There's a lot of people who may or may not know they're in big financial trouble and my concern is today is a lot of people maybe they're not rich but they're going to go broke but let me give you my background on this whole thing about why we're in this crisis 1974 I was just getting out of the Marine Corps station in Hawaii Kaneohe Bay Marine career station and I was looking for a job so I went and I got a job with the Xerox Corporation not because I love Xerox machines but I had to learn how to sell and that was the main reason so I interviewed two companies IBM and Xerox I took Xerox at the same time there was this new thing called erisa which I really wasn't paying much attention to but because I was interviewing with people I keep hearing things called erisa and the Orissa stands for employee retirement income Security Act and every time they say that governments tell you they're going to secure your retirement you know it's toast I don't trust my government as far as I can throw and you can't throw it anywhere so erisa then let to this thing called the 401K
so over the next couple of years like say 784 to like 78 I saw this Exodus of school teachers leaving the profession and it goes my whole family of school teachers and they were becoming financial planners it was it sounded good like they were experts in all this and all I was saying to my sick and not so politically correct Dark Side this is the poor leading the foolish and I said we're going to have a disaster coming so you have these guys know nothing about money School teachers or all these other people who are just quitting their jobs to have a profession called a financial planner and then they were advising people who knew nothing about money about their financial future I said man there's going to be a train wreck in the future well this is the show the SOS is here so if you are an old guy like me a baby boomer who's had a 401k or an IRA what I call defined contribution DC pension plans this is your show and if you're a young person with a 401k you know I'll take laps around the rosary beads for you tonight because you're an idiot so this is what this show is about because you might be in financial trouble your parents or your grandparents might be in severe financial trouble today because that 1974 act the arrest act which led to a 401k in these IRAs and Roth IRAs were specifically designed for people who want to be told what to do go to school get a job you know Dave Rams is a friend of mine he says live debt free and truthfully most people should do that but I would never do that debt is money so I come from the other side of the coin it's all coins of three sides heads tails and the edge so on the other side of the coin is Dave Ramsey saying live debt free and most people should because they don't know how to handle debt on the other side of the coin is I went to school to learn how to handle debt how to raise Capital using other people's money and when you've lost somebody's money it's pretty frightening and so that's why I don't do this stuff because that's the problem you got conditioned to be led by foolish people who tell you what to do with your money and I meet some of the young people oh I got a great job it's got a 401k you know I dropped to my knees take laps around the rosary pieces so this person's in severe trouble down the road so with that as you know the markets are crashing our debt to GDP ratios are now like 125 percent it's never been this High we're the biggest debtor nation in the world and um people are in trouble I don't really know what's going to happen but something has to give we users cannot keep printing money to solve financial problems but if you awaken your financial genius you know greed is good I mean getting rich is fun it's the most fun game I play and the reason I like it is because markets go up and markets go down you know it's like life and it's just real life but most people so awaken your financial genius and take control of your actual future so that's what happened for me was that when having a rich dad and a Poor Dad I saw my poor dad a PhD from Stanford in Chicago and University of the Northwest and he was just so content to have a PhD and a job in a government pension government pension is kind of a defined benefit plan where you guaranteed a paycheck for life that's defined benefit and that's why so many people are government employees which is why our government is going broke and all these people who get a government job for the defined benefit management plan we all know that we know all your cowards and you know you just want to be told what to do and have somebody take care of you give you a bottle of milk which is no baby formula in it unfortunately but you're sucking on the nipple of the government and the government's broke that's a defined benefit pension plan and then in 1974 they shuffled off to Buffalo all the Baby Boomers into defined contribution which meant you had to contribute to it and if it was there when you retired good luck you know I mean you're lucky but if it's not there and that's what we're saying with this SOS show it might not be there our education system is so corrupt broken and woke right now but most academics have this point of view I'm not interested in money you know there's a self-righteous stupid underlying attitude because I grew up with them I'm not interested in money I'm just impo I'm just going to do a good job for the kids because my whole life is dedicated to the kids well why don't you educate them about money well because I'm not interested in money and there's this underlying Mantra I've seen I heard and so many people who are government employees I'm just not interested in money it's the biggest bunch of crap I've ever heard because they're the first guys that fight when you take their paycheck away and they'll sell their soul for their paycheck but given the state of the economy the stock market or brilliant leadership under Biden and Kamala the Border Harris um Czar oh jeez I war in Ukraine and inflation going through the roof and Elon Musk laying off 10 of his Workforce we're talking about what you can do now given the state of the economy and if you're by holding praying for your retirement they'll say you're 65 you might be in serious trouble I think in a baby boom generation they're out of time there's a very big difference with time is a big factor in this whole thing so it's good the crypto guys are learning it early but the problem with our generation my generation was We Came of age around let's say 1970. Nixon took the dollar off the gold standard and all we knew was a boom economy even right after 2008 they just printed more money and kept booming but that's why I said our debt to GDP is now 125 percent it means for every dollar we bring in we're spending we can't cover our tax dollars can't cover it so they keep borrowing more money not really borrowing more money but cannot probably in the market up and now we're at the end of the line but after you kind of realize what was going on in the stock market all markets boom and all markets bust but this could be the biggest bust in world history it's a global bust it might be of a global depression again you know I grew up in a fan family of government employees and their whole thing is a self-righteous attitude I'm not interested in money
I just want to do a good job for the community biggest law I ever heard you try to take their paycheck away they fight like dogs they'll bite you in the hand you know I mean it's the biggest lie and so many people sell their soul now they'll do anything to keep that job but they're not interested in money because money is the root of all evil you know and that's what I hear going on all the time so anyway let's try this whole thing off is when financial planners became to fad a new profession you know every school teacher not every but you know they were just leaving in droves poor leading the blind it's just shocking what's happened our problem is education I mean so hardcore Marxist right now that is the Communist game plan it has always been to invade higher education so in 1930 the Frankfurt School sent teachers to Columbia University in New York and that's when the student protests began and they began America became communist through our education system I mean making more money than ever before today but because I am a proactive investor I was just saying to John I just sold two properties that we made quite a bit of money on and so where do you put your money well you put it in cash I bought wagyu Bulls you know breeding Bulls this is a Japanese breeding Bowl which I always wanted to be but never got there but I'm in the food business now and I'm into Oil Business I'm not stock business I don't trust stocks or bonds I never have I don't have any well I do have some but they're companies I took public but I am proactive and most people like you say want to be told what to do so I write about what I do in all my books there's a difference there so I just said just recently I sold two pieces of land I made four hundred thousand dollars and I'm putting it into wagyu cattle and cows and next may they drop more cattle so it's called Cash Flow you know it's not that hard to do but you have to kind of know what you're doing so my whole strategy being a marine and a c student and never been bright in school I always ask people who are doing what I wanted to do so my friend who is investing in the Bulls that's what he does he invests in Bulls and this bowl is a half million bucks and he braids you know probably several hundred cows a year and think of all the calves that dropped from that that's leverage you know I just kind of like the whole formula and I like to eat now if you don't like to eat beef chew on some celery you know I don't really care but you get your little personal dignity up there and you miss the whole point here invest in what people need people need oil I invest in it people need housing I invest in it people need food I invest in it there's a very big difference but I invest with people who are doing what we invest in there's a certain female that's famous on television especially PBS she uses cut up your credit cards and live below your means and diversify diversify
I called diversify you know just diversify your account so this person was charged or something right now we won't mention her name I think it was a debit card fraud amongst other things I sit there and watch all this Horror Show going in front of us and then so many people have been trained because I go to school tell me what to do it's why 78 of people working adults these aren't homeless people are living paycheck to paycheck that's why tell me what to do so let me give you an example you know Dave Ramsey is a friend of mine his advice is solid it'll live debt free but the other side of the coin is somebody like me and what I studied was how do I use debt as Monica's death became money in 1971. you know so I learned how to borrow money because debt is tax-free then I invest in property and then I get my income tax free because of appreciation depreciated amortization he's a tax loss but they take study you don't just do it overnight but you gotta study if you want to be told what to do just listen to the TVs and pray I mean that buy hold and pray I call it during a crash is when you make most of your money when Kim and I started off on how many years ago now it was miserable problems break down this that painting costs go above your rents and you learn management so quickly
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