’s one, what would it be? But, but I don’t know, Paula, maybe whenever we’re together, you smell, I have no idea. What’s, what’s, uh, what’s the deal with Sephora? Is there, do they give you great deals in December? Have you gotten some good deals?
Uh, you know, it’s. It’s just that you can save about 10 percent buying the Sephora gift card and I get the e gift card so they’ll email you the information right away and then I order cosmetics online so there’s no wait time in between when I get the gift card and when I order. I just get the gift card.
Place the order, and boom, within, you know, a 15 minute time span, I’m done. Welcome to Joe the Mindreader podcast. Yeah! That’s pretty good. Man, that looks crazy! So do you buy the same makeup all the time? I mean, how do you test colors and stuff like that? Oh yeah, yeah, once I find something I like, I stick with it.
Buy and hold.
Her philosophy for her entire life, not just her investments. Len you do the same thing, that underwear you’re wearing.
That’s bad. I think we got to go out on top. We got to quick, uh, get rid of this podcast. Uh, what’s going on where you guys live. Paula, we’ll start with you. Thanks for playing again. It’s great to talk to you. What’s happening at the afford anything podcast. Sure. At the afford anything podcast. I’ve recently put out the ask Paula episode where I take listener questions.
So I took a question from a guy who’s 55 years old and has no savings. And I also took a question from a guy just for, as an example, who is currently making about 50 percent returns in his own business. He also has a bunch of credit card debt, and he wants to know, should he keep investing in his own business, or should he pay off his credit cards?
So, those are some of the questions I tackle. You haven’t gotten the question yet from the guy who’s living in a bunker and wondering if he should get back in the stock market before he loses too much money? I haven’t gotten that, nor have I gotten the question from the guy who lives in Texarkana, Texas and is wondering, what color eyeshadow should I buy for 10 percent off?
Yeah, that’s coming. That’s on the way. I, I, I don’t know what you’re talking about, but that might have to be next show. By the way, we talked to P. T. about his lineup of guests. Your lineup of guests recently, I was just going down the list. You, talk about rocking guests, Paula. Yeah, I’ve had some, uh, some great people on the show.
So, I had Cal Newport. Laura Vanderkam, Gretchen Rubin, J. D. Roth came back on the show, uh, who else? Just some, just some excellent, excellent guests with a lot of insight to share. Yeah, between you and PT, just amazing, amazing lineup. And we’ll link to the Afford Anything podcast in our show notes at stackingbenjamins.
com. And by the way, everybody, I’ve started putting the link, thanks to Helen, by the way, who listens to the show. in the show notes. So if your app will allow it, you can just click the link right in the show notes and get it on your device. So you can get right to everybody’s stuff. Lenpenso, what’s happening down in the bunker man or at Lenpenso.
com. Yeah, first I’d like to say I’m having some guests next week, too. I have a terrific lineup of guests. My sister, Laura, is coming over and her husband. That’s the best guest. We’re gonna have, and actually I’m inviting my mom and dad, so it’s gonna be great next week. So, uh, if anybody wants to come by the Penzo house, come on by.
Great lineup. At, uh, Len Penso Also, can we go to Benihana ? Yes, certainly Paula. I’m always up for Benihana. Uh, I did an experiment. It was one of my bajillion experiments I do at, uh, at my blog. This one’s with premium gasoline. Just trying to dispel the myth of premium gasoline. Is it really worth it? So I call it why premium gasoline is a lot like male enhancement drugs,
So, uh, stop on by len penso.com. Uh, you’ll see the results of my experiments. And, uh, and, uh, you might learn something. You didn’t try to drink some, uh, premium gasoline for enhancement, did you? You’re like, honeybee, this is premium. If my engine was revving for more than four hours, I would make sure I called the doctor, too.
That’s so good. PT, I’ll bet at this point you’re wondering why the heck you ever came back. Totally, totally, Joe. Well, thanks a ton for playing. So, who’s kicking off the show? You know, I haven’t decided yet, Joe. Awesome. As we tape this. Yeah, we’re, uh, we’ve got so many guests and so many good voices. I’m just going to let the interviews kind of speak for themselves and decide to, we’re going to launch with probably three or four episodes in a couple of weeks.
And so we’ll have plenty for you to choose from, different conversations to dive into. That’s awesome. And we can fill up everybody’s, between your show and Paula’s, fill up everybody’s iPod or their device with great stuff. Well, thanks for joining us again, PT. My pleasure. And we’ll link to PT’s new shows, Masters of Money, right?
That’s it. Yeah. Masters of Money. We’ll link to that and everything we talked about today on our show notes at stackingbenjamins. com. Thanks for playing everybody. Thanks Joe. Thank you. Thank you, Joe. Oh,
that’s going to do it for this episode, everybody. Hey, guess what? If you missed. and you’re expecting a new game. Well, guess what? We don’t have the new game. Sorry about that, but we are going to have, and I wish I had it in front of me. Uh, it says, so this is funny. We did a game back in the spring around numbers and I got so busy with FinCon and getting ready because I was the MC of this awesome money and media conference that I totally blew it.
And we never closed the voting. However, I look back, the voting really didn’t change much at the time I said it was going to stop in August at the time it actually stopped in October. I do not have those results in front of me though. So we’re going to have to do it next week. And I can hear our winner.
Our winner is a guy named Mike, but I’ll get to you more about that soon here. Stacking Benjamins contest on Friday are a lot of fun and it’s going to be fun for me to go over this with you. If you’re new to the show. There’s going to be contests again, starting in January on Fridays. OG’s not here, so I entertain myself with that.
Another way I entertain myself, by the way, lately is checking out some of the new devices to listen to podcasts. And I got to tell you, we haven’t had them on the show. I’m not affiliated with the company, but I’ve been using this, uh, this new player called Castro. And Castro is really cool. What I like about it is just how Easy it is to manipulate the controls.
And I know some people use some really cool players out there, but if you’re not really that excited, I’ve used Stitcher for a long time, so I’ve, I’ve been happy using Stitcher and I like streaming audio. but Castro really has been hitting it. You know what I kind of like is that there’s an inbox of the new podcast that came in that day and I can move them to the top or the bottom of the inbox so that they’re in an order that I know when I come back to them that I’m going to want them to come in.
So as an example, I really like startup. I like the show startup. I think it’s awesome. I was like Jill on money is one of my favorite shows. So whenever Jill has a new show, Jill Schlesinger or the new startup episode, they go right to the top or. Some of my favorite board game podcasts go right to the top.
And then other ones that I like, but I just want to keep up on, but I just don’t have time to keep up with every episode. You can send those to the bottom of the inbox. So I think it’s really neat. Anyway, just, uh, I know we’re always talking about new players and stuff. And, uh, Castro is my current BFF. All right, let’s talk about what’s coming up next week, and then we can let you loose for the weekend kids, because I know you’ve got some fun.
plan for the weekend. We’ve got fun plan for you starting on Monday because Monday, check this out. Rick Edelman joins us in the basement. Talk about favorites. My favorite book about money is the truth about money by Rick Edelman. Rick has a book that he wrote in 2009. That he’s revamped and Rick Edelman coming down to the basement.
He also was Barron’s number one financial advisor several years in a row. Big firm Edelman Associates. On Wednesday, our good friend, Mr. Side Hustle Nation, Nick Loper’s here and talk about a guy that has. Lots of ideas for side hustles. You know what? If you’re looking to make extra money during the holidays, Nick Loper is going to help us out.
Not only that, he’s quite an entertaining guy. And if you don’t listen to the Side Hustle Nation podcast, what are you waiting for there? Cause Nick is, Nick is, I don’t know. He’s just such a likable guy. I just really like him. And, uh, Wednesday, Nick Loper’s coming down. And then on Friday, we’ve got our regulars back.
Len, Paula, and Greg McFarlane back. We haven’t talked to Greg in, what’s it been? Almost a month. So excited to have our regular roundtablers back here this week on Friday. And I believe on our FinTech segment, it’s gonna be a cool product called Final and we’ll tell you more about Final. final next week, but that’s innovation in the world of credit cards.
All right. Hope you all had a fantastic week. We’ll see you back here on Monday or on Saturday, Saturday, Saturday, go check out the green room podcast on Saturdays. We go back through old episodes. Also, after we do that, Richie Rudder, Reese, our show producer, and I, we talk about some of the things going on behind the scenes.
And, uh, the green room podcast is our behind the scenes podcast. So we’ll either see you over there Saturday. are back here on Monday, Stacking More Benjamins. See you then. Bye.
This show is the property of SB Podcasts, LLC. The show is created by Joe Saul Sehy, produced by Richie Rudder Reese and engineered by the amazing Steve Stewart. SB Podcasts may receive payment on the show from sponsors and guests in the form of books, giveaway items, discounts, or other remuneration.
There’s no way you would take advice from these dorks, but like Joe’s mom always says. Don’t take advice from people you don’t know. This show is for entertainment purposes only. And before making any financial moves, consult with a real financial advisor. Special thanks to Eric and Wendy Neeson from DIY.
Fund for joining us. If you too are dancing around your basement while listening to this, We understand, and we’ll just drop a link to DIY. Fund in our show notes at StackingBenjamins. com. Special thanks to Phillip Taylor, our good friend we just called PT, for stopping by and chatting with us. You’ll find his new hit podcast, Masters of Money, wherever finer podcasts are experienced.
Paula Pant appears courtesy of AffordAnything. com. Special thanks to Len Penzo from LenPenzo. com. And finally, thanks to Joe’s mom for washing my favorite jeans in the hottest water possible. Nothing says Friday at the sizzle. Or like showing up in jeans so tight you can barely breathe. I may never bend over again, but who caress when your butt’s looking this good and sexy?
Am I right? See you.
What do you suppose they call that? A novelty act? I don’t know, but it wasn’t too bad. Well, that’s a novelty.
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