A recent Investment News piece shines a light on investment advisors (in this case we think that should read “investment salespeople”) who are recommending some truly ugly investments to investors. We’ll dive into how they work, so hopefully you’ll discover why certain alternate investments might send alarming signals for your portfolio. We go back in history to share hints at market risks that often go unnoticed until it’s too late. We’ll talk about the dangers of illiquidity, high fees, and obscure ways of measuring returns. You’ll come away learning some shocking truths about leveraged investments and alternative products that make you question their place in any strategy.
In our TikTok Minute, we’ll share which bank one comedian calls the perfect partner for your needs. Is he right? Plus, later we’ll help a listener who thought he’d Better Call Saul…Sehy and OG. Maybe OG needs to re-velvet his hammer on this one, and he manages to go into a diatribe that you shouldn’t miss. We’ll talk about career decisions, having more money than “Coast FI,” and more on today’s episode.
Rounding out the episode, Doug shares his amazing trivia question, including YouTube’s billion-dollar origins AND a ton of other events that happened on today’s date in history.
RUN OF SHOW:
- Countdown to Live Show
- Introduction and Show Overview
- Investment Warning: Be Cautious
- Investment Strategies and Mistakes
- Alternative Investments: Risks and Rewards
- Understanding Business Development Companies
- The Reality of Non-Traded REITs
- Final Thoughts on Liquid Investments
- Interval Funds
- Doug’s Trivia Question
- The TikTok Minute
- Better Call Saul: Career Advice for Michael
- Conclusion and Listener Reviews
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201
Enjoy!
Our TikTok Minute
Our Headline
- Sales of alternative investments climbing in 2024 (InvestmentNews)
Doug’s Trivia
- Which company announced on this day in 2006 that it would purchase YouTube for $1.65 billion?
Better call Saul…Sehy & OG
The question Michael is asking revolves around his career and financial situation. He wants advice on whether he should consider taking a pay cut to move back home or if that’s a bad idea. Specifically, he’s asking:
- What are some things he could do to help with the situation (finding a job that offers better pay)?
- Should he consider taking a pay cut at all, given that jobs back home pay less or the same as his current position?
He also mentions that he’s saved up a significant amount of money and could potentially be in a “coast FIRE” position, suggesting he might be able to sustain himself with less income.
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).
Join Us on Friday!
We’ll dive into the age-old debate: would you rather have good health or more money in retirement? Join us as Jesse Cramer from the Best Interest podcast, Paula Pant from Afford Anything, and OG weigh in with their unique (and hilarious) takes on balancing wealth and wellness in your golden years!
Written by: Kevin Bailey
Miss our last show? Listen here: The Robots are Coming for Our Jobs (with Josh Brown) SB1584.
Episode transcript
[00:00:00] OG: 30 seconds to hear. What do think about flowers, Sonos. Taste. These are for the gas. [00:00:06] Doug: More books for these mics. [00:00:07] OG: Anyone have the promo for the show notes? Wait, where’s the Fiji water? Is this This isn’t. Is this tap water? 15 seconds. [00:00:16] Doug: Somebody get the cat. I [00:00:17] OG: can’t drink tap. [00:00:19] Doug: Can someone tell Joe’s mom to sound vacuuming? [00:00:21] It’s [00:00:21] OG: not hard to find [00:00:23] Doug: my hair. [00:00:24] OG: Gelian, watered, natural, [00:00:27] Joe: quiet on the set. Live in three. Two. [00:00:36] Doug: Live from Joe’s mom’s basement. It’s the Stacking Benjamin Show. [00:00:51] I am Joe’s mom’s neighbor, Doug, and it must be the apocalypse because one type of investment. Is gaining traction in investment communities and that isn’t great news. On today’s show, we’ll share which investment you should be wary of and how to navigate these investing waters. Plus, in our TikTok minute, we’ll shine the spotlight on one bank with a can-do attitude. [00:01:15] And of course we’ll answer a question from one stacker who thought, you know, I’d better call Saul. See hi and og. And don’t you fret as Joe’s mom says, because right in the middle of all this madness, I’ll share some delightful trivia. And now two guys who bring delight to thousands of stackers every Monday, Wednesday, and Friday. [00:01:38] Oh my God, who broke this? It’s Joan og. Why do you make me say those things? [00:01:46] Joe: It’s so, it is so fun. Oh, Doug’s gonna, we’re gonna have fun listening to Doug say that, Hey, let’s, Hey everybody, make him say. Delightful twice and then say how great we are. He loves it. It is delightful hearing you say. Delightful. [00:01:59] You know what, it’s delightful ’cause we’re halfway through the week and I get to spend time with the two of you. It’s gonna be fantastic. We’re going to today make you a better investor because we’re talking about some. Bad stuff to be wary of in the investment community, but a guy you never need to be wary of. [00:02:17] That’s like the worst segue ever. Mr. OGs here, how are you, man? [00:02:22] OG: I’m very wary. Less. [00:02:23] Joe: Very, very, very un. Very unwearable. Yes, [00:02:27] OG: very [00:02:28] Joe: unwearable. So I have spent my entire morning today. Trying to figure out, and I finally came up with it, what type of pants a mystic wears. [00:02:43] OG: This is gonna be some awfully terrible. [00:02:46] Doug: This is what talking about all your time, you’ve been trying to figure it out All morning, [00:02:49] Joe: all morning long. It’s all I’ve been thinking about and I finally figured it out. [00:02:53] Doug: Worthy thing to spend your time on. [00:02:55] OG: What kind of pants does a mystic wear? Joe, [00:02:58] Joe: I’m gonna tell you in just a minute exactly what type of pants they wear, but before that. [00:03:04] OG when it comes to investing, the thing I think that drives me crazy the most is this, Hey, I need the hot investment. I gotta have the hot thing. I gotta have the what’s, what’s the hottest investment? Like how often have you been at something and somebody asks you what you do and immediately like, so what do you think about Nvidia? [00:03:23] Or what do you think about Microsoft? Or like they think that you’re. Joe Stock Jock. [00:03:28] OG: I’m really quite happy to announce that that doesn’t happen very much anymore, but it certainly was a thing over long periods of time. I, I think the biggest thing that I see people making mistakes on is forgetting history, forgetting how different cycles of investing work and how it’s worked in the past and different sectors of the economy are not always gonna be the biggest producing. [00:03:51] For everybody who’s like, I’m gonna buy it once and keep it forever, but all I invested in is tech stocks. Just go back to 2000 to 2012 and let me know how, how you feel about that little rollercoaster ride of the NASDAQ for 12 or 13 years. And I think there’s a lot of people out there who, who would, uh, somewhere in their panic, panic out. [00:04:14] And for those who say they wouldn’t, I. I don’t know. Nasdaq was down almost 80% at one point in time during that little rollercoaster ride and didn’t get back to even from 2000 to all the way back to 2012 or 2013. So it’s 2024 right now. So you’re telling me you’re good with breaking even on your investing from now till 2037. [00:04:37] You’re gonna just hang out till 2037. Hand to God, you’re not gonna touch it. You’re gonna be okay with a minus 80 somewhere in there and you’re gonna stay the course for 13 years. I don’t know. I don’t know. I like [00:04:55] Joe: diversification better. History doesn’t repeat itself, but it sure does. Rhyme. Hmm. We’re gonna talk about people. [00:05:00] That’s a great [00:05:01] OG: line. You should TM copyright that or something. tm. [00:05:03] Joe: I just made that up. [00:05:04] OG: Ugh. Never heard that before. On spot. You [00:05:05] Joe: know why? ’cause I’m a psychic. And do you know what type of pants? Psychic wears? [00:05:09] OG: What kind? [00:05:09] Joe: Just a paranormal pants. It’s exactly the type. No. Okay. You don’t like that? How about this? [00:05:18] Well, there was some better messaging, I suppose. Just a pair of, yeah. Normal [00:05:24] OG: to work on your [00:05:25] Joe: pants. Jokes. Jokes. No. Too soon. Of course, it was too soon. I. [00:05:30] Doug: We’re supposed to be known for our great dad jokes, and that’s the garbage you’re bringing today. That’s not a good one. Just [00:05:36] Joe: a paranormal pants. No. Okay. [00:05:38] Well, no, you’ve done so much better. Big headline. Let’s get into it guys. [00:05:42] headlines: Hello darlings. And now it’s time to feel favorite part of the show, our Stacking Benjamins headlines. [00:05:49] Joe: Our headline today comes to us from investment news. Investment news is an industry rag, as they call it. Read by people that are in the investment community. [00:05:59] By the way, Doug, I don’t know if you know this, but there is a dude who is one of the most amazing people in the investment community who was in, um, the September 9th issue of investment news. Guess who that would be? Neighbor Doug did they feature me again, and they didn’t even call me this time. They did not, they did not, uh, feature this person either. [00:06:21] We totally missed it until just, which is okay. [00:06:24] Doug: Was it the [00:06:24] Joe: curmudgeon himself? It was. OG in investment news. How about that? [00:06:31] Doug: Making waves. Wow. [00:06:32] OG: They had a couple pages they needed to fill. [00:06:34] Doug: So you said it accurately when you said industry rag. [00:06:40] This [00:06:41] Joe: headline is OG is awesome. No, that’s the other one. This one is written by Bruce Kelly. Sales of, I’m gonna save it climbing in 2024. og, you, you fill in this blank. Let me, uh, read, and I’m gonna leave the words out. Although sales of blanks are having another down year, blanks sold by financial advisors are climbing as clients look to diversity and yields in portfolios. [00:07:11] OG: REITs, [00:07:12] Joe: well actually sales and non-traded REITs, it says are down. Alternative investments in general. Through the roof, through August, financial advisors had sold $76.6 billion of illiquid alternative investments, including non-traded REITs, non-traded business development companies, interval funds, and a variety of private placements. [00:07:32] According to Robin, a stranger and company that matches total sales for the entire year of 2023 seems to me that as we see. Investors looking at, oh, maybe an economic slowdown, og, maybe, maybe I need to start getting fancy. I just wanna know what, what the, what the hell are [00:07:54] OG: people doing? Like I’m looking for yield. [00:07:57] Your flipping savings account gets 5% until, up until like, you know, a, a couple of weeks ago it was five guaranteed percent by, by the bank. And if you didn’t have a high yield account getting five, shame on you. You had a freaking year and a half to get it. And so, okay, so what, what, what do you, what else do, oh, well, the stock market, maybe I, well, the stock market’s up like 14% for the year or something stupid, or 20%, or like for, it’s, it’s up 50% in the last two year. [00:08:26] Like, what the hell else do you want people do people just get [00:08:30] Joe: bored? Is the DOG that investors just go, okay, I got these index funds. I look at ’em every day and, oh my goodness, index funds are so boring, you know, it would spice it up. [00:08:39] OG: Losing a ton of money. [00:08:43] Joe: If I bought a non-traded business development company, [00:08:47] OG: those that would really spice it up. [00:08:49] Joe: Let’s do that. That’d be super fun. What the hell’s an interval fund? I’ve been doing this for a long time. I’ve no idea what an interval fund is. [00:08:56] OG: I think it’s a fund where the money goes from your pocket to their pocket in the interval between you losing money. I have no idea. I’ve never heard that either. [00:09:05] It sounds made up the idea that having. Private equity, private placements, alternative investments. You know, this is a long game of people thinking that they have to invest like Bajillionaire. Oh, well, the Harvard Endowment has 26% of their portfolio in Timberland. Why can’t I? Well, because they have a endowment that’s a hundred billion dollars, and if they need some liquidity, they can sell their s and p fund. [00:09:33] They have income coming from their portfolio in the billions of dollars a year. In terms of cash flow, you don’t have that. You don’t have that at $5 million. You barely have it at 10. What I mean, like this is stuff that I get. You can buy into small businesses or you can, you know, shark Tank, right? You look at the, the show Shark Tank and who are the investors in Shark Tank, billionaire investors who are like, yeah, I’ll give you a million dollars for this. [00:09:59] Yeah, I’ll give you 500,000 for this idea. They save [00:10:01] Joe: very flippantly by the way. Oh, a million dollars. I’ll give you that to you. [00:10:04] OG: Well, yeah, as an owner in the business. Sure. That’s what they’re doing. They’re buying equity, but they’re still evaluating it and obviously there’s a lot of stuff behind the scenes that you don’t get to see. [00:10:12] You know, they’re not making a business decision and I. You know, 11 minutes on Shark Tank. [00:10:16] Joe: I’ve heard those Shark Tank episodes, by the way, in real life. Like each person’s out there with ’em for a long, long, long, long, long time. [00:10:23] OG: Yeah. [00:10:23] Joe: And they’re working through it, and then they chop it up and use the best x number of minutes, 17 minutes, or whatever it might be. [00:10:29] OG: Sure. But my point is, is like that’s not John Q Public who just retired from at and t with a million bucks in his 401k going, uh, what should I invest in? You don’t need to do that. Why would you wanna, who’s gonna be like smarter than the collective wisdom of the entire market? That’s is what I don’t understand. [00:10:45] People are like, I think that I should own this other weird little esoteric thing. It’s like, why do you have to, why do you think that you have to hit a home run? Why do you think you have to. Swing for the fences on every pitch. That’s like going to the casino, like with your retirement money going. You know, man, I really hope I hit it because if I don’t, I’m not gonna, I’m not gonna have enough to retire. [00:11:06] If you’re at that spot, you just need to work a little bit longer, or you have to go get another job or change your lifestyle. There’s a lot of different options there, but I just don’t understand, and this is true with these products. Nobody buys these. All of these things are sold. Just like annuities. [00:11:22] They have a place, whole life insurance or permanent life insurance more specifically, has a place. But generally speaking, people do not go out and go, you know what I need is an annuity with a huge commission, you know, attached to it. Well, these business development companies must have huge commissions as well. [00:11:37] Of course they do. That’s the only incentive it is to sell. The damn thing is that you gotta get paid to do it because it’s a piece of garbage. You know? It’s like. If you took, and, and Joe, you talked about this, uh, I don’t know, years ago you went to a retirement, um, seminar with a bunch of really smart people, and one of the questions was, if we change the compensation structure of annuities to being more like index funds or more like investment based asset management fees, like the rest of the universe gets paid, uh, we see that annuity sales crater. [00:12:11] I wonder why that is. Why is that? You don’t need to have that product most of the time and, and 95% of the cases, you don’t need to have it and proof that you don’t need it. The whole purpose of an annuity, not to pick on annuities, but the whole purpose is to guarantee lifetime income, right? The whole idea is to take your pile of money, give to the insurance company. [00:12:30] They say, we’re gonna pay you a check every single month for the rest of your life. What percent of annuities are annuitized? What percent of annuities are actually used for the freaking reason that they exist in the first place? It’s not a big number. I don’t know it, but it’s not a big number. I’ve Have you known any person, Joe, in your life that has annuitized an annuity? [00:12:49] No, not once. And I bet you know hundreds of people that purchased annuities. Tons and tons and tons of people. Thousands, at least anecdotally met so many. I know of one annuitization one ever. In 26 years of doing this professionally. Be. It’s like, well, why does this product exist if not to do the thing that it’s supposed to do, and then nobody does the thing that it’s supposed to do. [00:13:12] What does that tell you about the product? Being used inappropriately. [00:13:16] Joe: It’s [00:13:16] OG: a piece of [00:13:16] Joe: crap. So these business development companies, let’s talk about these products, because these business development companies, Bruce Wrights, uh, have supplanted REITs as the favored illiquid in alternative investments sold by financial advisors. [00:13:31] So the commission must be bigger than all those [00:13:33] OG: words in a row to indicate to you that it has no place in anyone’s financial plan. [00:13:37] Joe: Oh, oh wait. Liquid [00:13:38] OG: alternative sold. [00:13:40] Joe: Oh, it gets better. Because Bruce Kelly explains what a business development company is. Yeah. Let’s hear. Let’s [00:13:45] OG: hear what it is. [00:13:46] Joe: And the shark tank analogy I think is appropriate when it comes to these. [00:13:50] Could [00:13:50] OG: be, yeah, a little bit. [00:13:51] Joe: And it’s the sexiness of this, I think that sells people og. ’cause just think about, you could have these brand new, exciting companies bringing new drugs or new innovation or you know, automation. Just say the words ai, right? And all of a sudden it’s great and you’re on the inside. [00:14:07] This next sentence, Bruce Kelly writes, gives me such a headache. BDCs business development companies work like banks and raise capital from investors to lend to small and mid-size private companies. Okay, that part doesn’t give me a headache. It’s the next sentence that does. So you are going to be one of these investors. [00:14:28] You go in and the management of this business development company then loans this out to small and mid-size private companies. It’s actually the next two sentences. Make my Hiter the close end companies. Ouch. Invest primarily in debt and equity of private firms. Yields can be attractive. Because the BDCs exposure to high credit risks amplified by leverage. [00:14:54] Mm-Hmm. Let, lemme explain what the hell’s going on there. So you are either loaning money Yep. To small or medium sized private companies. Okay? Which means there are liquid. It’s gonna be hard as hell to get your money out. There has to be an event that allows you to get your money out. So money, well if you’re [00:15:11] OG: lending it there, you’re, you have a contract, right? [00:15:13] You’re saying I will, I will lend you a hundred thousand dollars. You’re gonna pay me some interest and. Pay me my principle back over a period of time. [00:15:19] Joe: And the reason the yield could be attractive is because it’s a high risk credit scenario that you’re in. Meaning if I’m loaning money to a company that is shaky, I. [00:15:31] I can demand a damn high. Yeah, a return on that money because no bank wants to give this company money, or very few banks want to. And the ones that do are very comfortable with the fact that this is a very risky endeavor. But on top of that, og, not only are they loaning money to these high risk companies, it’s amplified by leverage. [00:15:55] OG: The sexiest tool of them all. [00:15:57] Joe: So we then take this bet and somehow they’re turning around. They’re leveraging that, which means when the leverage then falls apart, the leverage domino falls apart. This whole thing is a house of cards. [00:16:07] OG: Yeah. I mean, here’s the thing. If you have a credit card and you have a line of credit on your house and you have a mortgage, you totally understand how all of this works, right? [00:16:18] Your mortgage is at 5% or four or two. Secured by your house. It’s gone through a detailed amount of underwriting. They looked at all of your net worth. They looked at your bank accounts, they looked at your pay stubs, they verified your income. They got your tax returns from the, directly from the IRS. [00:16:34] They don’t even, they don’t even mess with taking copies of yours anymore. They just like, we’ll just get it right from the source, buddy. Right? So they did all this underwriting and said, we have evaluated this, plus we know that the house is worth this. We’re blending against that. You know, very boom, you know, 5% interest. [00:16:50] Then you go to the bank a couple years later and say, Hey, my house has gone up in value. I would like to have a line of credit on my house. And they go, oh, whoa, wait a second. Now we have a second position on this house, right? The, if this goes belly up, the first guy’s getting paid for sure. Maybe the second guy doesn’t, right? [00:17:07] The second bank doesn’t. So the interest rate’s a little higher. Maybe the costs are a little bit less. Maybe the underwriting restrictions are a lit, you know, maybe just, you know, they just, uh, we think you’re good for it. Right? And so your line of credit. Tied to your house, but also tied to you is maybe 9%. [00:17:24] And then you have a Chase Sapphire card where you just went online and put in your social security number and you said, I make a half a million a year. And Chase was like, sweet. Here’s a $50,000 credit line, and it’s at 30% interest. This is the difference between the different underwriting and the different scales of responsibility and when, when you lend money to companies, which is what you’re doing largely with BD, C, and frankly with a REIT and some other things as well. [00:17:49] You’re buying that unsecured debt, you’re buying that, you know that, that credit card at 30%, because to your point, Joe, there’s, you know, there’s, they’re very shaky companies or potentially Right. Very shaky companies. They have very little ability to go get debt because at the end of the day, if you’re gonna borrow money, I. [00:18:07] You an individual, like think of it this way. Would you rather borrow it at 30% or five? [00:18:11] Joe: Right? You want it the lowest interest rate you can possibly get it. [00:18:13] OG: And if you go to the bank and they go, we’re not giving you 5%, are you crazy? 5% for people that if these [00:18:18] Joe: companies [00:18:19] OG: could go someplace else, they would absolutely. [00:18:22] In a heartbeat, they go someplace else. Absolutely they would. Because why do they want, you know how hard it is to have an ROI of a 30% loan? Look at how long it takes you to pay off your freaking credit card bill. When you have a, you know, the average person that’s $10,000 in credit card debt, it’s gonna take ’em 20 years to pay it off. [00:18:36] 10 grand because the interest is so much, it’s so hard to do that. Or the alternative is they give away equity. They go, we don’t even actually know what’s gonna happen with our company here. You guys own 25% of it, which is, to your point about liquidity. It’s like, great, you own 25% of this company, ladi da. [00:18:52] What does that mean? It doesn’t mean anything until they freaking sell or dissolve or have, you know, get purchased by another company and your shares get bought out. So, and then you add leverage to that, which is, you know. [00:19:04] Joe: Makes my head hurt so bad and the person buying this stuff is just being talked into it by somebody. [00:19:11] He, it’s gonna be like you’re, you’re Mark Cuban on Shark Tank. [00:19:15] OG: Yeah. Just [00:19:15] Joe: imagine [00:19:16] OG: I’m, I hate that we’re using that analogy ’cause I don’t want somebody to steal it and be like, that’s a good one. Here’s another thing. For what it’s worth, if you want to be involved in brand new startup companies. If you wanted to be a, a new investor in non-public companies, but companies that are like, when you think like, oh, wouldn’t it have been great to like own some of PayPal before PayPal was, you know, own some of, you know, those types of companies for years and years and years. [00:19:43] There was no way to do that. You had to be an angel investor, right? Or a VC investor. You had to, you know, have billions of dollars and you doled it out through your hedge fund or whatever the case somehow you’re on the inside. Yeah. Nowadays there’s different tools. You can actually go and buy shares of the companies that you already know exist that you wanna be a part of directly. [00:20:04] It already exists. For example, there’s a company called EquityZen. You log in, you create an account. You say what kind of investor you are, you have to be a certain kind, but you can go in and say, you know, I, I wear a whoop, right? One of those bracelets that, you know, track your heart rate and enter exercise and all that sort of stuff. [00:20:19] I wanna be an investor in whoop. And they will call you, they will email you and say, Hey, by the way, we’re gonna have a capital raise for you. Could be an investor in this company. Now, if you believe, if you wanna do that with part of your investing, that’s the format to do it in. And I’m sure there’s a commission and all that other sort of stuff for, for these companies. [00:20:36] But my point is, if you wanna be a, an investor in some leading, potentially cutting edge companies, or potentially, you know, pre IPO, whatever, don’t go out and lend it to some ambiguous middleman. Who’s gonna make decisions, who’s gonna make decisions, who’s gonna pass the decision to the next person? And you’re like fifth in line. [00:20:54] Go right to the source and say, I wanna get into Shopify before Shopify goes public. Right. And that doesn’t mean you’re gonna get access to it, but you know, you can go to these websites and, and, uh, put your name in the hat. So not saying that you need that, it still is a, I [00:21:08] Joe: was gonna say, it’s still a horrible idea for most [00:21:09] OG: people. [00:21:10] It’s, it’s awful. But that to me is a much better way of going directly to the new, you know, startup economy or whatever it is that you wanna, you know, whatever you wanna call it, instead of these [00:21:21] Joe: garbage package products. Well, [00:21:24] OG: you don’t have any transparency, right? How do you know what you’re none. [00:21:26] Joe: You [00:21:26] OG: know, [00:21:26] Joe: you, you’re just handing them money and going, Hey, go invest in some companies for me. [00:21:30] OG: Yeah. Yeah. Which by the way, these other equities end and these other, you know, IPO pre IPO company, they’d have those packages too, right? Like you should say, sure. Like gimme the 10 best or 10 biggest or whatever. You give ’em some money, but still, you know what you’re owning, right? It’s on your balance sheet. [00:21:45] It’s not this line item of nonsense. [00:21:48] Joe: We mentioned REITs earlier, and I don’t want to scare people that have REITs a lot real. I do a lot of real estate investment, let scare the hell out of them publicly traded REITs. Putting some money into real estate. Not a bad thing. og publicly traded necessarily Publicly. [00:22:02] Publicly traded. Yeah, publicly traded, but people hear reit. Oh my, oh my. Is it OG is going off on REITs. There’s a difference between publicly traded REITs and what they’re talking about in this investment news piece. This investment news piece is talking about non-traded REITs generally. These are REITs that are pre IPO. [00:22:21] They’re what I used to refer to as baby REITs. They are getting the seed money to begin building the REIT out. That can go public later. I. So again, your money’s tied up. Mm-Hmm. Huge commissions to get these things started. To the people that begin the reit. And you really don’t own any real estate at the, if you’re in really early, you don’t own any real estate. [00:22:42] You own a hunk of cash while the manager’s out there trying to purchase. [00:22:46] OG: Well, and the biggest thing with non-traded REITs is this, you have to know how are they paying their di The, the attraction for non-traded REITs is the dividend payout. We’re gonna give you 8%, we’re gonna give you 7%, whatever the number is, and it looks really, really, really sexy. [00:22:59] Pull out the form, pull out the the income statement, and you wanna look at funds from operations. How much money do they make from the operation of the REIT versus how much do they pay in dividends? Almost all of them, especially very early on. Lose money on operations, but somehow managed to pay an 8% dividend. [00:23:19] It is, I’ll let you kind of simmer on how that might happen. Bernie Madoff, it’s a Ponzi scheme. Oh, oh, oh, oh. Your word’s. Not mine, but um, it’s a hundred percent they are paying you with someone else’s cash. [00:23:31] Joe: Doug gets in after you do, they’re sending you Doug’s money so that you stay happy. I knew it. [00:23:36] OG: That’s where they get you Doug. [00:23:37] That’s where they get you. That’s where they get, you just look at the, it’s just, it’s, they have to disclose it. Funds from operations. FFO. Yeah. And you’ll see, and most of these, they’re negative. And you go, wait a second. So you’re losing money on the app operation of the, the thing that you’re doing is buying and selling real estate and you’re losing your ass doing it. [00:23:56] So Yeah. But they make [00:23:56] Joe: it up on volume. [00:23:57] OG: How in the hell am I getting $8,000 on my a hundred grand every year’s dividends. There was one major change about, I don’t know, maybe eight, 10 years, man, maybe not 10, but eight years ago, seven, eight years ago, that the SEC did, which I totally appreciate. These real estate investment trusts, these BDCs have to value their shares at least once a year. [00:24:16] Now, remember, 25 years ago. They crush so many of them. They would 10 bucks a share and tell you the whole time it was $10 a share. And you’re like, well, the economy is down 40%. How is real estate still $10 a share? They’re like magic. Magic. Just trust as it is. Magic. Yes, magic. It’s, this is how we do it. [00:24:35] $10 a share spend. The great recession, the economy’s, the the SP is down 53%. How’s my REIT doing? [00:24:45] Doug: Don’t worry, we have a harp. [00:24:48] OG: It’s $10 a share. They’re like, wow, I bought it at $10 a share five years ago. Isn’t the market down? No, it’s $10 a share. But anyways, the SEC made them start valuing these, so there’s at least some transparency into the actual. [00:25:03] Value how you’re doing on an, on an annual basis. But, um, look, stay away from stuff that’s not liquid. Just stay away from it. There’s no sense in adding it to your portfolio. There’s no diversification benefit. If you wanna have something illiquid, go start your own freaking business. I. Do that, you’ll have a better result. [00:25:22] Open a restaurant, you’ll have the same illiquidity as you do. [00:25:25] Joe: Go up in a restaurant where you can have a front row seat to loosen your ass. At least it’s it Somebody else. Having all the fun, losing your money. You can lose your own money, [00:25:34] OG: but you’re gonna try. If it’s your own cash, right, you’re gonna be like, Hey man, I can make this work. [00:25:39] You know, kids gotta go to college, so just keep it in liquid stuff. Diversify, boring wins. Come on. [00:25:48] Joe: Yeah, I think you nailed it. Uh, the point here, stackers, is that you don’t need to reinvent the wheel. It doesn’t need to be fancy. Index funds such an easy, straightforward path to wealth, and it is completely a hundred percent transparent. [00:26:03] You can get in and out whenever you want to. Not saying that you should. But yet the ability to get in and out and those fees, uh, much, much, much lower, which means could be more money than in your pocket. We will dive even more into these. Maybe Kevin Bailey will explain to you. Here’s an incentive. Kevin Bailey’s gonna explain what an interval fund is. [00:26:25] We’re gonna delegate it to Kevin. Hey, Kevin. Well, he couldn’t figure out, but Kevin, [00:26:29] Doug: Kevin’s our person with the harp. He’s a magician. More. [00:26:33] Joe: And more proof that you don’t need the new, new thing. OG and I have been doing this forever. I mean, we’ve been doing this for, we have no idea what the hell an interval fund is, which means it’s the new, new thing. [00:26:42] This is the new hot deal. We have no idea what it is. Stack you Benjamins dot com slash 2 0 1. Kevin Bailey’s gonna tell you what it’s, he’s gonna tell us what it’s, I can’t wait to read tomorrow’s 2 0 1. Find out what it, if, find out what an interval fund is, it’s gonna be great. It’s always free twice a week. [00:26:57] It is also the way that you find out when, uh, OG and I. Sometimes Doug going around the country. I just was in Cleveland, headed to Las Vegas and to Vegas, New York City in the next couple months. So gonna be fun. All right, lots more coming up on today’s Stacking Benjamin Show. We’ve got the TikTok minute. [00:27:16] We got a call from a stacker who said, I better call Saul, see hi in og. But before all that, of course we got the goodness known as. [00:27:26] Doug: Doug’s trivia question. Yeah, I can’t, I can’t wait to do this one today, Joe. ’cause you, your mind is gonna be blown. You will gasp. Your jaw will hit the table when you hear how many things happened on today’s date. [00:27:37] Really, it’s unbelievable. Hey, when I get to the end of it, you’re gonna be like, Doug, just stop lying. Just stop making things up. That’s I’m predicting it right now. Hey there, stackers. I’m Joe’s mom’s neighbor, Doug, and on this date, way back in 1992 in Peekskill, New York. Shout out to all my Peekskill pees, yo. [00:27:56] Oh yeah. A small, yeah, they’re, I got Peekskill Peaks. You don’t even know. A small meteorite crushed a 1980 Chevy Malibu. Proving again that even the universe has issues with American car manufacturers. Imagine how awesome that. Footage would’ve been if YouTube was a thing back in 1980, Peekskill would totally be on the tourist map like more than it already is. [00:28:18] And how YouTube able would this have been on this date? Back in 1885, the Washington Monument opened proving that the best way to show your unbelievable affection for this nation is to erect a rock hard tower of love straight up in the air. Wow. It has a climax. But wait, there’s more. Oh, I went there. As a climax. [00:28:41] What if YouTube showed the Hoover Dam, which began generating power on today’s date in 1936 with water spewing all over the place? No. No. Whew. Anybody need a cigarette? Well, sadly, YouTube wasn’t created until much later. But how about if we make that today’s question? What company announced on today’s date? [00:29:06] See, they just keep coming. What company announced on today’s date in 2006 that they were going to pay 1.65 billion to purchase this never ending supply. Chain of rock hard monuments flowing rivers over dams and meteorites bashing into cars. I’ll be back with the answer right after I get the camera out for the second half of this episode. [00:29:28] Oh, geez. Definitely gonna do something stupid in the next 20 minutes, and I wanna be rich and famous because of it. [00:29:43] Hey there, stackers. I’m YouTube Content magnet, and the guy most likely to ruin your wedding video. Joe’s Mom’s neighbor, Doug, I gotta say, I’m over here binging videos of OG laying down knowledge bombs on the SB YouTube channel. Seriously, I just watched CNBC’s, Josh Brown from Monday share Tips and Ramit Seti. [00:30:05] Who knew you could learn? From YouTube, wow. Time for me to change my viewing app is to include more of this goodness. But speaking of goodness, what company back in 2006 on today’s date said they were gonna pay $1.65 billion to purchase? YouTube. It was none other than that company formerly known as Google. [00:30:28] And now time for a segment that saves you having to Google the headline you need to know about right now. Let’s get back to Joe and og. [00:30:39] Man, that’s a lot on today’s date. Doug, so many things happened on today’s date. Things were erected. Big, big, big day. Big day. They explode, [00:30:48] Joe: if you know what I mean. Huge day. Getting bigger all the time. [00:30:54] Doug: Let’s, oh, I didn’t get it the first 17 times, Joe. Let’s have some more euphemisms. Uh, hey, time for the, on today’s date [00:31:01] OG: in 2024. [00:31:03] Very famous podcast was canceled. [00:31:05] Joe: That’s right. And when you wanna get rid of the ridiculous segment, you just go into the TikTok minute, which is, you know, not ridiculous at all. Definitely not where it is. This is where a TikTok creator shines a light on either some great things, well, we shine a light on the TikTok Crater is either doing something brilliant or air quotes brilliant Doug, which one we got going on here? [00:31:27] We got brilliant. Or air quotes. Brilliant. Can [00:31:30] Doug: I have like, air quote? Brilliant. Like just one half of the air, quote quote. I, I just, I think it’s gonna be like a little ridiculous, but there might be buried in there. There might be something good. [00:31:42] Joe: Well, this one, and I gotta say I didn’t say it last week, but, uh, big thanks to stacker John who sent I. [00:31:47] In last week’s and this week’s, if you remember, he sent in a comedian last week, Greg Warren. That was very funny. Talking about interest on interest, the miracle compounding interest. Instead, Greg is compounding bad mistakes this time. He is another comedian who is, uh, talking about the greatest bank of all time, and it’s a bank that you may not think is the greatest bank, but my opinion is this bank based on this. [00:32:11] Facebook real may have actually changed. Let’s listen in. [00:32:18] bit: We all know what the best bank is. Folks say it with me. Wells. Well Fargo the greatest bank of all time. They are. Everyone should bank with Wells Fargo. This is true. This is a financial hack for you. Poor mother will hack Wells Fargo’s the greatest bank of all time and this is why Wells Fargo roof. [00:32:33] Refuses to stop breaking the law every three to five months. Wells Fargo commits a massive felony, and then I receive a class action lawsuit payment. You know, I, every three months I get an email from Wells Fargo like, Ooh, oopsie, we sent all your money to Boko Haram. Wow. Here’s $125, so won’t have one. And then three months later they emailed me like, oh, now it happened again. [00:33:08] We used your Roth IRA to fund the invasion of Ukraine. You’re technically a war criminal. Uh, don’t worry. We’ll waive those overdraft fees. Wells Fargo rips, dude, every like, every like eight months, they’ll email me and they’ll be like. Someone is hacking your account and is making fraudulent purchases and that person’s name is Wells Fargo. [00:33:36] Joe: Big thanks to John for sending that in. You know, Wells Fargo OG is a can-do attitude. I think it’s great. They have a can-do attitude. [00:33:43] OG: They do. Yep. Yeah, we can do anything that we want. [00:33:47] Doug: Who says we can’t fabricate accounts out of thin air? Watch this. Hold my beard. Yes, we can. [00:33:54] Joe: Yeah. Can you see them in the meeting? [00:33:56] Oh no. This would be funny, Jim. This would be funny. Hold on, Margaret. Let’s stick with that and see where this goes. Yeah, so you make up an account and then I make up an account. We’ll make another account. Oh, this will be great. This’ll be fantastic. I don’t have, by the way, the name of that, uh, of that comedian, but, uh, stacker John sent that in. [00:34:17] So thank you very much. I. Time to now pivot to maybe a little bit more serious topic. Time to pivot to help somebody who said, you know what? Better call Saul. See hi and og. This is the part of the show where we help out a stacker in need. And today the stacker who asked for help is our friend Michael. [00:34:38] Hey, Michael. [00:34:42] caller: Hey, Joan og. This is Michael in Illinois. About a year and a half ago, I moved halfway across the country for a new job opportunity. I had been to this, uh, location about once to interview for the job. Fast forward to today, and I’m kinda realizing that the area’s not a good fit for me. I like the job quite a bit, and I like the field, so I started to look for jobs back home. [00:35:04] One problem with that is though, that those jobs are. Pay less than my current position or about the same. So I wouldn’t be able to really secure raise easily at my level experience in my field. But I figured you guys might have some good advice for me on some things I could do to help with that. Or maybe a pay cut isn’t something I should consider at all. [00:35:24] I mean, I’ve, I’m 24 and I’ve managed to save up a significant nest egg already scoreboard doing some back envelope calculations on what most people would call quote unquote coast fire if I want it to be. So maybe you guys can just give me some thoughts. No you’re not. [00:35:41] Joe: Wow. Thanks for calling Michael. [00:35:45] We’re gonna give you a little love [00:35:47] OG: 24 and fire. Gimme a break coast. He’s just coasting [00:35:51] Joe: if he saved a lot in in high school in 18 [00:35:54] OG: months that he’s been working. [00:35:55] Joe: We talked about this the other day, about the woman who’s 25 years old. She’s already saved a hundred thousand dollars and she can stop saving if she chooses to. [00:36:04] We had a different opinion. But I guess that makes sense though. At age 24 it’s not a fit og. Uh, what do you think? [00:36:14] OG: Well, I mean, I have two thoughts on this. First of all, you’re 24, so you can do whatever the heck you wanna do. Right? Like, if, if you’ve saved so much money, Mr. Coast Fire, oh my God, then wow. [00:36:26] You know, then you can take a pay cut, right? Like you can go live your life and do, people are really [00:36:30] Doug: gonna [00:36:30] OG: wanna call into [00:36:31] Doug: us. Is this the Dave Ramsey show? I think this is the Dave Ramsey show. Back down. Suzy Orman. Let’s, uh, [00:36:37] OG: well, sometimes people need to be put in their place, you know, like you haven’t quite made your life accomplishments yet at 24. [00:36:44] No offense to Michael. There’s still some runway, and I, you know, this comes from a position of love. I. This comes from a position of here it comes now, you know, he puts velvet on the hammer dug after we shave him [00:36:55] Doug: into it. Yeah, it’s a Ted pound sledge, but there’s velvet on it. I just [00:36:58] OG: don’t, I just don’t want you to, you know, the thing is, is like when you have a, presumably he, he didnt tell us what job he has, but let’s say he’s got nice income, nice differential between his living expenses and his and his income. [00:37:08] So he’s saving a bunch of money, which is awesome. Take advantage of that flexibility today. To earn and have the opportunity for flexibility in the future. What I think people miss out on early in their working career, especially when they drink this like Coast Fire Kool-Aid that is full of sugar. It’s like, oh, I don’t have to do this. [00:37:28] It’s like you don’t know what the future’s gonna hold. You don’t know if you’re gonna have. One kid or seven, you don’t know if you’re going to live in Iowa, Illinois, or California. You don’t know if your mom and dad are gonna get sick and you’re gonna have to go help them for a period of time, or if you’re gonna get sick and not be able to work for an extended period. [00:37:44] You know what I mean? There’s so much stuff that can go on in your life that’s unpredictable. Why would you wanna limit your options and say, well, I’ve reached this pinnacle of success that I, that I forecast 40 years into the future. I don’t have to save any more money between 24 and 64. I’ll be fine. [00:38:01] It’s like, well, unless something happens, it’s like, well, why would you? You have the flexibility today to give yourself a huge buffer when you’re 40, or a huge buffer when you’re 35 and you totally hate your job and you’re like, I wanna quit for three months or six months or five years so I can go raise my kids or do like, who knows what the future’s gonna hold, so don’t let off the gas right now is kind of what I’m thinking. [00:38:23] It’s like I get it. You can do the math and say, if I don’t touch my money for the next 50 years, I’ll be rich. It’s like, okay, cool. I’m gonna tell you, you’re gonna touch your money. There’s I more examples of people saying they wouldn’t than would, you know? Yeah. But I’m gonna take the, I’m, I’m still gonna take the other side of this og, which is fine. [00:38:39] ’cause [00:38:39] Joe: if he’s, if he’s 24 and he already thinks where he’s at, the condition he’s in is a dead end. And I’ll get back to this in a second. But if it truly, truly is a dead end, get the hell out. That’s my point. Especially if you’ve done a good job of saving. What I like about what you’re saying is even if you take a pay cut today. [00:38:56] I think you need to know what the advantage is and how you’re gonna make that back. [00:38:59] OG: No, a hundred percent. I agree with that. That’s what I’m saying, like if you have, I’m not saying stay in the job because you got extra cash flow, I’m saying Sure. If you’re Sure, [00:39:06] Joe: sure. Sounded like that was what you were saying. [00:39:08] No, man. Stay on the gas. Too bad your job sucks. No, he said [00:39:11] OG: it’s the same job. It’s just, you know, they’re Same page, just different lifestyle. My point is. Don’t let that go. Don’t use that as an excuse of like, I’ve got $80,000 in my brokerage account because I double that every seven years at 10%. I swear to God, I’ll never touch it. [00:39:26] I promise. I promise, I promise. And by the time I’m 65 I’ll have 4 million. It’s like, well, but 4,000,040 years from now is not as much as 4 million is today, by the way. You know what I mean? Like there’s a lot of other things there. But if you have the flexibility today because you have such a margin of safety already, then you can do whatever the hell you wanna do. [00:39:44] If you wanna move back across country and take a job that has the same pay or lower, you can do that. Don’t forget the fact that there is some unpredictable stuff that’s gonna happen in your life, and rarely is it just a straight line of up into the right and nothing ever goes wrong and nothing ever changes, and there’s never an emergency in your life and there’s never, you know. [00:40:04] The, the best story is when we talk to clients who are like in their late thirties right now, my favorite conversations are where in the go, okay, I’ve been saving, I’ve been investing, I’ve been doing the thing, and I hate what I’m doing. Can I take the summer off and just think about it? It’s like, yeah, you have $2 million in your 49 or 39. [00:40:22] You’ve earned the opportunity to take a break. If your lips are just above water when you’re, you know, like their whole life because you like literally calculated it to the penny and you’re like, I, I’m, I’m gonna get 10.01% in my s and p fund, and you get 9.99 and you’re just under water. You don’t have that flexibility. [00:40:40] Why let off the gas right now? Let off the gas when you’re 28 or 36 or 41, or, you know what I mean? So just be cognizant of that. I don’t think that you should. Stick in a job that you hate. I don’t care if you don’t. I don’t. You’d be 58 years old and not have enough money. I wouldn’t stick in a job that you hate. [00:40:57] Life’s too short to deal with that sort of nonsense. But I think you’re doing yourself a disservice to be like puffing your chest out at 24 going, oh, I’m coast fire. I’m good. Like, no, you’re not. You don’t know what the future’s gonna hold. Give yourself some additional margin of safety there. That being said, for the existing job, if you like it so much, find out if you can do it remotely. [00:41:16] Find out if you, if the company has a division in another, you know, another division in another area of the country or something like that, this is a great time to explore these different things and I don’t blame you. I’d get the hell out of Illinois. [00:41:28] Doug: What? It’s not like it’s Ohio. Oh my [00:41:31] Joe: goodness. Oh God. [00:41:33] The number of states [00:41:34] OG: we’re just whittling him down that are seeding from the Stack Conventions universe. [00:41:39] Joe: Uh, he was fine till he started banging on Illinois. I. I don’t wanna speak to Michael with this next point because he said that he likes his job. It’s more the community that isn’t a fit. I think a lot of times, because I see this on social media all the time, well, you know what? [00:41:53] Your life is too short to have to work in this horrible job or this whatever. There are some, some of the top jobs, you truly have to swim a mote to get to the good stuff. There is a paying your dues, there’s learning how the job works. There is a, um. There’s a price to be paid. Yeah. Like the number of times that when I was with American Express, where I would see brand new people in our division that would have serious coping, just serious coping. [00:42:25] You saw two OG with with building their new career. And the funny thing is, is once you actually did that. The job got a hell of a lot easier. It got more fun. All of a sudden you’re working with people that have interesting problems and you’re helping them meet them and you go home and you feel good about yourself, you know? [00:42:42] But at the beginning it’s not that because you had to build your business. Watching people cope with that and unable to realize that some of the best positions out there, there’s a moat. You gotta swim to get to the goodness. I think that keeps a lot of people away, and certainly Michael, that’s not for you. [00:43:02] You like your job, but man, online, I see that all the time. [00:43:05] OG: Well, you know, sometimes it’s with the community too, right? It’s like it takes a while to figure out what neighborhood you should resonate with or you know, like where are your people? You know, you like to play golf and the golf course is on the other side of town and you haven’t really found those people yet, or, or you wanna go to the bar and watch the game and yeah, maybe don’t give up on it if maybe that’s the issue. [00:43:25] Or maybe it’s just like, yeah dude, this isn’t for me. And that’s totally fine too. I think at any point in time. It’s okay to pull the ripcord. I really do. We did it. I mean, in the span of six weeks we went from, we, we maybe, maybe we ought look at moving to Yes, we’re gonna move to, we sold our house in one day and packed our stuff three weeks later, like it was boom, boom, boom. [00:43:48] We were in Texas and when we got here, when I walked into the apartment that we rented. The sense of failure that I felt by moving from a giant colonial house with all the room in the world and all my stuff to, I have this really teeny, tiny three bedroom apartment that really was like a two bedroom apartment, but you know, they put a wall to make it three, and I couldn’t have any of my stuff. [00:44:11] It was all in storage. You know, we barely had enough money to like pull all this stuff together to do the move. And I’m like, what the heck did, what the heck did we just do? We just like nuked our entire life. Oh crap. And oh, by the way, I have no idea who that neighbor is across the hall. I have no idea who that neighbor is across the road. [00:44:28] We lived in this apartment complex. My wife works no support network 30 miles away. Not a didn’t know a I knew you. That was it. Two and a half hours away, two and a half hours away. It was nice you came for breakfast every so often, but that was it. I mean. It takes a while to kind of get your, to get your sea legs. [00:44:44] Doug: Yeah, and the other thing I would suggest, especially at 24, I would say you’ll learn pretty soon. Everything costs, right? Everything. Everything great that you have in your life has some cost to it. Oftentimes, most times it’s not a dollar symbol if you’ve got a job you like. I think you said you liked it. [00:45:03] I think you said you liked the company. Sometimes you’re just gonna, those are very hard to find. By the way, most people you talk to will not be able to say they like the, the job they’re doing and the company they’re doing it for. Oh yeah. So those two things are rare. Maybe the cost for that right now at this point in your life is not being in the coolest city in the world. [00:45:22] Maybe you’re in the middle of nowhere, you know, maybe you’re in DeKalb, Illinois or something like that, and it’s just not where you really love to be. At 24, we love you DeKalb. Send your eight mail to Doug at. I just picked, I don’t even know if that’s actually in Illinois. But anyway, that’s a cost, and it’s actually a very small cost to the long-term investment that you’re making in your career. [00:45:43] Doesn’t mean that you have to keep paying that cost for the next 20 years, but maybe for the next. 3, 2, 3, 4 years while you get this great experience at a company that you like working for, that’s a small price to pay so that then you can go get the cool job in the cool city. But if you start moving all the time, that lasts not very long in your early career before people are like, why is this guy moving jobs every 18 months, every nine months? [00:46:08] Yeah. And then it’s pretty tough to get the cool job in the cool town. So think of all of the costs. Of your decision in your decision making process. [00:46:16] Joe: I like that from, uh, seven habits. When you pick up the stick, you pick up the other end. You gotta think about what all the other ends of the stick are. [00:46:23] Doug: Sometimes there’s boop on the other end of the stick. [00:46:25] Joe: What’s, [00:46:26] Doug: what’s, [00:46:27] Joe: what’s coming along with the, with the stick. We’re, we’re with the analogies today. We got it. Uh, somebody please save me. Thanks Michael for that question. Apologize for, oh gee, saltiness there. I think you’re doing a great job of saving Michael. [00:46:44] Good work. I. Nice job stack your Benjamins dot com slash voicemail if you would like to call in and have OG Crush you as well. No, [00:46:56] Doug: so good. [00:46:57] Joe: Coming up on Friday. Another great, uh, round table. Uh, uh, Jesse Kramer joins OG and Paula. We’re gonna have a bunch of fun. By the way, if you wanna watch us make that Friday sausage, uh, that’s on our YouTube channel every, usually on Wednesday afternoons about. 3:00 PM Central Time. So 4:00 PM East Coast. [00:47:19] Uh, what’s that? 1:00 PM Pacific. Just come join us on Wednesdays over on the Stacking Benjamins YouTube channel. If you subscribe, it will then notify you when we’re, when we’re going live. If you’re here, not because you’re wondering about just the job. You have the bigger question of how does all of my stuff really work together and what’s my financial plan? [00:47:42] Well, OG and his team are taking clients, so head to stacky Benjamins dot com slash og. I wanna spend just a second here. Uh, Doug on the back porch. I. Because we got a nice review Oh sweet. Of this show. Good intro to money. This comes from Matt, HJJ. This is a good intro to money, how it works, how to generate, how to hold onto it. [00:48:03] I like the entertainment value, which keeps it interesting. And then obviously then, uh, Matt also says at the end, I don’t like the ads. And of course, no way for us to continue podcasting as long as we have without having the advertisers that make it free for everybody. So, Matt. It’s the nature of the beast. [00:48:19] But thank you so much for the five star review. And by the way, remember when I used to give books, I don’t want people to send me a five star review because I’ve got books, but I got way too many books here. Again, authors that are coming on the show are Monday mentors. They send us copies of the book so I can prepare and after I prepare, I don’t have room for all this stuff. [00:48:37] So if you send me. Your review, Joe at Stacking Benjamins dot com. I would love to, as long as I got books send you out some of that. [00:48:46] Doug: Remember that thing we just talked about? Everything costs. You want a book Dance Monkey kinda give us a five star review. I don’t wanna trade books or [00:48:54] Joe: reviews. I really, I really don’t. [00:48:56] But [00:48:56] Doug: you want a free podcast that you’re entertained by and that it’s a great place to learn about money. You’re gonna listen to an ad, right? Oh, good point. Everything costs, yes. Yeah, everything [00:49:05] Joe: costs. Yeah. We’re also very thankful that they can keep us on the air for as long as we’ve, we’ve been coming up on 1600 episodes of this Vacuum Benjamin Show. [00:49:14] Can you believe that? 1600? My [00:49:16] Doug: goodness reminds me of my new address. 1600 Pennsylvania Avenue baby. Coming soon. Coming soon. Hiring the moving truck. [00:49:25] Joe: Wait a minute, Doug. I thought we weren’t gonna fact check this. That’s gonna be your new address. What? Too soon with that comment. I dunno. Doug, get us outta here man. [00:49:35] What should we have learned today? [00:49:38] Doug: Well, Joe, here’s what’s on our to-Do list based on what we learned today. First, take some advice from our headline. Alternate investments. Buyer beware. There’s no need to get fancy with your allocation no matter how much money you have. Feeling bored. Go get a hobby, man, and leave your allocation alone. [00:49:56] Second, [00:49:58] OG: just you’ll go blind. [00:50:00] Doug: Try. You’ll go blind with that allocation. Stop touching it. Easy. Put your hand outta your allocation. Enough [00:50:08] Joe: poop [00:50:09] Doug: on the end of that stick. Doug. Keep going. Second, moving for a job. Ask your employer to maybe pitch in on moving fees or consider the difference in cost of living and find money hidden where you didn’t think you had any, or just stick with this awesome job and stick it out for a little. [00:50:26] Nevermind. But the big lesson. YouTube is huge. Did you know that I can buy a ring light at Target? It’s time for all Doug all the time. People coming soon. Doug 24 7 channel. It’s Doug sleeping. It’s Doug eating. It’s Doug at play. Oh my God. The possibilities I. This show is the property of SB podcasts LLC, copyright 2024, and is created by Joe Saul Sea High. [00:50:56] Joe gets 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. [00:51:18] 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. [00:52:19] aftershow: Guys, I saw this TikTok [00:52:21] Joe: video and I think knowing the terminology helps you make money. Obviously there was the term we didn’t know today, but being able to pronounce things right, like insurance. Being able to say that correctly makes sense. But, uh, what happens Adirondack? What happens? Whatever, some mountain, what happens when you get the term wrong? [00:52:47] Uh, let’s listen in. [00:52:50] headlines: So where do you pronounce incorrectly? One time. And it still haunts you to this day? [00:52:54] bit: Man’s laughter. [00:53:00] Man’s laughter. 15 to [00:53:03] Doug: 20 [00:53:03] bit: for [00:53:03] Doug: laughing. 15 to 20 for laughing. I don’t think OG has it yet. [00:53:09] OG: Oh, I got it right away. [00:53:12] Doug: Manslaughter.
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