Podcast

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

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00:08:51,300 –> 00:08:52,050
[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

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

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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
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
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[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
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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
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[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

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
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[ramsey_d_smith]: back

328
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[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
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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

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

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

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[ramsey_d_smith]: david mark rejoin us to talk about

some of the things that he’s been doing

 

30

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[ramsey_d_smith]: in the in the few months since

the last time we had on the show

 

31

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[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

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[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

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[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

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[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

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[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

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[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

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[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

112
00:03:54,275 –> 00:03:54,535
[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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00:09:07,269 –> 00:09:09,933
[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

305
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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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00:09:21,993 –> 00:09:23,456
[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

316
00:09:25,500 –> 00:09:25,783
[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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00:09:29,428 –> 00:09:30,065
[ramsey_d_smith]: yeah

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

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00:09:30,565 –> 00:09:32,749
[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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00:09:33,310 –> 00:09:35,635
[ramsey_d_smith]: at the next computer she was writing
that senior thesis

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[paul_tyler]: really

327
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[ramsey_d_smith]: back

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[david_macchia]: wow

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00:09:36,576 –> 00:09:37,859
[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

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[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