Latest / The Bill Handel Show / ‘How to Money’ with Joel Larsgaard | ChatGPT’s Meteoric Rise

Transcript

‘How to Money’ with Joel Larsgaard | ChatGPT’s Meteoric Rise · The Bill Handel Show

• 0:01
  Speaker 1: You're listening to Bill Handle on demand from KFI AM
• 0:04
  Speaker 1: six forty.
• 0:08
  Speaker 2: KFI AM A six forty Bill Handle Morning Crew, Thursday Morning,
• 0:13
  Speaker 2: December fourth.
• 0:15
  Speaker 1: I just want to share with you.
• 0:16
  Speaker 2: I have a monitors on my in the studio that
• 0:20
  Speaker 2: I look at and one of the channels I have
• 0:22
  Speaker 2: is Fox, and this one absolutely floored me. Fox covers
• 0:28
  Speaker 2: obviously the major stations, the major stories around the world,
• 0:31
  Speaker 2: of course, and are local, well actually regional and national stories.
• 0:37
  Speaker 2: There was a headline that went across the bottom of
• 0:41
  Speaker 2: the screen that said, Travis Kelsey reveals.
• 0:47
  Speaker 1: That he and Taylor Swift do not fight.
• 0:50
  Speaker 2: That is a headline that is being covered by a
• 0:56
  Speaker 2: major network.
• 0:58
  Speaker 1: Wow. What does that tell you? Uh? Yeah, I know.
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  Speaker 2: It's just I was stunned when I saw it. I said,
• 1:03
  Speaker 2: come on, seriously, okay, surprised that MSNBC or CNN didn't
• 1:09
  Speaker 2: cover that. All right, it's time for How to Money
• 1:13
  Speaker 2: with Joel large Guard, Good Money, Joel, Good.
• 1:15
  Speaker 1: Morning, Jody, Morning Bill. What you got against true love
• 1:17
  Speaker 1: over there?
• 1:17
  Speaker 2: Man? Yeah, I just don't think it's a national story
• 1:20
  Speaker 2: that one person does not fight with someone else. And
• 1:23
  Speaker 2: by the way, I don't believe that for a minute yeah, no, kidding,
• 1:27
  Speaker 2: all right, Joel heard every Sunday twelve to two pm
• 1:29
  Speaker 2: here on KFI social address at how to money Joel.
• 1:34
  Speaker 2: His website is howtoomoney dot com. Now this one kind
• 1:40
  Speaker 2: of surprised me. Now, I know a lot of people
• 1:44
  Speaker 2: have unused gift cards, and I know a lot of businesses,
• 1:48
  Speaker 2: particularly restaurants, love gift gift cards because people don't use them.
• 1:53
  Speaker 2: But the number of people that have unused gift cards
• 1:57
  Speaker 2: in America is astronomical.
• 2:00
  Speaker 1: So what's going on with that?
• 2:01
  Speaker 3: Yeah, I mean it's true, like there's just an insane
• 2:05
  Speaker 3: amount of unused gift cards in this world floating around.
• 2:09
  Speaker 3: And I think it's because, like gift cards became the
• 2:12
  Speaker 3: go to gift where it feels like you're being intentional. Oh,
• 2:15
  Speaker 3: I remember that you like this store, and so I
• 2:17
  Speaker 3: got you a forty to fifty dollars gift card to
• 2:20
  Speaker 3: your favorite place or something like that, and so it
• 2:22
  Speaker 3: just became like, well, this is more intentional than cash.
• 2:24
  Speaker 3: But I also don't have the time or the energy
• 2:27
  Speaker 3: to buy you a real present that I think you
• 2:29
  Speaker 3: would like, and so I think they've just become ubiquitous
• 2:32
  Speaker 3: for that reason. And so the average American, and not
• 2:35
  Speaker 3: everybody has un used gift cards, so this is just
• 2:37
  Speaker 3: some people have like more than this amount. But the
• 2:39
  Speaker 3: average American has almost two hundred and fifty dollars in
• 2:42
  Speaker 3: unused gift cards, and when you look at it, something
• 2:45
  Speaker 3: like a third of those are either about to expire
• 2:48
  Speaker 3: or the retailer has already gone busted. And so some
• 2:51
  Speaker 3: of that money is just basically worthless that's sitting there
• 2:56
  Speaker 3: on those gift cards that are in your underwear drawer
• 2:58
  Speaker 3: or wherever you keep them.
• 3:00
  Speaker 2: And the other side of that is that the store
• 3:03
  Speaker 2: gets free money that otherwise would not And to your
• 3:07
  Speaker 2: point about unused gift cards.
• 3:09
  Speaker 1: When Handle On the Law went into syndication.
• 3:13
  Speaker 2: Maybe twenty five years ago, the president of Premiere Radio
• 3:19
  Speaker 2: who syndicated the show, who now is a very dear
• 3:22
  Speaker 2: friend of mine, because I dressed like a slob and
• 3:25
  Speaker 2: he always dressed mean spectacularly, he actually gave me a
• 3:29
  Speaker 2: two hundred and fifty dollars gift certificate for close, a
• 3:37
  Speaker 2: gift certificate at a closed store, a very small, very
• 3:40
  Speaker 2: high end men's store in Encino. So I here, I
• 3:45
  Speaker 2: am two hundred and fifty dollars gift card and I
• 3:48
  Speaker 2: said so wow, And I looked at his pants. I go, so,
• 3:51
  Speaker 2: how many pairs of pants? Two hundred and fifty dollars by?
• 3:54
  Speaker 2: He said one. I went two hundred and fifty dollars
• 3:57
  Speaker 2: for a pair of pants. He goes, yeah, it's a
• 3:59
  Speaker 2: good store. Sure, I don't have four suits that costs
• 4:04
  Speaker 2: two hundred and fifty dollars if you combine them all.
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  Speaker 2: And the point is, there was no way on God's
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  Speaker 2: Earth I was going to spend two hundred and fifty
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  Speaker 2: dollars for a pair of pants. And the store went
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  Speaker 2: out of business a few years later, and then there
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  Speaker 2: it was two hundred and fifty bucks gone.
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  Speaker 3: You're not the only one to experience that. My rule
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  Speaker 3: of thumb is always this that like, get a gift card.
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  Speaker 3: If gift cards are being discounted, that's a great time
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  Speaker 3: to get one for somebody. If you're trading one hundred
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  Speaker 3: dollars in cash for one hundred dollars in gift cards,
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  Speaker 3: you're essentially taking money that can be used anywhere in
• 4:40
  Speaker 3: the United States right that accepts cash money, which is
• 4:42
  Speaker 3: pretty much everywhere and the But if you turn it
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  Speaker 3: into a gift card, you're turning it into something that's
• 4:48
  Speaker 3: incredibly limited and that somebody is more likely to misplace,
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  Speaker 3: forget about not used. Just like I said, the average
• 4:56
  Speaker 3: American has so much money and unused gift cards, and like,
• 4:59
  Speaker 3: for instance, this weekend has ten percent off all their
• 5:02
  Speaker 3: gift cards. And so if you're like I want to
• 5:04
  Speaker 3: be thought, you know, my friend loves Target, and Target
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  Speaker 3: is one of those stores where you can get a
• 5:08
  Speaker 3: bunch of different things too, it's not highly specialized. Get
• 5:10
  Speaker 3: a ten percent off Target gift card for that friend.
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  Speaker 3: That's a good use of gift cards. But I think
• 5:15
  Speaker 3: just trading in straight up hundred bucks for a hundred
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  Speaker 3: bucks or fifty bucks for fifty bucks, that to me
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  Speaker 3: is what doesn't make that much sense, especially when we
• 5:23
  Speaker 3: look at those numbers.
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  Speaker 2: Well, you got a Costco for example, But these are
• 5:26
  Speaker 2: limited to certain restaurants, certain theme parks where you buy
• 5:32
  Speaker 2: the gift cards and you can get a twenty percent discount.
• 5:34
  Speaker 2: Even stamps, even US stamps, you can get a discount.
• 5:39
  Speaker 2: But then again, loose Seal's Barbecue or Magic Mountain gift
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  Speaker 2: cards at a twenty percent discount. You're right, you know,
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  Speaker 2: you're guessing that they're going to go all the time.
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  Speaker 2: So what I do, And it's pretty cheesy, by the way,
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  Speaker 2: because people don't think of it.
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  Speaker 1: How can you do that?
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  Speaker 2: And I said, it's the most valuable gift you can
• 5:59
  Speaker 2: give someone, and that is, as you say, a Master
• 6:02
  Speaker 2: card or a Visa gift card.
• 6:05
  Speaker 1: Here you go. You enjoyed your careful with those two
• 6:07
  Speaker 1: though bills. Oh yeah, that's right. The fraud that goes on.
• 6:10
  Speaker 3: Well, that and the fees, like lots of times there's
• 6:13
  Speaker 3: an upfront fee for buying it. And some of those
• 6:15
  Speaker 3: Visa gift cards come with like maintenance fees every single
• 6:19
  Speaker 3: month after you after you haven't used it for a while,
• 6:22
  Speaker 3: so you don't have to be careful. You might find
• 6:24
  Speaker 3: that some of those over time become completely worthless if
• 6:26
  Speaker 3: you take too long to use them. So interesting, if
• 6:28
  Speaker 3: you were a recipient of one of those cards, make
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  Speaker 3: sure you use it asap.
• 6:32
  Speaker 2: Oh, I didn't know that. I did not know that.
• 6:34
  Speaker 2: And to your point, by the way, when you said
• 6:36
  Speaker 2: that they expire. Not in California. California passed the law
• 6:40
  Speaker 2: that says gift cards go on forever. It's the gift
• 6:44
  Speaker 2: that keeps on giving, except of course, when the business
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  Speaker 2: goes south.
• 6:48
  Speaker 1: Or goes under. Then you have the other thing.
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  Speaker 3: By the way, about those gift cards, if you have
• 6:51
  Speaker 3: just a little bit left, you can turn them into cash.
• 6:54
  Speaker 3: In the state of California, I believe up to ten
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  Speaker 3: dollars worth of leftover gift card money can be turned
• 6:59
  Speaker 3: into I think maybe next year it's going up to
• 7:02
  Speaker 3: fifteen dollars.
• 7:04
  Speaker 1: All right.
• 7:05
  Speaker 2: One of the things that we even covered this morning
• 7:08
  Speaker 2: is millionaires. A couple of things. They don't think they're millionaires.
• 7:15
  Speaker 2: It's amazing the number of people don't think that a
• 7:17
  Speaker 2: million dollars is basically worth enough to feel rich. And
• 7:22
  Speaker 2: then a lot of millionaires have financial advisors because and
• 7:29
  Speaker 2: I go to a financial advisor for some advice. And
• 7:33
  Speaker 2: that's because you know, I don't want to spend my
• 7:36
  Speaker 2: time doing the research that it really takes to understand
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  Speaker 2: what's going on in the market. It's just not my wheelhouse.
• 7:43
  Speaker 2: So if you would comment on both of those.
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  Speaker 1: Issues, I will.
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  Speaker 3: I think the reason that people don't who are millionaires
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  Speaker 3: don't feel as rich as maybe a millionaire sounds like
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  Speaker 3: it should feel like if you have a million bucks
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  Speaker 3: or a million dollar net worth, you should feel like
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  Speaker 3: you're crushing it. And it just doesn't quite feel like that.
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  Speaker 3: I think part of that is rising prices, but I
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  Speaker 3: think the other part of that is that so many
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  Speaker 3: people as they move up the income scale, Yeah, they're
• 8:12
  Speaker 3: saving and investing maybe a little more of their paycheck,
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  Speaker 3: but they also just don't quite feel like they have
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  Speaker 3: much wiggle room, right, Like, so much of their money
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  Speaker 3: is going towards payments for more expensive goods, whether it's cars,
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  Speaker 3: whether it's homes, and so they don't feel like they
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  Speaker 3: have a lot of optionality. And I think the people
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  Speaker 3: who actually who have that million dollar net worth and
• 8:36
  Speaker 3: tend to feel richer are the people who have higher
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  Speaker 3: savings rates, and so it feels like maybe they have
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  Speaker 3: more liquidity, they have more options because they're not dedicating
• 8:46
  Speaker 3: as many of the resources coming in towards immediate spending.
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  Speaker 1: So that would be my take on.
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  Speaker 3: How why some millionaires maybe feel richer and others don't
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  Speaker 3: is the ones who feel like they're spending is really
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  Speaker 3: keeping up, like their lifestyle is increasing at the same
• 9:02
  Speaker 3: rate as their income is. Those are the folks who
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  Speaker 3: aren't feeling quite as wealthy. And then, all right, what
• 9:07
  Speaker 3: was the second one you want to tackle?
• 9:08
  Speaker 1: Well, hang on.
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  Speaker 2: Let me spend a minute talking about that in terms
• 9:12
  Speaker 2: of millionaires, because when we make more money, and let's
• 9:15
  Speaker 2: say over the years we make more money, lifestyle increases
• 9:18
  Speaker 2: commensurate to the money.
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  Speaker 1: I mean, that's what we do.
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  Speaker 2: So you're basically in the same percentage, and you know,
• 9:25
  Speaker 2: vis a vis income to lifestyle. And then one other
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  Speaker 2: thing about millionaires, which I completely forgot about, is the
• 9:37
  Speaker 2: financial advisor part of it with millionaires. Tell me about that.
• 9:42
  Speaker 3: Yeah, so one last thing on the millionaires. One of
• 9:45
  Speaker 3: my friends who advise, he helps doctors figure out their money.
• 9:49
  Speaker 3: He tells them to live like a resident after they
• 9:51
  Speaker 3: become a full fledged doctor, and their income skyrockets. And
• 9:54
  Speaker 3: so if you can live like a resident for a
• 9:56
  Speaker 3: few years and maybe take the same sort of mindset
• 9:59
  Speaker 3: as a new college graduate would like, where hey live
• 10:02
  Speaker 3: like a college student for just two or three years,
• 10:05
  Speaker 3: and that sort of mindset that you develop, and also
• 10:08
  Speaker 3: the sort of savings rate you can achieve can help
• 10:11
  Speaker 3: you significantly when it comes to your you know, building
• 10:15
  Speaker 3: wealth for your future. When it comes to financial advisors.
• 10:18
  Speaker 3: It's interesting. There was this new survey and it found
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  Speaker 3: that like a big chunk of people who have a
• 10:24
  Speaker 3: million dollar net worth. They don't value their financial advisor
• 10:28
  Speaker 3: in the way that you think they would. They value
• 10:30
  Speaker 3: their trainer, or their personal trainer, or their therapist a
• 10:35
  Speaker 3: lot more than they value their financial advisor. I just
• 10:37
  Speaker 3: thought that was kind of fascinating, and I think that
• 10:40
  Speaker 3: reflects a couple of things. One that advisors can be
• 10:44
  Speaker 3: really expensive, and so if you feel like you're giving
• 10:47
  Speaker 3: a big chunk of money to your advisor every single year,
• 10:50
  Speaker 3: whether that's in the form of a direct payment per
• 10:53
  Speaker 3: hour or whether that is in the form of an
• 10:56
  Speaker 3: assets under management fee, you might be like, what are
• 10:58
  Speaker 3: they doing on my behalf for this money? And so
• 11:02
  Speaker 3: if that feels true, it doesn't mean that you should
• 11:04
  Speaker 3: not have an advisor. It means that you might need
• 11:06
  Speaker 3: to find a new one. And the variability between a
• 11:09
  Speaker 3: great advisor and a not so great advisor can be significant,
• 11:13
  Speaker 3: but typically the fee you pay them isn't that significant.
• 11:16
  Speaker 3: So you might find that you're paying even less and
• 11:18
  Speaker 3: you're getting ten times better service from a different advisor.
• 11:22
  Speaker 3: If you don't love your advisor, definitely think about going elsewhere.
• 11:24
  Speaker 2: Now, how do you know, because most of the time
• 11:27
  Speaker 2: people have advisors simply look at the kind of money
• 11:29
  Speaker 2: advisors make for you.
• 11:31
  Speaker 3: Yeah, so I would not base it based on, well,
• 11:34
  Speaker 3: how did my portfolio perform this year. If let's say
• 11:39
  Speaker 3: the stock market was up eighteen percent this year and
• 11:41
  Speaker 3: your portfolio is up three percent, you should really question, well,
• 11:44
  Speaker 3: what are you investing my money in? But the other
• 11:47
  Speaker 3: thing you should be saying is how well, how much
• 11:48
  Speaker 3: are they talking to me about my goals for the future.
• 11:51
  Speaker 3: How much are they asking me about what I want
• 11:55
  Speaker 3: my money to do for me, like my life goals.
• 11:57
  Speaker 3: And it's interesting that I said that the those millionaires
• 12:00
  Speaker 3: value their therapists more than they value their financial advisor.
• 12:03
  Speaker 3: The best financial advisors, and I was just talking to
• 12:06
  Speaker 3: one earlier this week. He said, the best financial advisors,
• 12:09
  Speaker 3: actually you have more like therapist kind of qualities. They're
• 12:13
  Speaker 3: talking to you, they're talking you down off the ledge
• 12:15
  Speaker 3: right when you're feeling like you need to make a
• 12:17
  Speaker 3: big change in your investment portfolio because you're worried about
• 12:21
  Speaker 3: the AI bubble.
• 12:22
  Speaker 1: Are they sitting down.
• 12:22
  Speaker 3: And like talking to you about your worries and concerns,
• 12:25
  Speaker 3: and are they helping you plan out the future based
• 12:28
  Speaker 3: on multiple different scenarios. If they're just kind of investing
• 12:31
  Speaker 3: your money and kicking their feet up on the desk,
• 12:33
  Speaker 3: and you don't feel like you're hearing from them or
• 12:36
  Speaker 3: they're getting back to you in a timely manner or
• 12:37
  Speaker 3: addressing your concerns. That's when you know you need to
• 12:39
  Speaker 3: find a new one.
• 12:41
  Speaker 2: Also, I want to point something out in terms of
• 12:43
  Speaker 2: financial advisors, is we all look at how much money
• 12:47
  Speaker 2: they make us on an annual basis, and if the
• 12:50
  Speaker 2: market is up twelve percent and they only make six percent,
• 12:53
  Speaker 2: you go, oh, come on, or make us six percent?
• 12:55
  Speaker 2: You go, come on? Yeah, I mean you kept up
• 12:56
  Speaker 2: with the market. But the other side of that, when
• 12:59
  Speaker 2: the market dries ups twelve percent, how much do you lose? Yeah,
• 13:03
  Speaker 2: and if you lose eight percent in a twelve percent market,
• 13:07
  Speaker 2: your advisor's doing a good job for you.
• 13:09
  Speaker 3: Right, And that's well, that's where you need to You
• 13:12
  Speaker 3: and your advisor need to have a discussion about goals
• 13:15
  Speaker 3: and risk tolerance and so yeah, if you're if your
• 13:18
  Speaker 3: portfolio is underperforming this year because you have chosen less
• 13:22
  Speaker 3: risky investments on purpose because you need that money, you know,
• 13:26
  Speaker 3: in the next few years, not twenty years from now,
• 13:29
  Speaker 3: then you can rest easy and say they're doing their
• 13:31
  Speaker 3: job even though I'm not beating the market or even
• 13:34
  Speaker 3: meeting the market returns.
• 13:35
  Speaker 1: That's okay.
• 13:37
  Speaker 2: And the people we're talking to clearly have money in
• 13:40
  Speaker 2: the bank, and that's a fair number of people. I mean,
• 13:42
  Speaker 2: if you're living paycheck to paycheck, you're not talking about
• 13:46
  Speaker 2: money hundreds of thousands or even a good healthy retirement
• 13:49
  Speaker 2: plan where a financial advisor kicks in. Just one quick
• 13:54
  Speaker 2: last one, we did a story on where where do
• 13:57
  Speaker 2: you consider saf yourself wealthy?
• 13:59
  Speaker 1: What's a number? Joel? For you? Is there a number
• 14:03
  Speaker 1: or a lifestyle where you go, Okay, I'm rich. See.
• 14:06
  Speaker 3: For me, it is being able to kind of choose
• 14:09
  Speaker 3: what I want to do with my time and like,
• 14:11
  Speaker 3: if I don't want to talk to you next week, Bill,
• 14:13
  Speaker 3: I don't have to, but I do because I like
• 14:15
  Speaker 3: hanging out with you, and so like, for me, it's
• 14:17
  Speaker 3: not necessarily a number. It's just knowing that I have
• 14:20
  Speaker 3: enough liquidity, that I have investments working in my background
• 14:23
  Speaker 3: so that I can kind of live the life currently
• 14:25
  Speaker 3: that I want to leave lead and also kind of
• 14:29
  Speaker 3: lead that in the future too.
• 14:30
  Speaker 1: I'm not worried about that.
• 14:31
  Speaker 2: Yeah, that's pretty close to we all came to except
• 14:35
  Speaker 2: for Amy, who decided good relationships and loving people and
• 14:40
  Speaker 2: her loving people are makes you rich.
• 14:43
  Speaker 1: I mean that's vomitous. I mean, truly, it doesn't sound
• 14:46
  Speaker 1: like it's in the spirit of now now.
• 14:48
  Speaker 2: It really doesn't. It's just very strange. All right, Thanks Joel,
• 14:51
  Speaker 2: we'll catch you this Sunday.
• 14:53
  Speaker 1: Sounds good. Thanks Bill.
• 14:54
  Speaker 2: Now I'm reading a story from tech dot Yahoo dot
• 14:58
  Speaker 2: com and to do with open AI's chat GPT, which
• 15:04
  Speaker 2: launched November thirtieth, twenty twenty two, basically three years ago.
• 15:10
  Speaker 2: It now has eight hundred million weekly active users. I mean,
• 15:16
  Speaker 2: you talk about a company that has gone from valuation
• 15:21
  Speaker 2: of during that time when they valuated at what one billion,
• 15:25
  Speaker 2: then forty billion, Now it's over one hundred billion. It's
• 15:30
  Speaker 2: actually reached a five hundred billion dollar valuation, making it
• 15:34
  Speaker 2: the most valuable startup in history. So with the jat GPT,
• 15:39
  Speaker 2: and usually I use Siri, so I'm trying with chat
• 15:42
  Speaker 2: just after talking to Demurow. Also, keep in mind that
• 15:45
  Speaker 2: everything I ask, I ask, everything I look at, everything
• 15:49
  Speaker 2: I experience is all about b and Neil will tell
• 15:54
  Speaker 2: you that that even I asked you what do you
• 15:57
  Speaker 2: think of me?
• 15:58
  Speaker 1: Because that's what my life is about. So with that,
• 16:01
  Speaker 1: I'm trying to.
• 16:02
  Speaker 2: Play with this and I'm not having the easiest time
• 16:04
  Speaker 2: of the world because it's tech. But let me try.
• 16:07
  Speaker 2: I'm in jack, I'm in chat EPT ask anything. Why
• 16:15
  Speaker 2: is Bill Handle hated so much? Okay, I'm waiting. I'm waiting.
• 16:22
  Speaker 2: I'm waiting. What's happening. It's doing its thing. It's not
• 16:24
  Speaker 2: going to talk to me. I press something that here.
• 16:29
  Speaker 1: Now, that's not right. I hate that.
• 16:34
  Speaker 2: Talk radio host often attracts strong reactions, both positive and negative.
• 16:40
  Speaker 2: Rather than saying he's hated, it's more accurate to say
• 16:43
  Speaker 2: he's polarizing. Oh stop it blunt, confrontational style okay, darker,
• 16:51
  Speaker 2: edgie humor, long career, more opportunities for friction, is what
• 16:57
  Speaker 2: chat GPT is telling us to radio incentives.
• 17:02
  Speaker 1: Oh okay, and that is it keeps more people listening.
• 17:06
  Speaker 2: You build a royal loyal audience when you can irritate others.
• 17:11
  Speaker 1: Okay, fair enough.
• 17:13
  Speaker 4: I think I figure out why you hate Trump so much.
• 17:17
  Speaker 1: You guys are the same person. Uh yeah, it could be.
• 17:22
  Speaker 1: It could be Hello, robot, what do you think of me?
• 17:26
  Speaker 4: Uh?
• 17:26
  Speaker 1: Yeah, yeah, pretty much. I want to ask another question,
• 17:29
  Speaker 1: what do you.
• 17:30
  Speaker 2: Think why is KFI Morning show tanking?
• 17:41
  Speaker 1: I don't know if they're gonna get that. Now that
• 17:43
  Speaker 1: didn't work.
• 17:44
  Speaker 4: I didn't please see Gary and Shannon. Uh oh, that's true. Okay,
• 17:53
  Speaker 4: what is uh the tho?
• 17:55
  Speaker 2: I mean, I'm just stopping this and I don't know
• 17:57
  Speaker 2: how to do the voice either. I'm going to figure
• 17:59
  Speaker 2: it out by next week because you've also choose all
• 18:01
  Speaker 2: these voices and uh, I'm still trying to figure this out.
• 18:05
  Speaker 1: You should have a hasidic rabbi respond, I know, I know.
• 18:10
  Speaker 2: Yeah, let me let me ask another question here? What
• 18:15
  Speaker 2: is Okay, let me do this again.
• 18:19
  Speaker 1: Yeah, I know. What is Neil Savedra known for? Oh?
• 18:23
  Speaker 1: I need do a comment.
• 18:25
  Speaker 2: What is Neil Savedra known forb Oh?
• 18:31
  Speaker 1: Come on verbally abusing Bill handle? Okay.
• 18:39
  Speaker 2: Now, when I do spots for Lear Capital, one of
• 18:44
  Speaker 2: the things I talk about is how the market is
• 18:48
  Speaker 2: way up and at the same time, consumer confidence is
• 18:53
  Speaker 2: way down, and of course the value of gold is
• 18:57
  Speaker 2: astronomical because you know, everybody's waiting for the shoot. So
• 19:00
  Speaker 2: what happened on Black Friday, which is now Black Monday
• 19:06
  Speaker 2: through Thursday, and it'll be happening through the end of Christmas, well,
• 19:12
  Speaker 2: holiday shoppers took a more judicious approach to spending, even
• 19:17
  Speaker 2: though a lot more money was spent. It's on what
• 19:19
  Speaker 2: was being spent, because as we're moving forward, confidence in
• 19:24
  Speaker 2: the economy is dropping fairly quickly. For example, what's happening
• 19:30
  Speaker 2: with the administration. It has pivoted. It is no longer
• 19:34
  Speaker 2: prices are low. It's no longer we have made prices.
• 19:40
  Speaker 2: We've cut prices in half, which was ridiculous when Trump
• 19:44
  Speaker 2: was running, of course, but have you noticed a pivot.
• 19:47
  Speaker 2: It's yes, prices are low. Look what we've done for
• 19:49
  Speaker 2: prices too. Now we're the affordability and we're going to
• 19:54
  Speaker 2: make society more affordable. Recognizing that prices are up and
• 20:00
  Speaker 2: at the same time the market is up, and at
• 20:03
  Speaker 2: the same time confidence is down, and at the same
• 20:10
  Speaker 2: time sales are up. I mean, a lot of this
• 20:14
  Speaker 2: doesn't make sense. But I'll tell you what is happening
• 20:17
  Speaker 2: as a result of this. Buy now, pay later services
• 20:20
  Speaker 2: are going through the roof this car.
• 20:23
  Speaker 1: It's effectively a credit.
• 20:24
  Speaker 2: Card, and buy now, pay later is no credit, which
• 20:30
  Speaker 2: makes it so absolutely wonderful to purchase. But the problem
• 20:34
  Speaker 2: is you add them up because if oh, I'm gonna
• 20:38
  Speaker 2: buy a two hundred dollars item and I'm only have
• 20:41
  Speaker 2: to pay twenty five dollars a month, that's only twenty
• 20:43
  Speaker 2: five dollars a month. That's not two hundred dollars. Well
• 20:47
  Speaker 2: you add that up cumulatively, and man, all of a sudden,
• 20:50
  Speaker 2: people are in major debt. It's the same crowd of
• 20:52
  Speaker 2: people that for somehow credit card debt. That's not real
• 20:56
  Speaker 2: money either. Do you know, buy now pay later used
• 20:59
  Speaker 2: to be buy now and get later. The plans would
• 21:05
  Speaker 2: be you would walk into a store and I remember
• 21:08
  Speaker 2: this growing up.
• 21:10
  Speaker 1: Lay away. Yeah, it was layaway. It was layaway.
• 21:14
  Speaker 2: You would walk in and you would put down X
• 21:17
  Speaker 2: dollars and then they put down X dollars and at
• 21:20
  Speaker 2: the end of that you got the purchase.
• 21:22
  Speaker 1: You got what you purchase.
• 21:24
  Speaker 2: Now, look at this, the store got all the money
• 21:26
  Speaker 2: for a longer period of time. But waking up and
• 21:31
  Speaker 2: knowing that that new refrigerator that you are and that's
• 21:35
  Speaker 2: now in your house, you own and you don't owe
• 21:38
  Speaker 2: any money on it, I'm gonna tell you that's kind
• 21:41
  Speaker 2: of a neat thing to do. But the problem is
• 21:44
  Speaker 2: you have to come up with all the money unless
• 21:46
  Speaker 2: you put it on a credit card, which the interest
• 21:48
  Speaker 2: rate is basically economic astronomical or buy now, pay later,
• 21:53
  Speaker 2: And that trend is just exploded.
• 21:57
  Speaker 1: And what else is.
• 21:59
  Speaker 2: Going on, Well, we have a lot more sales in general,
• 22:04
  Speaker 2: but the discounts are much deeper, and people are buying
• 22:08
  Speaker 2: more essentials, and we're just thinking more in terms of
• 22:12
  Speaker 2: long term. We're getting away from short term. In other words,
• 22:16
  Speaker 2: we're moving into not a depression, but a recession. Like
• 22:21
  Speaker 2: thinking is we're spending money as if we're not going
• 22:25
  Speaker 2: to be as well off a month, a year from now.
• 22:29
  Speaker 2: So you know, I mean, that's certainly.
• 22:32
  Speaker 1: The way I buy.
• 22:33
  Speaker 2: I do not well, I buy on a credit card,
• 22:35
  Speaker 2: but I tend to pay my credit cards off at
• 22:37
  Speaker 2: the end of the month, which is a great way
• 22:38
  Speaker 2: to use credit cards. But man, if you have a
• 22:42
  Speaker 2: balance foo and in order to get astronomical credit ratings,
• 22:45
  Speaker 2: guess what you have to have is a balance.
• 22:49
  Speaker 1: You know, they don't like it when you pay.
• 22:51
  Speaker 2: Them off the when you pay off the credit cards
• 22:53
  Speaker 2: at the end of the month. So if you're one
• 22:55
  Speaker 2: of those people that do internet shopping, oh believe me,
• 22:59
  Speaker 2: you're not alone. Those sales are still exploding year after year.
• 23:04
  Speaker 1: And you know what's slumping. What slumping is in.
• 23:07
  Speaker 2: Store sales, and we'll talk more about that certainly over
• 23:11
  Speaker 2: the next few days. You've been listening to The Bill
• 23:13
  Speaker 2: Handle Show, Catch My Show Monday through Friday, six am
• 23:16
  Speaker 2: to nine am, and anytime on demand on the iHeartRadio app.