Today’s episode is all about a very important, topic that’s sure to arouse interest at personal finance get togethers: risk management. Specifically, Joe and OG jump into their Top 5 risks that people don’t think about enough – and what you should do ahead of time.
In our headline segment, we dive into a popular personal finance website’s piece about what to keep in mind when aging.
Our TikTok Minute features unfathomable consequences that one might experience if living near a certain sporting location.
And finally, Doug brings it all home with his trivia that’s loosely related to insurance (but not really). Classic Doug!
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201
Enjoy!
Our Headlines
Our TikTok Minute
Doug’s Trivia
- When can you buy insurance at a blackjack table?
Better call Saul…Sehy & OG
- Stacker, Will, asked in our Facebook group: is there a list somewhere of recommended fee only as in one time or annual single fee financial advisors?
Have a question for the show?
Want more than just the show notes? How about our newsletter with STACKS of related, deeper links?
- Check out The 201, our email that comes with every Monday and Wednesday episode, PLUS a list of more than 19 of the top money lessons Joe’s learned over his own life about money. From credit to cash reserves, and insurance to investing, we’ll tackle all of these. Head to StackingBenjamins.com/the201 to sign up (it’s free and we will never give away your email to others).
Other Mentions
- Live to 100: Secrets of the Blue Zones Documentary Explores Areas of the World Where More People Live Longer – Netflix Tudum
- Looking for professional financial advice? OG and his team are accepting new clients. Visit stackingbenjamins.com/og to get on his calendar.
Join Us Friday!
Tune in on Friday when we’re walking through your four choices so you find the path that fits YOU with our Friday roundtable gang. Today, that gang features Certified Financial Planner Eric Brotman, the hero of the popular website, Yes, I Am Cheap, Sandy Smith, and our favorite resident doctor, Doc G, of The Earn & Invest podcast.
Written by: Kevin Bailey
Miss our last show? Listen here: A Story About Money That is So Good It Probably Isn’t True (SB1503)
Episode transcript
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─────━━━━──── Are you crying? ─━ No. Are you crying? Why are you crying? ─ There’s no crying in baseball. ─━━━━─── No crying. ━━━━━─━━━━━─━━━━━─━━━━━─
Live from Joe’s mom’s basement. It’s ━ the Stacking Benjamin Show. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
I am Joe’s mom’s neighbor, Doug. Today we are all. About preparation. That’s right. Today we’re talking risk management. It all begins with our headline, where we’ll cover all the don’ts things people don’t do. When a loved one begins to age. In our TikTok minute, we’ll share a big homeowner’s insurance risk.
And for our main event, Joe and OJ will present their top five most overlooked risks. And don’t worry because I’ll share some odd trivia. And now two guys who you can. That on to bring you the best personal finance podcast every time. It’s Joe ━━ and oh. ━━━━━━━━━━━━━━━━━━━━━━
Well thank you very much for that Doug, and we gotta include you in that one that, uh, Doug brings
us the best announcing every Monday, Wednesday, Friday. How about that Darn right idea. Thank you,
Joe. Well, that’s the way
to take a compliment.
Yeah,
you better believe it. Pay
you are the most
adequate guy we could find. ━
Okay. Is Den
announcer? Welcome to Humble, the podcast. I am Joe Sci High average Joe Money on Twitter, and
the guy who, uh, just slurped down
three eggs in like four minutes. Mr.
og, I’m getting really good at cooking eggs over easy. I love, it’s taken me 45
years, but I figured it out. My favorite, uh, Sunnyside up actually
my favorite.
Yeah, you’re a sunnyside up guy. You’re not.
Do you do those because they’re faster?
Uh, you have to cook ’em as long. Yeah. I just, you know, I saw a video and I was like, I like runny eggs and I feel like I can pull this off. And I did it and I was like, whoa, I’m pretty good. But I just kinda whittle it down until you kinda get the right cooking time.
What’s odd about eating eggs with Joe is he does like sunnyside up eggs, but he only eats the yolks right. With toast. What toast. He doesn’t eat the healthy part. He just eats the
bad
part. I had a manager at Waffle House after Nick, my son and I ate at the Waffle House like four weeks in a row. Came and he goes, is there something wrong with our eggs?
I’m like, why? He’s like, ’cause you don’t eat the whole thing. I’m like, no, that’s just what I do.
It must take you forever to eat scrambled eggs then, you know? I don’t love it ━━━━━── pulling that stuff apart. It’s just, I’m like, oh, please let me get this joke in. Please don’t lemme, because it’s awesome.
Risk management today, guys.
Risk management. You know, uh, the riskiest thing of all is, uh, not including the sponsors in our show. So let’s do this, ─── and because we’re contractually obligated, how about one of these. ──────━
Way to pump it up. Yes. ─━━━ Say, well that sponsor really feels special now. Don’t, they ━─━───── might, might not have been
the one two Pudge they were looking for, but you know what?
We have great sponsors and we’re super thankful for them for helping us continue to podcast. Go back. Yes. I try to re it
back. No, we’re the good guys. We, we’ve got a
top five episode. We’re talking risk management today. So. Let’s get started. ━
Hello
darlings. And now it’s time for your favorite part of the show, our Stacking Benjamins headlines.
Our headline today comes to us from Kiplinger eight. Don’t to keep in mind is you and your loved ones age. Uh, this is written Don’t ── by a gentleman named, uh, Dennis Beaver, an attorney and a an elder law attorney. Dennis writes, getting older isn’t for sissies. Wow. And the more prepared you are for cognitive decline and the issues that come with it, the better your life will be.
We’re dealing with this OG in our family with, with relatives, and, um, you know what? Preparation here is everything. So I wanted to walk through these things that people don’t do because I think it’s so important to think ahead on these. Number one, don’t plan ahead. Assuming there will be plenty of time when a crisis hits, right.
We’re all like, oh. I’ll think about a catastrophic illness to a loved one, maybe for myself even, uh, later, because this is always gonna happen later in our life. We need to maybe speed up that planning.
I. It’s silly to just assume that you’ll have all the time in the world to sit down and go, let’s thoughtfully consider all these options while grandpa’s in the hospital.
It is
so, um, difficult. We had a, we had a loved one going into a nursing home for a rehab. And luckily og he already knew, he’d already studied the different nursing homes. He knew exactly where he wanted to go and when they gave him this laundry list, this huge laundry list, and, and Cheryl and I are halfway across the country from him as his medical power and his power of attorney.
Not optimal, by the way, I mean, don’t get me wrong, Cheryl would’ve flown there immediately if, if he hadn’t done the homework. But partly because she’s so far away, they looked at this like, what if something happens? And he was able to tell the people right away, this is where I want to go for my therapy.
It was on the list, boom, had it all prearranged. ─ I. Second, people don’t talk about our care preferences, who’s gonna provide it? Where, assuming that time arises, our preference to be totally clear. Again, we, uh, we mentioned that, but you know, you also have some different things. Do you need or want a facility?
What type makes the most sense? Is it a, you know, a nursing home assisted living group home? CCRC, which is a continuing care retirement community. And then how are you gonna pay for those different things? A lot of people, OGs, you know, wanna stay at home, right? This relative of ours really wants to stay at home as much as he possibly can.
So he’s gotta do some pre-work there around, how are we gonna put that in the budget? Yeah. Budget.
And, and who’s responsible for what And, and what are the deciding factors along the way to make other options available? Like when are you gonna decide to have other. Care scenarios in play, so to speak.
’cause he’s
in his late eighties. This particular, uh, gentleman, he’s, he’s really done some work on his house ahead of time. Like he’s been very mobile, but he’s already og made his house ready for if he’s not, which I thought was just, just huge. And by the way, he’s optimistic and he’s like, this is never gonna happen to me and I hope it’s a waste of money.
Right. I thought about
that.
It’s a great idea. It’s super. Number three, A lot of people assume that older caregivers can do it all alone. And there’s no need to involve anyone else. This is a hard thing, a married couple. ─ Thinks that the spouse that isn’t having cognitive issues currently can just handle it.
And how many times OG over your career have you seen the spouse that still has it together ends up very sick and very, because they’re overworked, they’re over. I think it has a lot to do with the extreme pressure for caring for your loved one. I mean, it’s
stressful, it’s financially challenging, and you’re trying to learn a new skillset at a time in your life where learning new skill sets is not really what, ━━ where you are in your life.
And it’s all because, well, we don’t wanna bother the kids, right?
We don’t,
we don’t wanna burden the kids. ─ Like the kids are gonna have to figure out this mess. Anyway, you might as well have them help you with it.
You know, I’ve been watching that Netflix, uh, documentary Doug. Maybe you could look up the name of this, if you don’t mind, while we’re.
Chatting about this, but it’s the one about living do something useful. It’s, it’s the one about living to be a hundred years old. You guys have seen this, uh, on the, it’s always on the front screen lately on Netflix about these communities. They call them what? Blue, um, blue zones. These blue zones around the world and people that live longer.
And, you know, a key part of that og. Is a tight family unit where the kids take care of the parents. Yeah. Kids taking care of the parents is is longevity. In fact, the guy who did the all this work, Dan starts with a B and Doug’s gonna get it for us. Yeah, no, well
it’s, the documentary is called, uh, live to a hundred, the Secrets of the Blue
Zones.
Yes. And the guy’s name is Dan. Oh, Dan
Butner. ─── Dan Butner. ─
Yes. Dan Butner says, oh gee, the second you go into nursing home. It takes, I believe, like two full years off your life, if I remember the, the stack correctly. But regardless, it takes time off of your life when, when you take grandpa and just, you know, push him into the nursing home. ───
Number five, people don’t name a trusted person for your financial institution to contact in case of suspicious transactions on your account. Doug, you had this in your family? I had it with another family member where there was actually, oh gee, a member of our family that was stealing. From another family member.
Oh, that’s a, ━─ yeah. Stealing from the old family member. Just got a hold of their checking account. Forged their name. Yeah. And had money once a month going from one account to another. ─ Going
from not giving themself a little, uh, a little paycheck, a little,
Hey. Yeah. They don’t need it. It’s a side hustle.
My side hustle is stealing from Anthony.
Well,
at
least they did it on the down low and there was no trail on it. Right? Right, exactly. Yes. It was
weird that we could look up whose account it was, like what account number that was Doug, and find out exactly where that money was going. Unbelievable. Then, by the way, when we confronted them, you know, what happened?
Oh, it was just a big mistake on the bank’s part. I, oh God. I never even knew. Really. This has
been coming into my account for 11 years. Always on the fifth of every
month. Weird. Well, luckily we caught it in month number four, but still it was my bad. And by the way, where’s that money? Oh, I don’t, sorry. I don’t, don’t, don’t have it.
Just completely so frustrating. Number six, people don’t designate a power of attorney for healthcare. Or finance until there’s a medical emergency or a diagnosis of dementia or Alzheimer’s. I know in the case of dementia or Alzheimer’s, oh gee, you wait that long. You may have to get the court involved.
Yeah,
well, that’s the biggest thing, and frankly, from a power of attorney standpoint, there’s so many great uses of having a trusted person as a power of attorney already in your life, even at, frankly, even at 40, because just allows transactions to happen a little smoother. You know, you think about your spouse.
Traveling for work on the same time that you’re supposed to be closing on your house. Great idea to have a power of attorney so you can take care of it ─
and get that done early. Mm-Hmm. And don’t make it. ─ I know a lot of times when I would work with people on this, they were worried about it being the perfect person.
Make it a good person. Yeah. And then switch it later. Just get it done. Number seven. We had an argument about this on a Friday episode, OG, that I, you weren’t in on this one, but. Don’t worry about staying in touch with people. Isolation and loneliness are the enemy that make you more vulnerable in all sorts of ways.
Every study, every single study, and I had a bunch of people push back on me saying I was judgy, saying that you need a purpose and you need a community. And no, no, no, Joe, this woman that we were talking about in the show, she just wanted to learn a new language every two years. And I said, that’s not enough.
And man, our audience came back to me saying, Hey, don’t judge your goals. She can do it. That that’s a fine goal. oog. It just isn’t enough. Isolation is truly every study you see, isolation’s the enemy as you get older.
You know what’s funny about that? You see those in your social feed. It’ll be a picture of this beautiful cabin out in the woods, and the question will be like, you know, how much would it take for you to go live here forever?
And people are like, nothing. I wanna do it right now. We all seem to want isolation, but we don’t realize that it could actually be detrimental to the
long term. ─ It’s funny how social media has made us, uh, less together. I saw a statistic just yesterday that 10 years ago, the average person had three close people they could call close friends.
We’re down to like 2.2. Apparently we have those two close friends and the person that’s not quite with it, the 0.2 friend, but the average person with just over two. But the number of, the amount of isolation we have with all these social channels, it’s just getting worse.
Right now. I count, I count U2 as like 1.3. ━━──━─━─
I’m the one OG gets to be the 0.3. I’m just saying og. I just wanna make sure I’m the one. Number eight. And the last one on this is assume all doctors are the same and you don’t need a geriatric specialist. Certainly you should look into who’s providing your care. Yeah, agreed. We will link to this in our newsletter called the 2 0 1 stacky Benjamins dot com slash 2 0 1.
Always free. Comes out the day after our Monday, Wednesday shows. And man, it is a very high open rate where we dive deeper into this important topic. Speaking of important topics coming up. In just a couple minutes is our big topic, our top five risks that people don’t think enough about when it comes to your protection planning.
We need to make sure that we don’t have that Achilles heel. Oh, hadn’t considered that. OG and I are gonna talk about those risks, but we’ve got two segments before that. First of all time, right now for our TikTok minute, this is the part of the show Doug, where we look at some creators doing something either brilliant.
Or like some tiktoks air quotes. Brilliant. Which one do you think this is?
I, I go to TikTok for all of my valuable researched information, so of course it’s brilliant.
Well, this is, this is a woman who lives on a golf course and, uh, well this is her, I believe, if I remember correctly, this is her speaking with the news. ───
So
we got one over there. One, two. Three, four. Her house backs up to hole four at Black Bear Golf Club in Parker. The tee box just a couple hundred yards away. I can be sitting here having a cup of coffee, eating golf balls will just go sailing past my head. This was the latest casualty, a broken window on the second floor of her home.
It’s not just the cost of broken windows. This becoming a life threatening issue that needs to be addressed. Stevens wants the golf course
to do something. She wants the golf course. Let me just say. ── I’m very certain she had no idea that with a golf course right behind her freaking house, og. ━──── That this would be a problem at all.
It’s just ridiculous that they decided to start playing golf on the thing that probably was there long before she bought her house. That’s just, ─ I think she’s just mad because everybody started sucking more at golf. ─━━───────────
Talk about risk management. Maybe look at where you buy your house.
I’ve only heard of one case where this wasn’t ridiculous. Apparently on a dog leg left. This builder sold a lot that was straight on, absolutely in harm’s way, and they should have never been able to put a house there. And it was right out at the corner where everybody, big hitters like og, they’re gonna try to bomb that, right?
They’re gonna try to head right over that house and uh, I think they got some. Recompense, they got some money back from the builder because that, like, you should never put a house out on the corner of
a, but come on, why you buy that house in the first place though? You know what I mean? I mean, do some due diligence.
Agreed. Agreed. But other than that, it’s, and they’re actually most state laws where, uh, the golfer is never. You know, required to pay any money back to any damage they caused. Because unless all that’s, I mean, now that I know that, so now you just rotate your stance and just aim right for the house. ’cause that class makes a great noise. ━─━━─━
Have you ever hit a house Doug? We’re
joking people. Have I ever hit a house? ── Which time? Yes, of course I’ve hit a
house. Well, you know, I mean, you’re a pretty good golfer, so it does scare the beevus out of you. It is pretty funny though, ─ ’cause you’re like, ah, my bad. Sorry about that. ── Playing through mind.
If I get that ball real quick,
I’ve never hit a window, which is, I mean, you feel like, look, if I’m gonna hit it, I might as well. Like let’s do this. Right? Let’s get the satisfying noise. Yeah. I’ve never hit a window. I always hit a roof.
Don’t if I’m her, I think the best strategy is to. Dress that up and, uh, maybe, maybe massage how she talks about that on the disclosure form a little bit for the next idiot to be on TV complaining about it as well.
Poor risk management. All right, coming, ━─ coming up next, our top five risks. People don’t think about this one, the golf. Club, living on the golf club might have been a little more obvious than the ones we’re looking at, but before we get there, Doug, I think you’ve got some trivia for us. Absolutely.
Hey there stackers.
I’m Joe’s mom’s neighbor, Doug. Over the weekend I got a brilliant idea for a new side hustle. I set up a poker table in my basement. I’m gonna start inviting the guys over to play for money I’m in. Yeah. And because I’m maybe not the world’s best card player, I’m gonna charge everybody like a small buy-in fee, just so I make sure I make money no matter what.
I’m out. I mean, I can’t wait to get this going. I’ve already ordered a couple of vending machines and an ATM to bring in extra cash on top of the poker fees. And I’m gonna start with the basics. A Mortal Kom arcade game and an Aerosmith pinball machine. ’cause I mean, you can’t have a poker table without that.
Right? But once the word spreads about this cool semi-private casino idea, I’m gonna be able to expand it and make even more money. ─ I’ll be able to franchise it and. It’s gonna be amazing. It’s gonna be like an Airbnb thing, but for gambling in your basement. Probably gonna call it Doug’s double down den.
’cause like why wouldn’t you? But let’s get to today’s trivia question related. It’s related, don’t worry. When can you buy insurance at a blackjack table asking for a friend? I’ll be right back after I post flyers around the neighborhood. ─────────────────────━─━━━━━━━━━━━━━━━━━━━
Hey there, stackers. I’m entrepreneur and pinball pro Joe’s mom’s neighbor, Doug. I’ve started building out Doug’s double down den, and I’m so excited for the guys to see it. It just needs a few neon beer signs. I’m gonna open up shop. Today’s trivia question is, when can you buy insurance? At a blackjack table, the answer while experts advise against it.
You can buy insurance on your blackjack game once the dealer has an ace showing. And now let’s get back to Joe and OG and more risk
management talk, ─ og like how Doug takes our, uh, risk management, turns it into insurance and gambling
trivia. You know, ━─ when you’re on a heater, you gotta,
you gotta, ─── uh, what I’m hoping for more than anything is a list, uh, here of things that people might think about, might not think about, maybe they think about.
Sometimes don’t consider enough other things that are like, oh, I should maybe consider that. So if you’re listening to this, I really like the fact that when we do these top fives that maybe OG and I take the instructions a little differently. I have eight. Eight on your top five. I will merge some. Right.
But I like that because we get a little different direction and, and gee, I looked at it as these Achilles heels that we really need to consider more often. Like the things that come at us that we’re like, oh wow. Wow. Should have seen that coming. What about you? Is this gonna be a little quirky for you?
Uh,
I didn’t understand the assignment also, so, um, ─ we’ll see. We’ll see what we come up with. All
right. Well, let’s do this. Our top five risks that we, uh, maybe don’t pay attention to enough. Number five. You wanna go first this time? I think I went first, last time. Yeah.
No, that’s fine. I’ll go first. I’m gonna do an easy one.
This is in no particular order, even though it’s a top five. It’s not like literally. 5, 4, 3, 2, 1 For me, I just have these in just kind of a, a random order here. Um, I think that most people are concerned, you know, when thinking about financial planning. They think about the risk of dying and thinking about like, well, I got a mortgage to pay, I got kids to send to college.
That sort of thing. I don’t think too many people think about living too long, ─ and that also is an interesting risk because when you have that timeframe that’s on that one side. It’s like we talk about how you can retire better, you know, more money if you retire at 65 instead of 60, right? But what if you, what if you offset that by planning on dying at 90 and you lived at 1 0 3?
I. You know, so, uh, living too long is the risk I think a lot of people forget about.
Boy, that’s a great one, and that did not make my list, but I know this is a big challenge that CFPs are addressing right now, right? With longevity annuities and with these asset allocation plans. I think that’s part of the reason why you and I dislike target date funds so much, OG is because of that longevity risk. ─
A hundred percent. Uh, and what we mean by that also bound suck. ━─ What we mean by that is that you’re slowing down your chance of doubling the money in your portfolio well before you’re gonna spend the money because the target date fund is made to hit the target. Maybe go just a little bit beyond the target, meaning that you’re going to slow down the risk, which also means slowing down the chance of a high enough return to sustain you for a long life.
Yep. My number five, I’m just gonna pay homage to, because while we all know these two things are gonna happen, OG. ─ I think, like we talked about in today’s headline, we think they’re always gonna happen way out in the future. Uh, and that is, I, I don’t think that I’m going to die or I’m going to get a disease that that happens to other people, or it’s gonna happen a long time from now.
And the frustration that I have with this. Is it? I have a great friend who’s a nurse practitioner. She’s run with our group of runners for a long time, super healthy, just got a brain tumor, og, like out of the blue. Way too busy to have a brain tumor. Too much stuff going on and it looks like things are okay.
Everybody here in Texarkana that knows her is pulling for her. She’s just an amazing woman. But you know, 47, 48 years old. Outta the blue. Something that happens to other people happens way later, and I think we gotta be more cognizant that that could happen to me. And what am I gonna do? I mean, nurse practitioner, she makes a nice sum of money that supports her family.
Mm-Hmm. This tumor ━ may have lasting effects. That may mean that she needs long-term disability coverage, or she at least needs a plan, right? That’s longer than two or three months. We’ll see how it goes, but, uh, but that’s my number five. ─ Number four. My number four is that, uh, the people around me are going to be respectful of my property. ─
Me meaning that I take care of my stuff, right? And this could even involve stealing, but between stealing and I’ve had my house broken into, had all my stuff stolen, that is something I had never thought would happen to me. But also just the fact that somebody uses something of mine, comes over to my house, uses something of mine, and just breaks. ──
I often think that I’m careful with my things, but I don’t think we think enough about the people around me and the fact that, you know, mistakes happen and some people aren’t that careful. ─
Note to self, keep hands in my pocket at Joe’s house, ━━ Les, the Troy Als Finley veil, ━ smashing across the concrete. And what does that
mean
for our protection plan?
Number one, it means the emergency fund, right? But number two is. I think all we look at OG on our homeowners, I think all we look at is the cost. We don’t look at like what happens if, you know, somebody accidentally drives my riding lawnmower into the lake? Hasn’t happened. But what if that happens? Like that could be a significant amount of money or your car through your living
room could happen, has happened theoretically.
Uh, yeah. So my number four, I’m gonna go with, you mentioned house, house stuff, and this happened to us here recently while I was on a trip. ─ Happen more frequently actually than I desire. I’m gonna say emergency house maintenance, ── things that people don’t think about in terms of, you know, stuff that you’re not gonna ne you were talking about maybe home insurance claims and that sort of thing.
Yeah, maybe not. Yeah. But I’m also thinking about, you’re not gonna home insurance claim your water heater going out, but when is your water heater gonna go out? I’ll tell you when Christmas Eve. ── Exactly right before everyone shows up at your house. Exactly. Or had that happened or does everyone know how to shut the water off in their house?
I don’t think everybody does. Like, you know, so if something’s leaking and spraying water outta your kitchen, you know, spraying everywhere, how do you get that stopped immediately? So then, you know, there’s not that secondary damage. You know, we live in Dallas, we’ve had two years of record breaking cold temperatures for extended periods of time. ─
Which has caused all sorts of other issues in, in people’s homes, you know, so how to shut off the water, how to, do you have a system in place for like checking on your things? What happens if your dishwasher breaks or your refrigerator? You know, it’s like these things that we don’t really anticipate and certainly don’t plan for in put into our budget.
I’ve found that a rule of thumb is somewhere in the neighborhood of 1% of your house value. ── Is what you’re gonna write a check for every year just for the crap that goes on around your house. And some of it may be upgrades, some of it may be things that I need to fix. Some of it may be things that are kind of deferred maintenance.
I’m thinking about your grill, just the thing that happened to your grill. ─
Which time Right when it melted The wires, you mean? Yes. Yeah. Yeah. It was just on and melted. Yeah. Well, that was a, who happened to my grill more than a what happened to my grill? I mean, that goes back
to mine, right? Yeah. How do you
guys feel about, in this vein, how do you feel about, uh, what is it like a home warranty that you can buy Yeah.
For all of this smaller stuff versus just socking away money for, to prepare for the inevitable. ── Uh, relatives that break your grill?
Yeah, we haven’t had any reasonable success with that. You know, it kind of comes included with a lot of home purchases. It’s a selling feature that realtors use, uh, and mortgage companies use to get your business.
But, um, I don’t particularly think that it’s worked out well for us because we had it for a period of time and I remember we had a microwave issue and they’re like, well, they don’t make that part anymore. And we said, okay. So. ─ Now what happens? And they said, well, we’re gonna give you the cash value, which, uh, this microwave is, you know, eight years old, so here’s $87.
Yeah. Right. It’s like, okay. Yeah. You know, it just kind of, it’s slimy. It’s not
replacement value. Insurers. I’ve actually had a better experience. I. og, and once again, I didn’t buy the insurance Doug, uh, it was attached to the house that I bought. Yeah, but we, but we had two claims. One on a washing machine, one on a refrigerator, and we did get new ones.
But I think that’s replacement value coverage versus, you know, today’s value coverage, cash value. Replacement value is gonna be more expensive and the person selling the house is not gonna wanna buy. It’s not gonna wanna buy the replacement value coverage. Yeah, but to answer Doug’s question, I think it’s more important for that insurance if you don’t have an emergency fund, which is why you build the emergency fund as fast as you can, and the cool thing about the emergency fund, you can begin jetting ━ jettisoning insurance.
Easy for me to say when you get that emergency fund in place, number three. ─━
I’m gonna take number three here, right out the gate. And, uh, I got so many on here, I’m trying to piece ’em together. Um, I’ll save one here. Um, I’m gonna say, um, parental assistance ─ or just broad, more broader based family assistance. ───
If you have any sort of family relationships in your life, parents or siblings, and you’re doing okay financially, there will come a time when someone will say, oh, we’re a little tight. ─ We’re a little tight, like cousin Eddie sitting on the couch asking Frank for, ── uh, $23,000, ─────── you know? Sure. Eddie, how much do you need?
And he pulls out a couple fifties and he’s like $23,000. And, and having a plan for either a, being able to fulfill those needs. Or B, knowing how to handle that in terms of the conversation, how you wanna discuss that, how the protocol is for you and the other people that are making your money decisions, maybe your spouse or whatever, to be able to have a process for discussing that rather than that awkwardness of going like, uh oh. ─────━━━━──
You know, you just don’t know. Right. I was reading you on the spot, reading a Reddit thread the other day about this couple who had. Some family members who were not very financially responsible and the husband wanted to take care of mom and the sister and who the mom and sister had lived in this house.
Uh, rented a home for a long time, but the owner was selling it. And so the new owner came in and said, well, I would love to keep you guys rent’s going up. Fourfold 400%. This guy wasn’t charging enough. You know, so all freaking out, da da, da. So husband wants to help. Wife says, no, we can’t do it. Husband does it anyway.
Buys mom and sister a house. Puts it on his name, they get to live there. He’s not on the title, he’s on the mortgage. Like all these like bad decisions, one right after another. And of course doesn’t tell his spouse. Oh, until it comes up and it goes, oh, by the way, you know that house that I bought, you know, I bought for my mom?
You know, it’s like, oh, ─ like having a process for having that discussion and thinking about it in advance will help. But even just thinking about the potentiality, one of the questions we ask from a planning standpoint with. With our, you know, kind of Gen X clients is what’s going on with mom and dad. ─── Are you gonna be asked to contribute to their financial needs at some point in time in your life?
And if you’re the successful one in your family, the answer is yes, you will. Unless they also are, you know, beyond successful too. But back to our, nobody’s planning on living very long. ─ It just kind of runs out, you know? So anyway, family assistance, the conversations, the planning for all of that, like trying to.
Trying to have a thought process around that. I think most people skip and then they get bombarded at the family grill and they’re reaching in their pocket for $50 bills and Cousin Eddie’s asking for money. I saw people handle
this, uh, two different ways. Mr. Wonderful. Kevin O’Leary from Shark Tank, I saw him talk about this.
People ask him for money relative to asking for money. He says, I’m gonna give you more than what you asked for. Of course he has means so he can afford to do that. I’m gonna give you more. This is gonna be a gift, and you and I are going to have a contract ── that says you are never ever gonna talk to me about money again.
Period. We are not gonna have this ruin Thanksgiving. We’re not gonna have this ruin the holidays. This is it ─ one time and you’re done.
So what was his number again? Do you remember? I was, no, I haven’t used my shit up yet with, uh, Mr. Wonderful. I would like to ask him for $100 million. Hey, this is cousin og.
I’m gonna give you a little more than he asked for. I don’t want you to invest in my business. I, I just want, you know, I promise not to talk about it. Um, and there’s another way I heard of which I think I like even better, which is, uh, this man of means. Has plenty of money. His family doesn’t know and he doesn’t want them to ask.
So every year he asks them for money ──━━━────── so that they’re sure he is broke. Yeah. And nobody’s ever gonna ask him for money. So he does it systematically to make sure the question never comes up. Nobody’s coming near my money. I’m not having those awkward conversations. I’m okay with everybody thinking that I got nothing.
I’m not having
the awkward conversation, but I’m gonna create one. That’s right. ━──── It’s it’s beautiful.
It reminds me of, uh, the art of war. You know, the best, the best battle’s. The one you don’t fight. Yeah. Juujitsu. So just get rid of it ahead of time. Uh, my number three is as we record this, there’s, uh, you know, natural disasters going on in the US and around the world.
A natural disaster’s not gonna hit me, right? Or even less because people go, okay, yeah, tornadoes maybe, but probably not. Lightning strike. Probably not, but Oh gee. I’ve had animals in my house, right. That have surprised hell outta me. I left when you asked me to. I was gonna say, and I’m not talking about my friends, like Doug, right?
We had this weird noise in our, uh, ventilation system and I looked down in the, in the register and there’s an animal looking right up at me. And boy, those repairs, finding out where it was and then that repair. Ended up costing me a ton of money. And of course, I also figured out why my heating bills were so high because there was a way for them to get in.
We also had squirrels in our attic, which people said that about Doug before too. He’s got squirrels in his attic. Oh,
you’re killing me. That’s something else. That’s
a euphemism. Yeah,
so natural disasters, animals won’t interfere with my stuff. What are you gonna do if that happens? That’s my number three.
Number two. Number two, I think is the big one. I man og when we would talk about disability coverages ─ and people would tell me I’m a safe skier, or they’d tell me I’m a really good driver and so we don’t need to talk about disability and the fact that that might happen. My number two is I won’t do something clumsy ─ and, and when you do the clumsy thing.
It is the wildest thing. I was on a, I was on a 15 mile run with friends of mine. I went around a corner. I’m talking to somebody next to me, so I’m not paying attention. I ran into a concrete flower box and I ran into it so hard that there was a police station next door. A cop took me five miles back to my house ’cause I could barely walk.
And I had trouble the next like two days. But, uh, you know, you can. Make that Joby and Joe, but stuff just happens. There’s a You fall. My mom fell down the stairs when she was in her early thirties and broke her back.
One of our planners was doing a TikTok video, and then she won’t mind me telling this because it’s viral on TikTok was doing a TikTok dance and did it on a curb.
And kind of offset on the curb a little bit and broke her foot. ────── Just ouch. Just by doing the TikTok. Yeah. Don’t, so that’s, don’t do that,
Jacqueline. Yeah. Be ready. Be ready for the clumsy. Let’s have a real disability discussion.
All right. My number two is natural disaster. ━━━━─━━──━ No, I, I went a different direction with this.
I literally wrote EMP nuclear war. Geez. Off the grid.
Yeah, welcome to the former Marine here, by the way. I guess Marines always a Marine,
but still. Well, and here’s what I mean by that. It, you were talking about natural disaster in terms of like, you know, tornadoes and you know that lightning hitting your house and that sort of thing.
But I’m thinking about it in the context of what do you do if it’s like Houston during Hurricane Harvey and there’s no power for four
weeks? What about the big Texas freeze.
I mean, that wasn’t four weeks, thankfully. But yeah, I mean, any of those things that are, you know, when I was a kid, we always had fire safety month and the fire department would come to the school and talk about, make sure you have a plan and you know, if something happens.
And we had a fire in our house when I was a kid, so that kind of hit home. And I was thinking about, you know, we don’t really do that a lot anymore, or at least maybe my kids do and I’m not aware of it. But taking that a step further and going well. What happens if you don’t have access to the internet for the next week, month, couple of weeks?
What happens if you don’t have access to a shower or your clothes or like, what is gonna, what are you gonna do ─ so that you can keep living? I. If you know you’re one of these displaced people, for whatever reason, a flood, tornado, wildfire, hurricane, civil event, you know, ’cause any of these things have happened in the last couple of years, you can see ’em.
And it’s stuff like, you know, making sure that you have some cash at home, right? Making sure that you have an idea of where are we gonna go so that I can get my family to safety. So that then we can kind of decompress and go, okay, now how are we gonna fix this problem? Right? If your house washes away in a hurricane, you can’t be sitting on the boat next to it trying to formulate how I’m gonna rebuild it, right?
You have to go somewhere and having, having that thought around, you know, where you’re gonna go or what you’re gonna do, or at least again, thinking about ─ the scenario in advance enough that it gives you the chance to think reasonably about it as opposed to the boat’s here, you know, it’s time to go. ─ What are we doing?
You know, it’s just, um, I don’t think a lot of people think about those, those risks because, eh, it doesn’t happen to me. ─ Number one.
Well, that means it’s that time og. It means it’s that time. You ready? ─ Uh,
this is kind of feels like a cop out, but I think it’s okay. Most people don’t think of real time market risks, and I don’t necessarily mean market risks in terms of market fluctuation, like the stock market.
Uh, although that’s part of it, but all of the ancillary things that go with market fluctuation and market risk. Like, for example, the impact in the last year and a half of rising rates to fixed income portfolios. ─ What is the relationship of that and how is that, you know, how does that work as it relates to my portfolio?
I was reading an article in the Wall Street Journal that is a little Pollyanna, like those 60 40 portfolios broken. It will never work again. It’s like, okay, settle down. Well, it could be that we’re at the beginning of a time where it doesn’t work great for a while. Like what is. What’s your plan if you can’t use a hundred years worth of market data for the next 10 or, or what’s your plan if we don’t get the eighties to 2000 over the next 20 years?
And it’s more like I. 65 to 80 over the next 15 years. It doesn’t mean that the economy is broken or it doesn’t mean that you’re not gonna reach your goals, but they’re gonna change. Right? And I think a lot of times from a planning standpoint, it’s really easy to sit down with a spreadsheet and go, you know, I’m gonna put this money in, I’m gonna grow it at 4%, or I’m gonna grow it at 8% a year.
I’m gonna live on the 4% rule, you know, and all that sort of stuff. And it’s like all those rules of thumb work over a hundred years of data, they may not work over the next 10. I think it’s really important to do some scenario planning, especially around financial independence, around what if we just happen to be unlucky?
What happens if you’re the guy that retires January 1st, 2008 ─ with the proverbial a hundred percent stock portfolio, right? Like you should be I, I think. And then you wake up on January 1st, 2009 and you’re down 47%. Just unlucky. You thought I can withstand 10%, I can withstand 20. ─── You wake up and you’re down 50, and by the way, it’s not over.
You know, thinking about those extra ordinary, you know, tail, ─ what’s that called? Long tail risks. Yeah. You know, like those, those once in a million Black swan chances, the black swan events that happen every single other week, you know, it seems like. I don’t think we spend a lot of time from a planning standpoint dissecting those things.
That doesn’t mean you should focus on it and be like, well, I’ll never retire. ’cause you know, all these scenarios are bad, but having a plan on the shelf and thinking about it in advance gives you the opportunity to be a little more calm, God forbid something off the rails happens.
That should have been my number one as well, because yes, it should have.
No, it totally should have because I think awesome when I think through that risk. That creates a cavalcade of other problems like the second that that happens, well, what do you have to do? You gotta double down and make the money back, and then you end up taking some unnecessary risks. And then even if your muffler’s dragging behind the car later, you don’t want to take money outta your portfolio.
Like it completely changes your life. Everything. It changes everything.
Doug’s Googling cavalcade right now. Right.
That is it. And don’t get me wrong, it’s not that disability doesn’t change your life. It certainly does, but man, that’s a, that’s a good one. My, my last one is another one on the disability train because my number two was, I won’t do something clumsy.
Number one was I talked about, you know, earlier, further up homeowners insurance is fine and people being. Good to my stuff or me being good to my stuff is fine, but other people being careful when they’re out and about and doing stuff to me, like we’ve all seen the video, oh gee, of the driver that falls asleep and goes into the other lane and I’m not the driver that fell asleep, I’m the driver in the other lane.
Or somebody, the truck right where the wheel comes off. And then the truck, I remember driving down I 94 1 time and this, this, uh, fifth wheel just gets going back and forth and back and forth and before I know it. Quarter mile up the road, we’re going down this big long hill on our way towards Chicago, and uh, the thing starts flipping sideways.
The truck and the trailer flipping sideways, going down three lanes of traffic. And if you’re anywhere near that. ── That stuff happens fairly regularly. I had a So you’re saying
you’re not the schlemiel, you’re thele, mazel. That’s, yeah. ━─ Thank you.
Doug makes it succinct. Thank you, Mr. Dr. That’s what I’m trying to say.
Yes. Okay. You’re on the bad end of somebody else’s stuff. And I think even if we are a safe skier, a good driver, we don’t consider that it isn’t always about us. Oh geez. It’s somebody else can make bad stuff happen in our life. Yep, ── those are great. Certainly not exhaustive. We’d love to hear yours and we will do those at a back porch segment, a community segment that we have at the end of every episode.
If you send us yours, what did we miss? What do you think needs to be on this list? And, uh, how do you think about our top five list had two, uh, either our basement Facebook group or write me Joe at Stacking Benjamins dot com And, uh, we’d love to talk about it more on a future episode, and I’m sure we will definitely be talking about these more as we go.
’cause risk management. Huge part of planning and OG people want to talk about insurance companies want you to talk about buying insurance. I think, well, before you buy insurance, we need to think about what my risk is, right? And then how do I approach it? And insurance is just one way of potentially many.
I. ─ Hey, time for us to help a stacker who went, you know what? I should call Saul. ─━━━ See Hi and OG. ── Today I wanna dive into our Facebook group. We have some great discussions on our Facebook group. This one OG is really interesting. This comes from, uh, stacker Will, and there was a great discussion in our group about this.
He said, is there a list somewhere of recommended fee only as in one time or annual single fee financial advisors? I’d like to share with my mom to get her off of the assets under management advisor. So therefore, any conversation or recommendations about the fact that a OM is a fee is just derailing the conversation for no good.
So he doesn’t wanna talk about a UM is a fee, and that, uh, and that there’s a fee thing. So what he’s looking for, OG ─ is somebody to come in and look at the situation one time. ─ Now, before you answer this. ─ I just wanna take a stab at this myself because of the fact that, the reason I brought this to the table is there have been studies done, Joe, that what we all want is a non-biased.
Just give me the facts, advisor and I will go take care of this myself. Let me tell you what the studies show ─ is that the number one implemented advisor is the advisor. We all hate the commission-based advisor, which by the way, they might be implementing stuff that’s 80%. ─ Likely to be successful. 90%, maybe a hundred percent.
So my first question to Will is before you take your mom and you give her quote, great advice, are you really getting what you, what you, and I’m not saying it’s bad OG to get a fee only one time advisor. Look, that can be fantastic, but let’s just make sure that we’re doing something with that advice.
Yeah, I mean, ultimately what’s really interesting here is that if you price out everybody, whether it’s commission a UM, flat fee. And I’m talking about like the ongoing relationship stuff. It all is the same, ─ you know, it’s all the same. The folks at Edward Jones who are largely commissioned transitioning fee recently, you know, out of all of the major, you know, investment firms, you know, they’re still kind of the hanging on to to, to more of a commission basis.
If you look at a per advisor basis and you know, revenue and all that sort of stuff. They make the same money as the guy who just charges the flat fee. Like I don’t, you know what drives me crazy is the holier than thou attitude that different groups have about how they do it, right? There is no right answer to it.
It’s just what works for you and your business and what works for you and your clients. We do a mixture. That’s how we do it. It doesn’t make our way the best way or the worst way. It’s just what works for us and works for the people that we work with. Well, I look at, I look at
OG to take you as an example.
Or a friend Roger Whitney. ’cause you and I have talked about this a lot. Roger and I have talked about this a lot. Yeah. You have a way that works well for you. You wanna walk with your client for a long period of time. So even the notion of, I’m gonna look at it one time and just leave, that’s for a different advisor.
’cause that’s not what you want. Right. So yeah, you’re not gonna be on that list ’cause it doesn’t fit where the type of client that’s looking for the thing that you’re looking for. Roger is a very specific thing. He’s every advisor. Says, you know what, um, Dana sba, you know another great example. I’ve got this type of
client I work well, you don’t even have to say advisor.
You can literally just say, you can literally just say business. You’re right. Yeah, good point. You can just say, this is the business that I’m in. I’m in the business of this. You know, you can’t go to the Ford dealership and go, it would be swell if you guys could show me the newest Tesla. Ford guy’s, like we’re not in the business of Teslas, we’re, we have a great Ford product that we really strongly believe in, but if you want a Tesla, you’re in the wrong spot.
I got this great screenshot of a message that, uh, another advisor friend of mine got, which I thought was great, and says, Hey, thanks for reaching out. I’m curious, how many trades a month do you make on average? Please provide different examples based on the size of portfolio and what is your average return for the last five years for all p you’ve managed?
Oh my God, thank you ── so. ─ Not a fit for this person who sent it to me and said, look at this email I got, ─ but a fit for somebody. ─── Right? There is somebody out there for this person. And the same thing is true for for Will’s folks that he’s trying to help and for Will and for Joe and for Doug and for og.
Like we just need more people. Giving good financial advice, and at the end of the day, find the thing that works for you to specifically answer Will’s question. I’m with you on all that stuff, Joe, by the way. Like, eh, ─ I don’t think you’re really helping mom, but. ━ Mom wants and what you want, off you go. I would look at like, uh, Garrett Financial Planning Network, or Garrett Planning Network, I think is the name of it.
XYPN is a group of advisors that have different kind of alternative fee arrangements. Although XYPN might be a little bit more ongoing based, Garrett’s definitely gonna be, I. Uh, have, have more options there or just generically go on the ccfp board website, cfp.net, or napfa, national Association of, uh, fee Planners.
Is that what it is? Anyways, uh, you can Google it and put in the search criteria that you have and the area that you wanna search in, right? I live in Annapolis and I want an advisor within 30 miles, da da da da. You can do all that and, uh, and come up with a list and, and interview a few of ’em. So they exist, they’re out there.
You just have to, just have to Google it. Gary’s probably my go-to one-time planning place.
And you know what, uh, Kevin Bailey will dive into this more in the 2 0 1, our newsletter, uh, that comes out every Tuesday and Thursday. All different types of advisors and, uh, discussions about advisory relationships that work and ones that don’t work.
Uh, stacky Benjamins dot com slash 2 0 1 uh, gets you there. It’s always free. And, um, man, just, uh, Kevin has just juicy stuff on all the topics we talk about on the Monday, Wednesday shows. ─ All right, that’s gonna do it for today. In terms of community calendar, Joe, you know,
what we got going on in the community calendar.
Uh, first of all, I gotta tell everybody follow us on Instagram. We do mostly you, right? But do these great Instagram lives. So make sure you’re following us there because uh, there’s some. Really fun, uh, discussions. And they’re short, they’re quick hits, but they’re a lot of fun, especially ’cause they’re live.
Uh, but what I wanna talk about today is a review we got from Papa Chuckles. ──━━━ Right? ───── I just wanted to say that out loud ’cause that’s the best handle I’ve seen in a long time. But he gave us this review. He says, great gang of slackers. Oh boy, not slackers. Slackers and he says, you know those people who always seem to be slacking, having fun at work and not looking like they’re actually doing anything productive yet they always get the job done and better than most.
That’s this gang. Wow. The gang I wanna be part of or emulate. Now this part sucks actually, or emulate when I get as old as these dudes. Oh man, ━ that was unnecessary. Papa chuckles. You know what
though? Doug on point. I mean, come on. Look at the gray hair across here. I mean, on point. Okay. He, he
finishes by saying You won’t feel like you’re learning anything yet.
You’ll be better off for it. Highly recommend five stars. So Papa Chuckles, 96% of that review was fantastic ─────────
and the rest was truthful, but we’ll let it go. ──━━━─── Thanks, uh, so much for that. Hey, onto the back porch segment. You know, one thing, we’ve talked about movies, we talked about TV shows. We’ve been watching, we’ve talked about video games.
And while the three of us don’t have a lot of time to play video games, I know we all, you know, we dabble, we dabble, Doug, what have you even playing lately that’s been, uh, good. You like the Fighty games? The, uh. Uh, and by Fighty I don’t mean like the Mortal Kombat, I mean you like the modern Warfare slash battlefield slash rainbow six.
Well,
first of all, the games that I really like are co-op games that I can play co-op. So I’m, I’m never gonna turn on my Xbox just ’cause I’m bored and I wanna play. Uh, that’s not true. I will golf occasionally, but otherwise I’m not gonna turn my Xbox on just ’cause I’m gonna, you know. Do something like race or something like that.
But if you’re like, Hey Doug, do you wanna play Sea of Thieves or do you want to golf? I’m all in because for me it’s the social aspect. So there’s a game that I play a lot with you guys or with another friend of mine called Sniper Elite. There’s a little bit of fighting, but it’s mostly that more strategic kind of sneaking around.
You really gotta think, kind of solve a puzzle more than just the super fast. ── You know, what, what do they call it? Um, massive, massive multiplayer. Yeah. Or just multiplayer. Yeah. Yeah. That ’cause I’m gonna die in 22 seconds. I, I can’t stand that. So, uh, those are the, those are the games I’m
gonna have. Yeah.
You’re taking out the one that I played the most recent one. You’re taking out Nazis, you’re sneaking up on them. And you know, I got to this point though, Doug, they always seem to find me like I try to hide in the tall grass and then they come find me. And then I end up trying to, you know, of course shoot ’em ’cause they’re gonna shoot me and uh, next thing I know I got like 80 of ’em around me.
Yeah. ’cause you just poke the hornet’s nest when you make all that noise. That’s what I mean that I like that.
I like sneaking around. Yeah. No, that’s fun. And see a thieves for people that haven’t played it. Just a goofy pirate game. Like I love that you can load yourself into the cannon and shoot yourself onto the island.
Okay. That’s
just weird. It’s, it’s super fun. I get verti that’s the part you
like. Well, I get vertigo when I’m up in tall buildings. Uh, when we were in New Orleans for FinCon, uh, I had a room on the 46th floor and looking out my window gave me vertigo. And when I load myself, when I’m watching my, my character in See Thieves shoot.
Up in the air. I get vertigo as I’m coming down. Like, it’s that. It is, it is crazy. Oh, gee. What, uh, what video game you’ve been playing lately? ─
Uh, none. None. Consider I haven’t turned on an Xbox or anything. In eight months, you and I play golf a little bit. ─ I haven’t played golf with you in years, so No. You must be thinking of someone else.
It’s such a lie. ───────━━━─
Such a lie. One of my favorite times with OG playing golf and uh, we play 2K Golf, by the way, is the one that we play. You say
we, I have a literally played it like four times and hated it every time I played, so I
stopped playing. You played it with my brother. We were all on the sofa. It.
Well, yeah, because there’s a thing to speed up. So when you, we, when you hit it, Doug, as you know, when you hit the ball and it’s flying, it goes really slow, right? The animation. And, uh, my brother would hit his ball, OG would hit his ball and he’d hit this button. It would speed it up and make it just land so that you can get on with the game.
I would hit the ball and it would speed up and it would land. My brother would hit the ball. ━ Would never speed it up. It’s the slowdown button. And I think OG mentioned it like the first three times and then he just sat on the sofa drinking his beer, and there’s smoke coming out his ears as my brother’s in another story.
And the ball’s just going. And go seriously.
I mean, that’s certainly one of ’em. But um, also the game sucked, so I hated it. The game’s great. ── And then you started a league and I played two rounds and I was like, well, this sucks. So
any golfing experience that OG doesn’t excel at, he just blames. I. ─ Blames the game.
Blames the course. Course, yeah, absolutely.
I’m liking the new Forza Doug. I know. You, you do some driving games. I like the new Forza. That’s, I like driving games. I, I
actually want, I’d like to play that with you. Yeah, I’ll do that.
No, the new for is fun for people that are really into indie games. Uh, there’s a game that takes about four hours, I thought was a very charming, called a short hike.
I. And it’s about this bird and you are trying to climb this mountain, but you gotta collect different things to climb the mountain. It took me four hours and it was just charm the hell outta me. It was a super, super fun game. Doug, you would hate it actually, I probably would. Uh, this is not a recommendation for you.
My sister loved it, thought it was fantastic. But if you’re into that sort of things and you’ve gotta Xbox, uh, check out a short hike. ─ And speaking of that, we’re gonna take a short hike until, uh, Wednesday. How about that guys? It was
okay. Oh, that was just, no, that
was just kind of, yes. How about before we take a short hike?
We end this with this. If you’re not here because you wanna know the latest video game, you’re not even here just for risk management. You’re here because across the board, risk management or otherwise, you need to make better financial decisions. OG and his team are taking clients. So here is how you get on their calendar.
Ready? Just go to Stacking Benjamins dot com slash ━ OG and that will lead you to OG and his team’s calendar. And that is the first step to finding out how their team can interface with you so you make better decisions than you’ve made in the past. Stacking Benjamins dot com slash og. All right, that’s gonna do it for today’s episode, man.
More fun on Wednesday. Uh, remember, you can get the 2 0 1 stacky Benjamins dot com slash 2 0 1 for a deeper dive on everything we talked about, Doug. You got it From here, ma. What should we have learned today? Well,
Joe
first
take some advice from you and og. It’s called Risk Management for a reason you need to mitigate your exposure to risks in advance.
Pro tip, start today. ─ Second home warranties may not cover all those unforeseeable events that always seem to happen right before annoying relatives show up for the holidays. If it’s not a replacement value policy, you’ll still need an emergency fund to make up the difference. Not the big lesson. ━━━━ Make sure to research the gambling laws in your state before you build an in-home casino.
Otherwise, you might end up having to find someone who lives nearby you and is in the market for a Mortal Kombat machine that’s not as easy as you think. ────━━━━━━━─────────
This show is the property of SB podcasts LLC, copyright 2024, and is created by Joe Saul-Sehy. Our producer is Karen, Repine. Karen and Joe. Get help from a few of our neighborhood friends. You’ll find out about our awesome team at Stacking Benjamins dot com. Along with the show notes and how you can find us on YouTube and all the usual social media spots, come say hello.
Oh yeah. And before I go, not only should you not take advice from these nerds, don’t take advice from people you don’t know. This show is for entertainment purposes only. Before making any financial decisions, speak with a real financial advisor. I’m Joe’s Mom’s neighbor, Duggan. We’ll see you next time back here at the Stacking Benjamin Show. ━━━━━─━━━━━━──────────────────────────────────
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