How To Not Pick A Broker (SB1518)

Robinhood seams to always be in the news, and usually not for a good reason. Today Joe and OG discuss Robinhood crypto potentially being sued be the SEC. Crypto still seems to be the wild wild west. Is the SEC trying to put some regulations around crypto but then again isn’t that the whole purpose of crypto?

Our TikTok is all about following the prospectus and whether Doug starts his fire with those?

We answer a question from Stacker, Damon, about whether or not he can help out his kids fund their Roth IRAs?
FULL SHOW NOTES: https://www.stackingbenjamins.com/choose-the-right-broker-1518

Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201

Enjoy!

Our Headlines

• SEC crypto crackdown continues with Robinhood as lawsuit looms (Ars Technica)

Our TikTok Minute

Doug’s Trivia

• Which Irish rock band’s iconic 1984 album did Brian Eno produce?

Better call Saul…Sehy & OG

• Stacker Damon has a question about Roth IRA contribution limits for younger Stackers.

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 Friday!

Tune in on Friday when we tackle the question, “what makes you happy?”

Written by: Kevin Bailey

Miss our last show? Listen here: https://www.stackingbenjamins.com/negotiate-everything-with-matt-schultz-1517

Episode transcript

30 seconds to hear What is it about flowers?

These are from a cat What is a T?

Anyone have the promo for a show now?

Wait, where's the Fiji water?

Is this, this isn't Is this tap water?

15 seconds I can't drink tap water Can someone tell Joe's mom to stop back I mean It's not hard to find Is this T's in water?

Natural Right on the set, live in 3, 2 Live from Joe's Mom's Basement It's the Stacking Benjamin Show I'm Joe's Mom's Neighbor Doug and another broker is in the news and if you think it's the same broker we've mentioned in the past well, you may be correct We'll teach you how to avoid the wrong partners on today's show For our TikTok Minute, we'll share what happens when you're hired to invest money you make great money and in fact everything goes right yet it still doesn't end well Plus we'll answer a question from one stacker who thought you know what I'd better call Saul C-I and O-G and then I'll share some edgy trivia and now two guys who found the personal finance advice you've been looking for It's Joe O and O-J-J-J-J-J-G Is that a Star Wars reference?

He likes to call it edgy, we call it fringe Fringe player Doug, fringe player Yes, welcome back everyone, glad you're here with us It is Wednesday on the Stacking Bedgman Show and we've got, as you heard Doug say just an action packed show today Mr.

O-G, how you doing?

I see you're all stretched out and ready to go I'm very limber Period That's wow, that's just a little awkward You said that was stretched out, I'm limber I'm not sure the Lulu Lemon tights were necessary I know, false And did that seem kind of Rayman-ish, Doug?

I'm a very good driver I'm very limber Yeah, little force gumpy Only on Sundays Wapner's on it for [Laughter] We got a great show but before this, to keep this show free we're going to do this and by the way To keep the show included To keep the show included, yes It's like when people say like, oh no that's free No, no, it's not, like, breakfast at the Hampton Inn is free It's not free It's included Ahh You are correct Included The show is included at no cost to you because of these guys right here Big show today, big headline, let's get going [Music] Hello darlings And now it's time for your favorite part of the show Our stacking Benjamin's headlines Our headline today comes to us from Ars Technica Never heard of it Heaven said that in a while It was a good movie Did you ever see that movie?

Yeah, I do like that but it wasn't, what was that called?

Ex Machina Ex Machina, yes Machina, but okay Ars Technica and other places reported this This is written by Ashley Belange's particular one SEC Crypto Crackdown continues with Some broker as lawsuit looms Guess which one Which, which broker would be in trouble with the SEC again?

You'll never believe it Doug's mom Yes No, no, Doug's mom is code for Backdoor Roth Mega Oh, Super Mega Yes Indeed It is Steel from the man who doesn't know better and put it in their pockets That's Robinhood Robinhood in the news because This piece writes Continues crackdown on cryptocurrency exchanges SEC may potentially sue Robinhood over securities violations alleged in the popular investing apps crypto unit Robinhood Crypto actually reported that In a recent SEC filing Robinhood Markets Chief Financial Officer Jason Warnock confirmed that Robinhood Crypto's received investigative subpoenas from the SEC Regarding its cryptocurrency listings Custody, cryptocurrency and platform Operations (Guitar music) That will never get old by the way For one of us You know OG This is such an old story but Your broker is not your friend The place you hold your money is not your friend But they certainly don't need to be your enemy Again, this much Yeah, I don't know what the, what the lawsuit is for here Or what they're allegedly in trouble for But I think this also goes back to What was it probably about five months ago?

Was it five months ago that the SEC allowed Crypto ETFs or crypto mutual funds And we're just kind of at a loss as to why one would have that Other than the availability of it in a qualified plan which makes it easier I can't, I'm sure there's a way to get crypto in your IRA Maybe this is, this is the way, you know, through Robinhood or something Not that you, I don't think would want to do that But, but why wouldn't you just own it directly?

You know, there's platforms and there's ways to own If that's a thing that you want to do Why, why would you want to run it through an intermediary party?

Have it all in one spot I mean kind of as a dashboard like your Okay You know, your Schwab account So are they in trouble potentially because of the Custodial type relationship of the actual crypto Or because of a product related to crypto, like the ETF that they're selling or something like that A lot of all the stuff that Robinhood has been blamed for This one, in this piece OG Robinhood actually tried to get out in front of it Is what they're saying This is obviously all Robinhood PR Robinhood getting out in front of the story with their PR team going Hey, SEC might be investigating us But they followed it up with They needed more clarity from regulators which hasn't come Their chief legal compliance and corporate affairs officer Dan Gallagher Testified to Congress That a year and a half of engaged talks with the SEC did not help Robinhood get any more clarity In how to register its crypto trading business This left Robinhood living in a quote world of confusion around crypto Robinhood set on its website last December Gallagher told Congress the most fundamental problem in digital asset markets Is there's no clear guidance on which digital assets At the SEC and commodity futures trading commission deemed to be securities and commodities respectively And how cryptocurrency platforms and digital asset securities can be appropriately registered under federal law And so Yeah So it's a combination of both the product because Currency is it a commodity Is it a security that matters for tax purposes It matters for record keeping it matters for You know the security of the stuff You know in terms of where how how much of it they have to keep on hand that all that sort of jazz And then also the products associated with it in terms of we want to create a product That revolves around this business We want to create an ETF we want to create a mutual fund we want to do you know create a create something We don't know where to put that where to register it where to You know what rules to follow because obviously the Commodity market has different rules than the securities market has different rules than banks They're all different in terms of their and oversight for that matter It is frustrating because the SEC in the past we've reported on this the SEC has one opinion of what it is They said it's not a security Yeah And now the SEC is kind of saying it is a security when they stepped in last year and really began going after some of these different Companies fact they had a coinbase lawsuit that happened Previously and Robin Hood even delisted the crypto currencies that were flagged in that lawsuit at that time Just to try to not run a follow the SEC Like hey we even we even tried to play nicely by getting rid of Solana polygon and Cardano I don't I don't know much about any of those but well they're down 90% so you would be right at home Yeah, perfect.

Yeah, maybe like the new stock.

I just picked up you can get in it's only up from here Yeah, yeah, everybody's getting low get in low on those wooden Robin Hood brings them back But you know the IRS says it's not legal tender that cryptos aren't legal tender So every time you buy a pizza with your crypto you're paying a capital gains tax or maybe a loss I don't right but then they also don't treat it like a normal capital asset in that there's no wash sale timeframe You know if you do lose money on it you can sell it turn around and buy it back instantaneously You have to worry about wash sales, so that's not a security because security I don't know Wild Wild West basically it is frustrating you know we had Rick Edelman on the show last year and he was talking about how in love with crypto He is a year ago.

You're not on that so you haven't been on that side of the fence.

Oh gee is your You're feeling about crypto much changed No, no because it's not you know it's if you want it to be a replacement for currency Then it has to be widely accepted and transferable between people it's just not a you know it's not easily And then people who are good at that are like oh it's super easy to move you just did it and it's done You know you can't buy a pizza with it like you said and to do it requires a giant it's a huge pain in the butt to do And back to your point the government views that as a transact like a security transaction then which is different So it's just a harder harder thing to do and you know I certainly don't look at as an investment because investments have products And intend to produce goods and services or some sort of profit right there like there's a profit motive associated with a business That one would invest in whereas cryptos profit motive is there's only so much of it that's their thesis of Get it while you can because there's only 21 million of them or whatever the number is That's speculation that's going I think I can buy it today for a lower price and I can sell it tomorrow in the future for a higher price It's funny I remember when Kevin Rose was on the show and I asked him you know About crypto being safe and he said if you're going to quote invest or speculate on crypto You don't want to do it when it's safe you actually want to do it when it's not safe don't use grandmas money Don't use money you can't afford not to lose dollar-cost average in put a little bit of you know in at a time It should all be money you can lose but the the only time you ever make money in something like this is when it is the Wild West And I think what we're seeing now is just another bump in the road as the SEC finally has more It looks like they're trying to apply some regulation to it OG to make it to make it more feasible which also kind of takes this You know these gigantic swings away from away from crypto.

It'll be interesting to see where this ends up More coming down the line by the way many in the crypto industry This piece says has publicly insisted more regulations are necessary to invest and innovate But others are quietly taking a different route and hoping to block legislation According to data from open secrets org compiled by progressive think take public citizen public citizen found that cryptocurrency industry super PACs Have raised 102 million dollars to elect pro cryptocurrency candidates to Congress this year ranking among the top three super PACs raising money This isn't that the whole purpose of crypto those to not have it be regulated isn't that funny?

Yeah, yeah have it not be anything which maybe that's why the super PAC is hoping to influence legislators to get them to stay out of it It's gonna be even far more interesting to see what sissy what comes next speaking of crypto We'll dive even deeper in the 201 our newsletter that comes out tomorrow Stacky Benjamin's dot com slash 201 to get our free twice a week newsletter time for our tick tock minute This is the part of the show where we shine a light on a tick tock creator who is either doing something brilliant or air quotes brilliant We went to OG last time so Doug I'm gonna go to you this could be brilliant or air quotes I always find tick tack just phenomenally informational and it's where you go for all your news Yeah with an enormous amount of veracity.

It's just it's unquestionable how valuable that medium is So great.

I can't wait for the government to ban it It's the worst thing imagine suppose there's that but that's that has nothing to do with the high quality content.

They're producing That's how they're banning it.

Sometimes things are ridiculous.

Let's talk about while we're talking about regulation.

OG and even Robin Hood being confused by regulators.

I don't know how hard it is to confuse Robin Hood, but it isn't just them listen to this A lot of people don't understand why mutual funds and some investments don't beat the their index We'll talk about it after we listen to this a tick tock.

This is commercially speaking on tick tock I'll tell you a great case that's out there where a guy raised six million dollars and he was going to buy property a that's what he told everyone Well, he bought property B property B actually turned out pretty good And he gave the people all their money back plus more profit than he had promised in property a but someone got a burr on their butt And took him to the SEC and the SEC suit him.

Oh, and yes, you see put him in jail for seven years Oh, yes, you see gave him a financial fine.

His defense was no harm.

No foul Which is interesting because OG this is good for new investors to understand this So this guy goes to jail because he says he's going to do thing a he's going to buy property a he instead buys property B When you are a regulated security You have to do exactly what it says in your prospectus You have to do exactly what it says in your perspective And I think a lot of people that go how come this, you know, this fund manager isn't keeping up with the S&P 500 Well, it's because the SP 500 is invested in large company stocks and going back to Monday's headline This fund manager says I got invest in small cap value and small cap value Not doing what the S&P 500 is doing right now Is the prospectus that thing that I use to start fires with in the winter time when I keep a fire burning for hours You still get it in paper.

Yeah.

Yeah, if you get in paper, well Doug Prince is out Just like all the emails every day.

I put out all the emails I'd like to be able to touch it takes him over with his frosted flakes and read it in his mail box So he that's right.

I've got mail.

It's like it makes me feel popular.

It does I'm not sure that I feel too.

Sorry for this guy.

It sounds like the people that were interviewing this man Were like aghast that that they would do that.

I mean, you know, there's a story going around a couple of weeks ago about the FTX guy Bankman freed or whatever his name was that Sammy that he Shouldn't be in jail because all of his investors were made whole Because they just you know, it blew up when the crypto went down to you know Whatever Bitcoin went down to like 16,000 now that it went back to 60 or 70,000.

He's like look You guys just had to give me enough time.

It's fine.

It's fine Never mind.

I stole all this money, but everybody's fine.

And the reality is is that they weren't made whole They were they were put back to the dollar amount that it was in November But had they had the assets that they were supposed to have from November to present.

They would have actually made money so to your point when you're investing or you're Thinking about investing money with a person or a place or whatever Whatever their mandate is to your point in their prospectus or if it's a private position private equity type thing whatever they say they're gonna do they have to pretty much adhere to if You're comparing that asset class to a different asset class I think you're doing yourself a disservice in terms of trying to figure out whether or not that was a good That was a good choice and frankly, you know, as long as you Are keeping it relatively simple buying ETFs and diversifying it and you shouldn't even worry about it ever anyway I guess just just invest and don't ever touch it and that brings up a good point OG which is you know, we talk about don't touch it and don't second-guess and People that espouse active management.

They always say well in a down market that you know The the manager can go and can find these things that are down and can move it around Not much I mean to these guys's point that you have to do what it says in the prospectus and if the prospectus says Invest in large company stock and this guy sells it and goes 85% cash Unless it says that he can do that or she can do that in the prospectus Which I don't know many perspectives is that do if it says I'm in a large cap fund I'm investing in large company stocks period that is what I do and I keep minimal cash on hand Even if they make money they'll get sued Well, and the reality is is that if you're diversified and you're buying low-cost passive type products You have a built-in by low sell high strategy, which is a different asset classes We were talking on Monday about small companies and how they haven't done well compared to large tech companies this year And what do you make of that info and behind the scenes after we got done?

I would just kind of playing around on a tool that I really likes called portfolio visualizer Some people may have seen it and used it before you can put in some information and kind of back test it a little bit and What you and I talked about real briefly is I said well since 2000 if you would have had all of your money in small companies or all of your money in large companies or Had a 75 25 mix or 70 30 mix of large and small US based you'd have about the same amount of money.

The outcome has been about the same in the last 25 years The roller coaster ride along the way has been vastly different the small companies were through the roof in 2021 and traded like crazy since then Large companies did the exact opposite They went down a whole bunch and then back up a whole bunch and if you were just diversified and then Rebalanced once a year.

It was just a smoother ride.

You can look at the curve and see how that curve What it's still bounced around a lot 2008 still happened Covid still happened when it comes to market declines But it was less of a decline and you have a built-in strategy for going.

Oh this thing's not doing Proportionately what it what it should and this thing did more than it should I can sell the profits from here reinvested in here And over long periods of time, you know that $10,000 investment turns 6x in 25 years.

I love this idea that active manager is not your your answer To the ups and downs of the market the diversification is and what always blew me away at the beginning of my career and I think still blows people away every time we bring this up is you can take an asset class like large company stocks add three other more volatile asset classes to that mix and Your portfolio volatility will actually go down Just because you've got four different swings Instead of one and they're like how do you buy more volatile stuff than what I already had my volatility goes down It's because you it's just gives to your point diversification is is your friend universe idea.

Yeah, really interesting It was funny when we were when we were in our planning meeting for this episode Lisa Curry the comedian and our brilliant writer was was like I learned something today She's like I think I even knew all the words with that one, which is pretty cool.

How about that dog?

Tiktok really bringing it it did crack me up.

I know it did it did crack me up Oh geez, these guys like oh my god, really?

Yeah, you don't do what you say you're gonna do That's that's that's protecting the investor right there.

I hope they get that right with crypto soon Coming up in a minute.

We're going to have a call from how do you pronounce this de mon?

De mon is going to be calling us but before that you've got one more time Joe who's a de mon We got some around the water cooler talk, which means the trivia is up.

You got it.

We got today Hey there stackers, I'm Joe's mom's neighbor Doug happy birthday to a friend of the show Legendary rock music producer Brian Eno.

That's right fan.

I'm sure yeah.

Oh, yeah.

Yeah, he's probably listening Hey Brian listening right now a composer a singer a keyboardist himself Eno helped cement the iconic styles of some of the biggest names in rock music from David Bowie to the talking heads to radio head And someday probably me probably probably, you know, I've always thought I'd make a great world famous musician I've already got all qualities.

Okay, fine.

I'll list them off for you.

I'm good-looking Charismatic stylish not to mention Talented and humble between my air guitar and shower singing and practically a one-man band already I would have pursued a career in music years ago, but I don't want to give up my privacy The last thing I need is hordes of adoring fans Sorry bigger hordes of adoring fans showing up at my door bringing me gifts at all hours of the night I already live in fear of that right now and I'm only a smidge less famous than Prince was speaking of Prince I just realized that I can perform under a pseudonym or even a symbol Maybe a capital D for Doug vertical lines throw it like a dollar sign Today's trivia question is in 1984 Brian Eno teamed up with which Irish rock band to create one of the most iconic Albums of all time.

I'll be back right after I find my leather pants and fur vest *Music* Hey there stackers I'm Lenny Kravitz's body double and the artist formerly known as Joe's mom's neighbor Doug just as I suspected my leather pants fit Perfectly just like they did the day I got them last week in unrelated news.

I need to add baby powder to my grocery list Here on out today's trivia question is which Irish rock bands iconic 1984 album did Brian Eno produce?

The answer 1984 was an incredible year for rock music Bruce Springsteen released Born in the USA the talking heads really stopped making sense and Brian Eno Produced the iconic album the Joshua Tree by YouTube And now back to Joe and OG Brian Eno's made some great music of his own But not really not really well known dude Doug I mean people that outside of the music industry yeah people that really are music geeks like love Brian You know but the vast majority people he's been like the puppet master most of his career.

Oh, yeah Yeah, he is he is legendary him and Rick Rubin are probably the two two of the greatest Producers of all time well, and I think Rick Rubin well Maybe just because of all the media appearances didn't likely far more front stage Yeah, and Brian Eno's done by the way Brian Eno has a wild concept album from way back music for airports Probably some people consider that the first concept album ever actually I don't it's it's certainly very early But music for airports nothing will chill you out faster than music for airports a little hard to listen to Not if you're trying to go to sleep.

Oh Yeah, they will put you to sleep yeah, yeah, well, let's not go to sleep on this time for the segment where one stacker said You know what?

I better call Saul see hi probably even more than that og really if you would like to Place a call and get og's take head to stacky measurements.com slash voicemail And you can ask a question much like today's caller.

They maul Hi, Joe and og and oe our president elect Doug some friends, and I were having a discussion about How if you invest the max on your Roth IRA when you are?

16 to 18 years old and never add any Additional money again you will have a million dollars when you are 64 However, what what high school is going to be able to save?

$7,000 and pay for gas money and Prom tickets etc.

So my question is can you make?

Say $2,000 but contribute to max $7,000 from your savings account aka mom and dad But I was period a prop and cut scene day mom talking now And we're done.

Thanks for the question if you make $2,000.

Let me see if I get this right.

Can you?

Can you save the full 7,500?

So a couple things firstly if I put 7,000 in for two years when I'm you know 16 and 17 and don't touch it for the next 47 years until I'm 65 how much will I have somewhere in the 650k range?

You'll have put in 14,000 turns at 650 so not quite a million, but I think it's talking about three or 16 17 18.

Oh, excuse me.

Yeah Let's go to the future where og has that answer too Welcome to the future everyone and now og will present the answer for three years What return you using eight?

I bet day mall was using damn it a million two thousand dollars.

He's exactly right bam He's exactly right But a far better option would be to also contribute the maximum During all those other years in which case you'd have five billion so, you know, but isn't that wild that you could contribute those three years?

You got a million contribute the rest of the years and you're only if I the other 47 and you get to five I need to vibe.

Yeah, I ought to tell you everything you know about starting early there.

There it is Well, well, so what's the rule if it's you know, if it's 7,500 bucks, can he can he just put in 2,000?

it's 7,000 this year is the maximum for everybody under 50 and The the maximum counts 50 but anyway the maximum quiet the maximum amount is Determined by one of two things.

It's either the maximum which is $7,000 or your earned income for the year whichever is less so in demands example kids make $2,000 they are limited to $2,000 they're limited to their earnings for that year.

So It sounds like you just need a better job, you know go work them more.

You know, they're hustle and grind sophomore But is it considered earned income if it's received as a gift from a grandparent or something not even remotely close, right?

So then can they go up to the max earn of that year if it's as a gift No, you have to have earned income.

Okay You have to make it you have to go you have to hustle and grind Doug and I'll something that you're not used to but Can you define and get a little sweaty get your hands dirty?

Sir Sir, if you would be so kind sir So yeah, there's a lot of ways for kids to earn extra money I mean there's even some rumors out there about parents who own businesses who will pay their kids money So that they have the earned numbers and then turn around basically and fund it I mean you have to be in a really great financial position to be able to do that though I mean think of it this way like imagine and we want to give our kids the best right?

You hope that your kids have a way better life than you and you know, everything's roses and sunshine But if you're not on track for your own financial independence, if you're not on track for your own retirement Well, it's put money in your kids name so that they get a step ahead.

So they have a million dollars at 65 I don't know.

That's a tough pill for me to swallow I get why you want why you want to do it because of the compounding and that sort of thing But remember just because it works out on paper doesn't mean that works out in real life You put seven thousand dollars a year in a kids account from 15 16 17 8.

Yeah, but they turn 18.

That's their money You can say things like don't touch it.

We really strongly encourage you not to do it No, you don't need to go to grad school and use your Roth area money.

You shouldn't use the house You shouldn't you know, take this money out I know things are tough, but you shouldn't touch your Roth But you know people are gonna do what they're gonna do And so there's no guarantee that you're gonna put this money away is gonna sit there for 47 years on an untouched Uninvested in lumen technologies low those 47 years, you know, it's imagine just high that'll be parked in a SPY fund for for a half century.

So You have to be in a really unique and strong financial position to be able to I think to be able to entertain this But I think there are some ways to do it.

I mean, you know Damon's talking about Bank of Mom and Daddy.

Can you actually?

you know with all the other things kids got going on but I think that these lessons about saving and Learning those lessons early.

How many times have we had some of these brilliant?

25 30 35 year olds who tell us that the reason they're so far ahead is because of these lessons from mom and dad at 16 17 and 18 and the part-time job and mom and dad maybe instead of Investing on their behalf mom and dad helping out with some of the other expenses that junior has that helps them then yeah Put the money away themselves.

I think if junior puts the money away themselves and they learn that muscle early They're much less likely to touch it when they turn 18 19 20.

I agree Yeah But what I was talking about in addition to that was the people who like Figure out a way to kind of circumvent the whole thing like I own a business So I pay my kids seven grand each and then I put the money in it's like well That's 20 grand like you got 20,000 extra dollars then Yeah, you should be able to do all sorts of good stuff with it including, you know Help your kids get ahead, but if you're behind in your own retirement and you're like, I'm gonna give my kids $20,000 every year for the next couple years like I don't know about that There are far fewer people who I think should be doing the kids stuff that should be doing their own stuff now You kid kid works makes 1500 bucks and you encourage them to put it in the Roth.

That's awesome.

Good job Well, and that's why I think take that excitement about doing that for your kid and turn it into just education Financial education spend the time on financial education.

So your kids motivated to try to do it themselves, right?

Speaking of that we're gonna do a whole show on that on Friday.

Oh, excellent.

Can't ready We got three financial educators.

It is a special edition of our roundtable episode We've got Rob feelin who is a high school teacher and created an entire financial Curriculum for kids that people can download.

We have the host of the art of allowance podcast John Lanza He also is with a group called the money mammals teaching kids about money and then third is Maya Korbic Who is a CPA who wrote a book about?

Teaching kids how to invest at a young age.

So we're gonna be talking with summer vacation coming up og It's right around the corner for you man.

Just a couple weeks away Can't wait.

How do you teach your kids about money and we're gonna dive into that on Friday?

So thanks for the question.

They moan if you've got a question for us Like he does head to stackybenchments.com slash voicemail One more segment today and that is the back porch and guys we have some news We've got homes everywhere for this great little road tour that og has promised.

He's coming on with me so very excited that og has Decided that he's that he's coming to all these places.

I wish you would but Me too yesterday, of course, we were in Cleveland.

Thanks to everybody that came out because that's still in the future I'll say it was a great time.

It was amazing.

We flooded the place with all kinds of people It was incredible and when Mike got up and sang that was amazing.

Did you guys do free bird?

Yes, duh, of course It's crazy and then Tomorrow night we will be in Detroit and guess what we got a home Doug We got a home as of literally as we record this as of an hour ago.

We will be at the Ferndale project It's gonna be great.

They said yeah, come on.

And what's funny is I've been reporting about all these high room fees Ferndale projects like yeah, come please good great people in Ferndale.

Yep gonna be super cool.

So happy because Love we were at their sister brew house Easter market brewing which Doug they had great peers They did so if you could you can join us tomorrow in fabulous Ferndale at the Ferndale project Benjamin's comm slash meetup fashionable Ferndale, maybe what don't they call it fabulous Ferndale?

I think it might be fashionable for now Is it fashionable for now?

Fantastic fantastic Ferndale?

Fantabulous, I think it's fantastic fabulous Ferndale.

That's the Detroit area will be in the suburb of Ferndale and then Boston next Thursday, we will be in the suburb of Malden at faces brewing.

So come join us All of these are at 6 30 p.m.

And oh in Kalamazoo on Friday.

I almost forgot Two days from now Kalamazoo on Friday We will be that's gonna be a little bit more of an informal thing because we were unable to secure a more private Spot for us.

So we just have seats for 20 at a place called the hub downtown Kalamazoo, Michigan and then next Thursday now Boston the suburb of Malden.

We will be at faces brewing So come join us there gonna be a super lot of fun.

I can't wait and in Detroit dog will be with me and OG like I said, it's gonna make a surprise appearance at all them surprise everybody like the scene from National inputs vacation, which one scene is that Christmas vacation where he says we got you something special Clark Oh, you know, so you didn't have to get me anything Dammit Bethany he guessed it.

Yes It's gonna be great All right.

That's that OG you've been playing a video game with your kids.

We haven't talked video games in a little while Yeah, I mean that's not fair to say I played seven innings of a video game with my kids the show Play a little baseball Rocked him for a to run home run in the first and and then bunted my way to a run In the in the bottom of the fourth, which is how all the pros do it.

I bunted the bases loaded I felt pretty good about that and then manufacturing offense.

Joe.

I was hey, hey, he was he was dealing the heat As that as the Cleveland pitchers often do he was and finally I got him to put in the 52 rated pitcher had a couple base knocks after that So turned it over to my closer my other son to finish up the game down five to nine That's not I guess that wouldn't be your closer.

It'd be more like Another starting pitcher whole different team.

Yeah, that's right.

Yeah, I'm like, hey fix this I can't lose in the a team.

Hey, New York Yankees.

Come on in here Yeah, somebody who holds a controller more than twice a year.

Yeah, not my not my thing anymore But I can still beat him in a foot race.

I think so.

We're gonna do that.

We're gonna put that on YouTube I feel like I can beat my kids on hundred-yard dash still we haven't picked the date yet But it's gonna happen before schools out god will us alert the ambulance head of time Doug I would recommend doing that on something of a soft surface.

Oh, no, it's a track.

We're going track spikes Singlet the whole thing.

I'm gonna look like a big class runner the singlet fantastic.

Yes, sir Yep.

Yep, gonna start out of the blocks.

Yeah Can I hold the starters gun?

Oh, that's a good idea.

We need one of those too.

What are you gonna do with it?

Doug shoot him put him out of his misery Before the race even starts everybody seems to think they're I'm gonna I'm gonna hurt something but I feel pretty good about it Oh my god, tell these kids that if they got ten bucks, she'll just aim the starting gun right at dad So don't do that.

That's not nice.

That isn't that isn't very nice, but I still feel I got it But here's the problem.

Here's the problem with this if I win.

I feel like I really I can't really take the Competitive spirit out of my kids like they just got man can't beat the old man.

Do you think so?

I think they'll be so sad in their athletic achievement the spark right out of them for the rest of their life I'm very concerned about that.

Honestly If they don't win by a considerable margin, I feel like that would be the kid like if it's a close I think they'd be it sounds like you're even You're a little the gas.

Honestly, I might have to be up by 20 yards and like really just like stumble grab your hamstring I think I think this is OG make an excuses at a time.

Well, I needed I do want to break It is I didn't want to break their spirit.

So I had to let them win I'm not saying I have to let them win I'm just concerned about winning and how it will make them feel the rest of their adult lives Oh, Jesus Giver.

Yeah, that's right kids in therapy ten years from now.

What happened dad beat me in that foot race Well, it started back when I was 15.

It involves my dad.

Oh, what did your dad do?

Show me on the doll?

You know, it's like well, he was he was moving his legs really fast and I couldn't catch up with it Both of these legs.

Oh, they were moving so fast.

Oh, no, I couldn't get there You'll never have grandkids if you beat him in this race.

Yeah, Doug did you ever do feats of test of strength with your kids?

Oh, yeah, and how long before you lost?

I haven't lost yet.

Maybe well, you just have to know when to stop so that they still think maybe you still have it Yeah, you got to know when to quit but I you know, I don't know my Talk a lot of smack for a year on this.

I feel like I feel like I need to Here's the thing.

I will say there is no downside for you if you lose.

Oh If I lose god, no, right.

No, no, you got nothing to lose.

It's a medical school track athlete.

Yeah That would bust their spirit if they're a high school track.

That's my point and dad beats them That's what I'm saying.

They'll be like Oh Lord.

I think I can pull an 11 8 and Is that 11 hours Faster since I was in high school.

I Did look at very seriously I looked at I'm like, you know, I do better on the whole eating and working out thing if I enter Competitions, you know, so if I've got some goal half marathon or something I'm working on but I just went to the UT I thought if you meant you do better on eating if you enter eating competitions if I do better I'm very good, but I'm not good enough.

So I keep trying.

No, we I went to the US ATF Website because you know our friend used to have the paychecks and balances podcast rich rich is doing Adult track meets out in the San Francisco Bay Area and he does long jump and triple jump So I thought you know what maybe I'll see if I can get out there and do the 1500 Why did your brain go to naked really said they were adult track meets.

What else would they be?

So why we can't have nice things I know right So I went and looked at the 1500 the national 1500 first of all Nine people from around the world competed last year.

It's a 1500 in the 54 to 58 division, I think And the worst time in the 1500 was six minutes and 50 seconds Oh, I think if I work my ass out do that.

It's like a six minute mile, bro I might be able to no it's well, it's like a seven minute.

It's like a seven minute mile It's a seven minute mile the fastest I've run a mile in the past five years has been like eight just under Yeah, you need a hustling grind.

I was running further.

So I I might do that I think i'm gonna go go go go run this thing You got to do the regional meet first and then the national meet speaking of track meets, you'll appreciate this I was watching a youtube clip of a local dallas team too Well one was from I was it was the state final six a state final four by 200 on fire Yeah, the the winning time Was one minute 22 seconds Wow, the second place time was one minute 23 seconds.

Yeah It's also very fast faster than over half the college teams in the nation.

The previous national high school record Was one minute 23 and a half seconds Two of them broke the record the national high school record Duncanville high school, uh was number one.

They uh, their four guys ran at minute 22 average 20.5 Four guys 20.5.

You know one of those dudes ran like a 19 one or something like that in their leg It was so fast.

It was the way texas does their high school, uh track and field stuff It's just a buzzsaw.

I mean you go directly to I think now they have like a Regional and then the and then the regional or they call it the district or yeah district regionals.

Yeah final.

Yeah, but but but So, you know, my daughter was undefeated every season until she got to that district meet and the district meet is like a big huge Part of the state like it's a monster part of the state.

No, I take that back the regional me Yeah, she would even win the district meet she won the district and then and then went to the regional Then she would go to the regional the last year.

She was against um, uh, The woman's last name was ocolu who about a year and a half later og when she was running for the university of texas competed in the olympics My daughter my daughter went from undefeated to getting her doors blown off.

I mean just completely Doors blown off.

Yeah, pretty unbelievable For me, my goal won't be to win though I'm just thinking if I don't take last place like how fun would that be to get back out of the truck?

You don't want to beat them too badly.

Then they shatters their self-esteem.

Absolutely The rest of their lives as adults they end up in there.

It's not whole it's just I mean Could you imagine being 58 and getting smoked by a 56 year old?

I know you'd be like what what the frick bro Yeah, right, especially one who looks as hot a shape as me.

Yeah Bowling pin is a shape.

Don't worry about it.

It seems like a lot of effort for an instagram post.

It's gonna be great Speaking of great I'd love to hear other people's stories about feats of strength of their kids What do you guys do to make sure that your kids stay grounded and uh realize that dad or mom is fully in control I'd love to hear those stories.

Tell you what arm wrestling dads can last a long time in arm wrestling against Yeah, I feel like I could that's easy that that's I got many years on that my oldest son works out six days a week And I think I could still put up a pretty good fight I don't know if I could win still but i'd put up a really good fight because dad strength is a real thing Yeah, 100.

It's the grip strength.

It's not just the bicep, right?

It's like the Yeah, yeah, I work on my body mass every day your bmi you're going for a hundred 100 points on the bmi scale None of this low 20s.

Doug's also had a lot of practice with the grip.

Yeah, oh 100 He's got one of those like squeezy things.

Yes, squeezy.

That's what he calls it the squeezy thing Does it squeak?

Does your squeak when you do it?

Mine's like You know, you know i'm talking about the little thing Squeaks when I squeeze it Yeah, put some oil on it or something that's awkward.

There is medicine for that Boy, I'm that that got weird in a hurry but back to arm wrestling Just over a year ago.

They had the championships for not arm wrestling, but that slap competition.

Oh, yeah That's ridiculous And it was here in texture kana like they brought it here and a friend of mine went and saw it and he's like I thought it was gonna be really dumb.

He goes it is weirdly compelling It is like weirdly compelling.

Have you watched any videos of that?

I've seen videos It's frowned upon to do that with your kids though.

It's a slap Have you seen it?

He can encourage that particular competition with your kids I saw a variation of that the other day on youtube Yeah, dad goes first dad strength.

I saw a variation of that the other day where it was uh, You sat there with shorts on you had a rubber band around your thigh And you had a kazoo in your mouth And somebody else would snap the rubber band and if you made a noise with if you made a noise Then then you you had you lost you kept going and so like literally be like No Because you know you just got snapped in the leg with a big rubber band And so you have to be completely quiet without making any noise and that's how you won the game.

Oh my god.

Is that funny?

Yeah, just a bunch of adult guys running around snapping each other with rubber bands with pazoos in their mouth going How drunk are you when you create that game I know what we're gonna do Put this in your mouth Tell me if this hurts I Doug Doug get us out of here.

What uh, what should be on our to-do list today?

Probably at kazoos and snapping rubber bands.

I'll do my best joe But I don't think anything's gonna save us from this Here's what's at the top of our to-do list today.

First take some advice from robin hood I almost got that out without laughing Find a broker who maybe doesn't leave you broker I'll say it again for you guys in the back find a broker who doesn't make you broker get it I'm sitting right there.

I had to swing at it second wonder why your fund manager doesn't perform It's because they have to stick to the prospectus Which leads us to the to-do stop complaining about the manager and start reading the prospectuses And what's the biggest to-do?

I got to soundproof the basement for recording sessions.

I don't want to go into a studio and risk blowing my cover before I even get started This show is the property of sb podcasts llc copyright 2024 and is created by joe saucy.

Hi 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.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 You [BLANK_AUDIO]