You’ve seen the ads. Invest like the ultra-wealthy. Get access to what the 1% does. But what does the 1% actually do — and how much of it should a normal person try to copy? Joe, OG, comedian and finance educator Roxanne Duckels, and Jesse Cramer run every popular “rich people investing” idea through a simple filter: steal it, scale it, or skip it. The answers will surprise you — especially the one where OG wants to delete an entire asset class from existence.
What You’ll Walk Away With
- Why long-term thinking is the one habit the 1% has that every Stacker should steal immediately — and the short-term execution piece most people miss when they try
- The tax strategy obsession that the wealthy genuinely use — and why Jesse ranks it seventh on his list of financial priorities, not first
- What paying for advice actually means when you’re smart enough to do it yourself — and why the wealthiest people surround themselves with even smarter people anyway
- The alternative investment marketing trap hiding inside every “invest like the rich” pitch — and OG’s case for why most people have no business touching any of it
- Why the accredited investor designation protects almost no one — and what the real risk is when you lock up money in illiquid investments chasing slightly better returns
- The leverage conversation that exposes a contradiction hiding in plain sight for every real estate investor
- Why Roxanne’s path to financial independence started with filling her gas tank all the way up — and what that tells you about long-term thinking at any income level
- The one question that should precede any alternative investment conversation: does the expected return actually beat what publicly traded equities already offer?
- What the trivia competition scoreboard looks like heading into the back half of the year — and whether OG’s historic lead is as safe as it looks
- Why rich habits and “what the 1% does” are two completely different things — and which one is actually worth chasing
Why This Matters Now
In a noisy market environment, the “invest like the wealthy” pitch gets louder every time volatility spikes. Private credit, non-traded REITs, leveraged real estate, alternative assets — the marketing machine never stops. For Stackers in their 40s who’ve built something real and don’t want to blow it chasing a category that mostly benefits the people selling it, this episode is a useful reset. The habits worth stealing from the 1% turn out to be remarkably unglamorous.
From the Basement
Joe, OG, Roxanne Duckels from Finance Rox, and Jesse Cramer run the “invest like the rich” playbook through a steal-it-scale-it-skip-it framework — and nobody agrees on everything, which is exactly what makes it useful. Doug arrives with Mayday trivia about the origin of the distress call and the year it was coined, which turns into one of the cleaner trivia finishes of the season. Whether the basement scoreboard moved in OG’s favor or Jesse closed the gap is a question best answered with your earbuds in.
Resources Mentioned
Stacking Benjamins Meetups — stackingbenjamins.com/bad
Finance Rox — Roxanne Duckels on YouTube and Instagram @FinanceROX
Personal Finance for Long-Term Investors — Jesse Cramer’s podcast, wherever you listen
Stacking Benjamins Newsletter (The 201) — recent issue: brokerage vs. UTMA/UGMA vs. Trump accounts for kids; stackingbenjamins.com/201
Stacking Benjamins Vault — stackingbenjamins.com/vault
Stacking Benjamins Community — stackingbenjamins.com/basement
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.StackingBenjamins.com/201
Enjoy!
Our Topic: How to Invest like the 1%
During our conversation, you’ll hear us mention:
- Investing like rich
- One percent marketing
- Long-term thinking
- Short-term execution
- Financial independence
- Future-focused planning
- 90-day actions
- Tax strategy
- Tax optimization
- Tax complexity
- Capital gains deferral
- Opportunity funds
- Tax-tail warning
- Paying for advice
- Smart advisor teams
- DIY investing
- Outsourcing expertise
- Unique talent
- Financial backup plans
- Alternative investments
- Private equity
- Real estate syndications
- Non-traded REITs
- High investment fees
- Illiquidity risk
- Accredited investors
- Starting small
- Individual stocks
- Leverage risk
- Rental property leverage
Our Contributors
A big thanks to our contributors! You can check out more links for our guests below.
Roxanne Duckles
Another thanks to Roxanne Duckles for joining our contributors this week! Hear more from Roxanne on her show, FinanceRox at FinanceRox – YouTube.
Learn more about Roxanne and her coaching services on her Instagram page at FinanceRox Instagram.
Jesse Cramer
Another thanks to Jesse Cramer for joining our contributors this week! Hear more from Jesse on his show, Personal Finance for Long-Term Investors – The Best Interest, on Spotify.
Learn how you can work with Jesse by visiting The Best Interest – Invest in Knowledge.
OG
For more on OG and his firm’s page, click here.
Doug’s Game Show Trivia
- The distress call “Mayday” was proposed by Frederick Stanley Mockford, a senior radio officer at Croydon Airport in London, as a word that pilots and ground staff could easily understand in an emergency. What year did Mockford propose using “Mayday” as the emergency distress call?
Join Us on Monday!
Tune in on Monday
Miss our last show? Check it out here: Mrs. Dow Jones on How to Become a Future Rich Person (Without Giving Up Your Life).
Written by: Kevin Bailey
Episode transcript
My plan is sound, mathematically sound. It cannot fail. It’s perfect. Three months from now,
I will be worth $50,000 independent for life.
Live from the basement of the YouTube headquarters, it’s the Stacking Benjamin Show.
I’m Joe’s mom’s neighbor, Doug. And you know, everyone says invest like the rich. So cool, should I
like… Start buying private islands or maybe give Warren Buffett a call again like I did last
week. Today, we’re breaking down what the 1% actually does with their money,
what you can copy, and what will absolutely blow up your financial plan if you try it at home.
Plus, midway through today’s show, we’ll find out if OG will get another step closer to making
history as he’ll try yet again to beat Jesse and Paula in another installment of our year-long
trivia competition. And now, a guy who’s in the top 1% when it comes to helping stackers plan
better for the future, it’s Joe Salcihai. There,
thanks, Doug. I am Joe Salcihai. And happy Friday to you and happy May Day to you.
We’ve actually made it to the, is it the unofficial start of summer?
Like, not the real thing, but I think no matter where you’re at in North America anyway. you can
kind of rely on the fact that the weather’s going to be a little, a little better. And the guy who,
it’s always better weather when he’s around, Mr. OG is here. How are you, man? What’s up? Yep,
great. Fantastic. Just working on a little project here, multitasking, but I’m going to shut that
down. And Doug can yell at me later for giving him some well-needed education.
Oh, good. Just what? That project’s over. So I’m good. Excellent.
Well, I’m glad you can multitask. He’s got a- Not anymore. I’m single tasking. He’s got an
audience here, and he’s doing two things at once. And a guy who- Not anymore. Can always do two
things at once, generally change a diaper, and talk about personal finance. Jesse Kramer from
Personal Finance for Long-Term Investors, or the Puffalo Podcast is here.
I think P-Fly is what neighbor Doug settled on. But yeah, speaking of inside podcasting thing,
so I’m drinking one of these polar seltzers right now, you know, doing two things at once,
drinking and podcasting. But as you guys know, there are certain things in podcasting you’re not
really supposed to do. And one of them is belch into the microphone. So, you know, just put it out
there. I might go on mute at some point. And that’s why. Strongly suggest you mute yourself. Yes.
I’m so glad, Doug, that he had to tell us that he wasn’t going to belch on the microphone today.
Like that’s the kind of quality work that Mr. Kramer does. I care about the listeners.
And I met today’s special guest at FinCon last year,
and I was super excited to meet her because not only. Is she somebody who’s been diving into
personal finance? She coaches a lot of people in personal finance and she is a comedian from
Finance Rocks. It is, I guess we can call her since we’ve known each other for like seven months.
My friend, Roxanne Duckles here. How are you? Good. Hi. How the hell are you? I’m the hell good.
How the hell are you? I feel like I have to say that to honor my hometown because everyone says
that in Montana. Do they really? So then after that, do you just flip each other off? Is that what
happens? No, you say good like a normal person. Oh, that is good. So that’s a good greeting. That’s
a warm greeting. Yes. It’s funny. You are in Montana. Two questions I had. I don’t meet many people
who are from Montana, you know, who have a career in comedy. How did you get involved in comedy?
I am in Colorado now. I just moved here a year ago, but grew up in Montana, lived there my whole
adult life. There’s actually a quote, Jimmy Carr says, show me someone whose parents are depressed
and I’ll show you someone who’s funny.
I asked my dad one time if he’d ever been depressed and he said, I’ve never not been depressed.
Like, wait a second. Right, right. Yeah. So I think a lot of people learn how to be funny just as
like a way to cope with social situations. And I like to think I’m just a natural though. Just
naturally funny. But you did have a great social media piece just recently where you were talking
about how people think that you come up with stuff just standing there at the microphone, which I
thought was pretty funny because I think your first line was, first of all, I’d have to be thinking
of stuff, thinking of anything at the microphone, which I would imagine is very difficult. Yes,
definitely an introvert and definitely, yeah, have a hard time thinking in front of people.
But don’t be afraid. I’m prepared for this. So I’ve done plenty of thinking ahead of time. But
yeah, I love that people always give me the benefit of the doubt. And I used to crush in our
accounting meetings. And so that was like… The old ladies love me. Oh,
this is perfect. All the accountants think you’re funny. This is going to go great, Jesse. I was
going to say, Roxanne, if you need time today, just raise your hand. I’m going to rip a burp right
into the microphone. It’ll distract everybody and you can think of your next line. That’d be great.
I don’t intend to burp at all. Is that like quality comedy writing? Now, so that’s question number
one. Question number two, though, Roxanne, is your interest in personal finance. Where does that
come from? Oh, I am a lifer. Since I was little, my parents struggled with money, so I always
wanted to be good at money. Worked really hard in school so that I could go. I have my degree in
accounting and quickly found out that accounting is boring as all heck. Sorry, now I’m insulting
the accountants that have my back. There go the ratings. I know, but I was more of a financial
analyst. So if any analysts are here, we’re friends. We’re one of the few shows in America where
you can dissect the two. And the accountants are like, no, no, no, we’re the funny ones, not the
analysts. And the analysts are like, no, no, no, we’re the funny ones. Well, we’re super glad that
you’re here. And by the way, people should follow your YouTube channel and also follow your
Instagram because you’re telling jokes on there and talking money. Like if you want the combo, do
both. Yeah, that would be great. I’m at Finance Rocks Everywhere. It’s one of my goals to write the
dirtiest accounting joke of all time. So follow along on my journey.
There once was an accountant from Montana.
Maybe our friends hanging out with us here on YouTube can help you write the dirtiest accounting
joke ever. We today, guys, are going to be talking about this line that always drives me crazy.
You need to invest like the 1%. And every time I see this, I don’t know about Roxanne,
OG, or Jesse, or heck, even you, Doug. I think, why do I want to invest like the 1%?
There’s so many reasons why that’s not sexy. And yet, you see a lot of these investments, they grow
for a reason because apparently that attracts people. So let’s talk about investing like the 1%.
And I’m going to set it up this way.
a few different things that the 1% do. And we’re going to have this little game we’re going to
call steal it, scale it, or skip it. And by steal it, these are things I think that the 1% does
really well so that we can steal these things. And you guys can tell me if I’m wrong or if I’m
right. So we’ll ask our round table that and maybe our friends also on YouTube hanging out with us.
The second is these things that are kind of yellow light, right? When I say scale it,
I mean, maybe we want to go further with it. Maybe we don’t. Maybe we do want to throw it away.
I’m not sure. But then the third, I’ve got these listed as things that the 1% does that we maybe
want to skip. And I want to see if you guys agree with me or not. So steal it, scale it, skip it
today with the 1%. But first, we have a few sponsors who help us keep on keeping on so that we can
keep doing this, not just live on YouTube, but just do the Friday show at all. We have only… two
ad breaks during the entire show. First one’s going to be now, second one in the middle of the
show. So we’re going to hear from a couple of those sponsors and then Roxanne, OG and Jesse getting
into it with our little game about the 1%. Do we want to steal these? We want to scale them or do
we want to skip them?
Let’s start off with what I think is the one thing that the 1% does really well.
And we’ll start with you, Roxanne, as our guest of honor. I think this idea of thinking long-term
is something that the 1% does really well. Like they’re not interested in overnight results. Maybe
sometimes they are, but I just get this feeling that they’re not making those mistakes of jumping
in and out of investments like the 99% often do. Yeah, I love it. I’m going to say steal it.
Is that something that you’ve stole in your life? Yeah. It’s funny because starting out with not a
lot of money, like I completely went broke in college. I mean, like a lot of us. So I remember
thinking like, you know what, I’m going to only fill my tank of gas all the way up and that’ll be
like kind of future investment. So, you know, starting with even little things like buying the big
bale of toilet paper or things like that. So I think absolutely thinking long-term and like longer
and longer, the farther and farther you can just helps you get ahead that much faster. When you
talk about filling up your car, I don’t drive a ton. So I never fill up my car because I read a
thing a long time ago about gasoline evaporating. And I’m like, I’m just, my gasoline is just
evaporating if I fill my car completely up. That’s why they have caps, Joe. That’s why you have a
gas cap. Does that stop the evaporation though? I mean, it doesn’t somehow sneak out. I mean, does
your milk evaporate out of its jug? I don’t know. Does it? It’s not a philosophical question.
If a tree falls in the forest, is your gas evaporating out of your gas tank? Finance nerd.
I have no idea. But Jesse. I brought this one to the table first because I think it’s a steal it.
Roxanne thinks it’s a steal it. Long-term thinking? Yeah, I mean, I’m a little biased.
It’s in the name of the content I produce. But yeah, long-term thinking is most of the time a
wonderful thing. And yeah, I would say on average, does the average person in the top 1% and
actually saw a little side question. Someone was asking in the chat, are we defining 1% as assets
or as income? I think we can call it either one. What I’m really disputing,
and that is, by the way, Roxanne’s new neighbor, Mark Troutman. Have you met Mark yet, Roxanne?
He lives in Colorado. Yeah, we’re good friends. I know how the hell he is. Yeah. Colorado’s a small
state. You, Mark, I’m sure are neighbors. Mark, what I’m really debating here is just the marketing
around, we need to invest like the 1%. Everybody should invest like that. You want to get in this
because this is what the 1% does. Well, long-term thinking, Jesse. You’re all about it.
Yeah, correct. So, right. Rather someone actually has, you know, enough assets or enough income to
qualify as the top 1%, I think the point is that generally people who are better off financially
and people who have more long-term success financially are thinking beyond the next week, the next
month, even the next year. You know, it’s this idea of like thinking in decades if you had the
choice. See, I’m all about it. Barry Joe Jim Bob says, maybe 1% of gas evaporates.
Maybe that’s it. I don’t know. OG thinking long-term. I love one of the concepts that we talk
about in Strategic Coach. And Joe, you and I have talked a little bit about Strategic Coach over
the years, but there’s a concept called the 25-year framework that they talk about.
And it’s really in conjunction with the 10x thinking and that sort of stuff. If you start
evaluating what you want things to look like 25 years from now, it seems like an impossible.
goal, right? When you go, I need X dollars or whatever. And then you can start breaking that down
into these quarter-sized, bite-sized pieces. And it becomes a lot easier to,
you know, or a lot more likely to achieve those goals because you set the plan for 25 years,
but then you broke it down into, what do I have to do this quarter? So yeah, I would 100% agree
with long-term thinking wins every time. It is interesting because I love doing business case
studies. What’s funny is though, Roxanne, when businesses think just long-term all the time,
those businesses don’t win because they don’t meet their short-term obligations. They don’t meet
their short-term needs. And then companies that think just short-term, they don’t win because
they’re never looking out at the horizon and building anything. I still think, even though we’re
talking long-term is great, there’s got to be this balancing act. Yeah, no,
I agree. And I was actually just thinking about that. Since I recently hit my financial
independence number, I can kind of shorten, right? Scoreboard. So you’re like,
my timeframe was long and now I’m like, oh, wait a second. Like, oh yeah, I need the short-term
needs. So I suppose the timeframe can change and maybe thinking about where you should be at
timeframe-wise. Well, and I remember this, OG. I feel like in those strategic coach meetings, they
talked about this. Like the optimal move is the one that’s great over the long-term because you’re
thinking long-term, but also is going to be the quickest one to move the needle short-term. It’s
just the process, right? It’s deciding what you are going to point the boat at and then going, all
right, what do we have to do over the next 90 days to move toward that versus looking at that long
-term number? And this is what I was saying before. It’s like, If you do your financial plan and
you say, okay, I need $3 million and you have $78,000 in your brokerage account right now,
you’re like, okay, there’s not a scenario that I get to $3 million. But there is.
It’s just going to take you 30 years to do it or it’s going to take you 25 years to do it. So it’s
like, all I have to do is just think about the next 90 days. It serves the purpose or it serves the
long-term goal, but I can focus on what’s here now and then adjust every 90 days,
which I think is… of the biggest missing piece of all of this. It’s like, yeah, we have to have
long-term stuff, but we also have to have short-term execution. But it’s really the reevaluation
of those things along the journey that makes you stay on track. I like that.
Think short-term, but serve long-term needs. You’re really, the short-term actions really serve
the long-term need. All right. That’s the one I knew we were going to agree on. I wanted to start
with one that I was fairly certain we were going to agree on. Now let’s see if we can mix it up a
little bit. How about this one for steal it that I think we could all maybe use?
Jesse Kramer, we’ll start with you first. A tech strategy obsession. I feel like the 1%,
whenever we’re selling 1% investments, they always talk about this is a tax preferential
investment. You got to get in because of taxes, taxes, taxes, taxes. And I go, you know what? The
average person out there maybe could be a little more obsessed with taxes than they are. Do you
agree? Steal it?
Well, I’m trying to think about the best way to answer this. So maybe I’ll start my answer with
this. I put together something I call the long-term investors order of operations. And it’s these
10 ideas that I think long-term investors ought to think about. And they’re prioritized in an
order because the thing I saw was that a lot of people, they see these shiny objects out there and
then they forget about the stuff that’s actually really important because they’re so obsessed with
this new shiny object. Tax optimization is one of those things that’s like kind of in this gray
area where it’s helpful, but it also sometimes can distract people from the more important things.
And I’m describing this because to me, that tax optimization is like number six. on the list of 10.
And so do people in the top 1%, do like people who really have their financial plan together,
do they think about tax optimization? Probably. It’s because they’ve already taken care of the
other six things that I think are more important. And I think if you try to measure how much tax
optimization will help your long-term, say, portfolio performance over decades, there’s a number
there, but it’s probably not as high of a number as most people would think. OG, this kind of goes
with what we were talking about Monday when we were talking about ETFs. and about index investing
and trying to get people to 101 there. It sounds like what Jesse’s saying is it’ll move the needle,
but not before a few other things. The thing that I immediately thought of when you were talking
about tax optimization was the story I heard recently about the person who was trying to defer a
bunch of capital gains. And so they put a bunch of money into an opportunity fund, which is like
this esoteric tax slash investment. plan that you can put money away in a certain area of the
economy and all they did really was defer taxes and more specifically created this illiquidity
problem of i had all this money that you know was mine and now is not mine because i have to pay
tax so we looked at it from the perspective of i got this tax problem and i’m going to optimize for
taxes but instead now i don’t have any of my money it’s locked up in this thing that’s This really
esoteric investment that I really don’t have any access to. So I would put taxes a little higher up
than Jesse apparently has, but don’t let the tax tail wag the dog, so to speak, as I say.
It’s interesting how far down the list it is, Roxanne. When it comes to taxes, I mean,
you’re the tax geek in our roundtable today. Where do you think taxes lie? Well,
since you said tax strategy obsession, I’m going to say skip it. Because I want to get an A and I
want you guys to like me. But tech strategy in general, I think is good a little bit to a point,
a sprinkle, but I don’t get myself too worried about it because I’m frugal. So I’m not going to
have to like pull a lot each year. Mel Abraham, a guest earlier this year,
hanging out with us, said the sequence and the ingredients matter in any recipe need both. And
you’re definitely, Jesse, worried about the sequence here. Yeah, exactly. I think, okay,
you know, we can. prioritize it higher or lower. But like when someone is accumulating their
wealth, we can say like there’s only so many dials you can really turn on the tax optimization
front. And I think like Roxanne, you kind of hit it. It’s like put money into tax advantage
accounts if you can. If you happen to be doing something on the side that allows you to do write
-offs, like just be aware of the different tax knobs you have to turn. Then in decumulation stages,
okay, maybe you can do some Roth conversions, tax gain, harvesting. But even then, it’s
interesting. You can hear some really smart people out there. I was just listening to a guy, maybe
some of the listeners are familiar with him, John Luskin. He hosts the Bogleheads podcast. Sure,
yeah. And he made a pretty good point. I think it was him who had made this point where he’s like,
listen, there’s so many assumptions that you’re making about future tax rates and future investment
returns that you can make some guesses, but you don’t really know what’s going to happen. And it’s
really hard to measure the value of tax planning ahead of time. prospectively. You can only ever
really measure it after the fact, looking backward and saying, oh, did that Roth conversion I did
in 2012, did that pay off or not? So anyway, there’s good value there, but it’s probably not as
giant a dial to turn as maybe it might be. If you have 20 million bucks,
maybe it is actually a really big dial for you to turn because so much of your asset base is either
subject to higher tax rates or estate taxes. If you got a million dollars, maybe it’s just the
opportunity set isn’t as big. I think that’s the key is the higher up that wealth ladder you go,
the more it makes sense. And this is what changes the needle depending on, I mean, if you’ve got a
billion dollars, the number one driver that most people fail is saving enough money. you got a
billion dollars, you probably have enough money unless you’re spending rate. It’s just crazy. You
have enough. And then tax, taxes matter. I got a third one here that is maybe the most
controversial, which is back when I was a financial planner, what I noticed was my wealthiest
clients, my wealthiest clients were super smart people. And what I heard was this straw man
argument of, When I first joined the personal finance media space, I heard in online forums
everywhere, the straw man argument of you shouldn’t pay for advice because you’re smart enough to
do it yourself. And I look at all these fantastic people who are super smart that were clients of
mine, people that were doing amazing things in their life and they knew how to do money. And yet
they surrounded themselves with very smart people. So the idea, Roxanne,
of paying for advice, I actually put in. this first area of, I think we should steal it.
So can I do a say, do as I say, not as I do.
I have a hard time paying for it. I did go and talk to a financial advisor one time and I don’t
know. I asked him like two questions that he didn’t know the answers to. And I was like, Oh, maybe
I, I think that’s a different thing because I think you really got to be selective about who’s on
your team. You know, you can’t just allow anybody on your team. You want your team to be rock
stars. And what I didn’t find was these people had sloppy advisors around them. They didn’t have
people that wouldn’t be able to answer those questions. My super smart clients had very smart
people around them. That’s what I’m talking about. Yeah. I mean, fair enough. I think it’s great
having a good tax attorney, you know, having a good accountant. So not me, you know,
so I think, I mean, I, what does scale it? What is that supposed to mean? Well,
scale it is just, I’m either going to maybe think about it a little or zero,
or I’m going to think about it a lot. So in that one, I want to talk about where we’re going to be
on the scale. That’s coming up next. So why don’t I say scale it? And because you can become the
smart person in some things and then get help in other things. Deal. Well,
and I think that’s fair. I mean. We’re going to talk to Jesse and OG, who are both people that get
hired, I think, by smart people. So you got to kind of take the way you guys see it,
knowing that. However, paying for advice.
Jesse Kramer? You want me to go? Yeah. Well, listen, I mean, of course, I’ve got a dog in the
fight. But also, it’s like, I try to be pretty transparent and say that the more you know,
the sharper of a DIYer you are. Like, it should be kind of obvious on his face. probably the less
value add you can get from an advisor. I think that’s fair to say. At the same time, are there some
sharp people who come to me and say, I mean, probably the most common one is, I’m 67 years old.
I’ve done all this hard work for 30 years. I know the ins and outs of every detail of my financial
plan. My doctor says I’m probably going to be dead by 80. And I’d rather have someone involved now
than later to make sure that if I get hit by a bus tomorrow or have a heart attack, that my wife,
who has no idea what’s going on, that she’s going to be okay. That’s more common than I thought it
would be. Like, if you asked me three years ago how often I’d get that message, I’d be like, I
don’t know, once a year? Yeah, it’s like once a week. So anyway, that’s a pretty common one. And
then just, yeah, sometimes people just say, I want a spot check. Like, okay, maybe I don’t always
engage with them if that’s all they want, but at least the demand is there. There are different
strokes for different folks. But anyway, I think a really common one is just, I know what’s going
on, but what’s the backup plan if something happens to me? If you’ve got a doctor that’s telling
you when you’re going to die, he’s on Cal sheet. You need to get a new doctor.
I’ve got three to one odds you’re dying today. I’ll take that bet.
That is not good. Talk about ulterior motives. Oh, gee, I want to go back to strategic coach
because. The thing that I learned at Strategic Coach and some people that are in Strategic Coach
are financial planners. Other people are attorneys. Other people are one guy ran a group. of
musicians that were nationwide that played like weddings all over the nation. Pretty fascinating
people. But the one thing they taught was that you have this unique talent. And the more time you
spend on things that are not your unique talent, that’s wasted time. That’s probably the biggest
tick mark, if you will, in the column of like, do we hire professional people to do things?
And it is a continuum. Some weeks ago, I said this, I don’t know if it was on the podcast or where
I said it, but I read this thing that I thought was pretty funny on the internet.
It said there’s three stages of wealth, right? The first stage is you mow your own grass. The
second stage is you hire somebody to mow your grass. And then the third stage is you mow your own
grass again. Certainly, you have the talent to get the lawnmower out and mow it,
right? But sometimes you don’t do that. I don’t do it at home. But I do when we’re on vacation up
north at my wife’s place, wife’s family’s place, because I just like sitting on the riding mower
for like an hour. It’s just something to do when you’re at the cottage. And I think it’s a fun way
to spend a little bit of time. By the same token, I absolutely do not do my own taxes,
even though I certainly have the aptitude to do it. And now with technology, there’s even more
reason to do it yourself because you can take your tax return and… it into some AI tool and go,
what do you want? But like I talked about a couple of weeks ago with that, very confidently was
like, oh, you missed this big deduction. Just check this box and you’ll save yourself 20%. And I
was like, but I’m not allowed to check the box. I’m in one of those businesses that are unboxed
checkable. They’re like, yeah, but like, does anybody really going to know? You probably check it.
I’m like, this is crazy. Or there was a post on LinkedIn the other day about somebody putting some
commentary in. chat GPT about their investment portfolio. Like, hey, I think small caps are
ripping. I should probably add 10%. Yeah, great idea. But I’m really concerned about the war.
Shouldn’t I get back into treasuries? Yeah, great idea. I saw on CNBC that things are pretty
volatile. Maybe I should add gold. Yeah, great idea. Where’s the balance there between finding your
area of expertise and outsourcing, even at a cost, the other pieces of that?
And I think all of those things flow on a continuum of advice,
you know, whether it’s high risk, high return type of thing or low risk, low return. And it’s an
individual decision, whether it’s a, you know, like Jesse’s story about the person who shows up and
says, I know what to do, but my family doesn’t. I need somebody in my corner to help with that. I
actually need somebody to do this day to day, but I’ll take your advice. Or it’s the person who
goes, you know, my expertise is doing this other thing. I’m sure I could go learn that, which by
the way, no offense to anybody in the universe, but I got a 30-year head start. So I’m not saying
that you can’t catch up, but it’s going to take a while to accumulate 30 years worth of, you know,
story or history of like how to think about this stuff. But if that’s where your expertise lies,
then get after it. But you probably also don’t, you know, do your own taxes or you probably don’t
do something else that you outsource. There’s no right or wrong answer to that. Like Jesse said,
we’ve got some dogs in the hunt, so to speak. What did you say? The dogs at the bowl or something?
I think the phrase is dogs in the hunt. I don’t know. Dog in the fight? Dog in the fight.
Interesting. We’ll have to fact check that. Doug, check the idiom usage and see what we got there.
But not everybody should be hiring people and not everybody who hires people should be. There’s no
right answer here. Yeah. What I appreciated back in the day was when people knew what they were
hiring me for. If somebody had no idea, they said, I should have a financial advisor. I’m like,
great. I should hire like a chef. What do you want me to cook? I don’t know. If you don’t know what
you are looking for, it’s hard to get a great result. I think if you start with a result, it’s a
better way to move forward. Speaking of moving forward, we’re going to move into the middle of our
show because on Fridays, we have this great competition that’s going on all year long between OG,
Jesse, and Paula Pant from Afford Anything. Well, Roxanne, you are Team Finance Rocks’ Team Paula
Pant today, which means I’ve got some good news for you and some bad news. Which one do you want?
Only the good news, please. Well, the good news is you get to guess last. which I know our guests
always appreciate. But the reason you guys last is because team Paula is in last place, which is a
perennial thing, I think, here in mom’s basement. So the score, Doug, is what?
We have eight points for team OG, two points for double father,
double dad, Jesse, and two points for team Paula. Eight to two to two. Last week,
OG and the judges, by the way, in Wichita are digging through the year-by-year competition to see
what the record is right now. But OG at eight points is certainly making a run at the record.
So hopefully here by next week’s show, we’ll be able to tell everyone what record,
if he’s on track, if he’s behind, we’ll be able to do the math. But for today,
regardless, we need a trivia question, Doug. What’s on your mind, man?
Hey there, stackers. I’m Joe’s mom’s neighbor, Doug, and it’s May 1st. That means it’s May Day,
and today kicks off a slew of my favorite holidays. First, today is the unofficial start of the
warm summer season. Then, you know, there’s May 4th when they get to geek out on Star Wars,
followed quickly by Cinco de Mayo. Not sure what that phrase means, actually, but, you know,
it’s May 5th. What a great week. you think about mayday and i gotta admit there have been days i
wanted to scream mayday from the basement like the time og decided to dutch oven the entire place
or the time joe decided that it was mario kart championship day and i hadn’t yet.
It’s so frustrating. So why do people in distress say May Day at all? The phrase May Day was
created initially by Frederick Stanley Mockford, a senior radio officer at Croydon Airport in
London, who was asked to come up with a word to indicate distress that could be easily understood
by all pilots and ground staff in an emergency. May Day is a phrase that sounds a lot like the
French May Day. Pretty sure I said that just like a local, which means help me.
Not what I said, I’m sure, but if you said it correctly, you know that’s what it means. Here’s
today’s question. What year did Mockford propose using the phrase Mayday?
I’ll be back right after I set up the Maypole with lightsabers on the back porch. Let the
festivities begin.
It’s definitely Doug’s favorite. Favorite week of the year here in the basement.
And we’ll let him get ready while, OG, you’re taking your stab at it. The phrase mayday.
What year? Yeah, I feel like Doug is just… like a volleyball match. It’s just a bump set.
And I just got to spike this down because like last week, and I knew exactly when the last
Woolworths store was closed. But you didn’t. But that’s fine. This is right in my wheelhouse also
because it has to do with flying. And they teach you this in pilot school. So everyone knows that
this was started in 1951. It happened shortly after.
World War II because they didn’t really have a phrase for that in World War II. And people were
just saying all sorts of weird stuff. And nobody could discern actual radio communication.
Jesse doesn’t think I’m right, but this is the true thing. Thinking of all the pilots in World War
II just being like, oh, I’m going down. I need something better to say. What do I do with my hands?
There’s so many motions, but I don’t know what else to say. So yeah,
so they just all got together and it was in 1951. That’s the moral of the story. It’s like day one,
lesson one of pilot school. So easy to remember. 1951, Jesse Kramer.
He said Mayday is like help me in French. It’s help me, right, Doug? It’s funny.
Our older daughter, I mean, she’s just learning English. It’s hard language. And when she wants to
help, like she’s trying to figure out what order do I put the words in and where does the pronoun
goes? When she wants to help, she says, help me. Like, I’m going to come help you. But she says,
help me, help me. I think it’s cute. Anyway, the curse of being a parent. And 1920 is going to be
my guess. 1920. So, Roxanne, here’s what you got. You got 1951 and 1920.
What are you thinking?
There’s absolutely nothing going on in my head right now. Is that good? That’s probably not good.
Where am I? Welcome to Stacking Benjamins, Roxanne. She gets along perfectly with the rest of us.
Among good company, huh?
Also people with nothing in their heads.
I mean, I feel inclined to split the difference. I know it’s closest. There’s no going over
anything. Can I split the difference mathematically in my head while being on this call?
That’s a good question. Oh, gosh. It almost came to me. No, I lost it.
50%. Okay. But let’s see. Can I give a more educated answer than this? 1920 seems maybe a little
bit too early, but I don’t know why I think that. I’m just great today.
I’m just doing fan. I’m just so happy to be here with you guys. You’re so wonderful. We’re so happy
you’re here. The most awesome thing you could do as a thank you is to give us an answer.
Okay.
And now, like everybody else on this show, she’s stalling, Doug. Now she’s stalling. Mayday.
Mayday. I’m stalling. How about 1935? I’m going to split the difference-ish.
- So we got 1920, 1935, and 1951.
Who’s closest? Is OG going to get one step closer to maybe the best score ever or Jesse or Roxanne
going to stand in his way today? We’ll find out in a minute.
OG, you kicked it off with 1951. And I think both Roxanne and Jesse said mayday on that answer
because, man, they didn’t like it. Well, I mean, they didn’t even start flying airplanes until
1947, so I don’t know why they would have a thing for 1920s.
Or in 1962, the year Columbus sailed the ocean blue. I mean, that’s another one to consider.
It’s a rhyme. Jesse, 1920, how are you feeling? I had that moment of fear.
I was like, when were the Wright brothers? Which I think was a question on here before. I almost
said that just to have you freak out for a quick minute. The Wright brothers didn’t even start
until 23. Oh, crap. I thought about you were really having fun. You would have called them the
wrong brothers today. I figured it was a World War I-ish, maybe right after World War I-ish
thing. But you went 1920 anyway. 1920 was after World War I. Well, it could have been a thing
before flying was popular, and maybe it just kind of got picked up for that.
Exactly. What if it was an aviation? What if it was an aviation? What if it was boats? Ooh.
Even though I know we said they created the airport. I was going to say, we pretty much spelled it
out in the question. Jokes on you guys. This guy created it while he was a ship captain. What if it
was the candy making industry and that’s why they came up with the payday candy bar? Right.
Doug, who’s taking this home? Thank God. Hey there, stackers. I’m May Lover,
but now that I think about it, guy who’s a lover, not a fighter, no matter what the month is, Joe’s
mom’s neighbor, Doug. Today is May Day, and while that means celebrations here in the basement, it
means bad things if you hear it on a radio, because… a distress call. So two of our contestants
today will end up in a distress and one will go home happy. What date did Frederick Stanley
Mockford propose this phrase, initially used for flights over the English Channel?
Well, I’ll tell you this. It was 28 years before the year OG guessed.
Three years. After what Jesse guessed and 12 years before what Roxanne guessed,
because the correct answer is 1923, making Jesse our winner.
Initially for flying over the English channel. Imagine how scary that would have been in the 1920s.
Just that body of water. 20 miles of it or so. Yeah. Tough time. Nice job,
Mr. Kramer. Thank you. Thank you. You’re only now five away. Yeah, just working on it.
From OG. But you also held him back from scoring the record, which is what we’re maybe looking for.
Or is there still history in the making? This is how comebacks begin. This is it. You got to start
somewhere. I’m going to need Paula’s address so I can send her some flowers. No, no. You came in
second, Roxanne. That’s good. Better than average. I think it’s better than Paula. Normally does.
Let’s get on to the middle and the end of our discussion about the 1% because I want to spend a
little time on what I call scale it, which is. For some people, this might be important. For
others, it’s not. I think this is really the debate zone, right? Is it something that means a lot
or is it something that doesn’t mean anything? I want to start with you, Jesse. Let’s talk about
alternative investments. And by the way, it’s in the world of alternative investments that we see
people say, be part of the 1%, get into this alternative investment. But I’m not thinking as much
private equity as like REITs and some of these maybe real estate syndications.
you know, some of the better known private investments. Invest like the 1% or not.
Yeah, I mean, definitely scale it. That’s definitely my answer. I know enough to kind of know what
I’m doing. And yet some of these esoteric alternatives, like I don’t know what I’m doing there,
candidly. And some of them too are like, even if it’s an investment that seems good on its face,
helps you maybe diversify more. Like when we think alternative, the thing I think of is like
university endowments. Right, the whole, what’s the fellow’s name from Yale who passed away?
Starts with an S, SW, not Swinford. Anybody? David, David,
David. Swenson, Swenson. Oh, Samsonite. Swenson. Says right here. Samsonite. The Swenson model.
Like he was famous for alternatives. But the big takeaway that I have is any investment,
no matter how good it is, can be made a bad investment with really high fees. And if you look at
the alternative space, like that’s something you kind of see is you see some pretty interesting
looking investments that might have a decent return on them and provide pretty good
diversification, but they come with like 4% per year fees attached to it. So everything needs to
be kind of properly evaluated there. And I’m definitely a scale it because there’s plenty of
downside to go with some of the upside.
Roxanne? So I, as a…
recently divorced as close as possible to 40 without going over.
I recently lost my accredited… You’ll be saying that for the next 15 years, by the way. Just FYI.
Get used to it. Yeah. Yeah. So I recently lost my accredited investor status thanks to divorcing.
There are some protections for people to not be able to do a lot of the investments. And maybe I’m
biased, like my answer… kind of towards my actual clients and audience that I have right now,
where mostly it’s people that are kind of early in their investing journeys or maybe even still
like paying off debt. So I’m inclined to say skip it altogether for alternative investments,
partly because a lot of people won’t have access to them anyway. And then yeah, the fees that are
involved and just keeping it simple. Like one of the things I actually recommend people do.
is to just get started with like $20 and buy an individual stock, something that they already know,
like a company they like and know and being able to understand investing because really it’s no
more difficult than ordering things on Amazon or online. But then you get to kind of feel the
heartbeat a little bit too. Yeah. And the emotions. Yeah. I think that it makes it a lot easier to
get started with that. So yeah, I’m going to say skip it for alternative. I think Roxanne’s way,
OG, is a lot better than going and taking your first 20 bucks and buying a non-traded REIT.
Alternative investments should be banned for everyone all the time. Period. There’s the hot take.
Are you scaling it? You’re scaling it. I wish we could delete it. There is no benefit to it,
especially when you look at it from the continuum of risk and return. If you’re going to lock my
money up and you’re going to charge me a bunch of money, I better be getting an awesome expected
return. You know, when people are like, oh, this is really great. Here’s a great real estate
investment or here’s a great private equity thing. It’s going to average 10% a year. It’s like the
frigging S&P does 10%. It’s going to average 12%. Small caps do 13 and they’re liquid and I can
sell it tomorrow in a frigging instant. So like, why in the heck would I try to lock money up?
And like you said, Jesse, pay a bunch of costs or potentially a bunch of costs, have tons of
illiquidity. And while the accredited investor thing is nice, As a protection,
the reality is it’s just a box to check. Nobody checks that to double check to make sure that you
really are. If you’re filling out the form, you just check the box. And if you lie, then you lie.
There’s no penalty for lying. It’s useless. area on the paperwork so the reality is is that the
vast majority of people have no business investing in anything other than publicly traded equities
because you get all the return you need and you have ton you know immediate liquidity and all
transparent pricing like there’s 800 billion dollars traded every single day so you know that the
price of your etf is legitimate when when you lock your money up in an alternative investment you
have no idea what that price is right there’s no transparency I’m not quite as far as you are,
OG, but Roxanne, I definitely like the part where you and OG agree with you don’t need any of it.
And it’s certainly not a place to start. And if you’re trying to invest like the 1% with your
first dollar, this is a huge mistake. This is where they get you. But there’s a few things that
I’ve liked in the alternative investment universe just because they’re fun. Masterworks, buying
art. I like art. Terrible return on investment. Yeah. Do I think it’s a great investment? Nope, I
don’t. I really like supporting it. I like art. I think it’s a lot of fun, but I’m doing it because
it’s fun, not because it’s a great investment. AcreTrader has had nice returns buying farmland.
You’re locked up. A lot of people don’t understand how that works. Don’t need it. Definitely don’t
need a piece of AcreTrader. I think it’s a good time. But again, listen to the emphasis.
I like them, but neither of those companies, and I mentioned them specifically,
are emphasizing, do this because the 1% does it. which is that marketing just drives me crazy.
Chris over at Heavy Metal Money says we should go all in on crypto. There we go. Just put it all
on. I’d rather go all in on crypto than something like AcreTrader, Masterworks,
any non-traded REIT. At least it’s liquid. I’d be the opposite in a heartbeat, in a 100%
heartbeat. I feel like I know a little bit about art. I understand what moves the needle. I have no
idea what moves the needle on Bitcoin. I have zero. Even when I owned Ethereum, I had no idea.
Farmland, I grew up in farm country. Totally get that. Jesse? We’re talking about liquid
investments here. Let’s bring it full circle back to gas. it might evaporate on you.
Just put the cap on? Evaporation risk. Speaking of gas, I saw an investor did an option trade,
you know, or a futures trade on oil and gas and didn’t close their position out. Just thought it
was like a normal option trade, like it just closed. And they got a letter from the CBOE that said,
where would you like your 80,000 barrels of oil? Oh my God. Got to take delivery on it, baby. Time
to figure out where that’s coming.
I don’t know if it was true. It was on the internet. So it gave me a little chuckle because I’m
sure that exists in real life. I’m sure somebody was like, oh, this just ended on Friday. Like a
position closes out like an option trade, right? No, nope. It closes out. All right. You now own 80
,000 barrels of oil. Where would you like to get it? You’re literally holding the barrel at the
end. You are literally holding the barrel. Let’s talk about one more before we say goodbye.
Leverage. Roxanne, where do you stand on leverage? You’re going to leverage like the 1%?
No, no, I don’t like it. I know that some people use it. I’ve just never, it’s not for me.
Never been for me. Skip it. Jesse? I think it’s kind of funny because it’s almost like once you’re
in the 1%, your need for leverage is probably less than it was 20 years ago.
But I think your comfort for riding out liquidity squeezes is much easier.
Sure. The thing that kills leverage for the vast majority of people is you end up with this
liquidity crunch and now you can’t pay the bill. Yeah. Yeah. I just go back. There’s a Warren
Buffett quote. I know. I know. Warren Buffett, Charlie Munger. By the way, someone on the basement
Facebook group, I think, had that as their drink every time Jesse does this thing. That was a
recent post. It was drink every time Jesse mentions Munger and Buffett. But Buffett has a quote,
which is, why would you sacrifice something that you have and need for something that you don’t
have and don’t need? And to me, when you’re already in the top 1%, leverage is that thing.
You’re risking your wealth to just go get more of it. You don’t need more of it, usually.
So yeah, I’m going to drop. What was my scale skip? I’m going to skip. I’m going to skip leverage.
Yeah, the leverage one is absolutely crazy. OG, you got the last word. I think it’s funny that
people would have this opinion about leverage and yet try to do it as much as possible on real
estate and the whole community of real estate investing is built on the concept of,
I’m going to… buy this thing for as cheap as possible in terms of my cash outlay.
I’m going to lever it as much as possible and then I’m going to try to manipulate it so that people
are renting it and then that rent payment pays my leverage payment and then someday in the future I
make a bajillion dollars. I just have to make a little bit on each deal and do that 74,000 times.
But when you say to somebody, you can do the same leverage. with the 500 biggest companies in
America, most well-capitalized, most well-run companies in the universe. They go, that’s crazy. I
would never do that. That’s risky. They go, well, you’re doing it with your stupid rental property
right now in any town USA. What’s a higher risk proposal? Having the executives at Coca-Cola in
charge of your money and the leverage or your one single family rental property in anywhere USA?
I would prefer that most people skip. you know, deep amounts of leverage altogether because,
you know, it’s like Jesse said, risking what you don’t have need something.
He said something smart. I’m not exactly sure what it was, but I think the reality is, is that
people will do it and lull themselves to sleep saying that it’s what the 1% does. Well,
and I think that what we learned today, hopefully what our stackers learned today was that, you
know, rich habits. are different than quote what the one percent do right we hear about what the
one percent do and all of you i think practice rich habits and those are a whole different thing
when it comes to us whole different thing. If you have comments,
I would love to hear them. Either write me, Joe, at stackybenjamins.com or join our Facebook
group, The Basement, stackybenjamins.com slash basement. Tell us how many times you drank when
Jesse said Warren Buffett. That would be a fun game too. Yes. We got to sign Roxanne one so that we
can get people. Drunk on her behalf. Will our guest of honor go last? Let’s find out what
everybody’s doing. OG, you’re celebrating May Day. How? Uh, how? Oh,
um, tomorrow we are going to college station. We’re going to go catch a baseball game and then the
bananas in Kyle field, which is largely going to be the, uh, I think the biggest baseball game ever
attended or something they’re trying to do a hundred and some, have you seen a Savannah bananas
game yet? No, but we went to the cosmic somebody or another’s the other day and it was glow in the
dark baseball, which was pretty fun. Got kind of long in the tooth. Like I was like, okay, let’s
wrap this thing up or we get it. It’s very loud. And there’s a lot of, it just seemed like baseball
with ADD. Again, it was fine for a few innings, and I’m like, okay, this is fun. I’m playing
baseball backwards, and they had a rule where any ball anywhere was in play.
So this guy hit a huge foul ball in the concession stands,
and he’s still running the bases because now the fans have to get the ball to a player who throws
it on. Wow, really? They threw him out at home. It was great because they got the ball to the guy,
and he threw it over the fence. And then they threw to the catcher and got him out at home. But so
like fun, kind of exciting things like that. But yeah, that’s our weekend. We’re going to go down
to College Station and hang out. It’s the last weekend at school for Alex. So I’m going to help him
kind of pack. And then he’s got an accounting exam. Successful freshman year. This is OG’s birthday
on Monday or Tuesday. Somewhere in there. Oh, boy. You better learn which day that is. I’m going to
err on the side of Monday. I’ll be ready on Monday in case it’s Monday. Don’t worry. You’re early.
I’m not early. I need you to have two days of fun. And with your permission, I’m going to go
because I am a single dad today. So I’m going to dip and do my dad’s stuff. We will see you later,
my friend. Adios, amigos. Nice to meet you, Roxanne. Nice to meet you. Jesse, tolerable as always.
Likewise.
Jesse, what’s happened at Personal Finance for Long-Term Investors?
Well, in celebration of May Day, I’m finishing up my pilot’s license. I got one more flight to
take. London to Paris. Wish me well.
No, I’m dropping an episode coming up. Pretty excited for it. It’s an Ask Me Anything episode
inspired by Einstein, who had this quote where he said, everything should be as simple as possible,
but no simpler. It’s like, man, what a great quote. to kind of use as a lens to look at retirement
planning. It almost echoes with some of what we were saying today with the top 1%, which is there’s
some ideas out there that aren’t simple at all, but maybe they’re worthwhile. And then there’s some
ideas where people go like too simple and they’ve kind of lost the plot with how simple they want
to make it. So anyway, that’s what’s going on over on the podcast. I owe you a thank you too.
You helped us by taking over our 201 newsletter last week, which was fantastic.
It was a cage match between brokerage accounts or Upma accounts, Upma, Upma, for kids.
Do you save into these kids accounts or do you save into a Trump account? So you had to get in a
cage and fight it out. That’s true. And I think, I don’t know if it made the final edit or not,
Joe, but I think we included some WWE photos in the newsletter, which I…
self-selected. I thought they were pretty good. I procured them, you could say. You did procure
some hilarious photos. Not sure about copyrights. That’s fair.
But you did. But are they going to sue because you’re making them more famous? Exactly. I think
they owe me royalties. I think that’s how it works. Yes. I’ll put them straight into my UTMA. Send
Jesse and Stacky Benjamins some money. Roxanne, I’m super happy you agreed to come on.
It’s about time. I remember saying to you when we met at FinCon many, many months ago, I’m like,
you got to come on Stacky Benjamins. But we finally did it. Yeah, I know. It was really fun to be
here. I think filling in for Paula is the next… As good as possible,
except for being on with Paula. So that would be amazing. That’ll be next time. Next time we’ll
have Roxanne and Paula. And you can see for yourself just how bad Paula really is at this trivia
challenge. Well, Jesse just pointed out keeping things simple. I think that maybe that’s where I’ve
been going wrong because it seems like I’m making things as difficult as possible all the time.
Perfect. Yes. But yeah, coming up. Oh, go ahead. No, I was going to ask exactly where you’re going.
What’s going on at Finance Rocks? So a long-awaited interview with Nick Johnson from Everyday
Money Heroes. Had him on my channel, and I’ve been sitting on that episode for a while.
And then I’m trying to come up with ways to celebrate hitting my PHY number. So if your audience
has any suggestions. Right now, I have some ideas like doing a donut crawl,
going and getting donuts at a bunch of places, maybe a tattoo. So looking for fun ways to
celebrate. A tattoo of a donut? Maybe like a piggy bank or something. Maybe, or a, yeah, yeah,
yeah, yeah. Get your tattoo for meeting your FI number. Jesse, it sounds like something that you
would do. Yeah, I’d consider it. I would go chase that down. Tattoos can be expensive. It might
cause you to dip below your FI number, just the cost of getting the tattoo. Well, I’m more of a
discount tattoo guy.
There’s certain things I skimp on. By the way, going back, I think Roxanne used the noun, you
called it a bale of toilet paper really early on. Love that. Love that. The things I skimp on,
toilet paper, tattoos. Nope. And then tattoo removal is the third one. Both the tattoo and the
removal. I’m looking for the low cost provider. I think the two words, Roxanne, that don’t go
together are discount and tattoo. I just don’t. Don’t know that those two words actually work.
Well, I don’t really have much choice. I got the unfortunate combo of being both frugal and cheap.
So I think I might be in that camp as well. You have to. She finds that word incredibly attractive
at this point in her career. We will link to Finance Rocks on our show notes page as well at
stackybenjamins.com. But find her on Instagram and on her YouTube page, which is both hilarious.
And you’re going to learn about money, which is awesome. Thank you, by the way, to everybody who
hung out with us today on YouTube. If you want to hang out with us, we’re reliably here on Mondays.
We actually started a little early, but generally it’s about 3.30 Eastern time. Do the math on
where you’re at on Mondays. And we’d love to have you hang out with us. And we’ve been… kind of
showing the different things, hilarious things often that people are saying that hang out with us.
It is really a good time making the show here live on Mondays. All right. You know what else is a
good time? Hearing from Doug exactly how he translated today’s show. Let’s see how correct he was.
Doug, what should we have learned today? It’s always a bit of an adventure, right, Joe? Well, Joe,
first, take some advice from Roxanne. And I think this is a direct quote. She said, you should
absolutely steal from the rich, especially their ideas about long-term financial planning.
Plus, they’re the ones that leave that big bucket of full-size candy bars out on Halloween. Take
those two. They can buy more. They’re the 1%. Is her name Roxanne or is it Robin Hood? I mean,
and I’m not talking about the brokerage company, which is Rob from the rich or Rob from you and put
in their own pocket. I’m talking about the character. I’ll answer to either. Second,
take some advice from a guy who definitely is not a dog lover. OG says, don’t let the tax tail wag
the investment dog in the hunt or something like that. But the big lesson. Don’t let Joe’s mom
stress out about all the early May holidays. She just told me she’s calling May Day on May Day.
Don’t do it yet, Ma. I got a whole five laps to do around the Maypole.
Thanks to Roxanne Duckles for joining us today. Are you one of those weird people who like money
and laughing? Check out Roxanne’s YouTube channel and Instagram. Both are easily found if you
search for Finance Rocks, and this is hilarious. She spells rocks wrong. She spells it R-O-X.
We’ll also include links in our show notes at stackingbenjamins.com. Thanks to Jesse Kramer for
hanging out with us today. You’ll find his aggressively named podcast, Personal Finance for Long
-Term Investors, wherever you listen to finer podcasts. And finally, thanks to OG for joining us.
Looking for good financial planning help? Head to stackingbenjamins.com slash OG for his calendar.
This show is the property of SP Podcast, LLC, copyright 2026,
and is created by Joe Salcihai. You’ll find out about our awesome team at stackingbenjamins.com
along with the show notes and how you can find us on YouTube and all the usual social media spots.
Come say hello. And oh yeah, 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,
Doug, and we’ll see you next time back here at the Stacking Benjamin Show.
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