From Basic Budgeting to Port Strikes & Bananas
The 250th episode of The Higher Standard podcast marks a significant milestone packed with our unique style of humor and engaging discussions on financial literacy. Hosts Chris, Saied, and Haroon navigate the complexities of budgeting and personal finance with an entertaining twist. They delve into the nitty-gritty of establishing a payday routine, breaking it down into digestible segments for their audience. The conversation emphasizes the importance of a 60/30/10 budgeting rule, where 60% of income is allocated to essentials, 30% to savings, and 10% to discretionary spending.
➡️ Chris and Saied share their personal experiences, illustrating how small daily habits, like enjoying a morning coffee, can contribute to overall financial well-being. The episode captures the essence of making finance relatable and fun while equipping listeners with actionable strategies to improve their monetary management. Additionally, the episode features a lively segment discussing the ramifications of the recent port strike, highlighting its potential impact on the economy and consumer prices. With witty banter and insightful commentary, your favorite anti-economist hosts create a lighthearted atmosphere, making financial literacy feel accessible and engaging for everyone.
💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?
👕 THS MERCH: http://www.thspod.com
🔗 Resources:
Harold Dagger President of the International Longshoremen’s Association (Plant Based Omnivore via Instagram)
Over 50,000 port workers across the United States are now on strike for the first time since 1977. (The Kobeissi Letter via X)
Sean ‘Diddy’ Combs hires his jail mate Sam Bankman-Fried’s lawyer (Fortune)
⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.
Transcript
It wasn't an hour talking to myself.
Speaker A:It was an hour doing a show.
Speaker B:Talking to the people, talking to you.
Speaker B:And it wasn't alone.
Speaker B:It was impressive, though.
Speaker A:I had a cockroach here.
Speaker A:Yeah, a couple of them.
Speaker A:Just chilling in your seat.
Speaker A:Just chilling in your seat.
Speaker B:Just hanging out.
Speaker A:Larry and his homies just rolling around in your seat.
Speaker A:While I was doing the podcast last week.
Speaker B:Yeah.
Speaker B:For the listeners that are actually tuning in and are trying to appreciate the visuals that we've put for you on Spotify or on YouTube, let us know who wore it better.
Speaker A:Said is, well, it's coming to work dressed as your parent day.
Speaker B:Oh, don't do that.
Speaker A:And said is wearing non prescription meta glasses that he's now recording with because you hate me.
Speaker B:These are, they're so cool.
Speaker A:Okay.
Speaker B:I'm enjoying them so much.
Speaker A:You don't use social media.
Speaker B:I know.
Speaker B:It's great.
Speaker B:I use it for, like, personal stuff.
Speaker A:I'm so confused by that statement.
Speaker B:Instead of wearing, like, airpods, I'll wear these.
Speaker B:They work great.
Speaker A:Okay, whatever.
Speaker B:They're amazing.
Speaker B:Honestly.
Speaker B:Everybody needs a pair.
Speaker A:Do they alert you to text messages too, or something?
Speaker B:Yes, and phone calls.
Speaker A:Oh, so you just intentionally ignore my text messages all weekend long?
Speaker B:I'm busy, man.
Speaker B:I'm only wearing the glasses right now to troll you.
Speaker A:Oh, so sorry.
Speaker A:Cool.
Speaker A:But you have the apple Watch on all the time.
Speaker B:Apple Watch is on all the time.
Speaker A:And yet you don't respond, even text messages.
Speaker B:You know, what happened last week was a very hectic week.
Speaker B:My.
Speaker A:I'm sure it was, but Saturday and Sunday weren't.
Speaker B:No, they were.
Speaker B:It was the whole thing.
Speaker A:What was the whole thing?
Speaker B:I mean, there's family in town from New York, Virginia, Switzerland.
Speaker B:Switzerland.
Speaker A:So your big family's my problem now?
Speaker B:Yeah.
Speaker A:Okay.
Speaker A:Makes sense.
Speaker A:Yeah.
Speaker B:But I think we kick it off with a little intro, huh?
Speaker A:Would you like to grace us with your version of it?
Speaker B:I would love to.
Speaker B:Thank you, my friend.
Speaker A:Please go ahead.
Speaker B:Welcome back to the number one financial literacy podcast in the world.
Speaker B:Sitting next to me on my left is my partner in crime and Chris Nahibi.
Speaker A:I think I do better, but sitting next to me is my partner in time, the one who only side Omar.
Speaker B:Thank you, my man.
Speaker B:And sitting behind the ones and twos, we got DJ Baboon, but with an.
Speaker A:H.
Speaker A:It's a rune with a baboon.
Speaker B:Welcome back, man.
Speaker C:Thank you, man.
Speaker C:Welcome back to you too.
Speaker C:That was our first time missing an episode since Larry Wheels, huh?
Speaker B:My first.
Speaker B:Yeah, my first episode.
Speaker B:Yeah, exactly.
Speaker B:Since Larry Wheels that you guys chose to do without me intentionally.
Speaker A:You know, if we say his name, like, three times, like Beetlejuice, he just shows up.
Speaker B:I hope so.
Speaker B:Larry Wheels.
Speaker A:Larry Wheels.
Speaker A:Larry Wheels.
Speaker B:Hopefully he shows up with Anatoly.
Speaker A:Oh, right.
Speaker C:Did you watch the second 1 second what?
Speaker C:Beetlejuice?
Speaker A:Yeah.
Speaker A:Yeah, I did.
Speaker C:Good?
Speaker B:Bad.
Speaker A:It was good.
Speaker A:You know, it wasn't a bad movie.
Speaker A:It didn't capture the nostalgia like the first one did.
Speaker A:The first one you could watch at any point in time.
Speaker A:It's timeless.
Speaker A:We watched it again, my wife and I, the week before, and we went and saw the movie theater.
Speaker A:Look, Beetlejuice.
Speaker A:Beetlejuice.
Speaker A:Great movie.
Speaker A:Not bad at all.
Speaker A:Not as good as the first, but a nice sequel.
Speaker B:Yeah.
Speaker A:Yeah.
Speaker B:All right, let's get into the show.
Speaker B:What do you say?
Speaker A:I didn't know we still did that.
Speaker A:I thought I'd just talk to myself in the cockroaches.
Speaker A:For an hour every week.
Speaker B:I entertain the cockroaches.
Speaker B:Well, we got a really special episode for everybody today.
Speaker B:Okay.
Speaker B:We know, based on our analytics and the demographics of a lot of our listeners, that some of them are a bit younger, and hopefully they've taken our advice and have established a budget for themselves.
Speaker B:Okay.
Speaker B:But today, what we want to get into is somewhat of a payday routine.
Speaker B:Very content creator esque.
Speaker A:You know, I've done the exact same thing on payday, which comes twice a month for me, I'm w two.
Speaker A:And for the money that comes in from businesses, I take the money in the same time I take my w two wages in.
Speaker A:So it's like, I dress this twice a month.
Speaker A:I do it the exact same way.
Speaker A:And really, the way I've got this strategy down is there's only one time a month I really, actually move money around.
Speaker D:Really?
Speaker A:Yeah.
Speaker B:Oh, perfect.
Speaker B:We're going to get right into that because we know, look, for a lot of listeners and people that are trying to get on the right path, the first thing that we always say is, you got to establish a baseline.
Speaker B:You got to establish a budget.
Speaker D:Right.
Speaker B:There's various rules out there, rules of thumbs, right.
Speaker B:One that I personally like to, like, start off with that I think is somewhat reasonable, and hopefully you're in a position to do so, is a 60 30 ten split.
Speaker B:We'll get into what that means.
Speaker B:It's a nice starting point, and you can maybe adjust to your needs.
Speaker B:But look, we know that mental accounting doesn't work.
Speaker D:Right.
Speaker B:People tend to overspend.
Speaker B:They compartmentalize what they spend, and they lack focus in certain financial sections of, like, you know, their financial health, where they're not paying attention to.
Speaker B:So it just requires a little bit of effort.
Speaker A:I wouldn't say it does not work.
Speaker A:I would say that just like counting macros and understanding your diet, if you take the time to log and count how much protein, how much carbs, and how much fat you're taking on a daily basis, and you go through that exercise and you do it for a long enough time, it becomes a lot easier for you to guesstimate, if you will.
Speaker B:I think you're right.
Speaker B:Yeah, absolutely.
Speaker B:I should have backtracked.
Speaker B:And you're right.
Speaker B:If you take the time to figure out what is your baseline and what are your essentials, and you actually devote, let's say, several months to it, and you can stick to that plan, you'll start to pick up better habits, 100%.
Speaker A:And you'll start to look at.
Speaker A:So I do this something, and I know this is, like one of those critical things that everybody talks about all the time.
Speaker A:This is one example of many I'm sure we'll talk about every morning.
Speaker A:I don't know why the hell this happened.
Speaker A:It just.
Speaker A:I woke up one day, and this is.
Speaker A:I'm that guy.
Speaker B:Yeah.
Speaker B:And it just wasn't up.
Speaker B:It was just down.
Speaker A:Yeah, that happened, too.
Speaker A:But that was my.
Speaker B:I was talking about the stock market.
Speaker B:I was talking about this.
Speaker A:Oh, shit.
Speaker A:See, this is why I do shows without you more professionally.
Speaker B:Got it.
Speaker A:Okay.
Speaker A:Cause you tap into my weaknesses subconsciously.
Speaker B:Yeah.
Speaker A:I've been getting a nitro cold brew every morning from Starbucks.
Speaker B:I've noticed that.
Speaker A:That is $6.45 every single morning.
Speaker B:But, bro, you could be saving so much money if you just skip that coffee every morning.
Speaker A:I could, but I'm not going to.
Speaker D:Why?
Speaker B:Why?
Speaker A:It brings me joy.
Speaker A:And that $6 for that joy in the morning, that small pivot from the work day.
Speaker A:And it's not even so much the drink as much as it is me knowing that I'm going to go and get something that I physiologically enjoy, and there's going to be this moment where I'm going someplace that's not work before I go to work.
Speaker A:It makes me happy, dude.
Speaker B:I can totally appreciate that.
Speaker B:And some of that can carry over into other things, like of your life, too, right?
Speaker B:Like, I know for you also, you know, going to the gym, as much as you do love spending time with your family and whatnot, you also know, doing something for yourself, like going to.
Speaker A:The gym after work, that is my psychological sanctuary.
Speaker D:Yeah.
Speaker B:And this also could possibly play somewhat of a role.
Speaker D:Right.
Speaker B:Like you do something for yourself first in the morning, then you go on and you tackle like the rest of your day.
Speaker A:Yeah, I think.
Speaker A:I think for a lot of Americans, you're not going to get up and do fasted cardio.
Speaker A:You're not going to get up and do a cold plunge.
Speaker A:You're not going to get up and go for a walk in the morning or get sunlight or, you know, rub your liver.
Speaker A:King trophies.
Speaker A:You know, you're not going to do any that stuff, right.
Speaker A:But if you do something small like that to start your day, I don't know if there's a psychological benefit here or what the explanation is, but there's just something that taps into your inner humanity where you're like, ah, I can go to work now.
Speaker B:Right, exactly.
Speaker B:So let's get into this first part, right?
Speaker B:So step one is establishing a yemenite, your baseline.
Speaker B:I know we got a lot of listeners that have crossed over from like the fitness industry thanks to mind pump.
Speaker B:Mind pump.
Speaker B:Mind pump, my guys.
Speaker D:Right.
Speaker B:So it's no, in that, in that sense, it's no different than figuring out what your maintenance level calories are, right.
Speaker B:Just figuring out where you're at.
Speaker B:What does it take for you to just stay right where you are weight wise, right.
Speaker B:And then adjusting from there.
Speaker B:So like I said at the top of the show, a split that I like to start off with to, you know, begin to plan out your budget is a 60 30 ten split.
Speaker B:And that 60, that 60 represents 60% of your income should be going to essential living expenses.
Speaker B:These are things like your mortgage or your rent.
Speaker D:Right.
Speaker B:These are things like your groceries, these are things like dining out insurance, minimum debt payments.
Speaker B:Right, like things that you.
Speaker B:Absolutely.
Speaker B:Your utility bills, insurance, transportation, all of these things, right?
Speaker B:Yeah.
Speaker B:Hopefully.
Speaker B:Hopefully you're in a position to where you are making enough to where you can plan for this accordingly.
Speaker D:Right.
Speaker B:And you're not behind the eight ball, but if so, it's.
Speaker B:This is a good starting point.
Speaker A:So there's a lot of people listening the show who start, they're starting off with nothing, right?
Speaker A:You're starting off at zero and they get discouraged because like, oh, my God, like, I have all the aspirations of being hyper uber wealthy.
Speaker B:What do you mean?
Speaker B:Like starting off with zero.
Speaker A:So I know whenever I was starting off, like, I felt like I was behind the eight ball because I wasn't making millions yet.
Speaker A:Right.
Speaker A:And a lot of younger generations are seeing this wealth on social media, real or fake, as it may be, and they aspire to it.
Speaker A:They want that lifestyle.
Speaker A:They want all the things that come with making money.
Speaker D:Right.
Speaker A:They want the independence and freedom, and they have this manifestation of things in their head that they think it's going to be to them.
Speaker A:I would say you're so much better off than you realize because there's an entire subset of people so much farther behind you that have racked up debt, sometimes to no fault of their own, just because life circumstances got in the way.
Speaker A:So no judgment.
Speaker A:Yeah, sometimes because they're trying to keep up with that lifestyle, and sometimes because they just didn't do these simple steps along the way and got buried slowly, incrementally over time.
Speaker B:Yeah.
Speaker B: ing somebody that may be like: Speaker B:And yes, maybe.
Speaker B:I mean, are you going to really pass judgment on them, or are you going to congratulate them and root them on for even being there, committing to something and starting to, you know, you know, go about it the right way, but knowing your.
Speaker A:Knowing your income and expense, like we talked about on previous shows, and establishing your baseline, your budget, whether that's a 60 30 ten split or it's hyper paying down debt, that has to be something that you know and appreciate.
Speaker A:And, yeah, you could look at something in your account and go, okay, am I waiting for my patient to come in to spend more money?
Speaker D:Right.
Speaker A:That's usually an indication you're doing something fundamentally wrong or you're not making enough money.
Speaker D:Right.
Speaker B:And so to break that down a little bit further, part of this rule, and you can do this digging yourself, too, online, but if you're listening to the show, if you have a mortgage or your rent and you're trying to fit this into that 60%, ideally your mortgage or your rent should be taking up somewhere between 25% to 30% of that.
Speaker A:I think that's outdated, though.
Speaker D:It is.
Speaker B:It is a little bit.
Speaker B:It is a lot outdated because especially where rents have gone.
Speaker D:Right.
Speaker B:And where the mortgages are at now.
Speaker B:And there's gonna need to be a little bit more wiggle room.
Speaker B:But that's why I said this is just a starting point, that where you should be able to mold to fit exactly what you need.
Speaker D:Right.
Speaker B:And 10% can go to your cell phone, your utilities, those things.
Speaker B:And from there, I mean, hopefully, like I said, you're in position to where you can actually start to mold these situations.
Speaker D:Right.
Speaker A:It still blows me away on cell phones.
Speaker A:I mean, literally like, over a decade ago, I was in Europe and they had like a $40 month, like, flat fee.
Speaker A:Like, that's what you paid?
Speaker B:Yeah.
Speaker A:And you just, you can use your cell phone for, from data for every.
Speaker A:They didn't have anything.
Speaker A:I mean, it was just a flat fee, bro.
Speaker B:Our wifey was fed up the other day.
Speaker B:We were ready to cancel Verizon mobile service.
Speaker D:Yeah.
Speaker D:Why?
Speaker B:They were down for 6 hours nationwide.
Speaker B:I was, I was out.
Speaker B:And like, we had recently, like, several months ago, got rid of our landline at the house.
Speaker B:So we're both kind of freaking out.
Speaker B:Like, man, what if someone were like, luckily the kids are in school and they're safe and everything's fine, but I literally had no form of being able to contact anybody outside of Facetime audio because this was Monday.
Speaker A:I mean, 6 hours of you not responding is very normal, so I wouldn't notice that.
Speaker B:That's also why I wasn't responding to.
Speaker A:You don't think that was.
Speaker B:It was.
Speaker B:I pretty sure it was not, but yeah, man.
Speaker B:So it's like, I couldn't believe it.
Speaker B:I was like, man, 6 hours, that's a long time.
Speaker A:Was locally or nationwide?
Speaker B:Nationwide.
Speaker B:And then I was reading, I was, because the Internet was still up and I was reading, like, the live updates and, like, they had been reporting.
Speaker B:Only 100,000 people have reported, like, them being down.
Speaker B:I'm like, bro, they can't report it.
Speaker B:They don't have a phone to report down.
Speaker B:Like, what kind of stat is this?
Speaker A:I've taken such beef with so many of the stats that have come out recently that, I mean, someone called me on social media.
Speaker A:You saw it.
Speaker A:They basically called me Peter Schiffde.
Speaker A:Broken clocks.
Speaker A:Right.
Speaker A:Twice a day.
Speaker B:Cause we've got, we gotta address that at some point.
Speaker A:Yeah, I mean, look, he's been a loyal fan of the show.
Speaker A:He still follows.
Speaker A:I mean, he still listens to the show.
Speaker A:So I'm not, like, upset about it, per se, as much as I'm cognizant of the fact that we've talked a lot of negative things in the show.
Speaker A:So I probably should point out this week, we're gonna take a bit of a different stance.
Speaker A:We're not gonna use the r word as much.
Speaker A:Recession.
Speaker A:Okay.
Speaker B:Recession.
Speaker A:Recession.
Speaker A:Well, we are going to talk a lot about the impacts of, of some of the things like this to improve your life.
Speaker A:We're going to talk a little bit about the, the port strike coming up.
Speaker A:I think there's a.
Speaker A:I did a huge deep dive in coming up, bro.
Speaker B:It's already in, in play.
Speaker B:Full, in full effect.
Speaker A:I don't think we're seeing the full manifestation of it yet.
Speaker B:Okay.
Speaker A:I think there's a lot more going on that's going to wind up making this a huge problem if it doesn't get resolved immediately.
Speaker A:And frankly, it should.
Speaker A:But there seems to be some interesting personalities at play.
Speaker B:Oh, yeah, yeah, absolutely.
Speaker B:Okay, so let's quickly get into step number two of your payday routine.
Speaker B:You know, now it's getting into the 10% of that 60 30 ten rule, right, where you're building up an emergency fund.
Speaker B:Now that could look different for a number of different people.
Speaker B:We have a rule of thumb that we've routinely said on the show.
Speaker B:Ideally, we would like, in a perfect world, for everybody to have six months of savings of your spending, right.
Speaker B:But we understand that that's a huge undertaking.
Speaker B:Okay, so start off with miniature goals.
Speaker B:Maybe start, you know, aiming for like one month and then three months, and then ultimately this can happen over time.
Speaker B:We understand.
Speaker D:Right.
Speaker B:But eventually you should get to six months.
Speaker B:And then ideally, if you're, that's also if you're employed, if you're self employed, I think you need to account for maybe even a little bit more, right.
Speaker B:Cause you have your own business to fund.
Speaker A:Well, you need to account for the businesses monthly expenses in addition to yours too.
Speaker A:So it can be.
Speaker A:And look, every business goes through this narrow window of almost failing for the most part.
Speaker A:I mean, there are exceptions, but most businesses go through this like narrow window.
Speaker A:Somebody once asked me, hey Chris, I've got a home that I own and I've built some equity.
Speaker A:Is it okay to have a home equity line of credit instead of an emergency fund?
Speaker A:And I guess if you really need to tap into it, yes.
Speaker A:I've always said, don't play russian roulette with your home equity.
Speaker A:Right.
Speaker A:Like it becomes a very easy drug to tap into if you're running out of cash flow negative and you tap into it every single month and you don't have a relief valve for that, that can be very dangerous.
Speaker A:Whereas if you had an emergency fund, once you run out of it, like, you're out.
Speaker B:Right.
Speaker B:That in that sense, cuz you got it.
Speaker B:You have to also account like, yeah, you could use as emergency fund, but now you got a debt payment you have to also account for.
Speaker D:Right.
Speaker B:Every single month.
Speaker D:Right.
Speaker B:So you have to also be able to, like, I would use that as like maybe an emergency to something that goes on like at the house.
Speaker B:Like, oh, I need a new roof right.
Speaker B:I don't want to.
Speaker B:I don't want to take out 20 grand from my emergency fund to use to that.
Speaker B:I'll use it and I'll slowly pay that off wherever I can.
Speaker A:Yeah.
Speaker A:I tend to think of your emergency fund as if you lose your source of income or you're self employed and you can't work or something happens and you need a rainy day fund.
Speaker A:I think that's where you go.
Speaker A:If it's something like you need to spend a great deal of money on your house and you need to amortize it.
Speaker A:Or you could, you know, it's the expense that you're tapping into where the debt is placed that.
Speaker A:That's all good.
Speaker A:Like, you know, you mentioned, like, a roof, stuff like that.
Speaker A:Worst case event scenario.
Speaker A:But the idea is, in theory that you have an emergency fund to cover six months of your personal expenses.
Speaker D:Yes.
Speaker B:Right.
Speaker D:And then.
Speaker B:But keep in mind this.
Speaker B:Only.
Speaker B:You only want to build that up first.
Speaker B:If you have not a lot of credit card debt, debts you're carrying over month to month.
Speaker B:Right.
Speaker B:This is all under the assumption that you've paid down all your credit card debt.
Speaker D:Right.
Speaker B:Because you want to get rid of those debt payments so that you can be, you know, a little bit, have a little bit more freedom and build that emergency fund up.
Speaker B:Now, there's multiple methods.
Speaker B:We actually get questions a lot from listeners on the show.
Speaker B:Like, can you help me out on, like, a method or routine on how to take down this credit card debt?
Speaker B:Because we understand it's a huge undertaking.
Speaker B:There's two methods that are primarily used.
Speaker B:Right.
Speaker B:There's one known as the snowball effect.
Speaker D:Right.
Speaker B:Where you're paying off the smaller balances first.
Speaker B:So you.
Speaker B:You can celebrate the little wins, and you can slowly work your way up.
Speaker A:Or hit of dopamine from saying, I did it, I accomplished this.
Speaker A:And then you get bigger and bigger.
Speaker B:Yeah, yeah.
Speaker B:And there's.
Speaker B:There's.
Speaker B:There's no.
Speaker B:You got to pick the path that you know you're going to stick to.
Speaker B:If that's what you need, go for it.
Speaker B:Now, if you want to save the most money, there's another method called the avalanche method.
Speaker D:Right.
Speaker B:Where you would also just look at the interest you're paying.
Speaker D:Right.
Speaker B:And you want to attack the one that has the highest interest going up against you.
Speaker A:So this is actually probably a good point.
Speaker A:I know a lot of people listen to the show and they say, okay, well, this is common logic, but why?
Speaker A:Everything you'll find with making money in life comes down to one word which is sensationalized on social media, a tremendous amount.
Speaker A:Arbitrage.
Speaker B:Arbitrage.
Speaker A:Arbitrage.
Speaker B:Airbnb arbitrage, bro.
Speaker A:Arbitrage.
Speaker A:They'll tack it onto something new.
Speaker A:Airbnb arbitrage was the latest that I saw every couple of months or years.
Speaker A:To make something, you know, as common as Airbnb sound sexier or.
Speaker A:I've got this brilliant idea.
Speaker A:Arbitrage has been around since the beginning of time.
Speaker B:Yeah.
Speaker A:In one form or another.
Speaker A:If you have your money in cash, right, and you don't have credit card debt, that money is hopefully making you interest.
Speaker A:Let's just say you put it into a high yield savings account and you're making 4%, right?
Speaker A:You're making 4% on your money and you don't have any expense in keeping it there because it's just cash sitting in an interest bearing account.
Speaker A:If you're not using your money to pay down credit card debt, right, and you're putting it into just a savings account, you're making 4%.
Speaker A:But you have credit card debt and you're paying 20%, you're negative arbitrage.
Speaker D:Right.
Speaker A:That cash that can be used to pay that down is now costing you the difference in what you're earning that 4% versus what you're paying the 20%.
Speaker A:It's a 16% negative to you.
Speaker A:So the arbitrage concept is as simple as it might sound, and you're like, oh, duh, that sounds pretty simple to you, Chris.
Speaker A:Why are you supposed to be like, I'm an idiot?
Speaker A:You'd be surprised how many people don't actually go to this mental exercise, right?
Speaker A:You need to look at where your money is and how much it's costing you or how much it's making you.
Speaker A:Just knowing where your money is and where your debt is in and of itself is not enough.
Speaker A:You would be stunned at how many people I talk to that do not know their credit card interest rates.
Speaker D:Oh, yeah.
Speaker B:Well, I mean, it is, it is.
Speaker B:It does float a little bit.
Speaker D:Right.
Speaker A:But you should approximately know how much you're paying.
Speaker B:Exactly.
Speaker D:Right.
Speaker B:And we're going to get in.
Speaker B:And also, like, an example that I had ready for the show is like, the average credit card debt I that's being carried month over month for, you know, people out there, people with credit cards is somewhere between six to $8,000.
Speaker B:Okay?
Speaker B:I mean, that's a lot.
Speaker A:So everybody but Dave Ramsey.
Speaker B:Yeah.
Speaker B:Cuz there's any credit, bro.
Speaker B:Why do you need credit?
Speaker A:Cash rules everything around me.
Speaker A:Cream dollar, dollar bills, y'all.
Speaker B:We're so good at this.
Speaker A:I think we've done a podcast before.
Speaker B:Off the dome, so, like, it keeps mine.
Speaker B:If you're just paying the minimum payments and then also still using your credit cards to live the lifestyle that you've now accumulated and created for yourself, and you have $8,000 balance, and let's just say you pay the minimum payment or a little bit more, but then you're racking up a little bit more debt, and at the end of the first year, you didn't take down anything from that $8,000.
Speaker B:Let's just say there's 20% interest, which is actually.
Speaker B:I think, on average, the interest rate is slightly higher than 20%.
Speaker B:It's like 21, 22%.
Speaker B:Maybe even, um, some definitely even higher than that, but say 20% higher.
Speaker B:You're not going into year two.
Speaker B:You're now at $9,600.
Speaker A:Yeah.
Speaker D:Right.
Speaker B:And then going into year three, I think, what do I have here?
Speaker B:You're at $11,500.
Speaker B:So, like, you got.
Speaker B:You have to make this a priority and pay it down.
Speaker A:So I don't like thinking about this stuff on a monthly basis.
Speaker A:I just don't want to obsessively, compulsively worry about it.
Speaker A:So I have found ways to simplify this entire process.
Speaker B:Love it.
Speaker A:And it goes into our next steps, three and four, as we'll talk about eventually.
Speaker A:But basically, I don't want to think about my baseline.
Speaker A:So I've gotten really good at understanding how much money I'm putting out and where I'm putting it out, at a minimum, every single month.
Speaker A:I know how many mortgages I have.
Speaker A:I know how much I have all my investment properties coming out of one property management account.
Speaker A:I know how much money needs to be in that account every single month in order to pay the mortgages that are coming out of it.
Speaker B:Okay.
Speaker A:Right.
Speaker A:I know for my personal residence how much I'm paying every single month.
Speaker A:I know what car payments we had when we had them, and actually do have a rivian payment right now, which is weird, because I haven't had a car payment in a long time.
Speaker A:So I know the monthly outflow of these things.
Speaker A:I know how much I make.
Speaker A:I know how much free cash flow is there.
Speaker A:Everything else I'm charging onto one credit card.
Speaker A:And I watch that balance.
Speaker A:I get alerts from that credit card every time it's used.
Speaker A:My wife uses it when I use it.
Speaker A:And we get to know this way, people are like, oh, my God, you and your wife are stalking each other.
Speaker A:No, we're ensuring that it's not fraud.
Speaker B:Right.
Speaker A:And it's a great way to encourage conversations.
Speaker A:If I see her spending on something weird, or she says, me spending on something weird.
Speaker A:Hey, what'd you buy?
Speaker B:Yeah.
Speaker A:If you ask your partner, what did you buy?
Speaker A:And there's hesitation or, like, there's pause in telling you, I understand gifts.
Speaker A:I understand surprises.
Speaker A:But generally speaking, if somebody's, like, awkward in telling you, that's usually an indication of.
Speaker A:There's an uncomfortable, unspoken problem with financial spending.
Speaker B:Right.
Speaker B:And, I mean, just to take this a step further, like, I remember when.
Speaker B:I'm not saying my wife and I have, like, the perfect relationship.
Speaker A:But you typically do.
Speaker B:No, I really don't.
Speaker B:But you.
Speaker A:You.
Speaker B:You say that I do, but I don't.
Speaker B:But for us, like, from the very beginning, open lines of communication, that was the number one thing that we worked so hard on the beginning, because we knew the foundation was so important.
Speaker D:Right.
Speaker B:And even on this topic, because, you know, for a lot of people out there, this is a very uncomfortable conversation to have with your partner.
Speaker A:Okay, let's test this.
Speaker B:Arun, are we taking off the glasses now?
Speaker B:Yeah, let's do this.
Speaker A:We're gonna be serious.
Speaker A:Serious faith.
Speaker B:This is very difficult for me.
Speaker A:Is it?
Speaker A:Good?
Speaker A:Okay, ruin, I want you to be honest with me about something.
Speaker C:Okay.
Speaker A:If you're going to the bathroom in your house.
Speaker B:Aw, don't.
Speaker B:No, not during this segment, bro.
Speaker B:We'll save it for afternoon.
Speaker A:We're testing truth and transparency here.
Speaker B:Truth and transparency?
Speaker A:Yeah.
Speaker A:We're testing boundaries.
Speaker A:We're testing limits.
Speaker B:All right.
Speaker A:Do you go to the bathroom with the door open, or do you close it?
Speaker C:Close it.
Speaker A:Close it.
Speaker B:Yeah.
Speaker A:Have you ever gone number two in front of your wife?
Speaker B:No, but what?
Speaker B:Yeah, but this is so, like, off the line.
Speaker A:It's not.
Speaker A:Bear with me, bro.
Speaker B:You've been taught as a young kid that if you go to the bathroom, you close the door behind you.
Speaker B:Like, you don't.
Speaker A:I mean, so I know that you aren't open to other cultures, because both of you are ethnocentric assholes.
Speaker B:Open to other cultures.
Speaker A:I know that you guys have.
Speaker A:I mean, you got afghan wives, okay?
Speaker A:Right?
Speaker B:Okay.
Speaker A:You kept it in the culture.
Speaker B:Kept it in the culture, baby, there's.
Speaker A:A lot of cultural similarities there.
Speaker A:I had a bit of a culture shock when.
Speaker A:My wife is very different when it comes to these things.
Speaker B:Okay.
Speaker A:When I was growing up, a buddy of mine, we used to joke that you never wanted to go to the bathroom in earshot of somebody hearing it.
Speaker D:Right?
Speaker B:I'm very much like that now.
Speaker B:Like, very much like, if I'm going to the restroom, even number one, I feel very uncomfortable if I know people are, like, close by.
Speaker B:I'll turn the sink on.
Speaker B:I used to.
Speaker B:I'm not letting you hear this.
Speaker A:I used to do the same.
Speaker A:And I don't know if this is a filipino thing, but certainly it's my wife thing.
Speaker A:My wife.
Speaker A:And she's a nurse, too, so maybe that's part of it.
Speaker A:I don't know.
Speaker A:She would walk in, like, when I'm going number two, and, like, you've told me this, and, like, my anus wasn't ready to go with it's got stage fright.
Speaker B:Yeah, yeah, yeah.
Speaker D:Right?
Speaker A:And then over time, like, you just.
Speaker A:It becomes not a thing.
Speaker B:Well, look, I'm not saying that, like, that's for me, but it's cool to hear that you guys comfort level is that you're that comfortable with each other.
Speaker A:Again, hear me out, okay?
Speaker A:All I'm saying is, if something like that can be overcome and the awkwardness can go away, everybody should be able to talk about their finances with their partner.
Speaker B:I saw how you put a little bow on it.
Speaker B:I like that.
Speaker B:Good for you.
Speaker A:And now you guys know something personal about me.
Speaker A:Unlike Syed, who doesn't share anything personal with anybody in the show.
Speaker A:What do you mean?
Speaker A:Arun?
Speaker C:Come on, man.
Speaker A:See?
Speaker B:Come on.
Speaker B:Come on, man.
Speaker B:Me or him?
Speaker C:You, man.
Speaker D:Oh.
Speaker B:Okay.
Speaker B:Step number three of your payday routine is you need to make sure you are matching your company's 401k.
Speaker A:Don't leave money the table.
Speaker B:I mean, that's free money.
Speaker A:Don't do it.
Speaker B:That could be compounding interest.
Speaker B:And if you don't know what that is, you should go to Chris's TikTok page and look at the number one video.
Speaker B:And it'll teach you all about compound interest.
Speaker A:The number one video has said's face on.
Speaker A:For those of you who are unfamiliar.
Speaker B:I mean, that's a good way for you to find it.
Speaker A:1.7 million views.
Speaker B:We're up.
Speaker A:My most viral.
Speaker A:Viral video with my face on, I got about 50,000.
Speaker A:So clearly, you have much more appealing face.
Speaker B:Feel like you owe me a lot.
Speaker A:I like to think that you look more homely.
Speaker B:I'm a man of the people.
Speaker B:You're not a man of the people.
Speaker B:I am the man of the people.
Speaker A:Yeah, I know what people you're a man of.
Speaker A:So, that being said, one of the constant themes that I see on social media.
Speaker A:And it just bothers me.
Speaker A:It burns me to my core.
Speaker A:And, Roona, you've probably seen this.
Speaker A:Cause you scroll on TikTok a lot at night when you're not supposed to be on TikTok.
Speaker B:You still got TikTok, bro.
Speaker A:For sure he does, Arun.
Speaker C:I do?
Speaker A:Yeah, you do do, dude.
Speaker B:Oh, you have to.
Speaker A:How do you think you go viral?
Speaker A:I put you on my TikTok.
Speaker B:Never had a tick tock.
Speaker B:True story.
Speaker A:Yeah, well, you do now.
Speaker A:More people have seen your face on TikTok.
Speaker A:So one of the things I see constantly is people will bash a 401K saying, why would you invest your money today?
Speaker A:And the argument is, it makes sense at first.
Speaker A:They're saying, okay, let's say you invest 5% of your money into this, right?
Speaker A:You're taking 5% of your free cash flow, and you're cutting it off and saying, I'm not touching this.
Speaker A:So now you're bringing in less money today that you could invest in other places where or enrich the quality of your life.
Speaker A:And there's so many people who are like, look, I'm never going to be able to afford a home.
Speaker A:They have a stiffest attitude, and I get it.
Speaker A:We have world class problems with affordability.
Speaker A:So I get the criticism.
Speaker A:And then there's another subset of people who are like, okay, well, with inflation being what it is today, I'm never going to make enough in these traditional 401K fund like investments to justify me taking 5% off the table every single paycheck to get the employer matched.
Speaker A:So why would I care about my employer match?
Speaker A:And, oh, by the way, I don't want to wait until I'm 65.
Speaker B:That's also being very short sighted.
Speaker D:Right.
Speaker B:You're only thinking about those individuals, right?
Speaker B:The latter.
Speaker A:But that's most Americans.
Speaker B:I know they don't want to wait for the long run.
Speaker B:And they, look, if you wanted to invest, hopefully you are doing some investing then, right?
Speaker B:But look, we're not saying, and we've never said on the show that that's the only form of investing that you do.
Speaker B:And let me be clear, just take advantage of the free money that's on the table.
Speaker A:Arun, how many times have you heard this?
Speaker A:You know what?
Speaker A:If I had to do it all over again, okay, you know what I would do?
Speaker B:What would you do, Chris?
Speaker A:I wouldn't invest in a 401K.
Speaker A:No, no, no, no.
Speaker A:I wouldn't just go buy a piece of real estate.
Speaker A:I'm not experienced.
Speaker A:What would I do that for?
Speaker B:Okay?
Speaker A:I'm not going to go buy bitcoin and cryptocurrency.
Speaker A:God, there's so many scams I would invest in myself.
Speaker B:Like what?
Speaker A:So what I would do is I would buy a course like the one that I'm selling.
Speaker A:Normally it sells for dollar 700, but today, today I'm selling it for dollar 97 to you.
Speaker A:And you can enrich your.
Speaker A:Invest.
Speaker A:Invest in you by buying this course from me.
Speaker B:For you, bro.
Speaker B:I heard.
Speaker B:I heard that your boy, DJ.
Speaker B:Okay, DJ t.
Speaker B:Okay.
Speaker B:He used to do these seminars where he's like, you come down and get a real estate seminar for me, and you'll get to meet me.
Speaker B:And they'd promote it, and then he would never be there.
Speaker B:Just be a cardboard cut out of him.
Speaker B:He used to pimp out these seminars.
Speaker B:Back in the day.
Speaker B:He was the og og seminar seller.
Speaker B:But he wasn't the one.
Speaker B:He wasn't the one even the one teaching.
Speaker B:They were just using his likeness.
Speaker A:So.
Speaker A:You ever see that movie pain and gain?
Speaker B:Of course.
Speaker A:Yeah, with Dwayne the Rock Johnson, when.
Speaker B:He was at his biggest.
Speaker A:And Mark Wahlberg.
Speaker A:Yeah.
Speaker A:So the asian guy from the hangover.
Speaker A:Ken Chang.
Speaker A:Kenjong.
Speaker B:Yeah, yeah.
Speaker A:The doctor.
Speaker A: He plays, like, this: Speaker B:Okay, yeah.
Speaker A:And people came to it.
Speaker A:My dad, when I was younger, before he found, like, his passion in real estate, would drag me to those.
Speaker B:Okay?
Speaker A:And I vividly remember walking into seminars like that.
Speaker A:And when they got big enough, the light bulb moment went on for these seminar gurus.
Speaker A:They were like, okay, wait a minute, wait a minute.
Speaker A:If I do a seminar in one city on one weekend, I'm limited to where I can be.
Speaker A:But if I do multiple seminars over multiple weekends, and I have people on my team that can double down on the narrative, using my name, my likeness as their brand, we can make double or triple the money.
Speaker B:Yeah.
Speaker A:And that's what they did.
Speaker A:And people got there and they always got up sold and then the light bulb went on.
Speaker A:In the guru mindset, they're like, okay, wait, wait, wait.
Speaker A:You wanna meet, you know this guy, right?
Speaker A:You want to meet them?
Speaker A:So how do you meet them?
Speaker A:You got to pay to go to the retreat.
Speaker A:But don't worry, the retreats discounted.
Speaker A:You get a little vacation and you got to sit through a couple hours of our stuff, but it's going to be so enriching for you.
Speaker A:And what did you do?
Speaker A:You went to these retreats.
Speaker A:You got there.
Speaker A:It was pressure.
Speaker A:Sales tactics.
Speaker A:They often had people who would literally walk you and walk you through the how to talk to your credit card company to get extensions of credit, to get more money to buy their multiple thousand dollar course.
Speaker A:And the way they hooked you back then, and they still use this on social media today, they do it a little differently.
Speaker A:Was they started you off with the offer of a free gift in return.
Speaker A:That's how timeshares work.
Speaker A:For example, it's usually a small token, like a tchotchke of some type.
Speaker A:If you go, they get you hyped up, all the good vibes.
Speaker A:You walk away feeling really good about yourself, and then it goes into this, hey, if you commit to going to this thing, you're going to go here.
Speaker A:There's someplace else that's not so close to you, approximately, a local hotel.
Speaker A:They know, okay, this person's committed.
Speaker A:They're emotionally engaged.
Speaker A:Now I'm gonna try to get more money from.
Speaker A:They say, you want a package, right?
Speaker A:But the package is always like, oh, there's several levels to the package.
Speaker A:You want the vip package.
Speaker A:That's gonna be the biggest bang for your buck.
Speaker A: hey, you can buy this one for: Speaker B:Right?
Speaker A:And all those guys do that right now.
Speaker A:It starts off with how many guys.
Speaker B:Are going just for potential networking.
Speaker B:Problem is, they're thinking about the networking, but everyone there's trying to do the same thing that they're doing.
Speaker B:So what are you really?
Speaker A:Yeah.
Speaker A:And that's the, that's the pitch I've never understood.
Speaker A:Like, all these gurus will be like, look, I have a mastermind you can pay to come to this mastermind.
Speaker A:We're gonna get together and we're gonna do master minding stuff, right?
Speaker A:And, like, it's.
Speaker A:I've never, I've never understood the synergies.
Speaker A:Yeah, you're gonna meet so many people, you're gonna connect to people, and it's like, what successful people do, you know, that are saying, you know what?
Speaker A:I am successful.
Speaker A:I got a business, I got a family, I got all these things to do.
Speaker A:But I could kick it up a notch, right, if I went to a master mind.
Speaker B:Yeah, get master minded.
Speaker A:Yeah.
Speaker B:Terrible.
Speaker B:So hopefully back to this, though.
Speaker B:Hopefully you're taking advantage of the 401k that your company's offering.
Speaker B:Let's say your company is not offering a 401k.
Speaker B:There are other, you know, investment retirement accounts you can apply for, and there's a big, the big hot, trendy one now is Roth Iras.
Speaker B:Right?
Speaker A:It's been trendy for a while.
Speaker B:Tax free growth.
Speaker D:Right.
Speaker B:You can withdraw your contributions, not your earnings, at no penalty.
Speaker D:Right.
Speaker A:I'm still a sucker for a 401k.
Speaker B:Yeah.
Speaker B:I mean, hopefully your company offers a 401k, though, right?
Speaker B:Like, but.
Speaker A:And if not, you know, save your money, invest in real estate, let that be your 401k.
Speaker A:There's nothing wrong with that either.
Speaker B:Yeah, no, I mean, that also can pay you.
Speaker D:Right?
Speaker D:Yeah.
Speaker B:Um, so hopefully that.
Speaker B:And then step number four to our pay day routine is invest your money, if there's any money left over.
Speaker B:On top of all that, hopefully you can create a brokerage account.
Speaker B:We've talked about on the show a lot.
Speaker A:We.
Speaker B:We love index, long term index funds, dollar cost averaging.
Speaker D:Right.
Speaker B:And you can start off with there's.
Speaker B:There's definitely a lot of them out there that have, um, no, like, no baseline limits where you can come in by fractions and you can grow it.
Speaker B:And, you know, on average, that.
Speaker B:That returns you ten to 12%.
Speaker A:So let me.
Speaker A:Let me just tell you how to put this on autopilot.
Speaker A:Okay?
Speaker A:Just to be clear, there are some things that I do because I don't want to spend time thinking about this.
Speaker A:Number one, I know how much I spend every single month.
Speaker A:I've done the counting of my macros.
Speaker A:Financially, I understand what my inflow outflow is, so I can skip step one at this juncture in my forties, okay.
Speaker B:We call it financial macros on the show.
Speaker A:Financial macros.
Speaker B:That's our thing, bro.
Speaker A:That might be a good t shirt.
Speaker B:I like that.
Speaker A:Yeah.
Speaker B:Yeah.
Speaker A:Write that down.
Speaker B:Okay, rune, write it, please.
Speaker A:You don't track your macros or your financial macros, do you?
Speaker A:Ha ha.
Speaker A:So I do put everything on my credit card, right?
Speaker A:I have an emergency fund, so all that's done.
Speaker A:So I don't have to think about that anymore.
Speaker A:The credit card spending is always on one card.
Speaker A:It's on my American Express.
Speaker A:That's it.
Speaker A:That's just my methodology.
Speaker A:It's a charge card, not a, you.
Speaker B:Know, meaning you have to pay it in full every month.
Speaker A:Every single month.
Speaker A:And that's exactly what I do.
Speaker A:So that's why I'm thinking about, you know, how much money I'm coming in and coming out.
Speaker A:Right.
Speaker A:For the investing, the.
Speaker A:Absolutely.
Speaker A:Match up to my employer.
Speaker A:Match.
Speaker A:Not a penny more.
Speaker B:Yeah, me too.
Speaker A:And then you shouldn't invest more, frankly, unless you're.
Speaker A:Unless you're trying to accelerate towards retirement.
Speaker A:So if you're older and trying to get there faster or something like that, fine.
Speaker B:Well, some people like want to hit the max, right?
Speaker B:What's the max?
Speaker B:Like 20 some thousand now.
Speaker A:Oh.
Speaker A:Per year?
Speaker D:Yeah.
Speaker A:If you're not doing that with your employer contribution, that might be something to think about.
Speaker A:Might be worthwhile.
Speaker B:Yeah.
Speaker A:I generally have not because I hit that anyway.
Speaker B:Yeah.
Speaker A:That being said, I also contribute $1,000 a month into two different investment accounts.
Speaker A:Right.
Speaker A:Those are just automatic withdrawals.
Speaker A:Those come out one time a month on its own.
Speaker A:I don't have to think about it.
Speaker B:Yeah.
Speaker D:Right.
Speaker A:All my bills are on auto pay.
Speaker B:We do that.
Speaker B:We do that for our kids accounts, too.
Speaker A:They're basically ones for my son and ones for, like, my general investing account.
Speaker A:And then I have an Acorns account set up to all my accounts, which.
Speaker B:I remember when you.
Speaker B:When you created that.
Speaker B:Yeah, I remember we.
Speaker B:We were walking one day and like this.
Speaker B:It had just recently come out or something, like, dude, I'm gonna do this now.
Speaker B:Watch.
Speaker B:And I was like, really gonna.
Speaker B:You're gonna really.
Speaker B:I was kind of making fun of the concept, and then I remember month after month after month, and you were kind of showing me the.
Speaker B:It was nominal growth, but it was still growth.
Speaker A:Yeah.
Speaker A:$45,000, nothing right now.
Speaker B:I remember when you started that thing.
Speaker A:Yeah, 45,000.
Speaker A:Yeah.
Speaker A:Incremental roundups from spending.
Speaker A:You know, you spend a dollar and $0.45, you get $0.55 rounded up and dropped in that $45,000 now.
Speaker B:Incredible.
Speaker A:That's incredible.
Speaker A:And I've literally done nothing to think about it.
Speaker B:Just.
Speaker B:You just have to pick the fund that it goes into, right?
Speaker A:No, you just pick your.
Speaker A:Whether you wanted to, you know, aggressive or, you know, you want.
Speaker A:You pick your level of risk that you.
Speaker B:Aggressive, moderate, or.
Speaker B:Okay.
Speaker B:Lower.
Speaker B:Okay, got it.
Speaker A:Or light.
Speaker B:Yeah.
Speaker A:And then as far as investing my money goes, I am always thinking about investing.
Speaker A:There are a lot of people who go every single day to work.
Speaker A:They think about their job.
Speaker A:They think about their family.
Speaker A:All good.
Speaker A:Those are priorities.
Speaker A:You should.
Speaker A:But I spend a great deal of time every single day thinking about investing, and I found that people who have that mindset will look a lot more at bad news as opportunities.
Speaker B:Interesting.
Speaker A:So we had a lot of news, and we're not going to talk a whole lot about it on the show.
Speaker A:We had a lot of news recently about some potential geopolitical conflict which may or may not affect the oil supply.
Speaker A:So I know a lot of people, as soon as that news came out, they started buying oil.
Speaker A:Right?
Speaker A:They started buying.
Speaker A:Buying into all the oil based and impacted oil shares.
Speaker A:Oil spiked that day and they sold out.
Speaker A:Yeah, they sold out.
Speaker A:You know, they made their money and they dropped out.
Speaker B:Understanding how these things get impacted and get affected.
Speaker D:Right.
Speaker A:Everything was an investment opportunity.
Speaker A:It wasn't sensationalized news anymore.
Speaker A:It was.
Speaker A:How is this news going to affect the consumer?
Speaker A:Because I'm going to buy the play.
Speaker B:Yeah, exactly.
Speaker A:And the classic story, I always tell people when it comes to stuff like this, and it's just a mindset shift, and it doesn't come from a mastermind, sorry to say.
Speaker A:That is when the CEO, Lululemon, came out before he was terminated and said that he didn't make clothes for fat people, stock took a huge dive.
Speaker A:The quality of the product didn't drop off.
Speaker A:There wasn't an issue with the buyers.
Speaker B:People didn't like the brand because of the CEO.
Speaker B:Something like Tesla.
Speaker D:Right.
Speaker B:Like, a lot of people like it because of Elon.
Speaker B:There's a lot of Elon fanboys.
Speaker D:Yeah.
Speaker A:Which is fine.
Speaker A:That's more modern day.
Speaker A:But back then, that wasn't the case as much.
Speaker A:But nobody knew the CEO.
Speaker A:He was irrelevant.
Speaker A:I knew he was gonna get fired.
Speaker A:So you buy the dip of the stock and you sell when it goes back up.
Speaker A:And that's exactly what I did.
Speaker A:And it made a great deal of money.
Speaker D:Right?
Speaker B:Yeah.
Speaker A:I mean, everything around you is an investment opportunity if you choose to see it that way.
Speaker B:I love it.
Speaker B:Yeah.
Speaker A:Do you love it?
Speaker B:I do love it.
Speaker B:So, hopefully, by the way, when we were.
Speaker B:When I was planning this for the intro for the show, I thought about Jackie.
Speaker B:So shout out to Jackie.
Speaker A:Oh, yeah, yeah, yeah.
Speaker A:My girl.
Speaker A:You know that higher standard champion was my favorite pullover one that you have.
Speaker B:Yeah.
Speaker A:She has the same one now.
Speaker B:Yeah, bro, I know.
Speaker B:I told you to get it for her.
Speaker A:I know, but I like to think I contributed in some way, shape or form.
Speaker B:You did?
Speaker A:Yeah.
Speaker A:All right, so if you've been watching the news or I, you know, you've been just kind of going, hey, what's going on in the economy?
Speaker A:And you went over to a website or Apple news, you probably have heard about a little problem at the ports.
Speaker A:Little port problem, if you will.
Speaker B:Yep.
Speaker B:Some of the.
Speaker B:Some of the dockers.
Speaker A:And Arun, as a portly man, have you heard about this?
Speaker C:I have nothing.
Speaker A:Really?
Speaker D:Wow.
Speaker B:Really?
Speaker B:This.
Speaker B:This is like.
Speaker B:This is everywhere right now.
Speaker A:In his defense, as much as it is everywhere right now, I found that a lot of people, for some reason, have kind of passed this over because.
Speaker B:So I think a lot of people are like, they hear about strikes and like, oh, man.
Speaker B:Another union is.
Speaker B:It's forming a strike.
Speaker B:But given where we are at and where we've come from with inflation, this is majority news and could be major news, right?
Speaker A:Oh, I think.
Speaker A:I think it's going to be a big problem.
Speaker B:I got data here, too, but I'll let you know.
Speaker A:Pages of data.
Speaker A:Arun, you want to make sure to hit the audio button in the bottom right there of that little box before you push play.
Speaker A:So what Arun's going to.
Speaker A:What Arun's going to play is Harold Daggett.
Speaker A:Right.
Speaker A:He's president of the International Longshoremen's association, also known as the ILAE.
Speaker D:Yeah.
Speaker B:And they're supporting the dockers at union workers.
Speaker B:Right?
Speaker A:They're the union.
Speaker A:They support the union workers.
Speaker A:He's discussing the strike.
Speaker A:Port.
Speaker A:Which started the port.
Speaker A:Strike.
Speaker A:Sorry.
Speaker A:Yeah, I'm doing that a lot lately.
Speaker A:I'm going backwards.
Speaker B:You want the port wine?
Speaker B:That's what.
Speaker A:You're dyslexic?
Speaker A:Is that what that is?
Speaker A:Anyway, so it started on ten one.
Speaker A:And I'd seen the headlines.
Speaker A:I had no interest in reading into it until I heard Harold.
Speaker B:Harold, for reference point, the reason why it started on ten one.
Speaker B:They had a contract that was six years long that expired at the end of September.
Speaker B:So it was time for them to have a new contract that they hadn't negotiated.
Speaker A:But they knew they weren't going to be able to come to terms in this contract in June.
Speaker B:Yeah, they.
Speaker B:They had been actively negotiating since June.
Speaker A:And then they basically.
Speaker A:They were actually negotiating up to June.
Speaker A:And then basically the other side walked away.
Speaker B:The other.
Speaker B:The side that supports the freight, they.
Speaker A:Walked away and they're basically like, meh, we'll see what you do.
Speaker B:Okay.
Speaker A:And.
Speaker A:Well, I heard Harold say this.
Speaker A:Arun, if you want to go ahead and.
Speaker A:And, uh.
Speaker B:Yeah, you want to.
Speaker B:He's a character.
Speaker B:Let's just say that.
Speaker D:Yeah, he's.
Speaker A:He's got.
Speaker A:He's got some mobbish feel to him.
Speaker B:He's got.
Speaker B:He's got a little bit.
Speaker B:He's got a little bit sass.
Speaker A:Little sassy.
Speaker A:A little I might kill you vibes.
Speaker A:Rune, please explain something to you.
Speaker E:These people today don't know what a shrike is, right?
Speaker E:When my men hit the streets from Maine to Texas, every single port a lockdown, you know what's going to happen?
Speaker E:I'll tell you.
Speaker E:First week, be all over the news every night.
Speaker A:Boom, boom.
Speaker E:Second week, guys who sell cars can't sell cars because the cars ain't coming in.
Speaker E:Off the ships, they get laid off.
Speaker E:Third week, malls start closing down.
Speaker E:They can't get the goods from China.
Speaker E:They can't sell clothes.
Speaker E:They can't do this.
Speaker E:Everything in the United States comes on a ship.
Speaker E:They go out of business.
Speaker E:Construction workers get laid off because the materials aren't coming in.
Speaker E:The steel is not coming in.
Speaker E:The lumber is not coming in.
Speaker E:They lose their job.
Speaker E:Everybody's hating the longshoremen now because now they realize how important our jobs are.
Speaker E:Now I have the president screaming at me, I'm putting a Taf Harley on.
Speaker C:You.
Speaker E:Go ahead.
Speaker E:Taf Harley means I have to go back to work for 90 days after cooling you up.
Speaker E:Period.
Speaker E:Do you think when I go back for 90 days, those men are going to go to work on that period?
Speaker E:It's going to cost the money, the company's money, to pay their salaries?
Speaker E:Well, they went from 30 moves an hour, maybe to eight.
Speaker E:They're going to be like this.
Speaker E:Who's going to win here?
Speaker E:In the long run, you're better off sitting down.
Speaker E:And let's get a contract and let's move on with this world.
Speaker E:In today's world, I'll cripple you.
Speaker E:I will cripple you.
Speaker E:And you have no idea what that means.
Speaker B:I'm gonna take out both his knees.
Speaker A:I will cripple you.
Speaker B:That's scary, bro.
Speaker B:Yeah.
Speaker A:So, I mean, that's basically Robert De Niro in every movie he's ever played.
Speaker B:Yeah, exactly.
Speaker A:Right.
Speaker A:So it's a problem.
Speaker B:So what's it called?
Speaker B:I did some digging.
Speaker B:And what are they seeking?
Speaker D:Right.
Speaker B:They're seeking pay raises.
Speaker B:Okay.
Speaker A:We covered all this in the notes, brother.
Speaker B:Huh?
Speaker A:Oh, you.
Speaker B:Oh, okay.
Speaker B:You're covering this.
Speaker B:Okay, okay, okay.
Speaker B:I'll let you get through it.
Speaker B:Sorry.
Speaker A:We really.
Speaker A:Get your phone back up to the group.
Speaker A:Messages.
Speaker A:I would text you, but you don't read back.
Speaker A:Text messages.
Speaker A:Go for it.
Speaker B:Go for it, arun.
Speaker A:You know I'm talking about, right?
Speaker C:Reading text messages.
Speaker A:The sad part is, I know you guys reach out messages.
Speaker A: rike for the first time since: Speaker A:These ports handle nearly 40% of all us imports, and it could cost the US up to $5 billion per day.
Speaker B:That's an estimation that's definitely on the high end.
Speaker B:Right, but it's.
Speaker B:I mean, it could be, even if.
Speaker A:It was a billion dollars per day, that even at a billion, would incrementally affect GDP.
Speaker A:Yeah, every single day.
Speaker B:Right.
Speaker B:Exactly.
Speaker A:Now, to frame this, this is inflationary.
Speaker A:This will cause prices of the impacted supply of products to come in to go up.
Speaker A:There's a lot of perishable items here, too.
Speaker A:Stuff that if you sit out there and you don't get onto shore, it just goes bad.
Speaker B:Not just that, man.
Speaker B:We're talking about medicine.
Speaker A:Yeah, right.
Speaker A:Cars.
Speaker B:I got here 48% of active pharmaceutical ingredients come from India.
Speaker A:That's racist.
Speaker B:What's racist?
Speaker B:Don't put that on me, Ricky Bobby.
Speaker B:I just gave a fact.
Speaker A:You had to go right to India.
Speaker B:It's a fact, bro.
Speaker B:I'm just saying.
Speaker A:That's China.
Speaker B:That's where it comes from.
Speaker D:Right.
Speaker B:I also got here the top three companies with the biggest exposure, bro.
Speaker B:Take care to take a guess.
Speaker A:Top three times biggest exposure.
Speaker A:Food company number one.
Speaker B:I mean, they sell food.
Speaker B:Walmart.
Speaker A:Walmart?
Speaker B:Walmart's in there.
Speaker B:Ikea number two.
Speaker A:Really?
Speaker A:The Swedes.
Speaker B:The Swedes.
Speaker A:You're taking shots, everybody, huh?
Speaker B:I mean, wide range here, bro.
Speaker D:Right.
Speaker B:And number three, Samsung.
Speaker A:Wow.
Speaker A:The Koreans.
Speaker A:Now, dang, you're just going out to everybody.
Speaker B:I'm diverse with this.
Speaker A:Apple's totally fine, though.
Speaker B:They're good.
Speaker B:They're Gucci.
Speaker A:Yeah.
Speaker B:Cupertino.
Speaker A:For some background, port workers are on strike because of failed contract negotiations.
Speaker A:As said, referenced in June, the ILA, a union that represents port workers, suspended talks with the United States Maritime alliance.
Speaker A:Yeah, so they've done nothing literally at a standstill since then.
Speaker A:On September 30, the contract officially expired.
Speaker A:As Arun, as I noted and rune laughed at, the current ILA contract has union members making between twenty dollars to thirty seven dollars an hour.
Speaker A:A pretty fair wage.
Speaker A:20, though, I will point out, is what you can get at some fast food places in California.
Speaker A:I know that other states have a little bit lower minimum wage, so I don't know how to think about that.
Speaker A:I don't really know the risk profile.
Speaker A:To me, if you're a longshoreman, you're probably doing some risky work.
Speaker B:Some risky work and definitely some intensive labor, for sure.
Speaker A:Yeah.
Speaker A:So between $20 to $37 an hour, depending on seniority, a longshoreman can make between $150,000 a year to $250,000 a year.
Speaker A:Not a bad annual salary.
Speaker B:It's kind of crazy.
Speaker B:I mean, because twenty dollars to thirty seven dollars an hour, that equates to somewhere between $40,000 a year to just shy of like $70,000 a year.
Speaker D:Right?
Speaker B:So you're like, how'd y'all get up to $150,000?
Speaker A:The numbers are a little weird.
Speaker A:So port insider said that the ILA is targeting an increase larger than 32% over six years.
Speaker B:So basically what they wanted, from my understanding, was a pay increase of $5 an hour every year.
Speaker B:Right.
Speaker B:From.
Speaker B:So that that's what will take them up.
Speaker A:So I got mixed emotions about this.
Speaker A:On one hand, that sounds like a lot, because you're really talking about 25% of that base salary every single year increase.
Speaker A:That's a lot for a company to absorb.
Speaker B:It's a lot for a company to absorb.
Speaker B:And.
Speaker B:But I think the real play here is they want some form of certainty because they know automation is around the corner.
Speaker A:That's 100% accurate.
Speaker A:And if you've been on social media at all and you've seen this at all, one of the things that was highlighted was the port in Guangzhou, China.
Speaker B:Okay?
Speaker A:The port in Guangzhou, China, doesn't have a massive team of longshoremen.
Speaker A:They have these four panel screens, right?
Speaker A:Four screens in front of, like, a computer setup.
Speaker A:Two joysticks and a team of people sitting in this.
Speaker A:In front of this setup, operating these remote trucks, right?
Speaker A:Taking these shipment cart containers, dropping them on these remote trucks.
Speaker A:And these remote trucks are then AI operated to go where they need to go inside the facility.
Speaker B:If you've never seen one of these things, do yourself a favor, look it up.
Speaker B:It's pretty freaking cool.
Speaker B:Cause these are large shipping containers that are just being moved around like legos.
Speaker A:And all the guys are doing is really moving the shipping containers onto these AI vehicles, and the AI vehicles take the rest.
Speaker A:So you need way less humans to do this.
Speaker A:And this is in Guangzhou now, fully active, fully operational.
Speaker A:Been operational.
Speaker D:I mean.
Speaker B:Yeah.
Speaker B:And that's the extreme version.
Speaker B:I mean, Los Angeles port already, Long beach already have already gone through automation.
Speaker D:Right?
Speaker B:So way more efficient.
Speaker B:Definitely did, unfortunately, take away some jobs from some people.
Speaker D:Right?
Speaker B:But it is more efficient and they're able to take in more shipments.
Speaker D:Right.
Speaker B:So as a whole, for the economy, it does.
Speaker B:It does better.
Speaker B:For the economy as a whole, it does impact these shoremen.
Speaker B:Absolutely.
Speaker B:But now we got this supply chain disruption again, okay.
Speaker B:Where we're all very familiar with what happened last time.
Speaker B:Okay?
Speaker B:And hopefully, I mean, these negotiations have been going on for a long time.
Speaker B:Okay.
Speaker B:And you would hope that some of these big retailers, like Walmart, right, they're hip to it.
Speaker B:They understand that this could possibly happen.
Speaker B:Hopefully they've, you know, placed enough of a backorder to where they aren't in such a tight squeeze over the next, like this guy said, in three weeks, bro, the mall's closing down in three weeks.
Speaker A:So, yeah, that's a.
Speaker A:That's a bit of an extreme stance now that I will say.
Speaker A:There were pictures of people, like, mobbing Costco, trying to get stocked up on the toilet paper again.
Speaker B:You think there's a lot of panic buying again?
Speaker D:There was.
Speaker D:No.
Speaker A:There was.
Speaker A:There was literally.
Speaker A:That made the headlines more than this made the headlines.
Speaker C:Why.
Speaker B:Why the toilet paper, man?
Speaker A:Like, everybody gotta wipe their ass, bro, and nobody wants to do with their hand, like, the, you know, Middle Easterns, do you?
Speaker A:The first time I was a kid, I walked into a middle eastern household where they had, like, a little faucet thing.
Speaker B:Yeah, yeah.
Speaker A:And, like, you just sat there, you look at it, and you go, how do I use that with toilet paper?
Speaker A:And someone goes, you don't.
Speaker A:And you go, no, not a bidet.
Speaker A:Like, you know, they talk about the little cable, like, hose thing.
Speaker B:They still label it a bidet even though it's not a true bidet, but.
Speaker B:Yeah, I.
Speaker A:Is that what it's called?
Speaker B:Yeah, we got one at the house.
Speaker A:Do you really?
Speaker B:Yeah.
Speaker A:No, like, a traditional bidet or, like, little host.
Speaker B:The hosting.
Speaker B:And the kids use it.
Speaker B:They know how to use it.
Speaker D:Really?
Speaker B:Yeah.
Speaker B:That's all.
Speaker B:Like, come on, we got to get done with this.
Speaker B:You guys got to learn how to do this because they don't.
Speaker B:They don't.
Speaker B:Like.
Speaker B:They.
Speaker B:They feel dirty after.
Speaker B:We've always, like, cleaned them ever since they were babies, and they all.
Speaker B:They feel dirty if they don't wash themselves.
Speaker A:Now, is it weird that's the most personal thing you ever shared in the show?
Speaker B:What?
Speaker A:That.
Speaker B:That's not the most person.
Speaker A:That's the first arun?
Speaker C:I think so, yeah.
Speaker B:How do you just blindly agree with me?
Speaker B:You know what he does?
Speaker B:He blindly agrees just to move the show.
Speaker C:Okay, no, hold on, hold on.
Speaker C:Okay.
Speaker C:You've shared about your wife getting into an accident.
Speaker B:You shared that was near death experience.
Speaker C:Successes and their sports or their losses.
Speaker C:Some awards.
Speaker C:They've won everything.
Speaker A:That for those great dads.
Speaker A:You're wonderful.
Speaker C:Share the drama.
Speaker B:Yeah, no, I've shared my life.
Speaker B:No, no, I've shown.
Speaker B:I've also shared on.
Speaker B:I've shared other things on the show.
Speaker B:We won't get into it now.
Speaker B:I don't want a reminder.
Speaker B:But anyways, you want to remind her?
Speaker B:A reminder?
Speaker A:Oh, that's not what I heard.
Speaker B:Of course he did it.
Speaker B:Of course he did it.
Speaker B:Chris.
Speaker B:Always looking for the drama.
Speaker B:But, yeah.
Speaker B:So what are we saying?
Speaker B:I think there's definitely some panic buying.
Speaker A:All right, so roughly 38% of us imports are currently processed through the east, in Gulf coast coast ports, which are impacted by this.
Speaker A:Now, this does impact both imports and exports.
Speaker A:You can't get it in or out of the ports.
Speaker A:JP Morgan has estimated the strike will cost the economy 3.8 billion to 4.5 billion per day.
Speaker A:To say it's point, that's.
Speaker A:You can see the wide disparity in estimates, but clearly this is going to be expensive.
Speaker A:Clearly this is going to affect GDP.
Speaker A:And this is a financial literacy podcast.
Speaker A:This is going to affect you.
Speaker B:This is gonna affect everybody.
Speaker B:And those shipments, those containers, like, they're just gonna be sitting out.
Speaker B:Have you ever seen them?
Speaker B:They're just sitting out at sea.
Speaker B:Yeah.
Speaker D:Waiting.
Speaker A:Waiting to be brought in, playing backgammon out there.
Speaker B:Just chilling pirates out there looking like, which one should we take?
Speaker A:Yeah, all the haitian pirates rolling around going, take that one.
Speaker B:Yeah, that's the go.
Speaker A:This means a week long strike could cost over and $20 billion.
Speaker B:That's just one week.
Speaker A:One week.
Speaker B:Six.
Speaker A:And room pulled up a great chart here.
Speaker A:Us imports processed for the east and Gulf coast ports, share of total share.
Speaker A:So 62% to the west coast port, 38% to the east coast port, 5%.
Speaker A:Textiles, 5%.
Speaker A:Precious gems and metals, base metals, minerals, 8%.
Speaker A:Transportation, 12% for transportation, equipment, to say it's point.
Speaker A:Chemicals, 13%.
Speaker A:Machinery and equipment, 24%.
Speaker A:So a lot of stuff here, and obviously, as I made reference, bananas, fruits, melons, there's a ton of perishable stuff, soybeans, out there.
Speaker A:So.
Speaker A:And that.
Speaker A:That's the kind of stuff that goes bad.
Speaker A:You can't just leave it out there.
Speaker A:It's gonna have a problem.
Speaker A:So, moving on.
Speaker A:Agriculture is an industry that is heavily reliant on the east coast ports.
Speaker A:Okay.
Speaker A: ported through these ports in: Speaker A:Everyone, if you could scroll up for me, please.
Speaker A:Yeah, so that's a lot of soybeans.
Speaker A:Also, 1.95 million metric tons of poultry were imported here.
Speaker A:Can't leave that out there for that long.
Speaker B:You can.
Speaker A:Right.
Speaker A:Food inflation could rebound again if this strike lasts.
Speaker A:He pulled up another chart, which I thought was really interesting.
Speaker A:USAG exports relying on top east coast ports.
Speaker A:Soybeans.
Speaker A:Number one, animal feed number two, poultry.
Speaker A:Number three, raw cotton.
Speaker A:Number four, meat.
Speaker A:Grocery items.
Speaker A:Bulbs in seeds.
Speaker A:Random vegetables.
Speaker A:Dairy product.
Speaker A:Hides in skins.
Speaker A:Didn't even know we still did that.
Speaker B:Yeah.
Speaker A:Edible nuts makes the list.
Speaker B:I'll take it.
Speaker A:Are non edible nuts there?
Speaker A:No, the next one down is cheese.
Speaker B:Cheese.
Speaker A:Such a random ass list, right?
Speaker A:Yeah, but that's.
Speaker A:That's, you know, that's what came in.
Speaker A:That's the top list of what came in in the ports.
Speaker A:So it's not going to affect everything, but from an agricultural perspective, it's going to.
Speaker A:It's going to affect those items, most.
Speaker B:Notably from agriculture, for sure.
Speaker B:Electronics, for sure.
Speaker B:The guy said himself cars.
Speaker B:Absolutely.
Speaker D:Right?
Speaker A:Yep.
Speaker B:And you got to think, I already mentioned what's coming from India.
Speaker B:You got the pharmaceutical ingredients, right.
Speaker B:That are actively used.
Speaker B:So, look, and if the cost of freight shipping becomes more expensive, ask yourself the question, who's gonna eat that cost?
Speaker B:What does that cost?
Speaker B:Who does that cost get, like, passed down to?
Speaker A:Well, if you're a company, you raise your prices and you say, Saeed, your chicken just went up.
Speaker B:And what is that?
Speaker B:That's inflation all over again.
Speaker B:So, you know, JP's been on the phone like, you motherfuckers.
Speaker B:Don't you dip.
Speaker A:Wow, the MF bomb, bro.
Speaker B:We're 54 minutes in.
Speaker A:Yeah, the algorithm checks all the old minutes.
Speaker A:Just restricted the advertising like, you guys.
Speaker B:Seriously, what have I done?
Speaker B:What have I done to hurt your feelings?
Speaker B:Why don't you like me?
Speaker B:Why are you.
Speaker B:Why are you guys raising the prices on everything for me?
Speaker B:I've worked so hard to bring inflation down.
Speaker B:Now what's going to happen is it's going to increase again.
Speaker A:And JP is like, I get more press time, though, so.
Speaker A:Win win.
Speaker A:Yeah, I'm still the man of the hour.
Speaker A:So here are some of the top us importing companies through the east and Gulf coast ports.
Speaker A:Spoiler alert.
Speaker A:Said was right.
Speaker A:Walmart leads the way, along with other large retailers like IkeA, Home Depot, dollar general, and Amazon.
Speaker B:Dollar general still thing, huh?
Speaker A:Yeah.
Speaker A:And how does that get mentioned between Home Depot and Amazon?
Speaker A:I swear, I feel like you might want to leave Dollar General off and throw in something else.
Speaker A:But the list gets kind of quirky.
Speaker A:After Samsung, it goes Walmart number one, IkeA number two, Samsung number three.
Speaker A:Number four, Bob's discount furniture.
Speaker A:Really?
Speaker B:Damn.
Speaker A:Bob is Bob's real name.
Speaker A:Like Chinese?
Speaker A:He import everything from China.
Speaker B:Yeah, Bob build it in the US below.
Speaker A:Bob's is LG, Home Depot, Continental tire.
Speaker A:Okay, Hyundai dollar, General Motors, and Amazon.
Speaker A:Why you would pick Dollar General over LG?
Speaker B:Yeah, or Samsung Continental tires.
Speaker A:Hyundai.
Speaker B:But, like, Samsung's triple the amount.
Speaker B:Like, why'd you leave Samsung off?
Speaker A:Just seems weird, right?
Speaker D:Yeah.
Speaker B:What you got against Samsung?
Speaker A:I don't know.
Speaker A:Apparently something.
Speaker A:Well, what are we looking at?
Speaker A:Oh, Bob's.
Speaker A:Yeah, Bob, look.
Speaker A:Bob's furniture is a big ass chain.
Speaker A:When I was in Oklahoma, I saw this massive like warehouse store of theirs, I think it was.
Speaker A:They've got huge outlets.
Speaker A:California.
Speaker A:Look at that.
Speaker A:Look at all those cities.
Speaker A:Connecticut, New Jersey, Michigan, Indiana, Iowa.
Speaker A:It's a big deal.
Speaker A:I get it.
Speaker C:I never knew how big it was.
Speaker A:Oh, it's big.
Speaker A:Yeah, it's real big.
Speaker A:You ever been inside?
Speaker C:Nope.
Speaker A:You should go inside.
Speaker B:Should go inside sometime.
Speaker A:You love Bob's.
Speaker C:I bet I would.
Speaker A:By the way, that's foreshadowing in the business to the conversation we have to have about Sam Bankman, fried and P.
Speaker A:Diddy being cellies.
Speaker B:I mean, we gotta have that conversation.
Speaker B:Yeah, not just cellies, right?
Speaker A:They're bunkies, bro.
Speaker B:Represented by the same.
Speaker A:Do you think they watch all those TikTok videos about how to make prison food?
Speaker A:Cuz I watch.
Speaker B:Or prison workouts, I watch those, yeah.
Speaker A:Oh, you think they're doing prison workouts?
Speaker B:They together burpees, right?
Speaker A:They do that weird like hip thrust.
Speaker B:Burpee thing and they gotta hit the abs.
Speaker A:Yeah, right, sideways hip.
Speaker B:No, they do the push up and then they lift, raise the knee to the chest, other knee to the chest.
Speaker A:But it's very flowy.
Speaker A:And they do the side hip thrust.
Speaker B:And then they go back down.
Speaker A:Is that like gang signs or something?
Speaker B:I don't know, it just means something.
Speaker B:I feels like it's degeneration x, like bam.
Speaker B:Yeah.
Speaker A:And then like if you're, if you're Sam Bankman free, do you get a kickback for having him use your attorney?
Speaker B:Honestly, like is there a referral fee?
Speaker A:Like a discount?
Speaker A:Like we can both get visits under the same cost, bro, I was so.
Speaker B:This, it's very confusing.
Speaker B:So apparently the one of the law firms that is handling the sexual assault cases against your boy, did he.
Speaker B:Let me get that on record.
Speaker B:Not my Boyenne.
Speaker B:Apparently they were soliciting, fielding like assault, assault cases against him.
Speaker B: Bro, they got over: Speaker A:There's 120 new cases against him.
Speaker B:So.
Speaker B: So they, out of the: Speaker B:They were like, yep, that meets everything.
Speaker B:We need sign on up, bro.
Speaker B:This guy is like Dunzo, bro.
Speaker A:And the worst part about it is they're tapping his own cameras for the evidence.
Speaker B:It's like, we already got it, bro.
Speaker B:Thank you.
Speaker A:I bet you this is how it went.
Speaker A:Oh, we have him.
Speaker A:We have him on video.
Speaker A:He called, right?
Speaker A:Okay, that's number one.
Speaker B:I mean, yeah, that checks out.
Speaker A: Yeah, are you six foot,: Speaker D:Yep.
Speaker A:We got you.
Speaker A:I mean.
Speaker A:Anyway, let's finish up to market exporting.
Speaker A:Importing export markets are also heavily reliant on these ports.
Speaker A:As I referenced earlier, China receives 1.91 million metric tons of exports from these ports.
Speaker A:And Indonesia receives 1.3 million metric tons.
Speaker A:That was a bit of a surprise to me.
Speaker A:I didn't realize Indonesia was such a.
Speaker A:Such a port.
Speaker A:Heavy export.
Speaker A:Various countries around the globe are going to feel the impact of this strike.
Speaker A:China, number one.
Speaker A:Indonesia, number two.
Speaker A:Vietnam, number three.
Speaker A:Puerto Rico, number four.
Speaker A:Taiwan, number five.
Speaker A:Turkey, Dominican Republic, Philippines, Malaysia, Thailand and Pakistan.
Speaker B:It's Pakistan.
Speaker A:I try to.
Speaker A:Not Pak.
Speaker B:No, you said Pakistan.
Speaker B:It's Pakistan.
Speaker A:I didn't say Pakistan.
Speaker B:Pakistan, yeah.
Speaker B:Where's your culture, bro?
Speaker B:Put some respect on it.
Speaker A:I just feel like there should be, like, a little tilde over the a or something.
Speaker B:No.
Speaker A:Why?
Speaker A:Just for a reminder visually why.
Speaker A:That's all I'm saying.
Speaker B:Okay.
Speaker A:Each year, more than 3.8 million metric tons of bananas arrive at the Ila handled ports, or 75% of the nation's bananas, which is why reference bananas earlier.
Speaker A:The odds are, if you're going at one of those boats, it's gonna have bananas on it.
Speaker A:75% of.
Speaker B:Damn, we can't grow any bananas out here.
Speaker B:Like, what's going on?
Speaker A:You know, we have that avocado shortage.
Speaker A:People went nuts.
Speaker A:Can you imagine what they're gonna do when they don't have their bananas?
Speaker B:Bro, people want that avocado toast.
Speaker A:I love bananas the best.
Speaker B:Yeah, you have bananas regular.
Speaker A:If you don't have a frozen banana in your smoothie, you're probably the devil.
Speaker B:I remember for a long time, you were boycotting bananas because of the sugar.
Speaker B:The sugar content.
Speaker B:When you were counting your macros.
Speaker A:Yeah, we were trying to actually count your macros.
Speaker A:It's.
Speaker A:It's a hard thing to get fruit in.
Speaker B:Yeah, yeah.
Speaker A:Fruits gonna sugar bomb you.
Speaker A:Nearly 90% of the imported cherries.
Speaker A:Cherries and bananas, 85% of the canned food, 82% of hot peppers and 80% of chocolate arrived through these ports.
Speaker A:Arun, are you okay?
Speaker A:Yes, I am fine.
Speaker B:True story.
Speaker B:Okay, so I can't remember.
Speaker B:Somehow somebody brought over, like, a bunch of cherries for us.
Speaker B:That may have been my father in law.
Speaker B:Okay.
Speaker B:He always likes to bring something that he buys.
Speaker B:He thinks clear black back.
Speaker B:Yeah.
Speaker B:And we love it.
Speaker B:We watch him.
Speaker B:We put it out.
Speaker B:And I hadn't had cherries.
Speaker B:I couldn't even tell you the last time I had cherries.
Speaker B:Right?
Speaker A:Pop cherry in a while.
Speaker B:No, I have not, Christopher.
Speaker B:Jeez.
Speaker A:I'm just asking the question.
Speaker B:Keep it together, bro.
Speaker A:What are you talking about?
Speaker A:I love popping cherries.
Speaker B:Oh, damn it, man.
Speaker B:And still my thunder.
Speaker B:So I had.
Speaker B:I had maybe, like, a handful, maybe two handfuls of cherries, because I hadn't had him as a.
Speaker B:Wow, this is.
Speaker A:Ditty part is you throwing over there, right?
Speaker B:Literally woke up the next day with the biggest migraine.
Speaker A:From cherries?
Speaker B:From cherries, man.
Speaker B:It was like the sugar, Russia was just too much.
Speaker B:That was the only thing that had changed from my diet that day.
Speaker B:And I was like.
Speaker B:I woke up with the biggest headache the next day.
Speaker B:It's like, you know how people sometimes wake up with headaches when they have too much wine, right?
Speaker B:The night before, like, that's what it felt like.
Speaker A:I am getting.
Speaker A:This is gonna sound so geriatric, it's terrible.
Speaker B:Oh, God.
Speaker A:Arun pulled it up.
Speaker A:13 grams of sugar and cherries.
Speaker B:And how many?
Speaker A:One cup.
Speaker A:Yeah, that's not too bad.
Speaker A:There's probably one cup.
Speaker B:I mean, how many cherries fit in a cup?
Speaker A:I can't see the fiber content.
Speaker A:Can you?
Speaker A:How much is that over there?
Speaker B:The fiber content?
Speaker B:No.
Speaker A:You can't see it?
Speaker B:Yes.
Speaker A:Okay, well, look, I'm sure there's enough, but there's tons of antioxidants in it, so, I mean, you felt like shit, but you probably got some health benefits from it, bro.
Speaker B:The antioxidant play is so overplayed.
Speaker A:Blueberries.
Speaker A:Blueberries are real?
Speaker B:Yeah, blue.
Speaker B:Just get a handful of blueberries every morning.
Speaker B:That's the first thing I usually do if I'm, like, fasting.
Speaker B:When I break my fast.
Speaker B:A handful of blueberries.
Speaker A:I know this is going to offend a lot of people.
Speaker A:Okay.
Speaker B:Offend.
Speaker A:This is gonna offend a lot of people.
Speaker A:I don't do fruit.
Speaker B:Zero fruit.
Speaker B:You don't like the micronutrients, huh?
Speaker A:I don't believe it.
Speaker A:I can get that in a pill.
Speaker C:You just said you eat bananas.
Speaker A:No, no, no.
Speaker A:In my smoothies, but I don't really do often.
Speaker B:Do you do smoothies?
Speaker A:I haven't had one in probably a year and a half, two years.
Speaker B:You just said on the show, you said for smoothies, but you don't have smoothies.
Speaker A:Yeah.
Speaker A:If you're gonna make a smoothie, you should have smooth.
Speaker B:Joanna have smoothies.
Speaker B:Does Carter have smoothies?
Speaker A:Uh, no.
Speaker B:None.
Speaker A:I eat, the older I've gotten, the more, like, geriatric.
Speaker A:My diet's gotten, like, spicy food.
Speaker A:I'm like, oh, I love it, but I can't eat it.
Speaker A:You want, like, alcoholic?
Speaker A:Oh, I'd love to have a beer with you, but I don't want to waste tomorrow.
Speaker B:Not even a beer will waste tomorrow, dude.
Speaker A:I'm at the point now where I'm like, why am I doing this?
Speaker B:I get.
Speaker B:No, I get that aspect of it.
Speaker B:But, like, if you're out, like, I mean, there's something.
Speaker B:You don't go out.
Speaker B:There are social benefits.
Speaker A:I don't go out socially.
Speaker C:It doesn't go out with.
Speaker B:No, you go.
Speaker B:You go on a date with your.
Speaker C:Wife, but it doesn't go out with us.
Speaker A:Last day we went on, we.
Speaker A:I had a diet coke, she had a water.
Speaker B:Oh, she doesn't drink anymore either, huh?
Speaker D:Rarely.
Speaker C:When are we getting rid of the bottles behind you?
Speaker A:Oh, no, we're gonna drink those.
Speaker A:I mean, I don't want to, but I have to.
Speaker C:I think it's been a strike.
Speaker A:Can't waste this.
Speaker B:We have to drink for them.
Speaker B:Yeah, it's a force them out for the homies.
Speaker A:These probably worth ten times as much now.
Speaker A:They're inflationary.
Speaker B:Yeah.
Speaker A: inflation like we saw in the: Speaker A: teracy podcast, after all, in: Speaker A:Arun, thank you for pulling up the chart.
Speaker A: % in: Speaker A:Actually over 10%.
Speaker A:The Fed must avoid this, and you better believe they are watching this.
Speaker A:And this may very well impact their decision to cut rates further like they've already forecasted.
Speaker A:If this strike lasts for a month, hypothetically speaking, it could cost the United States over $130 billion.
Speaker B:Yeah.
Speaker B:And especially if people have been, like, you know, stockpiled and created enough of an inventory to where, you know, they don't.
Speaker B:Now they're having to charge more for some of these prices and have to inflate their prices.
Speaker A:This is October 2, the day we're recording this.
Speaker B:Yeah.
Speaker A:You got an election on November 5.
Speaker A:You got an FOMC meeting on the.
Speaker B:6Th and the 7 November we have in for that.
Speaker B:For that fed meeting.
Speaker B:Right.
Speaker B:If anyone's trying to keep track, we got two jobs reports that still need to come out, okay?
Speaker B:And one inflation report.
Speaker B:Here's a problem.
Speaker B:Your boy JP, Uncle JP was making the rounds, okay?
Speaker B:He was at some convention.
Speaker B:And what was it called?
Speaker B:It was the national association for Business Economics.
Speaker A:These days I saw this convention.
Speaker B:This is getting crazy.
Speaker B:So this guy, bro, he's gaslighting now?
Speaker A:Yeah.
Speaker B:No, he's full blown gas.
Speaker B:He's lying to.
Speaker B:He's like, he's.
Speaker B:He's saying, like, what's happening that's not actually happening to make you think that it's happening, but it's not actually happening.
Speaker A:I was watching this.
Speaker A:I watched the clips from the conference, and I'm like, what?
Speaker A:What the hell?
Speaker A:Am I in the twilight zone?
Speaker B:So he was referencing some data points, and he was saying, you know what we're actually seeing now is that income has been actually increasing and people are no longer spending more than they're making.
Speaker B:So.
Speaker B:And they're making so much more, actually, that they're saving also more.
Speaker A:I'd love to have been the moderator who went, name one.
Speaker B:I was bullshit.
Speaker B:Show me the data.
Speaker A:No.
Speaker B:Yeah.
Speaker B:What data, dog?
Speaker B:You can't just say shit like that and expect people to believe it.
Speaker A:This is why people have a problem.
Speaker A:Brian Moynihan, he says shit like that.
Speaker B:But here's my, here's my thought process.
Speaker B:If he says that right, it goes, now, we got to remember, what have they been doing the last, you know, twelve months, 18 months, 24 months.
Speaker D:Right.
Speaker B:Is lying.
Speaker D:Right.
Speaker B:And why were they lying?
Speaker B:If they, if you spew out that the economy is doing good and the labor market is doing just fine, we're not seeing a massive amounts of layoffs.
Speaker B:That gives you enough of a reason to keep rates where they are and not go down.
Speaker D:Right.
Speaker B:Because, hey, everything is fine.
Speaker B:We don't have to make a lot of change.
Speaker B:But also, at this convention, he came out and said, I've never heard him point blank at one of these conventions say this.
Speaker B:You can expect two more rate cuts at the, by the end of this year.
Speaker A:Yeah, he's been very cavalier with it.
Speaker B:Now, 50 basis points.
Speaker A:Yeah, he doubled down on it.
Speaker D:Yeah.
Speaker A:He actually literally doubled down, usually.
Speaker A:And I saw it.
Speaker A:I'm like, well, oh, you're going to.
Speaker A:I hope for your sake, chief, you do do that.
Speaker A:What if this poor shit goes sideways?
Speaker B:That's what I'm saying.
Speaker A:What if the geopolitical conflict, so just for everybody's edification.
Speaker A:Wars in and of itself are typically inflationary.
Speaker A:Things cost more during wars.
Speaker A:Why you're dedicating all that time, energy and resources to other products.
Speaker A:There's a whole fear thing that happens there.
Speaker A:The supply and demand change gets all out of whack.
Speaker A:Import export gets a little messed up.
Speaker A:Wars are generally inflationary.
Speaker A:And again, generally speaking, post war time periods are generally recessionary, right?
Speaker A:So geopolitical conflict has a lot of potential implications.
Speaker A:A port strike has a lot of potential implications.
Speaker A:And this guy's doubling down at random ass conferences, saying you can expect two rate cuts, 50 basis points.
Speaker A:Yolo.
Speaker B:Yeah, he's never done that before.
Speaker B:And the.
Speaker B:The.
Speaker B:The lady that was sitting on stage with him and interviewing him, I had to think, like, yo, what you do to get this information out, bro?
Speaker B:This don't make any sense.
Speaker A:How many did he have?
Speaker A:He's a little saucy.
Speaker B:Yeah, both of you guys look a little saucy.
Speaker A:Are you in Switzerland again?
Speaker A:Yeah.
Speaker B:What's going on up here, yo?
Speaker B:I don't get it.
Speaker A:Well, speaking of what's going on, let's skip down to the fortune article here, and I think this is probably the most important financial thing we're going to be talking about today.
Speaker B:Well, according to Fortune, it's got to be a routine.
Speaker B:A routine segment on the show.
Speaker B:Now we got to give an update.
Speaker A:Yeah, what's going on with Diddy?
Speaker B:Yeah, where's.
Speaker B:Where's Diddy?
Speaker A:Where in the world is Diddy?
Speaker B:What's he up to?
Speaker A:Yeah, Sean Diddy combs hires his jailmate, Sam Bankman Frieds lawyer, a former clerk for Ruth Bader Ginsburg.
Speaker A:Bro, there's so many problems with that.
Speaker D:There's.
Speaker B:So I messaged you today about it, too.
Speaker B:I was like, imagine being the lawyer for SBF, right?
Speaker B:As a.
Speaker B:As a refresher for everybody.
Speaker B:He was the CEO of FTX, right?
Speaker B:Okay, so.
Speaker B:And committed all kinds of wire fraud, sec fraud, securities fraud, all kinds of accounts that are opposed against him.
Speaker B:So imagine you being that attorney.
Speaker B:You get your hands full with.
Speaker B:With this fool.
Speaker A:And in the same facility was another person recently who died.
Speaker A:Jeffrey Epstein was in the same facility.
Speaker B:Same facility.
Speaker A:Same facility.
Speaker B:And then imagine being.
Speaker B:Imagine being SBF's attorney and being like, I could take on 120 sexual allegations.
Speaker B:Bring it on.
Speaker B:You're not busy enough.
Speaker B:Like, what's going on out there?
Speaker B:It's like.
Speaker B:It's almost like you know you're gonna lose.
Speaker B:Well, I mean, like, everyone's gonna lose.
Speaker A:No, but she's gonna win.
Speaker B:She ain't gonna win, bro.
Speaker A:Huh?
Speaker B:No way.
Speaker A:Or he is it.
Speaker A:Is she or she.
Speaker A:Then it turns gonna win.
Speaker B:You wonder why you get paid, Alexandra, or something.
Speaker A:You get paid either way.
Speaker A:Win or lose.
Speaker A:Here's what you say.
Speaker B:That's what I'm saying.
Speaker B:Yeah, she's getting paid.
Speaker B:That's all she cares about.
Speaker A:Hey, mister Combs.
Speaker A:I just want to let you know, the weight of evidence against you is.
Speaker A:Well, it's a lot, and we're the best of what we do, and we're certainly going to have a good result for you.
Speaker A:But based on the weight of the evidence, I don't know.
Speaker A:That result is no jail time.
Speaker B:Yeah, right.
Speaker B:Definitely going to be some jail time.
Speaker A:Yeah, we're probably going to have to deal with the fact that you're going to jail, but we can get you.
Speaker A:There's an empty cell down the block here that belonged to Mister Epstein.
Speaker B:See, that's.
Speaker B:So this, that's the thing.
Speaker B:There were some celebrities that I think maybe, maybe he had dirt on.
Speaker B:Let's put some tinfoil hats on if.
Speaker A:He was on suicide watch, which they announced.
Speaker B:Right, but he's, he's already off of it.
Speaker B:They took him off it because.
Speaker A:Oh, spf.
Speaker B:Yeah.
Speaker B:So they took a waffen now, but let's just.
Speaker A:Alexandra Shapiro.
Speaker A:Yeah, she looks like, she looks likable.
Speaker A:Like a likable normal person.
Speaker B:Yeah, she looks like Cleveland's fed president.
Speaker A:You see that smile with her hand on her face where she's like, oh my God, that's the day she found out she was getting more money.
Speaker A:She's like, I'm getting rich.
Speaker B:She definitely got to look like she got some crazy eyes, though.
Speaker A:Yeah, I would, dude, if you gave me the much money, as much she's making from these cases, I'd probably have crazy eyes too.
Speaker B:But let's suppose the temple hats on.
Speaker B:So there's some celebrities that when, when the stuff initially came out, like, I'm talking like day one, day two, every.
Speaker A:Major rapper in music is, if you're Jay Z, you're wrapped up into this.
Speaker B:You're wrapped up in.
Speaker B:And so.
Speaker B:But the ones that came out and actually spoke out about it, they always, they always preface it with, look, I know the Cassie shit was crazy.
Speaker B:I already know I'm not gonna co sign that.
Speaker B:But, like, their take, they're putting him away.
Speaker B:Like what?
Speaker B:Since when was being freaky a crime?
Speaker B:That was what people were saying.
Speaker B:I swear to God, I heard some slurries.
Speaker B:It like, what's his name?
Speaker B:Faze on actor back in the.
Speaker B:He came out.
Speaker B:I think.
Speaker B:I think it was him that was saying it.
Speaker A:So let me tell you how you cross references if you're the FBI, okay, you go, yeah, all right, fine.
Speaker A:Everybody made comments like that and they're gonna be on tapes.
Speaker B:Yeah, yeah.
Speaker B:Or diddy has tapes on them.
Speaker D:Right.
Speaker B:So, um, they're coming out saying, that.
Speaker B:And you're, like, now with the 120 sexual assaults against them, what are you gonna say now, bro?
Speaker A:The sad part is they've interviewed, like, hundreds of people before they did this.
Speaker A:You think they just were like, you know what?
Speaker A:Fuck it.
Speaker A:I think we got a chance of getting them on this.
Speaker A:No, they got him on this, bro.
Speaker B:TMZ released some photos of a party, too.
Speaker B:These parties.
Speaker B:And it's like.
Speaker B:Okay.
Speaker B:Like, true.
Speaker B:Like, I don't know.
Speaker B:It's technically not a crime, but.
Speaker A:And who was holding onto those photos for so long, going like, bro, when's the right time to leak?
Speaker B:There was a party.
Speaker A:The naked girl party?
Speaker B:Yeah, bro.
Speaker B:On the table with the spread of food.
Speaker A:I gotta be honest, I didn't find that to be.
Speaker A:I think that just sounds sensational.
Speaker A:But there's been movies where that's been, like, a thing.
Speaker D:No.
Speaker B:No.
Speaker B:So now, given his track record, you're hoping that there was consent there?
Speaker B:Or was that a power play?
Speaker B:You're gonna do this all night?
Speaker B:You could see somebody like this.
Speaker A:Oh, you could just hire that through an agency.
Speaker A:Like, you could just hire.
Speaker A:I need a naked girl to put food on.
Speaker B:Yeah, but you gotta think, right?
Speaker B:We're putting Tinfoil's hats on, right?
Speaker B:Somebody like him that likes the power play, like, he gets off on that kind of shit.
Speaker A:Look, I don't know how many parties you've been to.
Speaker A:I don't know that.
Speaker B:No.
Speaker B:And then, bro, Will Smith's there.
Speaker B:Like, he can't catch a break, bro, Will Smith.
Speaker A:Will Smith and Jada.
Speaker A:Like, you know that they're already in this.
Speaker A:Like, we already know Jada, what she was doing, right?
Speaker B:It's over, yo.
Speaker A:Yeah.
Speaker A:I mean, what was the guy?
Speaker A:The younger Alsina.
Speaker A:August?
Speaker A:Alsina?
Speaker B:Oh, yeah.
Speaker B:Damn.
Speaker B:You got that at the top of the dome?
Speaker B:Good for you.
Speaker A:Yeah, it broke my heart.
Speaker A:Why?
Speaker A:You like?
Speaker B:You like.
Speaker A:No, but there's so many celebrities involved in this.
Speaker A:But I keep trying to go through my head, like, this is the messed up part, is I'm sitting here thinking to myself, like, okay, he gets to prison.
Speaker A:He's on suicide watch.
Speaker A:He's like, this is terrible.
Speaker A:And someone.
Speaker A:Someone is like, okay, guys, we need to put this freaky dude diddy somewhere.
Speaker A:Where do we put them?
Speaker B:People around pills and not with me.
Speaker A:And then someone was like, there's that vegan weirdo.
Speaker B:Is he a vegan?
Speaker A:Huh?
Speaker B:SbF's a vegan?
Speaker A:Yeah.
Speaker B:I did not know that.
Speaker A:There's a whole thing about his, like, eating.
Speaker A:Like, he's losing all this weight.
Speaker A:Cause he didn't have food that he could eat.
Speaker A:Cause he's vegan.
Speaker A:Right?
Speaker A:So.
Speaker B:God damn it.
Speaker A:Let's put it with that vegan weirdo who took all the fake money.
Speaker B:The guy was a bro, right?
Speaker B:Who took all that money?
Speaker C:The real question is, did he recognize Diddy when he walked into his cell?
Speaker A:Oh, for sure.
Speaker B:As soon as he walked in, he.
Speaker A:Was like.
Speaker B:We ate.
Speaker B:Go win nowhere.
Speaker A:You might bunk you for life.
Speaker A:And the sad part was, they took his ex girlfriend, Carolyn.
Speaker B:What's she.
Speaker B:She got some low.
Speaker A:She got two years.
Speaker B:I mean.
Speaker A:Right?
Speaker A:So, first of all, I don't know if you put her in a men's prison or not, but it just.
Speaker B:Yeah.
Speaker A:Can you imagine, like, him and diddy having conversations about their life?
Speaker A:Like, what kind of mail bonding is going on in that cell right now?
Speaker A:Why didn't you ever.
Speaker B:Wait, so why didn't endorse that for real?
Speaker B:They're.
Speaker B:They're literally sharing a cell.
Speaker A:They're Bucky's cellies.
Speaker A:Come on, please Google this.
Speaker B:That's not a real.
Speaker B:I thought you were joking.
Speaker A:That's how he got Sam Bigman fries.
Speaker A:They're sellies, bro.
Speaker A:They're on bunk beds for sure.
Speaker A:Diddy's in the bottom.
Speaker B:Yeah.
Speaker B:What.
Speaker B:What did SBF do to sell him?
Speaker B:Because they.
Speaker B:They became cellies.
Speaker B:What SBF say?
Speaker B:Was he like, a bro?
Speaker A:I saw this picture earlier, by the way.
Speaker B:That's great.
Speaker B:That's great.
Speaker B:I like it.
Speaker B:So.
Speaker B:But in that picture, they're not cellies.
Speaker A:There you go.
Speaker A:In the sense right below Sam Bankman Fried and Sean Diddy combs, in addition to sharing the cell, are now in the hands of the same lawyer, Alexandra Shapiro, just hired by the rapper.
Speaker B:Bro, what did SBF say?
Speaker B:What was the sell?
Speaker B:Like?
Speaker B:He's like, bro, she's gonna get me out.
Speaker B:You gotta.
Speaker B:You gotta sign her.
Speaker A:And now, if you're looking to.
Speaker A:If you look.
Speaker A:If you're Diddy, you go like, I don't feel like she did a good job for you.
Speaker D:You're here.
Speaker B:You're still here.
Speaker A:Yeah.
Speaker A:Is there somebody you know that's not.
Speaker B:Here that I can.
Speaker B:But you also haven't died yet.
Speaker A:Yeah, but who knows what kind of booty he's given up to stay alive out there, though?
Speaker A:You know what I mean?
Speaker B:But also, like, they've committed completely different kinds of crimes.
Speaker B:Like, what did you want to get?
Speaker B:Wouldn't Diddy want to get somebody that also represented somebody like him?
Speaker A:I would beg the difference on the difference of crimes.
Speaker A:There really oh, yeah?
Speaker D:Why?
Speaker A:Ask all the people who held FTX.
Speaker A:They feel like they got fucked.
Speaker A:That was too easy.
Speaker B:I had to take it.
Speaker A:That's on you.
Speaker B:Low hanging fruit.
Speaker A:All I'm saying.
Speaker A:Low hanging fruit.
Speaker B:You're welcome.
Speaker A:That's what you call a Sam big McFree.
Speaker A:You're not laughing back there.
Speaker A:What are you doing?
Speaker A:Watch your porn?
Speaker C:Worse.
Speaker C:I'm looking at pictures of Caroline Ellison.
Speaker A:Yeah, she is.
Speaker A:You know how, like, when people go to court and they try to, like, professional it up a little bit and.
Speaker B:Look a little weak, bro?
Speaker A:Yeah, she is.
Speaker A:Wait, wait.
Speaker B:Go scroll down.
Speaker B:Arun, look at this photo.
Speaker B:To the left.
Speaker B:Go left.
Speaker B:Left, left.
Speaker D:All the way to the left.
Speaker B:Right there.
Speaker B:No, no.
Speaker A:You know, like your mouse to the other hand.
Speaker A:Right?
Speaker B:Oh, yeah, yeah.
Speaker C:I mean, bro, it's no, right.
Speaker A:Go to the left.
Speaker A:That's your right.
Speaker A:That's your right.
Speaker A:Go to the left.
Speaker B:Yeah, and go.
Speaker B:Where is it?
Speaker D:Go up.
Speaker B:Oh, you lost it, cuz.
Speaker B:You.
Speaker B:Oh, now it's all the.
Speaker B:To the right, cuz.
Speaker B:You expanded it.
Speaker B:Look at that photo over there.
Speaker B:Look how young she is.
Speaker A:Mm hmm.
Speaker B:That's wild, man.
Speaker A:It's also highly photoshopped, but.
Speaker B:Yeah, but still.
Speaker B:And then you look at her.
Speaker B:She's got a Zembic face over there.
Speaker A:That's.
Speaker A:That's not appropriate.
Speaker D:Why?
Speaker B:It's a thing.
Speaker B:I'm not creating anything.
Speaker B:That's a real thing.
Speaker B:That.
Speaker B:Do a Google search.
Speaker A:Carolyn's diary.
Speaker A:I love Sam who photoshops this.
Speaker B:Great thumbnail.
Speaker B:That deserves a click.
Speaker A:The sad part is, I guarantee there's nothing about a diary.
Speaker A:Not at all.
Speaker B:Yeah, exactly.
Speaker A:It's so clickbaity, I would've clicked zero prison time.
Speaker A:That's a good thumbnail.
Speaker A:Oops, that's wrong now.
Speaker B:Yeah.
Speaker A:God.
Speaker A:Oh, man, I could do this all night long.
Speaker A:But by the way, this AI.
Speaker A:I know for sure what they use for this photo.
Speaker A:They took the Arnold Schwarzenegger in the predator.
Speaker B:And what use that where they do.
Speaker A:That classic, like, two, like, you know, bicep like grips.
Speaker A:Like, recreate this, but in prison, and make one of them look a little bit like Sam Bankman Fried and look a little bit like.
Speaker A:Like P.
Speaker A:Diddy.
Speaker A:They didn't have Sam Bankman Fried's hair.
Speaker A:Like Diddy's hair, but.
Speaker B:Yeah, bro, this is so.
Speaker B:What is this from?
Speaker B:This is from cryptonomist.
Speaker B:Jeez.
Speaker A:Yeah.
Speaker A:Roon only pulls the best sources.
Speaker A:I just typed cryptonomic assist chances.
Speaker B:Yeah.
Speaker A:I don't know what country that is.
Speaker A:I want to know before.
Speaker B:Got all the viruses.
Speaker A:Yeah.
Speaker B:Anyways.
Speaker A:Well.
Speaker B:Oh, do you got any pop culture?
Speaker C:No, I was basically this stuff.
Speaker C:Yeah.
Speaker C:Did he stuff.
Speaker C:Mutumbo passed away.
Speaker B:I didn't even know he had bring it.
Speaker A:You.
Speaker A:Nobody knew.
Speaker B:That's a good question.
Speaker B:Is that respectable?
Speaker A:What?
Speaker B:Not letting people know.
Speaker A:You know, I teared up a little bit when we lost the Black Panther.
Speaker B:Yeah.
Speaker B:Cause he didn't let anybody know either.
Speaker B:Right.
Speaker A:And then people were, like, taking shots across the bow, the way he looked aesthetically.
Speaker A:Cause he was still trying to do his press junket and, like, honor his commitments.
Speaker B:Yes.
Speaker A:Can you imagine that?
Speaker B:He lost a lot of weight, right?
Speaker A:Yeah, he lost a lot of weights.
Speaker A:A lot of weights.
Speaker B:Wow.
Speaker A:Yeah.
Speaker A:Yeah.
Speaker B:So what is that?
Speaker B:That respectful?
Speaker B:Is that something.
Speaker B:God forbid.
Speaker B:God forbid.
Speaker B:But, like, would you ever think about doing?
Speaker B:That's how you'd handle it?
Speaker A:100%?
Speaker A:I.
Speaker A:Well, I mean, the problem is you.
Speaker A:I think in my mind, I would try to live, like, as much of a normal life as possible, because the second you acknowledge, like, you're not, you can't have that, I feel like you give up a little bit.
Speaker B:Yeah.
Speaker B:I think Norm MacDonald was the same, same way.
Speaker A:I forgot about him.
Speaker B:Yeah.
Speaker A:God, he was a good comedian.
Speaker D:Great.
Speaker A:So quirky.
Speaker B:Yeah.
Speaker B:There's something to be said to, like, I was.
Speaker B:I was watching some interviews about this, and they're like, you know, the people that make it through those situations are people who are a little bit more ignorant to what's actually going on.
Speaker B:Like, smart people tend to not be able to fight through it because they're too smart.
Speaker B:They're thinking about the odds too much.
Speaker B:And then now when that doubt starts to creep in, like, so much of it, is your mind, too, being able to persevere and push through.
Speaker B:Right.
Speaker B:Just thinking like, oh, man, that's, you.
Speaker A:Know, the advances we're going to have with AI in the coming years for preventative medicine.
Speaker A:What's going to really be interesting, I hope so, is to see how all these corrupt pharmaceutical companies.
Speaker A:I was watching.
Speaker A:I did.
Speaker A:I went down a deep path.
Speaker D:Be careful, bro.
Speaker B:Don't go after pharma.
Speaker A:No, I know you don't want to target on you.
Speaker A:I, uh.
Speaker A:I was talking to some people, and I went down a path was a result of it.
Speaker A:They were like, kind of bastardizing testosterone that I'm taking, and they didn't understand the difference between TRT and steroids, per se.
Speaker A:And I went down this path of just trying to figure out how and why we as Americans think the way we think.
Speaker A:And when you go to a doctor for, like, a panel.
Speaker A:It's usually a lipid panel.
Speaker B:Okay.
Speaker A:And the reason why is, if you test for hormones, it opens up pandora's box and insurance won't cover it, so they don't want to.
Speaker A:And on average, you get about six minutes with the doctor.
Speaker A:So in six minutes, they get you in, they do their thing.
Speaker A:And then I started thinking, like, you know, we silo doctors so much.
Speaker A:You have, you know, a sports medicine doctor.
Speaker A:You've got an internist, you've got a brain surgeon.
Speaker A:But we don't really look at health holistically at all.
Speaker A:You could walk into a doctor's office and be like, oh, God, I'm exhausted.
Speaker A:And no one's going to check your hormone panel.
Speaker A:Wow, that.
Speaker A:That's like, you can get to an end.
Speaker A:I actually went to an endocrinologist when my testosterone was low.
Speaker A:It was, like, in the 400s.
Speaker A:Low 400s, right.
Speaker A:It was a little bit higher than when I ultimately decided to get on.
Speaker B:TRT, but still, like, for most doctors, that's within the quote unquote healthy range.
Speaker A:Oh, she wrote me off.
Speaker B:Yeah.
Speaker A:She was like, your diet's good.
Speaker A:You're lean.
Speaker A:Like, she's like, you know, and you're not really having any side effects.
Speaker A:Instead of, I'm exhausted all the time.
Speaker A:Yeah, I'm just tired.
Speaker A:And she was like, yeah, but, you know, you're just not sleeping that well.
Speaker B:I'm like, did they write that off to, like, do they.
Speaker B:Is there a certain amount that you should just be able to.
Speaker B:They expect you to accept because you're just getting older?
Speaker A:There's a whole.
Speaker A:There's a whole bunch of reasons like that, but it blows me away to think that I had to go through my general.
Speaker A:I had to go to several specialists, and I finally got to endocrinologist, and then she finally agreed to test me.
Speaker A:Got numbers that were clearly low.
Speaker A:This is her subject matter expertise.
Speaker A:And she was still like.
Speaker A:And she was a nice, bright lady.
Speaker A:She was like, yeah, no.
Speaker A:And then I'm sitting thinking to myself, like, okay.
Speaker A:And I talked to.
Speaker A:I went to go see the guy.
Speaker A:He did my wife's knee surgery, right?
Speaker A:He's a fantastic doctor.
Speaker A:Orthopedic.
Speaker A:Right?
Speaker A:I was telling him I had tennis elbow, and he's like, you know, he did some x rays and everything else.
Speaker A:He was very informative about, you know, some stuff in my body and all that.
Speaker A:And I asked about, you know, seeing evidence of things like arthritis, and he goes, no.
Speaker A:And I'm like, what do you think about BPC.
Speaker A:He's like, you know, if you're into that kind of thing, but, you know, these fads, they come and go, and I'm like, whoa, you're disconnected, man.
Speaker A:Everybody I know is taking BPC and TB 500 has, like, and I should point out, we are no longer sponsored by transcend, and we're still repping and pimping it out.
Speaker A:Yeah, still.
Speaker A:Still a big fan of the product.
Speaker A:We don't get a benefit if you go to the links.
Speaker A:The links have all been effectively removed.
Speaker A:But I've seen this product and those two combined do amazing things to heal people.
Speaker A:I've taken them.
Speaker A:I know that it's real.
Speaker A:Yeah, but we don't do anything to prevent diseases.
Speaker A:All we want to do is treat a symptom.
Speaker B:Yeah, man.
Speaker B:The money's.
Speaker B:The money's not in the cure.
Speaker B:The money's in the treatment.
Speaker A:And that's a problem.
Speaker A:That's a real problem if money's dictating how you're treated from a health perspective.
Speaker A:Did you know that if you bought Froot loops in the United States?
Speaker B:I've heard about.
Speaker B:Yeah, you're right.
Speaker B:I heard about this.
Speaker A:So there's, outside the United States, there's 700 things that most european countries consider to be okay for foods.
Speaker A:Like, there's 700 items that are, like, considered okay.
Speaker A:Used to be the way the United States used to be.
Speaker A:The world used to have kind of the same parameters around this.
Speaker A:In the United States, now it's 10,000 items you can add to food that are considered safe for human consumption.
Speaker D:Unreal.
Speaker A:From 710,000.
Speaker A:Yeah.
Speaker B:Chamath was on Rogan talking about this.
Speaker A:Oh, was he?
Speaker B:Yeah, it was a fascinating conversation.
Speaker A:I wanted to listen to episode.
Speaker A:What was he promoting?
Speaker B:I know I didn't listen to the whole thing from start to finish.
Speaker B:I mean, you know, he.
Speaker B:Rogan also bring people on just if he likes you.
Speaker B:Right.
Speaker A:Jamaica, interesting guy.
Speaker A:I find him really interesting.
Speaker A:But whenever he talks about things, like.
Speaker A:So I started listening to the episode a little bit, and then he started talking about, like, his kids, and I just tuned out, like, really?
Speaker A:He's got, like, a harsh stance with them on some level.
Speaker A:On.
Speaker B:But it also has a lot to do with, like, he.
Speaker B:He talked a lot about.
Speaker B:I've listened to things where he talks about his own upbringing.
Speaker A:Yeah, I get that, but how did he make his money?
Speaker B:I don't know.
Speaker B:Tell me.
Speaker A:Ruined.
Speaker A:You know how true math made his money?
Speaker C:No.
Speaker A:Really?
Speaker B:Yeah.
Speaker A:Google.
Speaker A:Google him real quick.
Speaker A:True math from the all in podcast he's a billionaire.
Speaker B:He doesn't even know.
Speaker B:Do you know how to spell it?
Speaker C:Oh.
Speaker A:C h a m a t h.
Speaker A:Yeah.
Speaker B:Hooked you up right there before you started fumbling.
Speaker A:Chuck math.
Speaker B:Chuck.
Speaker A:Yes.
Speaker B:That's him.
Speaker A:There he is.
Speaker A:Gangster win app, AOL Mayfield and Facebook.
Speaker A:The very things that you now think are toxic are what made you a billionaire.
Speaker B:Yeah.
Speaker B:I mean, but you don't think that he went into it with the intention of making them toxic?
Speaker B:Like, some of that society just takes over and uses it for all the.
Speaker A:I get it.
Speaker A:But at the same point in time, with no disrespect to him, if you feel like the byproduct of the thing that made you uber wealthy is now toxic.
Speaker A:And his work at Facebook in the first year was messy.
Speaker A:By his account, Chamath led the release of Facebook Beacon, an advertising system which failed and became the subject of lawsuits.
Speaker A:Jamaica next focus was on new user growth.
Speaker A:After four years, Facebook had 1 billion users.
Speaker A:Before leaving Facebook, Jamath led Facebook phone and Facebook home projects.
Speaker A:And it goes on and on and on.
Speaker A:So he was early.
Speaker A:And, you know, it looks like he comes off as.
Speaker B:He comes off as a very, very genuine guy.
Speaker A:A hyper genuine.
Speaker A:Yeah, the spac thing kind of had a bit of kerfuffle, if you will, in the last couple of years.
Speaker B:Kerfuffle.
Speaker B:Look at you.
Speaker A:Yeah, he pulled out of that.
Speaker A:He's done a lot of political activism.
Speaker A:You hear that a lot on the all in podcast, if you listen.
Speaker B:But he was really hyper focused on this whole, like, food stuff.
Speaker A:Keep going down.
Speaker A:Yeah, the criticism in social media.
Speaker A: So November: Speaker A:He said the short term dopamine driven feedback loops that we have created are destroying how society works.
Speaker A:No civil discourse, no collaboration, misinformation, mistruth.
Speaker A:And it's not an american problem.
Speaker A:This is not about russian ads.
Speaker A:This is a global problem.
Speaker A:It's eroding the core foundations of how people behave and between each other.
Speaker B:Yeah, I mean, that's well said.
Speaker A:No, it's like.
Speaker B:I mean, sometimes when you create something like, look, the same thing could happen to open AI, right?
Speaker A:No, I believe open AI is absolutely right on this path.
Speaker A:Yeah.
Speaker B:So it's like, obviously you started and create this thing that has the potential of changing the way we.
Speaker B:We live our lives and everything we do day to day.
Speaker B:But then it could take a turn for the worst, too.
Speaker A:Name somebody you think has become uber wealthy, who you think hasn't.
Speaker A:Hasn't done something like this to get there.
Speaker B:Something like this.
Speaker A:Ethically questionable.
Speaker B:Ethically questionable?
Speaker B:You think this is ethically questionable?
Speaker A:I don't think.
Speaker B:You think he went into this, like, with a.
Speaker B:With that kind of intent?
Speaker B:Like, I don't think.
Speaker B:I don't think he, like, sacrificed his ethics to get here.
Speaker A:No.
Speaker A:Well, he's taking a stance against them, which, you know, good for him.
Speaker A:But what I'll say is he's a good guy.
Speaker A:He was in a good situation.
Speaker A:He grew something.
Speaker A:It's now turned into something toxic, and he's spoken out about it.
Speaker A:Good for him.
Speaker A:Great.
Speaker A:I like him.
Speaker A:I'm not criticizing him, okay?
Speaker A:I'm just saying that.
Speaker B:Name somebody else.
Speaker A:Name somebody that you think has made their career from a to z without this type of either intentional or negligent or unforeseen mishap.
Speaker A:Name somebody who's just gotten there.
Speaker A:Just.
Speaker A:I'm just gonna name somebody.
Speaker B:I'm just gonna name somebody.
Speaker B:Not that I've thought it through, but I like to.
Speaker B:You poke holes at it.
Speaker A:Okay.
Speaker B:Cuban.
Speaker A:Mark Cuban.
Speaker B:Yeah.
Speaker B:Ooh.
Speaker A:Yeah.
Speaker A:There's been lots of controversy around him.
Speaker A:Now, I will say the person that he's become has been exceptional.
Speaker B:What controversy with him, specifically?
Speaker A:Go to Mark Cuban's Wikipedia page.
Speaker A:Ruin, if you don't mind.
Speaker B:Yeah, yeah, there's.
Speaker B:There was things going on at, like, at the, like, Dallas Mavericks, uh, headquarters, where there was, like, some of the staff members were doing things, but is that.
Speaker B:That doesn't fall on him.
Speaker A:So.
Speaker A:American businessman, television personality.
Speaker A:He's a former principal owner and current owner of Dallas Mavericks and National Basketball association.
Speaker A:We all know that.
Speaker A:Shark tank, blah, blah, blah, blah.
Speaker A:Early life education.
Speaker A: Pittsburgh, Pennsylvania,: Speaker A:His father was Norton Cuban.
Speaker A:Automobile, automobile upholsterer.
Speaker B:Mm hmm.
Speaker A:I didn't know he's jewish.
Speaker A:Interested.
Speaker A:Cuban first ventured into business at age twelve.
Speaker A:Sold garbage bags, blah, blah, blah, blah.
Speaker B:Business career, microsolutions.
Speaker B:I remember it was like a streaming platform, right?
Speaker D:Yeah.
Speaker A:He moved to Dallas.
Speaker B:Mm hmm.
Speaker B:Everything he's done, he said he's come out of Dallas and what he's doing now with that pharmaceutical cost plus.
Speaker B:You heard about that?
Speaker A:Yeah, yeah.
Speaker B:I mean, that's, that's, that's awesome.
Speaker A:Yeah.
Speaker D:I didn't know.
Speaker B:I didn't, I didn't know that about, about medicine like that, where it has, like, you know, they got 20 years to really make money off of.
Speaker B:And then after that, like other, other companies like him, he can now.
Speaker B:He can now sell it.
Speaker A:All right, I'll give you Mark Cuban.
Speaker A:All right, fair enough.
Speaker B:Oh, got one.
Speaker A:Yeah, I'll give you that one.
Speaker B:Cryptocurrency.
Speaker B:Uh oh.
Speaker A:He was on the cryptocurrency that train.
Speaker A:Well, I should say this.
Speaker A:I actually know some people who alleged to work with him that were doing some pretty nefarious things on social media, and I don't know how.
Speaker A:I don't know how he was backing them or if they were even legitimately affiliated, to be honest.
Speaker A:So it's hard for me to criticize.
Speaker B:But he's been making the rounds on.
Speaker B:On social media, too, lately, bro.
Speaker B:He's been doing some wild, bro.
Speaker B:He did Schultz's podcast.
Speaker B:Did he really bar Cuban, the show's bro?
Speaker B:You see, they were hitting him with, like, their flagrant type jokes, and he was.
Speaker B:He was going in with him.
Speaker A:You know, it's crazy to me to see so many damn billionaire fucking.
Speaker A:Selena Gomez is a billionaire now.
Speaker D:What?
Speaker A:Yeah.
Speaker B:For what?
Speaker B:Ruin.
Speaker A:You want to google that?
Speaker A:Yeah.
Speaker A:Selena Gomez is a billionaire.
Speaker A:I saw this today.
Speaker A:I was like, I don't understand my kids.
Speaker B:Aria loves one of her songs.
Speaker A:Yeah.
Speaker A:Selena Gomez reacted to news that she's a billionaire one day ago.
Speaker B:She's a.
Speaker B:What does she.
Speaker B:What does she own?
Speaker A:I didn't get it.
Speaker B:Yeah, she clearly owns something.
Speaker A:Bloomberg's billionaire index reported Selena is currently worth 1.3 billion now, largely due to her majority stake in her rare beauty brand, which reportedly accounts for 81.4% of her wealth.
Speaker A:It makes Selena one of the youngest self made billionaires in the United States.
Speaker B:Good for her.
Speaker A:Naturally, the news that the multi hyphenate had reached billionaire status was met with praise, especially from those highlighting Selena's humble beginnings and criticism and growing in.
Speaker A:Up in equality.
Speaker B:I love it.
Speaker A:I did not know this.
Speaker B:Good for her.
Speaker B:Yeah, I'm happy for her.
Speaker A:And see, that really highlights to me the power of your personal brand.
Speaker A:And Ryan Reynolds, probably king of this.
Speaker A:You build your celebrity is not enough anymore.
Speaker B:Yeah.
Speaker A:If you're a business person, in addition to that, you grow these brands and you become a billionaire unequivocally.
Speaker B:Yeah.
Speaker A:All right, let's call it a wrap because you guys are looking like you're a little fatigued, bro.
Speaker B:I caught you yawning, and I didn't call you out for it.
Speaker A:You're gonna say yes, son, on camera.
Speaker A:Didn't happen.
Speaker C:I'll cut it in.
Speaker B:Yeah, exactly.
Speaker B:Zoom in on the face.
Speaker B:Odin, you got anything?
Speaker C:Nope.
Speaker A:Christopher, I got all the things.
Speaker B:Make sure you head over to YouTube, subscribe.
Speaker B:Bring that notification, but hit that, like, button.
Speaker B:Let's get this thing out to as many people as possible.
Speaker B:If you're listening to an apple or Spotify, leave us an honest five star review.
Speaker B:We'd really appreciate it.
Speaker B:Make sure you go out there and do all the.
Speaker B:Bro, you added some stuff?
Speaker B:The moist.
Speaker B:Goody good nasty.
Speaker B:Sassafras.
Speaker B:I never put nasty in it.
Speaker A:Why?
Speaker B:Why nasty?
Speaker B:No one said nasty.
Speaker B:Why make it nasty?
Speaker A:When you say it, it sounds nasty.
Speaker B:Why you gotta say nasty?
Speaker B:Shit, Ray.
Speaker A:Cuz it's moist.
Speaker A:Ray.
Speaker B:Fuck.
Speaker B:He fucked it up.
Speaker B:Odun.
Speaker B:That's a wrap.
Speaker A:I'm a nasty mind.
Speaker B:Good night, everybody.
Speaker A:Okay, bye.
