David Macchia

Episode 164: You Can’t Solve Risk By Adding More Risk with David Macchia

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Rising inflation and rising rates have created a challenging environment for retirees. At the same time, our industry is poised to offer significant protection. Today, we cover the waterfront with David Macchia, Founder & CEO of Wealth2k. We also talk about David’s project to deliver free financial planning services for underserved communities.

Links mentioned:

https://www.linkedin.com/in/macchia/

https://www.project6000minutes.com/

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Episode Transcript

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[paul_tyler]: this is paul tyler and welcome

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[david_macchia]: oh

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[paul_tyler]: to another episode that annuity show ramsey
harry you

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[ramsey_d_smith]: fantastic always glad to be here

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[paul_tyler]: yeah well it’s we’ve had some interesting
interesting month coming up i mean actually can

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[paul_tyler]: be out at shortt connect

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[ramsey_d_smith]: oh

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[paul_tyler]: there’s some interesting overlap

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[ramsey_d_smith]: oh

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[paul_tyler]: with some of the people we’ve

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[ramsey_d_smith]: m

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[paul_tyler]: had on this show and some of
the people who participate in retire tech

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[ramsey_d_smith]: oh

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[paul_tyler]: event

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[ramsey_d_smith]: ah

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[paul_tyler]: so i’m

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[ramsey_d_smith]: yeah

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[paul_tyler]: looking forward to seeing smal friends meeting
some new men which we have an old

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[ramsey_d_smith]: m

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[paul_tyler]: friend now an old

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[ramsey_d_smith]: yeah

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[paul_tyler]: friend back on our program today

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[ramsey_d_smith]: oh

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[paul_tyler]: rams you want to do the introductions

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[ramsey_d_smith]: absolutely

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[paul_tyler]: oh

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[ramsey_d_smith]: we’re very lucky to have

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[paul_tyler]: oh

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[ramsey_d_smith]: david mark rejoin us to talk about
some of the things that he’s been doing

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[ramsey_d_smith]: in the in the few months since
the last time we had on the show

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[ramsey_d_smith]: m david for those of you don’t
know is the founder and co of wealth

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[ramsey_d_smith]: to k he’s also a very prolific
and passionate writer about about many and all

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[ramsey_d_smith]: things retirement income you know built particularly
around the concept of a constrained investor which

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[ramsey_d_smith]: is something we talked about on his
on his

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[paul_tyler]: yeah

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[ramsey_d_smith]: last visit here in addition to that

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[paul_tyler]: yeah

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[ramsey_d_smith]: he is launched a new product

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[paul_tyler]: yeah

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[ramsey_d_smith]: you should say a new project rather
that he’s going to

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[paul_tyler]: oh

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[ramsey_d_smith]: share the outlines with us on today
which is called project six thousand minutes a

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[ramsey_d_smith]: really very interesting initiative so with that
welcome back to the show david and we

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[ramsey_d_smith]: look forward to our chat today so
tell us

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[david_macchia]: yeah

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[ramsey_d_smith]: what are some of the key things
you’re focusing on lately

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[david_macchia]: ah

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[paul_tyler]: yeah

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[david_macchia]: first of all thank you ramsey and
thank you paul

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[ramsey_d_smith]: oh

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[paul_tyler]: yeah

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[david_macchia]: for having me back i very much
enjoyed being with you

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[ramsey_d_smith]: oh

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[david_macchia]: so you mentioned project six thousand minutes
and over the last several months this is

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[david_macchia]: something

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[ramsey_d_smith]: m

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[david_macchia]: that’s been very much on top of
my agenda it’s forming just now but

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[ramsey_d_smith]: m

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[david_macchia]: give folks an outline of what it
is those of us who’ve been blessed with

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[david_macchia]: advantages and

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[paul_tyler]: yah

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[david_macchia]: have done you know well

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[paul_tyler]: yeah

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[david_macchia]: financially you think about at some point
in your life giving back and you know

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[david_macchia]: my belief about giving back is that
one of the greatest gifts one can give

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[david_macchia]: is education education is the way for
because i think to elevate themselves in my

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[david_macchia]: own

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[paul_tyler]: yeah

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[david_macchia]: life i can point to education as
being instrumental

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[paul_tyler]: yeah

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[david_macchia]: in helping me you know elevate where
i was and when i started to where

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[david_macchia]: i became over time and the idea
of project six thousand minutes is a way

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[david_macchia]: for people to help contribute to building
a more equitable society specifically project six thousand

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[paul_tyler]: oh

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[david_macchia]: minutes aims to deliver free financial education

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[paul_tyler]: oh

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[david_macchia]: to women from undeserved communities black women
hispanic women latina women and other

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[paul_tyler]: okay

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[david_macchia]: women from undeserved communities who need basic
financial education well you say well how would

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[david_macchia]: that happen how does that actually play
out

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[ramsey_d_smith]: yeah

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[david_macchia]: well think of this the financial advisor
community collectively possesses a level

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[ramsey_d_smith]: oh

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[david_macchia]: of wisdom that’s unmatched

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[paul_tyler]: yeah

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[david_macchia]: so the idea of project six thousand
minutes as advisors would donate two hours per

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[david_macchia]: week of their time

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[ramsey_d_smith]: oh

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[david_macchia]: to deliver education in their local communities
in any number of

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[ramsey_d_smith]: yes

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[david_macchia]: venus to profit organization s places of
worships community centers or

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[ramsey_d_smith]: ye

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[david_macchia]: online or online and by doing that
we can leverage the financial advisor community in

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[david_macchia]: a way that will help really build
a more the bow and stronger society the

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[david_macchia]: name project six thousand minutes

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[paul_tyler]: oh

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[david_macchia]: comes from the idea that

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[paul_tyler]: my

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[david_macchia]: if an advisor

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[ramsey_d_smith]: m

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[david_macchia]: devotes two hours per week over the
cost of fifty weeks that’s six thousand minutes

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[ramsey_d_smith]: oh

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[david_macchia]: so i think you know if

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[ramsey_d_smith]: yeah

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[david_macchia]: we are able to get this off
the ground successfully and have a large number

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[david_macchia]: of financial advisors

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[paul_tyler]: oh

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[ramsey_d_smith]: m

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[david_macchia]: deliver education we will change people’s lives

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[paul_tyler]: yeah

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[david_macchia]: to some extent and i think it
will also become

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[ramsey_d_smith]: oh

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[david_macchia]: a way to educate women who some
of whom will say you know

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[ramsey_d_smith]: yes

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[david_macchia]: i love this topic i love learning
about financial issues perhaps i’ll pursue a career

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[david_macchia]: as a financial advisor and of course

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[paul_tyler]: yeah

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[david_macchia]: you know we need to have women
um

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[ramsey_d_smith]: oh

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[david_macchia]: you know in the ranks of the
financial advisor community and we specifically

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[ramsey_d_smith]: m

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[david_macchia]: need to have more minority women in
the ranks of financial advisor community

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[ramsey_d_smith]: m

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[david_macchia]: perhaps this and become a pipeline to
you know try to address that long standing

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[david_macchia]: aspiration we need support we need support
of financial advisors we need support of sponsors

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[david_macchia]: at the corporate level

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[ramsey_d_smith]: oh

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[david_macchia]: anyone can learn about this initiative

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[ramsey_d_smith]: yea

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[david_macchia]: at the website project

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[ramsey_d_smith]: oh

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[david_macchia]: six thousand minutes dot com

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[ramsey_d_smith]: ye

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[david_macchia]: i’ll help you visit

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[ramsey_d_smith]: oh

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[david_macchia]: it and i help you learn and
i help you think about contributing to this

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[ramsey_d_smith]: yeah

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[paul_tyler]: yeah

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[david_macchia]: and thanks for giving me an opportunity
to talk about

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[ramsey_d_smith]: yeah

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[david_macchia]: it

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[paul_tyler]: yeah and just just

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[david_macchia]: oh

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[paul_tyler]: is i think it’s fabulous idea you
know now i will say i one of

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[paul_tyler]: my

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[david_macchia]: m

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[paul_tyler]: strange you know one of my

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[david_macchia]: m

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[paul_tyler]: simons had a prim

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[david_macchia]: oh

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[paul_tyler]: prior company was run reliance

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[ramsey_d_smith]: yeah

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[paul_tyler]: right so i’ve learned to put my
compliant

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[ramsey_d_smith]: oh

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[paul_tyler]: healthy

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[david_macchia]: oh

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[paul_tyler]: skeptical hat on here so dave how

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[ramsey_d_smith]: oh

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[paul_tyler]: how do you know you’re in the
design phase

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[ramsey_d_smith]: oh

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[paul_tyler]: of this how do you keep this
from being like a legion

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[ramsey_d_smith]: right

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[paul_tyler]: opportunity and it’s us

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[ramsey_d_smith]: yeah

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[paul_tyler]: and rather keep it

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[ramsey_d_smith]: yeah

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[paul_tyler]: as a give back to a community

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[ramsey_d_smith]: oh

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[paul_tyler]: you know wat are the so are
you selecting agents you know what’s the how

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[paul_tyler]: do you kind of put guard rails
up on this

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[david_macchia]: it’s a great

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[paul_tyler]: oh

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[david_macchia]: question and i’m not sure i have
a perfect

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[ramsey_d_smith]: yes

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[david_macchia]: answer yet

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[ramsey_d_smith]: oh

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[david_macchia]: i think the people who will

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[ramsey_d_smith]: ye

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[david_macchia]: respond to this those who genuinely want
to get back by don’t

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[ramsey_d_smith]: oh

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[david_macchia]: in some of their time and some
of their brain power to

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[ramsey_d_smith]: yes

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[david_macchia]: people who can benefit

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[ramsey_d_smith]: yeah

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[david_macchia]: from it

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[ramsey_d_smith]: yeah

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[david_macchia]: i never really conceived of

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[ramsey_d_smith]: m

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[david_macchia]: it as as anything other than that
paul

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[paul_tyler]: yeah

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[david_macchia]: and i don’t

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[ramsey_d_smith]: oh

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[david_macchia]: think it will be you know we
want to

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[ramsey_d_smith]: oh

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[david_macchia]: form this in a non profit structure
we wanted to be you know clean

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[ramsey_d_smith]: m

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[david_macchia]: and proper

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[ramsey_d_smith]: yeah

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[david_macchia]: and appropriate and devoted to its mission
and only its mission so i mean it

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[ramsey_d_smith]: oh

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[david_macchia]: wouldn’t be good to have it stray
into into anything

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[ramsey_d_smith]: yeah

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[david_macchia]: that becomes more commercial let’s put it
that way

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[ramsey_d_smith]: so interestingly i mean in some ways
i want to take the

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[david_macchia]: oh

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[ramsey_d_smith]: other side of your point paul

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[david_macchia]: hm

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[paul_tyler]: yeah

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[ramsey_d_smith]: right

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[david_macchia]: i

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[ramsey_d_smith]: um i think that that one of
the one of the challenges in financial advice

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[ramsey_d_smith]: is is that there there still is
a large part of the population that isn’t

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[ramsey_d_smith]: covered part of it reason it’s not
covered is a lack of understanding part of

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[ramsey_d_smith]: it’s a lack of trust

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[paul_tyler]: yeah

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[ramsey_d_smith]: and in my mind you know an
initiative like this you know allows more people

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[ramsey_d_smith]: to understand one what they need to
do in their personal finances and two quite

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[ramsey_d_smith]: importantly kind of bifricate what part of
this can i handle myself versus o things

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[ramsey_d_smith]: that i might actually seek seek

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[paul_tyler]: yeah

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[ramsey_d_smith]: seek seek

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[paul_tyler]: yeah

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[ramsey_d_smith]: advice on so in my view like
you know if if this sort of lives

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[ramsey_d_smith]: out to it to its its full
potential you end up creating more potent clients

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[ramsey_d_smith]: down the road maybe not this year
but maybe maybe those people are clients ten

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[ramsey_d_smith]: years down the road for the right
for the broader community

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[david_macchia]: oh

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[ramsey_d_smith]: and you you ultimately end up potentially
cultivating

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[david_macchia]: yeah

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[ramsey_d_smith]: some some new advisors down the road

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[paul_tyler]: oh

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[ramsey_d_smith]: um one other point that i’ll put

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[paul_tyler]: yeah

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[ramsey_d_smith]: on it

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[david_macchia]: oh

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[ramsey_d_smith]: is that actually think one of things
that it is often underestimated about the value

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[ramsey_d_smith]: of non profit work is it you
know put you in a position to work

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[ramsey_d_smith]: with people on something about which they’re
very passionate so the people like so so

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[david_macchia]: hm

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[ramsey_d_smith]: david you’re going to pursue this an
you’re going to end up working with other

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[ramsey_d_smith]: people on this and

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[david_macchia]: oh

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[ramsey_d_smith]: and my sense is your on get
to know

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[david_macchia]: yeah

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[ramsey_d_smith]: those people and there will be now
work opportunities there as well that you know

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[ramsey_d_smith]: create other energies so

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[paul_tyler]: yeah

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[ramsey_d_smith]: i think this is a fantastic idea
who knows like what you know how all

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[paul_tyler]: oh

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[ramsey_d_smith]: those things will come out but i
actually think that

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[paul_tyler]: yeah

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[ramsey_d_smith]: think it it can and end up
being commercial in a good way over the

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[ramsey_d_smith]: long term in a way

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[david_macchia]: yeah

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[ramsey_d_smith]: that’s beneficial to everybody

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[paul_tyler]: yeah no

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[david_macchia]: all right

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[paul_tyler]: listen david we talked about this a
little bit i’m not

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[david_macchia]: m

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[paul_tyler]: sure if you could hear me

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[ramsey_d_smith]: oh

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[paul_tyler]: on

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[david_macchia]: m

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[paul_tyler]: the phone but i think it’s a
great idea if i were had

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[ramsey_d_smith]: yeah

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[paul_tyler]: an agency or a

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[ramsey_d_smith]: oh

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[paul_tyler]: firm in a community would speak right
way give back with resources give my skills

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[paul_tyler]: back to the community

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[ramsey_d_smith]: m

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[paul_tyler]: and your ram

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[ramsey_d_smith]: m

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[paul_tyler]: right done properly it probably does generate
a lot furls it probably engenders david is

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[paul_tyler]: probably one of the best brand building
things i could do in a community

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[david_macchia]: i think

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[paul_tyler]: oh

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[david_macchia]: that’s right i think i agree with
both of you i think it reflects

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[ramsey_d_smith]: m

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[david_macchia]: positively on the advisor who’s donating

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[paul_tyler]: yeah

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[david_macchia]: time and trying to make a contribution

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[ramsey_d_smith]: m

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[david_macchia]: to his or her community

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[paul_tyler]: yeah

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[david_macchia]: you know that’s absolutely true i can’t
i can’t disagree with that at all i

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[david_macchia]: think you’re absolutely right about it and
i’m excited and i

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[ramsey_d_smith]: yeah

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[david_macchia]: i hope like i said i hope
folks will

289
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[paul_tyler]: oh

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[david_macchia]: go to the website and i hope
we can enlist

291
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[paul_tyler]: yeah

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[david_macchia]: some sponsors

293
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[paul_tyler]: oh

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[david_macchia]: from the corporal level i don’t think
this can work without corporate participation

295
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[paul_tyler]: agree

296
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[david_macchia]: because the financial advisors contribution that doesn’t
need to be and shouldn’t be direct

297
00:09:05,015 –> 00:09:05,705
[ramsey_d_smith]: oh

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00:09:06,087 –> 00:09:07,229
[david_macchia]: cash contributions it

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00:09:07,205 –> 00:09:07,246
[ramsey_d_smith]: ye

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00:09:07,269 –> 00:09:09,933
[david_macchia]: should be in time and and the
conveyance

301
00:09:09,616 –> 00:09:09,779
[ramsey_d_smith]: yeah

302
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[david_macchia]: of his or her wisdom

303
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[paul_tyler]: oh

304
00:09:11,795 –> 00:09:14,398
[david_macchia]: that’s that’s really the gold standard contribution
here

305
00:09:14,290 –> 00:09:17,416
[paul_tyler]: yeah ramsey i think of you know
wendy cops

306
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[ramsey_d_smith]: m

307
00:09:18,217 –> 00:09:19,058
[paul_tyler]: teacher for america

308
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[ramsey_d_smith]: yeah

309
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[david_macchia]: yeah

310
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[paul_tyler]: project right that

311
00:09:21,983 –> 00:09:22,123
[ramsey_d_smith]: yeah

312
00:09:21,993 –> 00:09:23,456
[paul_tyler]: was a senior thesis you

313
00:09:23,430 –> 00:09:23,773
[david_macchia]: oh

314
00:09:23,496 –> 00:09:24,980
[paul_tyler]: know david to at

315
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[ramsey_d_smith]: yeah

316
00:09:25,500 –> 00:09:25,783
[david_macchia]: oh

317
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[paul_tyler]: that turned into like amazing organization

318
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[ramsey_d_smith]: yeah

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00:09:28,569 –> 00:09:28,590
[david_macchia]: m

320
00:09:29,428 –> 00:09:30,065
[ramsey_d_smith]: yeah

321
00:09:30,090 –> 00:09:30,110
[david_macchia]: m

322
00:09:30,565 –> 00:09:32,749
[ramsey_d_smith]: used to sit in the same computer
room at school

323
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[paul_tyler]: oh

324
00:09:32,730 –> 00:09:32,750
[david_macchia]: m

325
00:09:33,310 –> 00:09:35,635
[ramsey_d_smith]: at the next computer she was writing
that senior thesis

326
00:09:35,921 –> 00:09:36,162
[paul_tyler]: really

327
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[ramsey_d_smith]: back

328
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[david_macchia]: wow

329
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[ramsey_d_smith]: and like the lady if you can
believe it

330
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[david_macchia]: wow amazing

331
00:09:40,590 –> 00:09:40,770
[paul_tyler]: yeah

332
00:09:41,165 –> 00:09:41,634
[ramsey_d_smith]: yeah

333
00:09:41,331 –> 00:09:42,552
[paul_tyler]: there’s a lot of power there you
know

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00:09:42,545 –> 00:09:43,295
[ramsey_d_smith]: yeh

335
00:09:43,413 –> 00:09:44,895
[paul_tyler]: you know again i’m just

336
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[david_macchia]: m

337
00:09:45,977 –> 00:09:46,778
[paul_tyler]: like i’m one

338
00:09:46,800 –> 00:09:47,082
[david_macchia]: oh

339
00:09:46,818 –> 00:09:47,238
[paul_tyler]: of these people

340
00:09:47,255 –> 00:09:47,275
[ramsey_d_smith]: m

341
00:09:47,318 –> 00:09:50,221
[paul_tyler]: want to like take that take

342
00:09:50,135 –> 00:09:50,395
[ramsey_d_smith]: oh

343
00:09:50,261 –> 00:09:52,144
[paul_tyler]: the hammer out start building

344
00:09:51,960 –> 00:09:51,980
[david_macchia]: m

345
00:09:52,184 –> 00:09:55,207
[paul_tyler]: this stuff yeah i think i think
you definitely would need

346
00:09:55,119 –> 00:09:55,140
[david_macchia]: m

347
00:09:55,488 –> 00:09:57,981
[paul_tyler]: like a a large

348
00:09:57,990 –> 00:09:58,153
[david_macchia]: yeah

349
00:09:58,121 –> 00:10:06,655
[paul_tyler]: carrier with some probably some fairly tied
distribution captive is oxymoreon this business but we

350
00:10:06,796 –> 00:10:11,544
[paul_tyler]: use a lot right you need the
coverage because

351
00:10:11,615 –> 00:10:11,797
[ramsey_d_smith]: yeah

352
00:10:12,545 –> 00:10:12,906
[paul_tyler]: boy you

353
00:10:12,935 –> 00:10:14,015
[ramsey_d_smith]: oh

354
00:10:12,966 –> 00:10:17,674
[paul_tyler]: mean well but you’ve got you attorneys

355
00:10:17,345 –> 00:10:17,365
[ramsey_d_smith]: m

356
00:10:18,155 –> 00:10:20,619
[paul_tyler]: you know that who be very happy
to take some

357
00:10:20,534 –> 00:10:20,555
[ramsey_d_smith]: m

358
00:10:20,659 –> 00:10:24,706
[paul_tyler]: cases here so i think you have
to think that you know coverage right

359
00:10:26,220 –> 00:10:26,970
[david_macchia]: yeah

360
00:10:26,368 –> 00:10:28,973
[paul_tyler]: the program that i’m assuming this would
tie

361
00:10:29,100 –> 00:10:29,342
[david_macchia]: oh

362
00:10:29,133 –> 00:10:31,837
[paul_tyler]: in your your platform

363
00:10:31,835 –> 00:10:34,412
[ramsey_d_smith]: oh

364
00:10:31,898 –> 00:10:35,647
[paul_tyler]: would actually be a good name for
for an effort like this correct

365
00:10:35,825 –> 00:10:36,149
[ramsey_d_smith]: oh

366
00:10:36,611 –> 00:10:36,731
[david_macchia]: that

367
00:10:36,635 –> 00:10:36,775
[ramsey_d_smith]: oh

368
00:10:36,892 –> 00:10:39,977
[david_macchia]: that hadn’t been in my mind at
all i wasn’t looking for any

369
00:10:39,930 –> 00:10:40,131
[paul_tyler]: oh

370
00:10:40,037 –> 00:10:41,620
[david_macchia]: kind of ties directly

371
00:10:41,670 –> 00:10:41,811
[paul_tyler]: yeah

372
00:10:41,680 –> 00:10:45,987
[david_macchia]: to anything i’m doing another facets of
my life so i think one of one

373
00:10:46,047 –> 00:10:46,087
[david_macchia]: of

374
00:10:46,080 –> 00:10:46,362
[paul_tyler]: oh

375
00:10:46,347 –> 00:10:50,433
[david_macchia]: the great things here i said a
you know one of the things i’ve written

376
00:10:50,493 –> 00:10:54,780
[david_macchia]: about and you guys know this is
this the warring factions of financial services right

377
00:10:54,860 –> 00:10:56,122
[david_macchia]: the r a community that looks

378
00:10:56,105 –> 00:10:56,407
[ramsey_d_smith]: oh

379
00:10:56,182 –> 00:10:58,566
[david_macchia]: down to the insurance community the insurance
community that says you’re

380
00:10:58,500 –> 00:10:58,783
[paul_tyler]: oh

381
00:10:58,727 –> 00:10:59,628
[david_macchia]: hypocrites because

382
00:10:59,615 –> 00:10:59,996
[ramsey_d_smith]: yeah

383
00:11:00,229 –> 00:11:00,390
[david_macchia]: you’re

384
00:11:00,270 –> 00:11:04,740
[paul_tyler]: yeah

385
00:11:00,510 –> 00:11:01,751
[david_macchia]: pay structure actually is

386
00:11:01,744 –> 00:11:01,904
[ramsey_d_smith]: yeah

387
00:11:01,831 –> 00:11:03,372
[david_macchia]: more than my commission you know the

388
00:11:03,326 –> 00:11:03,487
[ramsey_d_smith]: yeah

389
00:11:03,493 –> 00:11:04,474
[david_macchia]: thing you have

390
00:11:04,385 –> 00:11:05,645
[ramsey_d_smith]: oh

391
00:11:04,514 –> 00:11:05,955
[david_macchia]: all these warring factions and it’s

392
00:11:05,880 –> 00:11:07,260
[paul_tyler]: oh

393
00:11:06,596 –> 00:11:12,838
[david_macchia]: and i said wouldn’t it be great
if there was something that everybody could galvanize

394
00:11:12,938 –> 00:11:19,882
[david_macchia]: around and contribute their competency to because
the truth of the matter is every facet

395
00:11:19,962 –> 00:11:27,046
[david_macchia]: of the advisor community has very specific
knowledge that’s valuable right and in constructing

396
00:11:26,564 –> 00:11:26,585
[ramsey_d_smith]: m

397
00:11:27,146 –> 00:11:27,627
[david_macchia]: someone’s

398
00:11:27,605 –> 00:11:28,445
[ramsey_d_smith]: yeah

399
00:11:28,389 –> 00:11:34,201
[david_macchia]: foundational life right in terms of finance
all of it matters it’s just not one

400
00:11:34,241 –> 00:11:35,223
[david_macchia]: perspective that matters

401
00:11:35,255 –> 00:11:35,399
[ramsey_d_smith]: ye

402
00:11:35,363 –> 00:11:37,887
[david_macchia]: all the perspectives matter and so my

403
00:11:37,925 –> 00:11:38,128
[ramsey_d_smith]: oh

404
00:11:38,068 –> 00:11:38,809
[david_macchia]: my hope is that

405
00:11:39,575 –> 00:11:39,937
[ramsey_d_smith]: oh

406
00:11:39,610 –> 00:11:43,837
[david_macchia]: no matter what area of financial services
you’re you’re from and no matter how you

407
00:11:43,877 –> 00:11:44,578
[david_macchia]: are regulated

408
00:11:44,315 –> 00:11:44,679
[ramsey_d_smith]: yeah

409
00:11:44,659 –> 00:11:48,608
[david_macchia]: and what you all yourself on your
business card you have a place to contribute

410
00:11:48,254 –> 00:11:48,275
[ramsey_d_smith]: m

411
00:11:48,648 –> 00:11:54,198
[david_macchia]: here and so i didn’t define any
platform or idea of how this should you

412
00:11:54,438 –> 00:11:58,485
[david_macchia]: play out what we will do is
we’ll create a curriculum

413
00:11:58,974 –> 00:11:59,015
[paul_tyler]: s

414
00:11:59,026 –> 00:12:03,855
[david_macchia]: you know that the people can run
with that that is addresses all the areas

415
00:12:03,895 –> 00:12:04,797
[david_macchia]: of finance that we need

416
00:12:04,694 –> 00:12:04,715
[ramsey_d_smith]: m

417
00:12:04,817 –> 00:12:05,518
[david_macchia]: to educate on

418
00:12:06,060 –> 00:12:06,810
[paul_tyler]: yeah

419
00:12:06,590 –> 00:12:07,314
[david_macchia]: that for sure will

420
00:12:07,175 –> 00:12:07,519
[ramsey_d_smith]: oh

421
00:12:07,354 –> 00:12:07,435
[david_macchia]: do

422
00:12:08,921 –> 00:12:09,101
[paul_tyler]: you know

423
00:12:09,125 –> 00:12:09,470
[ramsey_d_smith]: oh

424
00:12:09,181 –> 00:12:13,128
[paul_tyler]: m thinking back you know i’m sure
you have so mature boy harry stout’s book

425
00:12:13,248 –> 00:12:14,911
[paul_tyler]: you know the financial verse we had
harry

426
00:12:14,735 –> 00:12:14,996
[ramsey_d_smith]: yeah

427
00:12:14,971 –> 00:12:15,532
[paul_tyler]: stout on there

428
00:12:15,430 –> 00:12:15,572
[david_macchia]: yep

429
00:12:15,652 –> 00:12:15,792
[paul_tyler]: he’s

430
00:12:17,114 –> 00:12:17,135
[ramsey_d_smith]: m

431
00:12:17,141 –> 00:12:17,285
[david_macchia]: yep

432
00:12:17,495 –> 00:12:18,958
[paul_tyler]: you’ve got a good set of books

433
00:12:18,840 –> 00:12:18,860
[david_macchia]: m

434
00:12:19,038 –> 00:12:20,240
[paul_tyler]: there i’m sure so

435
00:12:20,504 –> 00:12:20,525
[ramsey_d_smith]: m

436
00:12:20,623 –> 00:12:21,227
[paul_tyler]: harry love the

437
00:12:21,200 –> 00:12:21,344
[david_macchia]: yep

438
00:12:21,267 –> 00:12:22,656
[paul_tyler]: cardinal with you on something like this

439
00:12:23,600 –> 00:12:24,483
[david_macchia]: yeah i like harry

440
00:12:24,365 –> 00:12:24,385
[ramsey_d_smith]: m

441
00:12:24,703 –> 00:12:25,746
[david_macchia]: i can talk to harry about it

442
00:12:25,740 –> 00:12:25,820
[paul_tyler]: ah

443
00:12:25,787 –> 00:12:26,128
[david_macchia]: for sure

444
00:12:26,761 –> 00:12:30,826
[paul_tyler]: so this is cool i think this
is great now david any way we can

445
00:12:30,886 –> 00:12:32,167
[paul_tyler]: help you know let us know

446
00:12:32,564 –> 00:12:32,585
[ramsey_d_smith]: m

447
00:12:34,440 –> 00:12:34,982
[david_macchia]: thank you polly

448
00:12:35,021 –> 00:12:36,243
[paul_tyler]: yeah i had a question

449
00:12:35,867 –> 00:12:36,464
[ramsey_d_smith]: and then what

450
00:12:36,624 –> 00:12:37,225
[paul_tyler]: on financial

451
00:12:37,175 –> 00:12:37,482
[ramsey_d_smith]: oh

452
00:12:37,505 –> 00:12:38,467
[paul_tyler]: you now what his financial

453
00:12:38,165 –> 00:12:38,407
[ramsey_d_smith]: yeah

454
00:12:38,527 –> 00:12:41,873
[paul_tyler]: literacy came in from from you know
writer

455
00:12:41,855 –> 00:12:42,120
[ramsey_d_smith]: oh

456
00:12:42,750 –> 00:12:43,013
[david_macchia]: oh

457
00:12:42,995 –> 00:12:45,859
[paul_tyler]: s a couple of days ago and
that was that was a hard question david

458
00:12:46,181 –> 00:12:48,150
[paul_tyler]: how what is financial literacy how do

459
00:12:48,185 –> 00:12:48,205
[ramsey_d_smith]: m

460
00:12:48,210 –> 00:12:51,112
[paul_tyler]: you answer that question oh

461
00:12:51,341 –> 00:12:55,528
[david_macchia]: well i think it’s what we don’t
teach in school right we do an awful

462
00:12:55,503 –> 00:12:55,603
[paul_tyler]: it’s

463
00:12:55,608 –> 00:12:55,868
[david_macchia]: job

464
00:12:55,663 –> 00:12:56,145
[paul_tyler]: a negative

465
00:12:55,895 –> 00:12:55,915
[ramsey_d_smith]: m

466
00:12:56,626 –> 00:12:56,846
[paul_tyler]: yes

467
00:12:57,110 –> 00:12:57,791
[david_macchia]: we do an awful

468
00:12:57,819 –> 00:12:57,839
[ramsey_d_smith]: m

469
00:12:57,891 –> 00:12:58,312
[david_macchia]: job of

470
00:12:58,782 –> 00:12:58,966
[paul_tyler]: yeah

471
00:12:58,853 –> 00:12:59,294
[david_macchia]: failing

472
00:12:59,610 –> 00:12:59,793
[paul_tyler]: oh

473
00:12:59,694 –> 00:13:00,656
[david_macchia]: to educate people

474
00:13:00,344 –> 00:13:00,365
[ramsey_d_smith]: m

475
00:13:00,690 –> 00:13:01,560
[paul_tyler]: yeah

476
00:13:00,875 –> 00:13:01,159
[ramsey_d_smith]: oh

477
00:13:00,896 –> 00:13:05,464
[david_macchia]: on on understanding how to build wealth
how to avoid debt how to

478
00:13:05,550 –> 00:13:05,791
[paul_tyler]: yeah

479
00:13:05,584 –> 00:13:07,027
[david_macchia]: avoid extraneous costs

480
00:13:07,140 –> 00:13:07,340
[paul_tyler]: yeah

481
00:13:07,207 –> 00:13:11,895
[david_macchia]: that deprive people of having you know
wealth how to live within a budget what

482
00:13:11,935 –> 00:13:15,220
[david_macchia]: does a budget even mean how to
have a personal finance statement

483
00:13:15,270 –> 00:13:16,050
[paul_tyler]: oh

484
00:13:16,062 –> 00:13:22,352
[david_macchia]: this is basic stuff but it’s not
something that people are taught and you know

485
00:13:22,412 –> 00:13:25,998
[david_macchia]: and then when you get into the
more you know older people in retirement it

486
00:13:26,038 –> 00:13:27,260
[david_macchia]: gets even more omplicated

487
00:13:26,744 –> 00:13:26,765
[ramsey_d_smith]: m

488
00:13:27,360 –> 00:13:27,645
[paul_tyler]: oh

489
00:13:27,845 –> 00:13:27,865
[ramsey_d_smith]: m

490
00:13:28,042 –> 00:13:31,107
[david_macchia]: you know how do you think about
social security how s that handle how do

491
00:13:31,167 –> 00:13:34,513
[david_macchia]: you use money to create income there’s

492
00:13:34,475 –> 00:13:35,083
[ramsey_d_smith]: ye

493
00:13:34,613 –> 00:13:37,377
[david_macchia]: so many issues there’s so many issues
and such a deficit

494
00:13:37,274 –> 00:13:37,295
[ramsey_d_smith]: m

495
00:13:37,658 –> 00:13:39,623
[david_macchia]: of understanding knowledge about them

496
00:13:39,810 –> 00:13:40,560
[paul_tyler]: yeah

497
00:13:40,505 –> 00:13:41,375
[ramsey_d_smith]: yeah

498
00:13:40,566 –> 00:13:43,838
[david_macchia]: and that’s where i think we can
we can make a tangible impact

499
00:13:44,653 –> 00:13:44,733
[paul_tyler]: what

500
00:13:44,684 –> 00:13:44,705
[ramsey_d_smith]: m

501
00:13:44,773 –> 00:13:49,004
[paul_tyler]: do you think is financial literacy a
course i take and a grade that i

502
00:13:49,104 –> 00:13:49,745
[paul_tyler]: receive like

503
00:13:50,100 –> 00:13:50,362
[david_macchia]: yah

504
00:13:50,106 –> 00:13:50,828
[paul_tyler]: it pass fail

505
00:13:51,028 –> 00:13:51,150
[david_macchia]: yah

506
00:13:51,390 –> 00:13:51,793
[paul_tyler]: yeah

507
00:13:52,209 –> 00:13:54,372
[ramsey_d_smith]: you know it’s it’s interesting a view
financial

508
00:13:54,060 –> 00:13:55,170
[paul_tyler]: oh

509
00:13:54,433 –> 00:13:55,494
[ramsey_d_smith]: literacy is something

510
00:13:55,290 –> 00:13:56,610
[paul_tyler]: yeah

511
00:13:55,554 –> 00:14:02,025
[ramsey_d_smith]: that’s a that’s developed over a lifetime
right because things change both like what available

512
00:14:02,085 –> 00:14:04,269
[ramsey_d_smith]: in the market the market itself as
well as like

513
00:14:04,261 –> 00:14:04,342
[paul_tyler]: we

514
00:14:04,309 –> 00:14:05,591
[ramsey_d_smith]: your personal situation so

515
00:14:05,700 –> 00:14:05,920
[david_macchia]: oh

516
00:14:07,013 –> 00:14:10,159
[ramsey_d_smith]: as much as anything else i kind
of think of financial literacy as

517
00:14:10,500 –> 00:14:10,683
[david_macchia]: oh

518
00:14:10,740 –> 00:14:15,868
[ramsey_d_smith]: as a habit you develop the expectation
you’re never going to get it exactly right

519
00:14:16,169 –> 00:14:20,616
[ramsey_d_smith]: but it’s better to make make decisions
than to succumb

520
00:14:20,580 –> 00:14:22,050
[paul_tyler]: yeah

521
00:14:20,656 –> 00:14:22,179
[ramsey_d_smith]: to not making decisions which usually

522
00:14:22,080 –> 00:14:22,100
[paul_tyler]: m

523
00:14:22,219 –> 00:14:27,628
[ramsey_d_smith]: are where the biggest mistakes happening with
respect to once personal finances so i’ve

524
00:14:27,474 –> 00:14:27,990
[paul_tyler]: right

525
00:14:27,690 –> 00:14:27,771
[david_macchia]: ah

526
00:14:28,289 –> 00:14:31,234
[ramsey_d_smith]: i’ve become a bit cynical in that
i used to think you could truly solve

527
00:14:31,294 –> 00:14:34,479
[ramsey_d_smith]: financial literacy and if you just sort
of taught it better and i think that

528
00:14:34,539 –> 00:14:37,625
[ramsey_d_smith]: actually it’s more of an attitude than
anything else

529
00:14:37,980 –> 00:14:38,000
[david_macchia]: m

530
00:14:38,145 –> 00:14:38,265
[ramsey_d_smith]: and

531
00:14:38,191 –> 00:14:38,271
[paul_tyler]: ah

532
00:14:38,986 –> 00:14:41,649
[ramsey_d_smith]: and so that’s why that’s why tools
like this need to be available

533
00:14:41,532 –> 00:14:41,613
[paul_tyler]: ah

534
00:14:41,689 –> 00:14:42,029
[ramsey_d_smith]: to people so

535
00:14:42,000 –> 00:14:42,020
[david_macchia]: m

536
00:14:42,049 –> 00:14:42,509
[ramsey_d_smith]: they can start

537
00:14:42,480 –> 00:14:42,742
[paul_tyler]: oh

538
00:14:43,210 –> 00:14:46,714
[ramsey_d_smith]: thinking about it in corporate ncorporating into
their right in their daily lives

539
00:14:46,981 –> 00:14:47,922
[paul_tyler]: yeah i like the

540
00:14:47,872 –> 00:14:47,892
[david_macchia]: i

541
00:14:47,962 –> 00:14:49,184
[paul_tyler]: word actions david i mean

542
00:14:49,286 –> 00:14:49,487
[ramsey_d_smith]: yeah

543
00:14:49,525 –> 00:14:51,648
[paul_tyler]: what would you i mean i go

544
00:14:51,755 –> 00:14:52,895
[ramsey_d_smith]: oh

545
00:14:51,789 –> 00:14:54,994
[paul_tyler]: through i you know i received

546
00:14:54,545 –> 00:14:54,867
[ramsey_d_smith]: oh

547
00:14:56,316 –> 00:14:56,797
[paul_tyler]: counseling

548
00:14:56,739 –> 00:14:56,760
[david_macchia]: m

549
00:14:56,897 –> 00:14:58,339
[paul_tyler]: from you know somebody in a program

550
00:14:58,380 –> 00:14:58,604
[david_macchia]: oh

551
00:14:58,520 –> 00:14:59,981
[paul_tyler]: my financially literate in life

552
00:15:00,060 –> 00:15:00,080
[david_macchia]: m

553
00:15:00,181 –> 00:15:00,662
[paul_tyler]: financially

554
00:15:00,335 –> 00:15:00,576
[ramsey_d_smith]: oh

555
00:15:00,722 –> 00:15:01,322
[paul_tyler]: empowered

556
00:15:01,775 –> 00:15:01,795
[ramsey_d_smith]: m

557
00:15:02,303 –> 00:15:03,685
[paul_tyler]: in my financially

558
00:15:03,480 –> 00:15:03,662
[david_macchia]: yeah

559
00:15:05,727 –> 00:15:06,147
[paul_tyler]: aware

560
00:15:07,842 –> 00:15:08,243
[david_macchia]: well i think

561
00:15:08,276 –> 00:15:08,296
[ramsey_d_smith]: m

562
00:15:08,283 –> 00:15:08,964
[david_macchia]: of it as confident

563
00:15:09,140 –> 00:15:09,302
[paul_tyler]: yeah

564
00:15:09,805 –> 00:15:10,066
[david_macchia]: i mean if

565
00:15:10,175 –> 00:15:10,195
[ramsey_d_smith]: m

566
00:15:10,286 –> 00:15:12,009
[david_macchia]: we can make people financially confident

567
00:15:12,055 –> 00:15:12,598
[ramsey_d_smith]: it’s a good word

568
00:15:12,950 –> 00:15:13,830
[paul_tyler]: yeah

569
00:15:13,220 –> 00:15:14,544
[david_macchia]: that’s that’s that’s

570
00:15:14,517 –> 00:15:14,660
[ramsey_d_smith]: yeah

571
00:15:14,625 –> 00:15:15,468
[david_macchia]: a real accomplishment

572
00:15:15,650 –> 00:15:18,317
[paul_tyler]: natural clinfrence although sometimes you can’t use
confrentwen should be

573
00:15:20,141 –> 00:15:24,350
[david_macchia]: perhaps yeah but i think if you
were to somehow pull people and so you

574
00:15:24,470 –> 00:15:25,893
[david_macchia]: really confident about finances

575
00:15:25,582 –> 00:15:25,804
[paul_tyler]: right

576
00:15:26,154 –> 00:15:26,895
[david_macchia]: i think a lot of people

577
00:15:26,850 –> 00:15:27,320
[paul_tyler]: oh

578
00:15:26,935 –> 00:15:27,076
[david_macchia]: would

579
00:15:27,014 –> 00:15:27,035
[ramsey_d_smith]: m

580
00:15:27,116 –> 00:15:27,396
[david_macchia]: say no

581
00:15:28,214 –> 00:15:29,915
[ramsey_d_smith]: m yah

582
00:15:28,310 –> 00:15:31,494
[paul_tyler]: yeah we got we should we got
to come up with a word for this

583
00:15:32,074 –> 00:15:33,436
[paul_tyler]: ramsey we’ve got it right

584
00:15:33,908 –> 00:15:34,068
[ramsey_d_smith]: but i

585
00:15:34,080 –> 00:15:34,361
[david_macchia]: yeah

586
00:15:34,168 –> 00:15:38,375
[ramsey_d_smith]: like i like things around like attitude
and confidence i like things that are described

587
00:15:38,415 –> 00:15:39,076
[ramsey_d_smith]: behaviorly

588
00:15:40,050 –> 00:15:40,251
[paul_tyler]: oh

589
00:15:40,058 –> 00:15:40,218
[ramsey_d_smith]: right

590
00:15:40,176 –> 00:15:40,770
[david_macchia]: hm

591
00:15:40,438 –> 00:15:41,881
[ramsey_d_smith]: just because i think it’s

592
00:15:42,030 –> 00:15:42,630
[paul_tyler]: yeah

593
00:15:42,802 –> 00:15:46,829
[ramsey_d_smith]: i think it’s i think it’s an
going process and an attitude is opposed to

594
00:15:47,230 –> 00:15:49,253
[ramsey_d_smith]: you know i got i got the
diploma

595
00:15:49,290 –> 00:15:49,552
[paul_tyler]: oh

596
00:15:49,754 –> 00:15:50,656
[ramsey_d_smith]: and now it all works

597
00:15:51,050 –> 00:15:51,232
[paul_tyler]: yeah

598
00:15:51,216 –> 00:15:54,662
[ramsey_d_smith]: right it’s it’s discipline right like it’s

599
00:15:54,911 –> 00:15:56,737
[paul_tyler]: he

600
00:15:55,464 –> 00:15:59,450
[ramsey_d_smith]: t’s up quote harry stout is like
it’s it’s eating brocoli you know when you

601
00:15:59,490 –> 00:16:00,151
[ramsey_d_smith]: want to eat doughnuts

602
00:16:01,000 –> 00:16:01,161
[david_macchia]: yeah

603
00:16:01,253 –> 00:16:01,714
[ramsey_d_smith]: i’m loosely

604
00:16:01,948 –> 00:16:02,110
[david_macchia]: yeah

605
00:16:02,215 –> 00:16:06,642
[ramsey_d_smith]: i’m loosely i’m loosely i’m loosely paraphrasing
him but but that’s the idea

606
00:16:06,600 –> 00:16:06,843
[paul_tyler]: oh

607
00:16:06,722 –> 00:16:09,991
[ramsey_d_smith]: it’s like it’s behave pieces are really
very important

608
00:16:10,230 –> 00:16:10,515
[paul_tyler]: oh

609
00:16:10,551 –> 00:16:11,416
[david_macchia]: yeah huge

610
00:16:11,590 –> 00:16:12,571
[paul_tyler]: so okay david

611
00:16:12,390 –> 00:16:12,410
[david_macchia]: m

612
00:16:12,591 –> 00:16:13,552
[paul_tyler]: you’ve been out about

613
00:16:14,139 –> 00:16:14,160
[david_macchia]: m

614
00:16:14,514 –> 00:16:20,122
[paul_tyler]: maybe we talked about just the industry
as a whole so i mean what’s happening

615
00:16:20,503 –> 00:16:22,389
[paul_tyler]: wow every time i open

616
00:16:22,434 –> 00:16:22,474
[david_macchia]: m

617
00:16:22,629 –> 00:16:23,311
[paul_tyler]: the new site

618
00:16:23,525 –> 00:16:24,455
[ramsey_d_smith]: yeah

619
00:16:24,134 –> 00:16:24,756
[paul_tyler]: the environment

620
00:16:24,459 –> 00:16:24,684
[david_macchia]: m oh

621
00:16:24,796 –> 00:16:25,538
[paul_tyler]: has changed

622
00:16:27,035 –> 00:16:27,317
[ramsey_d_smith]: oh

623
00:16:27,763 –> 00:16:28,123
[david_macchia]: so much

624
00:16:28,980 –> 00:16:29,240
[paul_tyler]: yeah

625
00:16:29,193 –> 00:16:29,375
[ramsey_d_smith]: yeah

626
00:16:29,305 –> 00:16:29,465
[david_macchia]: well

627
00:16:29,585 –> 00:16:29,867
[ramsey_d_smith]: oh

628
00:16:29,726 –> 00:16:33,652
[david_macchia]: i think we were on the other
side of a fourteen year bull

629
00:16:33,494 –> 00:16:33,515
[ramsey_d_smith]: m

630
00:16:33,733 –> 00:16:34,093
[david_macchia]: market

631
00:16:34,260 –> 00:16:35,149
[paul_tyler]: yea

632
00:16:34,734 –> 00:16:34,914
[david_macchia]: that

633
00:16:34,805 –> 00:16:36,785
[ramsey_d_smith]: oh

634
00:16:35,335 –> 00:16:40,223
[david_macchia]: essentially was engineered to be a bull
market physical policy unprecedented

635
00:16:39,999 –> 00:16:40,020
[paul_tyler]: m

636
00:16:40,263 –> 00:16:42,407
[david_macchia]: levels of physical policy stimulus and

637
00:16:42,635 –> 00:16:43,775
[ramsey_d_smith]: yeah

638
00:16:43,308 –> 00:16:45,192
[david_macchia]: and the creation of nine trillion

639
00:16:45,187 –> 00:16:45,208
[ramsey_d_smith]: m

640
00:16:45,252 –> 00:16:47,836
[david_macchia]: dollars by the federal reserve which drove

641
00:16:47,675 –> 00:16:47,958
[ramsey_d_smith]: oh

642
00:16:47,956 –> 00:16:50,962
[david_macchia]: acid prices you know the stratispheric low
s and

643
00:16:51,005 –> 00:16:51,288
[ramsey_d_smith]: oh

644
00:16:51,022 –> 00:16:54,589
[david_macchia]: i think we’re seeing the other side
of you know the inevitable counter than that

645
00:16:54,769 –> 00:16:54,870
[david_macchia]: now

646
00:16:55,873 –> 00:16:55,955
[paul_tyler]: ah

647
00:16:55,932 –> 00:16:58,978
[david_macchia]: i write about an index called the
wealth to income ratio

648
00:16:59,490 –> 00:16:59,692
[paul_tyler]: yeah

649
00:17:00,330 –> 00:17:01,151
[david_macchia]: and if

650
00:17:01,128 –> 00:17:01,230
[paul_tyler]: yeah

651
00:17:01,191 –> 00:17:02,473
[david_macchia]: you look at that so this is
a

652
00:17:02,465 –> 00:17:02,689
[ramsey_d_smith]: oh

653
00:17:02,713 –> 00:17:08,792
[david_macchia]: federal reserve published index that’s been out
for sixty eight years in over sixty

654
00:17:08,550 –> 00:17:08,791
[paul_tyler]: oh

655
00:17:08,555 –> 00:17:08,737
[ramsey_d_smith]: yeah

656
00:17:08,852 –> 00:17:09,653
[david_macchia]: eight years it has a

657
00:17:09,873 –> 00:17:10,257
[ramsey_d_smith]: yeah yeah

658
00:17:10,475 –> 00:17:12,559
[david_macchia]: long term average of five hundred and
fifty per cent

659
00:17:12,635 –> 00:17:13,595
[ramsey_d_smith]: oh

660
00:17:13,660 –> 00:17:18,175
[david_macchia]: and occasionally it pops up to you
know high new heights well it did so

661
00:17:18,256 –> 00:17:21,621
[david_macchia]: in two thousand just before the tech
crash it went up to i think

662
00:17:21,524 –> 00:17:21,545
[ramsey_d_smith]: m

663
00:17:21,722 –> 00:17:25,745
[david_macchia]: six hundred and fifteen and then in
september of two

664
00:17:25,740 –> 00:17:25,961
[paul_tyler]: yeah

665
00:17:25,805 –> 00:17:26,526
[david_macchia]: thousand seven

666
00:17:27,189 –> 00:17:27,330
[paul_tyler]: yeah

667
00:17:27,247 –> 00:17:27,607
[david_macchia]: it rose

668
00:17:27,545 –> 00:17:28,385
[ramsey_d_smith]: yah

669
00:17:27,687 –> 00:17:32,253
[david_macchia]: to an all time high of six
hundred seventy only to result a few months

670
00:17:32,333 –> 00:17:36,892
[david_macchia]: later in the crash of two thousand
eight right back to its long term average

671
00:17:36,695 –> 00:17:36,955
[ramsey_d_smith]: oh

672
00:17:37,353 –> 00:17:41,460
[david_macchia]: right it did that after two thousand
do that after two thousand eight well what’s

673
00:17:41,500 –> 00:17:46,488
[david_macchia]: happened since you know this bull market
has brought the index up to eight hundred

674
00:17:46,528 –> 00:17:48,593
[david_macchia]: and eighteen that’s literally off the charts

675
00:17:48,960 –> 00:17:51,090
[paul_tyler]: yeah

676
00:17:49,194 –> 00:17:53,253
[david_macchia]: and what we’ve seen is some falling
back i wrote an article which is the

677
00:17:53,413 –> 00:17:55,657
[david_macchia]: advisor perspectives dot com

678
00:17:55,470 –> 00:17:55,692
[paul_tyler]: yeah

679
00:17:55,505 –> 00:17:55,767
[ramsey_d_smith]: oh

680
00:17:56,598 –> 00:17:57,520
[david_macchia]: saying that prepared for

681
00:17:57,585 –> 00:17:57,705
[ramsey_d_smith]: oh

682
00:17:58,021 –> 00:18:01,767
[david_macchia]: for the destruction of thirty four trillion
dollars in wealth assets

683
00:18:02,045 –> 00:18:03,035
[ramsey_d_smith]: oh

684
00:18:02,729 –> 00:18:04,391
[david_macchia]: in that simple

685
00:18:04,625 –> 00:18:04,645
[ramsey_d_smith]: m

686
00:18:04,772 –> 00:18:08,939
[david_macchia]: because when the index comes back down
again to its long term average

687
00:18:08,864 –> 00:18:08,885
[ramsey_d_smith]: m

688
00:18:08,979 –> 00:18:10,221
[david_macchia]: it’s going to be totally

689
00:18:10,120 –> 00:18:10,181
[ramsey_d_smith]: ah

690
00:18:10,441 –> 00:18:15,109
[david_macchia]: destroying fifty trillion dollars so sixteen traliumhas
already been destroyed from

691
00:18:15,030 –> 00:18:15,333
[paul_tyler]: oh

692
00:18:15,149 –> 00:18:18,074
[david_macchia]: the actions we’ve had earlier this year
if we go back to the long term

693
00:18:18,114 –> 00:18:19,156
[david_macchia]: maria be a total of fifty

694
00:18:19,230 –> 00:18:20,358
[paul_tyler]: yes

695
00:18:19,236 –> 00:18:21,560
[david_macchia]: trillion dollars that’s destroyed so what

696
00:18:21,600 –> 00:18:21,900
[paul_tyler]: oh

697
00:18:21,600 –> 00:18:23,964
[david_macchia]: does that mean well i think it’s
going

698
00:18:23,975 –> 00:18:24,256
[ramsey_d_smith]: oh

699
00:18:23,984 –> 00:18:26,648
[david_macchia]: to bring things more into balance you
know it’s going

700
00:18:26,585 –> 00:18:26,889
[ramsey_d_smith]: oh

701
00:18:26,689 –> 00:18:29,461
[david_macchia]: to be brilliantly attractive

702
00:18:29,199 –> 00:18:29,220
[paul_tyler]: m

703
00:18:29,501 –> 00:18:30,607
[david_macchia]: for the annuity business

704
00:18:31,424 –> 00:18:31,445
[ramsey_d_smith]: m

705
00:18:31,590 –> 00:18:32,692
[david_macchia]: we’re already seeing you know

706
00:18:32,652 –> 00:18:33,038
[paul_tyler]: of course

707
00:18:32,932 –> 00:18:37,720
[david_macchia]: assets move into annuities the mica business
is very very robust as you know the

708
00:18:37,780 –> 00:18:38,702
[david_macchia]: indexanuity business

709
00:18:38,765 –> 00:18:39,047
[ramsey_d_smith]: oh

710
00:18:38,782 –> 00:18:40,725
[david_macchia]: is very robust people

711
00:18:40,934 –> 00:18:40,955
[ramsey_d_smith]: m

712
00:18:41,146 –> 00:18:43,009
[david_macchia]: seeking safety i tell

713
00:18:42,905 –> 00:18:42,925
[ramsey_d_smith]: m

714
00:18:43,069 –> 00:18:46,620
[david_macchia]: it as there’s you know those of
you who believe in safety believe in protection

715
00:18:46,761 –> 00:18:47,704
[david_macchia]: believe and guaranteed

716
00:18:47,564 –> 00:18:47,916
[ramsey_d_smith]: m oh

717
00:18:47,784 –> 00:18:48,727
[david_macchia]: income your day has come

718
00:18:49,284 –> 00:18:49,424
[ramsey_d_smith]: yeah

719
00:18:49,830 –> 00:18:50,250
[david_macchia]: and i think

720
00:18:50,135 –> 00:18:51,425
[ramsey_d_smith]: oh

721
00:18:50,330 –> 00:18:54,895
[david_macchia]: it’s it’s likely to remain this way
for for some time so the outlook for

722
00:18:54,935 –> 00:18:56,796
[david_macchia]: annuity sales i think you know

723
00:18:56,818 –> 00:18:56,899
[ramsey_d_smith]: ah

724
00:18:56,996 –> 00:18:59,379
[david_macchia]: given everything that’s happening is it is
very very positive

725
00:19:00,611 –> 00:19:01,292
[paul_tyler]: yeah it’s

726
00:19:01,295 –> 00:19:01,925
[ramsey_d_smith]: oh

727
00:19:02,213 –> 00:19:02,814
[paul_tyler]: it’s interesting now

728
00:19:02,760 –> 00:19:02,780
[david_macchia]: m

729
00:19:03,035 –> 00:19:05,018
[paul_tyler]: as of the recording dat

730
00:19:04,860 –> 00:19:05,081
[david_macchia]: oh

731
00:19:05,459 –> 00:19:07,402
[paul_tyler]: okay we just know the c p
i came

732
00:19:07,325 –> 00:19:07,345
[ramsey_d_smith]: m

733
00:19:07,482 –> 00:19:08,363
[paul_tyler]: out lations higher

734
00:19:09,875 –> 00:19:10,176
[ramsey_d_smith]: yeah

735
00:19:09,946 –> 00:19:14,814
[paul_tyler]: market went down rates short term rites
i guess even in your treasury

736
00:19:15,270 –> 00:19:15,513
[david_macchia]: oh

737
00:19:15,576 –> 00:19:19,863
[paul_tyler]: went higher but it’s still an inverted
yield curve and ramsey

738
00:19:19,680 –> 00:19:19,700
[david_macchia]: m

739
00:19:19,883 –> 00:19:25,598
[paul_tyler]: whatever we saw happened with mica i
mean it if i’m not sure or you

740
00:19:25,618 –> 00:19:26,443
[paul_tyler]: think this is going

741
00:19:26,700 –> 00:19:26,720
[david_macchia]: m

742
00:19:27,663 –> 00:19:29,145
[ramsey_d_smith]: in terms of in terms of rates

743
00:19:29,391 –> 00:19:30,092
[paul_tyler]: rats yeah

744
00:19:30,367 –> 00:19:31,209
[ramsey_d_smith]: i mean rates have gone

745
00:19:31,221 –> 00:19:31,241
[david_macchia]: a

746
00:19:31,269 –> 00:19:33,933
[ramsey_d_smith]: up a lot so they’re definitely much
more attractive

747
00:19:33,690 –> 00:19:34,053
[david_macchia]: yes

748
00:19:34,013 –> 00:19:39,262
[ramsey_d_smith]: and they’re getting much deserved visibility on
the back of that you know

749
00:19:39,270 –> 00:19:39,472
[paul_tyler]: oh

750
00:19:41,145 –> 00:19:41,386
[ramsey_d_smith]: i look

751
00:19:41,290 –> 00:19:41,452
[paul_tyler]: look

752
00:19:41,426 –> 00:19:44,771
[ramsey_d_smith]: at it i still wonder if if
the investments that back

753
00:19:44,610 –> 00:19:45,154
[david_macchia]: oh

754
00:19:44,831 –> 00:19:46,655
[ramsey_d_smith]: them you know how they match up
with it

755
00:19:46,740 –> 00:19:47,245
[david_macchia]: oh

756
00:19:46,895 –> 00:19:50,301
[ramsey_d_smith]: so sing you know in the high
end sometimes but for sure

757
00:19:50,340 –> 00:19:51,810
[paul_tyler]: yeah

758
00:19:51,262 –> 00:19:55,449
[ramsey_d_smith]: for sure rates are higher they should
be higher and and more and

759
00:19:55,380 –> 00:19:55,641
[david_macchia]: oh

760
00:19:55,489 –> 00:19:55,870
[ramsey_d_smith]: more people

761
00:19:55,710 –> 00:19:56,310
[paul_tyler]: yeah

762
00:19:55,910 –> 00:19:58,094
[ramsey_d_smith]: should be looking at them as a
really attractive

763
00:19:57,810 –> 00:19:57,830
[david_macchia]: m

764
00:19:58,154 –> 00:19:58,614
[ramsey_d_smith]: alternative

765
00:19:58,770 –> 00:19:58,990
[paul_tyler]: yeah

766
00:19:58,775 –> 00:20:00,761
[ramsey_d_smith]: c d is which is really the
best way to think about

767
00:20:00,677 –> 00:20:00,918
[paul_tyler]: pop

768
00:20:00,801 –> 00:20:01,343
[ramsey_d_smith]: them in my view

769
00:20:01,811 –> 00:20:01,971
[paul_tyler]: yes

770
00:20:02,381 –> 00:20:04,348
[david_macchia]: i agree with that in bonds to
some extent

771
00:20:04,345 –> 00:20:05,167
[ramsey_d_smith]: yeah and bonton

772
00:20:05,301 –> 00:20:06,052
[david_macchia]: yep yep

773
00:20:06,584 –> 00:20:08,547
[paul_tyler]: right we’ll just say from from a
care perspective

774
00:20:08,640 –> 00:20:08,881
[david_macchia]: oh

775
00:20:08,708 –> 00:20:08,848
[paul_tyler]: like

776
00:20:08,945 –> 00:20:09,186
[ramsey_d_smith]: oh

777
00:20:09,269 –> 00:20:11,813
[paul_tyler]: we target these migrates okay we’re not
on to be the best

778
00:20:11,945 –> 00:20:12,248
[ramsey_d_smith]: oh

779
00:20:11,993 –> 00:20:13,976
[paul_tyler]: one we’re gonna try to go to
number

780
00:20:14,015 –> 00:20:14,975
[ramsey_d_smith]: yeah

781
00:20:14,097 –> 00:20:18,487
[paul_tyler]: two we’ve done that certain months and
you know by the time

782
00:20:18,224 –> 00:20:18,245
[ramsey_d_smith]: m

783
00:20:18,390 –> 00:20:18,410
[david_macchia]: m

784
00:20:19,730 –> 00:20:21,573
[paul_tyler]: you know it takes time once you
decide

785
00:20:21,558 –> 00:20:21,640
[ramsey_d_smith]: ah

786
00:20:21,894 –> 00:20:26,661
[paul_tyler]: set their rates and go and change
the systems put it out you’re talking about

787
00:20:26,722 –> 00:20:30,067
[paul_tyler]: a seven eight day lag but the
time we get there okay we’re now number

788
00:20:30,167 –> 00:20:31,269
[paul_tyler]: four number five number

789
00:20:31,320 –> 00:20:31,340
[david_macchia]: m

790
00:20:31,349 –> 00:20:31,449
[paul_tyler]: six

791
00:20:31,655 –> 00:20:31,675
[ramsey_d_smith]: m

792
00:20:32,631 –> 00:20:33,693
[paul_tyler]: it’s been a real it’s

793
00:20:33,699 –> 00:20:33,720
[david_macchia]: m

794
00:20:33,733 –> 00:20:37,459
[paul_tyler]: an arms race on the migetfront which
has been good for

795
00:20:37,634 –> 00:20:37,655
[ramsey_d_smith]: m

796
00:20:37,720 –> 00:20:40,665
[paul_tyler]: i think good for consumer as good
probably not great

797
00:20:40,550 –> 00:20:40,773
[david_macchia]: yes

798
00:20:40,964 –> 00:20:40,985
[ramsey_d_smith]: m

799
00:20:41,727 –> 00:20:42,147
[paul_tyler]: would be great

800
00:20:42,180 –> 00:20:42,423
[david_macchia]: oh

801
00:20:42,187 –> 00:20:43,470
[paul_tyler]: if we didn’t have inflation david

802
00:20:43,535 –> 00:20:43,555
[ramsey_d_smith]: m

803
00:20:43,952 –> 00:20:44,475
[paul_tyler]: all right

804
00:20:45,905 –> 00:20:46,186
[ramsey_d_smith]: oh

805
00:20:46,112 –> 00:20:47,695
[david_macchia]: well the real returns are still negative

806
00:20:47,900 –> 00:20:48,041
[paul_tyler]: yeah

807
00:20:47,945 –> 00:20:47,965
[ramsey_d_smith]: m

808
00:20:48,476 –> 00:20:51,001
[david_macchia]: you know because the inflation is so
high and you know

809
00:20:51,605 –> 00:20:51,810
[ramsey_d_smith]: ye

810
00:20:52,223 –> 00:20:53,545
[david_macchia]: the other side of inflation is

811
00:20:53,477 –> 00:20:53,498
[ramsey_d_smith]: m

812
00:20:53,605 –> 00:20:55,388
[david_macchia]: that the way we think about

813
00:20:55,325 –> 00:20:55,566
[ramsey_d_smith]: oh

814
00:20:55,468 –> 00:20:58,331
[david_macchia]: inflation today it’s not the way we
thought about it say in the eighties or

815
00:20:58,385 –> 00:20:58,985
[ramsey_d_smith]: yeah

816
00:20:58,411 –> 00:20:59,993
[david_macchia]: nineties because if you

817
00:21:00,030 –> 00:21:00,213
[paul_tyler]: yeah

818
00:21:00,073 –> 00:21:01,875
[david_macchia]: go back and you use that methodology

819
00:21:01,350 –> 00:21:02,648
[paul_tyler]: yeah

820
00:21:01,935 –> 00:21:03,476
[david_macchia]: of how inflation was calculated

821
00:21:02,880 –> 00:21:03,870
[paul_tyler]: yeah

822
00:21:03,576 –> 00:21:03,776
[david_macchia]: then

823
00:21:04,235 –> 00:21:04,476
[ramsey_d_smith]: oh

824
00:21:04,577 –> 00:21:08,382
[david_macchia]: the inflation rate today is really seventeen
per cent you can see this at the

825
00:21:08,422 –> 00:21:12,068
[david_macchia]: website called shadow government statistics dot com
what really under

826
00:21:12,150 –> 00:21:12,414
[paul_tyler]: oh

827
00:21:12,368 –> 00:21:15,894
[david_macchia]: under playing how deep inflation is becoming
and if you if you walked into a

828
00:21:15,934 –> 00:21:16,515
[david_macchia]: super market

829
00:21:16,551 –> 00:21:16,652
[paul_tyler]: oh

830
00:21:16,575 –> 00:21:19,099
[david_macchia]: you know lately you know that’s true
the price

831
00:21:18,995 –> 00:21:19,297
[ramsey_d_smith]: oh

832
00:21:19,280 –> 00:21:21,574
[david_macchia]: and certain things are just you know
sky rocketed

833
00:21:21,660 –> 00:21:21,801
[paul_tyler]: yeah

834
00:21:21,765 –> 00:21:25,653
[ramsey_d_smith]: remember what some of the key differences
are or what were were there any there

835
00:21:25,693 –> 00:21:29,482
[ramsey_d_smith]: one or two things that oft stood
out to explain that that big difference in

836
00:21:29,542 –> 00:21:29,943
[ramsey_d_smith]: measurement

837
00:21:30,984 –> 00:21:31,164
[david_macchia]: yeah

838
00:21:31,680 –> 00:21:31,921
[paul_tyler]: yah

839
00:21:31,926 –> 00:21:33,088
[david_macchia]: i don’t know specifically remember

840
00:21:32,876 –> 00:21:33,017
[ramsey_d_smith]: yeah

841
00:21:33,168 –> 00:21:33,528
[david_macchia]: except to

842
00:21:33,589 –> 00:21:33,669
[paul_tyler]: ah

843
00:21:33,609 –> 00:21:36,033
[david_macchia]: say that in the calculation of the
c p i

844
00:21:36,350 –> 00:21:37,205
[ramsey_d_smith]: hm

845
00:21:36,814 –> 00:21:37,535
[david_macchia]: the waiting of

846
00:21:37,595 –> 00:21:37,876
[ramsey_d_smith]: yah

847
00:21:37,595 –> 00:21:39,118
[david_macchia]: certain factors and the inclusion of

848
00:21:39,083 –> 00:21:39,264
[ramsey_d_smith]: yah

849
00:21:39,198 –> 00:21:39,418
[david_macchia]: certain

850
00:21:39,435 –> 00:21:39,577
[ramsey_d_smith]: yeah

851
00:21:39,478 –> 00:21:40,059
[david_macchia]: factors or

852
00:21:40,505 –> 00:21:40,625
[ramsey_d_smith]: ye

853
00:21:40,861 –> 00:21:41,862
[david_macchia]: is where the difference is

854
00:21:41,996 –> 00:21:42,318
[ramsey_d_smith]: got it

855
00:21:42,570 –> 00:21:42,731
[paul_tyler]: yeah

856
00:21:42,924 –> 00:21:44,747
[david_macchia]: and i think i think there was
a there was an

857
00:21:44,744 –> 00:21:45,785
[ramsey_d_smith]: m oh

858
00:21:44,887 –> 00:21:47,792
[david_macchia]: urgency change this because when social

859
00:21:47,534 –> 00:21:47,555
[ramsey_d_smith]: m

860
00:21:47,852 –> 00:21:49,194
[david_macchia]: security became inflation

861
00:21:49,235 –> 00:21:49,498
[ramsey_d_smith]: oh

862
00:21:49,255 –> 00:21:51,919
[david_macchia]: adjusted imagine if we were inflation

863
00:21:51,897 –> 00:21:51,958
[ramsey_d_smith]: ah

864
00:21:51,979 –> 00:21:53,021
[david_macchia]: adjust social security

865
00:21:52,925 –> 00:21:52,945
[ramsey_d_smith]: m

866
00:21:53,061 –> 00:21:53,522
[david_macchia]: at seventeen

867
00:21:53,370 –> 00:21:53,677
[paul_tyler]: oh

868
00:21:53,602 –> 00:21:56,087
[david_macchia]: per cent you know that would that
would have some

869
00:21:56,220 –> 00:21:56,381
[paul_tyler]: yeah

870
00:21:56,495 –> 00:21:56,817
[ramsey_d_smith]: oh

871
00:21:56,828 –> 00:21:58,571
[david_macchia]: significant ramifications in terms

872
00:21:58,355 –> 00:21:58,595
[ramsey_d_smith]: oh

873
00:21:58,651 –> 00:22:00,455
[david_macchia]: of nations finances

874
00:22:00,600 –> 00:22:05,529
[paul_tyler]: right it’s you know inflation like inflation
is bad period i think the good news

875
00:22:05,569 –> 00:22:06,490
[paul_tyler]: is with our products and

876
00:22:06,515 –> 00:22:06,716
[ramsey_d_smith]: oh

877
00:22:06,530 –> 00:22:08,614
[paul_tyler]: what we’re delivering for for consumers is

878
00:22:08,555 –> 00:22:08,777
[ramsey_d_smith]: oh

879
00:22:08,714 –> 00:22:10,256
[paul_tyler]: it’s a good defensive play

880
00:22:10,119 –> 00:22:10,140
[david_macchia]: m

881
00:22:10,857 –> 00:22:12,460
[paul_tyler]: probably one of the best defensive play
if you’re

882
00:22:12,395 –> 00:22:13,325
[ramsey_d_smith]: oh

883
00:22:12,500 –> 00:22:14,744
[paul_tyler]: on fixed income today so you know
my rates

884
00:22:14,537 –> 00:22:14,679
[ramsey_d_smith]: ah

885
00:22:15,285 –> 00:22:15,526
[paul_tyler]: the god

886
00:22:15,545 –> 00:22:15,565
[ramsey_d_smith]: m

887
00:22:15,987 –> 00:22:17,489
[paul_tyler]: like looks like word for another

888
00:22:17,285 –> 00:22:18,035
[ramsey_d_smith]: yeah

889
00:22:18,090 –> 00:22:20,375
[paul_tyler]: you know rise and rates here i
think

890
00:22:21,030 –> 00:22:21,050
[david_macchia]: m

891
00:22:21,136 –> 00:22:25,805
[paul_tyler]: you know david you know guaranteed income
will go up right because

892
00:22:26,615 –> 00:22:26,635
[ramsey_d_smith]: m

893
00:22:26,890 –> 00:22:28,873
[paul_tyler]: rates are going up cares can afford
to

894
00:22:29,075 –> 00:22:29,396
[ramsey_d_smith]: oh

895
00:22:29,795 –> 00:22:31,918
[paul_tyler]: you know raise caps or participation rates

896
00:22:32,975 –> 00:22:33,358
[ramsey_d_smith]: ye

897
00:22:33,160 –> 00:22:33,601
[paul_tyler]: so i think

898
00:22:33,870 –> 00:22:33,890
[david_macchia]: m

899
00:22:34,042 –> 00:22:35,424
[paul_tyler]: from advisor perspective

900
00:22:35,204 –> 00:22:35,225
[ramsey_d_smith]: m

901
00:22:35,544 –> 00:22:40,054
[paul_tyler]: they’ll be able to deliver more value
on paper you know to clients up for

902
00:22:40,074 –> 00:22:40,155
[paul_tyler]: the

903
00:22:40,160 –> 00:22:40,300
[david_macchia]: think

904
00:22:40,175 –> 00:22:40,315
[paul_tyler]: next

905
00:22:40,380 –> 00:22:40,420
[david_macchia]: i

906
00:22:40,436 –> 00:22:40,596
[paul_tyler]: three

907
00:22:40,460 –> 00:22:40,621
[david_macchia]: think

908
00:22:40,636 –> 00:22:40,837
[paul_tyler]: months

909
00:22:40,661 –> 00:22:44,768
[david_macchia]: that’s true i think that’s true and
just just before we leave inflation

910
00:22:45,224 –> 00:22:45,595
[ramsey_d_smith]: m m

911
00:22:45,849 –> 00:22:45,970
[david_macchia]: is

912
00:22:46,410 –> 00:22:46,670
[paul_tyler]: oh

913
00:22:46,911 –> 00:22:48,374
[david_macchia]: i think the point should be made
it’s

914
00:22:48,275 –> 00:22:48,516
[ramsey_d_smith]: oh

915
00:22:48,414 –> 00:22:51,659
[david_macchia]: a very cruel reality because

916
00:22:51,960 –> 00:22:52,121
[paul_tyler]: it

917
00:22:52,220 –> 00:22:53,081
[david_macchia]: it hurts people

918
00:22:52,955 –> 00:22:53,403
[ramsey_d_smith]: oh

919
00:22:53,162 –> 00:22:57,949
[david_macchia]: on fixed incomes it hurts people with
low incomes so much higher so much harder

920
00:22:58,010 –> 00:23:02,076
[david_macchia]: than than it hurts other people just
the gas tank you know and food just

921
00:23:02,156 –> 00:23:05,142
[david_macchia]: just gas and food i rocketed so
much

922
00:23:05,135 –> 00:23:05,475
[ramsey_d_smith]: my

923
00:23:07,566 –> 00:23:09,970
[david_macchia]: i don’t know if what the fat
is doing is the right policy of the

924
00:23:10,010 –> 00:23:11,553
[david_macchia]: wrong policy honestly i wish i knew

925
00:23:11,705 –> 00:23:11,987
[ramsey_d_smith]: oh

926
00:23:12,395 –> 00:23:13,937
[david_macchia]: but we have to get inflation

927
00:23:13,829 –> 00:23:14,010
[paul_tyler]: yeah

928
00:23:13,904 –> 00:23:13,925
[ramsey_d_smith]: m

929
00:23:13,998 –> 00:23:14,498
[david_macchia]: of the control

930
00:23:14,790 –> 00:23:14,890
[paul_tyler]: oh

931
00:23:15,310 –> 00:23:17,355
[david_macchia]: because it’s like it’s like a huge
extra tax

932
00:23:17,700 –> 00:23:18,630
[paul_tyler]: yeah

933
00:23:18,077 –> 00:23:22,488
[david_macchia]: on people that’s that’s just totally destructive
to their personal financial health

934
00:23:23,111 –> 00:23:23,512
[paul_tyler]: yeah now

935
00:23:23,495 –> 00:23:23,978
[ramsey_d_smith]: yeah

936
00:23:24,553 –> 00:23:25,395
[paul_tyler]: my perspective

937
00:23:25,525 –> 00:23:25,666
[ramsey_d_smith]: yeah

938
00:23:25,655 –> 00:23:25,875
[paul_tyler]: is

939
00:23:26,910 –> 00:23:27,990
[david_macchia]: yeah

940
00:23:26,917 –> 00:23:27,498
[paul_tyler]: it’s global

941
00:23:27,305 –> 00:23:28,385
[ramsey_d_smith]: oh

942
00:23:27,658 –> 00:23:28,680
[paul_tyler]: i mean a lot of people you

943
00:23:28,625 –> 00:23:28,928
[ramsey_d_smith]: yeah

944
00:23:28,860 –> 00:23:34,730
[paul_tyler]: want to blame our administration you listen
politicians have some impact you know can make

945
00:23:34,790 –> 00:23:41,622
[paul_tyler]: it worse make you now hard to
say than like better but our ports i

946
00:23:41,682 –> 00:23:41,882
[paul_tyler]: mean

947
00:23:42,305 –> 00:23:42,565
[ramsey_d_smith]: oh

948
00:23:42,744 –> 00:23:44,547
[paul_tyler]: this the supply chain problem is

949
00:23:44,854 –> 00:23:44,954
[ramsey_d_smith]: yeah

950
00:23:45,188 –> 00:23:46,189
[paul_tyler]: going to go away right

951
00:23:46,085 –> 00:23:46,326
[ramsey_d_smith]: oh

952
00:23:46,790 –> 00:23:49,695
[paul_tyler]: if you look at the us if
you look at the efficiency of the us

953
00:23:49,815 –> 00:23:50,256
[paul_tyler]: ports

954
00:23:50,615 –> 00:23:50,736
[ramsey_d_smith]: ye

955
00:23:51,258 –> 00:23:55,505
[paul_tyler]: um we’re not like you know we
were not in sort of

956
00:23:55,484 –> 00:23:55,505
[ramsey_d_smith]: m

957
00:23:55,545 –> 00:23:59,572
[paul_tyler]: the top twenty to twenty five most
efficient and

958
00:23:59,915 –> 00:23:59,935
[ramsey_d_smith]: m

959
00:24:00,012 –> 00:24:05,031
[paul_tyler]: imports of goods coming in so we
got a real bottle neck that going to

960
00:24:05,091 –> 00:24:08,521
[paul_tyler]: take a long time to change if
we can easily change it right because

961
00:24:08,495 –> 00:24:08,835
[ramsey_d_smith]: oh

962
00:24:09,043 –> 00:24:15,914
[paul_tyler]: ships come into california southern california you
can’t build rails and highways through expensive real

963
00:24:15,954 –> 00:24:17,416
[paul_tyler]: estate her california

964
00:24:17,615 –> 00:24:17,836
[ramsey_d_smith]: oh

965
00:24:17,796 –> 00:24:18,717
[paul_tyler]: to get goods out quicker

966
00:24:20,080 –> 00:24:20,561
[david_macchia]: that’s true

967
00:24:20,705 –> 00:24:20,725
[ramsey_d_smith]: m

968
00:24:20,982 –> 00:24:24,910
[david_macchia]: and i think one area though the
gummy can make a difference for good or

969
00:24:24,970 –> 00:24:28,638
[david_macchia]: bad is that i think we’ve had
a lot of increased regulation lately

970
00:24:28,835 –> 00:24:29,177
[ramsey_d_smith]: oh

971
00:24:29,470 –> 00:24:34,780
[david_macchia]: which has had a detrimental impact on
the supply chain but you’re right it’s a

972
00:24:34,840 –> 00:24:36,523
[david_macchia]: really complex set of problems

973
00:24:36,261 –> 00:24:36,642
[paul_tyler]: well you know

974
00:24:36,766 –> 00:24:36,926
[ramsey_d_smith]: well

975
00:24:36,964 –> 00:24:37,425
[david_macchia]: it’s really

976
00:24:37,464 –> 00:24:37,605
[paul_tyler]: yeah

977
00:24:37,525 –> 00:24:37,846
[david_macchia]: come

978
00:24:37,925 –> 00:24:38,186
[paul_tyler]: brands

979
00:24:38,609 –> 00:24:40,392
[ramsey_d_smith]: i was i was just going to
say that i’m gonna i’m gonna

980
00:24:40,380 –> 00:24:40,662
[paul_tyler]: yeah

981
00:24:40,452 –> 00:24:43,257
[ramsey_d_smith]: hark back to something that i

982
00:24:43,260 –> 00:24:43,543
[paul_tyler]: oh

983
00:24:43,297 –> 00:24:43,717
[ramsey_d_smith]: don’t know if you

984
00:24:43,950 –> 00:24:44,254
[david_macchia]: oh

985
00:24:44,038 –> 00:24:45,941
[ramsey_d_smith]: if you said it in the in
the pre show or

986
00:24:46,290 –> 00:24:46,512
[david_macchia]: oh

987
00:24:46,562 –> 00:24:50,168
[ramsey_d_smith]: we were talking about travel and you
talk the fragility the fragility of

988
00:24:50,550 –> 00:24:50,570
[david_macchia]: m

989
00:24:50,849 –> 00:24:52,873
[ramsey_d_smith]: the air transport system and so we’re

990
00:24:52,840 –> 00:24:53,004
[david_macchia]: yep

991
00:24:52,953 –> 00:24:53,333
[ramsey_d_smith]: seeing that

992
00:24:53,250 –> 00:24:53,410
[paul_tyler]: yeah

993
00:24:53,394 –> 00:24:57,661
[ramsey_d_smith]: same kind of fragility and a supply
chain that was sending things just in time

994
00:24:57,721 –> 00:24:59,924
[ramsey_d_smith]: from somewhere in the far east you
know

995
00:25:00,020 –> 00:25:00,221
[david_macchia]: right

996
00:25:00,085 –> 00:25:00,465
[ramsey_d_smith]: your kitchen

997
00:25:00,409 –> 00:25:00,510
[paul_tyler]: yeah

998
00:25:00,566 –> 00:25:02,729
[ramsey_d_smith]: table in a in a remarkably

999
00:25:02,730 –> 00:25:02,750
[david_macchia]: m

1000
00:25:02,769 –> 00:25:03,390
[ramsey_d_smith]: efficient way

1001
00:25:03,900 –> 00:25:05,460
[paul_tyler]: yeah

1002
00:25:04,592 –> 00:25:08,078
[ramsey_d_smith]: my sense paul to your point is
that ultimately the

1003
00:25:08,070 –> 00:25:08,330
[paul_tyler]: oh

1004
00:25:08,138 –> 00:25:08,799
[ramsey_d_smith]: solution to

1005
00:25:08,700 –> 00:25:09,480
[david_macchia]: oh

1006
00:25:09,961 –> 00:25:12,225
[ramsey_d_smith]: supply chain problems that are that are
glow bill

1007
00:25:12,185 –> 00:25:12,226
[paul_tyler]: a

1008
00:25:12,445 –> 00:25:13,407
[ramsey_d_smith]: is to deglobalize

1009
00:25:13,312 –> 00:25:13,800
[paul_tyler]: right

1010
00:25:13,447 –> 00:25:15,010
[ramsey_d_smith]: them so it seems like both

1011
00:25:15,090 –> 00:25:15,350
[paul_tyler]: oh

1012
00:25:15,090 –> 00:25:18,556
[ramsey_d_smith]: politically and economically you know we’re probably
headed towards some degree

1013
00:25:18,579 –> 00:25:18,739
[paul_tyler]: yeah

1014
00:25:18,616 –> 00:25:19,958
[ramsey_d_smith]: of deglobalization

1015
00:25:19,680 –> 00:25:19,700
[david_macchia]: m

1016
00:25:19,774 –> 00:25:19,856
[paul_tyler]: ah

1017
00:25:20,138 –> 00:25:23,263
[ramsey_d_smith]: that’s going to take time that will
actually also be inflation ary here in the

1018
00:25:23,343 –> 00:25:24,785
[ramsey_d_smith]: u s probably

1019
00:25:25,010 –> 00:25:25,491
[david_macchia]: absolutely

1020
00:25:25,466 –> 00:25:26,107
[ramsey_d_smith]: going forward

1021
00:25:26,112 –> 00:25:26,193
[paul_tyler]: ah

1022
00:25:26,507 –> 00:25:30,171
[ramsey_d_smith]: but it’s hard to see it’s hard
to see given national security and all sorts

1023
00:25:30,191 –> 00:25:33,574
[ramsey_d_smith]: of other reasons why why wouldn’t why
we wouldn’t head in that direction

1024
00:25:33,710 –> 00:25:34,312
[paul_tyler]: well you know there’s

1025
00:25:34,200 –> 00:25:35,130
[david_macchia]: oh

1026
00:25:34,673 –> 00:25:36,278
[paul_tyler]: a there’s a big time element too
so

1027
00:25:36,425 –> 00:25:36,445
[ramsey_d_smith]: m

1028
00:25:36,739 –> 00:25:37,201
[paul_tyler]: you i’ve seen a

1029
00:25:37,235 –> 00:25:37,895
[ramsey_d_smith]: yeah

1030
00:25:37,261 –> 00:25:43,635
[paul_tyler]: lot of ship manufactures announced launching saying
chip plants

1031
00:25:43,715 –> 00:25:43,956
[ramsey_d_smith]: oh

1032
00:25:43,876 –> 00:25:48,684
[paul_tyler]: outside china v i think i read
a few areas people go into different parts

1033
00:25:48,724 –> 00:25:50,647
[paul_tyler]: of south east age but david that
takes

1034
00:25:50,744 –> 00:25:50,765
[ramsey_d_smith]: m

1035
00:25:51,028 –> 00:25:51,969
[paul_tyler]: two years to get a

1036
00:25:51,965 –> 00:25:52,226
[ramsey_d_smith]: oh

1037
00:25:52,029 –> 00:25:52,653
[paul_tyler]: play up and

1038
00:25:52,681 –> 00:25:52,761
[david_macchia]: oh

1039
00:25:52,693 –> 00:25:52,955
[paul_tyler]: running

1040
00:25:52,821 –> 00:25:53,883
[david_macchia]: yeah and and

1041
00:25:54,035 –> 00:25:54,685
[ramsey_d_smith]: oh

1042
00:25:54,063 –> 00:25:58,971
[david_macchia]: and also in the u s building
more chip manufacturing here but you’re right ramsey

1043
00:25:59,072 –> 00:26:00,434
[david_macchia]: i think people underestimate

1044
00:26:00,300 –> 00:26:00,929
[paul_tyler]: ye

1045
00:26:00,514 –> 00:26:03,840
[david_macchia]: how massively deflationary globalization was

1046
00:26:04,140 –> 00:26:05,190
[paul_tyler]: oh

1047
00:26:05,482 –> 00:26:08,006
[david_macchia]: and any incremental change in that

1048
00:26:08,790 –> 00:26:09,010
[paul_tyler]: yeah

1049
00:26:09,048 –> 00:26:10,190
[david_macchia]: any bringing back the

1050
00:26:10,124 –> 00:26:10,145
[ramsey_d_smith]: m

1051
00:26:10,290 –> 00:26:11,693
[david_macchia]: manufacturing to our

1052
00:26:11,765 –> 00:26:11,785
[ramsey_d_smith]: m

1053
00:26:11,793 –> 00:26:13,435
[david_macchia]: shores is probably

1054
00:26:13,169 –> 00:26:13,350
[paul_tyler]: yeah

1055
00:26:13,516 –> 00:26:15,259
[david_macchia]: good for our national security

1056
00:26:15,014 –> 00:26:15,035
[ramsey_d_smith]: m

1057
00:26:15,319 –> 00:26:16,160
[david_macchia]: but will

1058
00:26:16,085 –> 00:26:16,226
[ramsey_d_smith]: ye

1059
00:26:16,221 –> 00:26:17,244
[david_macchia]: be you know

1060
00:26:17,225 –> 00:26:18,155
[ramsey_d_smith]: yeah

1061
00:26:17,745 –> 00:26:19,530
[david_macchia]: sort of boosting inflation

1062
00:26:19,214 –> 00:26:20,225
[ramsey_d_smith]: m yeah

1063
00:26:19,691 –> 00:26:21,195
[david_macchia]: boosting price increases generally

1064
00:26:21,110 –> 00:26:21,250
[paul_tyler]: well

1065
00:26:21,164 –> 00:26:21,185
[ramsey_d_smith]: m

1066
00:26:21,330 –> 00:26:21,490
[paul_tyler]: yeah

1067
00:26:21,416 –> 00:26:21,476
[david_macchia]: it

1068
00:26:21,446 –> 00:26:21,587
[ramsey_d_smith]: yeah

1069
00:26:21,536 –> 00:26:21,877
[david_macchia]: has to

1070
00:26:22,151 –> 00:26:22,472
[paul_tyler]: well yeah

1071
00:26:22,595 –> 00:26:22,935
[ramsey_d_smith]: oh

1072
00:26:22,833 –> 00:26:27,721
[paul_tyler]: i would say i’d be more pointed
david it’s china was as much as we

1073
00:26:27,881 –> 00:26:28,081
[paul_tyler]: were

1074
00:26:28,080 –> 00:26:28,800
[david_macchia]: yeah

1075
00:26:28,722 –> 00:26:29,023
[paul_tyler]: concerned

1076
00:26:28,860 –> 00:26:29,002
[david_macchia]: yeah

1077
00:26:29,063 –> 00:26:35,233
[paul_tyler]: about losing jobs to china you know
china at a massive flationary effect on our

1078
00:26:35,674 –> 00:26:36,535
[paul_tyler]: economy right

1079
00:26:36,590 –> 00:26:37,496
[david_macchia]: eh

1080
00:26:37,196 –> 00:26:38,138
[paul_tyler]: cut the price of tables

1081
00:26:38,165 –> 00:26:38,365
[ramsey_d_smith]: oh

1082
00:26:38,198 –> 00:26:42,125
[paul_tyler]: chairs you know everything stayed at a
reasonable price in china all of a sudden

1083
00:26:42,205 –> 00:26:42,866
[paul_tyler]: slows down

1084
00:26:43,385 –> 00:26:43,625
[ramsey_d_smith]: yeah

1085
00:26:43,607 –> 00:26:46,472
[paul_tyler]: they’ve got real estate problems they’ve had
they’ve been shut

1086
00:26:46,380 –> 00:26:46,602
[david_macchia]: oh

1087
00:26:46,512 –> 00:26:47,633
[paul_tyler]: down even more than we have

1088
00:26:47,814 –> 00:26:48,034
[ramsey_d_smith]: yeah

1089
00:26:48,054 –> 00:26:48,254
[paul_tyler]: for

1090
00:26:48,317 –> 00:26:48,540
[david_macchia]: yeah

1091
00:26:48,615 –> 00:26:49,516
[paul_tyler]: you know the pandemic

1092
00:26:50,555 –> 00:26:50,859
[ramsey_d_smith]: oh

1093
00:26:50,658 –> 00:26:55,365
[paul_tyler]: um and there’s a limit to how
you know they can’t cut prices anymore so

1094
00:26:55,274 –> 00:26:55,295
[ramsey_d_smith]: m

1095
00:26:55,425 –> 00:26:59,112
[paul_tyler]: tally where it feels like we’re in
a storm that’s going to last

1096
00:26:59,096 –> 00:26:59,218
[ramsey_d_smith]: ah

1097
00:26:59,672 –> 00:27:00,534
[paul_tyler]: unfortunately for a few

1098
00:27:00,425 –> 00:27:00,666
[ramsey_d_smith]: oh

1099
00:27:00,614 –> 00:27:00,874
[paul_tyler]: years

1100
00:27:03,441 –> 00:27:04,022
[david_macchia]: i think you’re right

1101
00:27:03,900 –> 00:27:04,161
[paul_tyler]: yeah

1102
00:27:04,445 –> 00:27:04,767
[ramsey_d_smith]: oh

1103
00:27:04,603 –> 00:27:05,825
[david_macchia]: you know i wish i had an
answer

1104
00:27:05,889 –> 00:27:06,069
[paul_tyler]: yeah

1105
00:27:05,905 –> 00:27:07,047
[david_macchia]: to it but there’s no

1106
00:27:06,973 –> 00:27:07,096
[paul_tyler]: oh

1107
00:27:07,207 –> 00:27:07,688
[david_macchia]: easy answer

1108
00:27:07,565 –> 00:27:08,248
[ramsey_d_smith]: oh

1109
00:27:07,748 –> 00:27:09,050
[david_macchia]: to it and how are

1110
00:27:09,000 –> 00:27:09,750
[paul_tyler]: oh

1111
00:27:09,070 –> 00:27:10,172
[david_macchia]: we going to generate economic

1112
00:27:09,941 –> 00:27:10,189
[paul_tyler]: okay

1113
00:27:09,995 –> 00:27:10,256
[ramsey_d_smith]: oh

1114
00:27:10,232 –> 00:27:12,676
[david_macchia]: growth is another thing i mean you
know the fed

1115
00:27:12,750 –> 00:27:12,933
[paul_tyler]: yeah

1116
00:27:12,776 –> 00:27:13,858
[david_macchia]: can’t keep printing money

1117
00:27:14,071 –> 00:27:14,273
[paul_tyler]: right

1118
00:27:14,239 –> 00:27:14,659
[david_macchia]: there there

1119
00:27:14,525 –> 00:27:15,635
[ramsey_d_smith]: yeah

1120
00:27:14,940 –> 00:27:16,723
[david_macchia]: tighten the tightening they’re going the other
way

1121
00:27:17,525 –> 00:27:17,545
[ramsey_d_smith]: m

1122
00:27:17,684 –> 00:27:23,474
[david_macchia]: and you know since o eight before
o eight from from nineteen sixty eight when

1123
00:27:23,554 –> 00:27:27,501
[david_macchia]: when we got the legislation was passed
to get us off the goal standard right

1124
00:27:28,682 –> 00:27:29,484
[david_macchia]: up to two thousand

1125
00:27:29,490 –> 00:27:29,692
[paul_tyler]: yeah

1126
00:27:29,544 –> 00:27:30,766
[david_macchia]: eight economic

1127
00:27:30,660 –> 00:27:30,981
[paul_tyler]: oh

1128
00:27:30,846 –> 00:27:35,503
[david_macchia]: growth in this country was driven by
credit so we had one trillion of total

1129
00:27:35,563 –> 00:27:38,708
[david_macchia]: credit in the economy in nineteen sixty
eight by two thousand it we had ninety

1130
00:27:38,788 –> 00:27:40,992
[david_macchia]: times that we had ninety trillion that’s

1131
00:27:40,895 –> 00:27:42,125
[ramsey_d_smith]: yeah

1132
00:27:41,032 –> 00:27:42,214
[david_macchia]: what drove the economic

1133
00:27:42,185 –> 00:27:42,205
[ramsey_d_smith]: m

1134
00:27:42,274 –> 00:27:43,376
[david_macchia]: growth since

1135
00:27:43,544 –> 00:27:43,565
[ramsey_d_smith]: h

1136
00:27:43,556 –> 00:27:43,596
[david_macchia]: o

1137
00:27:43,560 –> 00:27:43,763
[paul_tyler]: yeah

1138
00:27:43,776 –> 00:27:44,958
[david_macchia]: eight credit growth

1139
00:27:44,820 –> 00:27:45,063
[paul_tyler]: oh

1140
00:27:45,019 –> 00:27:45,419
[david_macchia]: slowed

1141
00:27:45,524 –> 00:27:45,545
[ramsey_d_smith]: m

1142
00:27:45,840 –> 00:27:46,761
[david_macchia]: so the government stepped

1143
00:27:46,724 –> 00:27:46,745
[ramsey_d_smith]: m

1144
00:27:46,842 –> 00:27:48,464
[david_macchia]: in with massive physical stimulus

1145
00:27:48,227 –> 00:27:48,288
[ramsey_d_smith]: ah

1146
00:27:48,544 –> 00:27:50,027
[david_macchia]: and federal reserve stepped in with

1147
00:27:49,964 –> 00:27:49,985
[ramsey_d_smith]: m

1148
00:27:50,167 –> 00:27:53,332
[david_macchia]: you know this huge money printing thing
that can’t

1149
00:27:53,165 –> 00:27:53,467
[ramsey_d_smith]: oh

1150
00:27:53,713 –> 00:27:56,418
[david_macchia]: keep going so i’m not sure what
happens

1151
00:27:56,405 –> 00:27:56,646
[ramsey_d_smith]: oh

1152
00:27:56,498 –> 00:27:57,579
[david_macchia]: next to generate

1153
00:27:57,330 –> 00:27:58,260
[paul_tyler]: yeah

1154
00:27:57,660 –> 00:27:59,962
[david_macchia]: economic growth especially under these conditions

1155
00:27:59,675 –> 00:27:59,896
[ramsey_d_smith]: oh

1156
00:28:00,763 –> 00:28:02,625
[david_macchia]: and i think we’re seeing that reality
reflected

1157
00:28:02,465 –> 00:28:03,485
[ramsey_d_smith]: yeah

1158
00:28:02,705 –> 00:28:04,987
[david_macchia]: an asset price is starting to you
now come back to the

1159
00:28:05,384 –> 00:28:05,405
[ramsey_d_smith]: m

1160
00:28:05,988 –> 00:28:06,729
[david_macchia]: more normal level

1161
00:28:07,396 –> 00:28:09,119
[ramsey_d_smith]: well that’s that’s the thin that’s been
interesting you know

1162
00:28:09,840 –> 00:28:10,042
[paul_tyler]: yeah

1163
00:28:10,461 –> 00:28:12,064
[ramsey_d_smith]: a lot of the push back on
on

1164
00:28:12,510 –> 00:28:12,851
[david_macchia]: oh

1165
00:28:12,885 –> 00:28:17,573
[ramsey_d_smith]: on annuities has been you know around
inflation protection and people say he put more

1166
00:28:17,613 –> 00:28:20,938
[ramsey_d_smith]: money in equities in like i spent
a whole career in equity so i understand

1167
00:28:20,999 –> 00:28:22,441
[ramsey_d_smith]: that i understand

1168
00:28:22,213 –> 00:28:22,800
[david_macchia]: hm

1169
00:28:23,220 –> 00:28:23,401
[paul_tyler]: yeah

1170
00:28:23,463 –> 00:28:27,069
[ramsey_d_smith]: the value proposition there i think i
think for many years it’s been very real

1171
00:28:28,170 –> 00:28:32,798
[ramsey_d_smith]: the challenge that we have now is
that you know pricing for companies is often

1172
00:28:32,898 –> 00:28:33,559
[ramsey_d_smith]: most prevalent

1173
00:28:33,812 –> 00:28:33,997
[paul_tyler]: yes

1174
00:28:33,980 –> 00:28:34,181
[ramsey_d_smith]: when

1175
00:28:34,479 –> 00:28:34,580
[david_macchia]: m m

1176
00:28:34,701 –> 00:28:37,847
[ramsey_d_smith]: you know when they have when when
they

1177
00:28:37,770 –> 00:28:37,790
[david_macchia]: m

1178
00:28:37,887 –> 00:28:38,768
[ramsey_d_smith]: have plenty of supply

1179
00:28:38,793 –> 00:28:38,814
[paul_tyler]: i

1180
00:28:38,908 –> 00:28:41,853
[ramsey_d_smith]: but they’ve got sort of a demand
shock that’s favorable to them

1181
00:28:41,820 –> 00:28:41,840
[david_macchia]: m

1182
00:28:42,354 –> 00:28:42,575
[ramsey_d_smith]: but now

1183
00:28:42,622 –> 00:28:42,828
[paul_tyler]: okay

1184
00:28:42,635 –> 00:28:45,860
[ramsey_d_smith]: we have this issue that things are
happening on the supply side so even if

1185
00:28:45,940 –> 00:28:48,705
[ramsey_d_smith]: prices are going up if you can’t
deliver the product

1186
00:28:48,360 –> 00:28:48,664
[paul_tyler]: oh

1187
00:28:49,105 –> 00:28:49,807
[ramsey_d_smith]: it’s not giving you

1188
00:28:49,845 –> 00:28:49,865
[david_macchia]: m

1189
00:28:49,867 –> 00:28:52,351
[ramsey_d_smith]: the excess profit you would have otherwise
given

1190
00:28:52,420 –> 00:28:53,326
[david_macchia]: right right

1191
00:28:53,312 –> 00:28:56,037
[ramsey_d_smith]: and so so it shouldn’t come as
a surprise

1192
00:28:55,893 –> 00:28:55,914
[paul_tyler]: i

1193
00:28:56,097 –> 00:29:02,327
[ramsey_d_smith]: that like equities have been you ve
been suffering in this current environment and so

1194
00:29:02,848 –> 00:29:05,192
[ramsey_d_smith]: you know what does that mean it’s
it’s one thing if you say well if

1195
00:29:05,252 –> 00:29:09,539
[ramsey_d_smith]: i get you know our per cent
four per cent on my my annuity that’s

1196
00:29:09,580 –> 00:29:11,503
[ramsey_d_smith]: not keeping up with ten per cent
inflation will being down

1197
00:29:11,550 –> 00:29:11,570
[david_macchia]: m

1198
00:29:11,683 –> 00:29:16,010
[ramsey_d_smith]: twenty per cent in your equity portfolio
isn’t helping that either you know if you’re

1199
00:29:16,050 –> 00:29:16,711
[david_macchia]: that’s right

1200
00:29:16,731 –> 00:29:19,716
[ramsey_d_smith]: if you’re if you’re in decumulations if
you’re an accumulation

1201
00:29:19,500 –> 00:29:19,740
[paul_tyler]: yah

1202
00:29:19,876 –> 00:29:21,518
[ramsey_d_smith]: you can weigh it out but if
you’re in the

1203
00:29:21,470 –> 00:29:21,632
[david_macchia]: yeah

1204
00:29:21,578 –> 00:29:22,959
[ramsey_d_smith]: accumulation phase like you don’t

1205
00:29:22,920 –> 00:29:23,141
[david_macchia]: oh

1206
00:29:23,169 –> 00:29:23,190
[paul_tyler]: h

1207
00:29:23,320 –> 00:29:25,682
[ramsey_d_smith]: you don’t have the same set of
choices so it’s

1208
00:29:25,611 –> 00:29:25,751
[david_macchia]: yeah

1209
00:29:25,742 –> 00:29:26,623
[ramsey_d_smith]: a it’s a tough problem

1210
00:29:26,335 –> 00:29:26,438
[paul_tyler]: no

1211
00:29:26,823 –> 00:29:26,984
[ramsey_d_smith]: right

1212
00:29:27,273 –> 00:29:30,078
[david_macchia]: this is really really a smart point
you bringing up because

1213
00:29:30,065 –> 00:29:30,935
[ramsey_d_smith]: yeah

1214
00:29:30,539 –> 00:29:32,642
[david_macchia]: i remember i got a call from
a writer i won’t mention his

1215
00:29:32,550 –> 00:29:33,215
[ramsey_d_smith]: hm

1216
00:29:32,682 –> 00:29:36,388
[david_macchia]: name he read one of my articles
and he said you know i really know

1217
00:29:36,489 –> 00:29:40,762
[david_macchia]: argued with a new he’s because they’re
not inflation adjusted and you know the truth

1218
00:29:40,842 –> 00:29:41,644
[david_macchia]: is there’s no there’s

1219
00:29:41,495 –> 00:29:42,545
[ramsey_d_smith]: yeah

1220
00:29:41,684 –> 00:29:42,545
[david_macchia]: no guarantee that

1221
00:29:42,635 –> 00:29:42,655
[ramsey_d_smith]: m

1222
00:29:42,645 –> 00:29:43,487
[david_macchia]: equity portfolios

1223
00:29:43,220 –> 00:29:43,321
[paul_tyler]: no

1224
00:29:43,527 –> 00:29:44,368
[david_macchia]: are going to be inflation

1225
00:29:44,186 –> 00:29:44,287
[paul_tyler]: no

1226
00:29:44,345 –> 00:29:44,648
[ramsey_d_smith]: oh

1227
00:29:44,448 –> 00:29:45,169
[david_macchia]: adjusted right

1228
00:29:45,557 –> 00:29:45,618
[ramsey_d_smith]: m

1229
00:29:45,790 –> 00:29:46,612
[david_macchia]: and i would rather

1230
00:29:46,514 –> 00:29:46,535
[ramsey_d_smith]: m

1231
00:29:46,672 –> 00:29:47,413
[david_macchia]: have some level

1232
00:29:47,315 –> 00:29:49,085
[ramsey_d_smith]: oh

1233
00:29:47,493 –> 00:29:47,894
[david_macchia]: of income

1234
00:29:47,782 –> 00:29:47,803
[paul_tyler]: i

1235
00:29:47,934 –> 00:29:49,617
[david_macchia]: that i can count on in retirement

1236
00:29:49,710 –> 00:29:49,892
[paul_tyler]: yeah

1237
00:29:49,977 –> 00:29:51,660
[david_macchia]: for life and if it’s

1238
00:29:51,554 –> 00:29:51,575
[ramsey_d_smith]: m

1239
00:29:51,720 –> 00:29:55,303
[david_macchia]: not inflation adjusted at least it’s tangible
at least it’s real

1240
00:29:56,114 –> 00:29:56,135
[ramsey_d_smith]: m

1241
00:29:56,764 –> 00:30:00,627
[david_macchia]: and i think you know the outlook
for in general

1242
00:30:01,355 –> 00:30:01,616
[ramsey_d_smith]: yeah

1243
00:30:01,948 –> 00:30:04,892
[david_macchia]: guaranteed income it’s going to be so
strong

1244
00:30:05,135 –> 00:30:06,605
[ramsey_d_smith]: yeah

1245
00:30:05,353 –> 00:30:05,955
[david_macchia]: going forward

1246
00:30:06,605 –> 00:30:07,265
[ramsey_d_smith]: yeah

1247
00:30:06,776 –> 00:30:07,598
[david_macchia]: it just has to be

1248
00:30:08,615 –> 00:30:09,545
[ramsey_d_smith]: yeah

1249
00:30:08,620 –> 00:30:12,046
[david_macchia]: because like i always say to advisors
you know no retirement

1250
00:30:11,986 –> 00:30:12,169
[ramsey_d_smith]: yeah

1251
00:30:12,086 –> 00:30:12,888
[david_macchia]: stops needing income

1252
00:30:13,440 –> 00:30:14,130
[paul_tyler]: oh

1253
00:30:13,775 –> 00:30:13,935
[ramsey_d_smith]: yeah

1254
00:30:14,920 –> 00:30:14,941
[paul_tyler]: a

1255
00:30:15,616 –> 00:30:16,977
[ramsey_d_smith]: i want to bring in another

1256
00:30:16,920 –> 00:30:16,940
[david_macchia]: m

1257
00:30:17,098 –> 00:30:20,260
[ramsey_d_smith]: way we can bring in full circle
to what you’re doing with what you’re

1258
00:30:20,130 –> 00:30:20,432
[paul_tyler]: oh

1259
00:30:20,321 –> 00:30:22,062
[ramsey_d_smith]: doing with projects six

1260
00:30:22,110 –> 00:30:22,293
[paul_tyler]: yeah

1261
00:30:22,142 –> 00:30:23,303
[ramsey_d_smith]: thousand minutes and

1262
00:30:23,670 –> 00:30:23,690
[david_macchia]: m

1263
00:30:23,700 –> 00:30:23,761
[paul_tyler]: ye

1264
00:30:23,704 –> 00:30:27,569
[ramsey_d_smith]: you know what potentially there’s a potential
for growth in the financial advisor space it’s

1265
00:30:27,609 –> 00:30:28,591
[ramsey_d_smith]: really i think

1266
00:30:28,481 –> 00:30:28,623
[paul_tyler]: thank

1267
00:30:28,771 –> 00:30:32,738
[ramsey_d_smith]: on the spending side right spending control
cost control and that we had

1268
00:30:32,782 –> 00:30:32,927
[paul_tyler]: yeah

1269
00:30:33,659 –> 00:30:34,060
[ramsey_d_smith]: we had

1270
00:30:34,230 –> 00:30:34,496
[paul_tyler]: oh

1271
00:30:34,861 –> 00:30:35,643
[ramsey_d_smith]: bill bangin on

1272
00:30:35,910 –> 00:30:36,110
[paul_tyler]: oh

1273
00:30:35,943 –> 00:30:38,748
[ramsey_d_smith]: right the there of woudrawl strategies

1274
00:30:39,360 –> 00:30:39,661
[david_macchia]: oh

1275
00:30:39,429 –> 00:30:42,574
[ramsey_d_smith]: he’s in his nineties he was amazing
to have him on but one of his

1276
00:30:42,634 –> 00:30:42,775
[ramsey_d_smith]: key

1277
00:30:42,642 –> 00:30:42,802
[david_macchia]: yeah

1278
00:30:42,875 –> 00:30:44,177
[ramsey_d_smith]: points is you got to fix spending

1279
00:30:44,550 –> 00:30:46,272
[paul_tyler]: uh

1280
00:30:46,721 –> 00:30:46,882
[david_macchia]: yeah

1281
00:30:47,523 –> 00:30:47,703
[ramsey_d_smith]: right

1282
00:30:47,583 –> 00:30:49,125
[david_macchia]: but but here’s here’s

1283
00:30:49,067 –> 00:30:49,249
[ramsey_d_smith]: yeah

1284
00:30:49,306 –> 00:30:50,227
[david_macchia]: here’s the problem here’s

1285
00:30:50,115 –> 00:30:50,276
[ramsey_d_smith]: yeah

1286
00:30:50,267 –> 00:30:52,050
[david_macchia]: the problem i say and i like
i like bill a lot

1287
00:30:52,055 –> 00:30:52,195
[ramsey_d_smith]: yeah

1288
00:30:52,170 –> 00:30:54,935
[david_macchia]: and you know i wrote an article
called there is no safe with drawl rate

1289
00:30:55,025 –> 00:30:55,186
[ramsey_d_smith]: yeah

1290
00:30:55,576 –> 00:30:57,800
[david_macchia]: which by the way which i believe
and

1291
00:30:57,825 –> 00:30:57,946
[ramsey_d_smith]: oh

1292
00:30:57,920 –> 00:30:59,603
[david_macchia]: uh you know and he came back
to

1293
00:30:59,553 –> 00:31:00,035
[ramsey_d_smith]: yeah

1294
00:30:59,663 –> 00:31:01,005
[david_macchia]: me and and he said well my

1295
00:31:01,094 –> 00:31:01,115
[ramsey_d_smith]: m

1296
00:31:01,145 –> 00:31:06,795
[david_macchia]: projections say that that’s not the case
i said i understand you’re absolutely right but

1297
00:31:07,155 –> 00:31:08,177
[david_macchia]: all of the projections

1298
00:31:07,950 –> 00:31:09,330
[paul_tyler]: yeah

1299
00:31:08,498 –> 00:31:09,299
[david_macchia]: yours and everyone

1300
00:31:09,335 –> 00:31:09,557
[ramsey_d_smith]: oh

1301
00:31:09,359 –> 00:31:11,827
[david_macchia]: else’s assumes that the client stays invested

1302
00:31:12,186 –> 00:31:12,980
[paul_tyler]: a oh

1303
00:31:12,825 –> 00:31:12,967
[ramsey_d_smith]: yeah

1304
00:31:13,020 –> 00:31:15,665
[david_macchia]: every single day in every single condition
and

1305
00:31:15,668 –> 00:31:15,709
[ramsey_d_smith]: m

1306
00:31:15,789 –> 00:31:15,810
[paul_tyler]: h

1307
00:31:15,865 –> 00:31:16,626
[david_macchia]: cast in the real world

1308
00:31:16,544 –> 00:31:16,565
[ramsey_d_smith]: m

1309
00:31:16,666 –> 00:31:17,007
[david_macchia]: they don’t

1310
00:31:16,920 –> 00:31:18,420
[paul_tyler]: okay

1311
00:31:17,868 –> 00:31:17,968
[david_macchia]: so

1312
00:31:18,067 –> 00:31:18,148
[ramsey_d_smith]: ah

1313
00:31:18,630 –> 00:31:21,194
[david_macchia]: you know the point

1314
00:31:21,213 –> 00:31:21,378
[paul_tyler]: yah

1315
00:31:21,234 –> 00:31:22,175
[david_macchia]: about withdrawals is

1316
00:31:22,085 –> 00:31:22,426
[ramsey_d_smith]: oh

1317
00:31:22,256 –> 00:31:24,519
[david_macchia]: that it’s really really hard

1318
00:31:24,780 –> 00:31:27,199
[paul_tyler]: okay

1319
00:31:24,880 –> 00:31:25,761
[david_macchia]: in the practical

1320
00:31:25,236 –> 00:31:25,357
[ramsey_d_smith]: ah

1321
00:31:26,142 –> 00:31:27,785
[david_macchia]: real world that advises live in

1322
00:31:28,170 –> 00:31:28,190
[paul_tyler]: a

1323
00:31:28,266 –> 00:31:28,726
[david_macchia]: to go to a

1324
00:31:28,754 –> 00:31:28,775
[ramsey_d_smith]: m

1325
00:31:28,807 –> 00:31:32,413
[david_macchia]: client and say well you know last
year you took out forty thousand from your

1326
00:31:32,473 –> 00:31:33,014
[david_macchia]: portfolio

1327
00:31:32,550 –> 00:31:32,795
[paul_tyler]: oh

1328
00:31:33,134 –> 00:31:33,274
[david_macchia]: but

1329
00:31:33,545 –> 00:31:33,826
[ramsey_d_smith]: yah

1330
00:31:33,695 –> 00:31:36,620
[david_macchia]: really this year you need to take
out twenty one thousand three hundred m

1331
00:31:36,674 –> 00:31:37,595
[ramsey_d_smith]: m m

1332
00:31:37,950 –> 00:31:39,312
[david_macchia]: it doesn’t work at the kitchen table

1333
00:31:39,751 –> 00:31:39,832
[paul_tyler]: no

1334
00:31:40,102 –> 00:31:40,264
[ramsey_d_smith]: yeah

1335
00:31:40,314 –> 00:31:41,857
[david_macchia]: it just doesn’t it just doesn’t work

1336
00:31:42,185 –> 00:31:42,533
[ramsey_d_smith]: yeah

1337
00:31:42,778 –> 00:31:48,207
[david_macchia]: and so you know a fixed stream
of income coming from an annuity that a

1338
00:31:48,468 –> 00:31:48,868
[david_macchia]: client can

1339
00:31:48,845 –> 00:31:49,127
[ramsey_d_smith]: oh

1340
00:31:48,930 –> 00:31:49,293
[paul_tyler]: oh

1341
00:31:48,969 –> 00:31:50,071
[david_macchia]: count on year

1342
00:31:49,950 –> 00:31:50,191
[paul_tyler]: oh

1343
00:31:50,251 –> 00:31:51,173
[david_macchia]: after year after year

1344
00:31:51,455 –> 00:31:51,775
[ramsey_d_smith]: oh

1345
00:31:52,315 –> 00:31:54,318
[david_macchia]: that that’s hard to argue against

1346
00:31:55,151 –> 00:31:55,291
[paul_tyler]: oh

1347
00:31:55,490 –> 00:31:55,895
[david_macchia]: it’s hard

1348
00:31:55,832 –> 00:31:56,012
[paul_tyler]: well

1349
00:31:55,955 –> 00:31:56,703
[david_macchia]: to argue against

1350
00:31:56,713 –> 00:31:59,178
[paul_tyler]: i think you’re right people want guarantee
income here

1351
00:31:59,255 –> 00:31:59,478
[ramsey_d_smith]: oh

1352
00:31:59,799 –> 00:32:01,542
[paul_tyler]: an anecdote on monday so

1353
00:32:02,144 –> 00:32:02,165
[ramsey_d_smith]: m

1354
00:32:02,243 –> 00:32:07,580
[paul_tyler]: so i’m back in our office and
in hartford and walking along security

1355
00:32:07,440 –> 00:32:07,683
[david_macchia]: yes

1356
00:32:07,640 –> 00:32:12,348
[paul_tyler]: guy nowell is talking to women who
reports in cafitarnoell and he’s saying sixty two

1357
00:32:13,751 –> 00:32:14,031
[paul_tyler]: sixty

1358
00:32:14,015 –> 00:32:14,035
[ramsey_d_smith]: m

1359
00:32:14,151 –> 00:32:20,081
[paul_tyler]: seven okay i know this conversation so
i stuck my head

1360
00:32:19,929 –> 00:32:19,950
[david_macchia]: m

1361
00:32:20,181 –> 00:32:21,163
[paul_tyler]: in and you know it’s

1362
00:32:21,635 –> 00:32:21,876
[ramsey_d_smith]: oh

1363
00:32:22,305 –> 00:32:25,811
[paul_tyler]: you know here are two people struggling
like how do they bridge to retirement

1364
00:32:25,235 –> 00:32:26,455
[ramsey_d_smith]: yah m

1365
00:32:26,712 –> 00:32:28,115
[paul_tyler]: and you know a woman said to
me

1366
00:32:28,475 –> 00:32:28,617
[ramsey_d_smith]: ye

1367
00:32:28,475 –> 00:32:33,341
[paul_tyler]: paul i could actually could actually retire
right now i can’t pay for my health

1368
00:32:33,421 –> 00:32:35,645
[paul_tyler]: care so well do you know the
products

1369
00:32:35,462 –> 00:32:35,483
[david_macchia]: m

1370
00:32:35,685 –> 00:32:36,326
[paul_tyler]: were selling here

1371
00:32:36,219 –> 00:32:36,240
[david_macchia]: m

1372
00:32:36,607 –> 00:32:41,735
[paul_tyler]: can actually help you do that we
could actually said talk to me

1373
00:32:41,846 –> 00:32:41,887
[ramsey_d_smith]: m

1374
00:32:41,896 –> 00:32:43,678
[paul_tyler]: you know we’ll sit down i’ll show
you the numbers i’m not

1375
00:32:43,633 –> 00:32:43,654
[ramsey_d_smith]: m

1376
00:32:43,719 –> 00:32:46,262
[paul_tyler]: selling i’m not making money on this
david i

1377
00:32:46,620 –> 00:32:46,966
[david_macchia]: oh

1378
00:32:46,883 –> 00:32:47,304
[paul_tyler]: maybe i can

1379
00:32:47,285 –> 00:32:47,606
[ramsey_d_smith]: yeah

1380
00:32:47,564 –> 00:32:50,348
[paul_tyler]: with this count towards my two hours
if i help some people

1381
00:32:50,340 –> 00:32:50,520
[david_macchia]: sure

1382
00:32:50,448 –> 00:32:50,608
[paul_tyler]: here

1383
00:32:50,705 –> 00:32:51,087
[ramsey_d_smith]: oh

1384
00:32:52,625 –> 00:32:53,106
[david_macchia]: of course

1385
00:32:52,892 –> 00:32:55,978
[paul_tyler]: but these are real problems sort of
right like i think the guarantee you got

1386
00:32:56,018 –> 00:32:56,079
[paul_tyler]: to

1387
00:32:56,054 –> 00:32:56,496
[david_macchia]: totally

1388
00:32:56,075 –> 00:32:56,301
[ramsey_d_smith]: oh

1389
00:32:56,119 –> 00:32:57,622
[paul_tyler]: hit sixty two most people

1390
00:32:57,480 –> 00:32:57,743
[david_macchia]: yeah

1391
00:32:57,682 –> 00:33:00,668
[paul_tyler]: are in they’re not trying to get
rich right they will keep

1392
00:33:01,041 –> 00:33:03,004
[david_macchia]: you can’t you can’t solve risk with

1393
00:33:03,060 –> 00:33:03,263
[paul_tyler]: oh

1394
00:33:03,084 –> 00:33:04,286
[david_macchia]: more risk you have to solve

1395
00:33:04,385 –> 00:33:04,405
[ramsey_d_smith]: m

1396
00:33:04,406 –> 00:33:05,928
[david_macchia]: risk with with safety

1397
00:33:06,460 –> 00:33:06,601
[paul_tyler]: yeah

1398
00:33:06,695 –> 00:33:06,877
[ramsey_d_smith]: oh

1399
00:33:07,090 –> 00:33:08,233
[david_macchia]: you just you just have to

1400
00:33:08,483 –> 00:33:08,809
[paul_tyler]: yeah

1401
00:33:09,308 –> 00:33:09,569
[ramsey_d_smith]: i like

1402
00:33:09,476 –> 00:33:09,737
[david_macchia]: and that’s

1403
00:33:09,629 –> 00:33:09,789
[ramsey_d_smith]: that

1404
00:33:09,777 –> 00:33:09,917
[david_macchia]: why

1405
00:33:09,850 –> 00:33:10,191
[ramsey_d_smith]: comment

1406
00:33:10,761 –> 00:33:10,986
[paul_tyler]: right

1407
00:33:11,050 –> 00:33:15,437
[david_macchia]: you’ve got this is why i like
i like advisors not to not

1408
00:33:15,335 –> 00:33:15,538
[ramsey_d_smith]: oh

1409
00:33:15,477 –> 00:33:15,818
[david_macchia]: to just

1410
00:33:15,697 –> 00:33:15,777
[paul_tyler]: oh

1411
00:33:16,339 –> 00:33:16,960
[david_macchia]: put themselves

1412
00:33:16,715 –> 00:33:16,896
[ramsey_d_smith]: yeah

1413
00:33:17,040 –> 00:33:19,143
[david_macchia]: in one pigeon hole right

1414
00:33:19,680 –> 00:33:19,902
[paul_tyler]: yeah

1415
00:33:19,925 –> 00:33:23,170
[david_macchia]: don’t do that think more broadly cause

1416
00:33:23,040 –> 00:33:23,223
[paul_tyler]: yeah

1417
00:33:23,351 –> 00:33:28,784
[david_macchia]: you have to inject safety in the
portfolio the retirement income portfolio

1418
00:33:28,590 –> 00:33:29,310
[paul_tyler]: yeah

1419
00:33:28,864 –> 00:33:30,568
[david_macchia]: of ninety percent of the people

1420
00:33:31,140 –> 00:33:31,322
[paul_tyler]: yeah

1421
00:33:31,361 –> 00:33:32,112
[david_macchia]: they must have it

1422
00:33:33,874 –> 00:33:36,782
[paul_tyler]: i could see the visual for injecting
safety that

1423
00:33:36,990 –> 00:33:37,552
[david_macchia]: uh

1424
00:33:37,163 –> 00:33:37,343
[paul_tyler]: like

1425
00:33:38,033 –> 00:33:41,258
[ramsey_d_smith]: you can’t you can’t solve risk with
more risk paul that’s the that’s the

1426
00:33:41,189 –> 00:33:41,310
[david_macchia]: yeah

1427
00:33:41,261 –> 00:33:41,482
[paul_tyler]: right

1428
00:33:41,318 –> 00:33:43,021
[ramsey_d_smith]: headline on the on the linked in
right

1429
00:33:42,984 –> 00:33:43,244
[paul_tyler]: right

1430
00:33:43,081 –> 00:33:44,564
[ramsey_d_smith]: that’s that’s the that’s the quotable

1431
00:33:45,047 –> 00:33:45,268
[paul_tyler]: yeah

1432
00:33:45,125 –> 00:33:45,346
[ramsey_d_smith]: oh

1433
00:33:45,729 –> 00:33:46,189
[paul_tyler]: you can’t

1434
00:33:46,153 –> 00:33:46,275
[ramsey_d_smith]: here

1435
00:33:46,290 –> 00:33:46,690
[paul_tyler]: solve

1436
00:33:46,295 –> 00:33:46,517
[ramsey_d_smith]: you go

1437
00:33:46,830 –> 00:33:53,463
[paul_tyler]: risk with more risk yeah i’ll see
yeah yeah yeah yeah yeah give me the

1438
00:33:53,523 –> 00:33:54,326
[paul_tyler]: notes afterwards

1439
00:33:54,875 –> 00:33:55,095
[ramsey_d_smith]: right

1440
00:33:56,060 –> 00:33:59,506
[paul_tyler]: well he listen this is this is
it’s great to catch up so

1441
00:34:00,125 –> 00:34:00,367
[ramsey_d_smith]: oh

1442
00:34:00,300 –> 00:34:00,522
[david_macchia]: oh

1443
00:34:00,488 –> 00:34:01,249
[paul_tyler]: we conofered a lot

1444
00:34:01,265 –> 00:34:01,547
[ramsey_d_smith]: oh

1445
00:34:01,409 –> 00:34:05,576
[paul_tyler]: so i think great initiative to drive
more

1446
00:34:05,460 –> 00:34:05,480
[david_macchia]: m

1447
00:34:05,656 –> 00:34:07,479
[paul_tyler]: education into parts

1448
00:34:07,355 –> 00:34:07,657
[ramsey_d_smith]: oh

1449
00:34:07,800 –> 00:34:11,025
[paul_tyler]: community that don’t necessarily get a call
from a mary

1450
00:34:10,808 –> 00:34:11,340
[david_macchia]: hm

1451
00:34:11,085 –> 00:34:13,189
[paul_tyler]: lynch advisor or your friends at fisher

1452
00:34:13,161 –> 00:34:13,325
[david_macchia]: right

1453
00:34:13,289 –> 00:34:13,790
[paul_tyler]: investments

1454
00:34:14,195 –> 00:34:14,215
[ramsey_d_smith]: m

1455
00:34:14,591 –> 00:34:14,811
[paul_tyler]: right

1456
00:34:16,385 –> 00:34:16,405
[ramsey_d_smith]: m

1457
00:34:16,614 –> 00:34:18,618
[paul_tyler]: they’re not calling them right

1458
00:34:18,595 –> 00:34:18,695
[david_macchia]: no

1459
00:34:18,700 –> 00:34:18,740
[ramsey_d_smith]: hm

1460
00:34:18,958 –> 00:34:19,419
[paul_tyler]: and they need

1461
00:34:19,356 –> 00:34:19,556
[david_macchia]: they’re

1462
00:34:19,479 –> 00:34:19,599
[paul_tyler]: help

1463
00:34:19,597 –> 00:34:20,117
[david_macchia]: not calling

1464
00:34:20,381 –> 00:34:20,962
[paul_tyler]: i think this is

1465
00:34:20,898 –> 00:34:21,059
[david_macchia]: yep

1466
00:34:21,042 –> 00:34:23,546
[paul_tyler]: great we talked about sort of the
state of the

1467
00:34:23,495 –> 00:34:23,797
[ramsey_d_smith]: yeah

1468
00:34:23,586 –> 00:34:24,888
[paul_tyler]: state of

1469
00:34:26,015 –> 00:34:26,945
[ramsey_d_smith]: yeah

1470
00:34:26,411 –> 00:34:27,292
[paul_tyler]: crazy economy

1471
00:34:27,336 –> 00:34:27,437
[ramsey_d_smith]: ah

1472
00:34:27,893 –> 00:34:32,320
[paul_tyler]: and we didn’t get to get go
here i actually found the other there’s actually

1473
00:34:32,941 –> 00:34:37,166
[paul_tyler]: stand for puts out and when we
get this right it’s let’s

1474
00:34:37,205 –> 00:34:37,528
[ramsey_d_smith]: yah

1475
00:34:37,206 –> 00:34:38,347
[paul_tyler]: see a

1476
00:34:41,460 –> 00:34:42,221
[paul_tyler]: it’s an index

1477
00:34:42,990 –> 00:34:43,010
[david_macchia]: m

1478
00:34:43,022 –> 00:34:44,064
[paul_tyler]: we’re not gonna put this in ten

1479
00:34:45,635 –> 00:34:45,916
[ramsey_d_smith]: yeah

1480
00:34:46,167 –> 00:34:48,311
[paul_tyler]: but it’s the world uncertainty index

1481
00:34:48,605 –> 00:34:49,625
[ramsey_d_smith]: yeah

1482
00:34:49,092 –> 00:34:50,455
[paul_tyler]: and boy it’s just getting higher

1483
00:34:50,002 –> 00:34:50,547
[david_macchia]: interesting

1484
00:34:50,615 –> 00:34:51,136
[paul_tyler]: and higher

1485
00:34:51,393 –> 00:34:51,554
[david_macchia]: yeah

1486
00:34:51,817 –> 00:34:53,984
[paul_tyler]: very interesting so but risk

1487
00:34:53,834 –> 00:34:53,855
[ramsey_d_smith]: m

1488
00:34:54,045 –> 00:34:56,430
[paul_tyler]: and uncertainty i don’t know ramsey

1489
00:34:56,255 –> 00:34:56,604
[ramsey_d_smith]: my

1490
00:34:56,490 –> 00:35:00,518
[paul_tyler]: what are what are your thoughts take
aways an last questions for david

1491
00:35:01,556 –> 00:35:04,000
[ramsey_d_smith]: um just i think we i think
we covered

1492
00:35:03,810 –> 00:35:04,052
[paul_tyler]: oh

1493
00:35:04,060 –> 00:35:06,143
[ramsey_d_smith]: an amazing amount of ground today

1494
00:35:06,060 –> 00:35:06,381
[david_macchia]: yeah

1495
00:35:06,524 –> 00:35:07,205
[ramsey_d_smith]: very efficiently

1496
00:35:07,668 –> 00:35:07,869
[david_macchia]: yeah

1497
00:35:08,367 –> 00:35:09,208
[ramsey_d_smith]: i’ll just say that you know

1498
00:35:09,150 –> 00:35:09,170
[david_macchia]: m

1499
00:35:09,489 –> 00:35:13,075
[ramsey_d_smith]: david between this visit and the last
visit on some

1500
00:35:13,050 –> 00:35:13,313
[paul_tyler]: yeah

1501
00:35:13,115 –> 00:35:13,815
[ramsey_d_smith]: of the things that you’ve

1502
00:35:13,710 –> 00:35:13,930
[david_macchia]: oh

1503
00:35:13,955 –> 00:35:20,261
[ramsey_d_smith]: you’ve written recently you are you’re very
you’re very thoughtful individual in this space so

1504
00:35:20,340 –> 00:35:20,360
[david_macchia]: m

1505
00:35:20,762 –> 00:35:23,004
[ramsey_d_smith]: thoughtful and and a passionate voice around

1506
00:35:22,680 –> 00:35:23,460
[paul_tyler]: oh

1507
00:35:23,164 –> 00:35:28,181
[ramsey_d_smith]: you know retirement income so thank you
for doing what you do and it’s been

1508
00:35:28,221 –> 00:35:28,582
[ramsey_d_smith]: real pleasure

1509
00:35:29,640 –> 00:35:32,923
[david_macchia]: thank you for saying that ramsey and
it’s always a pleasure to be with both

1510
00:35:32,983 –> 00:35:34,685
[david_macchia]: of you i love what you’ve done

1511
00:35:34,565 –> 00:35:34,869
[ramsey_d_smith]: oh

1512
00:35:34,725 –> 00:35:36,747
[david_macchia]: with the podcast it’s essential listening

1513
00:35:36,425 –> 00:35:36,729
[ramsey_d_smith]: yeah

1514
00:35:37,040 –> 00:35:37,220
[paul_tyler]: yeah

1515
00:35:37,388 –> 00:35:38,068
[david_macchia]: it really is

1516
00:35:38,005 –> 00:35:38,286
[ramsey_d_smith]: thank you

1517
00:35:38,642 –> 00:35:43,010
[paul_tyler]: thanks yeah hey david listen keep doing
what you’re doing you know one

1518
00:35:42,965 –> 00:35:44,135
[ramsey_d_smith]: oh

1519
00:35:43,110 –> 00:35:44,152
[paul_tyler]: part of the introduction we

1520
00:35:44,160 –> 00:35:44,940
[david_macchia]: yeah

1521
00:35:44,232 –> 00:35:47,076
[paul_tyler]: didn’t give you is you’re just you’re
doing a great job out in

1522
00:35:47,435 –> 00:35:47,455
[ramsey_d_smith]: m

1523
00:35:47,838 –> 00:35:48,699
[paul_tyler]: unlinked in and some

1524
00:35:48,725 –> 00:35:49,028
[ramsey_d_smith]: oh

1525
00:35:48,739 –> 00:35:55,130
[paul_tyler]: of these websites just keeping the message
in front of people about guarantees about income

1526
00:35:55,170 –> 00:35:55,230
[paul_tyler]: and

1527
00:35:55,205 –> 00:35:55,526
[ramsey_d_smith]: oh

1528
00:35:55,310 –> 00:35:57,654
[paul_tyler]: thank you i think what you’re doing
is terrific

1529
00:35:58,320 –> 00:35:58,683
[david_macchia]: oh

1530
00:35:58,455 –> 00:35:58,616
[paul_tyler]: um

1531
00:35:59,720 –> 00:36:00,003
[david_macchia]: thank you

1532
00:36:00,058 –> 00:36:05,568
[paul_tyler]: yeah look we want to support we
want to sport your project two thousand minutes

1533
00:36:06,008 –> 00:36:06,309
[paul_tyler]: so well

1534
00:36:06,257 –> 00:36:06,759
[ramsey_d_smith]: six thousand

1535
00:36:06,750 –> 00:36:07,952
[paul_tyler]: six thousand six thousand

1536
00:36:07,895 –> 00:36:08,135
[ramsey_d_smith]: oh

1537
00:36:08,232 –> 00:36:10,616
[paul_tyler]: i’m bad date for numbers for me

1538
00:36:11,139 –> 00:36:15,446
[david_macchia]: i very much appreciate that paul like
i said we need we need the participation

1539
00:36:15,546 –> 00:36:16,688
[david_macchia]: of institutions

1540
00:36:16,660 –> 00:36:16,763
[ramsey_d_smith]: ah

1541
00:36:16,728 –> 00:36:17,651
[david_macchia]: and individuals so

1542
00:36:18,485 –> 00:36:18,505
[ramsey_d_smith]: m

1543
00:36:18,736 –> 00:36:19,037
[david_macchia]: i really

1544
00:36:18,900 –> 00:36:19,003
[paul_tyler]: ye

1545
00:36:19,098 –> 00:36:20,524
[david_macchia]: wanted to get off the ground and
be very very

1546
00:36:20,570 –> 00:36:20,770
[paul_tyler]: okay

1547
00:36:20,585 –> 00:36:21,067
[david_macchia]: successful

1548
00:36:21,031 –> 00:36:22,673
[paul_tyler]: great we’ll put the link and link
to

1549
00:36:22,607 –> 00:36:22,708
[ramsey_d_smith]: ye

1550
00:36:22,753 –> 00:36:24,236
[paul_tyler]: your side and we’ll put the link
to

1551
00:36:24,240 –> 00:36:24,681
[david_macchia]: oh

1552
00:36:24,296 –> 00:36:27,962
[paul_tyler]: your linked in account whatever however else
so people can get in touch with you

1553
00:36:28,102 –> 00:36:32,089
[paul_tyler]: this is great thanks david ramsey thank
you and thanks for listening

1554
00:36:32,165 –> 00:36:32,428
[ramsey_d_smith]: yeah

1555
00:36:32,670 –> 00:36:33,392
[paul_tyler]: so it’s again next week

1556
00:36:33,448 –> 00:36:33,592
[ramsey_d_smith]: yeah

1557
00:36:33,452 –> 00:36:36,438
[paul_tyler]: for another episode of that annuity show
thanks

1558
00:36:36,695 –> 00:36:36,917
[ramsey_d_smith]: yah

1559
00:36:37,950 –> 00:36:38,235
[david_macchia]: thank you

1560
00:36:39,060 –> 00:36:39,267
[paul_tyler]: oh

1

00:00:01,703 –> 00:00:03,610

[paul_tyler]: this is paul tyler and welcome

 

2

00:00:03,510 –> 00:00:03,792

[david_macchia]: oh

 

3

00:00:03,831 –> 00:00:07,707

[paul_tyler]: to another episode that annuity show ramsey

harry you

 

4

00:00:08,797 –> 00:00:10,762

[ramsey_d_smith]: fantastic always glad to be here

 

5

00:00:11,470 –> 00:00:17,997

[paul_tyler]: yeah well it’s we’ve had some interesting

interesting month coming up i mean actually can

 

6

00:00:18,017 –> 00:00:19,698

[paul_tyler]: be out at shortt connect

 

7

00:00:19,805 –> 00:00:20,208

[ramsey_d_smith]: oh

 

8

00:00:21,470 –> 00:00:22,752

[paul_tyler]: there’s some interesting overlap

 

9

00:00:22,325 –> 00:00:22,587

[ramsey_d_smith]: oh

 

10

00:00:22,832 –> 00:00:24,235

[paul_tyler]: with some of the people we’ve

 

11

00:00:24,125 –> 00:00:24,145

[ramsey_d_smith]: m

 

12

00:00:24,395 –> 00:00:29,684

[paul_tyler]: had on this show and some of

the people who participate in retire tech

 

13

00:00:29,525 –> 00:00:29,807

[ramsey_d_smith]: oh

 

14

00:00:30,485 –> 00:00:30,826

[paul_tyler]: event

 

15

00:00:31,384 –> 00:00:31,445

[ramsey_d_smith]: ah

 

16

00:00:31,507 –> 00:00:31,727

[paul_tyler]: so i’m

 

17

00:00:31,715 –> 00:00:31,956

[ramsey_d_smith]: yeah

 

18

00:00:31,747 –> 00:00:37,911

[paul_tyler]: looking forward to seeing smal friends meeting

some new men which we have an old

 

19

00:00:37,895 –> 00:00:37,915

[ramsey_d_smith]: m

 

20

00:00:38,011 –> 00:00:39,633

[paul_tyler]: friend now an old

 

21

00:00:39,575 –> 00:00:39,836

[ramsey_d_smith]: yeah

 

22

00:00:39,733 –> 00:00:42,136

[paul_tyler]: friend back on our program today

 

23

00:00:42,125 –> 00:00:42,427

[ramsey_d_smith]: oh

 

24

00:00:42,256 –> 00:00:44,459

[paul_tyler]: rams you want to do the introductions

 

25

00:00:45,255 –> 00:00:45,796

[ramsey_d_smith]: absolutely

 

26

00:00:46,080 –> 00:00:46,284

[paul_tyler]: oh

 

27

00:00:46,697 –> 00:00:48,059

[ramsey_d_smith]: we’re very lucky to have

 

28

00:00:47,940 –> 00:00:48,142

[paul_tyler]: oh

 

29

00:00:48,520 –> 00:00:53,288

[ramsey_d_smith]: david mark rejoin us to talk about

some of the things that he’s been doing

 

30

00:00:53,348 –> 00:00:57,736

[ramsey_d_smith]: in the in the few months since

the last time we had on the show

 

31

00:00:58,577 –> 00:01:03,545

[ramsey_d_smith]: m david for those of you don’t

know is the founder and co of wealth

 

32

00:01:03,685 –> 00:01:11,098

[ramsey_d_smith]: to k he’s also a very prolific

and passionate writer about about many and all

 

33

00:01:11,158 –> 00:01:15,886

[ramsey_d_smith]: things retirement income you know built particularly

around the concept of a constrained investor which

 

34

00:01:15,906 –> 00:01:17,549

[ramsey_d_smith]: is something we talked about on his

on his

 

35

00:01:17,460 –> 00:01:17,706

[paul_tyler]: yeah

 

36

00:01:17,649 –> 00:01:20,393

[ramsey_d_smith]: last visit here in addition to that

 

37

00:01:20,338 –> 00:01:20,521

[paul_tyler]: yeah

 

38

00:01:20,674 –> 00:01:22,096

[ramsey_d_smith]: he is launched a new product

 

39

00:01:22,020 –> 00:01:22,680

[paul_tyler]: yeah

 

40

00:01:22,377 –> 00:01:25,642

[ramsey_d_smith]: you should say a new project rather

that he’s going to

 

41

00:01:25,980 –> 00:01:26,224

[paul_tyler]: oh

 

42

00:01:26,043 –> 00:01:29,729

[ramsey_d_smith]: share the outlines with us on today

which is called project six thousand minutes a

 

43

00:01:29,809 –> 00:01:36,222

[ramsey_d_smith]: really very interesting initiative so with that

welcome back to the show david and we

 

44

00:01:36,302 –> 00:01:38,527

[ramsey_d_smith]: look forward to our chat today so

tell us

 

45

00:01:38,741 –> 00:01:38,925

[david_macchia]: yeah

 

46

00:01:38,788 –> 00:01:40,632

[ramsey_d_smith]: what are some of the key things

you’re focusing on lately

 

47

00:01:40,743 –> 00:01:40,803

[david_macchia]: ah

 

48

00:01:41,550 –> 00:01:41,791

[paul_tyler]: yeah

 

49

00:01:42,000 –> 00:01:43,823

[david_macchia]: first of all thank you ramsey and

thank you paul

 

50

00:01:43,625 –> 00:01:43,847

[ramsey_d_smith]: oh

 

51

00:01:43,770 –> 00:01:44,430

[paul_tyler]: yeah

 

52

00:01:43,904 –> 00:01:46,788

[david_macchia]: for having me back i very much

enjoyed being with you

 

53

00:01:46,955 –> 00:01:47,156

[ramsey_d_smith]: oh

 

54

00:01:47,610 –> 00:01:51,436

[david_macchia]: so you mentioned project six thousand minutes

and over the last several months this is

 

55

00:01:51,516 –> 00:01:51,817

[david_macchia]: something

 

56

00:01:51,554 –> 00:01:51,575

[ramsey_d_smith]: m

 

57

00:01:51,877 –> 00:01:56,825

[david_macchia]: that’s been very much on top of

my agenda it’s forming just now but

 

58

00:01:56,894 –> 00:01:56,915

[ramsey_d_smith]: m

 

59

00:01:57,346 –> 00:02:01,192

[david_macchia]: give folks an outline of what it

is those of us who’ve been blessed with

 

60

00:02:01,653 –> 00:02:02,815

[david_macchia]: advantages and

 

61

00:02:03,090 –> 00:02:04,410

[paul_tyler]: yah

 

62

00:02:03,116 –> 00:02:04,618

[david_macchia]: have done you know well

 

63

00:02:04,470 –> 00:02:05,760

[paul_tyler]: yeah

 

64

00:02:04,718 –> 00:02:09,807

[david_macchia]: financially you think about at some point

in your life giving back and you know

 

65

00:02:09,887 –> 00:02:13,413

[david_macchia]: my belief about giving back is that

one of the greatest gifts one can give

 

66

00:02:13,653 –> 00:02:20,204

[david_macchia]: is education education is the way for

because i think to elevate themselves in my

 

67

00:02:20,304 –> 00:02:20,404

[david_macchia]: own

 

68

00:02:20,310 –> 00:02:20,532

[paul_tyler]: yeah

 

69

00:02:20,465 –> 00:02:23,029

[david_macchia]: life i can point to education as

being instrumental

 

70

00:02:22,530 –> 00:02:22,771

[paul_tyler]: yeah

 

71

00:02:23,610 –> 00:02:27,937

[david_macchia]: in helping me you know elevate where

i was and when i started to where

 

72

00:02:27,977 –> 00:02:33,546

[david_macchia]: i became over time and the idea

of project six thousand minutes is a way

 

73

00:02:33,807 –> 00:02:40,498

[david_macchia]: for people to help contribute to building

a more equitable society specifically project six thousand

 

74

00:02:40,350 –> 00:02:40,593

[paul_tyler]: oh

 

75

00:02:40,558 –> 00:02:44,404

[david_macchia]: minutes aims to deliver free financial education

 

76

00:02:44,550 –> 00:02:44,858

[paul_tyler]: oh

 

77

00:02:44,645 –> 00:02:49,333

[david_macchia]: to women from undeserved communities black women

hispanic women latina women and other

 

78

00:02:49,350 –> 00:02:49,950

[paul_tyler]: okay

 

79

00:02:49,373 –> 00:02:54,580

[david_macchia]: women from undeserved communities who need basic

financial education well you say well how would

 

80

00:02:54,621 –> 00:02:56,562

[david_macchia]: that happen how does that actually play

out

 

81

00:02:57,035 –> 00:02:57,297

[ramsey_d_smith]: yeah

 

82

00:02:57,203 –> 00:03:02,728

[david_macchia]: well think of this the financial advisor

community collectively possesses a level

 

83

00:03:02,675 –> 00:03:03,056

[ramsey_d_smith]: oh

 

84

00:03:02,808 –> 00:03:04,309

[david_macchia]: of wisdom that’s unmatched

 

85

00:03:04,020 –> 00:03:04,323

[paul_tyler]: yeah

 

86

00:03:05,340 –> 00:03:10,930

[david_macchia]: so the idea of project six thousand

minutes as advisors would donate two hours per

 

87

00:03:11,050 –> 00:03:12,232

[david_macchia]: week of their time

 

88

00:03:12,245 –> 00:03:12,546

[ramsey_d_smith]: oh

 

89

00:03:12,713 –> 00:03:16,178

[david_macchia]: to deliver education in their local communities

in any number of

 

90

00:03:16,205 –> 00:03:16,450

[ramsey_d_smith]: yes

 

91

00:03:16,239 –> 00:03:20,165

[david_macchia]: venus to profit organization s places of

worships community centers or

 

92

00:03:20,315 –> 00:03:20,456

[ramsey_d_smith]: ye

 

93

00:03:20,345 –> 00:03:26,736

[david_macchia]: online or online and by doing that

we can leverage the financial advisor community in

 

94

00:03:26,796 –> 00:03:31,185

[david_macchia]: a way that will help really build

a more the bow and stronger society the

 

95

00:03:31,265 –> 00:03:32,648

[david_macchia]: name project six thousand minutes

 

96

00:03:32,700 –> 00:03:33,390

[paul_tyler]: oh

 

97

00:03:32,749 –> 00:03:33,952

[david_macchia]: comes from the idea that

 

98

00:03:33,840 –> 00:03:34,103

[paul_tyler]: my

 

99

00:03:34,292 –> 00:03:35,415

[david_macchia]: if an advisor

 

100

00:03:34,964 –> 00:03:34,985

[ramsey_d_smith]: m

 

101

00:03:35,535 –> 00:03:40,076

[david_macchia]: devotes two hours per week over the

cost of fifty weeks that’s six thousand minutes

 

102

00:03:41,045 –> 00:03:41,246

[ramsey_d_smith]: oh

 

103

00:03:41,110 –> 00:03:42,852

[david_macchia]: so i think you know if

 

104

00:03:42,905 –> 00:03:44,675

[ramsey_d_smith]: yeah

 

105

00:03:42,932 –> 00:03:46,316

[david_macchia]: we are able to get this off

the ground successfully and have a large number

 

106

00:03:46,356 –> 00:03:47,437

[david_macchia]: of financial advisors

 

107

00:03:47,430 –> 00:03:47,730

[paul_tyler]: oh

 

108

00:03:47,564 –> 00:03:47,585

[ramsey_d_smith]: m

 

109

00:03:48,218 –> 00:03:51,282

[david_macchia]: deliver education we will change people’s lives

 

110

00:03:51,159 –> 00:03:51,279

[paul_tyler]: yeah

 

111

00:03:51,803 –> 00:03:54,447

[david_macchia]: to some extent and i think it

will also become

 

112

00:03:54,275 –> 00:03:54,535

[ramsey_d_smith]: oh

 

113

00:03:54,487 –> 00:03:59,215

[david_macchia]: a way to educate women who some

of whom will say you know

 

114

00:03:59,637 –> 00:03:59,819

[ramsey_d_smith]: yes

 

115

00:03:59,676 –> 00:04:04,405

[david_macchia]: i love this topic i love learning

about financial issues perhaps i’ll pursue a career

 

116

00:04:04,926 –> 00:04:07,642

[david_macchia]: as a financial advisor and of course

 

117

00:04:07,410 –> 00:04:08,580

[paul_tyler]: yeah

 

118

00:04:07,802 –> 00:04:10,466

[david_macchia]: you know we need to have women

um

 

119

00:04:10,415 –> 00:04:10,598

[ramsey_d_smith]: oh

 

120

00:04:10,647 –> 00:04:14,213

[david_macchia]: you know in the ranks of the

financial advisor community and we specifically

 

121

00:04:13,805 –> 00:04:13,825

[ramsey_d_smith]: m

 

122

00:04:14,253 –> 00:04:17,558

[david_macchia]: need to have more minority women in

the ranks of financial advisor community

 

123

00:04:17,534 –> 00:04:17,555

[ramsey_d_smith]: m

 

124

00:04:17,819 –> 00:04:22,767

[david_macchia]: perhaps this and become a pipeline to

you know try to address that long standing

 

125

00:04:23,067 –> 00:04:28,356

[david_macchia]: aspiration we need support we need support

of financial advisors we need support of sponsors

 

126

00:04:28,837 –> 00:04:29,598

[david_macchia]: at the corporate level

 

127

00:04:29,525 –> 00:04:29,826

[ramsey_d_smith]: oh

 

128

00:04:30,600 –> 00:04:32,423

[david_macchia]: anyone can learn about this initiative

 

129

00:04:32,975 –> 00:04:33,218

[ramsey_d_smith]: yea

 

130

00:04:33,285 –> 00:04:34,788

[david_macchia]: at the website project

 

131

00:04:34,445 –> 00:04:35,675

[ramsey_d_smith]: oh

 

132

00:04:35,048 –> 00:04:36,691

[david_macchia]: six thousand minutes dot com

 

133

00:04:36,815 –> 00:04:37,019

[ramsey_d_smith]: ye

 

134

00:04:37,432 –> 00:04:38,154

[david_macchia]: i’ll help you visit

 

135

00:04:38,195 –> 00:04:39,335

[ramsey_d_smith]: oh

 

136

00:04:38,214 –> 00:04:40,718

[david_macchia]: it and i help you learn and

i help you think about contributing to this

 

137

00:04:41,195 –> 00:04:43,505

[ramsey_d_smith]: yeah

 

138

00:04:41,340 –> 00:04:41,603

[paul_tyler]: yeah

 

139

00:04:41,830 –> 00:04:43,656

[david_macchia]: and thanks for giving me an opportunity

to talk about

 

140

00:04:43,565 –> 00:04:43,826

[ramsey_d_smith]: yeah

 

141

00:04:43,716 –> 00:04:43,777

[david_macchia]: it

 

142

00:04:44,361 –> 00:04:45,302

[paul_tyler]: yeah and just just

 

143

00:04:45,690 –> 00:04:46,091

[david_macchia]: oh

 

144

00:04:45,723 –> 00:04:51,493

[paul_tyler]: is i think it’s fabulous idea you

know now i will say i one of

 

145

00:04:51,553 –> 00:04:51,653

[paul_tyler]: my

 

146

00:04:51,630 –> 00:04:51,650

[david_macchia]: m

 

147

00:04:52,174 –> 00:04:54,257

[paul_tyler]: strange you know one of my

 

148

00:04:54,519 –> 00:04:54,540

[david_macchia]: m

 

149

00:04:55,660 –> 00:04:57,381

[paul_tyler]: simons had a prim

 

150

00:04:57,180 –> 00:04:57,482

[david_macchia]: oh

 

151

00:04:57,601 –> 00:04:59,563

[paul_tyler]: prior company was run reliance

 

152

00:04:59,285 –> 00:04:59,546

[ramsey_d_smith]: yeah

 

153

00:05:00,244 –> 00:05:02,646

[paul_tyler]: right so i’ve learned to put my

compliant

 

154

00:05:03,395 –> 00:05:03,677

[ramsey_d_smith]: oh

 

155

00:05:03,667 –> 00:05:03,887

[paul_tyler]: healthy

 

156

00:05:03,690 –> 00:05:03,892

[david_macchia]: oh

 

157

00:05:03,988 –> 00:05:06,571

[paul_tyler]: skeptical hat on here so dave how

 

158

00:05:06,665 –> 00:05:06,886

[ramsey_d_smith]: oh

 

159

00:05:06,791 –> 00:05:09,095

[paul_tyler]: how do you know you’re in the

design phase

 

160

00:05:09,515 –> 00:05:10,325

[ramsey_d_smith]: oh

 

161

00:05:09,596 –> 00:05:12,661

[paul_tyler]: of this how do you keep this

from being like a legion

 

162

00:05:12,493 –> 00:05:13,145

[ramsey_d_smith]: right

 

163

00:05:13,222 –> 00:05:14,363

[paul_tyler]: opportunity and it’s us

 

164

00:05:14,825 –> 00:05:15,088

[ramsey_d_smith]: yeah

 

165

00:05:14,884 –> 00:05:16,166

[paul_tyler]: and rather keep it

 

166

00:05:16,363 –> 00:05:16,505

[ramsey_d_smith]: yeah

 

167

00:05:16,407 –> 00:05:17,970

[paul_tyler]: as a give back to a community

 

168

00:05:18,185 –> 00:05:18,405

[ramsey_d_smith]: oh

 

169

00:05:18,191 –> 00:05:24,110

[paul_tyler]: you know wat are the so are

you selecting agents you know what’s the how

 

170

00:05:24,150 –> 00:05:25,736

[paul_tyler]: do you kind of put guard rails

up on this

 

171

00:05:27,030 –> 00:05:27,471

[david_macchia]: it’s a great

 

172

00:05:27,330 –> 00:05:28,020

[paul_tyler]: oh

 

173

00:05:27,551 –> 00:05:29,274

[david_macchia]: question and i’m not sure i have

a perfect

 

174

00:05:29,254 –> 00:05:29,414

[ramsey_d_smith]: yes

 

175

00:05:29,374 –> 00:05:29,794

[david_macchia]: answer yet

 

176

00:05:29,735 –> 00:05:30,076

[ramsey_d_smith]: oh

 

177

00:05:31,437 –> 00:05:32,818

[david_macchia]: i think the people who will

 

178

00:05:32,885 –> 00:05:33,026

[ramsey_d_smith]: ye

 

179

00:05:33,870 –> 00:05:39,800

[david_macchia]: respond to this those who genuinely want

to get back by don’t

 

180

00:05:39,875 –> 00:05:40,257

[ramsey_d_smith]: oh

 

181

00:05:39,960 –> 00:05:42,323

[david_macchia]: in some of their time and some

of their brain power to

 

182

00:05:42,292 –> 00:05:42,494

[ramsey_d_smith]: yes

 

183

00:05:42,403 –> 00:05:43,304

[david_macchia]: people who can benefit

 

184

00:05:43,175 –> 00:05:44,495

[ramsey_d_smith]: yeah

 

185

00:05:43,364 –> 00:05:43,624

[david_macchia]: from it

 

186

00:05:44,555 –> 00:05:45,815

[ramsey_d_smith]: yeah

 

187

00:05:45,066 –> 00:05:46,307

[david_macchia]: i never really conceived of

 

188

00:05:46,295 –> 00:05:46,315

[ramsey_d_smith]: m

 

189

00:05:46,367 –> 00:05:48,089

[david_macchia]: it as as anything other than that

paul

 

190

00:05:48,151 –> 00:05:48,294

[paul_tyler]: yeah

 

191

00:05:49,110 –> 00:05:49,651

[david_macchia]: and i don’t

 

192

00:05:49,535 –> 00:05:49,860

[ramsey_d_smith]: oh

 

193

00:05:49,691 –> 00:05:51,494

[david_macchia]: think it will be you know we

want to

 

194

00:05:51,455 –> 00:05:51,655

[ramsey_d_smith]: oh

 

195

00:05:51,574 –> 00:05:54,960

[david_macchia]: form this in a non profit structure

we wanted to be you know clean

 

196

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[ramsey_d_smith]: m

 

197

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[david_macchia]: and proper

 

198

00:05:55,805 –> 00:05:56,855

[ramsey_d_smith]: yeah

 

199

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[david_macchia]: and appropriate and devoted to its mission

and only its mission so i mean it

 

200

00:06:02,825 –> 00:06:03,107

[ramsey_d_smith]: oh

 

201

00:06:02,852 –> 00:06:05,576

[david_macchia]: wouldn’t be good to have it stray

into into anything

 

202

00:06:05,435 –> 00:06:05,675

[ramsey_d_smith]: yeah

 

203

00:06:05,616 –> 00:06:07,718

[david_macchia]: that becomes more commercial let’s put it

that way

 

204

00:06:08,117 –> 00:06:12,281

[ramsey_d_smith]: so interestingly i mean in some ways

i want to take the

 

205

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[david_macchia]: oh

 

206

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[ramsey_d_smith]: other side of your point paul

 

207

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[david_macchia]: hm

 

208

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[paul_tyler]: yeah

 

209

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[ramsey_d_smith]: right

 

210

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[david_macchia]: i

 

211

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[ramsey_d_smith]: um i think that that one of

the one of the challenges in financial advice

 

212

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[ramsey_d_smith]: is is that there there still is

a large part of the population that isn’t

 

213

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[ramsey_d_smith]: covered part of it reason it’s not

covered is a lack of understanding part of

 

214

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[ramsey_d_smith]: it’s a lack of trust

 

215

00:06:31,710 –> 00:06:31,911

[paul_tyler]: yeah

 

216

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[ramsey_d_smith]: and in my mind you know an

initiative like this you know allows more people

 

217

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[ramsey_d_smith]: to understand one what they need to

do in their personal finances and two quite

 

218

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[ramsey_d_smith]: importantly kind of bifricate what part of

this can i handle myself versus o things

 

219

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[ramsey_d_smith]: that i might actually seek seek

 

220

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[paul_tyler]: yeah

 

221

00:06:53,547 –> 00:06:54,148

[ramsey_d_smith]: seek seek

 

222

00:06:54,048 –> 00:06:54,150

[paul_tyler]: yeah

 

223

00:06:54,228 –> 00:06:58,976

[ramsey_d_smith]: advice on so in my view like

you know if if this sort of lives

 

224

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[ramsey_d_smith]: out to it to its its full

potential you end up creating more potent clients

 

225

00:07:04,806 –> 00:07:08,412

[ramsey_d_smith]: down the road maybe not this year

but maybe maybe those people are clients ten

 

226

00:07:08,452 –> 00:07:11,297

[ramsey_d_smith]: years down the road for the right

for the broader community

 

227

00:07:12,000 –> 00:07:12,283

[david_macchia]: oh

 

228

00:07:12,399 –> 00:07:14,783

[ramsey_d_smith]: and you you ultimately end up potentially

cultivating

 

229

00:07:14,910 –> 00:07:15,176

[david_macchia]: yeah

 

230

00:07:15,505 –> 00:07:17,228

[ramsey_d_smith]: some some new advisors down the road

 

231

00:07:17,100 –> 00:07:17,322

[paul_tyler]: oh

 

232

00:07:17,949 –> 00:07:20,012

[ramsey_d_smith]: um one other point that i’ll put

 

233

00:07:20,010 –> 00:07:20,730

[paul_tyler]: yeah

 

234

00:07:20,112 –> 00:07:20,293

[ramsey_d_smith]: on it

 

235

00:07:20,370 –> 00:07:20,611

[david_macchia]: oh

 

236

00:07:20,393 –> 00:07:24,660

[ramsey_d_smith]: is that actually think one of things

that it is often underestimated about the value

 

237

00:07:24,720 –> 00:07:28,546

[ramsey_d_smith]: of non profit work is it you

know put you in a position to work

 

238

00:07:28,607 –> 00:07:32,273

[ramsey_d_smith]: with people on something about which they’re

very passionate so the people like so so

 

239

00:07:32,323 –> 00:07:32,850

[david_macchia]: hm

 

240

00:07:32,373 –> 00:07:35,017

[ramsey_d_smith]: david you’re going to pursue this an

you’re going to end up working with other

 

241

00:07:35,077 –> 00:07:35,859

[ramsey_d_smith]: people on this and

 

242

00:07:35,970 –> 00:07:36,130

[david_macchia]: oh

 

243

00:07:36,500 –> 00:07:37,782

[ramsey_d_smith]: and my sense is your on get

to know

 

244

00:07:37,719 –> 00:07:37,860

[david_macchia]: yeah

 

245

00:07:37,842 –> 00:07:41,468

[ramsey_d_smith]: those people and there will be now

work opportunities there as well that you know

 

246

00:07:41,548 –> 00:07:42,590

[ramsey_d_smith]: create other energies so

 

247

00:07:43,230 –> 00:07:43,470

[paul_tyler]: yeah

 

248

00:07:43,572 –> 00:07:48,199

[ramsey_d_smith]: i think this is a fantastic idea

who knows like what you know how all

 

249

00:07:48,090 –> 00:07:48,296

[paul_tyler]: oh

 

250

00:07:48,259 –> 00:07:50,323

[ramsey_d_smith]: those things will come out but i

actually think that

 

251

00:07:50,610 –> 00:07:50,832

[paul_tyler]: yeah

 

252

00:07:51,445 –> 00:07:56,223

[ramsey_d_smith]: think it it can and end up

being commercial in a good way over the

 

253

00:07:56,283 –> 00:07:58,109

[ramsey_d_smith]: long term in a way

 

254

00:07:58,050 –> 00:07:58,770

[david_macchia]: yeah

 

255

00:07:58,129 –> 00:07:59,133

[ramsey_d_smith]: that’s beneficial to everybody

 

256

00:07:59,160 –> 00:07:59,461

[paul_tyler]: yeah no

 

257

00:07:59,703 –> 00:08:00,007

[david_macchia]: all right

 

258

00:07:59,961 –> 00:08:04,188

[paul_tyler]: listen david we talked about this a

little bit i’m not

 

259

00:08:04,174 –> 00:08:04,195

[david_macchia]: m

 

260

00:08:04,229 –> 00:08:04,850

[paul_tyler]: sure if you could hear me

 

261

00:08:04,835 –> 00:08:05,095

[ramsey_d_smith]: oh

 

262

00:08:04,910 –> 00:08:04,970

[paul_tyler]: on

 

263

00:08:04,929 –> 00:08:04,950

[david_macchia]: m

 

264

00:08:04,990 –> 00:08:08,596

[paul_tyler]: the phone but i think it’s a

great idea if i were had

 

265

00:08:08,615 –> 00:08:08,917

[ramsey_d_smith]: yeah

 

266

00:08:08,636 –> 00:08:10,158

[paul_tyler]: an agency or a

 

267

00:08:10,145 –> 00:08:10,407

[ramsey_d_smith]: oh

 

268

00:08:10,279 –> 00:08:17,531

[paul_tyler]: firm in a community would speak right

way give back with resources give my skills

 

269

00:08:17,611 –> 00:08:18,532

[paul_tyler]: back to the community

 

270

00:08:18,215 –> 00:08:18,235

[ramsey_d_smith]: m

 

271

00:08:18,592 –> 00:08:19,374

[paul_tyler]: and your ram

 

272

00:08:19,634 –> 00:08:19,655

[ramsey_d_smith]: m

 

273

00:08:19,634 –> 00:08:26,604

[paul_tyler]: right done properly it probably does generate

a lot furls it probably engenders david is

 

274

00:08:26,684 –> 00:08:30,689

[paul_tyler]: probably one of the best brand building

things i could do in a community

 

275

00:08:32,191 –> 00:08:32,431

[david_macchia]: i think

 

276

00:08:32,310 –> 00:08:32,672

[paul_tyler]: oh

 

277

00:08:32,471 –> 00:08:35,356

[david_macchia]: that’s right i think i agree with

both of you i think it reflects

 

278

00:08:35,018 –> 00:08:35,058

[ramsey_d_smith]: m

 

279

00:08:35,456 –> 00:08:37,539

[david_macchia]: positively on the advisor who’s donating

 

280

00:08:37,530 –> 00:08:37,690

[paul_tyler]: yeah

 

281

00:08:37,620 –> 00:08:39,403

[david_macchia]: time and trying to make a contribution

 

282

00:08:39,134 –> 00:08:39,155

[ramsey_d_smith]: m

 

283

00:08:39,463 –> 00:08:40,344

[david_macchia]: to his or her community

 

284

00:08:40,739 –> 00:08:40,920

[paul_tyler]: yeah

 

285

00:08:41,165 –> 00:08:45,793

[david_macchia]: you know that’s absolutely true i can’t

i can’t disagree with that at all i

 

286

00:08:45,853 –> 00:08:48,978

[david_macchia]: think you’re absolutely right about it and

i’m excited and i

 

287

00:08:49,295 –> 00:08:49,577

[ramsey_d_smith]: yeah

 

288

00:08:49,299 –> 00:08:51,423

[david_macchia]: i hope like i said i hope

folks will

 

289

00:08:51,300 –> 00:08:52,050

[paul_tyler]: oh

 

290

00:08:51,483 –> 00:08:53,867

[david_macchia]: go to the website and i hope

we can enlist

 

291

00:08:53,823 –> 00:08:54,006

[paul_tyler]: yeah

 

292

00:08:54,227 –> 00:08:54,928

[david_macchia]: some sponsors

 

293

00:08:54,780 –> 00:08:55,770

[paul_tyler]: oh

 

294

00:08:55,069 –> 00:08:58,214

[david_macchia]: from the corporal level i don’t think

this can work without corporate participation

 

295

00:08:58,701 –> 00:08:58,966

[paul_tyler]: agree

 

296

00:08:59,376 –> 00:09:05,226

[david_macchia]: because the financial advisors contribution that doesn’t

need to be and shouldn’t be direct

 

297

00:09:05,015 –> 00:09:05,705

[ramsey_d_smith]: oh

 

298

00:09:06,087 –> 00:09:07,229

[david_macchia]: cash contributions it

 

299

00:09:07,205 –> 00:09:07,246

[ramsey_d_smith]: ye

 

300

00:09:07,269 –> 00:09:09,933

[david_macchia]: should be in time and and the

conveyance

 

301

00:09:09,616 –> 00:09:09,779

[ramsey_d_smith]: yeah

 

302

00:09:10,033 –> 00:09:11,054

[david_macchia]: of his or her wisdom

 

303

00:09:10,830 –> 00:09:11,132

[paul_tyler]: oh

 

304

00:09:11,795 –> 00:09:14,398

[david_macchia]: that’s that’s really the gold standard contribution

here

 

305

00:09:14,290 –> 00:09:17,416

[paul_tyler]: yeah ramsey i think of you know

wendy cops

 

306

00:09:17,924 –> 00:09:17,945

[ramsey_d_smith]: m

 

307

00:09:18,217 –> 00:09:19,058

[paul_tyler]: teacher for america

 

308

00:09:20,055 –> 00:09:20,216

[ramsey_d_smith]: yeah

 

309

00:09:20,100 –> 00:09:20,910

[david_macchia]: yeah

 

310

00:09:20,490 –> 00:09:21,953

[paul_tyler]: project right that

 

311

00:09:21,983 –> 00:09:22,123

[ramsey_d_smith]: yeah

 

312

00:09:21,993 –> 00:09:23,456

[paul_tyler]: was a senior thesis you

 

313

00:09:23,430 –> 00:09:23,773

[david_macchia]: oh

 

314

00:09:23,496 –> 00:09:24,980

[paul_tyler]: know david to at

 

315

00:09:24,955 –> 00:09:25,076

[ramsey_d_smith]: yeah

 

316

00:09:25,500 –> 00:09:25,783

[david_macchia]: oh

 

317

00:09:26,242 –> 00:09:29,068

[paul_tyler]: that turned into like amazing organization

 

318

00:09:28,537 –> 00:09:28,722

[ramsey_d_smith]: yeah

 

319

00:09:28,569 –> 00:09:28,590

[david_macchia]: m

 

320

00:09:29,428 –> 00:09:30,065

[ramsey_d_smith]: yeah

 

321

00:09:30,090 –> 00:09:30,110

[david_macchia]: m

 

322

00:09:30,565 –> 00:09:32,749

[ramsey_d_smith]: used to sit in the same computer

room at school

 

323

00:09:32,580 –> 00:09:32,902

[paul_tyler]: oh

 

324

00:09:32,730 –> 00:09:32,750

[david_macchia]: m

 

325

00:09:33,310 –> 00:09:35,635

[ramsey_d_smith]: at the next computer she was writing

that senior thesis

 

326

00:09:35,921 –> 00:09:36,162

[paul_tyler]: really

 

327

00:09:36,336 –> 00:09:36,516

[ramsey_d_smith]: back

 

328

00:09:36,550 –> 00:09:36,650

[david_macchia]: wow

 

329

00:09:36,576 –> 00:09:37,859

[ramsey_d_smith]: and like the lady if you can

believe it

 

330

00:09:38,602 –> 00:09:40,264

[david_macchia]: wow amazing

 

331

00:09:40,590 –> 00:09:40,770

[paul_tyler]: yeah

 

332

00:09:41,165 –> 00:09:41,634

[ramsey_d_smith]: yeah

 

333

00:09:41,331 –> 00:09:42,552

[paul_tyler]: there’s a lot of power there you

know

 

334

00:09:42,545 –> 00:09:43,295

[ramsey_d_smith]: yeh

 

335

00:09:43,413 –> 00:09:44,895

[paul_tyler]: you know again i’m just

 

336

00:09:44,940 –> 00:09:44,960

[david_macchia]: m

 

337

00:09:45,977 –> 00:09:46,778

[paul_tyler]: like i’m one

 

338

00:09:46,800 –> 00:09:47,082

[david_macchia]: oh

 

339

00:09:46,818 –> 00:09:47,238

[paul_tyler]: of these people

 

340

00:09:47,255 –> 00:09:47,275

[ramsey_d_smith]: m

 

341

00:09:47,318 –> 00:09:50,221

[paul_tyler]: want to like take that take

 

342

00:09:50,135 –> 00:09:50,395

[ramsey_d_smith]: oh

 

343

00:09:50,261 –> 00:09:52,144

[paul_tyler]: the hammer out start building

 

344

00:09:51,960 –> 00:09:51,980

[david_macchia]: m

 

345

00:09:52,184 –> 00:09:55,207

[paul_tyler]: this stuff yeah i think i think

you definitely would need

 

346

00:09:55,119 –> 00:09:55,140

[david_macchia]: m

 

347

00:09:55,488 –> 00:09:57,981

[paul_tyler]: like a a large

 

348

00:09:57,990 –> 00:09:58,153

[david_macchia]: yeah

 

349

00:09:58,121 –> 00:10:06,655

[paul_tyler]: carrier with some probably some fairly tied

distribution captive is oxymoreon this business but we

 

350

00:10:06,796 –> 00:10:11,544

[paul_tyler]: use a lot right you need the

coverage because

 

351

00:10:11,615 –> 00:10:11,797

[ramsey_d_smith]: yeah

 

352

00:10:12,545 –> 00:10:12,906

[paul_tyler]: boy you

 

353

00:10:12,935 –> 00:10:14,015

[ramsey_d_smith]: oh

 

354

00:10:12,966 –> 00:10:17,674

[paul_tyler]: mean well but you’ve got you attorneys

 

355

00:10:17,345 –> 00:10:17,365

[ramsey_d_smith]: m

 

356

00:10:18,155 –> 00:10:20,619

[paul_tyler]: you know that who be very happy

to take some

 

357

00:10:20,534 –> 00:10:20,555

[ramsey_d_smith]: m

 

358

00:10:20,659 –> 00:10:24,706

[paul_tyler]: cases here so i think you have

to think that you know coverage right

 

359

00:10:26,220 –> 00:10:26,970

[david_macchia]: yeah

 

360

00:10:26,368 –> 00:10:28,973

[paul_tyler]: the program that i’m assuming this would

tie

 

361

00:10:29,100 –> 00:10:29,342

[david_macchia]: oh

 

362

00:10:29,133 –> 00:10:31,837

[paul_tyler]: in your your platform

 

363

00:10:31,835 –> 00:10:34,412

[ramsey_d_smith]: oh

 

364

00:10:31,898 –> 00:10:35,647

[paul_tyler]: would actually be a good name for

for an effort like this correct

 

365

00:10:35,825 –> 00:10:36,149

[ramsey_d_smith]: oh

 

366

00:10:36,611 –> 00:10:36,731

[david_macchia]: that

 

367

00:10:36,635 –> 00:10:36,775

[ramsey_d_smith]: oh

 

368

00:10:36,892 –> 00:10:39,977

[david_macchia]: that hadn’t been in my mind at

all i wasn’t looking for any

 

369

00:10:39,930 –> 00:10:40,131

[paul_tyler]: oh

 

370

00:10:40,037 –> 00:10:41,620

[david_macchia]: kind of ties directly

 

371

00:10:41,670 –> 00:10:41,811

[paul_tyler]: yeah

 

372

00:10:41,680 –> 00:10:45,987

[david_macchia]: to anything i’m doing another facets of

my life so i think one of one

 

373

00:10:46,047 –> 00:10:46,087

[david_macchia]: of

 

374

00:10:46,080 –> 00:10:46,362

[paul_tyler]: oh

 

375

00:10:46,347 –> 00:10:50,433

[david_macchia]: the great things here i said a

you know one of the things i’ve written

 

376

00:10:50,493 –> 00:10:54,780

[david_macchia]: about and you guys know this is

this the warring factions of financial services right

 

377

00:10:54,860 –> 00:10:56,122

[david_macchia]: the r a community that looks

 

378

00:10:56,105 –> 00:10:56,407

[ramsey_d_smith]: oh

 

379

00:10:56,182 –> 00:10:58,566

[david_macchia]: down to the insurance community the insurance

community that says you’re

 

380

00:10:58,500 –> 00:10:58,783

[paul_tyler]: oh

 

381

00:10:58,727 –> 00:10:59,628

[david_macchia]: hypocrites because

 

382

00:10:59,615 –> 00:10:59,996

[ramsey_d_smith]: yeah

 

383

00:11:00,229 –> 00:11:00,390

[david_macchia]: you’re

 

384

00:11:00,270 –> 00:11:04,740

[paul_tyler]: yeah

 

385

00:11:00,510 –> 00:11:01,751

[david_macchia]: pay structure actually is

 

386

00:11:01,744 –> 00:11:01,904

[ramsey_d_smith]: yeah

 

387

00:11:01,831 –> 00:11:03,372

[david_macchia]: more than my commission you know the

 

388

00:11:03,326 –> 00:11:03,487

[ramsey_d_smith]: yeah

 

389

00:11:03,493 –> 00:11:04,474

[david_macchia]: thing you have

 

390

00:11:04,385 –> 00:11:05,645

[ramsey_d_smith]: oh

 

391

00:11:04,514 –> 00:11:05,955

[david_macchia]: all these warring factions and it’s

 

392

00:11:05,880 –> 00:11:07,260

[paul_tyler]: oh

 

393

00:11:06,596 –> 00:11:12,838

[david_macchia]: and i said wouldn’t it be great

if there was something that everybody could galvanize

 

394

00:11:12,938 –> 00:11:19,882

[david_macchia]: around and contribute their competency to because

the truth of the matter is every facet

 

395

00:11:19,962 –> 00:11:27,046

[david_macchia]: of the advisor community has very specific

knowledge that’s valuable right and in constructing

 

396

00:11:26,564 –> 00:11:26,585

[ramsey_d_smith]: m

 

397

00:11:27,146 –> 00:11:27,627

[david_macchia]: someone’s

 

398

00:11:27,605 –> 00:11:28,445

[ramsey_d_smith]: yeah

 

399

00:11:28,389 –> 00:11:34,201

[david_macchia]: foundational life right in terms of finance

all of it matters it’s just not one

 

400

00:11:34,241 –> 00:11:35,223

[david_macchia]: perspective that matters

 

401

00:11:35,255 –> 00:11:35,399

[ramsey_d_smith]: ye

 

402

00:11:35,363 –> 00:11:37,887

[david_macchia]: all the perspectives matter and so my

 

403

00:11:37,925 –> 00:11:38,128

[ramsey_d_smith]: oh

 

404

00:11:38,068 –> 00:11:38,809

[david_macchia]: my hope is that

 

405

00:11:39,575 –> 00:11:39,937

[ramsey_d_smith]: oh

 

406

00:11:39,610 –> 00:11:43,837

[david_macchia]: no matter what area of financial services

you’re you’re from and no matter how you

 

407

00:11:43,877 –> 00:11:44,578

[david_macchia]: are regulated

 

408

00:11:44,315 –> 00:11:44,679

[ramsey_d_smith]: yeah

 

409

00:11:44,659 –> 00:11:48,608

[david_macchia]: and what you all yourself on your

business card you have a place to contribute

 

410

00:11:48,254 –> 00:11:48,275

[ramsey_d_smith]: m

 

411

00:11:48,648 –> 00:11:54,198

[david_macchia]: here and so i didn’t define any

platform or idea of how this should you

 

412

00:11:54,438 –> 00:11:58,485

[david_macchia]: play out what we will do is

we’ll create a curriculum

 

413

00:11:58,974 –> 00:11:59,015

[paul_tyler]: s

 

414

00:11:59,026 –> 00:12:03,855

[david_macchia]: you know that the people can run

with that that is addresses all the areas

 

415

00:12:03,895 –> 00:12:04,797

[david_macchia]: of finance that we need

 

416

00:12:04,694 –> 00:12:04,715

[ramsey_d_smith]: m

 

417

00:12:04,817 –> 00:12:05,518

[david_macchia]: to educate on

 

418

00:12:06,060 –> 00:12:06,810

[paul_tyler]: yeah

 

419

00:12:06,590 –> 00:12:07,314

[david_macchia]: that for sure will

 

420

00:12:07,175 –> 00:12:07,519

[ramsey_d_smith]: oh

 

421

00:12:07,354 –> 00:12:07,435

[david_macchia]: do

 

422

00:12:08,921 –> 00:12:09,101

[paul_tyler]: you know

 

423

00:12:09,125 –> 00:12:09,470

[ramsey_d_smith]: oh

 

424

00:12:09,181 –> 00:12:13,128

[paul_tyler]: m thinking back you know i’m sure

you have so mature boy harry stout’s book

 

425

00:12:13,248 –> 00:12:14,911

[paul_tyler]: you know the financial verse we had

harry

 

426

00:12:14,735 –> 00:12:14,996

[ramsey_d_smith]: yeah

 

427

00:12:14,971 –> 00:12:15,532

[paul_tyler]: stout on there

 

428

00:12:15,430 –> 00:12:15,572

[david_macchia]: yep

 

429

00:12:15,652 –> 00:12:15,792

[paul_tyler]: he’s

 

430

00:12:17,114 –> 00:12:17,135

[ramsey_d_smith]: m

 

431

00:12:17,141 –> 00:12:17,285

[david_macchia]: yep

 

432

00:12:17,495 –> 00:12:18,958

[paul_tyler]: you’ve got a good set of books

 

433

00:12:18,840 –> 00:12:18,860

[david_macchia]: m

 

434

00:12:19,038 –> 00:12:20,240

[paul_tyler]: there i’m sure so

 

435

00:12:20,504 –> 00:12:20,525

[ramsey_d_smith]: m

 

436

00:12:20,623 –> 00:12:21,227

[paul_tyler]: harry love the

 

437

00:12:21,200 –> 00:12:21,344

[david_macchia]: yep

 

438

00:12:21,267 –> 00:12:22,656

[paul_tyler]: cardinal with you on something like this

 

439

00:12:23,600 –> 00:12:24,483

[david_macchia]: yeah i like harry

 

440

00:12:24,365 –> 00:12:24,385

[ramsey_d_smith]: m

 

441

00:12:24,703 –> 00:12:25,746

[david_macchia]: i can talk to harry about it

 

442

00:12:25,740 –> 00:12:25,820

[paul_tyler]: ah

 

443

00:12:25,787 –> 00:12:26,128

[david_macchia]: for sure

 

444

00:12:26,761 –> 00:12:30,826

[paul_tyler]: so this is cool i think this

is great now david any way we can

 

445

00:12:30,886 –> 00:12:32,167

[paul_tyler]: help you know let us know

 

446

00:12:32,564 –> 00:12:32,585

[ramsey_d_smith]: m

 

447

00:12:34,440 –> 00:12:34,982

[david_macchia]: thank you polly

 

448

00:12:35,021 –> 00:12:36,243

[paul_tyler]: yeah i had a question

 

449

00:12:35,867 –> 00:12:36,464

[ramsey_d_smith]: and then what

 

450

00:12:36,624 –> 00:12:37,225

[paul_tyler]: on financial

 

451

00:12:37,175 –> 00:12:37,482

[ramsey_d_smith]: oh

 

452

00:12:37,505 –> 00:12:38,467

[paul_tyler]: you now what his financial

 

453

00:12:38,165 –> 00:12:38,407

[ramsey_d_smith]: yeah

 

454

00:12:38,527 –> 00:12:41,873

[paul_tyler]: literacy came in from from you know

writer

 

455

00:12:41,855 –> 00:12:42,120

[ramsey_d_smith]: oh

 

456

00:12:42,750 –> 00:12:43,013

[david_macchia]: oh

 

457

00:12:42,995 –> 00:12:45,859

[paul_tyler]: s a couple of days ago and

that was that was a hard question david

 

458

00:12:46,181 –> 00:12:48,150

[paul_tyler]: how what is financial literacy how do

 

459

00:12:48,185 –> 00:12:48,205

[ramsey_d_smith]: m

 

460

00:12:48,210 –> 00:12:51,112

[paul_tyler]: you answer that question oh

 

461

00:12:51,341 –> 00:12:55,528

[david_macchia]: well i think it’s what we don’t

teach in school right we do an awful

 

462

00:12:55,503 –> 00:12:55,603

[paul_tyler]: it’s

 

463

00:12:55,608 –> 00:12:55,868

[david_macchia]: job

 

464

00:12:55,663 –> 00:12:56,145

[paul_tyler]: a negative

 

465

00:12:55,895 –> 00:12:55,915

[ramsey_d_smith]: m

 

466

00:12:56,626 –> 00:12:56,846

[paul_tyler]: yes

 

467

00:12:57,110 –> 00:12:57,791

[david_macchia]: we do an awful

 

468

00:12:57,819 –> 00:12:57,839

[ramsey_d_smith]: m

 

469

00:12:57,891 –> 00:12:58,312

[david_macchia]: job of

 

470

00:12:58,782 –> 00:12:58,966

[paul_tyler]: yeah

 

471

00:12:58,853 –> 00:12:59,294

[david_macchia]: failing

 

472

00:12:59,610 –> 00:12:59,793

[paul_tyler]: oh

 

473

00:12:59,694 –> 00:13:00,656

[david_macchia]: to educate people

 

474

00:13:00,344 –> 00:13:00,365

[ramsey_d_smith]: m

 

475

00:13:00,690 –> 00:13:01,560

[paul_tyler]: yeah

 

476

00:13:00,875 –> 00:13:01,159

[ramsey_d_smith]: oh

 

477

00:13:00,896 –> 00:13:05,464

[david_macchia]: on on understanding how to build wealth

how to avoid debt how to

 

478

00:13:05,550 –> 00:13:05,791

[paul_tyler]: yeah

 

479

00:13:05,584 –> 00:13:07,027

[david_macchia]: avoid extraneous costs

 

480

00:13:07,140 –> 00:13:07,340

[paul_tyler]: yeah

 

481

00:13:07,207 –> 00:13:11,895

[david_macchia]: that deprive people of having you know

wealth how to live within a budget what

 

482

00:13:11,935 –> 00:13:15,220

[david_macchia]: does a budget even mean how to

have a personal finance statement

 

483

00:13:15,270 –> 00:13:16,050

[paul_tyler]: oh

 

484

00:13:16,062 –> 00:13:22,352

[david_macchia]: this is basic stuff but it’s not

something that people are taught and you know

 

485

00:13:22,412 –> 00:13:25,998

[david_macchia]: and then when you get into the

more you know older people in retirement it

 

486

00:13:26,038 –> 00:13:27,260

[david_macchia]: gets even more omplicated

 

487

00:13:26,744 –> 00:13:26,765

[ramsey_d_smith]: m

 

488

00:13:27,360 –> 00:13:27,645

[paul_tyler]: oh

 

489

00:13:27,845 –> 00:13:27,865

[ramsey_d_smith]: m

 

490

00:13:28,042 –> 00:13:31,107

[david_macchia]: you know how do you think about

social security how s that handle how do

 

491

00:13:31,167 –> 00:13:34,513

[david_macchia]: you use money to create income there’s

 

492

00:13:34,475 –> 00:13:35,083

[ramsey_d_smith]: ye

 

493

00:13:34,613 –> 00:13:37,377

[david_macchia]: so many issues there’s so many issues

and such a deficit

 

494

00:13:37,274 –> 00:13:37,295

[ramsey_d_smith]: m

 

495

00:13:37,658 –> 00:13:39,623

[david_macchia]: of understanding knowledge about them

 

496

00:13:39,810 –> 00:13:40,560

[paul_tyler]: yeah

 

497

00:13:40,505 –> 00:13:41,375

[ramsey_d_smith]: yeah

 

498

00:13:40,566 –> 00:13:43,838

[david_macchia]: and that’s where i think we can

we can make a tangible impact

 

499

00:13:44,653 –> 00:13:44,733

[paul_tyler]: what

 

500

00:13:44,684 –> 00:13:44,705

[ramsey_d_smith]: m

 

501

00:13:44,773 –> 00:13:49,004

[paul_tyler]: do you think is financial literacy a

course i take and a grade that i

 

502

00:13:49,104 –> 00:13:49,745

[paul_tyler]: receive like

 

503

00:13:50,100 –> 00:13:50,362

[david_macchia]: yah

 

504

00:13:50,106 –> 00:13:50,828

[paul_tyler]: it pass fail

 

505

00:13:51,028 –> 00:13:51,150

[david_macchia]: yah

 

506

00:13:51,390 –> 00:13:51,793

[paul_tyler]: yeah

 

507

00:13:52,209 –> 00:13:54,372

[ramsey_d_smith]: you know it’s it’s interesting a view

financial

 

508

00:13:54,060 –> 00:13:55,170

[paul_tyler]: oh

 

509

00:13:54,433 –> 00:13:55,494

[ramsey_d_smith]: literacy is something

 

510

00:13:55,290 –> 00:13:56,610

[paul_tyler]: yeah

 

511

00:13:55,554 –> 00:14:02,025

[ramsey_d_smith]: that’s a that’s developed over a lifetime

right because things change both like what available

 

512

00:14:02,085 –> 00:14:04,269

[ramsey_d_smith]: in the market the market itself as

well as like

 

513

00:14:04,261 –> 00:14:04,342

[paul_tyler]: we

 

514

00:14:04,309 –> 00:14:05,591

[ramsey_d_smith]: your personal situation so

 

515

00:14:05,700 –> 00:14:05,920

[david_macchia]: oh

 

516

00:14:07,013 –> 00:14:10,159

[ramsey_d_smith]: as much as anything else i kind

of think of financial literacy as

 

517

00:14:10,500 –> 00:14:10,683

[david_macchia]: oh

 

518

00:14:10,740 –> 00:14:15,868

[ramsey_d_smith]: as a habit you develop the expectation

you’re never going to get it exactly right

 

519

00:14:16,169 –> 00:14:20,616

[ramsey_d_smith]: but it’s better to make make decisions

than to succumb

 

520

00:14:20,580 –> 00:14:22,050

[paul_tyler]: yeah

 

521

00:14:20,656 –> 00:14:22,179

[ramsey_d_smith]: to not making decisions which usually

 

522

00:14:22,080 –> 00:14:22,100

[paul_tyler]: m

 

523

00:14:22,219 –> 00:14:27,628

[ramsey_d_smith]: are where the biggest mistakes happening with

respect to once personal finances so i’ve

 

524

00:14:27,474 –> 00:14:27,990

[paul_tyler]: right

 

525

00:14:27,690 –> 00:14:27,771

[david_macchia]: ah

 

526

00:14:28,289 –> 00:14:31,234

[ramsey_d_smith]: i’ve become a bit cynical in that

i used to think you could truly solve

 

527

00:14:31,294 –> 00:14:34,479

[ramsey_d_smith]: financial literacy and if you just sort

of taught it better and i think that

 

528

00:14:34,539 –> 00:14:37,625

[ramsey_d_smith]: actually it’s more of an attitude than

anything else

 

529

00:14:37,980 –> 00:14:38,000

[david_macchia]: m

 

530

00:14:38,145 –> 00:14:38,265

[ramsey_d_smith]: and

 

531

00:14:38,191 –> 00:14:38,271

[paul_tyler]: ah

 

532

00:14:38,986 –> 00:14:41,649

[ramsey_d_smith]: and so that’s why that’s why tools

like this need to be available

 

533

00:14:41,532 –> 00:14:41,613

[paul_tyler]: ah

 

534

00:14:41,689 –> 00:14:42,029

[ramsey_d_smith]: to people so

 

535

00:14:42,000 –> 00:14:42,020

[david_macchia]: m

 

536

00:14:42,049 –> 00:14:42,509

[ramsey_d_smith]: they can start

 

537

00:14:42,480 –> 00:14:42,742

[paul_tyler]: oh

 

538

00:14:43,210 –> 00:14:46,714

[ramsey_d_smith]: thinking about it in corporate ncorporating into

their right in their daily lives

 

539

00:14:46,981 –> 00:14:47,922

[paul_tyler]: yeah i like the

 

540

00:14:47,872 –> 00:14:47,892

[david_macchia]: i

 

541

00:14:47,962 –> 00:14:49,184

[paul_tyler]: word actions david i mean

 

542

00:14:49,286 –> 00:14:49,487

[ramsey_d_smith]: yeah

 

543

00:14:49,525 –> 00:14:51,648

[paul_tyler]: what would you i mean i go

 

544

00:14:51,755 –> 00:14:52,895

[ramsey_d_smith]: oh

 

545

00:14:51,789 –> 00:14:54,994

[paul_tyler]: through i you know i received

 

546

00:14:54,545 –> 00:14:54,867

[ramsey_d_smith]: oh

 

547

00:14:56,316 –> 00:14:56,797

[paul_tyler]: counseling

 

548

00:14:56,739 –> 00:14:56,760

[david_macchia]: m

 

549

00:14:56,897 –> 00:14:58,339

[paul_tyler]: from you know somebody in a program

 

550

00:14:58,380 –> 00:14:58,604

[david_macchia]: oh

 

551

00:14:58,520 –> 00:14:59,981

[paul_tyler]: my financially literate in life

 

552

00:15:00,060 –> 00:15:00,080

[david_macchia]: m

 

553

00:15:00,181 –> 00:15:00,662

[paul_tyler]: financially

 

554

00:15:00,335 –> 00:15:00,576

[ramsey_d_smith]: oh

 

555

00:15:00,722 –> 00:15:01,322

[paul_tyler]: empowered

 

556

00:15:01,775 –> 00:15:01,795

[ramsey_d_smith]: m

 

557

00:15:02,303 –> 00:15:03,685

[paul_tyler]: in my financially

 

558

00:15:03,480 –> 00:15:03,662

[david_macchia]: yeah

 

559

00:15:05,727 –> 00:15:06,147

[paul_tyler]: aware

 

560

00:15:07,842 –> 00:15:08,243

[david_macchia]: well i think

 

561

00:15:08,276 –> 00:15:08,296

[ramsey_d_smith]: m

 

562

00:15:08,283 –> 00:15:08,964

[david_macchia]: of it as confident

 

563

00:15:09,140 –> 00:15:09,302

[paul_tyler]: yeah

 

564

00:15:09,805 –> 00:15:10,066

[david_macchia]: i mean if

 

565

00:15:10,175 –> 00:15:10,195

[ramsey_d_smith]: m

 

566

00:15:10,286 –> 00:15:12,009

[david_macchia]: we can make people financially confident

 

567

00:15:12,055 –> 00:15:12,598

[ramsey_d_smith]: it’s a good word

 

568

00:15:12,950 –> 00:15:13,830

[paul_tyler]: yeah

 

569

00:15:13,220 –> 00:15:14,544

[david_macchia]: that’s that’s that’s

 

570

00:15:14,517 –> 00:15:14,660

[ramsey_d_smith]: yeah

 

571

00:15:14,625 –> 00:15:15,468

[david_macchia]: a real accomplishment

 

572

00:15:15,650 –> 00:15:18,317

[paul_tyler]: natural clinfrence although sometimes you can’t use

confrentwen should be

 

573

00:15:20,141 –> 00:15:24,350

[david_macchia]: perhaps yeah but i think if you

were to somehow pull people and so you

 

574

00:15:24,470 –> 00:15:25,893

[david_macchia]: really confident about finances

 

575

00:15:25,582 –> 00:15:25,804

[paul_tyler]: right

 

576

00:15:26,154 –> 00:15:26,895

[david_macchia]: i think a lot of people

 

577

00:15:26,850 –> 00:15:27,320

[paul_tyler]: oh

 

578

00:15:26,935 –> 00:15:27,076

[david_macchia]: would

 

579

00:15:27,014 –> 00:15:27,035

[ramsey_d_smith]: m

 

580

00:15:27,116 –> 00:15:27,396

[david_macchia]: say no

 

581

00:15:28,214 –> 00:15:29,915

[ramsey_d_smith]: m yah

 

582

00:15:28,310 –> 00:15:31,494

[paul_tyler]: yeah we got we should we got

to come up with a word for this

 

583

00:15:32,074 –> 00:15:33,436

[paul_tyler]: ramsey we’ve got it right

 

584

00:15:33,908 –> 00:15:34,068

[ramsey_d_smith]: but i

 

585

00:15:34,080 –> 00:15:34,361

[david_macchia]: yeah

 

586

00:15:34,168 –> 00:15:38,375

[ramsey_d_smith]: like i like things around like attitude

and confidence i like things that are described

 

587

00:15:38,415 –> 00:15:39,076

[ramsey_d_smith]: behaviorly

 

588

00:15:40,050 –> 00:15:40,251

[paul_tyler]: oh

 

589

00:15:40,058 –> 00:15:40,218

[ramsey_d_smith]: right

 

590

00:15:40,176 –> 00:15:40,770

[david_macchia]: hm

 

591

00:15:40,438 –> 00:15:41,881

[ramsey_d_smith]: just because i think it’s

 

592

00:15:42,030 –> 00:15:42,630

[paul_tyler]: yeah

 

593

00:15:42,802 –> 00:15:46,829

[ramsey_d_smith]: i think it’s i think it’s an

going process and an attitude is opposed to

 

594

00:15:47,230 –> 00:15:49,253

[ramsey_d_smith]: you know i got i got the

diploma

 

595

00:15:49,290 –> 00:15:49,552

[paul_tyler]: oh

 

596

00:15:49,754 –> 00:15:50,656

[ramsey_d_smith]: and now it all works

 

597

00:15:51,050 –> 00:15:51,232

[paul_tyler]: yeah

 

598

00:15:51,216 –> 00:15:54,662

[ramsey_d_smith]: right it’s it’s discipline right like it’s

 

599

00:15:54,911 –> 00:15:56,737

[paul_tyler]: he

 

600

00:15:55,464 –> 00:15:59,450

[ramsey_d_smith]: t’s up quote harry stout is like

it’s it’s eating brocoli you know when you

 

601

00:15:59,490 –> 00:16:00,151

[ramsey_d_smith]: want to eat doughnuts

 

602

00:16:01,000 –> 00:16:01,161

[david_macchia]: yeah

 

603

00:16:01,253 –> 00:16:01,714

[ramsey_d_smith]: i’m loosely

 

604

00:16:01,948 –> 00:16:02,110

[david_macchia]: yeah

 

605

00:16:02,215 –> 00:16:06,642

[ramsey_d_smith]: i’m loosely i’m loosely i’m loosely paraphrasing

him but but that’s the idea

 

606

00:16:06,600 –> 00:16:06,843

[paul_tyler]: oh

 

607

00:16:06,722 –> 00:16:09,991

[ramsey_d_smith]: it’s like it’s behave pieces are really

very important

 

608

00:16:10,230 –> 00:16:10,515

[paul_tyler]: oh

 

609

00:16:10,551 –> 00:16:11,416

[david_macchia]: yeah huge

 

610

00:16:11,590 –> 00:16:12,571

[paul_tyler]: so okay david

 

611

00:16:12,390 –> 00:16:12,410

[david_macchia]: m

 

612

00:16:12,591 –> 00:16:13,552

[paul_tyler]: you’ve been out about

 

613

00:16:14,139 –> 00:16:14,160

[david_macchia]: m

 

614

00:16:14,514 –> 00:16:20,122

[paul_tyler]: maybe we talked about just the industry

as a whole so i mean what’s happening

 

615

00:16:20,503 –> 00:16:22,389

[paul_tyler]: wow every time i open

 

616

00:16:22,434 –> 00:16:22,474

[david_macchia]: m

 

617

00:16:22,629 –> 00:16:23,311

[paul_tyler]: the new site

 

618

00:16:23,525 –> 00:16:24,455

[ramsey_d_smith]: yeah

 

619

00:16:24,134 –> 00:16:24,756

[paul_tyler]: the environment

 

620

00:16:24,459 –> 00:16:24,684

[david_macchia]: m oh

 

621

00:16:24,796 –> 00:16:25,538

[paul_tyler]: has changed

 

622

00:16:27,035 –> 00:16:27,317

[ramsey_d_smith]: oh

 

623

00:16:27,763 –> 00:16:28,123

[david_macchia]: so much

 

624

00:16:28,980 –> 00:16:29,240

[paul_tyler]: yeah

 

625

00:16:29,193 –> 00:16:29,375

[ramsey_d_smith]: yeah

 

626

00:16:29,305 –> 00:16:29,465

[david_macchia]: well

 

627

00:16:29,585 –> 00:16:29,867

[ramsey_d_smith]: oh

 

628

00:16:29,726 –> 00:16:33,652

[david_macchia]: i think we were on the other

side of a fourteen year bull

 

629

00:16:33,494 –> 00:16:33,515

[ramsey_d_smith]: m

 

630

00:16:33,733 –> 00:16:34,093

[david_macchia]: market

 

631

00:16:34,260 –> 00:16:35,149

[paul_tyler]: yea

 

632

00:16:34,734 –> 00:16:34,914

[david_macchia]: that

 

633

00:16:34,805 –> 00:16:36,785

[ramsey_d_smith]: oh

 

634

00:16:35,335 –> 00:16:40,223

[david_macchia]: essentially was engineered to be a bull

market physical policy unprecedented

 

635

00:16:39,999 –> 00:16:40,020

[paul_tyler]: m

 

636

00:16:40,263 –> 00:16:42,407

[david_macchia]: levels of physical policy stimulus and

 

637

00:16:42,635 –> 00:16:43,775

[ramsey_d_smith]: yeah

 

638

00:16:43,308 –> 00:16:45,192

[david_macchia]: and the creation of nine trillion

 

639

00:16:45,187 –> 00:16:45,208

[ramsey_d_smith]: m

 

640

00:16:45,252 –> 00:16:47,836

[david_macchia]: dollars by the federal reserve which drove

 

641

00:16:47,675 –> 00:16:47,958

[ramsey_d_smith]: oh

 

642

00:16:47,956 –> 00:16:50,962

[david_macchia]: acid prices you know the stratispheric low

s and

 

643

00:16:51,005 –> 00:16:51,288

[ramsey_d_smith]: oh

 

644

00:16:51,022 –> 00:16:54,589

[david_macchia]: i think we’re seeing the other side

of you know the inevitable counter than that

 

645

00:16:54,769 –> 00:16:54,870

[david_macchia]: now

 

646

00:16:55,873 –> 00:16:55,955

[paul_tyler]: ah

 

647

00:16:55,932 –> 00:16:58,978

[david_macchia]: i write about an index called the

wealth to income ratio

 

648

00:16:59,490 –> 00:16:59,692

[paul_tyler]: yeah

 

649

00:17:00,330 –> 00:17:01,151

[david_macchia]: and if

 

650

00:17:01,128 –> 00:17:01,230

[paul_tyler]: yeah

 

651

00:17:01,191 –> 00:17:02,473

[david_macchia]: you look at that so this is

a

 

652

00:17:02,465 –> 00:17:02,689

[ramsey_d_smith]: oh

 

653

00:17:02,713 –> 00:17:08,792

[david_macchia]: federal reserve published index that’s been out

for sixty eight years in over sixty

 

654

00:17:08,550 –> 00:17:08,791

[paul_tyler]: oh

 

655

00:17:08,555 –> 00:17:08,737

[ramsey_d_smith]: yeah

 

656

00:17:08,852 –> 00:17:09,653

[david_macchia]: eight years it has a

 

657

00:17:09,873 –> 00:17:10,257

[ramsey_d_smith]: yeah yeah

 

658

00:17:10,475 –> 00:17:12,559

[david_macchia]: long term average of five hundred and

fifty per cent

 

659

00:17:12,635 –> 00:17:13,595

[ramsey_d_smith]: oh

 

660

00:17:13,660 –> 00:17:18,175

[david_macchia]: and occasionally it pops up to you

know high new heights well it did so

 

661

00:17:18,256 –> 00:17:21,621

[david_macchia]: in two thousand just before the tech

crash it went up to i think

 

662

00:17:21,524 –> 00:17:21,545

[ramsey_d_smith]: m

 

663

00:17:21,722 –> 00:17:25,745

[david_macchia]: six hundred and fifteen and then in

september of two

 

664

00:17:25,740 –> 00:17:25,961

[paul_tyler]: yeah

 

665

00:17:25,805 –> 00:17:26,526

[david_macchia]: thousand seven

 

666

00:17:27,189 –> 00:17:27,330

[paul_tyler]: yeah

 

667

00:17:27,247 –> 00:17:27,607

[david_macchia]: it rose

 

668

00:17:27,545 –> 00:17:28,385

[ramsey_d_smith]: yah

 

669

00:17:27,687 –> 00:17:32,253

[david_macchia]: to an all time high of six

hundred seventy only to result a few months

 

670

00:17:32,333 –> 00:17:36,892

[david_macchia]: later in the crash of two thousand

eight right back to its long term average

 

671

00:17:36,695 –> 00:17:36,955

[ramsey_d_smith]: oh

 

672

00:17:37,353 –> 00:17:41,460

[david_macchia]: right it did that after two thousand

do that after two thousand eight well what’s

 

673

00:17:41,500 –> 00:17:46,488

[david_macchia]: happened since you know this bull market

has brought the index up to eight hundred

 

674

00:17:46,528 –> 00:17:48,593

[david_macchia]: and eighteen that’s literally off the charts

 

675

00:17:48,960 –> 00:17:51,090

[paul_tyler]: yeah

 

676

00:17:49,194 –> 00:17:53,253

[david_macchia]: and what we’ve seen is some falling

back i wrote an article which is the

 

677

00:17:53,413 –> 00:17:55,657

[david_macchia]: advisor perspectives dot com

 

678

00:17:55,470 –> 00:17:55,692

[paul_tyler]: yeah

 

679

00:17:55,505 –> 00:17:55,767

[ramsey_d_smith]: oh

 

680

00:17:56,598 –> 00:17:57,520

[david_macchia]: saying that prepared for

 

681

00:17:57,585 –> 00:17:57,705

[ramsey_d_smith]: oh

 

682

00:17:58,021 –> 00:18:01,767

[david_macchia]: for the destruction of thirty four trillion

dollars in wealth assets

 

683

00:18:02,045 –> 00:18:03,035

[ramsey_d_smith]: oh

 

684

00:18:02,729 –> 00:18:04,391

[david_macchia]: in that simple

 

685

00:18:04,625 –> 00:18:04,645

[ramsey_d_smith]: m

 

686

00:18:04,772 –> 00:18:08,939

[david_macchia]: because when the index comes back down

again to its long term average

 

687

00:18:08,864 –> 00:18:08,885

[ramsey_d_smith]: m

 

688

00:18:08,979 –> 00:18:10,221

[david_macchia]: it’s going to be totally

 

689

00:18:10,120 –> 00:18:10,181

[ramsey_d_smith]: ah

 

690

00:18:10,441 –> 00:18:15,109

[david_macchia]: destroying fifty trillion dollars so sixteen traliumhas

already been destroyed from

 

691

00:18:15,030 –> 00:18:15,333

[paul_tyler]: oh

 

692

00:18:15,149 –> 00:18:18,074

[david_macchia]: the actions we’ve had earlier this year

if we go back to the long term

 

693

00:18:18,114 –> 00:18:19,156

[david_macchia]: maria be a total of fifty

 

694

00:18:19,230 –> 00:18:20,358

[paul_tyler]: yes

 

695

00:18:19,236 –> 00:18:21,560

[david_macchia]: trillion dollars that’s destroyed so what

 

696

00:18:21,600 –> 00:18:21,900

[paul_tyler]: oh

 

697

00:18:21,600 –> 00:18:23,964

[david_macchia]: does that mean well i think it’s

going

 

698

00:18:23,975 –> 00:18:24,256

[ramsey_d_smith]: oh

 

699

00:18:23,984 –> 00:18:26,648

[david_macchia]: to bring things more into balance you

know it’s going

 

700

00:18:26,585 –> 00:18:26,889

[ramsey_d_smith]: oh

 

701

00:18:26,689 –> 00:18:29,461

[david_macchia]: to be brilliantly attractive

 

702

00:18:29,199 –> 00:18:29,220

[paul_tyler]: m

 

703

00:18:29,501 –> 00:18:30,607

[david_macchia]: for the annuity business

 

704

00:18:31,424 –> 00:18:31,445

[ramsey_d_smith]: m

 

705

00:18:31,590 –> 00:18:32,692

[david_macchia]: we’re already seeing you know

 

706

00:18:32,652 –> 00:18:33,038

[paul_tyler]: of course

 

707

00:18:32,932 –> 00:18:37,720

[david_macchia]: assets move into annuities the mica business

is very very robust as you know the

 

708

00:18:37,780 –> 00:18:38,702

[david_macchia]: indexanuity business

 

709

00:18:38,765 –> 00:18:39,047

[ramsey_d_smith]: oh

 

710

00:18:38,782 –> 00:18:40,725

[david_macchia]: is very robust people

 

711

00:18:40,934 –> 00:18:40,955

[ramsey_d_smith]: m

 

712

00:18:41,146 –> 00:18:43,009

[david_macchia]: seeking safety i tell

 

713

00:18:42,905 –> 00:18:42,925

[ramsey_d_smith]: m

 

714

00:18:43,069 –> 00:18:46,620

[david_macchia]: it as there’s you know those of

you who believe in safety believe in protection

 

715

00:18:46,761 –> 00:18:47,704

[david_macchia]: believe and guaranteed

 

716

00:18:47,564 –> 00:18:47,916

[ramsey_d_smith]: m oh

 

717

00:18:47,784 –> 00:18:48,727

[david_macchia]: income your day has come

 

718

00:18:49,284 –> 00:18:49,424

[ramsey_d_smith]: yeah

 

719

00:18:49,830 –> 00:18:50,250

[david_macchia]: and i think

 

720

00:18:50,135 –> 00:18:51,425

[ramsey_d_smith]: oh

 

721

00:18:50,330 –> 00:18:54,895

[david_macchia]: it’s it’s likely to remain this way

for for some time so the outlook for

 

722

00:18:54,935 –> 00:18:56,796

[david_macchia]: annuity sales i think you know

 

723

00:18:56,818 –> 00:18:56,899

[ramsey_d_smith]: ah

 

724

00:18:56,996 –> 00:18:59,379

[david_macchia]: given everything that’s happening is it is

very very positive

 

725

00:19:00,611 –> 00:19:01,292

[paul_tyler]: yeah it’s

 

726

00:19:01,295 –> 00:19:01,925

[ramsey_d_smith]: oh

 

727

00:19:02,213 –> 00:19:02,814

[paul_tyler]: it’s interesting now

 

728

00:19:02,760 –> 00:19:02,780

[david_macchia]: m

 

729

00:19:03,035 –> 00:19:05,018

[paul_tyler]: as of the recording dat

 

730

00:19:04,860 –> 00:19:05,081

[david_macchia]: oh

 

731

00:19:05,459 –> 00:19:07,402

[paul_tyler]: okay we just know the c p

i came

 

732

00:19:07,325 –> 00:19:07,345

[ramsey_d_smith]: m

 

733

00:19:07,482 –> 00:19:08,363

[paul_tyler]: out lations higher

 

734

00:19:09,875 –> 00:19:10,176

[ramsey_d_smith]: yeah

 

735

00:19:09,946 –> 00:19:14,814

[paul_tyler]: market went down rates short term rites

i guess even in your treasury

 

736

00:19:15,270 –> 00:19:15,513

[david_macchia]: oh

 

737

00:19:15,576 –> 00:19:19,863

[paul_tyler]: went higher but it’s still an inverted

yield curve and ramsey

 

738

00:19:19,680 –> 00:19:19,700

[david_macchia]: m

 

739

00:19:19,883 –> 00:19:25,598

[paul_tyler]: whatever we saw happened with mica i

mean it if i’m not sure or you

 

740

00:19:25,618 –> 00:19:26,443

[paul_tyler]: think this is going

 

741

00:19:26,700 –> 00:19:26,720

[david_macchia]: m

 

742

00:19:27,663 –> 00:19:29,145

[ramsey_d_smith]: in terms of in terms of rates

 

743

00:19:29,391 –> 00:19:30,092

[paul_tyler]: rats yeah

 

744

00:19:30,367 –> 00:19:31,209

[ramsey_d_smith]: i mean rates have gone

 

745

00:19:31,221 –> 00:19:31,241

[david_macchia]: a

 

746

00:19:31,269 –> 00:19:33,933

[ramsey_d_smith]: up a lot so they’re definitely much

more attractive

 

747

00:19:33,690 –> 00:19:34,053

[david_macchia]: yes

 

748

00:19:34,013 –> 00:19:39,262

[ramsey_d_smith]: and they’re getting much deserved visibility on

the back of that you know

 

749

00:19:39,270 –> 00:19:39,472

[paul_tyler]: oh

 

750

00:19:41,145 –> 00:19:41,386

[ramsey_d_smith]: i look

 

751

00:19:41,290 –> 00:19:41,452

[paul_tyler]: look

 

752

00:19:41,426 –> 00:19:44,771

[ramsey_d_smith]: at it i still wonder if if

the investments that back

 

753

00:19:44,610 –> 00:19:45,154

[david_macchia]: oh

 

754

00:19:44,831 –> 00:19:46,655

[ramsey_d_smith]: them you know how they match up

with it

 

755

00:19:46,740 –> 00:19:47,245

[david_macchia]: oh

 

756

00:19:46,895 –> 00:19:50,301

[ramsey_d_smith]: so sing you know in the high

end sometimes but for sure

 

757

00:19:50,340 –> 00:19:51,810

[paul_tyler]: yeah

 

758

00:19:51,262 –> 00:19:55,449

[ramsey_d_smith]: for sure rates are higher they should

be higher and and more and

 

759

00:19:55,380 –> 00:19:55,641

[david_macchia]: oh

 

760

00:19:55,489 –> 00:19:55,870

[ramsey_d_smith]: more people

 

761

00:19:55,710 –> 00:19:56,310

[paul_tyler]: yeah

 

762

00:19:55,910 –> 00:19:58,094

[ramsey_d_smith]: should be looking at them as a

really attractive

 

763

00:19:57,810 –> 00:19:57,830

[david_macchia]: m

 

764

00:19:58,154 –> 00:19:58,614

[ramsey_d_smith]: alternative

 

765

00:19:58,770 –> 00:19:58,990

[paul_tyler]: yeah

 

766

00:19:58,775 –> 00:20:00,761

[ramsey_d_smith]: c d is which is really the

best way to think about

 

767

00:20:00,677 –> 00:20:00,918

[paul_tyler]: pop

 

768

00:20:00,801 –> 00:20:01,343

[ramsey_d_smith]: them in my view

 

769

00:20:01,811 –> 00:20:01,971

[paul_tyler]: yes

 

770

00:20:02,381 –> 00:20:04,348

[david_macchia]: i agree with that in bonds to

some extent

 

771

00:20:04,345 –> 00:20:05,167

[ramsey_d_smith]: yeah and bonton

 

772

00:20:05,301 –> 00:20:06,052

[david_macchia]: yep yep

 

773

00:20:06,584 –> 00:20:08,547

[paul_tyler]: right we’ll just say from from a

care perspective

 

774

00:20:08,640 –> 00:20:08,881

[david_macchia]: oh

 

775

00:20:08,708 –> 00:20:08,848

[paul_tyler]: like

 

776

00:20:08,945 –> 00:20:09,186

[ramsey_d_smith]: oh

 

777

00:20:09,269 –> 00:20:11,813

[paul_tyler]: we target these migrates okay we’re not

on to be the best

 

778

00:20:11,945 –> 00:20:12,248

[ramsey_d_smith]: oh

 

779

00:20:11,993 –> 00:20:13,976

[paul_tyler]: one we’re gonna try to go to

number

 

780

00:20:14,015 –> 00:20:14,975

[ramsey_d_smith]: yeah

 

781

00:20:14,097 –> 00:20:18,487

[paul_tyler]: two we’ve done that certain months and

you know by the time

 

782

00:20:18,224 –> 00:20:18,245

[ramsey_d_smith]: m

 

783

00:20:18,390 –> 00:20:18,410

[david_macchia]: m

 

784

00:20:19,730 –> 00:20:21,573

[paul_tyler]: you know it takes time once you

decide

 

785

00:20:21,558 –> 00:20:21,640

[ramsey_d_smith]: ah

 

786

00:20:21,894 –> 00:20:26,661

[paul_tyler]: set their rates and go and change

the systems put it out you’re talking about

 

787

00:20:26,722 –> 00:20:30,067

[paul_tyler]: a seven eight day lag but the

time we get there okay we’re now number

 

788

00:20:30,167 –> 00:20:31,269

[paul_tyler]: four number five number

 

789

00:20:31,320 –> 00:20:31,340

[david_macchia]: m

 

790

00:20:31,349 –> 00:20:31,449

[paul_tyler]: six

 

791

00:20:31,655 –> 00:20:31,675

[ramsey_d_smith]: m

 

792

00:20:32,631 –> 00:20:33,693

[paul_tyler]: it’s been a real it’s

 

793

00:20:33,699 –> 00:20:33,720

[david_macchia]: m

 

794

00:20:33,733 –> 00:20:37,459

[paul_tyler]: an arms race on the migetfront which

has been good for

 

795

00:20:37,634 –> 00:20:37,655

[ramsey_d_smith]: m

 

796

00:20:37,720 –> 00:20:40,665

[paul_tyler]: i think good for consumer as good

probably not great

 

797

00:20:40,550 –> 00:20:40,773

[david_macchia]: yes

 

798

00:20:40,964 –> 00:20:40,985

[ramsey_d_smith]: m

 

799

00:20:41,727 –> 00:20:42,147

[paul_tyler]: would be great

 

800

00:20:42,180 –> 00:20:42,423

[david_macchia]: oh

 

801

00:20:42,187 –> 00:20:43,470

[paul_tyler]: if we didn’t have inflation david

 

802

00:20:43,535 –> 00:20:43,555

[ramsey_d_smith]: m

 

803

00:20:43,952 –> 00:20:44,475

[paul_tyler]: all right

 

804

00:20:45,905 –> 00:20:46,186

[ramsey_d_smith]: oh

 

805

00:20:46,112 –> 00:20:47,695

[david_macchia]: well the real returns are still negative

 

806

00:20:47,900 –> 00:20:48,041

[paul_tyler]: yeah

 

807

00:20:47,945 –> 00:20:47,965

[ramsey_d_smith]: m

 

808

00:20:48,476 –> 00:20:51,001

[david_macchia]: you know because the inflation is so

high and you know

 

809

00:20:51,605 –> 00:20:51,810

[ramsey_d_smith]: ye

 

810

00:20:52,223 –> 00:20:53,545

[david_macchia]: the other side of inflation is

 

811

00:20:53,477 –> 00:20:53,498

[ramsey_d_smith]: m

 

812

00:20:53,605 –> 00:20:55,388

[david_macchia]: that the way we think about

 

813

00:20:55,325 –> 00:20:55,566

[ramsey_d_smith]: oh

 

814

00:20:55,468 –> 00:20:58,331

[david_macchia]: inflation today it’s not the way we

thought about it say in the eighties or

 

815

00:20:58,385 –> 00:20:58,985

[ramsey_d_smith]: yeah

 

816

00:20:58,411 –> 00:20:59,993

[david_macchia]: nineties because if you

 

817

00:21:00,030 –> 00:21:00,213

[paul_tyler]: yeah

 

818

00:21:00,073 –> 00:21:01,875

[david_macchia]: go back and you use that methodology

 

819

00:21:01,350 –> 00:21:02,648

[paul_tyler]: yeah

 

820

00:21:01,935 –> 00:21:03,476

[david_macchia]: of how inflation was calculated

 

821

00:21:02,880 –> 00:21:03,870

[paul_tyler]: yeah

 

822

00:21:03,576 –> 00:21:03,776

[david_macchia]: then

 

823

00:21:04,235 –> 00:21:04,476

[ramsey_d_smith]: oh

 

824

00:21:04,577 –> 00:21:08,382

[david_macchia]: the inflation rate today is really seventeen

per cent you can see this at the

 

825

00:21:08,422 –> 00:21:12,068

[david_macchia]: website called shadow government statistics dot com

what really under

 

826

00:21:12,150 –> 00:21:12,414

[paul_tyler]: oh

 

827

00:21:12,368 –> 00:21:15,894

[david_macchia]: under playing how deep inflation is becoming

and if you if you walked into a

 

828

00:21:15,934 –> 00:21:16,515

[david_macchia]: super market

 

829

00:21:16,551 –> 00:21:16,652

[paul_tyler]: oh

 

830

00:21:16,575 –> 00:21:19,099

[david_macchia]: you know lately you know that’s true

the price

 

831

00:21:18,995 –> 00:21:19,297

[ramsey_d_smith]: oh

 

832

00:21:19,280 –> 00:21:21,574

[david_macchia]: and certain things are just you know

sky rocketed

 

833

00:21:21,660 –> 00:21:21,801

[paul_tyler]: yeah

 

834

00:21:21,765 –> 00:21:25,653

[ramsey_d_smith]: remember what some of the key differences

are or what were were there any there

 

835

00:21:25,693 –> 00:21:29,482

[ramsey_d_smith]: one or two things that oft stood

out to explain that that big difference in

 

836

00:21:29,542 –> 00:21:29,943

[ramsey_d_smith]: measurement

 

837

00:21:30,984 –> 00:21:31,164

[david_macchia]: yeah

 

838

00:21:31,680 –> 00:21:31,921

[paul_tyler]: yah

 

839

00:21:31,926 –> 00:21:33,088

[david_macchia]: i don’t know specifically remember

 

840

00:21:32,876 –> 00:21:33,017

[ramsey_d_smith]: yeah

 

841

00:21:33,168 –> 00:21:33,528

[david_macchia]: except to

 

842

00:21:33,589 –> 00:21:33,669

[paul_tyler]: ah

 

843

00:21:33,609 –> 00:21:36,033

[david_macchia]: say that in the calculation of the

c p i

 

844

00:21:36,350 –> 00:21:37,205

[ramsey_d_smith]: hm

 

845

00:21:36,814 –> 00:21:37,535

[david_macchia]: the waiting of

 

846

00:21:37,595 –> 00:21:37,876

[ramsey_d_smith]: yah

 

847

00:21:37,595 –> 00:21:39,118

[david_macchia]: certain factors and the inclusion of

 

848

00:21:39,083 –> 00:21:39,264

[ramsey_d_smith]: yah

 

849

00:21:39,198 –> 00:21:39,418

[david_macchia]: certain

 

850

00:21:39,435 –> 00:21:39,577

[ramsey_d_smith]: yeah

 

851

00:21:39,478 –> 00:21:40,059

[david_macchia]: factors or

 

852

00:21:40,505 –> 00:21:40,625

[ramsey_d_smith]: ye

 

853

00:21:40,861 –> 00:21:41,862

[david_macchia]: is where the difference is

 

854

00:21:41,996 –> 00:21:42,318

[ramsey_d_smith]: got it

 

855

00:21:42,570 –> 00:21:42,731

[paul_tyler]: yeah

 

856

00:21:42,924 –> 00:21:44,747

[david_macchia]: and i think i think there was

a there was an

 

857

00:21:44,744 –> 00:21:45,785

[ramsey_d_smith]: m oh

 

858

00:21:44,887 –> 00:21:47,792

[david_macchia]: urgency change this because when social

 

859

00:21:47,534 –> 00:21:47,555

[ramsey_d_smith]: m

 

860

00:21:47,852 –> 00:21:49,194

[david_macchia]: security became inflation

 

861

00:21:49,235 –> 00:21:49,498

[ramsey_d_smith]: oh

 

862

00:21:49,255 –> 00:21:51,919

[david_macchia]: adjusted imagine if we were inflation

 

863

00:21:51,897 –> 00:21:51,958

[ramsey_d_smith]: ah

 

864

00:21:51,979 –> 00:21:53,021

[david_macchia]: adjust social security

 

865

00:21:52,925 –> 00:21:52,945

[ramsey_d_smith]: m

 

866

00:21:53,061 –> 00:21:53,522

[david_macchia]: at seventeen

 

867

00:21:53,370 –> 00:21:53,677

[paul_tyler]: oh

 

868

00:21:53,602 –> 00:21:56,087

[david_macchia]: per cent you know that would that

would have some

 

869

00:21:56,220 –> 00:21:56,381

[paul_tyler]: yeah

 

870

00:21:56,495 –> 00:21:56,817

[ramsey_d_smith]: oh

 

871

00:21:56,828 –> 00:21:58,571

[david_macchia]: significant ramifications in terms

 

872

00:21:58,355 –> 00:21:58,595

[ramsey_d_smith]: oh

 

873

00:21:58,651 –> 00:22:00,455

[david_macchia]: of nations finances

 

874

00:22:00,600 –> 00:22:05,529

[paul_tyler]: right it’s you know inflation like inflation

is bad period i think the good news

 

875

00:22:05,569 –> 00:22:06,490

[paul_tyler]: is with our products and

 

876

00:22:06,515 –> 00:22:06,716

[ramsey_d_smith]: oh

 

877

00:22:06,530 –> 00:22:08,614

[paul_tyler]: what we’re delivering for for consumers is

 

878

00:22:08,555 –> 00:22:08,777

[ramsey_d_smith]: oh

 

879

00:22:08,714 –> 00:22:10,256

[paul_tyler]: it’s a good defensive play

 

880

00:22:10,119 –> 00:22:10,140

[david_macchia]: m

 

881

00:22:10,857 –> 00:22:12,460

[paul_tyler]: probably one of the best defensive play

if you’re

 

882

00:22:12,395 –> 00:22:13,325

[ramsey_d_smith]: oh

 

883

00:22:12,500 –> 00:22:14,744

[paul_tyler]: on fixed income today so you know

my rates

 

884

00:22:14,537 –> 00:22:14,679

[ramsey_d_smith]: ah

 

885

00:22:15,285 –> 00:22:15,526

[paul_tyler]: the god

 

886

00:22:15,545 –> 00:22:15,565

[ramsey_d_smith]: m

 

887

00:22:15,987 –> 00:22:17,489

[paul_tyler]: like looks like word for another

 

888

00:22:17,285 –> 00:22:18,035

[ramsey_d_smith]: yeah

 

889

00:22:18,090 –> 00:22:20,375

[paul_tyler]: you know rise and rates here i

think

 

890

00:22:21,030 –> 00:22:21,050

[david_macchia]: m

 

891

00:22:21,136 –> 00:22:25,805

[paul_tyler]: you know david you know guaranteed income

will go up right because

 

892

00:22:26,615 –> 00:22:26,635

[ramsey_d_smith]: m

 

893

00:22:26,890 –> 00:22:28,873

[paul_tyler]: rates are going up cares can afford

to

 

894

00:22:29,075 –> 00:22:29,396

[ramsey_d_smith]: oh

 

895

00:22:29,795 –> 00:22:31,918

[paul_tyler]: you know raise caps or participation rates

 

896

00:22:32,975 –> 00:22:33,358

[ramsey_d_smith]: ye

 

897

00:22:33,160 –> 00:22:33,601

[paul_tyler]: so i think

 

898

00:22:33,870 –> 00:22:33,890

[david_macchia]: m

 

899

00:22:34,042 –> 00:22:35,424

[paul_tyler]: from advisor perspective

 

900

00:22:35,204 –> 00:22:35,225

[ramsey_d_smith]: m

 

901

00:22:35,544 –> 00:22:40,054

[paul_tyler]: they’ll be able to deliver more value

on paper you know to clients up for

 

902

00:22:40,074 –> 00:22:40,155

[paul_tyler]: the

 

903

00:22:40,160 –> 00:22:40,300

[david_macchia]: think

 

904

00:22:40,175 –> 00:22:40,315

[paul_tyler]: next

 

905

00:22:40,380 –> 00:22:40,420

[david_macchia]: i

 

906

00:22:40,436 –> 00:22:40,596

[paul_tyler]: three

 

907

00:22:40,460 –> 00:22:40,621

[david_macchia]: think

 

908

00:22:40,636 –> 00:22:40,837

[paul_tyler]: months

 

909

00:22:40,661 –> 00:22:44,768

[david_macchia]: that’s true i think that’s true and

just just before we leave inflation

 

910

00:22:45,224 –> 00:22:45,595

[ramsey_d_smith]: m m

 

911

00:22:45,849 –> 00:22:45,970

[david_macchia]: is

 

912

00:22:46,410 –> 00:22:46,670

[paul_tyler]: oh

 

913

00:22:46,911 –> 00:22:48,374

[david_macchia]: i think the point should be made

it’s

 

914

00:22:48,275 –> 00:22:48,516

[ramsey_d_smith]: oh

 

915

00:22:48,414 –> 00:22:51,659

[david_macchia]: a very cruel reality because

 

916

00:22:51,960 –> 00:22:52,121

[paul_tyler]: it

 

917

00:22:52,220 –> 00:22:53,081

[david_macchia]: it hurts people

 

918

00:22:52,955 –> 00:22:53,403

[ramsey_d_smith]: oh

 

919

00:22:53,162 –> 00:22:57,949

[david_macchia]: on fixed incomes it hurts people with

low incomes so much higher so much harder

 

920

00:22:58,010 –> 00:23:02,076

[david_macchia]: than than it hurts other people just

the gas tank you know and food just

 

921

00:23:02,156 –> 00:23:05,142

[david_macchia]: just gas and food i rocketed so

much

 

922

00:23:05,135 –> 00:23:05,475

[ramsey_d_smith]: my

 

923

00:23:07,566 –> 00:23:09,970

[david_macchia]: i don’t know if what the fat

is doing is the right policy of the

 

924

00:23:10,010 –> 00:23:11,553

[david_macchia]: wrong policy honestly i wish i knew

 

925

00:23:11,705 –> 00:23:11,987

[ramsey_d_smith]: oh

 

926

00:23:12,395 –> 00:23:13,937

[david_macchia]: but we have to get inflation

 

927

00:23:13,829 –> 00:23:14,010

[paul_tyler]: yeah

 

928

00:23:13,904 –> 00:23:13,925

[ramsey_d_smith]: m

 

929

00:23:13,998 –> 00:23:14,498

[david_macchia]: of the control

 

930

00:23:14,790 –> 00:23:14,890

[paul_tyler]: oh

 

931

00:23:15,310 –> 00:23:17,355

[david_macchia]: because it’s like it’s like a huge

extra tax

 

932

00:23:17,700 –> 00:23:18,630

[paul_tyler]: yeah

 

933

00:23:18,077 –> 00:23:22,488

[david_macchia]: on people that’s that’s just totally destructive

to their personal financial health

 

934

00:23:23,111 –> 00:23:23,512

[paul_tyler]: yeah now

 

935

00:23:23,495 –> 00:23:23,978

[ramsey_d_smith]: yeah

 

936

00:23:24,553 –> 00:23:25,395

[paul_tyler]: my perspective

 

937

00:23:25,525 –> 00:23:25,666

[ramsey_d_smith]: yeah

 

938

00:23:25,655 –> 00:23:25,875

[paul_tyler]: is

 

939

00:23:26,910 –> 00:23:27,990

[david_macchia]: yeah

 

940

00:23:26,917 –> 00:23:27,498

[paul_tyler]: it’s global

 

941

00:23:27,305 –> 00:23:28,385

[ramsey_d_smith]: oh

 

942

00:23:27,658 –> 00:23:28,680

[paul_tyler]: i mean a lot of people you

 

943

00:23:28,625 –> 00:23:28,928

[ramsey_d_smith]: yeah

 

944

00:23:28,860 –> 00:23:34,730

[paul_tyler]: want to blame our administration you listen

politicians have some impact you know can make

 

945

00:23:34,790 –> 00:23:41,622

[paul_tyler]: it worse make you now hard to

say than like better but our ports i

 

946

00:23:41,682 –> 00:23:41,882

[paul_tyler]: mean

 

947

00:23:42,305 –> 00:23:42,565

[ramsey_d_smith]: oh

 

948

00:23:42,744 –> 00:23:44,547

[paul_tyler]: this the supply chain problem is

 

949

00:23:44,854 –> 00:23:44,954

[ramsey_d_smith]: yeah

 

950

00:23:45,188 –> 00:23:46,189

[paul_tyler]: going to go away right

 

951

00:23:46,085 –> 00:23:46,326

[ramsey_d_smith]: oh

 

952

00:23:46,790 –> 00:23:49,695

[paul_tyler]: if you look at the us if

you look at the efficiency of the us

 

953

00:23:49,815 –> 00:23:50,256

[paul_tyler]: ports

 

954

00:23:50,615 –> 00:23:50,736

[ramsey_d_smith]: ye

 

955

00:23:51,258 –> 00:23:55,505

[paul_tyler]: um we’re not like you know we

were not in sort of

 

956

00:23:55,484 –> 00:23:55,505

[ramsey_d_smith]: m

 

957

00:23:55,545 –> 00:23:59,572

[paul_tyler]: the top twenty to twenty five most

efficient and

 

958

00:23:59,915 –> 00:23:59,935

[ramsey_d_smith]: m

 

959

00:24:00,012 –> 00:24:05,031

[paul_tyler]: imports of goods coming in so we

got a real bottle neck that going to

 

960

00:24:05,091 –> 00:24:08,521

[paul_tyler]: take a long time to change if

we can easily change it right because

 

961

00:24:08,495 –> 00:24:08,835

[ramsey_d_smith]: oh

 

962

00:24:09,043 –> 00:24:15,914

[paul_tyler]: ships come into california southern california you

can’t build rails and highways through expensive real

 

963

00:24:15,954 –> 00:24:17,416

[paul_tyler]: estate her california

 

964

00:24:17,615 –> 00:24:17,836

[ramsey_d_smith]: oh

 

965

00:24:17,796 –> 00:24:18,717

[paul_tyler]: to get goods out quicker

 

966

00:24:20,080 –> 00:24:20,561

[david_macchia]: that’s true

 

967

00:24:20,705 –> 00:24:20,725

[ramsey_d_smith]: m

 

968

00:24:20,982 –> 00:24:24,910

[david_macchia]: and i think one area though the

gummy can make a difference for good or

 

969

00:24:24,970 –> 00:24:28,638

[david_macchia]: bad is that i think we’ve had

a lot of increased regulation lately

 

970

00:24:28,835 –> 00:24:29,177

[ramsey_d_smith]: oh

 

971

00:24:29,470 –> 00:24:34,780

[david_macchia]: which has had a detrimental impact on

the supply chain but you’re right it’s a

 

972

00:24:34,840 –> 00:24:36,523

[david_macchia]: really complex set of problems

 

973

00:24:36,261 –> 00:24:36,642

[paul_tyler]: well you know

 

974

00:24:36,766 –> 00:24:36,926

[ramsey_d_smith]: well

 

975

00:24:36,964 –> 00:24:37,425

[david_macchia]: it’s really

 

976

00:24:37,464 –> 00:24:37,605

[paul_tyler]: yeah

 

977

00:24:37,525 –> 00:24:37,846

[david_macchia]: come

 

978

00:24:37,925 –> 00:24:38,186

[paul_tyler]: brands

 

979

00:24:38,609 –> 00:24:40,392

[ramsey_d_smith]: i was i was just going to

say that i’m gonna i’m gonna

 

980

00:24:40,380 –> 00:24:40,662

[paul_tyler]: yeah

 

981

00:24:40,452 –> 00:24:43,257

[ramsey_d_smith]: hark back to something that i

 

982

00:24:43,260 –> 00:24:43,543

[paul_tyler]: oh

 

983

00:24:43,297 –> 00:24:43,717

[ramsey_d_smith]: don’t know if you

 

984

00:24:43,950 –> 00:24:44,254

[david_macchia]: oh

 

985

00:24:44,038 –> 00:24:45,941

[ramsey_d_smith]: if you said it in the in

the pre show or

 

986

00:24:46,290 –> 00:24:46,512

[david_macchia]: oh

 

987

00:24:46,562 –> 00:24:50,168

[ramsey_d_smith]: we were talking about travel and you

talk the fragility the fragility of

 

988

00:24:50,550 –> 00:24:50,570

[david_macchia]: m

 

989

00:24:50,849 –> 00:24:52,873

[ramsey_d_smith]: the air transport system and so we’re

 

990

00:24:52,840 –> 00:24:53,004

[david_macchia]: yep

 

991

00:24:52,953 –> 00:24:53,333

[ramsey_d_smith]: seeing that

 

992

00:24:53,250 –> 00:24:53,410

[paul_tyler]: yeah

 

993

00:24:53,394 –> 00:24:57,661

[ramsey_d_smith]: same kind of fragility and a supply

chain that was sending things just in time

 

994

00:24:57,721 –> 00:24:59,924

[ramsey_d_smith]: from somewhere in the far east you

know

 

995

00:25:00,020 –> 00:25:00,221

[david_macchia]: right

 

996

00:25:00,085 –> 00:25:00,465

[ramsey_d_smith]: your kitchen

 

997

00:25:00,409 –> 00:25:00,510

[paul_tyler]: yeah

 

998

00:25:00,566 –> 00:25:02,729

[ramsey_d_smith]: table in a in a remarkably

 

999

00:25:02,730 –> 00:25:02,750

[david_macchia]: m

 

1000

00:25:02,769 –> 00:25:03,390

[ramsey_d_smith]: efficient way

 

1001

00:25:03,900 –> 00:25:05,460

[paul_tyler]: yeah

 

1002

00:25:04,592 –> 00:25:08,078

[ramsey_d_smith]: my sense paul to your point is

that ultimately the

 

1003

00:25:08,070 –> 00:25:08,330

[paul_tyler]: oh

 

1004

00:25:08,138 –> 00:25:08,799

[ramsey_d_smith]: solution to

 

1005

00:25:08,700 –> 00:25:09,480

[david_macchia]: oh

 

1006

00:25:09,961 –> 00:25:12,225

[ramsey_d_smith]: supply chain problems that are that are

glow bill

 

1007

00:25:12,185 –> 00:25:12,226

[paul_tyler]: a

 

1008

00:25:12,445 –> 00:25:13,407

[ramsey_d_smith]: is to deglobalize

 

1009

00:25:13,312 –> 00:25:13,800

[paul_tyler]: right

 

1010

00:25:13,447 –> 00:25:15,010

[ramsey_d_smith]: them so it seems like both

 

1011

00:25:15,090 –> 00:25:15,350

[paul_tyler]: oh

 

1012

00:25:15,090 –> 00:25:18,556

[ramsey_d_smith]: politically and economically you know we’re probably

headed towards some degree

 

1013

00:25:18,579 –> 00:25:18,739

[paul_tyler]: yeah

 

1014

00:25:18,616 –> 00:25:19,958

[ramsey_d_smith]: of deglobalization

 

1015

00:25:19,680 –> 00:25:19,700

[david_macchia]: m

 

1016

00:25:19,774 –> 00:25:19,856

[paul_tyler]: ah

 

1017

00:25:20,138 –> 00:25:23,263

[ramsey_d_smith]: that’s going to take time that will

actually also be inflation ary here in the

 

1018

00:25:23,343 –> 00:25:24,785

[ramsey_d_smith]: u s probably

 

1019

00:25:25,010 –> 00:25:25,491

[david_macchia]: absolutely

 

1020

00:25:25,466 –> 00:25:26,107

[ramsey_d_smith]: going forward

 

1021

00:25:26,112 –> 00:25:26,193

[paul_tyler]: ah

 

1022

00:25:26,507 –> 00:25:30,171

[ramsey_d_smith]: but it’s hard to see it’s hard

to see given national security and all sorts

 

1023

00:25:30,191 –> 00:25:33,574

[ramsey_d_smith]: of other reasons why why wouldn’t why

we wouldn’t head in that direction

 

1024

00:25:33,710 –> 00:25:34,312

[paul_tyler]: well you know there’s

 

1025

00:25:34,200 –> 00:25:35,130

[david_macchia]: oh

 

1026

00:25:34,673 –> 00:25:36,278

[paul_tyler]: a there’s a big time element too

so

 

1027

00:25:36,425 –> 00:25:36,445

[ramsey_d_smith]: m

 

1028

00:25:36,739 –> 00:25:37,201

[paul_tyler]: you i’ve seen a

 

1029

00:25:37,235 –> 00:25:37,895

[ramsey_d_smith]: yeah

 

1030

00:25:37,261 –> 00:25:43,635

[paul_tyler]: lot of ship manufactures announced launching saying

chip plants

 

1031

00:25:43,715 –> 00:25:43,956

[ramsey_d_smith]: oh

 

1032

00:25:43,876 –> 00:25:48,684

[paul_tyler]: outside china v i think i read

a few areas people go into different parts

 

1033

00:25:48,724 –> 00:25:50,647

[paul_tyler]: of south east age but david that

takes

 

1034

00:25:50,744 –> 00:25:50,765

[ramsey_d_smith]: m

 

1035

00:25:51,028 –> 00:25:51,969

[paul_tyler]: two years to get a

 

1036

00:25:51,965 –> 00:25:52,226

[ramsey_d_smith]: oh

 

1037

00:25:52,029 –> 00:25:52,653

[paul_tyler]: play up and

 

1038

00:25:52,681 –> 00:25:52,761

[david_macchia]: oh

 

1039

00:25:52,693 –> 00:25:52,955

[paul_tyler]: running

 

1040

00:25:52,821 –> 00:25:53,883

[david_macchia]: yeah and and

 

1041

00:25:54,035 –> 00:25:54,685

[ramsey_d_smith]: oh

 

1042

00:25:54,063 –> 00:25:58,971

[david_macchia]: and also in the u s building

more chip manufacturing here but you’re right ramsey

 

1043

00:25:59,072 –> 00:26:00,434

[david_macchia]: i think people underestimate

 

1044

00:26:00,300 –> 00:26:00,929

[paul_tyler]: ye

 

1045

00:26:00,514 –> 00:26:03,840

[david_macchia]: how massively deflationary globalization was

 

1046

00:26:04,140 –> 00:26:05,190

[paul_tyler]: oh

 

1047

00:26:05,482 –> 00:26:08,006

[david_macchia]: and any incremental change in that

 

1048

00:26:08,790 –> 00:26:09,010

[paul_tyler]: yeah

 

1049

00:26:09,048 –> 00:26:10,190

[david_macchia]: any bringing back the

 

1050

00:26:10,124 –> 00:26:10,145

[ramsey_d_smith]: m

 

1051

00:26:10,290 –> 00:26:11,693

[david_macchia]: manufacturing to our

 

1052

00:26:11,765 –> 00:26:11,785

[ramsey_d_smith]: m

 

1053

00:26:11,793 –> 00:26:13,435

[david_macchia]: shores is probably

 

1054

00:26:13,169 –> 00:26:13,350

[paul_tyler]: yeah

 

1055

00:26:13,516 –> 00:26:15,259

[david_macchia]: good for our national security

 

1056

00:26:15,014 –> 00:26:15,035

[ramsey_d_smith]: m

 

1057

00:26:15,319 –> 00:26:16,160

[david_macchia]: but will

 

1058

00:26:16,085 –> 00:26:16,226

[ramsey_d_smith]: ye

 

1059

00:26:16,221 –> 00:26:17,244

[david_macchia]: be you know

 

1060

00:26:17,225 –> 00:26:18,155

[ramsey_d_smith]: yeah

 

1061

00:26:17,745 –> 00:26:19,530

[david_macchia]: sort of boosting inflation

 

1062

00:26:19,214 –> 00:26:20,225

[ramsey_d_smith]: m yeah

 

1063

00:26:19,691 –> 00:26:21,195

[david_macchia]: boosting price increases generally

 

1064

00:26:21,110 –> 00:26:21,250

[paul_tyler]: well

 

1065

00:26:21,164 –> 00:26:21,185

[ramsey_d_smith]: m

 

1066

00:26:21,330 –> 00:26:21,490

[paul_tyler]: yeah

 

1067

00:26:21,416 –> 00:26:21,476

[david_macchia]: it

 

1068

00:26:21,446 –> 00:26:21,587

[ramsey_d_smith]: yeah

 

1069

00:26:21,536 –> 00:26:21,877

[david_macchia]: has to

 

1070

00:26:22,151 –> 00:26:22,472

[paul_tyler]: well yeah

 

1071

00:26:22,595 –> 00:26:22,935

[ramsey_d_smith]: oh

 

1072

00:26:22,833 –> 00:26:27,721

[paul_tyler]: i would say i’d be more pointed

david it’s china was as much as we

 

1073

00:26:27,881 –> 00:26:28,081

[paul_tyler]: were

 

1074

00:26:28,080 –> 00:26:28,800

[david_macchia]: yeah

 

1075

00:26:28,722 –> 00:26:29,023

[paul_tyler]: concerned

 

1076

00:26:28,860 –> 00:26:29,002

[david_macchia]: yeah

 

1077

00:26:29,063 –> 00:26:35,233

[paul_tyler]: about losing jobs to china you know

china at a massive flationary effect on our

 

1078

00:26:35,674 –> 00:26:36,535

[paul_tyler]: economy right

 

1079

00:26:36,590 –> 00:26:37,496

[david_macchia]: eh

 

1080

00:26:37,196 –> 00:26:38,138

[paul_tyler]: cut the price of tables

 

1081

00:26:38,165 –> 00:26:38,365

[ramsey_d_smith]: oh

 

1082

00:26:38,198 –> 00:26:42,125

[paul_tyler]: chairs you know everything stayed at a

reasonable price in china all of a sudden

 

1083

00:26:42,205 –> 00:26:42,866

[paul_tyler]: slows down

 

1084

00:26:43,385 –> 00:26:43,625

[ramsey_d_smith]: yeah

 

1085

00:26:43,607 –> 00:26:46,472

[paul_tyler]: they’ve got real estate problems they’ve had

they’ve been shut

 

1086

00:26:46,380 –> 00:26:46,602

[david_macchia]: oh

 

1087

00:26:46,512 –> 00:26:47,633

[paul_tyler]: down even more than we have

 

1088

00:26:47,814 –> 00:26:48,034

[ramsey_d_smith]: yeah

 

1089

00:26:48,054 –> 00:26:48,254

[paul_tyler]: for

 

1090

00:26:48,317 –> 00:26:48,540

[david_macchia]: yeah

 

1091

00:26:48,615 –> 00:26:49,516

[paul_tyler]: you know the pandemic

 

1092

00:26:50,555 –> 00:26:50,859

[ramsey_d_smith]: oh

 

1093

00:26:50,658 –> 00:26:55,365

[paul_tyler]: um and there’s a limit to how

you know they can’t cut prices anymore so

 

1094

00:26:55,274 –> 00:26:55,295

[ramsey_d_smith]: m

 

1095

00:26:55,425 –> 00:26:59,112

[paul_tyler]: tally where it feels like we’re in

a storm that’s going to last

 

1096

00:26:59,096 –> 00:26:59,218

[ramsey_d_smith]: ah

 

1097

00:26:59,672 –> 00:27:00,534

[paul_tyler]: unfortunately for a few

 

1098

00:27:00,425 –> 00:27:00,666

[ramsey_d_smith]: oh

 

1099

00:27:00,614 –> 00:27:00,874

[paul_tyler]: years

 

1100

00:27:03,441 –> 00:27:04,022

[david_macchia]: i think you’re right

 

1101

00:27:03,900 –> 00:27:04,161

[paul_tyler]: yeah

 

1102

00:27:04,445 –> 00:27:04,767

[ramsey_d_smith]: oh

 

1103

00:27:04,603 –> 00:27:05,825

[david_macchia]: you know i wish i had an

answer

 

1104

00:27:05,889 –> 00:27:06,069

[paul_tyler]: yeah

 

1105

00:27:05,905 –> 00:27:07,047

[david_macchia]: to it but there’s no

 

1106

00:27:06,973 –> 00:27:07,096

[paul_tyler]: oh

 

1107

00:27:07,207 –> 00:27:07,688

[david_macchia]: easy answer

 

1108

00:27:07,565 –> 00:27:08,248

[ramsey_d_smith]: oh

 

1109

00:27:07,748 –> 00:27:09,050

[david_macchia]: to it and how are

 

1110

00:27:09,000 –> 00:27:09,750

[paul_tyler]: oh

 

1111

00:27:09,070 –> 00:27:10,172

[david_macchia]: we going to generate economic

 

1112

00:27:09,941 –> 00:27:10,189

[paul_tyler]: okay

 

1113

00:27:09,995 –> 00:27:10,256

[ramsey_d_smith]: oh

 

1114

00:27:10,232 –> 00:27:12,676

[david_macchia]: growth is another thing i mean you

know the fed

 

1115

00:27:12,750 –> 00:27:12,933

[paul_tyler]: yeah

 

1116

00:27:12,776 –> 00:27:13,858

[david_macchia]: can’t keep printing money

 

1117

00:27:14,071 –> 00:27:14,273

[paul_tyler]: right

 

1118

00:27:14,239 –> 00:27:14,659

[david_macchia]: there there

 

1119

00:27:14,525 –> 00:27:15,635

[ramsey_d_smith]: yeah

 

1120

00:27:14,940 –> 00:27:16,723

[david_macchia]: tighten the tightening they’re going the other

way

 

1121

00:27:17,525 –> 00:27:17,545

[ramsey_d_smith]: m

 

1122

00:27:17,684 –> 00:27:23,474

[david_macchia]: and you know since o eight before

o eight from from nineteen sixty eight when

 

1123

00:27:23,554 –> 00:27:27,501

[david_macchia]: when we got the legislation was passed

to get us off the goal standard right

 

1124

00:27:28,682 –> 00:27:29,484

[david_macchia]: up to two thousand

 

1125

00:27:29,490 –> 00:27:29,692

[paul_tyler]: yeah

 

1126

00:27:29,544 –> 00:27:30,766

[david_macchia]: eight economic

 

1127

00:27:30,660 –> 00:27:30,981

[paul_tyler]: oh

 

1128

00:27:30,846 –> 00:27:35,503

[david_macchia]: growth in this country was driven by

credit so we had one trillion of total

 

1129

00:27:35,563 –> 00:27:38,708

[david_macchia]: credit in the economy in nineteen sixty

eight by two thousand it we had ninety

 

1130

00:27:38,788 –> 00:27:40,992

[david_macchia]: times that we had ninety trillion that’s

 

1131

00:27:40,895 –> 00:27:42,125

[ramsey_d_smith]: yeah

 

1132

00:27:41,032 –> 00:27:42,214

[david_macchia]: what drove the economic

 

1133

00:27:42,185 –> 00:27:42,205

[ramsey_d_smith]: m

 

1134

00:27:42,274 –> 00:27:43,376

[david_macchia]: growth since

 

1135

00:27:43,544 –> 00:27:43,565

[ramsey_d_smith]: h

 

1136

00:27:43,556 –> 00:27:43,596

[david_macchia]: o

 

1137

00:27:43,560 –> 00:27:43,763

[paul_tyler]: yeah

 

1138

00:27:43,776 –> 00:27:44,958

[david_macchia]: eight credit growth

 

1139

00:27:44,820 –> 00:27:45,063

[paul_tyler]: oh

 

1140

00:27:45,019 –> 00:27:45,419

[david_macchia]: slowed

 

1141

00:27:45,524 –> 00:27:45,545

[ramsey_d_smith]: m

 

1142

00:27:45,840 –> 00:27:46,761

[david_macchia]: so the government stepped

 

1143

00:27:46,724 –> 00:27:46,745

[ramsey_d_smith]: m

 

1144

00:27:46,842 –> 00:27:48,464

[david_macchia]: in with massive physical stimulus

 

1145

00:27:48,227 –> 00:27:48,288

[ramsey_d_smith]: ah

 

1146

00:27:48,544 –> 00:27:50,027

[david_macchia]: and federal reserve stepped in with

 

1147

00:27:49,964 –> 00:27:49,985

[ramsey_d_smith]: m

 

1148

00:27:50,167 –> 00:27:53,332

[david_macchia]: you know this huge money printing thing

that can’t

 

1149

00:27:53,165 –> 00:27:53,467

[ramsey_d_smith]: oh

 

1150

00:27:53,713 –> 00:27:56,418

[david_macchia]: keep going so i’m not sure what

happens

 

1151

00:27:56,405 –> 00:27:56,646

[ramsey_d_smith]: oh

 

1152

00:27:56,498 –> 00:27:57,579

[david_macchia]: next to generate

 

1153

00:27:57,330 –> 00:27:58,260

[paul_tyler]: yeah

 

1154

00:27:57,660 –> 00:27:59,962

[david_macchia]: economic growth especially under these conditions

 

1155

00:27:59,675 –> 00:27:59,896

[ramsey_d_smith]: oh

 

1156

00:28:00,763 –> 00:28:02,625

[david_macchia]: and i think we’re seeing that reality

reflected

 

1157

00:28:02,465 –> 00:28:03,485

[ramsey_d_smith]: yeah

 

1158

00:28:02,705 –> 00:28:04,987

[david_macchia]: an asset price is starting to you

now come back to the

 

1159

00:28:05,384 –> 00:28:05,405

[ramsey_d_smith]: m

 

1160

00:28:05,988 –> 00:28:06,729

[david_macchia]: more normal level

 

1161

00:28:07,396 –> 00:28:09,119

[ramsey_d_smith]: well that’s that’s the thin that’s been

interesting you know

 

1162

00:28:09,840 –> 00:28:10,042

[paul_tyler]: yeah

 

1163

00:28:10,461 –> 00:28:12,064

[ramsey_d_smith]: a lot of the push back on

on

 

1164

00:28:12,510 –> 00:28:12,851

[david_macchia]: oh

 

1165

00:28:12,885 –> 00:28:17,573

[ramsey_d_smith]: on annuities has been you know around

inflation protection and people say he put more

 

1166

00:28:17,613 –> 00:28:20,938

[ramsey_d_smith]: money in equities in like i spent

a whole career in equity so i understand

 

1167

00:28:20,999 –> 00:28:22,441

[ramsey_d_smith]: that i understand

 

1168

00:28:22,213 –> 00:28:22,800

[david_macchia]: hm

 

1169

00:28:23,220 –> 00:28:23,401

[paul_tyler]: yeah

 

1170

00:28:23,463 –> 00:28:27,069

[ramsey_d_smith]: the value proposition there i think i

think for many years it’s been very real

 

1171

00:28:28,170 –> 00:28:32,798

[ramsey_d_smith]: the challenge that we have now is

that you know pricing for companies is often

 

1172

00:28:32,898 –> 00:28:33,559

[ramsey_d_smith]: most prevalent

 

1173

00:28:33,812 –> 00:28:33,997

[paul_tyler]: yes

 

1174

00:28:33,980 –> 00:28:34,181

[ramsey_d_smith]: when

 

1175

00:28:34,479 –> 00:28:34,580

[david_macchia]: m m

 

1176

00:28:34,701 –> 00:28:37,847

[ramsey_d_smith]: you know when they have when when

they

 

1177

00:28:37,770 –> 00:28:37,790

[david_macchia]: m

 

1178

00:28:37,887 –> 00:28:38,768

[ramsey_d_smith]: have plenty of supply

 

1179

00:28:38,793 –> 00:28:38,814

[paul_tyler]: i

 

1180

00:28:38,908 –> 00:28:41,853

[ramsey_d_smith]: but they’ve got sort of a demand

shock that’s favorable to them

 

1181

00:28:41,820 –> 00:28:41,840

[david_macchia]: m

 

1182

00:28:42,354 –> 00:28:42,575

[ramsey_d_smith]: but now

 

1183

00:28:42,622 –> 00:28:42,828

[paul_tyler]: okay

 

1184

00:28:42,635 –> 00:28:45,860

[ramsey_d_smith]: we have this issue that things are

happening on the supply side so even if

 

1185

00:28:45,940 –> 00:28:48,705

[ramsey_d_smith]: prices are going up if you can’t

deliver the product

 

1186

00:28:48,360 –> 00:28:48,664

[paul_tyler]: oh

 

1187

00:28:49,105 –> 00:28:49,807

[ramsey_d_smith]: it’s not giving you

 

1188

00:28:49,845 –> 00:28:49,865

[david_macchia]: m

 

1189

00:28:49,867 –> 00:28:52,351

[ramsey_d_smith]: the excess profit you would have otherwise

given

 

1190

00:28:52,420 –> 00:28:53,326

[david_macchia]: right right

 

1191

00:28:53,312 –> 00:28:56,037

[ramsey_d_smith]: and so so it shouldn’t come as

a surprise

 

1192

00:28:55,893 –> 00:28:55,914

[paul_tyler]: i

 

1193

00:28:56,097 –> 00:29:02,327

[ramsey_d_smith]: that like equities have been you ve

been suffering in this current environment and so

 

1194

00:29:02,848 –> 00:29:05,192

[ramsey_d_smith]: you know what does that mean it’s

it’s one thing if you say well if

 

1195

00:29:05,252 –> 00:29:09,539

[ramsey_d_smith]: i get you know our per cent

four per cent on my my annuity that’s

 

1196

00:29:09,580 –> 00:29:11,503

[ramsey_d_smith]: not keeping up with ten per cent

inflation will being down

 

1197

00:29:11,550 –> 00:29:11,570

[david_macchia]: m

 

1198

00:29:11,683 –> 00:29:16,010

[ramsey_d_smith]: twenty per cent in your equity portfolio

isn’t helping that either you know if you’re

 

1199

00:29:16,050 –> 00:29:16,711

[david_macchia]: that’s right

 

1200

00:29:16,731 –> 00:29:19,716

[ramsey_d_smith]: if you’re if you’re in decumulations if

you’re an accumulation

 

1201

00:29:19,500 –> 00:29:19,740

[paul_tyler]: yah

 

1202

00:29:19,876 –> 00:29:21,518

[ramsey_d_smith]: you can weigh it out but if

you’re in the

 

1203

00:29:21,470 –> 00:29:21,632

[david_macchia]: yeah

 

1204

00:29:21,578 –> 00:29:22,959

[ramsey_d_smith]: accumulation phase like you don’t

 

1205

00:29:22,920 –> 00:29:23,141

[david_macchia]: oh

 

1206

00:29:23,169 –> 00:29:23,190

[paul_tyler]: h

 

1207

00:29:23,320 –> 00:29:25,682

[ramsey_d_smith]: you don’t have the same set of

choices so it’s

 

1208

00:29:25,611 –> 00:29:25,751

[david_macchia]: yeah

 

1209

00:29:25,742 –> 00:29:26,623

[ramsey_d_smith]: a it’s a tough problem

 

1210

00:29:26,335 –> 00:29:26,438

[paul_tyler]: no

 

1211

00:29:26,823 –> 00:29:26,984

[ramsey_d_smith]: right

 

1212

00:29:27,273 –> 00:29:30,078

[david_macchia]: this is really really a smart point

you bringing up because

 

1213

00:29:30,065 –> 00:29:30,935

[ramsey_d_smith]: yeah

 

1214

00:29:30,539 –> 00:29:32,642

[david_macchia]: i remember i got a call from

a writer i won’t mention his

 

1215

00:29:32,550 –> 00:29:33,215

[ramsey_d_smith]: hm

 

1216

00:29:32,682 –> 00:29:36,388

[david_macchia]: name he read one of my articles

and he said you know i really know

 

1217

00:29:36,489 –> 00:29:40,762

[david_macchia]: argued with a new he’s because they’re

not inflation adjusted and you know the truth

 

1218

00:29:40,842 –> 00:29:41,644

[david_macchia]: is there’s no there’s

 

1219

00:29:41,495 –> 00:29:42,545

[ramsey_d_smith]: yeah

 

1220

00:29:41,684 –> 00:29:42,545

[david_macchia]: no guarantee that

 

1221

00:29:42,635 –> 00:29:42,655

[ramsey_d_smith]: m

 

1222

00:29:42,645 –> 00:29:43,487

[david_macchia]: equity portfolios

 

1223

00:29:43,220 –> 00:29:43,321

[paul_tyler]: no

 

1224

00:29:43,527 –> 00:29:44,368

[david_macchia]: are going to be inflation

 

1225

00:29:44,186 –> 00:29:44,287

[paul_tyler]: no

 

1226

00:29:44,345 –> 00:29:44,648

[ramsey_d_smith]: oh

 

1227

00:29:44,448 –> 00:29:45,169

[david_macchia]: adjusted right

 

1228

00:29:45,557 –> 00:29:45,618

[ramsey_d_smith]: m

 

1229

00:29:45,790 –> 00:29:46,612

[david_macchia]: and i would rather

 

1230

00:29:46,514 –> 00:29:46,535

[ramsey_d_smith]: m

 

1231

00:29:46,672 –> 00:29:47,413

[david_macchia]: have some level

 

1232

00:29:47,315 –> 00:29:49,085

[ramsey_d_smith]: oh

 

1233

00:29:47,493 –> 00:29:47,894

[david_macchia]: of income

 

1234

00:29:47,782 –> 00:29:47,803

[paul_tyler]: i

 

1235

00:29:47,934 –> 00:29:49,617

[david_macchia]: that i can count on in retirement

 

1236

00:29:49,710 –> 00:29:49,892

[paul_tyler]: yeah

 

1237

00:29:49,977 –> 00:29:51,660

[david_macchia]: for life and if it’s

 

1238

00:29:51,554 –> 00:29:51,575

[ramsey_d_smith]: m

 

1239

00:29:51,720 –> 00:29:55,303

[david_macchia]: not inflation adjusted at least it’s tangible

at least it’s real

 

1240

00:29:56,114 –> 00:29:56,135

[ramsey_d_smith]: m

 

1241

00:29:56,764 –> 00:30:00,627

[david_macchia]: and i think you know the outlook

for in general

 

1242

00:30:01,355 –> 00:30:01,616

[ramsey_d_smith]: yeah

 

1243

00:30:01,948 –> 00:30:04,892

[david_macchia]: guaranteed income it’s going to be so

strong

 

1244

00:30:05,135 –> 00:30:06,605

[ramsey_d_smith]: yeah

 

1245

00:30:05,353 –> 00:30:05,955

[david_macchia]: going forward

 

1246

00:30:06,605 –> 00:30:07,265

[ramsey_d_smith]: yeah

 

1247

00:30:06,776 –> 00:30:07,598

[david_macchia]: it just has to be

 

1248

00:30:08,615 –> 00:30:09,545

[ramsey_d_smith]: yeah

 

1249

00:30:08,620 –> 00:30:12,046

[david_macchia]: because like i always say to advisors

you know no retirement

 

1250

00:30:11,986 –> 00:30:12,169

[ramsey_d_smith]: yeah

 

1251

00:30:12,086 –> 00:30:12,888

[david_macchia]: stops needing income

 

1252

00:30:13,440 –> 00:30:14,130

[paul_tyler]: oh

 

1253

00:30:13,775 –> 00:30:13,935

[ramsey_d_smith]: yeah

 

1254

00:30:14,920 –> 00:30:14,941

[paul_tyler]: a

 

1255

00:30:15,616 –> 00:30:16,977

[ramsey_d_smith]: i want to bring in another

 

1256

00:30:16,920 –> 00:30:16,940

[david_macchia]: m

 

1257

00:30:17,098 –> 00:30:20,260

[ramsey_d_smith]: way we can bring in full circle

to what you’re doing with what you’re

 

1258

00:30:20,130 –> 00:30:20,432

[paul_tyler]: oh

 

1259

00:30:20,321 –> 00:30:22,062

[ramsey_d_smith]: doing with projects six

 

1260

00:30:22,110 –> 00:30:22,293

[paul_tyler]: yeah

 

1261

00:30:22,142 –> 00:30:23,303

[ramsey_d_smith]: thousand minutes and

 

1262

00:30:23,670 –> 00:30:23,690

[david_macchia]: m

 

1263

00:30:23,700 –> 00:30:23,761

[paul_tyler]: ye

 

1264

00:30:23,704 –> 00:30:27,569

[ramsey_d_smith]: you know what potentially there’s a potential

for growth in the financial advisor space it’s

 

1265

00:30:27,609 –> 00:30:28,591

[ramsey_d_smith]: really i think

 

1266

00:30:28,481 –> 00:30:28,623

[paul_tyler]: thank

 

1267

00:30:28,771 –> 00:30:32,738

[ramsey_d_smith]: on the spending side right spending control

cost control and that we had

 

1268

00:30:32,782 –> 00:30:32,927

[paul_tyler]: yeah

 

1269

00:30:33,659 –> 00:30:34,060

[ramsey_d_smith]: we had

 

1270

00:30:34,230 –> 00:30:34,496

[paul_tyler]: oh

 

1271

00:30:34,861 –> 00:30:35,643

[ramsey_d_smith]: bill bangin on

 

1272

00:30:35,910 –> 00:30:36,110

[paul_tyler]: oh

 

1273

00:30:35,943 –> 00:30:38,748

[ramsey_d_smith]: right the there of woudrawl strategies

 

1274

00:30:39,360 –> 00:30:39,661

[david_macchia]: oh

 

1275

00:30:39,429 –> 00:30:42,574

[ramsey_d_smith]: he’s in his nineties he was amazing

to have him on but one of his

 

1276

00:30:42,634 –> 00:30:42,775

[ramsey_d_smith]: key

 

1277

00:30:42,642 –> 00:30:42,802

[david_macchia]: yeah

 

1278

00:30:42,875 –> 00:30:44,177

[ramsey_d_smith]: points is you got to fix spending

 

1279

00:30:44,550 –> 00:30:46,272

[paul_tyler]: uh

 

1280

00:30:46,721 –> 00:30:46,882

[david_macchia]: yeah

 

1281

00:30:47,523 –> 00:30:47,703

[ramsey_d_smith]: right

 

1282

00:30:47,583 –> 00:30:49,125

[david_macchia]: but but here’s here’s

 

1283

00:30:49,067 –> 00:30:49,249

[ramsey_d_smith]: yeah

 

1284

00:30:49,306 –> 00:30:50,227

[david_macchia]: here’s the problem here’s

 

1285

00:30:50,115 –> 00:30:50,276

[ramsey_d_smith]: yeah

 

1286

00:30:50,267 –> 00:30:52,050

[david_macchia]: the problem i say and i like

i like bill a lot

 

1287

00:30:52,055 –> 00:30:52,195

[ramsey_d_smith]: yeah

 

1288

00:30:52,170 –> 00:30:54,935

[david_macchia]: and you know i wrote an article

called there is no safe with drawl rate

 

1289

00:30:55,025 –> 00:30:55,186

[ramsey_d_smith]: yeah

 

1290

00:30:55,576 –> 00:30:57,800

[david_macchia]: which by the way which i believe

and

 

1291

00:30:57,825 –> 00:30:57,946

[ramsey_d_smith]: oh

 

1292

00:30:57,920 –> 00:30:59,603

[david_macchia]: uh you know and he came back

to

 

1293

00:30:59,553 –> 00:31:00,035

[ramsey_d_smith]: yeah

 

1294

00:30:59,663 –> 00:31:01,005

[david_macchia]: me and and he said well my

 

1295

00:31:01,094 –> 00:31:01,115

[ramsey_d_smith]: m

 

1296

00:31:01,145 –> 00:31:06,795

[david_macchia]: projections say that that’s not the case

i said i understand you’re absolutely right but

 

1297

00:31:07,155 –> 00:31:08,177

[david_macchia]: all of the projections

 

1298

00:31:07,950 –> 00:31:09,330

[paul_tyler]: yeah

 

1299

00:31:08,498 –> 00:31:09,299

[david_macchia]: yours and everyone

 

1300

00:31:09,335 –> 00:31:09,557

[ramsey_d_smith]: oh

 

1301

00:31:09,359 –> 00:31:11,827

[david_macchia]: else’s assumes that the client stays invested

 

1302

00:31:12,186 –> 00:31:12,980

[paul_tyler]: a oh

 

1303

00:31:12,825 –> 00:31:12,967

[ramsey_d_smith]: yeah

 

1304

00:31:13,020 –> 00:31:15,665

[david_macchia]: every single day in every single condition

and

 

1305

00:31:15,668 –> 00:31:15,709

[ramsey_d_smith]: m

 

1306

00:31:15,789 –> 00:31:15,810

[paul_tyler]: h

 

1307

00:31:15,865 –> 00:31:16,626

[david_macchia]: cast in the real world

 

1308

00:31:16,544 –> 00:31:16,565

[ramsey_d_smith]: m

 

1309

00:31:16,666 –> 00:31:17,007

[david_macchia]: they don’t

 

1310

00:31:16,920 –> 00:31:18,420

[paul_tyler]: okay

 

1311

00:31:17,868 –> 00:31:17,968

[david_macchia]: so

 

1312

00:31:18,067 –> 00:31:18,148

[ramsey_d_smith]: ah

 

1313

00:31:18,630 –> 00:31:21,194

[david_macchia]: you know the point

 

1314

00:31:21,213 –> 00:31:21,378

[paul_tyler]: yah

 

1315

00:31:21,234 –> 00:31:22,175

[david_macchia]: about withdrawals is

 

1316

00:31:22,085 –> 00:31:22,426

[ramsey_d_smith]: oh

 

1317

00:31:22,256 –> 00:31:24,519

[david_macchia]: that it’s really really hard

 

1318

00:31:24,780 –> 00:31:27,199

[paul_tyler]: okay

 

1319

00:31:24,880 –> 00:31:25,761

[david_macchia]: in the practical

 

1320

00:31:25,236 –> 00:31:25,357

[ramsey_d_smith]: ah

 

1321

00:31:26,142 –> 00:31:27,785

[david_macchia]: real world that advises live in

 

1322

00:31:28,170 –> 00:31:28,190

[paul_tyler]: a

 

1323

00:31:28,266 –> 00:31:28,726

[david_macchia]: to go to a

 

1324

00:31:28,754 –> 00:31:28,775

[ramsey_d_smith]: m

 

1325

00:31:28,807 –> 00:31:32,413

[david_macchia]: client and say well you know last

year you took out forty thousand from your

 

1326

00:31:32,473 –> 00:31:33,014

[david_macchia]: portfolio

 

1327

00:31:32,550 –> 00:31:32,795

[paul_tyler]: oh

 

1328

00:31:33,134 –> 00:31:33,274

[david_macchia]: but

 

1329

00:31:33,545 –> 00:31:33,826

[ramsey_d_smith]: yah

 

1330

00:31:33,695 –> 00:31:36,620

[david_macchia]: really this year you need to take

out twenty one thousand three hundred m

 

1331

00:31:36,674 –> 00:31:37,595

[ramsey_d_smith]: m m

 

1332

00:31:37,950 –> 00:31:39,312

[david_macchia]: it doesn’t work at the kitchen table

 

1333

00:31:39,751 –> 00:31:39,832

[paul_tyler]: no

 

1334

00:31:40,102 –> 00:31:40,264

[ramsey_d_smith]: yeah

 

1335

00:31:40,314 –> 00:31:41,857

[david_macchia]: it just doesn’t it just doesn’t work

 

1336

00:31:42,185 –> 00:31:42,533

[ramsey_d_smith]: yeah

 

1337

00:31:42,778 –> 00:31:48,207

[david_macchia]: and so you know a fixed stream

of income coming from an annuity that a

 

1338

00:31:48,468 –> 00:31:48,868

[david_macchia]: client can

 

1339

00:31:48,845 –> 00:31:49,127

[ramsey_d_smith]: oh

 

1340

00:31:48,930 –> 00:31:49,293

[paul_tyler]: oh

 

1341

00:31:48,969 –> 00:31:50,071

[david_macchia]: count on year

 

1342

00:31:49,950 –> 00:31:50,191

[paul_tyler]: oh

 

1343

00:31:50,251 –> 00:31:51,173

[david_macchia]: after year after year

 

1344

00:31:51,455 –> 00:31:51,775

[ramsey_d_smith]: oh

 

1345

00:31:52,315 –> 00:31:54,318

[david_macchia]: that that’s hard to argue against

 

1346

00:31:55,151 –> 00:31:55,291

[paul_tyler]: oh

 

1347

00:31:55,490 –> 00:31:55,895

[david_macchia]: it’s hard

 

1348

00:31:55,832 –> 00:31:56,012

[paul_tyler]: well

 

1349

00:31:55,955 –> 00:31:56,703

[david_macchia]: to argue against

 

1350

00:31:56,713 –> 00:31:59,178

[paul_tyler]: i think you’re right people want guarantee

income here

 

1351

00:31:59,255 –> 00:31:59,478

[ramsey_d_smith]: oh

 

1352

00:31:59,799 –> 00:32:01,542

[paul_tyler]: an anecdote on monday so

 

1353

00:32:02,144 –> 00:32:02,165

[ramsey_d_smith]: m

 

1354

00:32:02,243 –> 00:32:07,580

[paul_tyler]: so i’m back in our office and

in hartford and walking along security

 

1355

00:32:07,440 –> 00:32:07,683

[david_macchia]: yes

 

1356

00:32:07,640 –> 00:32:12,348

[paul_tyler]: guy nowell is talking to women who

reports in cafitarnoell and he’s saying sixty two

 

1357

00:32:13,751 –> 00:32:14,031

[paul_tyler]: sixty

 

1358

00:32:14,015 –> 00:32:14,035

[ramsey_d_smith]: m

 

1359

00:32:14,151 –> 00:32:20,081

[paul_tyler]: seven okay i know this conversation so

i stuck my head

 

1360

00:32:19,929 –> 00:32:19,950

[david_macchia]: m

 

1361

00:32:20,181 –> 00:32:21,163

[paul_tyler]: in and you know it’s

 

1362

00:32:21,635 –> 00:32:21,876

[ramsey_d_smith]: oh

 

1363

00:32:22,305 –> 00:32:25,811

[paul_tyler]: you know here are two people struggling

like how do they bridge to retirement

 

1364

00:32:25,235 –> 00:32:26,455

[ramsey_d_smith]: yah m

 

1365

00:32:26,712 –> 00:32:28,115

[paul_tyler]: and you know a woman said to

me

 

1366

00:32:28,475 –> 00:32:28,617

[ramsey_d_smith]: ye

 

1367

00:32:28,475 –> 00:32:33,341

[paul_tyler]: paul i could actually could actually retire

right now i can’t pay for my health

 

1368

00:32:33,421 –> 00:32:35,645

[paul_tyler]: care so well do you know the

products

 

1369

00:32:35,462 –> 00:32:35,483

[david_macchia]: m

 

1370

00:32:35,685 –> 00:32:36,326

[paul_tyler]: were selling here

 

1371

00:32:36,219 –> 00:32:36,240

[david_macchia]: m

 

1372

00:32:36,607 –> 00:32:41,735

[paul_tyler]: can actually help you do that we

could actually said talk to me

 

1373

00:32:41,846 –> 00:32:41,887

[ramsey_d_smith]: m

 

1374

00:32:41,896 –> 00:32:43,678

[paul_tyler]: you know we’ll sit down i’ll show

you the numbers i’m not

 

1375

00:32:43,633 –> 00:32:43,654

[ramsey_d_smith]: m

 

1376

00:32:43,719 –> 00:32:46,262

[paul_tyler]: selling i’m not making money on this

david i

 

1377

00:32:46,620 –> 00:32:46,966

[david_macchia]: oh

 

1378

00:32:46,883 –> 00:32:47,304

[paul_tyler]: maybe i can

 

1379

00:32:47,285 –> 00:32:47,606

[ramsey_d_smith]: yeah

 

1380

00:32:47,564 –> 00:32:50,348

[paul_tyler]: with this count towards my two hours

if i help some people

 

1381

00:32:50,340 –> 00:32:50,520

[david_macchia]: sure

 

1382

00:32:50,448 –> 00:32:50,608

[paul_tyler]: here

 

1383

00:32:50,705 –> 00:32:51,087

[ramsey_d_smith]: oh

 

1384

00:32:52,625 –> 00:32:53,106

[david_macchia]: of course

 

1385

00:32:52,892 –> 00:32:55,978

[paul_tyler]: but these are real problems sort of

right like i think the guarantee you got

 

1386

00:32:56,018 –> 00:32:56,079

[paul_tyler]: to

 

1387

00:32:56,054 –> 00:32:56,496

[david_macchia]: totally

 

1388

00:32:56,075 –> 00:32:56,301

[ramsey_d_smith]: oh

 

1389

00:32:56,119 –> 00:32:57,622

[paul_tyler]: hit sixty two most people

 

1390

00:32:57,480 –> 00:32:57,743

[david_macchia]: yeah

 

1391

00:32:57,682 –> 00:33:00,668

[paul_tyler]: are in they’re not trying to get

rich right they will keep

 

1392

00:33:01,041 –> 00:33:03,004

[david_macchia]: you can’t you can’t solve risk with

 

1393

00:33:03,060 –> 00:33:03,263

[paul_tyler]: oh

 

1394

00:33:03,084 –> 00:33:04,286

[david_macchia]: more risk you have to solve

 

1395

00:33:04,385 –> 00:33:04,405

[ramsey_d_smith]: m

 

1396

00:33:04,406 –> 00:33:05,928

[david_macchia]: risk with with safety

 

1397

00:33:06,460 –> 00:33:06,601

[paul_tyler]: yeah

 

1398

00:33:06,695 –> 00:33:06,877

[ramsey_d_smith]: oh

 

1399

00:33:07,090 –> 00:33:08,233

[david_macchia]: you just you just have to

 

1400

00:33:08,483 –> 00:33:08,809

[paul_tyler]: yeah

 

1401

00:33:09,308 –> 00:33:09,569

[ramsey_d_smith]: i like

 

1402

00:33:09,476 –> 00:33:09,737

[david_macchia]: and that’s

 

1403

00:33:09,629 –> 00:33:09,789

[ramsey_d_smith]: that

 

1404

00:33:09,777 –> 00:33:09,917

[david_macchia]: why

 

1405

00:33:09,850 –> 00:33:10,191

[ramsey_d_smith]: comment

 

1406

00:33:10,761 –> 00:33:10,986

[paul_tyler]: right

 

1407

00:33:11,050 –> 00:33:15,437

[david_macchia]: you’ve got this is why i like

i like advisors not to not

 

1408

00:33:15,335 –> 00:33:15,538

[ramsey_d_smith]: oh

 

1409

00:33:15,477 –> 00:33:15,818

[david_macchia]: to just

 

1410

00:33:15,697 –> 00:33:15,777

[paul_tyler]: oh

 

1411

00:33:16,339 –> 00:33:16,960

[david_macchia]: put themselves

 

1412

00:33:16,715 –> 00:33:16,896

[ramsey_d_smith]: yeah

 

1413

00:33:17,040 –> 00:33:19,143

[david_macchia]: in one pigeon hole right

 

1414

00:33:19,680 –> 00:33:19,902

[paul_tyler]: yeah

 

1415

00:33:19,925 –> 00:33:23,170

[david_macchia]: don’t do that think more broadly cause

 

1416

00:33:23,040 –> 00:33:23,223

[paul_tyler]: yeah

 

1417

00:33:23,351 –> 00:33:28,784

[david_macchia]: you have to inject safety in the

portfolio the retirement income portfolio

 

1418

00:33:28,590 –> 00:33:29,310

[paul_tyler]: yeah

 

1419

00:33:28,864 –> 00:33:30,568

[david_macchia]: of ninety percent of the people

 

1420

00:33:31,140 –> 00:33:31,322

[paul_tyler]: yeah

 

1421

00:33:31,361 –> 00:33:32,112

[david_macchia]: they must have it

 

1422

00:33:33,874 –> 00:33:36,782

[paul_tyler]: i could see the visual for injecting

safety that

 

1423

00:33:36,990 –> 00:33:37,552

[david_macchia]: uh

 

1424

00:33:37,163 –> 00:33:37,343

[paul_tyler]: like

 

1425

00:33:38,033 –> 00:33:41,258

[ramsey_d_smith]: you can’t you can’t solve risk with

more risk paul that’s the that’s the

 

1426

00:33:41,189 –> 00:33:41,310

[david_macchia]: yeah

 

1427

00:33:41,261 –> 00:33:41,482

[paul_tyler]: right

 

1428

00:33:41,318 –> 00:33:43,021

[ramsey_d_smith]: headline on the on the linked in

right

 

1429

00:33:42,984 –> 00:33:43,244

[paul_tyler]: right

 

1430

00:33:43,081 –> 00:33:44,564

[ramsey_d_smith]: that’s that’s the that’s the quotable

 

1431

00:33:45,047 –> 00:33:45,268

[paul_tyler]: yeah

 

1432

00:33:45,125 –> 00:33:45,346

[ramsey_d_smith]: oh

 

1433

00:33:45,729 –> 00:33:46,189

[paul_tyler]: you can’t

 

1434

00:33:46,153 –> 00:33:46,275

[ramsey_d_smith]: here

 

1435

00:33:46,290 –> 00:33:46,690

[paul_tyler]: solve

 

1436

00:33:46,295 –> 00:33:46,517

[ramsey_d_smith]: you go

 

1437

00:33:46,830 –> 00:33:53,463

[paul_tyler]: risk with more risk yeah i’ll see

yeah yeah yeah yeah yeah give me the

 

1438

00:33:53,523 –> 00:33:54,326

[paul_tyler]: notes afterwards

 

1439

00:33:54,875 –> 00:33:55,095

[ramsey_d_smith]: right

 

1440

00:33:56,060 –> 00:33:59,506

[paul_tyler]: well he listen this is this is

it’s great to catch up so

 

1441

00:34:00,125 –> 00:34:00,367

[ramsey_d_smith]: oh

 

1442

00:34:00,300 –> 00:34:00,522

[david_macchia]: oh

 

1443

00:34:00,488 –> 00:34:01,249

[paul_tyler]: we conofered a lot

 

1444

00:34:01,265 –> 00:34:01,547

[ramsey_d_smith]: oh

 

1445

00:34:01,409 –> 00:34:05,576

[paul_tyler]: so i think great initiative to drive

more

 

1446

00:34:05,460 –> 00:34:05,480

[david_macchia]: m

 

1447

00:34:05,656 –> 00:34:07,479

[paul_tyler]: education into parts

 

1448

00:34:07,355 –> 00:34:07,657

[ramsey_d_smith]: oh

 

1449

00:34:07,800 –> 00:34:11,025

[paul_tyler]: community that don’t necessarily get a call

from a mary

 

1450

00:34:10,808 –> 00:34:11,340

[david_macchia]: hm

 

1451

00:34:11,085 –> 00:34:13,189

[paul_tyler]: lynch advisor or your friends at fisher

 

1452

00:34:13,161 –> 00:34:13,325

[david_macchia]: right

 

1453

00:34:13,289 –> 00:34:13,790

[paul_tyler]: investments

 

1454

00:34:14,195 –> 00:34:14,215

[ramsey_d_smith]: m

 

1455

00:34:14,591 –> 00:34:14,811

[paul_tyler]: right

 

1456

00:34:16,385 –> 00:34:16,405

[ramsey_d_smith]: m

 

1457

00:34:16,614 –> 00:34:18,618

[paul_tyler]: they’re not calling them right

 

1458

00:34:18,595 –> 00:34:18,695

[david_macchia]: no

 

1459

00:34:18,700 –> 00:34:18,740

[ramsey_d_smith]: hm

 

1460

00:34:18,958 –> 00:34:19,419

[paul_tyler]: and they need

 

1461

00:34:19,356 –> 00:34:19,556

[david_macchia]: they’re

 

1462

00:34:19,479 –> 00:34:19,599

[paul_tyler]: help

 

1463

00:34:19,597 –> 00:34:20,117

[david_macchia]: not calling

 

1464

00:34:20,381 –> 00:34:20,962

[paul_tyler]: i think this is

 

1465

00:34:20,898 –> 00:34:21,059

[david_macchia]: yep

 

1466

00:34:21,042 –> 00:34:23,546

[paul_tyler]: great we talked about sort of the

state of the

 

1467

00:34:23,495 –> 00:34:23,797

[ramsey_d_smith]: yeah

 

1468

00:34:23,586 –> 00:34:24,888

[paul_tyler]: state of

 

1469

00:34:26,015 –> 00:34:26,945

[ramsey_d_smith]: yeah

 

1470

00:34:26,411 –> 00:34:27,292

[paul_tyler]: crazy economy

 

1471

00:34:27,336 –> 00:34:27,437

[ramsey_d_smith]: ah

 

1472

00:34:27,893 –> 00:34:32,320

[paul_tyler]: and we didn’t get to get go

here i actually found the other there’s actually

 

1473

00:34:32,941 –> 00:34:37,166

[paul_tyler]: stand for puts out and when we

get this right it’s let’s

 

1474

00:34:37,205 –> 00:34:37,528

[ramsey_d_smith]: yah

 

1475

00:34:37,206 –> 00:34:38,347

[paul_tyler]: see a

 

1476

00:34:41,460 –> 00:34:42,221

[paul_tyler]: it’s an index

 

1477

00:34:42,990 –> 00:34:43,010

[david_macchia]: m

 

1478

00:34:43,022 –> 00:34:44,064

[paul_tyler]: we’re not gonna put this in ten

 

1479

00:34:45,635 –> 00:34:45,916

[ramsey_d_smith]: yeah

 

1480

00:34:46,167 –> 00:34:48,311

[paul_tyler]: but it’s the world uncertainty index

 

1481

00:34:48,605 –> 00:34:49,625

[ramsey_d_smith]: yeah

 

1482

00:34:49,092 –> 00:34:50,455

[paul_tyler]: and boy it’s just getting higher

 

1483

00:34:50,002 –> 00:34:50,547

[david_macchia]: interesting

 

1484

00:34:50,615 –> 00:34:51,136

[paul_tyler]: and higher

 

1485

00:34:51,393 –> 00:34:51,554

[david_macchia]: yeah

 

1486

00:34:51,817 –> 00:34:53,984

[paul_tyler]: very interesting so but risk

 

1487

00:34:53,834 –> 00:34:53,855

[ramsey_d_smith]: m

 

1488

00:34:54,045 –> 00:34:56,430

[paul_tyler]: and uncertainty i don’t know ramsey

 

1489

00:34:56,255 –> 00:34:56,604

[ramsey_d_smith]: my

 

1490

00:34:56,490 –> 00:35:00,518

[paul_tyler]: what are what are your thoughts take

aways an last questions for david

 

1491

00:35:01,556 –> 00:35:04,000

[ramsey_d_smith]: um just i think we i think

we covered

 

1492

00:35:03,810 –> 00:35:04,052

[paul_tyler]: oh

 

1493

00:35:04,060 –> 00:35:06,143

[ramsey_d_smith]: an amazing amount of ground today

 

1494

00:35:06,060 –> 00:35:06,381

[david_macchia]: yeah

 

1495

00:35:06,524 –> 00:35:07,205

[ramsey_d_smith]: very efficiently

 

1496

00:35:07,668 –> 00:35:07,869

[david_macchia]: yeah

 

1497

00:35:08,367 –> 00:35:09,208

[ramsey_d_smith]: i’ll just say that you know

 

1498

00:35:09,150 –> 00:35:09,170

[david_macchia]: m

 

1499

00:35:09,489 –> 00:35:13,075

[ramsey_d_smith]: david between this visit and the last

visit on some

 

1500

00:35:13,050 –> 00:35:13,313

[paul_tyler]: yeah

 

1501

00:35:13,115 –> 00:35:13,815

[ramsey_d_smith]: of the things that you’ve

 

1502

00:35:13,710 –> 00:35:13,930

[david_macchia]: oh

 

1503

00:35:13,955 –> 00:35:20,261

[ramsey_d_smith]: you’ve written recently you are you’re very

you’re very thoughtful individual in this space so

 

1504

00:35:20,340 –> 00:35:20,360

[david_macchia]: m

 

1505

00:35:20,762 –> 00:35:23,004

[ramsey_d_smith]: thoughtful and and a passionate voice around

 

1506

00:35:22,680 –> 00:35:23,460

[paul_tyler]: oh

 

1507

00:35:23,164 –> 00:35:28,181

[ramsey_d_smith]: you know retirement income so thank you

for doing what you do and it’s been

 

1508

00:35:28,221 –> 00:35:28,582

[ramsey_d_smith]: real pleasure

 

1509

00:35:29,640 –> 00:35:32,923

[david_macchia]: thank you for saying that ramsey and

it’s always a pleasure to be with both

 

1510

00:35:32,983 –> 00:35:34,685

[david_macchia]: of you i love what you’ve done

 

1511

00:35:34,565 –> 00:35:34,869

[ramsey_d_smith]: oh

 

1512

00:35:34,725 –> 00:35:36,747

[david_macchia]: with the podcast it’s essential listening

 

1513

00:35:36,425 –> 00:35:36,729

[ramsey_d_smith]: yeah

 

1514

00:35:37,040 –> 00:35:37,220

[paul_tyler]: yeah

 

1515

00:35:37,388 –> 00:35:38,068

[david_macchia]: it really is

 

1516

00:35:38,005 –> 00:35:38,286

[ramsey_d_smith]: thank you

 

1517

00:35:38,642 –> 00:35:43,010

[paul_tyler]: thanks yeah hey david listen keep doing

what you’re doing you know one

 

1518

00:35:42,965 –> 00:35:44,135

[ramsey_d_smith]: oh

 

1519

00:35:43,110 –> 00:35:44,152

[paul_tyler]: part of the introduction we

 

1520

00:35:44,160 –> 00:35:44,940

[david_macchia]: yeah

 

1521

00:35:44,232 –> 00:35:47,076

[paul_tyler]: didn’t give you is you’re just you’re

doing a great job out in

 

1522

00:35:47,435 –> 00:35:47,455

[ramsey_d_smith]: m

 

1523

00:35:47,838 –> 00:35:48,699

[paul_tyler]: unlinked in and some

 

1524

00:35:48,725 –> 00:35:49,028

[ramsey_d_smith]: oh

 

1525

00:35:48,739 –> 00:35:55,130

[paul_tyler]: of these websites just keeping the message

in front of people about guarantees about income

 

1526

00:35:55,170 –> 00:35:55,230

[paul_tyler]: and

 

1527

00:35:55,205 –> 00:35:55,526

[ramsey_d_smith]: oh

 

1528

00:35:55,310 –> 00:35:57,654

[paul_tyler]: thank you i think what you’re doing

is terrific

 

1529

00:35:58,320 –> 00:35:58,683

[david_macchia]: oh

 

1530

00:35:58,455 –> 00:35:58,616

[paul_tyler]: um

 

1531

00:35:59,720 –> 00:36:00,003

[david_macchia]: thank you

 

1532

00:36:00,058 –> 00:36:05,568

[paul_tyler]: yeah look we want to support we

want to sport your project two thousand minutes

 

1533

00:36:06,008 –> 00:36:06,309

[paul_tyler]: so well

 

1534

00:36:06,257 –> 00:36:06,759

[ramsey_d_smith]: six thousand

 

1535

00:36:06,750 –> 00:36:07,952

[paul_tyler]: six thousand six thousand

 

1536

00:36:07,895 –> 00:36:08,135

[ramsey_d_smith]: oh

 

1537

00:36:08,232 –> 00:36:10,616

[paul_tyler]: i’m bad date for numbers for me

 

1538

00:36:11,139 –> 00:36:15,446

[david_macchia]: i very much appreciate that paul like

i said we need we need the participation

 

1539

00:36:15,546 –> 00:36:16,688

[david_macchia]: of institutions

 

1540

00:36:16,660 –> 00:36:16,763

[ramsey_d_smith]: ah

 

1541

00:36:16,728 –> 00:36:17,651

[david_macchia]: and individuals so

 

1542

00:36:18,485 –> 00:36:18,505

[ramsey_d_smith]: m

 

1543

00:36:18,736 –> 00:36:19,037

[david_macchia]: i really

 

1544

00:36:18,900 –> 00:36:19,003

[paul_tyler]: ye

 

1545

00:36:19,098 –> 00:36:20,524

[david_macchia]: wanted to get off the ground and

be very very

 

1546

00:36:20,570 –> 00:36:20,770

[paul_tyler]: okay

 

1547

00:36:20,585 –> 00:36:21,067

[david_macchia]: successful

 

1548

00:36:21,031 –> 00:36:22,673

[paul_tyler]: great we’ll put the link and link

to

 

1549

00:36:22,607 –> 00:36:22,708

[ramsey_d_smith]: ye

 

1550

00:36:22,753 –> 00:36:24,236

[paul_tyler]: your side and we’ll put the link

to

 

1551

00:36:24,240 –> 00:36:24,681

[david_macchia]: oh

 

1552

00:36:24,296 –> 00:36:27,962

[paul_tyler]: your linked in account whatever however else

so people can get in touch with you

 

1553

00:36:28,102 –> 00:36:32,089

[paul_tyler]: this is great thanks david ramsey thank

you and thanks for listening

 

1554

00:36:32,165 –> 00:36:32,428

[ramsey_d_smith]: yeah

 

1555

00:36:32,670 –> 00:36:33,392

[paul_tyler]: so it’s again next week

 

1556

00:36:33,448 –> 00:36:33,592

[ramsey_d_smith]: yeah

 

1557

00:36:33,452 –> 00:36:36,438

[paul_tyler]: for another episode of that annuity show

thanks

 

1558

00:36:36,695 –> 00:36:36,917

[ramsey_d_smith]: yah

 

1559

00:36:37,950 –> 00:36:38,235

[david_macchia]: thank you

 

1560

1
00:00:01,703 –> 00:00:03,610
[paul_tyler]: this is paul tyler and welcome

2
00:00:03,510 –> 00:00:03,792
[david_macchia]: oh

3
00:00:03,831 –> 00:00:07,707
[paul_tyler]: to another episode that annuity show ramsey
harry you

4
00:00:08,797 –> 00:00:10,762
[ramsey_d_smith]: fantastic always glad to be here

5
00:00:11,470 –> 00:00:17,997
[paul_tyler]: yeah well it’s we’ve had some interesting
interesting month coming up i mean actually can

6
00:00:18,017 –> 00:00:19,698
[paul_tyler]: be out at shortt connect

7
00:00:19,805 –> 00:00:20,208
[ramsey_d_smith]: oh

8
00:00:21,470 –> 00:00:22,752
[paul_tyler]: there’s some interesting overlap

9
00:00:22,325 –> 00:00:22,587
[ramsey_d_smith]: oh

10
00:00:22,832 –> 00:00:24,235
[paul_tyler]: with some of the people we’ve

11
00:00:24,125 –> 00:00:24,145
[ramsey_d_smith]: m

12
00:00:24,395 –> 00:00:29,684
[paul_tyler]: had on this show and some of
the people who participate in retire tech

13
00:00:29,525 –> 00:00:29,807
[ramsey_d_smith]: oh

14
00:00:30,485 –> 00:00:30,826
[paul_tyler]: event

15
00:00:31,384 –> 00:00:31,445
[ramsey_d_smith]: ah

16
00:00:31,507 –> 00:00:31,727
[paul_tyler]: so i’m

17
00:00:31,715 –> 00:00:31,956
[ramsey_d_smith]: yeah

18
00:00:31,747 –> 00:00:37,911
[paul_tyler]: looking forward to seeing smal friends meeting
some new men which we have an old

19
00:00:37,895 –> 00:00:37,915
[ramsey_d_smith]: m

20
00:00:38,011 –> 00:00:39,633
[paul_tyler]: friend now an old

21
00:00:39,575 –> 00:00:39,836
[ramsey_d_smith]: yeah

22
00:00:39,733 –> 00:00:42,136
[paul_tyler]: friend back on our program today

23
00:00:42,125 –> 00:00:42,427
[ramsey_d_smith]: oh

24
00:00:42,256 –> 00:00:44,459
[paul_tyler]: rams you want to do the introductions

25
00:00:45,255 –> 00:00:45,796
[ramsey_d_smith]: absolutely

26
00:00:46,080 –> 00:00:46,284
[paul_tyler]: oh

27
00:00:46,697 –> 00:00:48,059
[ramsey_d_smith]: we’re very lucky to have

28
00:00:47,940 –> 00:00:48,142
[paul_tyler]: oh

29
00:00:48,520 –> 00:00:53,288
[ramsey_d_smith]: david mark rejoin us to talk about
some of the things that he’s been doing

30
00:00:53,348 –> 00:00:57,736
[ramsey_d_smith]: in the in the few months since
the last time we had on the show

31
00:00:58,577 –> 00:01:03,545
[ramsey_d_smith]: m david for those of you don’t
know is the founder and co of wealth

32
00:01:03,685 –> 00:01:11,098
[ramsey_d_smith]: to k he’s also a very prolific
and passionate writer about about many and all

33
00:01:11,158 –> 00:01:15,886
[ramsey_d_smith]: things retirement income you know built particularly
around the concept of a constrained investor which

34
00:01:15,906 –> 00:01:17,549
[ramsey_d_smith]: is something we talked about on his
on his

35
00:01:17,460 –> 00:01:17,706
[paul_tyler]: yeah

36
00:01:17,649 –> 00:01:20,393
[ramsey_d_smith]: last visit here in addition to that

37
00:01:20,338 –> 00:01:20,521
[paul_tyler]: yeah

38
00:01:20,674 –> 00:01:22,096
[ramsey_d_smith]: he is launched a new product

39
00:01:22,020 –> 00:01:22,680
[paul_tyler]: yeah

40
00:01:22,377 –> 00:01:25,642
[ramsey_d_smith]: you should say a new project rather
that he’s going to

41
00:01:25,980 –> 00:01:26,224
[paul_tyler]: oh

42
00:01:26,043 –> 00:01:29,729
[ramsey_d_smith]: share the outlines with us on today
which is called project six thousand minutes a

43
00:01:29,809 –> 00:01:36,222
[ramsey_d_smith]: really very interesting initiative so with that
welcome back to the show david and we

44
00:01:36,302 –> 00:01:38,527
[ramsey_d_smith]: look forward to our chat today so
tell us

45
00:01:38,741 –> 00:01:38,925
[david_macchia]: yeah

46
00:01:38,788 –> 00:01:40,632
[ramsey_d_smith]: what are some of the key things
you’re focusing on lately

47
00:01:40,743 –> 00:01:40,803
[david_macchia]: ah

48
00:01:41,550 –> 00:01:41,791
[paul_tyler]: yeah

49
00:01:42,000 –> 00:01:43,823
[david_macchia]: first of all thank you ramsey and
thank you paul

50
00:01:43,625 –> 00:01:43,847
[ramsey_d_smith]: oh

51
00:01:43,770 –> 00:01:44,430
[paul_tyler]: yeah

52
00:01:43,904 –> 00:01:46,788
[david_macchia]: for having me back i very much
enjoyed being with you

53
00:01:46,955 –> 00:01:47,156
[ramsey_d_smith]: oh

54
00:01:47,610 –> 00:01:51,436
[david_macchia]: so you mentioned project six thousand minutes
and over the last several months this is

55
00:01:51,516 –> 00:01:51,817
[david_macchia]: something

56
00:01:51,554 –> 00:01:51,575
[ramsey_d_smith]: m

57
00:01:51,877 –> 00:01:56,825
[david_macchia]: that’s been very much on top of
my agenda it’s forming just now but

58
00:01:56,894 –> 00:01:56,915
[ramsey_d_smith]: m

59
00:01:57,346 –> 00:02:01,192
[david_macchia]: give folks an outline of what it
is those of us who’ve been blessed with

60
00:02:01,653 –> 00:02:02,815
[david_macchia]: advantages and

61
00:02:03,090 –> 00:02:04,410
[paul_tyler]: yah

62
00:02:03,116 –> 00:02:04,618
[david_macchia]: have done you know well

63
00:02:04,470 –> 00:02:05,760
[paul_tyler]: yeah

64
00:02:04,718 –> 00:02:09,807
[david_macchia]: financially you think about at some point
in your life giving back and you know

65
00:02:09,887 –> 00:02:13,413
[david_macchia]: my belief about giving back is that
one of the greatest gifts one can give

66
00:02:13,653 –> 00:02:20,204
[david_macchia]: is education education is the way for
because i think to elevate themselves in my

67
00:02:20,304 –> 00:02:20,404
[david_macchia]: own

68
00:02:20,310 –> 00:02:20,532
[paul_tyler]: yeah

69
00:02:20,465 –> 00:02:23,029
[david_macchia]: life i can point to education as
being instrumental

70
00:02:22,530 –> 00:02:22,771
[paul_tyler]: yeah

71
00:02:23,610 –> 00:02:27,937
[david_macchia]: in helping me you know elevate where
i was and when i started to where

72
00:02:27,977 –> 00:02:33,546
[david_macchia]: i became over time and the idea
of project six thousand minutes is a way

73
00:02:33,807 –> 00:02:40,498
[david_macchia]: for people to help contribute to building
a more equitable society specifically project six thousand

74
00:02:40,350 –> 00:02:40,593
[paul_tyler]: oh

75
00:02:40,558 –> 00:02:44,404
[david_macchia]: minutes aims to deliver free financial education

76
00:02:44,550 –> 00:02:44,858
[paul_tyler]: oh

77
00:02:44,645 –> 00:02:49,333
[david_macchia]: to women from undeserved communities black women
hispanic women latina women and other

78
00:02:49,350 –> 00:02:49,950
[paul_tyler]: okay

79
00:02:49,373 –> 00:02:54,580
[david_macchia]: women from undeserved communities who need basic
financial education well you say well how would

80
00:02:54,621 –> 00:02:56,562
[david_macchia]: that happen how does that actually play
out

81
00:02:57,035 –> 00:02:57,297
[ramsey_d_smith]: yeah

82
00:02:57,203 –> 00:03:02,728
[david_macchia]: well think of this the financial advisor
community collectively possesses a level

83
00:03:02,675 –> 00:03:03,056
[ramsey_d_smith]: oh

84
00:03:02,808 –> 00:03:04,309
[david_macchia]: of wisdom that’s unmatched

85
00:03:04,020 –> 00:03:04,323
[paul_tyler]: yeah

86
00:03:05,340 –> 00:03:10,930
[david_macchia]: so the idea of project six thousand
minutes as advisors would donate two hours per

87
00:03:11,050 –> 00:03:12,232
[david_macchia]: week of their time

88
00:03:12,245 –> 00:03:12,546
[ramsey_d_smith]: oh

89
00:03:12,713 –> 00:03:16,178
[david_macchia]: to deliver education in their local communities
in any number of

90
00:03:16,205 –> 00:03:16,450
[ramsey_d_smith]: yes

91
00:03:16,239 –> 00:03:20,165
[david_macchia]: venus to profit organization s places of
worships community centers or

92
00:03:20,315 –> 00:03:20,456
[ramsey_d_smith]: ye

93
00:03:20,345 –> 00:03:26,736
[david_macchia]: online or online and by doing that
we can leverage the financial advisor community in

94
00:03:26,796 –> 00:03:31,185
[david_macchia]: a way that will help really build
a more the bow and stronger society the

95
00:03:31,265 –> 00:03:32,648
[david_macchia]: name project six thousand minutes

96
00:03:32,700 –> 00:03:33,390
[paul_tyler]: oh

97
00:03:32,749 –> 00:03:33,952
[david_macchia]: comes from the idea that

98
00:03:33,840 –> 00:03:34,103
[paul_tyler]: my

99
00:03:34,292 –> 00:03:35,415
[david_macchia]: if an advisor

100
00:03:34,964 –> 00:03:34,985
[ramsey_d_smith]: m

101
00:03:35,535 –> 00:03:40,076
[david_macchia]: devotes two hours per week over the
cost of fifty weeks that’s six thousand minutes

102
00:03:41,045 –> 00:03:41,246
[ramsey_d_smith]: oh

103
00:03:41,110 –> 00:03:42,852
[david_macchia]: so i think you know if

104
00:03:42,905 –> 00:03:44,675
[ramsey_d_smith]: yeah

105
00:03:42,932 –> 00:03:46,316
[david_macchia]: we are able to get this off
the ground successfully and have a large number

106
00:03:46,356 –> 00:03:47,437
[david_macchia]: of financial advisors

107
00:03:47,430 –> 00:03:47,730
[paul_tyler]: oh

108
00:03:47,564 –> 00:03:47,585
[ramsey_d_smith]: m

109
00:03:48,218 –> 00:03:51,282
[david_macchia]: deliver education we will change people’s lives

110
00:03:51,159 –> 00:03:51,279
[paul_tyler]: yeah

111
00:03:51,803 –> 00:03:54,447
[david_macchia]: to some extent and i think it
will also become

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[ramsey_d_smith]: oh

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[david_macchia]: a way to educate women who some
of whom will say you know

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[ramsey_d_smith]: yes

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[david_macchia]: i love this topic i love learning
about financial issues perhaps i’ll pursue a career

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[david_macchia]: as a financial advisor and of course

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[paul_tyler]: yeah

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[david_macchia]: you know we need to have women
um

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[ramsey_d_smith]: oh

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[david_macchia]: you know in the ranks of the
financial advisor community and we specifically

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[ramsey_d_smith]: m

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[david_macchia]: need to have more minority women in
the ranks of financial advisor community

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[ramsey_d_smith]: m

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[david_macchia]: perhaps this and become a pipeline to
you know try to address that long standing

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[david_macchia]: aspiration we need support we need support
of financial advisors we need support of sponsors

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[david_macchia]: at the corporate level

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[ramsey_d_smith]: oh

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[david_macchia]: anyone can learn about this initiative

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[ramsey_d_smith]: yea

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[david_macchia]: at the website project

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[ramsey_d_smith]: oh

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[david_macchia]: six thousand minutes dot com

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[ramsey_d_smith]: ye

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[david_macchia]: i’ll help you visit

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[ramsey_d_smith]: oh

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[david_macchia]: it and i help you learn and
i help you think about contributing to this

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[ramsey_d_smith]: yeah

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[paul_tyler]: yeah

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[david_macchia]: and thanks for giving me an opportunity
to talk about

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[ramsey_d_smith]: yeah

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[david_macchia]: it

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[paul_tyler]: yeah and just just

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[david_macchia]: oh

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[paul_tyler]: is i think it’s fabulous idea you
know now i will say i one of

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[paul_tyler]: my

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[david_macchia]: m

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[paul_tyler]: strange you know one of my

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[david_macchia]: m

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[paul_tyler]: simons had a prim

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[david_macchia]: oh

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[paul_tyler]: prior company was run reliance

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[ramsey_d_smith]: yeah

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[paul_tyler]: right so i’ve learned to put my
compliant

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[ramsey_d_smith]: oh

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[paul_tyler]: healthy

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[david_macchia]: oh

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[paul_tyler]: skeptical hat on here so dave how

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[ramsey_d_smith]: oh

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[paul_tyler]: how do you know you’re in the
design phase

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[ramsey_d_smith]: oh

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[paul_tyler]: of this how do you keep this
from being like a legion

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[ramsey_d_smith]: right

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[paul_tyler]: opportunity and it’s us

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[ramsey_d_smith]: yeah

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[paul_tyler]: and rather keep it

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[ramsey_d_smith]: yeah

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[paul_tyler]: as a give back to a community

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[ramsey_d_smith]: oh

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[paul_tyler]: you know wat are the so are
you selecting agents you know what’s the how

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[paul_tyler]: do you kind of put guard rails
up on this

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[david_macchia]: it’s a great

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[paul_tyler]: oh

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[david_macchia]: question and i’m not sure i have
a perfect

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[ramsey_d_smith]: yes

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[david_macchia]: answer yet

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[ramsey_d_smith]: oh

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[david_macchia]: i think the people who will

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[ramsey_d_smith]: ye

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[david_macchia]: respond to this those who genuinely want
to get back by don’t

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[ramsey_d_smith]: oh

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[david_macchia]: in some of their time and some
of their brain power to

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[ramsey_d_smith]: yes

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[david_macchia]: people who can benefit

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[ramsey_d_smith]: yeah

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[david_macchia]: from it

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[ramsey_d_smith]: yeah

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[david_macchia]: i never really conceived of

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[ramsey_d_smith]: m

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[david_macchia]: it as as anything other than that
paul

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[paul_tyler]: yeah

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[david_macchia]: and i don’t

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[ramsey_d_smith]: oh

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[david_macchia]: think it will be you know we
want to

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[ramsey_d_smith]: oh

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[david_macchia]: form this in a non profit structure
we wanted to be you know clean

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[ramsey_d_smith]: m

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[david_macchia]: and proper

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[ramsey_d_smith]: yeah

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[david_macchia]: and appropriate and devoted to its mission
and only its mission so i mean it

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[ramsey_d_smith]: oh

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[david_macchia]: wouldn’t be good to have it stray
into into anything

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[ramsey_d_smith]: yeah

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[david_macchia]: that becomes more commercial let’s put it
that way

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[ramsey_d_smith]: so interestingly i mean in some ways
i want to take the

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[david_macchia]: oh

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[ramsey_d_smith]: other side of your point paul

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[david_macchia]: hm

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[paul_tyler]: yeah

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[ramsey_d_smith]: right

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[david_macchia]: i

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[ramsey_d_smith]: um i think that that one of
the one of the challenges in financial advice

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[ramsey_d_smith]: is is that there there still is
a large part of the population that isn’t

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[ramsey_d_smith]: covered part of it reason it’s not
covered is a lack of understanding part of

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[ramsey_d_smith]: it’s a lack of trust

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[paul_tyler]: yeah

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[ramsey_d_smith]: and in my mind you know an
initiative like this you know allows more people

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[ramsey_d_smith]: to understand one what they need to
do in their personal finances and two quite

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[ramsey_d_smith]: importantly kind of bifricate what part of
this can i handle myself versus o things

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[ramsey_d_smith]: that i might actually seek seek

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[paul_tyler]: yeah

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[ramsey_d_smith]: seek seek

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[paul_tyler]: yeah

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[ramsey_d_smith]: advice on so in my view like
you know if if this sort of lives

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[ramsey_d_smith]: out to it to its its full
potential you end up creating more potent clients

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[ramsey_d_smith]: down the road maybe not this year
but maybe maybe those people are clients ten

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[ramsey_d_smith]: years down the road for the right
for the broader community

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[david_macchia]: oh

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[ramsey_d_smith]: and you you ultimately end up potentially
cultivating

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[david_macchia]: yeah

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[ramsey_d_smith]: some some new advisors down the road

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[paul_tyler]: oh

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[ramsey_d_smith]: um one other point that i’ll put

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[paul_tyler]: yeah

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[ramsey_d_smith]: on it

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[david_macchia]: oh

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[ramsey_d_smith]: is that actually think one of things
that it is often underestimated about the value

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[ramsey_d_smith]: of non profit work is it you
know put you in a position to work

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[ramsey_d_smith]: with people on something about which they’re
very passionate so the people like so so

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[david_macchia]: hm

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[ramsey_d_smith]: david you’re going to pursue this an
you’re going to end up working with other

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[ramsey_d_smith]: people on this and

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[david_macchia]: oh

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[ramsey_d_smith]: and my sense is your on get
to know

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[david_macchia]: yeah

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[ramsey_d_smith]: those people and there will be now
work opportunities there as well that you know

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[ramsey_d_smith]: create other energies so

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[paul_tyler]: yeah

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[ramsey_d_smith]: i think this is a fantastic idea
who knows like what you know how all

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[paul_tyler]: oh

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[ramsey_d_smith]: those things will come out but i
actually think that

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[paul_tyler]: yeah

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[ramsey_d_smith]: think it it can and end up
being commercial in a good way over the

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[ramsey_d_smith]: long term in a way

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[david_macchia]: yeah

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[ramsey_d_smith]: that’s beneficial to everybody

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[paul_tyler]: yeah no

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[david_macchia]: all right

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[paul_tyler]: listen david we talked about this a
little bit i’m not

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[david_macchia]: m

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[paul_tyler]: sure if you could hear me

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[ramsey_d_smith]: oh

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[paul_tyler]: on

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[david_macchia]: m

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[paul_tyler]: the phone but i think it’s a
great idea if i were had

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[ramsey_d_smith]: yeah

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[paul_tyler]: an agency or a

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[ramsey_d_smith]: oh

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[paul_tyler]: firm in a community would speak right
way give back with resources give my skills

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[paul_tyler]: back to the community

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[ramsey_d_smith]: m

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[paul_tyler]: and your ram

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[ramsey_d_smith]: m

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[paul_tyler]: right done properly it probably does generate
a lot furls it probably engenders david is

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[paul_tyler]: probably one of the best brand building
things i could do in a community

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[david_macchia]: i think

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[paul_tyler]: oh

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[david_macchia]: that’s right i think i agree with
both of you i think it reflects

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[ramsey_d_smith]: m

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[david_macchia]: positively on the advisor who’s donating

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[paul_tyler]: yeah

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[david_macchia]: time and trying to make a contribution

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[ramsey_d_smith]: m

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[david_macchia]: to his or her community

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[paul_tyler]: yeah

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[david_macchia]: you know that’s absolutely true i can’t
i can’t disagree with that at all i

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[david_macchia]: think you’re absolutely right about it and
i’m excited and i

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[ramsey_d_smith]: yeah

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[david_macchia]: i hope like i said i hope
folks will

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[paul_tyler]: oh

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[david_macchia]: go to the website and i hope
we can enlist

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[paul_tyler]: yeah

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[david_macchia]: some sponsors

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[paul_tyler]: oh

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[david_macchia]: from the corporal level i don’t think
this can work without corporate participation

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[paul_tyler]: agree

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[david_macchia]: because the financial advisors contribution that doesn’t
need to be and shouldn’t be direct

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[ramsey_d_smith]: oh

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[david_macchia]: cash contributions it

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[ramsey_d_smith]: ye

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[david_macchia]: should be in time and and the
conveyance

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[ramsey_d_smith]: yeah

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[david_macchia]: of his or her wisdom

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[paul_tyler]: oh

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[david_macchia]: that’s that’s really the gold standard contribution
here

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[paul_tyler]: yeah ramsey i think of you know
wendy cops

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[ramsey_d_smith]: m

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[paul_tyler]: teacher for america

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[ramsey_d_smith]: yeah

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[david_macchia]: yeah

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[paul_tyler]: project right that

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[ramsey_d_smith]: yeah

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[paul_tyler]: was a senior thesis you

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[david_macchia]: oh

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[paul_tyler]: know david to at

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[ramsey_d_smith]: yeah

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[david_macchia]: oh

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[paul_tyler]: that turned into like amazing organization

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[ramsey_d_smith]: yeah

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[david_macchia]: m

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[ramsey_d_smith]: yeah

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00:09:30,090 –> 00:09:30,110
[david_macchia]: m

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[ramsey_d_smith]: used to sit in the same computer
room at school

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[paul_tyler]: oh

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00:09:32,730 –> 00:09:32,750
[david_macchia]: m

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[ramsey_d_smith]: at the next computer she was writing
that senior thesis

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[paul_tyler]: really

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[ramsey_d_smith]: back

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[david_macchia]: wow

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[ramsey_d_smith]: and like the lady if you can
believe it

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[david_macchia]: wow amazing

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[paul_tyler]: yeah

332
00:09:41,165 –> 00:09:41,634
[ramsey_d_smith]: yeah

333
00:09:41,331 –> 00:09:42,552
[paul_tyler]: there’s a lot of power there you
know

334
00:09:42,545 –> 00:09:43,295
[ramsey_d_smith]: yeh

335
00:09:43,413 –> 00:09:44,895
[paul_tyler]: you know again i’m just

336
00:09:44,940 –> 00:09:44,960
[david_macchia]: m

337
00:09:45,977 –> 00:09:46,778
[paul_tyler]: like i’m one

338
00:09:46,800 –> 00:09:47,082
[david_macchia]: oh

339
00:09:46,818 –> 00:09:47,238
[paul_tyler]: of these people

340
00:09:47,255 –> 00:09:47,275
[ramsey_d_smith]: m

341
00:09:47,318 –> 00:09:50,221
[paul_tyler]: want to like take that take

342
00:09:50,135 –> 00:09:50,395
[ramsey_d_smith]: oh

343
00:09:50,261 –> 00:09:52,144
[paul_tyler]: the hammer out start building

344
00:09:51,960 –> 00:09:51,980
[david_macchia]: m

345
00:09:52,184 –> 00:09:55,207
[paul_tyler]: this stuff yeah i think i think
you definitely would need

346
00:09:55,119 –> 00:09:55,140
[david_macchia]: m

347
00:09:55,488 –> 00:09:57,981
[paul_tyler]: like a a large

348
00:09:57,990 –> 00:09:58,153
[david_macchia]: yeah

349
00:09:58,121 –> 00:10:06,655
[paul_tyler]: carrier with some probably some fairly tied
distribution captive is oxymoreon this business but we

350
00:10:06,796 –> 00:10:11,544
[paul_tyler]: use a lot right you need the
coverage because

351
00:10:11,615 –> 00:10:11,797
[ramsey_d_smith]: yeah

352
00:10:12,545 –> 00:10:12,906
[paul_tyler]: boy you

353
00:10:12,935 –> 00:10:14,015
[ramsey_d_smith]: oh

354
00:10:12,966 –> 00:10:17,674
[paul_tyler]: mean well but you’ve got you attorneys

355
00:10:17,345 –> 00:10:17,365
[ramsey_d_smith]: m

356
00:10:18,155 –> 00:10:20,619
[paul_tyler]: you know that who be very happy
to take some

357
00:10:20,534 –> 00:10:20,555
[ramsey_d_smith]: m

358
00:10:20,659 –> 00:10:24,706
[paul_tyler]: cases here so i think you have
to think that you know coverage right

359
00:10:26,220 –> 00:10:26,970
[david_macchia]: yeah

360
00:10:26,368 –> 00:10:28,973
[paul_tyler]: the program that i’m assuming this would
tie

361
00:10:29,100 –> 00:10:29,342
[david_macchia]: oh

362
00:10:29,133 –> 00:10:31,837
[paul_tyler]: in your your platform

363
00:10:31,835 –> 00:10:34,412
[ramsey_d_smith]: oh

364
00:10:31,898 –> 00:10:35,647
[paul_tyler]: would actually be a good name for
for an effort like this correct

365
00:10:35,825 –> 00:10:36,149
[ramsey_d_smith]: oh

366
00:10:36,611 –> 00:10:36,731
[david_macchia]: that

367
00:10:36,635 –> 00:10:36,775
[ramsey_d_smith]: oh

368
00:10:36,892 –> 00:10:39,977
[david_macchia]: that hadn’t been in my mind at
all i wasn’t looking for any

369
00:10:39,930 –> 00:10:40,131
[paul_tyler]: oh

370
00:10:40,037 –> 00:10:41,620
[david_macchia]: kind of ties directly

371
00:10:41,670 –> 00:10:41,811
[paul_tyler]: yeah

372
00:10:41,680 –> 00:10:45,987
[david_macchia]: to anything i’m doing another facets of
my life so i think one of one

373
00:10:46,047 –> 00:10:46,087
[david_macchia]: of

374
00:10:46,080 –> 00:10:46,362
[paul_tyler]: oh

375
00:10:46,347 –> 00:10:50,433
[david_macchia]: the great things here i said a
you know one of the things i’ve written

376
00:10:50,493 –> 00:10:54,780
[david_macchia]: about and you guys know this is
this the warring factions of financial services right

377
00:10:54,860 –> 00:10:56,122
[david_macchia]: the r a community that looks

378
00:10:56,105 –> 00:10:56,407
[ramsey_d_smith]: oh

379
00:10:56,182 –> 00:10:58,566
[david_macchia]: down to the insurance community the insurance
community that says you’re

380
00:10:58,500 –> 00:10:58,783
[paul_tyler]: oh

381
00:10:58,727 –> 00:10:59,628
[david_macchia]: hypocrites because

382
00:10:59,615 –> 00:10:59,996
[ramsey_d_smith]: yeah

383
00:11:00,229 –> 00:11:00,390
[david_macchia]: you’re

384
00:11:00,270 –> 00:11:04,740
[paul_tyler]: yeah

385
00:11:00,510 –> 00:11:01,751
[david_macchia]: pay structure actually is

386
00:11:01,744 –> 00:11:01,904
[ramsey_d_smith]: yeah

387
00:11:01,831 –> 00:11:03,372
[david_macchia]: more than my commission you know the

388
00:11:03,326 –> 00:11:03,487
[ramsey_d_smith]: yeah

389
00:11:03,493 –> 00:11:04,474
[david_macchia]: thing you have

390
00:11:04,385 –> 00:11:05,645
[ramsey_d_smith]: oh

391
00:11:04,514 –> 00:11:05,955
[david_macchia]: all these warring factions and it’s

392
00:11:05,880 –> 00:11:07,260
[paul_tyler]: oh

393
00:11:06,596 –> 00:11:12,838
[david_macchia]: and i said wouldn’t it be great
if there was something that everybody could galvanize

394
00:11:12,938 –> 00:11:19,882
[david_macchia]: around and contribute their competency to because
the truth of the matter is every facet

395
00:11:19,962 –> 00:11:27,046
[david_macchia]: of the advisor community has very specific
knowledge that’s valuable right and in constructing

396
00:11:26,564 –> 00:11:26,585
[ramsey_d_smith]: m

397
00:11:27,146 –> 00:11:27,627
[david_macchia]: someone’s

398
00:11:27,605 –> 00:11:28,445
[ramsey_d_smith]: yeah

399
00:11:28,389 –> 00:11:34,201
[david_macchia]: foundational life right in terms of finance
all of it matters it’s just not one

400
00:11:34,241 –> 00:11:35,223
[david_macchia]: perspective that matters

401
00:11:35,255 –> 00:11:35,399
[ramsey_d_smith]: ye

402
00:11:35,363 –> 00:11:37,887
[david_macchia]: all the perspectives matter and so my

403
00:11:37,925 –> 00:11:38,128
[ramsey_d_smith]: oh

404
00:11:38,068 –> 00:11:38,809
[david_macchia]: my hope is that

405
00:11:39,575 –> 00:11:39,937
[ramsey_d_smith]: oh

406
00:11:39,610 –> 00:11:43,837
[david_macchia]: no matter what area of financial services
you’re you’re from and no matter how you

407
00:11:43,877 –> 00:11:44,578
[david_macchia]: are regulated

408
00:11:44,315 –> 00:11:44,679
[ramsey_d_smith]: yeah

409
00:11:44,659 –> 00:11:48,608
[david_macchia]: and what you all yourself on your
business card you have a place to contribute

410
00:11:48,254 –> 00:11:48,275
[ramsey_d_smith]: m

411
00:11:48,648 –> 00:11:54,198
[david_macchia]: here and so i didn’t define any
platform or idea of how this should you

412
00:11:54,438 –> 00:11:58,485
[david_macchia]: play out what we will do is
we’ll create a curriculum

413
00:11:58,974 –> 00:11:59,015
[paul_tyler]: s

414
00:11:59,026 –> 00:12:03,855
[david_macchia]: you know that the people can run
with that that is addresses all the areas

415
00:12:03,895 –> 00:12:04,797
[david_macchia]: of finance that we need

416
00:12:04,694 –> 00:12:04,715
[ramsey_d_smith]: m

417
00:12:04,817 –> 00:12:05,518
[david_macchia]: to educate on

418
00:12:06,060 –> 00:12:06,810
[paul_tyler]: yeah

419
00:12:06,590 –> 00:12:07,314
[david_macchia]: that for sure will

420
00:12:07,175 –> 00:12:07,519
[ramsey_d_smith]: oh

421
00:12:07,354 –> 00:12:07,435
[david_macchia]: do

422
00:12:08,921 –> 00:12:09,101
[paul_tyler]: you know

423
00:12:09,125 –> 00:12:09,470
[ramsey_d_smith]: oh

424
00:12:09,181 –> 00:12:13,128
[paul_tyler]: m thinking back you know i’m sure
you have so mature boy harry stout’s book

425
00:12:13,248 –> 00:12:14,911
[paul_tyler]: you know the financial verse we had
harry

426
00:12:14,735 –> 00:12:14,996
[ramsey_d_smith]: yeah

427
00:12:14,971 –> 00:12:15,532
[paul_tyler]: stout on there

428
00:12:15,430 –> 00:12:15,572
[david_macchia]: yep

429
00:12:15,652 –> 00:12:15,792
[paul_tyler]: he’s

430
00:12:17,114 –> 00:12:17,135
[ramsey_d_smith]: m

431
00:12:17,141 –> 00:12:17,285
[david_macchia]: yep

432
00:12:17,495 –> 00:12:18,958
[paul_tyler]: you’ve got a good set of books

433
00:12:18,840 –> 00:12:18,860
[david_macchia]: m

434
00:12:19,038 –> 00:12:20,240
[paul_tyler]: there i’m sure so

435
00:12:20,504 –> 00:12:20,525
[ramsey_d_smith]: m

436
00:12:20,623 –> 00:12:21,227
[paul_tyler]: harry love the

437
00:12:21,200 –> 00:12:21,344
[david_macchia]: yep

438
00:12:21,267 –> 00:12:22,656
[paul_tyler]: cardinal with you on something like this

439
00:12:23,600 –> 00:12:24,483
[david_macchia]: yeah i like harry

440
00:12:24,365 –> 00:12:24,385
[ramsey_d_smith]: m

441
00:12:24,703 –> 00:12:25,746
[david_macchia]: i can talk to harry about it

442
00:12:25,740 –> 00:12:25,820
[paul_tyler]: ah

443
00:12:25,787 –> 00:12:26,128
[david_macchia]: for sure

444
00:12:26,761 –> 00:12:30,826
[paul_tyler]: so this is cool i think this
is great now david any way we can

445
00:12:30,886 –> 00:12:32,167
[paul_tyler]: help you know let us know

446
00:12:32,564 –> 00:12:32,585
[ramsey_d_smith]: m

447
00:12:34,440 –> 00:12:34,982
[david_macchia]: thank you polly

448
00:12:35,021 –> 00:12:36,243
[paul_tyler]: yeah i had a question

449
00:12:35,867 –> 00:12:36,464
[ramsey_d_smith]: and then what

450
00:12:36,624 –> 00:12:37,225
[paul_tyler]: on financial

451
00:12:37,175 –> 00:12:37,482
[ramsey_d_smith]: oh

452
00:12:37,505 –> 00:12:38,467
[paul_tyler]: you now what his financial

453
00:12:38,165 –> 00:12:38,407
[ramsey_d_smith]: yeah

454
00:12:38,527 –> 00:12:41,873
[paul_tyler]: literacy came in from from you know
writer

455
00:12:41,855 –> 00:12:42,120
[ramsey_d_smith]: oh

456
00:12:42,750 –> 00:12:43,013
[david_macchia]: oh

457
00:12:42,995 –> 00:12:45,859
[paul_tyler]: s a couple of days ago and
that was that was a hard question david

458
00:12:46,181 –> 00:12:48,150
[paul_tyler]: how what is financial literacy how do

459
00:12:48,185 –> 00:12:48,205
[ramsey_d_smith]: m

460
00:12:48,210 –> 00:12:51,112
[paul_tyler]: you answer that question oh

461
00:12:51,341 –> 00:12:55,528
[david_macchia]: well i think it’s what we don’t
teach in school right we do an awful

462
00:12:55,503 –> 00:12:55,603
[paul_tyler]: it’s

463
00:12:55,608 –> 00:12:55,868
[david_macchia]: job

464
00:12:55,663 –> 00:12:56,145
[paul_tyler]: a negative

465
00:12:55,895 –> 00:12:55,915
[ramsey_d_smith]: m

466
00:12:56,626 –> 00:12:56,846
[paul_tyler]: yes

467
00:12:57,110 –> 00:12:57,791
[david_macchia]: we do an awful

468
00:12:57,819 –> 00:12:57,839
[ramsey_d_smith]: m

469
00:12:57,891 –> 00:12:58,312
[david_macchia]: job of

470
00:12:58,782 –> 00:12:58,966
[paul_tyler]: yeah

471
00:12:58,853 –> 00:12:59,294
[david_macchia]: failing

472
00:12:59,610 –> 00:12:59,793
[paul_tyler]: oh

473
00:12:59,694 –> 00:13:00,656
[david_macchia]: to educate people

474
00:13:00,344 –> 00:13:00,365
[ramsey_d_smith]: m

475
00:13:00,690 –> 00:13:01,560
[paul_tyler]: yeah

476
00:13:00,875 –> 00:13:01,159
[ramsey_d_smith]: oh

477
00:13:00,896 –> 00:13:05,464
[david_macchia]: on on understanding how to build wealth
how to avoid debt how to

478
00:13:05,550 –> 00:13:05,791
[paul_tyler]: yeah

479
00:13:05,584 –> 00:13:07,027
[david_macchia]: avoid extraneous costs

480
00:13:07,140 –> 00:13:07,340
[paul_tyler]: yeah

481
00:13:07,207 –> 00:13:11,895
[david_macchia]: that deprive people of having you know
wealth how to live within a budget what

482
00:13:11,935 –> 00:13:15,220
[david_macchia]: does a budget even mean how to
have a personal finance statement

483
00:13:15,270 –> 00:13:16,050
[paul_tyler]: oh

484
00:13:16,062 –> 00:13:22,352
[david_macchia]: this is basic stuff but it’s not
something that people are taught and you know

485
00:13:22,412 –> 00:13:25,998
[david_macchia]: and then when you get into the
more you know older people in retirement it

486
00:13:26,038 –> 00:13:27,260
[david_macchia]: gets even more omplicated

487
00:13:26,744 –> 00:13:26,765
[ramsey_d_smith]: m

488
00:13:27,360 –> 00:13:27,645
[paul_tyler]: oh

489
00:13:27,845 –> 00:13:27,865
[ramsey_d_smith]: m

490
00:13:28,042 –> 00:13:31,107
[david_macchia]: you know how do you think about
social security how s that handle how do

491
00:13:31,167 –> 00:13:34,513
[david_macchia]: you use money to create income there’s

492
00:13:34,475 –> 00:13:35,083
[ramsey_d_smith]: ye

493
00:13:34,613 –> 00:13:37,377
[david_macchia]: so many issues there’s so many issues
and such a deficit

494
00:13:37,274 –> 00:13:37,295
[ramsey_d_smith]: m

495
00:13:37,658 –> 00:13:39,623
[david_macchia]: of understanding knowledge about them

496
00:13:39,810 –> 00:13:40,560
[paul_tyler]: yeah

497
00:13:40,505 –> 00:13:41,375
[ramsey_d_smith]: yeah

498
00:13:40,566 –> 00:13:43,838
[david_macchia]: and that’s where i think we can
we can make a tangible impact

499
00:13:44,653 –> 00:13:44,733
[paul_tyler]: what

500
00:13:44,684 –> 00:13:44,705
[ramsey_d_smith]: m

501
00:13:44,773 –> 00:13:49,004
[paul_tyler]: do you think is financial literacy a
course i take and a grade that i

502
00:13:49,104 –> 00:13:49,745
[paul_tyler]: receive like

503
00:13:50,100 –> 00:13:50,362
[david_macchia]: yah

504
00:13:50,106 –> 00:13:50,828
[paul_tyler]: it pass fail

505
00:13:51,028 –> 00:13:51,150
[david_macchia]: yah

506
00:13:51,390 –> 00:13:51,793
[paul_tyler]: yeah

507
00:13:52,209 –> 00:13:54,372
[ramsey_d_smith]: you know it’s it’s interesting a view
financial

508
00:13:54,060 –> 00:13:55,170
[paul_tyler]: oh

509
00:13:54,433 –> 00:13:55,494
[ramsey_d_smith]: literacy is something

510
00:13:55,290 –> 00:13:56,610
[paul_tyler]: yeah

511
00:13:55,554 –> 00:14:02,025
[ramsey_d_smith]: that’s a that’s developed over a lifetime
right because things change both like what available

512
00:14:02,085 –> 00:14:04,269
[ramsey_d_smith]: in the market the market itself as
well as like

513
00:14:04,261 –> 00:14:04,342
[paul_tyler]: we

514
00:14:04,309 –> 00:14:05,591
[ramsey_d_smith]: your personal situation so

515
00:14:05,700 –> 00:14:05,920
[david_macchia]: oh

516
00:14:07,013 –> 00:14:10,159
[ramsey_d_smith]: as much as anything else i kind
of think of financial literacy as

517
00:14:10,500 –> 00:14:10,683
[david_macchia]: oh

518
00:14:10,740 –> 00:14:15,868
[ramsey_d_smith]: as a habit you develop the expectation
you’re never going to get it exactly right

519
00:14:16,169 –> 00:14:20,616
[ramsey_d_smith]: but it’s better to make make decisions
than to succumb

520
00:14:20,580 –> 00:14:22,050
[paul_tyler]: yeah

521
00:14:20,656 –> 00:14:22,179
[ramsey_d_smith]: to not making decisions which usually

522
00:14:22,080 –> 00:14:22,100
[paul_tyler]: m

523
00:14:22,219 –> 00:14:27,628
[ramsey_d_smith]: are where the biggest mistakes happening with
respect to once personal finances so i’ve

524
00:14:27,474 –> 00:14:27,990
[paul_tyler]: right

525
00:14:27,690 –> 00:14:27,771
[david_macchia]: ah

526
00:14:28,289 –> 00:14:31,234
[ramsey_d_smith]: i’ve become a bit cynical in that
i used to think you could truly solve

527
00:14:31,294 –> 00:14:34,479
[ramsey_d_smith]: financial literacy and if you just sort
of taught it better and i think that

528
00:14:34,539 –> 00:14:37,625
[ramsey_d_smith]: actually it’s more of an attitude than
anything else

529
00:14:37,980 –> 00:14:38,000
[david_macchia]: m

530
00:14:38,145 –> 00:14:38,265
[ramsey_d_smith]: and

531
00:14:38,191 –> 00:14:38,271
[paul_tyler]: ah

532
00:14:38,986 –> 00:14:41,649
[ramsey_d_smith]: and so that’s why that’s why tools
like this need to be available

533
00:14:41,532 –> 00:14:41,613
[paul_tyler]: ah

534
00:14:41,689 –> 00:14:42,029
[ramsey_d_smith]: to people so

535
00:14:42,000 –> 00:14:42,020
[david_macchia]: m

536
00:14:42,049 –> 00:14:42,509
[ramsey_d_smith]: they can start

537
00:14:42,480 –> 00:14:42,742
[paul_tyler]: oh

538
00:14:43,210 –> 00:14:46,714
[ramsey_d_smith]: thinking about it in corporate ncorporating into
their right in their daily lives

539
00:14:46,981 –> 00:14:47,922
[paul_tyler]: yeah i like the

540
00:14:47,872 –> 00:14:47,892
[david_macchia]: i

541
00:14:47,962 –> 00:14:49,184
[paul_tyler]: word actions david i mean

542
00:14:49,286 –> 00:14:49,487
[ramsey_d_smith]: yeah

543
00:14:49,525 –> 00:14:51,648
[paul_tyler]: what would you i mean i go

544
00:14:51,755 –> 00:14:52,895
[ramsey_d_smith]: oh

545
00:14:51,789 –> 00:14:54,994
[paul_tyler]: through i you know i received

546
00:14:54,545 –> 00:14:54,867
[ramsey_d_smith]: oh

547
00:14:56,316 –> 00:14:56,797
[paul_tyler]: counseling

548
00:14:56,739 –> 00:14:56,760
[david_macchia]: m

549
00:14:56,897 –> 00:14:58,339
[paul_tyler]: from you know somebody in a program

550
00:14:58,380 –> 00:14:58,604
[david_macchia]: oh

551
00:14:58,520 –> 00:14:59,981
[paul_tyler]: my financially literate in life

552
00:15:00,060 –> 00:15:00,080
[david_macchia]: m

553
00:15:00,181 –> 00:15:00,662
[paul_tyler]: financially

554
00:15:00,335 –> 00:15:00,576
[ramsey_d_smith]: oh

555
00:15:00,722 –> 00:15:01,322
[paul_tyler]: empowered

556
00:15:01,775 –> 00:15:01,795
[ramsey_d_smith]: m

557
00:15:02,303 –> 00:15:03,685
[paul_tyler]: in my financially

558
00:15:03,480 –> 00:15:03,662
[david_macchia]: yeah

559
00:15:05,727 –> 00:15:06,147
[paul_tyler]: aware

560
00:15:07,842 –> 00:15:08,243
[david_macchia]: well i think

561
00:15:08,276 –> 00:15:08,296
[ramsey_d_smith]: m

562
00:15:08,283 –> 00:15:08,964
[david_macchia]: of it as confident

563
00:15:09,140 –> 00:15:09,302
[paul_tyler]: yeah

564
00:15:09,805 –> 00:15:10,066
[david_macchia]: i mean if

565
00:15:10,175 –> 00:15:10,195
[ramsey_d_smith]: m

566
00:15:10,286 –> 00:15:12,009
[david_macchia]: we can make people financially confident

567
00:15:12,055 –> 00:15:12,598
[ramsey_d_smith]: it’s a good word

568
00:15:12,950 –> 00:15:13,830
[paul_tyler]: yeah

569
00:15:13,220 –> 00:15:14,544
[david_macchia]: that’s that’s that’s

570
00:15:14,517 –> 00:15:14,660
[ramsey_d_smith]: yeah

571
00:15:14,625 –> 00:15:15,468
[david_macchia]: a real accomplishment

572
00:15:15,650 –> 00:15:18,317
[paul_tyler]: natural clinfrence although sometimes you can’t use
confrentwen should be

573
00:15:20,141 –> 00:15:24,350
[david_macchia]: perhaps yeah but i think if you
were to somehow pull people and so you

574
00:15:24,470 –> 00:15:25,893
[david_macchia]: really confident about finances

575
00:15:25,582 –> 00:15:25,804
[paul_tyler]: right

576
00:15:26,154 –> 00:15:26,895
[david_macchia]: i think a lot of people

577
00:15:26,850 –> 00:15:27,320
[paul_tyler]: oh

578
00:15:26,935 –> 00:15:27,076
[david_macchia]: would

579
00:15:27,014 –> 00:15:27,035
[ramsey_d_smith]: m

580
00:15:27,116 –> 00:15:27,396
[david_macchia]: say no

581
00:15:28,214 –> 00:15:29,915
[ramsey_d_smith]: m yah

582
00:15:28,310 –> 00:15:31,494
[paul_tyler]: yeah we got we should we got
to come up with a word for this

583
00:15:32,074 –> 00:15:33,436
[paul_tyler]: ramsey we’ve got it right

584
00:15:33,908 –> 00:15:34,068
[ramsey_d_smith]: but i

585
00:15:34,080 –> 00:15:34,361
[david_macchia]: yeah

586
00:15:34,168 –> 00:15:38,375
[ramsey_d_smith]: like i like things around like attitude
and confidence i like things that are described

587
00:15:38,415 –> 00:15:39,076
[ramsey_d_smith]: behaviorly

588
00:15:40,050 –> 00:15:40,251
[paul_tyler]: oh

589
00:15:40,058 –> 00:15:40,218
[ramsey_d_smith]: right

590
00:15:40,176 –> 00:15:40,770
[david_macchia]: hm

591
00:15:40,438 –> 00:15:41,881
[ramsey_d_smith]: just because i think it’s

592
00:15:42,030 –> 00:15:42,630
[paul_tyler]: yeah

593
00:15:42,802 –> 00:15:46,829
[ramsey_d_smith]: i think it’s i think it’s an
going process and an attitude is opposed to

594
00:15:47,230 –> 00:15:49,253
[ramsey_d_smith]: you know i got i got the
diploma

595
00:15:49,290 –> 00:15:49,552
[paul_tyler]: oh

596
00:15:49,754 –> 00:15:50,656
[ramsey_d_smith]: and now it all works

597
00:15:51,050 –> 00:15:51,232
[paul_tyler]: yeah

598
00:15:51,216 –> 00:15:54,662
[ramsey_d_smith]: right it’s it’s discipline right like it’s

599
00:15:54,911 –> 00:15:56,737
[paul_tyler]: he

600
00:15:55,464 –> 00:15:59,450
[ramsey_d_smith]: t’s up quote harry stout is like
it’s it’s eating brocoli you know when you

601
00:15:59,490 –> 00:16:00,151
[ramsey_d_smith]: want to eat doughnuts

602
00:16:01,000 –> 00:16:01,161
[david_macchia]: yeah

603
00:16:01,253 –> 00:16:01,714
[ramsey_d_smith]: i’m loosely

604
00:16:01,948 –> 00:16:02,110
[david_macchia]: yeah

605
00:16:02,215 –> 00:16:06,642
[ramsey_d_smith]: i’m loosely i’m loosely i’m loosely paraphrasing
him but but that’s the idea

606
00:16:06,600 –> 00:16:06,843
[paul_tyler]: oh

607
00:16:06,722 –> 00:16:09,991
[ramsey_d_smith]: it’s like it’s behave pieces are really
very important

608
00:16:10,230 –> 00:16:10,515
[paul_tyler]: oh

609
00:16:10,551 –> 00:16:11,416
[david_macchia]: yeah huge

610
00:16:11,590 –> 00:16:12,571
[paul_tyler]: so okay david

611
00:16:12,390 –> 00:16:12,410
[david_macchia]: m

612
00:16:12,591 –> 00:16:13,552
[paul_tyler]: you’ve been out about

613
00:16:14,139 –> 00:16:14,160
[david_macchia]: m

614
00:16:14,514 –> 00:16:20,122
[paul_tyler]: maybe we talked about just the industry
as a whole so i mean what’s happening

615
00:16:20,503 –> 00:16:22,389
[paul_tyler]: wow every time i open

616
00:16:22,434 –> 00:16:22,474
[david_macchia]: m

617
00:16:22,629 –> 00:16:23,311
[paul_tyler]: the new site

618
00:16:23,525 –> 00:16:24,455
[ramsey_d_smith]: yeah

619
00:16:24,134 –> 00:16:24,756
[paul_tyler]: the environment

620
00:16:24,459 –> 00:16:24,684
[david_macchia]: m oh

621
00:16:24,796 –> 00:16:25,538
[paul_tyler]: has changed

622
00:16:27,035 –> 00:16:27,317
[ramsey_d_smith]: oh

623
00:16:27,763 –> 00:16:28,123
[david_macchia]: so much

624
00:16:28,980 –> 00:16:29,240
[paul_tyler]: yeah

625
00:16:29,193 –> 00:16:29,375
[ramsey_d_smith]: yeah

626
00:16:29,305 –> 00:16:29,465
[david_macchia]: well

627
00:16:29,585 –> 00:16:29,867
[ramsey_d_smith]: oh

628
00:16:29,726 –> 00:16:33,652
[david_macchia]: i think we were on the other
side of a fourteen year bull

629
00:16:33,494 –> 00:16:33,515
[ramsey_d_smith]: m

630
00:16:33,733 –> 00:16:34,093
[david_macchia]: market

631
00:16:34,260 –> 00:16:35,149
[paul_tyler]: yea

632
00:16:34,734 –> 00:16:34,914
[david_macchia]: that

633
00:16:34,805 –> 00:16:36,785
[ramsey_d_smith]: oh

634
00:16:35,335 –> 00:16:40,223
[david_macchia]: essentially was engineered to be a bull
market physical policy unprecedented

635
00:16:39,999 –> 00:16:40,020
[paul_tyler]: m

636
00:16:40,263 –> 00:16:42,407
[david_macchia]: levels of physical policy stimulus and

637
00:16:42,635 –> 00:16:43,775
[ramsey_d_smith]: yeah

638
00:16:43,308 –> 00:16:45,192
[david_macchia]: and the creation of nine trillion

639
00:16:45,187 –> 00:16:45,208
[ramsey_d_smith]: m

640
00:16:45,252 –> 00:16:47,836
[david_macchia]: dollars by the federal reserve which drove

641
00:16:47,675 –> 00:16:47,958
[ramsey_d_smith]: oh

642
00:16:47,956 –> 00:16:50,962
[david_macchia]: acid prices you know the stratispheric low
s and

643
00:16:51,005 –> 00:16:51,288
[ramsey_d_smith]: oh

644
00:16:51,022 –> 00:16:54,589
[david_macchia]: i think we’re seeing the other side
of you know the inevitable counter than that

645
00:16:54,769 –> 00:16:54,870
[david_macchia]: now

646
00:16:55,873 –> 00:16:55,955
[paul_tyler]: ah

647
00:16:55,932 –> 00:16:58,978
[david_macchia]: i write about an index called the
wealth to income ratio

648
00:16:59,490 –> 00:16:59,692
[paul_tyler]: yeah

649
00:17:00,330 –> 00:17:01,151
[david_macchia]: and if

650
00:17:01,128 –> 00:17:01,230
[paul_tyler]: yeah

651
00:17:01,191 –> 00:17:02,473
[david_macchia]: you look at that so this is
a

652
00:17:02,465 –> 00:17:02,689
[ramsey_d_smith]: oh

653
00:17:02,713 –> 00:17:08,792
[david_macchia]: federal reserve published index that’s been out
for sixty eight years in over sixty

654
00:17:08,550 –> 00:17:08,791
[paul_tyler]: oh

655
00:17:08,555 –> 00:17:08,737
[ramsey_d_smith]: yeah

656
00:17:08,852 –> 00:17:09,653
[david_macchia]: eight years it has a

657
00:17:09,873 –> 00:17:10,257
[ramsey_d_smith]: yeah yeah

658
00:17:10,475 –> 00:17:12,559
[david_macchia]: long term average of five hundred and
fifty per cent

659
00:17:12,635 –> 00:17:13,595
[ramsey_d_smith]: oh

660
00:17:13,660 –> 00:17:18,175
[david_macchia]: and occasionally it pops up to you
know high new heights well it did so

661
00:17:18,256 –> 00:17:21,621
[david_macchia]: in two thousand just before the tech
crash it went up to i think

662
00:17:21,524 –> 00:17:21,545
[ramsey_d_smith]: m

663
00:17:21,722 –> 00:17:25,745
[david_macchia]: six hundred and fifteen and then in
september of two

664
00:17:25,740 –> 00:17:25,961
[paul_tyler]: yeah

665
00:17:25,805 –> 00:17:26,526
[david_macchia]: thousand seven

666
00:17:27,189 –> 00:17:27,330
[paul_tyler]: yeah

667
00:17:27,247 –> 00:17:27,607
[david_macchia]: it rose

668
00:17:27,545 –> 00:17:28,385
[ramsey_d_smith]: yah

669
00:17:27,687 –> 00:17:32,253
[david_macchia]: to an all time high of six
hundred seventy only to result a few months

670
00:17:32,333 –> 00:17:36,892
[david_macchia]: later in the crash of two thousand
eight right back to its long term average

671
00:17:36,695 –> 00:17:36,955
[ramsey_d_smith]: oh

672
00:17:37,353 –> 00:17:41,460
[david_macchia]: right it did that after two thousand
do that after two thousand eight well what’s

673
00:17:41,500 –> 00:17:46,488
[david_macchia]: happened since you know this bull market
has brought the index up to eight hundred

674
00:17:46,528 –> 00:17:48,593
[david_macchia]: and eighteen that’s literally off the charts

675
00:17:48,960 –> 00:17:51,090
[paul_tyler]: yeah

676
00:17:49,194 –> 00:17:53,253
[david_macchia]: and what we’ve seen is some falling
back i wrote an article which is the

677
00:17:53,413 –> 00:17:55,657
[david_macchia]: advisor perspectives dot com

678
00:17:55,470 –> 00:17:55,692
[paul_tyler]: yeah

679
00:17:55,505 –> 00:17:55,767
[ramsey_d_smith]: oh

680
00:17:56,598 –> 00:17:57,520
[david_macchia]: saying that prepared for

681
00:17:57,585 –> 00:17:57,705
[ramsey_d_smith]: oh

682
00:17:58,021 –> 00:18:01,767
[david_macchia]: for the destruction of thirty four trillion
dollars in wealth assets

683
00:18:02,045 –> 00:18:03,035
[ramsey_d_smith]: oh

684
00:18:02,729 –> 00:18:04,391
[david_macchia]: in that simple

685
00:18:04,625 –> 00:18:04,645
[ramsey_d_smith]: m

686
00:18:04,772 –> 00:18:08,939
[david_macchia]: because when the index comes back down
again to its long term average

687
00:18:08,864 –> 00:18:08,885
[ramsey_d_smith]: m

688
00:18:08,979 –> 00:18:10,221
[david_macchia]: it’s going to be totally

689
00:18:10,120 –> 00:18:10,181
[ramsey_d_smith]: ah

690
00:18:10,441 –> 00:18:15,109
[david_macchia]: destroying fifty trillion dollars so sixteen traliumhas
already been destroyed from

691
00:18:15,030 –> 00:18:15,333
[paul_tyler]: oh

692
00:18:15,149 –> 00:18:18,074
[david_macchia]: the actions we’ve had earlier this year
if we go back to the long term

693
00:18:18,114 –> 00:18:19,156
[david_macchia]: maria be a total of fifty

694
00:18:19,230 –> 00:18:20,358
[paul_tyler]: yes

695
00:18:19,236 –> 00:18:21,560
[david_macchia]: trillion dollars that’s destroyed so what

696
00:18:21,600 –> 00:18:21,900
[paul_tyler]: oh

697
00:18:21,600 –> 00:18:23,964
[david_macchia]: does that mean well i think it’s
going

698
00:18:23,975 –> 00:18:24,256
[ramsey_d_smith]: oh

699
00:18:23,984 –> 00:18:26,648
[david_macchia]: to bring things more into balance you
know it’s going

700
00:18:26,585 –> 00:18:26,889
[ramsey_d_smith]: oh

701
00:18:26,689 –> 00:18:29,461
[david_macchia]: to be brilliantly attractive

702
00:18:29,199 –> 00:18:29,220
[paul_tyler]: m

703
00:18:29,501 –> 00:18:30,607
[david_macchia]: for the annuity business

704
00:18:31,424 –> 00:18:31,445
[ramsey_d_smith]: m

705
00:18:31,590 –> 00:18:32,692
[david_macchia]: we’re already seeing you know

706
00:18:32,652 –> 00:18:33,038
[paul_tyler]: of course

707
00:18:32,932 –> 00:18:37,720
[david_macchia]: assets move into annuities the mica business
is very very robust as you know the

708
00:18:37,780 –> 00:18:38,702
[david_macchia]: indexanuity business

709
00:18:38,765 –> 00:18:39,047
[ramsey_d_smith]: oh

710
00:18:38,782 –> 00:18:40,725
[david_macchia]: is very robust people

711
00:18:40,934 –> 00:18:40,955
[ramsey_d_smith]: m

712
00:18:41,146 –> 00:18:43,009
[david_macchia]: seeking safety i tell

713
00:18:42,905 –> 00:18:42,925
[ramsey_d_smith]: m

714
00:18:43,069 –> 00:18:46,620
[david_macchia]: it as there’s you know those of
you who believe in safety believe in protection

715
00:18:46,761 –> 00:18:47,704
[david_macchia]: believe and guaranteed

716
00:18:47,564 –> 00:18:47,916
[ramsey_d_smith]: m oh

717
00:18:47,784 –> 00:18:48,727
[david_macchia]: income your day has come

718
00:18:49,284 –> 00:18:49,424
[ramsey_d_smith]: yeah

719
00:18:49,830 –> 00:18:50,250
[david_macchia]: and i think

720
00:18:50,135 –> 00:18:51,425
[ramsey_d_smith]: oh

721
00:18:50,330 –> 00:18:54,895
[david_macchia]: it’s it’s likely to remain this way
for for some time so the outlook for

722
00:18:54,935 –> 00:18:56,796
[david_macchia]: annuity sales i think you know

723
00:18:56,818 –> 00:18:56,899
[ramsey_d_smith]: ah

724
00:18:56,996 –> 00:18:59,379
[david_macchia]: given everything that’s happening is it is
very very positive

725
00:19:00,611 –> 00:19:01,292
[paul_tyler]: yeah it’s

726
00:19:01,295 –> 00:19:01,925
[ramsey_d_smith]: oh

727
00:19:02,213 –> 00:19:02,814
[paul_tyler]: it’s interesting now

728
00:19:02,760 –> 00:19:02,780
[david_macchia]: m

729
00:19:03,035 –> 00:19:05,018
[paul_tyler]: as of the recording dat

730
00:19:04,860 –> 00:19:05,081
[david_macchia]: oh

731
00:19:05,459 –> 00:19:07,402
[paul_tyler]: okay we just know the c p
i came

732
00:19:07,325 –> 00:19:07,345
[ramsey_d_smith]: m

733
00:19:07,482 –> 00:19:08,363
[paul_tyler]: out lations higher

734
00:19:09,875 –> 00:19:10,176
[ramsey_d_smith]: yeah

735
00:19:09,946 –> 00:19:14,814
[paul_tyler]: market went down rates short term rites
i guess even in your treasury

736
00:19:15,270 –> 00:19:15,513
[david_macchia]: oh

737
00:19:15,576 –> 00:19:19,863
[paul_tyler]: went higher but it’s still an inverted
yield curve and ramsey

738
00:19:19,680 –> 00:19:19,700
[david_macchia]: m

739
00:19:19,883 –> 00:19:25,598
[paul_tyler]: whatever we saw happened with mica i
mean it if i’m not sure or you

740
00:19:25,618 –> 00:19:26,443
[paul_tyler]: think this is going

741
00:19:26,700 –> 00:19:26,720
[david_macchia]: m

742
00:19:27,663 –> 00:19:29,145
[ramsey_d_smith]: in terms of in terms of rates

743
00:19:29,391 –> 00:19:30,092
[paul_tyler]: rats yeah

744
00:19:30,367 –> 00:19:31,209
[ramsey_d_smith]: i mean rates have gone

745
00:19:31,221 –> 00:19:31,241
[david_macchia]: a

746
00:19:31,269 –> 00:19:33,933
[ramsey_d_smith]: up a lot so they’re definitely much
more attractive

747
00:19:33,690 –> 00:19:34,053
[david_macchia]: yes

748
00:19:34,013 –> 00:19:39,262
[ramsey_d_smith]: and they’re getting much deserved visibility on
the back of that you know

749
00:19:39,270 –> 00:19:39,472
[paul_tyler]: oh

750
00:19:41,145 –> 00:19:41,386
[ramsey_d_smith]: i look

751
00:19:41,290 –> 00:19:41,452
[paul_tyler]: look

752
00:19:41,426 –> 00:19:44,771
[ramsey_d_smith]: at it i still wonder if if
the investments that back

753
00:19:44,610 –> 00:19:45,154
[david_macchia]: oh

754
00:19:44,831 –> 00:19:46,655
[ramsey_d_smith]: them you know how they match up
with it

755
00:19:46,740 –> 00:19:47,245
[david_macchia]: oh

756
00:19:46,895 –> 00:19:50,301
[ramsey_d_smith]: so sing you know in the high
end sometimes but for sure

757
00:19:50,340 –> 00:19:51,810
[paul_tyler]: yeah

758
00:19:51,262 –> 00:19:55,449
[ramsey_d_smith]: for sure rates are higher they should
be higher and and more and

759
00:19:55,380 –> 00:19:55,641
[david_macchia]: oh

760
00:19:55,489 –> 00:19:55,870
[ramsey_d_smith]: more people

761
00:19:55,710 –> 00:19:56,310
[paul_tyler]: yeah

762
00:19:55,910 –> 00:19:58,094
[ramsey_d_smith]: should be looking at them as a
really attractive

763
00:19:57,810 –> 00:19:57,830
[david_macchia]: m

764
00:19:58,154 –> 00:19:58,614
[ramsey_d_smith]: alternative

765
00:19:58,770 –> 00:19:58,990
[paul_tyler]: yeah

766
00:19:58,775 –> 00:20:00,761
[ramsey_d_smith]: c d is which is really the
best way to think about

767
00:20:00,677 –> 00:20:00,918
[paul_tyler]: pop

768
00:20:00,801 –> 00:20:01,343
[ramsey_d_smith]: them in my view

769
00:20:01,811 –> 00:20:01,971
[paul_tyler]: yes

770
00:20:02,381 –> 00:20:04,348
[david_macchia]: i agree with that in bonds to
some extent

771
00:20:04,345 –> 00:20:05,167
[ramsey_d_smith]: yeah and bonton

772
00:20:05,301 –> 00:20:06,052
[david_macchia]: yep yep

773
00:20:06,584 –> 00:20:08,547
[paul_tyler]: right we’ll just say from from a
care perspective

774
00:20:08,640 –> 00:20:08,881
[david_macchia]: oh

775
00:20:08,708 –> 00:20:08,848
[paul_tyler]: like

776
00:20:08,945 –> 00:20:09,186
[ramsey_d_smith]: oh

777
00:20:09,269 –> 00:20:11,813
[paul_tyler]: we target these migrates okay we’re not
on to be the best

778
00:20:11,945 –> 00:20:12,248
[ramsey_d_smith]: oh

779
00:20:11,993 –> 00:20:13,976
[paul_tyler]: one we’re gonna try to go to
number

780
00:20:14,015 –> 00:20:14,975
[ramsey_d_smith]: yeah

781
00:20:14,097 –> 00:20:18,487
[paul_tyler]: two we’ve done that certain months and
you know by the time

782
00:20:18,224 –> 00:20:18,245
[ramsey_d_smith]: m

783
00:20:18,390 –> 00:20:18,410
[david_macchia]: m

784
00:20:19,730 –> 00:20:21,573
[paul_tyler]: you know it takes time once you
decide

785
00:20:21,558 –> 00:20:21,640
[ramsey_d_smith]: ah

786
00:20:21,894 –> 00:20:26,661
[paul_tyler]: set their rates and go and change
the systems put it out you’re talking about

787
00:20:26,722 –> 00:20:30,067
[paul_tyler]: a seven eight day lag but the
time we get there okay we’re now number

788
00:20:30,167 –> 00:20:31,269
[paul_tyler]: four number five number

789
00:20:31,320 –> 00:20:31,340
[david_macchia]: m

790
00:20:31,349 –> 00:20:31,449
[paul_tyler]: six

791
00:20:31,655 –> 00:20:31,675
[ramsey_d_smith]: m

792
00:20:32,631 –> 00:20:33,693
[paul_tyler]: it’s been a real it’s

793
00:20:33,699 –> 00:20:33,720
[david_macchia]: m

794
00:20:33,733 –> 00:20:37,459
[paul_tyler]: an arms race on the migetfront which
has been good for

795
00:20:37,634 –> 00:20:37,655
[ramsey_d_smith]: m

796
00:20:37,720 –> 00:20:40,665
[paul_tyler]: i think good for consumer as good
probably not great

797
00:20:40,550 –> 00:20:40,773
[david_macchia]: yes

798
00:20:40,964 –> 00:20:40,985
[ramsey_d_smith]: m

799
00:20:41,727 –> 00:20:42,147
[paul_tyler]: would be great

800
00:20:42,180 –> 00:20:42,423
[david_macchia]: oh

801
00:20:42,187 –> 00:20:43,470
[paul_tyler]: if we didn’t have inflation david

802
00:20:43,535 –> 00:20:43,555
[ramsey_d_smith]: m

803
00:20:43,952 –> 00:20:44,475
[paul_tyler]: all right

804
00:20:45,905 –> 00:20:46,186
[ramsey_d_smith]: oh

805
00:20:46,112 –> 00:20:47,695
[david_macchia]: well the real returns are still negative

806
00:20:47,900 –> 00:20:48,041
[paul_tyler]: yeah

807
00:20:47,945 –> 00:20:47,965
[ramsey_d_smith]: m

808
00:20:48,476 –> 00:20:51,001
[david_macchia]: you know because the inflation is so
high and you know

809
00:20:51,605 –> 00:20:51,810
[ramsey_d_smith]: ye

810
00:20:52,223 –> 00:20:53,545
[david_macchia]: the other side of inflation is

811
00:20:53,477 –> 00:20:53,498
[ramsey_d_smith]: m

812
00:20:53,605 –> 00:20:55,388
[david_macchia]: that the way we think about

813
00:20:55,325 –> 00:20:55,566
[ramsey_d_smith]: oh

814
00:20:55,468 –> 00:20:58,331
[david_macchia]: inflation today it’s not the way we
thought about it say in the eighties or

815
00:20:58,385 –> 00:20:58,985
[ramsey_d_smith]: yeah

816
00:20:58,411 –> 00:20:59,993
[david_macchia]: nineties because if you

817
00:21:00,030 –> 00:21:00,213
[paul_tyler]: yeah

818
00:21:00,073 –> 00:21:01,875
[david_macchia]: go back and you use that methodology

819
00:21:01,350 –> 00:21:02,648
[paul_tyler]: yeah

820
00:21:01,935 –> 00:21:03,476
[david_macchia]: of how inflation was calculated

821
00:21:02,880 –> 00:21:03,870
[paul_tyler]: yeah

822
00:21:03,576 –> 00:21:03,776
[david_macchia]: then

823
00:21:04,235 –> 00:21:04,476
[ramsey_d_smith]: oh

824
00:21:04,577 –> 00:21:08,382
[david_macchia]: the inflation rate today is really seventeen
per cent you can see this at the

825
00:21:08,422 –> 00:21:12,068
[david_macchia]: website called shadow government statistics dot com
what really under

826
00:21:12,150 –> 00:21:12,414
[paul_tyler]: oh

827
00:21:12,368 –> 00:21:15,894
[david_macchia]: under playing how deep inflation is becoming
and if you if you walked into a

828
00:21:15,934 –> 00:21:16,515
[david_macchia]: super market

829
00:21:16,551 –> 00:21:16,652
[paul_tyler]: oh

830
00:21:16,575 –> 00:21:19,099
[david_macchia]: you know lately you know that’s true
the price

831
00:21:18,995 –> 00:21:19,297
[ramsey_d_smith]: oh

832
00:21:19,280 –> 00:21:21,574
[david_macchia]: and certain things are just you know
sky rocketed

833
00:21:21,660 –> 00:21:21,801
[paul_tyler]: yeah

834
00:21:21,765 –> 00:21:25,653
[ramsey_d_smith]: remember what some of the key differences
are or what were were there any there

835
00:21:25,693 –> 00:21:29,482
[ramsey_d_smith]: one or two things that oft stood
out to explain that that big difference in

836
00:21:29,542 –> 00:21:29,943
[ramsey_d_smith]: measurement

837
00:21:30,984 –> 00:21:31,164
[david_macchia]: yeah

838
00:21:31,680 –> 00:21:31,921
[paul_tyler]: yah

839
00:21:31,926 –> 00:21:33,088
[david_macchia]: i don’t know specifically remember

840
00:21:32,876 –> 00:21:33,017
[ramsey_d_smith]: yeah

841
00:21:33,168 –> 00:21:33,528
[david_macchia]: except to

842
00:21:33,589 –> 00:21:33,669
[paul_tyler]: ah

843
00:21:33,609 –> 00:21:36,033
[david_macchia]: say that in the calculation of the
c p i

844
00:21:36,350 –> 00:21:37,205
[ramsey_d_smith]: hm

845
00:21:36,814 –> 00:21:37,535
[david_macchia]: the waiting of

846
00:21:37,595 –> 00:21:37,876
[ramsey_d_smith]: yah

847
00:21:37,595 –> 00:21:39,118
[david_macchia]: certain factors and the inclusion of

848
00:21:39,083 –> 00:21:39,264
[ramsey_d_smith]: yah

849
00:21:39,198 –> 00:21:39,418
[david_macchia]: certain

850
00:21:39,435 –> 00:21:39,577
[ramsey_d_smith]: yeah

851
00:21:39,478 –> 00:21:40,059
[david_macchia]: factors or

852
00:21:40,505 –> 00:21:40,625
[ramsey_d_smith]: ye

853
00:21:40,861 –> 00:21:41,862
[david_macchia]: is where the difference is

854
00:21:41,996 –> 00:21:42,318
[ramsey_d_smith]: got it

855
00:21:42,570 –> 00:21:42,731
[paul_tyler]: yeah

856
00:21:42,924 –> 00:21:44,747
[david_macchia]: and i think i think there was
a there was an

857
00:21:44,744 –> 00:21:45,785
[ramsey_d_smith]: m oh

858
00:21:44,887 –> 00:21:47,792
[david_macchia]: urgency change this because when social

859
00:21:47,534 –> 00:21:47,555
[ramsey_d_smith]: m

860
00:21:47,852 –> 00:21:49,194
[david_macchia]: security became inflation

861
00:21:49,235 –> 00:21:49,498
[ramsey_d_smith]: oh

862
00:21:49,255 –> 00:21:51,919
[david_macchia]: adjusted imagine if we were inflation

863
00:21:51,897 –> 00:21:51,958
[ramsey_d_smith]: ah

864
00:21:51,979 –> 00:21:53,021
[david_macchia]: adjust social security

865
00:21:52,925 –> 00:21:52,945
[ramsey_d_smith]: m

866
00:21:53,061 –> 00:21:53,522
[david_macchia]: at seventeen

867
00:21:53,370 –> 00:21:53,677
[paul_tyler]: oh

868
00:21:53,602 –> 00:21:56,087
[david_macchia]: per cent you know that would that
would have some

869
00:21:56,220 –> 00:21:56,381
[paul_tyler]: yeah

870
00:21:56,495 –> 00:21:56,817
[ramsey_d_smith]: oh

871
00:21:56,828 –> 00:21:58,571
[david_macchia]: significant ramifications in terms

872
00:21:58,355 –> 00:21:58,595
[ramsey_d_smith]: oh

873
00:21:58,651 –> 00:22:00,455
[david_macchia]: of nations finances

874
00:22:00,600 –> 00:22:05,529
[paul_tyler]: right it’s you know inflation like inflation
is bad period i think the good news

875
00:22:05,569 –> 00:22:06,490
[paul_tyler]: is with our products and

876
00:22:06,515 –> 00:22:06,716
[ramsey_d_smith]: oh

877
00:22:06,530 –> 00:22:08,614
[paul_tyler]: what we’re delivering for for consumers is

878
00:22:08,555 –> 00:22:08,777
[ramsey_d_smith]: oh

879
00:22:08,714 –> 00:22:10,256
[paul_tyler]: it’s a good defensive play

880
00:22:10,119 –> 00:22:10,140
[david_macchia]: m

881
00:22:10,857 –> 00:22:12,460
[paul_tyler]: probably one of the best defensive play
if you’re

882
00:22:12,395 –> 00:22:13,325
[ramsey_d_smith]: oh

883
00:22:12,500 –> 00:22:14,744
[paul_tyler]: on fixed income today so you know
my rates

884
00:22:14,537 –> 00:22:14,679
[ramsey_d_smith]: ah

885
00:22:15,285 –> 00:22:15,526
[paul_tyler]: the god

886
00:22:15,545 –> 00:22:15,565
[ramsey_d_smith]: m

887
00:22:15,987 –> 00:22:17,489
[paul_tyler]: like looks like word for another

888
00:22:17,285 –> 00:22:18,035
[ramsey_d_smith]: yeah

889
00:22:18,090 –> 00:22:20,375
[paul_tyler]: you know rise and rates here i
think

890
00:22:21,030 –> 00:22:21,050
[david_macchia]: m

891
00:22:21,136 –> 00:22:25,805
[paul_tyler]: you know david you know guaranteed income
will go up right because

892
00:22:26,615 –> 00:22:26,635
[ramsey_d_smith]: m

893
00:22:26,890 –> 00:22:28,873
[paul_tyler]: rates are going up cares can afford
to

894
00:22:29,075 –> 00:22:29,396
[ramsey_d_smith]: oh

895
00:22:29,795 –> 00:22:31,918
[paul_tyler]: you know raise caps or participation rates

896
00:22:32,975 –> 00:22:33,358
[ramsey_d_smith]: ye

897
00:22:33,160 –> 00:22:33,601
[paul_tyler]: so i think

898
00:22:33,870 –> 00:22:33,890
[david_macchia]: m

899
00:22:34,042 –> 00:22:35,424
[paul_tyler]: from advisor perspective

900
00:22:35,204 –> 00:22:35,225
[ramsey_d_smith]: m

901
00:22:35,544 –> 00:22:40,054
[paul_tyler]: they’ll be able to deliver more value
on paper you know to clients up for

902
00:22:40,074 –> 00:22:40,155
[paul_tyler]: the

903
00:22:40,160 –> 00:22:40,300
[david_macchia]: think

904
00:22:40,175 –> 00:22:40,315
[paul_tyler]: next

905
00:22:40,380 –> 00:22:40,420
[david_macchia]: i

906
00:22:40,436 –> 00:22:40,596
[paul_tyler]: three

907
00:22:40,460 –> 00:22:40,621
[david_macchia]: think

908
00:22:40,636 –> 00:22:40,837
[paul_tyler]: months

909
00:22:40,661 –> 00:22:44,768
[david_macchia]: that’s true i think that’s true and
just just before we leave inflation

910
00:22:45,224 –> 00:22:45,595
[ramsey_d_smith]: m m

911
00:22:45,849 –> 00:22:45,970
[david_macchia]: is

912
00:22:46,410 –> 00:22:46,670
[paul_tyler]: oh

913
00:22:46,911 –> 00:22:48,374
[david_macchia]: i think the point should be made
it’s

914
00:22:48,275 –> 00:22:48,516
[ramsey_d_smith]: oh

915
00:22:48,414 –> 00:22:51,659
[david_macchia]: a very cruel reality because

916
00:22:51,960 –> 00:22:52,121
[paul_tyler]: it

917
00:22:52,220 –> 00:22:53,081
[david_macchia]: it hurts people

918
00:22:52,955 –> 00:22:53,403
[ramsey_d_smith]: oh

919
00:22:53,162 –> 00:22:57,949
[david_macchia]: on fixed incomes it hurts people with
low incomes so much higher so much harder

920
00:22:58,010 –> 00:23:02,076
[david_macchia]: than than it hurts other people just
the gas tank you know and food just

921
00:23:02,156 –> 00:23:05,142
[david_macchia]: just gas and food i rocketed so
much

922
00:23:05,135 –> 00:23:05,475
[ramsey_d_smith]: my

923
00:23:07,566 –> 00:23:09,970
[david_macchia]: i don’t know if what the fat
is doing is the right policy of the

924
00:23:10,010 –> 00:23:11,553
[david_macchia]: wrong policy honestly i wish i knew

925
00:23:11,705 –> 00:23:11,987
[ramsey_d_smith]: oh

926
00:23:12,395 –> 00:23:13,937
[david_macchia]: but we have to get inflation

927
00:23:13,829 –> 00:23:14,010
[paul_tyler]: yeah

928
00:23:13,904 –> 00:23:13,925
[ramsey_d_smith]: m

929
00:23:13,998 –> 00:23:14,498
[david_macchia]: of the control

930
00:23:14,790 –> 00:23:14,890
[paul_tyler]: oh

931
00:23:15,310 –> 00:23:17,355
[david_macchia]: because it’s like it’s like a huge
extra tax

932
00:23:17,700 –> 00:23:18,630
[paul_tyler]: yeah

933
00:23:18,077 –> 00:23:22,488
[david_macchia]: on people that’s that’s just totally destructive
to their personal financial health

934
00:23:23,111 –> 00:23:23,512
[paul_tyler]: yeah now

935
00:23:23,495 –> 00:23:23,978
[ramsey_d_smith]: yeah

936
00:23:24,553 –> 00:23:25,395
[paul_tyler]: my perspective

937
00:23:25,525 –> 00:23:25,666
[ramsey_d_smith]: yeah

938
00:23:25,655 –> 00:23:25,875
[paul_tyler]: is

939
00:23:26,910 –> 00:23:27,990
[david_macchia]: yeah

940
00:23:26,917 –> 00:23:27,498
[paul_tyler]: it’s global

941
00:23:27,305 –> 00:23:28,385
[ramsey_d_smith]: oh

942
00:23:27,658 –> 00:23:28,680
[paul_tyler]: i mean a lot of people you

943
00:23:28,625 –> 00:23:28,928
[ramsey_d_smith]: yeah

944
00:23:28,860 –> 00:23:34,730
[paul_tyler]: want to blame our administration you listen
politicians have some impact you know can make

945
00:23:34,790 –> 00:23:41,622
[paul_tyler]: it worse make you now hard to
say than like better but our ports i

946
00:23:41,682 –> 00:23:41,882
[paul_tyler]: mean

947
00:23:42,305 –> 00:23:42,565
[ramsey_d_smith]: oh

948
00:23:42,744 –> 00:23:44,547
[paul_tyler]: this the supply chain problem is

949
00:23:44,854 –> 00:23:44,954
[ramsey_d_smith]: yeah

950
00:23:45,188 –> 00:23:46,189
[paul_tyler]: going to go away right

951
00:23:46,085 –> 00:23:46,326
[ramsey_d_smith]: oh

952
00:23:46,790 –> 00:23:49,695
[paul_tyler]: if you look at the us if
you look at the efficiency of the us

953
00:23:49,815 –> 00:23:50,256
[paul_tyler]: ports

954
00:23:50,615 –> 00:23:50,736
[ramsey_d_smith]: ye

955
00:23:51,258 –> 00:23:55,505
[paul_tyler]: um we’re not like you know we
were not in sort of

956
00:23:55,484 –> 00:23:55,505
[ramsey_d_smith]: m

957
00:23:55,545 –> 00:23:59,572
[paul_tyler]: the top twenty to twenty five most
efficient and

958
00:23:59,915 –> 00:23:59,935
[ramsey_d_smith]: m

959
00:24:00,012 –> 00:24:05,031
[paul_tyler]: imports of goods coming in so we
got a real bottle neck that going to

960
00:24:05,091 –> 00:24:08,521
[paul_tyler]: take a long time to change if
we can easily change it right because

961
00:24:08,495 –> 00:24:08,835
[ramsey_d_smith]: oh

962
00:24:09,043 –> 00:24:15,914
[paul_tyler]: ships come into california southern california you
can’t build rails and highways through expensive real

963
00:24:15,954 –> 00:24:17,416
[paul_tyler]: estate her california

964
00:24:17,615 –> 00:24:17,836
[ramsey_d_smith]: oh

965
00:24:17,796 –> 00:24:18,717
[paul_tyler]: to get goods out quicker

966
00:24:20,080 –> 00:24:20,561
[david_macchia]: that’s true

967
00:24:20,705 –> 00:24:20,725
[ramsey_d_smith]: m

968
00:24:20,982 –> 00:24:24,910
[david_macchia]: and i think one area though the
gummy can make a difference for good or

969
00:24:24,970 –> 00:24:28,638
[david_macchia]: bad is that i think we’ve had
a lot of increased regulation lately

970
00:24:28,835 –> 00:24:29,177
[ramsey_d_smith]: oh

971
00:24:29,470 –> 00:24:34,780
[david_macchia]: which has had a detrimental impact on
the supply chain but you’re right it’s a

972
00:24:34,840 –> 00:24:36,523
[david_macchia]: really complex set of problems

973
00:24:36,261 –> 00:24:36,642
[paul_tyler]: well you know

974
00:24:36,766 –> 00:24:36,926
[ramsey_d_smith]: well

975
00:24:36,964 –> 00:24:37,425
[david_macchia]: it’s really

976
00:24:37,464 –> 00:24:37,605
[paul_tyler]: yeah

977
00:24:37,525 –> 00:24:37,846
[david_macchia]: come

978
00:24:37,925 –> 00:24:38,186
[paul_tyler]: brands

979
00:24:38,609 –> 00:24:40,392
[ramsey_d_smith]: i was i was just going to
say that i’m gonna i’m gonna

980
00:24:40,380 –> 00:24:40,662
[paul_tyler]: yeah

981
00:24:40,452 –> 00:24:43,257
[ramsey_d_smith]: hark back to something that i

982
00:24:43,260 –> 00:24:43,543
[paul_tyler]: oh

983
00:24:43,297 –> 00:24:43,717
[ramsey_d_smith]: don’t know if you

984
00:24:43,950 –> 00:24:44,254
[david_macchia]: oh

985
00:24:44,038 –> 00:24:45,941
[ramsey_d_smith]: if you said it in the in
the pre show or

986
00:24:46,290 –> 00:24:46,512
[david_macchia]: oh

987
00:24:46,562 –> 00:24:50,168
[ramsey_d_smith]: we were talking about travel and you
talk the fragility the fragility of

988
00:24:50,550 –> 00:24:50,570
[david_macchia]: m

989
00:24:50,849 –> 00:24:52,873
[ramsey_d_smith]: the air transport system and so we’re

990
00:24:52,840 –> 00:24:53,004
[david_macchia]: yep

991
00:24:52,953 –> 00:24:53,333
[ramsey_d_smith]: seeing that

992
00:24:53,250 –> 00:24:53,410
[paul_tyler]: yeah

993
00:24:53,394 –> 00:24:57,661
[ramsey_d_smith]: same kind of fragility and a supply
chain that was sending things just in time

994
00:24:57,721 –> 00:24:59,924
[ramsey_d_smith]: from somewhere in the far east you
know

995
00:25:00,020 –> 00:25:00,221
[david_macchia]: right

996
00:25:00,085 –> 00:25:00,465
[ramsey_d_smith]: your kitchen

997
00:25:00,409 –> 00:25:00,510
[paul_tyler]: yeah

998
00:25:00,566 –> 00:25:02,729
[ramsey_d_smith]: table in a in a remarkably

999
00:25:02,730 –> 00:25:02,750
[david_macchia]: m

1000
00:25:02,769 –> 00:25:03,390
[ramsey_d_smith]: efficient way

1001
00:25:03,900 –> 00:25:05,460
[paul_tyler]: yeah

1002
00:25:04,592 –> 00:25:08,078
[ramsey_d_smith]: my sense paul to your point is
that ultimately the

1003
00:25:08,070 –> 00:25:08,330
[paul_tyler]: oh

1004
00:25:08,138 –> 00:25:08,799
[ramsey_d_smith]: solution to

1005
00:25:08,700 –> 00:25:09,480
[david_macchia]: oh

1006
00:25:09,961 –> 00:25:12,225
[ramsey_d_smith]: supply chain problems that are that are
glow bill

1007
00:25:12,185 –> 00:25:12,226
[paul_tyler]: a

1008
00:25:12,445 –> 00:25:13,407
[ramsey_d_smith]: is to deglobalize

1009
00:25:13,312 –> 00:25:13,800
[paul_tyler]: right

1010
00:25:13,447 –> 00:25:15,010
[ramsey_d_smith]: them so it seems like both

1011
00:25:15,090 –> 00:25:15,350
[paul_tyler]: oh

1012
00:25:15,090 –> 00:25:18,556
[ramsey_d_smith]: politically and economically you know we’re probably
headed towards some degree

1013
00:25:18,579 –> 00:25:18,739
[paul_tyler]: yeah

1014
00:25:18,616 –> 00:25:19,958
[ramsey_d_smith]: of deglobalization

1015
00:25:19,680 –> 00:25:19,700
[david_macchia]: m

1016
00:25:19,774 –> 00:25:19,856
[paul_tyler]: ah

1017
00:25:20,138 –> 00:25:23,263
[ramsey_d_smith]: that’s going to take time that will
actually also be inflation ary here in the

1018
00:25:23,343 –> 00:25:24,785
[ramsey_d_smith]: u s probably

1019
00:25:25,010 –> 00:25:25,491
[david_macchia]: absolutely

1020
00:25:25,466 –> 00:25:26,107
[ramsey_d_smith]: going forward

1021
00:25:26,112 –> 00:25:26,193
[paul_tyler]: ah

1022
00:25:26,507 –> 00:25:30,171
[ramsey_d_smith]: but it’s hard to see it’s hard
to see given national security and all sorts

1023
00:25:30,191 –> 00:25:33,574
[ramsey_d_smith]: of other reasons why why wouldn’t why
we wouldn’t head in that direction

1024
00:25:33,710 –> 00:25:34,312
[paul_tyler]: well you know there’s

1025
00:25:34,200 –> 00:25:35,130
[david_macchia]: oh

1026
00:25:34,673 –> 00:25:36,278
[paul_tyler]: a there’s a big time element too
so

1027
00:25:36,425 –> 00:25:36,445
[ramsey_d_smith]: m

1028
00:25:36,739 –> 00:25:37,201
[paul_tyler]: you i’ve seen a

1029
00:25:37,235 –> 00:25:37,895
[ramsey_d_smith]: yeah

1030
00:25:37,261 –> 00:25:43,635
[paul_tyler]: lot of ship manufactures announced launching saying
chip plants

1031
00:25:43,715 –> 00:25:43,956
[ramsey_d_smith]: oh

1032
00:25:43,876 –> 00:25:48,684
[paul_tyler]: outside china v i think i read
a few areas people go into different parts

1033
00:25:48,724 –> 00:25:50,647
[paul_tyler]: of south east age but david that
takes

1034
00:25:50,744 –> 00:25:50,765
[ramsey_d_smith]: m

1035
00:25:51,028 –> 00:25:51,969
[paul_tyler]: two years to get a

1036
00:25:51,965 –> 00:25:52,226
[ramsey_d_smith]: oh

1037
00:25:52,029 –> 00:25:52,653
[paul_tyler]: play up and

1038
00:25:52,681 –> 00:25:52,761
[david_macchia]: oh

1039
00:25:52,693 –> 00:25:52,955
[paul_tyler]: running

1040
00:25:52,821 –> 00:25:53,883
[david_macchia]: yeah and and

1041
00:25:54,035 –> 00:25:54,685
[ramsey_d_smith]: oh

1042
00:25:54,063 –> 00:25:58,971
[david_macchia]: and also in the u s building
more chip manufacturing here but you’re right ramsey

1043
00:25:59,072 –> 00:26:00,434
[david_macchia]: i think people underestimate

1044
00:26:00,300 –> 00:26:00,929
[paul_tyler]: ye

1045
00:26:00,514 –> 00:26:03,840
[david_macchia]: how massively deflationary globalization was

1046
00:26:04,140 –> 00:26:05,190
[paul_tyler]: oh

1047
00:26:05,482 –> 00:26:08,006
[david_macchia]: and any incremental change in that

1048
00:26:08,790 –> 00:26:09,010
[paul_tyler]: yeah

1049
00:26:09,048 –> 00:26:10,190
[david_macchia]: any bringing back the

1050
00:26:10,124 –> 00:26:10,145
[ramsey_d_smith]: m

1051
00:26:10,290 –> 00:26:11,693
[david_macchia]: manufacturing to our

1052
00:26:11,765 –> 00:26:11,785
[ramsey_d_smith]: m

1053
00:26:11,793 –> 00:26:13,435
[david_macchia]: shores is probably

1054
00:26:13,169 –> 00:26:13,350
[paul_tyler]: yeah

1055
00:26:13,516 –> 00:26:15,259
[david_macchia]: good for our national security

1056
00:26:15,014 –> 00:26:15,035
[ramsey_d_smith]: m

1057
00:26:15,319 –> 00:26:16,160
[david_macchia]: but will

1058
00:26:16,085 –> 00:26:16,226
[ramsey_d_smith]: ye

1059
00:26:16,221 –> 00:26:17,244
[david_macchia]: be you know

1060
00:26:17,225 –> 00:26:18,155
[ramsey_d_smith]: yeah

1061
00:26:17,745 –> 00:26:19,530
[david_macchia]: sort of boosting inflation

1062
00:26:19,214 –> 00:26:20,225
[ramsey_d_smith]: m yeah

1063
00:26:19,691 –> 00:26:21,195
[david_macchia]: boosting price increases generally

1064
00:26:21,110 –> 00:26:21,250
[paul_tyler]: well

1065
00:26:21,164 –> 00:26:21,185
[ramsey_d_smith]: m

1066
00:26:21,330 –> 00:26:21,490
[paul_tyler]: yeah

1067
00:26:21,416 –> 00:26:21,476
[david_macchia]: it

1068
00:26:21,446 –> 00:26:21,587
[ramsey_d_smith]: yeah

1069
00:26:21,536 –> 00:26:21,877
[david_macchia]: has to

1070
00:26:22,151 –> 00:26:22,472
[paul_tyler]: well yeah

1071
00:26:22,595 –> 00:26:22,935
[ramsey_d_smith]: oh

1072
00:26:22,833 –> 00:26:27,721
[paul_tyler]: i would say i’d be more pointed
david it’s china was as much as we

1073
00:26:27,881 –> 00:26:28,081
[paul_tyler]: were

1074
00:26:28,080 –> 00:26:28,800
[david_macchia]: yeah

1075
00:26:28,722 –> 00:26:29,023
[paul_tyler]: concerned

1076
00:26:28,860 –> 00:26:29,002
[david_macchia]: yeah

1077
00:26:29,063 –> 00:26:35,233
[paul_tyler]: about losing jobs to china you know
china at a massive flationary effect on our

1078
00:26:35,674 –> 00:26:36,535
[paul_tyler]: economy right

1079
00:26:36,590 –> 00:26:37,496
[david_macchia]: eh

1080
00:26:37,196 –> 00:26:38,138
[paul_tyler]: cut the price of tables

1081
00:26:38,165 –> 00:26:38,365
[ramsey_d_smith]: oh

1082
00:26:38,198 –> 00:26:42,125
[paul_tyler]: chairs you know everything stayed at a
reasonable price in china all of a sudden

1083
00:26:42,205 –> 00:26:42,866
[paul_tyler]: slows down

1084
00:26:43,385 –> 00:26:43,625
[ramsey_d_smith]: yeah

1085
00:26:43,607 –> 00:26:46,472
[paul_tyler]: they’ve got real estate problems they’ve had
they’ve been shut

1086
00:26:46,380 –> 00:26:46,602
[david_macchia]: oh

1087
00:26:46,512 –> 00:26:47,633
[paul_tyler]: down even more than we have

1088
00:26:47,814 –> 00:26:48,034
[ramsey_d_smith]: yeah

1089
00:26:48,054 –> 00:26:48,254
[paul_tyler]: for

1090
00:26:48,317 –> 00:26:48,540
[david_macchia]: yeah

1091
00:26:48,615 –> 00:26:49,516
[paul_tyler]: you know the pandemic

1092
00:26:50,555 –> 00:26:50,859
[ramsey_d_smith]: oh

1093
00:26:50,658 –> 00:26:55,365
[paul_tyler]: um and there’s a limit to how
you know they can’t cut prices anymore so

1094
00:26:55,274 –> 00:26:55,295
[ramsey_d_smith]: m

1095
00:26:55,425 –> 00:26:59,112
[paul_tyler]: tally where it feels like we’re in
a storm that’s going to last

1096
00:26:59,096 –> 00:26:59,218
[ramsey_d_smith]: ah

1097
00:26:59,672 –> 00:27:00,534
[paul_tyler]: unfortunately for a few

1098
00:27:00,425 –> 00:27:00,666
[ramsey_d_smith]: oh

1099
00:27:00,614 –> 00:27:00,874
[paul_tyler]: years

1100
00:27:03,441 –> 00:27:04,022
[david_macchia]: i think you’re right

1101
00:27:03,900 –> 00:27:04,161
[paul_tyler]: yeah

1102
00:27:04,445 –> 00:27:04,767
[ramsey_d_smith]: oh

1103
00:27:04,603 –> 00:27:05,825
[david_macchia]: you know i wish i had an
answer

1104
00:27:05,889 –> 00:27:06,069
[paul_tyler]: yeah

1105
00:27:05,905 –> 00:27:07,047
[david_macchia]: to it but there’s no

1106
00:27:06,973 –> 00:27:07,096
[paul_tyler]: oh

1107
00:27:07,207 –> 00:27:07,688
[david_macchia]: easy answer

1108
00:27:07,565 –> 00:27:08,248
[ramsey_d_smith]: oh

1109
00:27:07,748 –> 00:27:09,050
[david_macchia]: to it and how are

1110
00:27:09,000 –> 00:27:09,750
[paul_tyler]: oh

1111
00:27:09,070 –> 00:27:10,172
[david_macchia]: we going to generate economic

1112
00:27:09,941 –> 00:27:10,189
[paul_tyler]: okay

1113
00:27:09,995 –> 00:27:10,256
[ramsey_d_smith]: oh

1114
00:27:10,232 –> 00:27:12,676
[david_macchia]: growth is another thing i mean you
know the fed

1115
00:27:12,750 –> 00:27:12,933
[paul_tyler]: yeah

1116
00:27:12,776 –> 00:27:13,858
[david_macchia]: can’t keep printing money

1117
00:27:14,071 –> 00:27:14,273
[paul_tyler]: right

1118
00:27:14,239 –> 00:27:14,659
[david_macchia]: there there

1119
00:27:14,525 –> 00:27:15,635
[ramsey_d_smith]: yeah

1120
00:27:14,940 –> 00:27:16,723
[david_macchia]: tighten the tightening they’re going the other
way

1121
00:27:17,525 –> 00:27:17,545
[ramsey_d_smith]: m

1122
00:27:17,684 –> 00:27:23,474
[david_macchia]: and you know since o eight before
o eight from from nineteen sixty eight when

1123
00:27:23,554 –> 00:27:27,501
[david_macchia]: when we got the legislation was passed
to get us off the goal standard right

1124
00:27:28,682 –> 00:27:29,484
[david_macchia]: up to two thousand

1125
00:27:29,490 –> 00:27:29,692
[paul_tyler]: yeah

1126
00:27:29,544 –> 00:27:30,766
[david_macchia]: eight economic

1127
00:27:30,660 –> 00:27:30,981
[paul_tyler]: oh

1128
00:27:30,846 –> 00:27:35,503
[david_macchia]: growth in this country was driven by
credit so we had one trillion of total

1129
00:27:35,563 –> 00:27:38,708
[david_macchia]: credit in the economy in nineteen sixty
eight by two thousand it we had ninety

1130
00:27:38,788 –> 00:27:40,992
[david_macchia]: times that we had ninety trillion that’s

1131
00:27:40,895 –> 00:27:42,125
[ramsey_d_smith]: yeah

1132
00:27:41,032 –> 00:27:42,214
[david_macchia]: what drove the economic

1133
00:27:42,185 –> 00:27:42,205
[ramsey_d_smith]: m

1134
00:27:42,274 –> 00:27:43,376
[david_macchia]: growth since

1135
00:27:43,544 –> 00:27:43,565
[ramsey_d_smith]: h

1136
00:27:43,556 –> 00:27:43,596
[david_macchia]: o

1137
00:27:43,560 –> 00:27:43,763
[paul_tyler]: yeah

1138
00:27:43,776 –> 00:27:44,958
[david_macchia]: eight credit growth

1139
00:27:44,820 –> 00:27:45,063
[paul_tyler]: oh

1140
00:27:45,019 –> 00:27:45,419
[david_macchia]: slowed

1141
00:27:45,524 –> 00:27:45,545
[ramsey_d_smith]: m

1142
00:27:45,840 –> 00:27:46,761
[david_macchia]: so the government stepped

1143
00:27:46,724 –> 00:27:46,745
[ramsey_d_smith]: m

1144
00:27:46,842 –> 00:27:48,464
[david_macchia]: in with massive physical stimulus

1145
00:27:48,227 –> 00:27:48,288
[ramsey_d_smith]: ah

1146
00:27:48,544 –> 00:27:50,027
[david_macchia]: and federal reserve stepped in with

1147
00:27:49,964 –> 00:27:49,985
[ramsey_d_smith]: m

1148
00:27:50,167 –> 00:27:53,332
[david_macchia]: you know this huge money printing thing
that can’t

1149
00:27:53,165 –> 00:27:53,467
[ramsey_d_smith]: oh

1150
00:27:53,713 –> 00:27:56,418
[david_macchia]: keep going so i’m not sure what
happens

1151
00:27:56,405 –> 00:27:56,646
[ramsey_d_smith]: oh

1152
00:27:56,498 –> 00:27:57,579
[david_macchia]: next to generate

1153
00:27:57,330 –> 00:27:58,260
[paul_tyler]: yeah

1154
00:27:57,660 –> 00:27:59,962
[david_macchia]: economic growth especially under these conditions

1155
00:27:59,675 –> 00:27:59,896
[ramsey_d_smith]: oh

1156
00:28:00,763 –> 00:28:02,625
[david_macchia]: and i think we’re seeing that reality
reflected

1157
00:28:02,465 –> 00:28:03,485
[ramsey_d_smith]: yeah

1158
00:28:02,705 –> 00:28:04,987
[david_macchia]: an asset price is starting to you
now come back to the

1159
00:28:05,384 –> 00:28:05,405
[ramsey_d_smith]: m

1160
00:28:05,988 –> 00:28:06,729
[david_macchia]: more normal level

1161
00:28:07,396 –> 00:28:09,119
[ramsey_d_smith]: well that’s that’s the thin that’s been
interesting you know

1162
00:28:09,840 –> 00:28:10,042
[paul_tyler]: yeah

1163
00:28:10,461 –> 00:28:12,064
[ramsey_d_smith]: a lot of the push back on
on

1164
00:28:12,510 –> 00:28:12,851
[david_macchia]: oh

1165
00:28:12,885 –> 00:28:17,573
[ramsey_d_smith]: on annuities has been you know around
inflation protection and people say he put more

1166
00:28:17,613 –> 00:28:20,938
[ramsey_d_smith]: money in equities in like i spent
a whole career in equity so i understand

1167
00:28:20,999 –> 00:28:22,441
[ramsey_d_smith]: that i understand

1168
00:28:22,213 –> 00:28:22,800
[david_macchia]: hm

1169
00:28:23,220 –> 00:28:23,401
[paul_tyler]: yeah

1170
00:28:23,463 –> 00:28:27,069
[ramsey_d_smith]: the value proposition there i think i
think for many years it’s been very real

1171
00:28:28,170 –> 00:28:32,798
[ramsey_d_smith]: the challenge that we have now is
that you know pricing for companies is often

1172
00:28:32,898 –> 00:28:33,559
[ramsey_d_smith]: most prevalent

1173
00:28:33,812 –> 00:28:33,997
[paul_tyler]: yes

1174
00:28:33,980 –> 00:28:34,181
[ramsey_d_smith]: when

1175
00:28:34,479 –> 00:28:34,580
[david_macchia]: m m

1176
00:28:34,701 –> 00:28:37,847
[ramsey_d_smith]: you know when they have when when
they

1177
00:28:37,770 –> 00:28:37,790
[david_macchia]: m

1178
00:28:37,887 –> 00:28:38,768
[ramsey_d_smith]: have plenty of supply

1179
00:28:38,793 –> 00:28:38,814
[paul_tyler]: i

1180
00:28:38,908 –> 00:28:41,853
[ramsey_d_smith]: but they’ve got sort of a demand
shock that’s favorable to them

1181
00:28:41,820 –> 00:28:41,840
[david_macchia]: m

1182
00:28:42,354 –> 00:28:42,575
[ramsey_d_smith]: but now

1183
00:28:42,622 –> 00:28:42,828
[paul_tyler]: okay

1184
00:28:42,635 –> 00:28:45,860
[ramsey_d_smith]: we have this issue that things are
happening on the supply side so even if

1185
00:28:45,940 –> 00:28:48,705
[ramsey_d_smith]: prices are going up if you can’t
deliver the product

1186
00:28:48,360 –> 00:28:48,664
[paul_tyler]: oh

1187
00:28:49,105 –> 00:28:49,807
[ramsey_d_smith]: it’s not giving you

1188
00:28:49,845 –> 00:28:49,865
[david_macchia]: m

1189
00:28:49,867 –> 00:28:52,351
[ramsey_d_smith]: the excess profit you would have otherwise
given

1190
00:28:52,420 –> 00:28:53,326
[david_macchia]: right right

1191
00:28:53,312 –> 00:28:56,037
[ramsey_d_smith]: and so so it shouldn’t come as
a surprise

1192
00:28:55,893 –> 00:28:55,914
[paul_tyler]: i

1193
00:28:56,097 –> 00:29:02,327
[ramsey_d_smith]: that like equities have been you ve
been suffering in this current environment and so

1194
00:29:02,848 –> 00:29:05,192
[ramsey_d_smith]: you know what does that mean it’s
it’s one thing if you say well if

1195
00:29:05,252 –> 00:29:09,539
[ramsey_d_smith]: i get you know our per cent
four per cent on my my annuity that’s

1196
00:29:09,580 –> 00:29:11,503
[ramsey_d_smith]: not keeping up with ten per cent
inflation will being down

1197
00:29:11,550 –> 00:29:11,570
[david_macchia]: m

1198
00:29:11,683 –> 00:29:16,010
[ramsey_d_smith]: twenty per cent in your equity portfolio
isn’t helping that either you know if you’re

1199
00:29:16,050 –> 00:29:16,711
[david_macchia]: that’s right

1200
00:29:16,731 –> 00:29:19,716
[ramsey_d_smith]: if you’re if you’re in decumulations if
you’re an accumulation

1201
00:29:19,500 –> 00:29:19,740
[paul_tyler]: yah

1202
00:29:19,876 –> 00:29:21,518
[ramsey_d_smith]: you can weigh it out but if
you’re in the

1203
00:29:21,470 –> 00:29:21,632
[david_macchia]: yeah

1204
00:29:21,578 –> 00:29:22,959
[ramsey_d_smith]: accumulation phase like you don’t

1205
00:29:22,920 –> 00:29:23,141
[david_macchia]: oh

1206
00:29:23,169 –> 00:29:23,190
[paul_tyler]: h

1207
00:29:23,320 –> 00:29:25,682
[ramsey_d_smith]: you don’t have the same set of
choices so it’s

1208
00:29:25,611 –> 00:29:25,751
[david_macchia]: yeah

1209
00:29:25,742 –> 00:29:26,623
[ramsey_d_smith]: a it’s a tough problem

1210
00:29:26,335 –> 00:29:26,438
[paul_tyler]: no

1211
00:29:26,823 –> 00:29:26,984
[ramsey_d_smith]: right

1212
00:29:27,273 –> 00:29:30,078
[david_macchia]: this is really really a smart point
you bringing up because

1213
00:29:30,065 –> 00:29:30,935
[ramsey_d_smith]: yeah

1214
00:29:30,539 –> 00:29:32,642
[david_macchia]: i remember i got a call from
a writer i won’t mention his

1215
00:29:32,550 –> 00:29:33,215
[ramsey_d_smith]: hm

1216
00:29:32,682 –> 00:29:36,388
[david_macchia]: name he read one of my articles
and he said you know i really know

1217
00:29:36,489 –> 00:29:40,762
[david_macchia]: argued with a new he’s because they’re
not inflation adjusted and you know the truth

1218
00:29:40,842 –> 00:29:41,644
[david_macchia]: is there’s no there’s

1219
00:29:41,495 –> 00:29:42,545
[ramsey_d_smith]: yeah

1220
00:29:41,684 –> 00:29:42,545
[david_macchia]: no guarantee that

1221
00:29:42,635 –> 00:29:42,655
[ramsey_d_smith]: m

1222
00:29:42,645 –> 00:29:43,487
[david_macchia]: equity portfolios

1223
00:29:43,220 –> 00:29:43,321
[paul_tyler]: no

1224
00:29:43,527 –> 00:29:44,368
[david_macchia]: are going to be inflation

1225
00:29:44,186 –> 00:29:44,287
[paul_tyler]: no

1226
00:29:44,345 –> 00:29:44,648
[ramsey_d_smith]: oh

1227
00:29:44,448 –> 00:29:45,169
[david_macchia]: adjusted right

1228
00:29:45,557 –> 00:29:45,618
[ramsey_d_smith]: m

1229
00:29:45,790 –> 00:29:46,612
[david_macchia]: and i would rather

1230
00:29:46,514 –> 00:29:46,535
[ramsey_d_smith]: m

1231
00:29:46,672 –> 00:29:47,413
[david_macchia]: have some level

1232
00:29:47,315 –> 00:29:49,085
[ramsey_d_smith]: oh

1233
00:29:47,493 –> 00:29:47,894
[david_macchia]: of income

1234
00:29:47,782 –> 00:29:47,803
[paul_tyler]: i

1235
00:29:47,934 –> 00:29:49,617
[david_macchia]: that i can count on in retirement

1236
00:29:49,710 –> 00:29:49,892
[paul_tyler]: yeah

1237
00:29:49,977 –> 00:29:51,660
[david_macchia]: for life and if it’s

1238
00:29:51,554 –> 00:29:51,575
[ramsey_d_smith]: m

1239
00:29:51,720 –> 00:29:55,303
[david_macchia]: not inflation adjusted at least it’s tangible
at least it’s real

1240
00:29:56,114 –> 00:29:56,135
[ramsey_d_smith]: m

1241
00:29:56,764 –> 00:30:00,627
[david_macchia]: and i think you know the outlook
for in general

1242
00:30:01,355 –> 00:30:01,616
[ramsey_d_smith]: yeah

1243
00:30:01,948 –> 00:30:04,892
[david_macchia]: guaranteed income it’s going to be so
strong

1244
00:30:05,135 –> 00:30:06,605
[ramsey_d_smith]: yeah

1245
00:30:05,353 –> 00:30:05,955
[david_macchia]: going forward

1246
00:30:06,605 –> 00:30:07,265
[ramsey_d_smith]: yeah

1247
00:30:06,776 –> 00:30:07,598
[david_macchia]: it just has to be

1248
00:30:08,615 –> 00:30:09,545
[ramsey_d_smith]: yeah

1249
00:30:08,620 –> 00:30:12,046
[david_macchia]: because like i always say to advisors
you know no retirement

1250
00:30:11,986 –> 00:30:12,169
[ramsey_d_smith]: yeah

1251
00:30:12,086 –> 00:30:12,888
[david_macchia]: stops needing income

1252
00:30:13,440 –> 00:30:14,130
[paul_tyler]: oh

1253
00:30:13,775 –> 00:30:13,935
[ramsey_d_smith]: yeah

1254
00:30:14,920 –> 00:30:14,941
[paul_tyler]: a

1255
00:30:15,616 –> 00:30:16,977
[ramsey_d_smith]: i want to bring in another

1256
00:30:16,920 –> 00:30:16,940
[david_macchia]: m

1257
00:30:17,098 –> 00:30:20,260
[ramsey_d_smith]: way we can bring in full circle
to what you’re doing with what you’re

1258
00:30:20,130 –> 00:30:20,432
[paul_tyler]: oh

1259
00:30:20,321 –> 00:30:22,062
[ramsey_d_smith]: doing with projects six

1260
00:30:22,110 –> 00:30:22,293
[paul_tyler]: yeah

1261
00:30:22,142 –> 00:30:23,303
[ramsey_d_smith]: thousand minutes and

1262
00:30:23,670 –> 00:30:23,690
[david_macchia]: m

1263
00:30:23,700 –> 00:30:23,761
[paul_tyler]: ye

1264
00:30:23,704 –> 00:30:27,569
[ramsey_d_smith]: you know what potentially there’s a potential
for growth in the financial advisor space it’s

1265
00:30:27,609 –> 00:30:28,591
[ramsey_d_smith]: really i think

1266
00:30:28,481 –> 00:30:28,623
[paul_tyler]: thank

1267
00:30:28,771 –> 00:30:32,738
[ramsey_d_smith]: on the spending side right spending control
cost control and that we had

1268
00:30:32,782 –> 00:30:32,927
[paul_tyler]: yeah

1269
00:30:33,659 –> 00:30:34,060
[ramsey_d_smith]: we had

1270
00:30:34,230 –> 00:30:34,496
[paul_tyler]: oh

1271
00:30:34,861 –> 00:30:35,643
[ramsey_d_smith]: bill bangin on

1272
00:30:35,910 –> 00:30:36,110
[paul_tyler]: oh

1273
00:30:35,943 –> 00:30:38,748
[ramsey_d_smith]: right the there of woudrawl strategies

1274
00:30:39,360 –> 00:30:39,661
[david_macchia]: oh

1275
00:30:39,429 –> 00:30:42,574
[ramsey_d_smith]: he’s in his nineties he was amazing
to have him on but one of his

1276
00:30:42,634 –> 00:30:42,775
[ramsey_d_smith]: key

1277
00:30:42,642 –> 00:30:42,802
[david_macchia]: yeah

1278
00:30:42,875 –> 00:30:44,177
[ramsey_d_smith]: points is you got to fix spending

1279
00:30:44,550 –> 00:30:46,272
[paul_tyler]: uh

1280
00:30:46,721 –> 00:30:46,882
[david_macchia]: yeah

1281
00:30:47,523 –> 00:30:47,703
[ramsey_d_smith]: right

1282
00:30:47,583 –> 00:30:49,125
[david_macchia]: but but here’s here’s

1283
00:30:49,067 –> 00:30:49,249
[ramsey_d_smith]: yeah

1284
00:30:49,306 –> 00:30:50,227
[david_macchia]: here’s the problem here’s

1285
00:30:50,115 –> 00:30:50,276
[ramsey_d_smith]: yeah

1286
00:30:50,267 –> 00:30:52,050
[david_macchia]: the problem i say and i like
i like bill a lot

1287
00:30:52,055 –> 00:30:52,195
[ramsey_d_smith]: yeah

1288
00:30:52,170 –> 00:30:54,935
[david_macchia]: and you know i wrote an article
called there is no safe with drawl rate

1289
00:30:55,025 –> 00:30:55,186
[ramsey_d_smith]: yeah

1290
00:30:55,576 –> 00:30:57,800
[david_macchia]: which by the way which i believe
and

1291
00:30:57,825 –> 00:30:57,946
[ramsey_d_smith]: oh

1292
00:30:57,920 –> 00:30:59,603
[david_macchia]: uh you know and he came back
to

1293
00:30:59,553 –> 00:31:00,035
[ramsey_d_smith]: yeah

1294
00:30:59,663 –> 00:31:01,005
[david_macchia]: me and and he said well my

1295
00:31:01,094 –> 00:31:01,115
[ramsey_d_smith]: m

1296
00:31:01,145 –> 00:31:06,795
[david_macchia]: projections say that that’s not the case
i said i understand you’re absolutely right but

1297
00:31:07,155 –> 00:31:08,177
[david_macchia]: all of the projections

1298
00:31:07,950 –> 00:31:09,330
[paul_tyler]: yeah

1299
00:31:08,498 –> 00:31:09,299
[david_macchia]: yours and everyone

1300
00:31:09,335 –> 00:31:09,557
[ramsey_d_smith]: oh

1301
00:31:09,359 –> 00:31:11,827
[david_macchia]: else’s assumes that the client stays invested

1302
00:31:12,186 –> 00:31:12,980
[paul_tyler]: a oh

1303
00:31:12,825 –> 00:31:12,967
[ramsey_d_smith]: yeah

1304
00:31:13,020 –> 00:31:15,665
[david_macchia]: every single day in every single condition
and

1305
00:31:15,668 –> 00:31:15,709
[ramsey_d_smith]: m

1306
00:31:15,789 –> 00:31:15,810
[paul_tyler]: h

1307
00:31:15,865 –> 00:31:16,626
[david_macchia]: cast in the real world

1308
00:31:16,544 –> 00:31:16,565
[ramsey_d_smith]: m

1309
00:31:16,666 –> 00:31:17,007
[david_macchia]: they don’t

1310
00:31:16,920 –> 00:31:18,420
[paul_tyler]: okay

1311
00:31:17,868 –> 00:31:17,968
[david_macchia]: so

1312
00:31:18,067 –> 00:31:18,148
[ramsey_d_smith]: ah

1313
00:31:18,630 –> 00:31:21,194
[david_macchia]: you know the point

1314
00:31:21,213 –> 00:31:21,378
[paul_tyler]: yah

1315
00:31:21,234 –> 00:31:22,175
[david_macchia]: about withdrawals is

1316
00:31:22,085 –> 00:31:22,426
[ramsey_d_smith]: oh

1317
00:31:22,256 –> 00:31:24,519
[david_macchia]: that it’s really really hard

1318
00:31:24,780 –> 00:31:27,199
[paul_tyler]: okay

1319
00:31:24,880 –> 00:31:25,761
[david_macchia]: in the practical

1320
00:31:25,236 –> 00:31:25,357
[ramsey_d_smith]: ah

1321
00:31:26,142 –> 00:31:27,785
[david_macchia]: real world that advises live in

1322
00:31:28,170 –> 00:31:28,190
[paul_tyler]: a

1323
00:31:28,266 –> 00:31:28,726
[david_macchia]: to go to a

1324
00:31:28,754 –> 00:31:28,775
[ramsey_d_smith]: m

1325
00:31:28,807 –> 00:31:32,413
[david_macchia]: client and say well you know last
year you took out forty thousand from your

1326
00:31:32,473 –> 00:31:33,014
[david_macchia]: portfolio

1327
00:31:32,550 –> 00:31:32,795
[paul_tyler]: oh

1328
00:31:33,134 –> 00:31:33,274
[david_macchia]: but

1329
00:31:33,545 –> 00:31:33,826
[ramsey_d_smith]: yah

1330
00:31:33,695 –> 00:31:36,620
[david_macchia]: really this year you need to take
out twenty one thousand three hundred m

1331
00:31:36,674 –> 00:31:37,595
[ramsey_d_smith]: m m

1332
00:31:37,950 –> 00:31:39,312
[david_macchia]: it doesn’t work at the kitchen table

1333
00:31:39,751 –> 00:31:39,832
[paul_tyler]: no

1334
00:31:40,102 –> 00:31:40,264
[ramsey_d_smith]: yeah

1335
00:31:40,314 –> 00:31:41,857
[david_macchia]: it just doesn’t it just doesn’t work

1336
00:31:42,185 –> 00:31:42,533
[ramsey_d_smith]: yeah

1337
00:31:42,778 –> 00:31:48,207
[david_macchia]: and so you know a fixed stream
of income coming from an annuity that a

1338
00:31:48,468 –> 00:31:48,868
[david_macchia]: client can

1339
00:31:48,845 –> 00:31:49,127
[ramsey_d_smith]: oh

1340
00:31:48,930 –> 00:31:49,293
[paul_tyler]: oh

1341
00:31:48,969 –> 00:31:50,071
[david_macchia]: count on year

1342
00:31:49,950 –> 00:31:50,191
[paul_tyler]: oh

1343
00:31:50,251 –> 00:31:51,173
[david_macchia]: after year after year

1344
00:31:51,455 –> 00:31:51,775
[ramsey_d_smith]: oh

1345
00:31:52,315 –> 00:31:54,318
[david_macchia]: that that’s hard to argue against

1346
00:31:55,151 –> 00:31:55,291
[paul_tyler]: oh

1347
00:31:55,490 –> 00:31:55,895
[david_macchia]: it’s hard

1348
00:31:55,832 –> 00:31:56,012
[paul_tyler]: well

1349
00:31:55,955 –> 00:31:56,703
[david_macchia]: to argue against

1350
00:31:56,713 –> 00:31:59,178
[paul_tyler]: i think you’re right people want guarantee
income here

1351
00:31:59,255 –> 00:31:59,478
[ramsey_d_smith]: oh

1352
00:31:59,799 –> 00:32:01,542
[paul_tyler]: an anecdote on monday so

1353
00:32:02,144 –> 00:32:02,165
[ramsey_d_smith]: m

1354
00:32:02,243 –> 00:32:07,580
[paul_tyler]: so i’m back in our office and
in hartford and walking along security

1355
00:32:07,440 –> 00:32:07,683
[david_macchia]: yes

1356
00:32:07,640 –> 00:32:12,348
[paul_tyler]: guy nowell is talking to women who
reports in cafitarnoell and he’s saying sixty two

1357
00:32:13,751 –> 00:32:14,031
[paul_tyler]: sixty

1358
00:32:14,015 –> 00:32:14,035
[ramsey_d_smith]: m

1359
00:32:14,151 –> 00:32:20,081
[paul_tyler]: seven okay i know this conversation so
i stuck my head

1360
00:32:19,929 –> 00:32:19,950
[david_macchia]: m

1361
00:32:20,181 –> 00:32:21,163
[paul_tyler]: in and you know it’s

1362
00:32:21,635 –> 00:32:21,876
[ramsey_d_smith]: oh

1363
00:32:22,305 –> 00:32:25,811
[paul_tyler]: you know here are two people struggling
like how do they bridge to retirement

1364
00:32:25,235 –> 00:32:26,455
[ramsey_d_smith]: yah m

1365
00:32:26,712 –> 00:32:28,115
[paul_tyler]: and you know a woman said to
me

1366
00:32:28,475 –> 00:32:28,617
[ramsey_d_smith]: ye

1367
00:32:28,475 –> 00:32:33,341
[paul_tyler]: paul i could actually could actually retire
right now i can’t pay for my health

1368
00:32:33,421 –> 00:32:35,645
[paul_tyler]: care so well do you know the
products

1369
00:32:35,462 –> 00:32:35,483
[david_macchia]: m

1370
00:32:35,685 –> 00:32:36,326
[paul_tyler]: were selling here

1371
00:32:36,219 –> 00:32:36,240
[david_macchia]: m

1372
00:32:36,607 –> 00:32:41,735
[paul_tyler]: can actually help you do that we
could actually said talk to me

1373
00:32:41,846 –> 00:32:41,887
[ramsey_d_smith]: m

1374
00:32:41,896 –> 00:32:43,678
[paul_tyler]: you know we’ll sit down i’ll show
you the numbers i’m not

1375
00:32:43,633 –> 00:32:43,654
[ramsey_d_smith]: m

1376
00:32:43,719 –> 00:32:46,262
[paul_tyler]: selling i’m not making money on this
david i

1377
00:32:46,620 –> 00:32:46,966
[david_macchia]: oh

1378
00:32:46,883 –> 00:32:47,304
[paul_tyler]: maybe i can

1379
00:32:47,285 –> 00:32:47,606
[ramsey_d_smith]: yeah

1380
00:32:47,564 –> 00:32:50,348
[paul_tyler]: with this count towards my two hours
if i help some people

1381
00:32:50,340 –> 00:32:50,520
[david_macchia]: sure

1382
00:32:50,448 –> 00:32:50,608
[paul_tyler]: here

1383
00:32:50,705 –> 00:32:51,087
[ramsey_d_smith]: oh

1384
00:32:52,625 –> 00:32:53,106
[david_macchia]: of course

1385
00:32:52,892 –> 00:32:55,978
[paul_tyler]: but these are real problems sort of
right like i think the guarantee you got

1386
00:32:56,018 –> 00:32:56,079
[paul_tyler]: to

1387
00:32:56,054 –> 00:32:56,496
[david_macchia]: totally

1388
00:32:56,075 –> 00:32:56,301
[ramsey_d_smith]: oh

1389
00:32:56,119 –> 00:32:57,622
[paul_tyler]: hit sixty two most people

1390
00:32:57,480 –> 00:32:57,743
[david_macchia]: yeah

1391
00:32:57,682 –> 00:33:00,668
[paul_tyler]: are in they’re not trying to get
rich right they will keep

1392
00:33:01,041 –> 00:33:03,004
[david_macchia]: you can’t you can’t solve risk with

1393
00:33:03,060 –> 00:33:03,263
[paul_tyler]: oh

1394
00:33:03,084 –> 00:33:04,286
[david_macchia]: more risk you have to solve

1395
00:33:04,385 –> 00:33:04,405
[ramsey_d_smith]: m

1396
00:33:04,406 –> 00:33:05,928
[david_macchia]: risk with with safety

1397
00:33:06,460 –> 00:33:06,601
[paul_tyler]: yeah

1398
00:33:06,695 –> 00:33:06,877
[ramsey_d_smith]: oh

1399
00:33:07,090 –> 00:33:08,233
[david_macchia]: you just you just have to

1400
00:33:08,483 –> 00:33:08,809
[paul_tyler]: yeah

1401
00:33:09,308 –> 00:33:09,569
[ramsey_d_smith]: i like

1402
00:33:09,476 –> 00:33:09,737
[david_macchia]: and that’s

1403
00:33:09,629 –> 00:33:09,789
[ramsey_d_smith]: that

1404
00:33:09,777 –> 00:33:09,917
[david_macchia]: why

1405
00:33:09,850 –> 00:33:10,191
[ramsey_d_smith]: comment

1406
00:33:10,761 –> 00:33:10,986
[paul_tyler]: right

1407
00:33:11,050 –> 00:33:15,437
[david_macchia]: you’ve got this is why i like
i like advisors not to not

1408
00:33:15,335 –> 00:33:15,538
[ramsey_d_smith]: oh

1409
00:33:15,477 –> 00:33:15,818
[david_macchia]: to just

1410
00:33:15,697 –> 00:33:15,777
[paul_tyler]: oh

1411
00:33:16,339 –> 00:33:16,960
[david_macchia]: put themselves

1412
00:33:16,715 –> 00:33:16,896
[ramsey_d_smith]: yeah

1413
00:33:17,040 –> 00:33:19,143
[david_macchia]: in one pigeon hole right

1414
00:33:19,680 –> 00:33:19,902
[paul_tyler]: yeah

1415
00:33:19,925 –> 00:33:23,170
[david_macchia]: don’t do that think more broadly cause

1416
00:33:23,040 –> 00:33:23,223
[paul_tyler]: yeah

1417
00:33:23,351 –> 00:33:28,784
[david_macchia]: you have to inject safety in the
portfolio the retirement income portfolio

1418
00:33:28,590 –> 00:33:29,310
[paul_tyler]: yeah

1419
00:33:28,864 –> 00:33:30,568
[david_macchia]: of ninety percent of the people

1420
00:33:31,140 –> 00:33:31,322
[paul_tyler]: yeah

1421
00:33:31,361 –> 00:33:32,112
[david_macchia]: they must have it

1422
00:33:33,874 –> 00:33:36,782
[paul_tyler]: i could see the visual for injecting
safety that

1423
00:33:36,990 –> 00:33:37,552
[david_macchia]: uh

1424
00:33:37,163 –> 00:33:37,343
[paul_tyler]: like

1425
00:33:38,033 –> 00:33:41,258
[ramsey_d_smith]: you can’t you can’t solve risk with
more risk paul that’s the that’s the

1426
00:33:41,189 –> 00:33:41,310
[david_macchia]: yeah

1427
00:33:41,261 –> 00:33:41,482
[paul_tyler]: right

1428
00:33:41,318 –> 00:33:43,021
[ramsey_d_smith]: headline on the on the linked in
right

1429
00:33:42,984 –> 00:33:43,244
[paul_tyler]: right

1430
00:33:43,081 –> 00:33:44,564
[ramsey_d_smith]: that’s that’s the that’s the quotable

1431
00:33:45,047 –> 00:33:45,268
[paul_tyler]: yeah

1432
00:33:45,125 –> 00:33:45,346
[ramsey_d_smith]: oh

1433
00:33:45,729 –> 00:33:46,189
[paul_tyler]: you can’t

1434
00:33:46,153 –> 00:33:46,275
[ramsey_d_smith]: here

1435
00:33:46,290 –> 00:33:46,690
[paul_tyler]: solve

1436
00:33:46,295 –> 00:33:46,517
[ramsey_d_smith]: you go

1437
00:33:46,830 –> 00:33:53,463
[paul_tyler]: risk with more risk yeah i’ll see
yeah yeah yeah yeah yeah give me the

1438
00:33:53,523 –> 00:33:54,326
[paul_tyler]: notes afterwards

1439
00:33:54,875 –> 00:33:55,095
[ramsey_d_smith]: right

1440
00:33:56,060 –> 00:33:59,506
[paul_tyler]: well he listen this is this is
it’s great to catch up so

1441
00:34:00,125 –> 00:34:00,367
[ramsey_d_smith]: oh

1442
00:34:00,300 –> 00:34:00,522
[david_macchia]: oh

1443
00:34:00,488 –> 00:34:01,249
[paul_tyler]: we conofered a lot

1444
00:34:01,265 –> 00:34:01,547
[ramsey_d_smith]: oh

1445
00:34:01,409 –> 00:34:05,576
[paul_tyler]: so i think great initiative to drive
more

1446
00:34:05,460 –> 00:34:05,480
[david_macchia]: m

1447
00:34:05,656 –> 00:34:07,479
[paul_tyler]: education into parts

1448
00:34:07,355 –> 00:34:07,657
[ramsey_d_smith]: oh

1449
00:34:07,800 –> 00:34:11,025
[paul_tyler]: community that don’t necessarily get a call
from a mary

1450
00:34:10,808 –> 00:34:11,340
[david_macchia]: hm

1451
00:34:11,085 –> 00:34:13,189
[paul_tyler]: lynch advisor or your friends at fisher

1452
00:34:13,161 –> 00:34:13,325
[david_macchia]: right

1453
00:34:13,289 –> 00:34:13,790
[paul_tyler]: investments

1454
00:34:14,195 –> 00:34:14,215
[ramsey_d_smith]: m

1455
00:34:14,591 –> 00:34:14,811
[paul_tyler]: right

1456
00:34:16,385 –> 00:34:16,405
[ramsey_d_smith]: m

1457
00:34:16,614 –> 00:34:18,618
[paul_tyler]: they’re not calling them right

1458
00:34:18,595 –> 00:34:18,695
[david_macchia]: no

1459
00:34:18,700 –> 00:34:18,740
[ramsey_d_smith]: hm

1460
00:34:18,958 –> 00:34:19,419
[paul_tyler]: and they need

1461
00:34:19,356 –> 00:34:19,556
[david_macchia]: they’re

1462
00:34:19,479 –> 00:34:19,599
[paul_tyler]: help

1463
00:34:19,597 –> 00:34:20,117
[david_macchia]: not calling

1464
00:34:20,381 –> 00:34:20,962
[paul_tyler]: i think this is

1465
00:34:20,898 –> 00:34:21,059
[david_macchia]: yep

1466
00:34:21,042 –> 00:34:23,546
[paul_tyler]: great we talked about sort of the
state of the

1467
00:34:23,495 –> 00:34:23,797
[ramsey_d_smith]: yeah

1468
00:34:23,586 –> 00:34:24,888
[paul_tyler]: state of

1469
00:34:26,015 –> 00:34:26,945
[ramsey_d_smith]: yeah

1470
00:34:26,411 –> 00:34:27,292
[paul_tyler]: crazy economy

1471
00:34:27,336 –> 00:34:27,437
[ramsey_d_smith]: ah

1472
00:34:27,893 –> 00:34:32,320
[paul_tyler]: and we didn’t get to get go
here i actually found the other there’s actually

1473
00:34:32,941 –> 00:34:37,166
[paul_tyler]: stand for puts out and when we
get this right it’s let’s

1474
00:34:37,205 –> 00:34:37,528
[ramsey_d_smith]: yah

1475
00:34:37,206 –> 00:34:38,347
[paul_tyler]: see a

1476
00:34:41,460 –> 00:34:42,221
[paul_tyler]: it’s an index

1477
00:34:42,990 –> 00:34:43,010
[david_macchia]: m

1478
00:34:43,022 –> 00:34:44,064
[paul_tyler]: we’re not gonna put this in ten

1479
00:34:45,635 –> 00:34:45,916
[ramsey_d_smith]: yeah

1480
00:34:46,167 –> 00:34:48,311
[paul_tyler]: but it’s the world uncertainty index

1481
00:34:48,605 –> 00:34:49,625
[ramsey_d_smith]: yeah

1482
00:34:49,092 –> 00:34:50,455
[paul_tyler]: and boy it’s just getting higher

1483
00:34:50,002 –> 00:34:50,547
[david_macchia]: interesting

1484
00:34:50,615 –> 00:34:51,136
[paul_tyler]: and higher

1485
00:34:51,393 –> 00:34:51,554
[david_macchia]: yeah

1486
00:34:51,817 –> 00:34:53,984
[paul_tyler]: very interesting so but risk

1487
00:34:53,834 –> 00:34:53,855
[ramsey_d_smith]: m

1488
00:34:54,045 –> 00:34:56,430
[paul_tyler]: and uncertainty i don’t know ramsey

1489
00:34:56,255 –> 00:34:56,604
[ramsey_d_smith]: my

1490
00:34:56,490 –> 00:35:00,518
[paul_tyler]: what are what are your thoughts take
aways an last questions for david

1491
00:35:01,556 –> 00:35:04,000
[ramsey_d_smith]: um just i think we i think
we covered

1492
00:35:03,810 –> 00:35:04,052
[paul_tyler]: oh

1493
00:35:04,060 –> 00:35:06,143
[ramsey_d_smith]: an amazing amount of ground today

1494
00:35:06,060 –> 00:35:06,381
[david_macchia]: yeah

1495
00:35:06,524 –> 00:35:07,205
[ramsey_d_smith]: very efficiently

1496
00:35:07,668 –> 00:35:07,869
[david_macchia]: yeah

1497
00:35:08,367 –> 00:35:09,208
[ramsey_d_smith]: i’ll just say that you know

1498
00:35:09,150 –> 00:35:09,170
[david_macchia]: m

1499
00:35:09,489 –> 00:35:13,075
[ramsey_d_smith]: david between this visit and the last
visit on some

1500
00:35:13,050 –> 00:35:13,313
[paul_tyler]: yeah

1501
00:35:13,115 –> 00:35:13,815
[ramsey_d_smith]: of the things that you’ve

1502
00:35:13,710 –> 00:35:13,930
[david_macchia]: oh

1503
00:35:13,955 –> 00:35:20,261
[ramsey_d_smith]: you’ve written recently you are you’re very
you’re very thoughtful individual in this space so

1504
00:35:20,340 –> 00:35:20,360
[david_macchia]: m

1505
00:35:20,762 –> 00:35:23,004
[ramsey_d_smith]: thoughtful and and a passionate voice around

1506
00:35:22,680 –> 00:35:23,460
[paul_tyler]: oh

1507
00:35:23,164 –> 00:35:28,181
[ramsey_d_smith]: you know retirement income so thank you
for doing what you do and it’s been

1508
00:35:28,221 –> 00:35:28,582
[ramsey_d_smith]: real pleasure

1509
00:35:29,640 –> 00:35:32,923
[david_macchia]: thank you for saying that ramsey and
it’s always a pleasure to be with both

1510
00:35:32,983 –> 00:35:34,685
[david_macchia]: of you i love what you’ve done

1511
00:35:34,565 –> 00:35:34,869
[ramsey_d_smith]: oh

1512
00:35:34,725 –> 00:35:36,747
[david_macchia]: with the podcast it’s essential listening

1513
00:35:36,425 –> 00:35:36,729
[ramsey_d_smith]: yeah

1514
00:35:37,040 –> 00:35:37,220
[paul_tyler]: yeah

1515
00:35:37,388 –> 00:35:38,068
[david_macchia]: it really is

1516
00:35:38,005 –> 00:35:38,286
[ramsey_d_smith]: thank you

1517
00:35:38,642 –> 00:35:43,010
[paul_tyler]: thanks yeah hey david listen keep doing
what you’re doing you know one

1518
00:35:42,965 –> 00:35:44,135
[ramsey_d_smith]: oh

1519
00:35:43,110 –> 00:35:44,152
[paul_tyler]: part of the introduction we

1520
00:35:44,160 –> 00:35:44,940
[david_macchia]: yeah

1521
00:35:44,232 –> 00:35:47,076
[paul_tyler]: didn’t give you is you’re just you’re
doing a great job out in

1522
00:35:47,435 –> 00:35:47,455
[ramsey_d_smith]: m

1523
00:35:47,838 –> 00:35:48,699
[paul_tyler]: unlinked in and some

1524
00:35:48,725 –> 00:35:49,028
[ramsey_d_smith]: oh

1525
00:35:48,739 –> 00:35:55,130
[paul_tyler]: of these websites just keeping the message
in front of people about guarantees about income

1526
00:35:55,170 –> 00:35:55,230
[paul_tyler]: and

1527
00:35:55,205 –> 00:35:55,526
[ramsey_d_smith]: oh

1528
00:35:55,310 –> 00:35:57,654
[paul_tyler]: thank you i think what you’re doing
is terrific

1529
00:35:58,320 –> 00:35:58,683
[david_macchia]: oh

1530
00:35:58,455 –> 00:35:58,616
[paul_tyler]: um

1531
00:35:59,720 –> 00:36:00,003
[david_macchia]: thank you

1532
00:36:00,058 –> 00:36:05,568
[paul_tyler]: yeah look we want to support we
want to sport your project two thousand minutes

1533
00:36:06,008 –> 00:36:06,309
[paul_tyler]: so well

1534
00:36:06,257 –> 00:36:06,759
[ramsey_d_smith]: six thousand

1535
00:36:06,750 –> 00:36:07,952
[paul_tyler]: six thousand six thousand

1536
00:36:07,895 –> 00:36:08,135
[ramsey_d_smith]: oh

1537
00:36:08,232 –> 00:36:10,616
[paul_tyler]: i’m bad date for numbers for me

1538
00:36:11,139 –> 00:36:15,446
[david_macchia]: i very much appreciate that paul like
i said we need we need the participation

1539
00:36:15,546 –> 00:36:16,688
[david_macchia]: of institutions

1540
00:36:16,660 –> 00:36:16,763
[ramsey_d_smith]: ah

1541
00:36:16,728 –> 00:36:17,651
[david_macchia]: and individuals so

1542
00:36:18,485 –> 00:36:18,505
[ramsey_d_smith]: m

1543
00:36:18,736 –> 00:36:19,037
[david_macchia]: i really

1544
00:36:18,900 –> 00:36:19,003
[paul_tyler]: ye

1545
00:36:19,098 –> 00:36:20,524
[david_macchia]: wanted to get off the ground and
be very very

1546
00:36:20,570 –> 00:36:20,770
[paul_tyler]: okay

1547
00:36:20,585 –> 00:36:21,067
[david_macchia]: successful

1548
00:36:21,031 –> 00:36:22,673
[paul_tyler]: great we’ll put the link and link
to

1549
00:36:22,607 –> 00:36:22,708
[ramsey_d_smith]: ye

1550
00:36:22,753 –> 00:36:24,236
[paul_tyler]: your side and we’ll put the link
to

1551
00:36:24,240 –> 00:36:24,681
[david_macchia]: oh

1552
00:36:24,296 –> 00:36:27,962
[paul_tyler]: your linked in account whatever however else
so people can get in touch with you

1553
00:36:28,102 –> 00:36:32,089
[paul_tyler]: this is great thanks david ramsey thank
you and thanks for listening

1554
00:36:32,165 –> 00:36:32,428
[ramsey_d_smith]: yeah

1555
00:36:32,670 –> 00:36:33,392
[paul_tyler]: so it’s again next week

1556
00:36:33,448 –> 00:36:33,592
[ramsey_d_smith]: yeah

1557
00:36:33,452 –> 00:36:36,438
[paul_tyler]: for another episode of that annuity show
thanks

1558
00:36:36,695 –> 00:36:36,917
[ramsey_d_smith]: yah

1559
00:36:37,950 –> 00:36:38,235
[david_macchia]: thank you

1560
00:36:39,060 –> 00:36:39,267
[paul_tyler]: oh

 

00:36:39,060 –> 00:36:39,267

[paul_tyler]: oh

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Nick DesrocherEpisode 164: You Can’t Solve Risk By Adding More Risk with David Macchia
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The Tragic Politicization of Annuities

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Well, how about this for coincidence? As this regrettable exchange was playing out in real time, late at night and into the early morning, in the very middle of it I received an alert on my iPhone that episode 152 of That Annuity Show podcast had been released. If you are not familiar with That Annuity Show, it is a podcast that offers value to anyone who desires to better understand the benefits of annuities and their practical applications. The podcast attracts a wide variety of guests who address diverse topics including academic research, marketing, technology,  innovation, product development and more. Paul Tyler, CMO OF Nassau RE, hosts the podcast along with Ramsey Smith, Founder & CEO of ALEX.fyi. They are frequently joined by guest host Bruno Caron, Associate Director at A.M, Best.

Picture this. I’m listening to the podcast while simultaneously participating in this “war of words,” over annuities, when I get to the point in the interview where Caron calls attention to a statement found on page 61 of my book, Constrained Investor, where I state that:

“Annuities remind me of politics. They ignite polarized beliefs that sometimes make it difficult to have fruitful discussions.”

“Wow! I am living this reality. It is just like politics!”

It is Not About a “Side”

The LinkedIn exchange inspired numerous comments from other LinkedIn members. In response to one made by Dr. Donald Moine, I explained that “I am pro intelligent retirement income planning. That makes me, by definition, pro-annuities, AND pro-investments. It is hard for some people to comprehend that neither ‘camp’ is the answer, but both are vital parts of the answer.”

After 18 years spent working in the field of income distribution planning, I can tell you that nothing is truer than this: No single “silo” is the answer to retirement income. In 2005, I became a founding member and director of the non-profit Retirement Income Industry Association, an organization whose mission it was to produce research benefiting from, “A view across the silos.” The association did pioneering work in communicating the need for diverse business silos to join together in order to craft the next generation of retirement income solutions.

Because asset management and insurance are equally vital components of proper income planning, prejudices against annuities like those espoused by my word-fight opponent only serve to work against the best interests of the American retiree.

A New Way to Assess and Serve Retirees’ Needs

If you hold views that are preventing your embrace of annuities, let me offer you an alternative way to think about serving the needs of your retiree clients. At retirement, any client can be placed into one of three categories of investors:

  • Underfunded Investors
  • Overfunded Investors
  • Constrained Investors.

Because “underfunded” investors rely primarily upon Social Security for retirement income, clients you are working with will almost always fall into the “overfunded” and “constrained investor” categories.

Overfunded clients are a lucky minority who have more wealth assets than are required to create their desired level of retirement income.

Constrained investors represent a lucrative market of desirable clients because all of them arrive at retirement with assets. However, the amount they’ve saved is not high in relation to the level of income they require to support a, “minimally acceptable lifestyle.” This does not mean that constrained investors have low investment account balances. On the contrary, they may have multiple millions of dollars. When working with constrained investors, it is less about the “amount” and more about the “relationship” between the amount of accumulated savings, and the level of income the savings must produce.

For example, imagine a client, Paula, who is retiring with $925,000 in investible assets. After subtracting Social Security, Paula requires her savings to produce an annual income of $41,076. Let me explain how that number was determined.

Funding Paula’s Minimally Acceptable Lifestyle

An integral component of the Constrained Investor framework is the calculation of the investor’s monthly income needed to support a Minimally Acceptable Lifestyle. This is done by adding up all of the retiree’s vital expenses, and then, to account for the funding of lifestyle expenses, grossing that number up by a factor of 30%.

Paula’s monthly vital expenses total $4,325. By adding 30% to the vital expenses total, we arrive at Paula’s Minimally Acceptable Lifestyle need of $5,623 per month.

The next step is to calculate Paula’s income gap. This is done by subtracting her monthly Social Security retirement benefit from her total required monthly income.

$5,623 minus $2,200 = a monthly income gap of $3,423, or, on an annual basis, $41,076.

Now that we know that Paula needs her saving to fund her annual income need of  $41,076, we turn to Income-to-Assets Ratio. This gives us an uncomplicated way to determine if Paula is a constrained investor.

We simply divide the annual income needed by the amount of assets available to produce income. If the resulting percentage is 3% or higher, the client is a constrained investor.

In Paula’s case, we can see that she is indeed constrained. Dividing her annual income need of $41,076 by $925,000, give us a result of 4.44%. That is greater than 3%, so, Paula is a constrained investor.

What does that really mean? I can answer that in one word: caution.

Paula’s savings will be under pressure to produce monthly income that she must have. I cannot make this point strongly enough. Constrained investors share the common characteristic of having an absolute reliance upon their savings to produce income that is essential. This means that they cannot afford investing mistakes. Constrained investors lack the cash cushion to absorb the losses. Yet, because we seek to generate inflation-adjusted income, constrained investors need to be consistent investors with an appropriate degree of long-term exposure to risk assets.

This conundrum creates the need for an investing framework that delivers positive behavioral characteristics by placing its central emphasis on mitigating risks that can reduce or even entirely consume the retiree’s income. Specifically, I am referring to the management of timing risk and longevity risk.

The Constrained Investor framework features safe monthly paychecks throughout retirement, combined with risk mitigation, making it much easier for the retiree to remain durably invested  in risk assets through all market conditions.

Why Longevity Annuities Must Be Recommended

Constrained investors face a challenge in making their retirement incomes last for life. Systematic withdrawal plans with high “confidence rates” are no substitute for true longevity protection. This is where the recommendation of an annuity is absolutely essential.

If you, like my word-fight-opponent, hold negative views of annuities, it really is past time to let them go. Regardless of your business model, annuities have been transformed in order to easily accommodate your needs.

In my view, RIAs have no excuse to avoid annuities. Plenty are available with no commissions or surrender charges. There are also innovative “Contingent Deferred Annuities” that add lifetime income protection to client portfolios. And there are multiple fiduciary annuity marketplaces that facilitate both product selection and transaction handling. Fiduciary annuities appear in your portfolio management application like any other “wrapped” asset. No longer is there a rational argument to levied against annuities.

Out of Synch with Women’s Needs

If after all of this you still eschew annuities, I have a prediction for you: your rigid thinking is likely to cost you plenty in the years ahead. As women assume control over most of the available wealth assets, the male-dominated advisor community will reckon with a radically altered set of proprieties and investing preferences for which they are generally unprepared. As Blackrock recently stated, “Simply put, when it comes to money, men and women see the world quite differently.” BCG Consulting finds that, “Too many firms rely on broad assumptions about what women are looking for, resulting in products, services and messaging that can feel superficial at best and condescending at worst.”

Prior to launching the industry’s first retirement income solution developed expressly for “boomer” women, my firm did extensive research on gender-based differences in investing preferences. In comparison to men, Blackrock may actually be understating how radically different women in the “boomer” cohort view investing.

Men are all about ROI, historical performance and stock-picking. Considering that 86% of advisors are male, many advisors are currently unprepared to shift their investing orientation toward women’s top priorities: risk reduction, goals and confidence. Adding to this challenge is the phenomenon of male advisors alienating female spouses. When “boomer” husbands pass, seven out of 10 incumbent male advisors are fired by the widow. So, the problems goes well beyond advisors’ long-held investing recommendations. There are cultural, gender bias and stereotyping issues that advisors will also need to address.

What does this have to do with annuities? Everything. Annuities uniquely provide lifetime income security, they reduce risk and they make it easier for clients to reach defined goals. Continued rejection of annuities places advisors’ future success in jeopardy. I’m not overstating what is at stake. If you cannot, or will not, provide what the person who controls the assets is looking for, you will have little chance of gaining or maintaining a relationship.

A New Climate Demands New Answers

With interest rates rising, stock prices dropping, inflation surging and the Fed tightening, the 14-year engineered bull market in equities has ended. Whereas a “reverse dollar-cost-averaging” approach could have worked in the yesterday’s economic climate, it cannot work for millions of constrained investors in today’s.

We have entered a new era notable for a sharp focus on risk mitigation. Unlike my word-fight opponent, it is imperative advisors move past historical prejudices in favor of open-mindedness and a willingness to listen. Clients are not much concerned about annuity sales practices of 10, 20 or 50 years ago. They are, however, concerned about their financial security today, and tomorrow. I believe you will find it both professionally and personally rewarding if you offer them an opportunity to secure tomorrow, today.

Wealth2k founder David Macchia is an entrepreneur, author, IP inventor and keynote speaker whose work involves improving the processes used in retirement income planning. David is the developer of the widely used The Income for Life Model, and the recently introduced Women And Income. He is the author of two books, Constrained Investor and Lucky Retiree: How to Create and Keep Your Retirement Income with The Income for Life Model

Read More: https://www.wealthmanagement.com/retirement-planning/tragic-politicization-annuities

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersThe Tragic Politicization of Annuities
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Episode 152: Helping The Constrained Investor Plan for Retirement With David Macchia

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Too often, investment advisors may focus on “reverse dollar cost averaging” strategies for retirement planning and ignore longevity risk. All too frequently, women – who generally happen to live longer and earn less than men – may find themselves at the most risk in this scenario. David Macchia, Retirement Income Entrepreneur, Founder of Wealth2k and author of Constrained Investor and Lucky Retiree joins us today with guest host, Bruno Caron – Associate Director at AM Best to discuss in depth.

Also, do you want to get regular updates on news about guests of our show? Go to https://thatannuityshow.com and subscribe to our newsletter.

We hope you enjoy the show.

Links mentioned:

https://www.linkedin.com/in/macchia/

https://davidmacchia.com/

https://www.constrainedinvestor.net/

Thank you to our show sponsor; The Index Standard!

Fixed Index Annuities and RILAs are getting more complex and technical just when fiduciary rules are getting stricter. How do you choose the right index and allocate to them? The Index Standard is your answer. They are an independent provider ratings and forecasts on all indices and ETFs used in the US insurance space. Their process is systematic and unbiased, identifying robust and well-designed indices. We all know finance is complex and The Index Standard has a clear ratings system and uses approachable language to demystify this complexity. Visit theindexstandard.com for more information.

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersEpisode 152: Helping The Constrained Investor Plan for Retirement With David Macchia
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