Transcript
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I was fortunate to be asked
to be a guest on the practical
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preppers podcast a week or so ago.
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And Mark and I had a great conversation.
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So I thought I would share that
interview with my listeners.
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You can reach their podcast
as practicalpreppers.info.
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And I'm telling you, they are really great
people with super useful information.
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So I hope you enjoy this interview.
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Well, Ralph, welcome to the podcast.
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Well thank you, Mark.
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I sure appreciate you bringing me on.
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I'm a everyday listener to many
podcasts and yours is whenever it
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released, I can't wait to get on it.
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A lot of times I'll be out walking the
dogs or I'll be on the treadmill or the
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elliptical and it's like, I know I've
got something good to hear that day.
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So I truly appreciate what
you and Krista are doing.
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Well
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we appreciate those kind words.
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What do you have for us today?
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We're talking about prepping and
preppers are concerned about the future.
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We're not afraid, but we prepare for the
things that are most likely to happen.
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And one of the things that we're seeing
right now is is the potential for an
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economic slide or an economic downturn.
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All the indicators seem
to be pointing that way.
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And financial prepping
is a very important part.
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of the total prepping package.
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So what can we do as preppers
to get ourselves in position
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to be able to weather what may
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come?
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I think that's a perfect place to start.
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Now, I want to inject a little
biblical reference here.
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I noticed in my podcast,
I like to start there.
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So I want to start with the Bible.
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Matthew chapter six, verse 34 says,
therefore, do not worry about tomorrow
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for tomorrow will worry about itself.
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Each day has enough trouble of its own.
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So that's where I want to start But
then I want to say I concur with you.
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I think we're in for an interesting
tumultuous financial year I'm telling
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my clients every day that I don't know
what the this election is going to bring
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but regardless of who wins I think we're
going to have some tough economic times.
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So what do we do?
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You're absolutely right The thing that
we can do there's some concrete things
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that people can do to get prepared and
the first thing is You need to build
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up your emergency savings fund It's
amazing to me how many people I work
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with on a daily basis that don't have an
emergency fund What does that look like?
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I think you've got to really set aside
three to six months Worth of expenses
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so that you can weather a storm.
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Now, if you lose a job or if you have
some unexpected bill or something like
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that, and the way you do that is you be
consistent about it and you start off
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with a little bit, even if it's, you
set aside 10 a week or 20 a week, it
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doesn't have to be this huge mountain
that you move because mountains are
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built with little 10 here and there.
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So that's the advice I give
to my clients start off with
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something, look at your budget.
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What can you afford, but that's
the place to start, Mark.
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I appreciate that, and we do try to make
that a priority, and we do try to really
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automatically fund our savings, and
that keeps us from forgetting so much.
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What else can we do?
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What's another step that we can take?
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I
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think when we're in times of
interest rates going up, I think
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to pay down your debt aggressively
is a really important thing.
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I just recorded a podcast episode
about credit card debt, and the
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average credit card interest
rate is close to 30 percent now.
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And the scary part of that is
the average household is carrying
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debt, credit card debt 49%.
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So one of the things that you really
can do to get yourself ready is
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pay down that debt aggressively.
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There is a ton of ways to do that.
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You can look for balance transfers
where you pay a low interest rate.
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You can use the avalanche method.
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All of those things to do something
to get yourself out of debt because
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debt makes you a slave to the lender.
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That's
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beautiful.
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Avalanche method.
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Is that similar to the snowball?
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Yeah,
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exactly.
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It's the same thing where you pick
you take all your, debts and you
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put them in the order of smallest to
largest, and then you, always make
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the minimum payments on everything,
but you start with that smallest one.
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And you focus on that.
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Once you knock out that smallest one,
then you move on to the next one.
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You take the money that you would
have used on the smallest one
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and put it onto the next one.
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And the thing about that, what a
lot of people don't understand is.
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You celebrate when you accomplish those
things every time you knock out one of
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those debts have a party for yourself now,
don't go crazy and add another debt to it.
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Right.
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You have to celebrate these wins
because if you want to maintain that
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momentum, you got to keep moving forward.
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And
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you have wins more often if you
start with the smallest and go to
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the largest because the largest
may take an extremely long time.
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While you're still paying the
minimums on all of the smaller
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ones.
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And that's why I always tell
clients, stop the bleeding
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first, stop adding to your debt.
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Once you've started that
avalanche or snowball method.
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And like you said, you might get
to a point where something's big
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and that's where you look at, or
do what other options do I have?
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Can I go get a credit card
with a 0 percent interest rate?
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You got to be disciplined about that.
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And that's what leads me into the
next thing I tell people is re examine
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your budget and really deep dive
into your discretionary expenses.
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I wrote a book last year
called Mastering Your Finances.
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And the central part of
that is most people have no
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clue where their money goes.
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That's a fact.
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I see that every day in my practice.
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It's impossible to plan if you
don't know where your money's going.
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So start with that budget.
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Because if you say to me, Ralph, look,
you want me to set up an emergency fund,
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but I have no idea where my money goes.
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How in the world are you ever
going to get to the point of
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creating that emergency fund?
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So budgeting is the starting point.
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And then once you get that budget
figured out, then Take a deep dive
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into your discretionary spending and
look at what you are spending money on
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that you don't have to spend money on.
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There's a ton of stuff we waste money on.
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And if you want to improve the dynamic
of your finances, you've got to look
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at where every single dollar goes.
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I'll give you an example, Mark.
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I had some clients in a few years
back, they made really good money,
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husband and wife were both working.
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And they said to me, Ralph at
the end of the month, we never
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have anything to show for it.
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And I said you're not alone.
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That's very common.
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I've been there, done that.
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I said, here's what I want you
to do for the next 45 days.
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I want you to write down
every single dollar you spent.
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So they came back in to meet
with me for the follow up and I'm
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looking through their finances.
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You may have heard this story because
there's on one of my podcasts, but
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they came in and I'm looking at their
stuff their mortgage payment, their
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card pay, the car payments, groceries.
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And then they had a line
and said, ATM withdrawals.
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And it said two thousand
dollars and I said, okay folks,
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where's the two thousand go?
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That's none of your business I said
well It's your business because if you
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want to fix your problem, you got to
figure out where your money's going
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now Needless to say I never saw them
again But you've got to drill down
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to where is your money going, you
know I'm not picking on Starbucks.
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I'm not picking on Netflix.
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I'm not picking on any of those
things, but if you don't have the
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money to live within your means, then
you may have to make some sacrifices.
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So that's why I'm saying one of the
things you can do today is re examine
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your budget and re examine your
discretionary spending and prepare
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yourself by having that emergency fund.
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And there, there's two
ways we can attack this.
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We can cut our expenses or we can
raise our income or we can do both.
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And talk about diversifying our income.
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What, are some things that we can do?
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Absolutely.
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And a lot of people
don't think about this.
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You're absolutely right.
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A lot of my small business clients
will come in and say, Ralph how
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do I make my business stronger?
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I said, well, grow your revenue.
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Well, that seems easier
than it sounds, Ralph.
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And I said, we'll cut your expenses.
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So what you're talking about, Mark,
is maybe you look for a part time job.
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Maybe you have a side gig
there's this side hustle market
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that we have now whether it's
delivering DoorDash or Grubhub.
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You can be creative.
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I did a podcast episode
about that a few weeks ago.
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There are a ton of things you can do to
bring in more money because the truth
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is, like you alluded to Mark, if you're
bringing more money in, then you don't
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have to focus so much on what's going out.
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So if you've got idle time
I'll give you an example.
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Like my son is a barber.
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He's in training to be a barber.
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So he puts in about 40 hours a week.
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He's a young guy, so he's
still in that learning stage.
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And he said to me, Dad I'm really
having a hard time making ends meet.
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I said, well, why don't
you get a second job?
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Well, he looked at me like I had horns.
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And he says, well, why would I do that?
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I'm already working 40 hours a week.
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I said, well, okay, great.
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But if you're not getting ahead.
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If you're not getting to where
you are financially, then
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you pick up a second job.
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What does that look like?
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I don't know.
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Everybody's got different
things they can do.
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God gave us all talents.
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He gave us all skills that we can use,
figure out some creative ways to do that.
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Maybe you rent out a room in your house.
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Maybe that's a way you
can bring in extra money.
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Now you be careful what you do there, but
there's a ton of ways to find extra money.
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It's going to mean that you're
going to need to put effort into it.
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Well, you can go
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back
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and do things that we did as kids.
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You can cut grass you, can do chores
for older couples, things like that.
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They're handyman type stuff.
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You got to think outside the box.
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It's funny you said that, Mark.
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I remember when I was about 16 years old,
I always had spending money in my pocket.
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And a friend of mine
said, how do you get that?
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I said, well, I cut that grass
over there and I cut that grass
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over there and I cut that.
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He goes, when do you do that?
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I said, after school.
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He goes, when do you have
time to play video games?
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I said, I don't have time to play video
games, but I've always got spending
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money in my pocket and you don't.
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But you're right, Mark.
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And I hate to say this, but
I feel like we live in a time
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when people are scared to work.
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And if you want to get ahead,
you're going to have to work.
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That's the bottom line.
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I think the Bible says if you
don't work, you don't eat.
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Well, if you're having a hard
time meeting your bills if you're
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having a hard time living in
your own means, well, guess what?
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Grow your means.
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It might sound simple, but
that's really the right answer.
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Right.
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Right.
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I started much younger than
that on a sporadic basis.
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We had, two pear trees in the front yard
and I would sell buckets of pears to
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people wanting to make pear preserves.
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And I think I was getting
a quarter a bucket.
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Right.
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And we did the same thing.
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My grandfather had thrown an old
pumpkin over the fence and it took root.
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And we had pumpkins running
out all over the place.
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So my cousin and I picked pumpkins.
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My dad owned a service station.
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He gave us the front curb in October
and we priced out pumpkins and we sold
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pumpkins to make some spending money.
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So we, we started fairly young
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with that.
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And, that's the thing, you have to think
outside the box think of things that you
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00:11:16,510 --> 00:11:20,910
see every day maybe there's a an elderly
couple that lives down the street from
239
00:11:20,910 --> 00:11:25,640
you that need help maybe there is a way
to to, find some extra income there.
240
00:11:26,430 --> 00:11:28,080
You have to think outside the box.
241
00:11:28,560 --> 00:11:32,490
You're not going to sit in your bedroom or
sit on the couch in your parents basement
242
00:11:32,510 --> 00:11:34,100
and money's going to fall into your lap.
243
00:11:34,100 --> 00:11:35,000
It isn't going to happen.
244
00:11:35,630 --> 00:11:37,880
You're going to have to
put some effort into it.
245
00:11:38,200 --> 00:11:42,290
And you know what you're going to find
though, is that as you do that, it's
246
00:11:42,290 --> 00:11:45,270
going to grow because then you're going
to become more of an entrepreneur now,
247
00:11:45,340 --> 00:11:46,800
you know, and everybody's an entrepreneur.
248
00:11:47,450 --> 00:11:51,230
But there are ways, definitely ways to
bring in extra money at the same time.
249
00:11:51,240 --> 00:11:54,760
Like you said, look at your discretionary
spending and say where can I cut?
250
00:11:54,770 --> 00:11:56,340
You don't need to stop at Starbucks.
251
00:11:56,370 --> 00:11:57,650
Every time you go out of the house,
252
00:11:58,540 --> 00:12:01,700
I don't stop there to begin
with, but you understand what I'm
253
00:12:01,701 --> 00:12:02,494
saying?
254
00:12:02,494 --> 00:12:05,610
I see this every day in my practice.
255
00:12:05,630 --> 00:12:08,020
People say to me, and my
son's an example of this.
256
00:12:08,020 --> 00:12:10,840
I'll say to my son, Hey
where's your extra money?
257
00:12:10,840 --> 00:12:11,380
It goes with that.
258
00:12:11,380 --> 00:12:12,380
I had to buy lunch.
259
00:12:13,080 --> 00:12:15,040
I said, do you know what a Brown bag is?
260
00:12:15,695 --> 00:12:17,795
Do you know what a peanut
butter and jelly sandwich is?
261
00:12:17,795 --> 00:12:20,655
Look, Mark, I'm 52,
I'll be 52 in September.
262
00:12:21,645 --> 00:12:22,715
I've done very well.
263
00:12:22,715 --> 00:12:24,055
God has blessed me immensely.
264
00:12:24,055 --> 00:12:25,125
You know what I do for lunch?
265
00:12:25,825 --> 00:12:26,925
I eat lunch at home.
266
00:12:27,855 --> 00:12:28,205
I'm happy.
267
00:12:29,045 --> 00:12:32,255
Your office and your home are
on the same piece of property,
268
00:12:32,255 --> 00:12:32,665
aren't they?
269
00:12:32,725 --> 00:12:33,445
Absolutely.
270
00:12:33,445 --> 00:12:33,985
But you know what?
271
00:12:33,985 --> 00:12:37,325
I could go out and eat lunch every
day and I could drop 20 or 30 bucks
272
00:12:37,325 --> 00:12:38,665
a day and I could go get a coffee.
273
00:12:38,665 --> 00:12:40,745
I don't drink coffee, but I
could go get those things.
274
00:12:41,465 --> 00:12:43,865
But it doesn't help my
financial situation, does it?
275
00:12:44,265 --> 00:12:44,555
No,
276
00:12:44,665 --> 00:12:45,335
not at all.
277
00:12:45,805 --> 00:12:50,965
And an hour or two after you eat,
there's not any difference in
278
00:12:50,965 --> 00:12:54,455
that 20 lunch or that two peanut
butter and jelly sandwiches.
279
00:12:54,895 --> 00:12:57,035
Tummy's full, taste buds of a.
280
00:12:59,305 --> 00:12:59,485
Yeah.
281
00:12:59,485 --> 00:13:02,715
And I, and it's funny you said, I
did this Monday coming up there,
282
00:13:02,735 --> 00:13:06,525
I'm doing a release called things
I learned from growing up poor.
283
00:13:06,525 --> 00:13:07,275
Now it wasn't me.
284
00:13:07,275 --> 00:13:07,915
I didn't grow up poor.
285
00:13:07,915 --> 00:13:10,625
I was very fortunate, but
there are lessons that you
286
00:13:10,625 --> 00:13:12,245
can learn by being frugal.
287
00:13:12,305 --> 00:13:13,145
I didn't say cheap.
288
00:13:13,175 --> 00:13:18,115
I said being frugal and more people
need to embrace that frugal lifestyle.
289
00:13:18,455 --> 00:13:21,715
One of the things I think about
when I listen to your podcast is how
290
00:13:21,715 --> 00:13:24,855
am I going to buy all these things
that Mark and Krista said I need?
291
00:13:26,005 --> 00:13:27,025
That's part of it, isn't it?
292
00:13:27,375 --> 00:13:31,745
If I'm budgeting well, if I'm being
a good steward of what the Lord has
293
00:13:31,755 --> 00:13:34,875
given me, well, then I should have
plenty of money to do those things.
294
00:13:35,305 --> 00:13:35,595
Yeah.
295
00:13:35,595 --> 00:13:43,755
And we look at buying value for one thing,
but our primary things that we say you
296
00:13:43,755 --> 00:13:50,065
need to have is water, food, a way to
stay warm and a way to prepare that food.
297
00:13:50,525 --> 00:13:56,265
You don't have to have the
latest bug out bag gadgets.
298
00:13:56,320 --> 00:14:00,150
I mean, if you can't live at home for
two weeks, how do you think you're going
299
00:14:00,150 --> 00:14:01,600
to live in the woods for two months?
300
00:14:02,330 --> 00:14:05,380
And you nailed it, Mark, and you just
you, went right where I wanted to go.
301
00:14:05,410 --> 00:14:07,640
You don't have to have the latest stuff.
302
00:14:07,870 --> 00:14:08,210
Oh, no.
303
00:14:08,560 --> 00:14:12,710
We get hung up in our world
now about wants versus needs.
304
00:14:13,080 --> 00:14:14,540
We all have wants.
305
00:14:15,090 --> 00:14:16,350
I'm a big Apple user.
306
00:14:16,350 --> 00:14:18,700
Every time that new iPhone
comes out, I want it.
307
00:14:19,320 --> 00:14:21,720
Every time that new Apple
watch comes out, I want it.
308
00:14:21,720 --> 00:14:23,830
But then if I ask myself, do I need it?
309
00:14:24,995 --> 00:14:27,215
No, the other one, uh, now, cell phone.
310
00:14:27,625 --> 00:14:32,515
As long as my cell phone does what I
want it to do, I'm not replacing it.
311
00:14:32,605 --> 00:14:33,145
Period.
312
00:14:33,325 --> 00:14:33,625
There you go.
313
00:14:33,625 --> 00:14:34,585
See the end of story.
314
00:14:35,135 --> 00:14:37,775
Now they build in obsolescence.
315
00:14:37,775 --> 00:14:38,975
I understand that.
316
00:14:39,365 --> 00:14:39,605
Sure.
317
00:14:39,605 --> 00:14:43,895
At some phone, at some point my phone's
going to quit working, but there's
318
00:14:43,895 --> 00:14:46,325
another one over here that's an older one.
319
00:14:47,135 --> 00:14:48,485
It's newer than mine.
320
00:14:49,270 --> 00:14:52,250
But it was a family
member that passed away.
321
00:14:52,250 --> 00:14:54,270
So I've got a backup sitting over there.
322
00:14:54,290 --> 00:14:57,480
I'm still not going in by the
newest and latest and greatest.
323
00:14:58,100 --> 00:15:00,330
And I don't do that with prepping gear.
324
00:15:00,820 --> 00:15:04,960
I can't remember the last time
I bought any prepping gear.
325
00:15:06,050 --> 00:15:09,140
Now we spend money every
week or two weeks, every
326
00:15:09,140 --> 00:15:12,070
grocery trip on prepping food.
327
00:15:12,810 --> 00:15:16,790
And when I say prepping food,
I'm talking about canned goods
328
00:15:17,450 --> 00:15:19,940
and Krista's spaghetti habit.
329
00:15:19,960 --> 00:15:21,310
Yeah, I know she loves spaghetti, but
330
00:15:21,810 --> 00:15:23,090
you're going to steer
clear of the zucchini, I
331
00:15:23,090 --> 00:15:23,370
think.
332
00:15:23,370 --> 00:15:25,570
You're not going to be
doing any zucchini one.
333
00:15:25,570 --> 00:15:26,306
No, no.
334
00:15:26,306 --> 00:15:28,882
God made that stuff for compost, okay?
335
00:15:28,882 --> 00:15:29,985
There you go.
336
00:15:30,205 --> 00:15:33,335
Yeah I don't like
zucchini and I don't know.
337
00:15:33,335 --> 00:15:35,055
It's just a crazy thing.
338
00:15:35,055 --> 00:15:38,715
I tried it many, many years ago, did
not like it and I've just stuck with it.
339
00:15:39,325 --> 00:15:40,655
It, might be better today.
340
00:15:40,655 --> 00:15:41,885
I don't know but,
341
00:15:42,015 --> 00:15:45,835
what you're really talking about,
Mark is, the lesson for today.
342
00:15:45,835 --> 00:15:48,975
And that is to develop an
understanding of needs versus wants.
343
00:15:50,085 --> 00:15:52,995
And you asked me a question beginning
how do you prepare for this?
344
00:15:52,995 --> 00:15:54,435
I think you need to start looking at that.
345
00:15:55,065 --> 00:15:56,785
What are the things I need?
346
00:15:57,055 --> 00:16:01,325
Like you said, water, shelter,
warmth, all those things.
347
00:16:01,735 --> 00:16:04,525
Doesn't matter whether you're doing
it for preparing or just in life.
348
00:16:04,885 --> 00:16:05,175
Right.
349
00:16:05,195 --> 00:16:08,285
You got to really focus in on what
you need and not what you want.
350
00:16:08,795 --> 00:16:09,075
Now,
351
00:16:09,105 --> 00:16:10,105
at one time.
352
00:16:10,790 --> 00:16:19,660
Before we moved up here, Krista and I cut
down to one income and we lived out of
353
00:16:19,660 --> 00:16:22,630
our prepper closet for several months.
354
00:16:23,070 --> 00:16:29,880
I mean, we had no grocery store
bill or very minimal milk and a few
355
00:16:29,880 --> 00:16:31,540
things like that, milk and bread.
356
00:16:31,541 --> 00:16:34,445
But We, lived very well.
357
00:16:34,745 --> 00:16:41,865
We, did not change our style of eating,
but we ate out of those preparations.
358
00:16:42,465 --> 00:16:47,505
And you mentioned something a minute
ago, made me think that we need
359
00:16:47,505 --> 00:16:50,295
to look at that frugal lifestyle.
360
00:16:50,975 --> 00:16:52,945
Grandma washed her tinfoil.
361
00:16:54,315 --> 00:16:57,585
I'm quite a bit older than
you and my grandmother would
362
00:16:57,585 --> 00:16:59,625
be about 120 now, or a hun.
363
00:16:59,685 --> 00:17:01,455
Yeah, 120 now.
364
00:17:01,985 --> 00:17:03,985
But she washed her tinfoil.
365
00:17:04,510 --> 00:17:07,350
But she took a family
through the depression.
366
00:17:08,275 --> 00:17:11,825
And she always had something
to eat for her family.
367
00:17:12,335 --> 00:17:19,125
And she always had something to feed
those that stopped and asked for food.
368
00:17:19,755 --> 00:17:24,135
I can remember a number of times
people coming up on the porch, knocking
369
00:17:24,135 --> 00:17:28,795
on the door and saying, I'm hungry,
would you have anything I could eat?
370
00:17:29,135 --> 00:17:34,195
And she would Just tell them to sit down
and she would go in there and usually
371
00:17:34,195 --> 00:17:39,925
she'd fry them up some egg sandwiches and
she would leave or she would give them
372
00:17:39,965 --> 00:17:46,785
a pretty nice sack lunch and some things
that would last more than just right now.
373
00:17:46,815 --> 00:17:50,295
Maybe canned goods, potted meat,
things like that they could put in
374
00:17:50,295 --> 00:17:52,315
their pocket and have for later.
375
00:17:52,870 --> 00:17:58,320
But we're going to have to go back to some
of those things that our grandparents did.
376
00:17:58,630 --> 00:18:01,860
Yeah, because Mark, to be honest with
you, and I don't mean to alarm anybody,
377
00:18:01,860 --> 00:18:04,770
but what I've been telling people is I
think we're going to see Great Depression
378
00:18:04,770 --> 00:18:06,390
number two soon after the election.
379
00:18:06,890 --> 00:18:08,090
And I hope I'm wrong.
380
00:18:08,870 --> 00:18:10,670
I hope I am absolutely wrong.
381
00:18:10,680 --> 00:18:14,480
But the truth is, I think we
are going to see something that
382
00:18:14,480 --> 00:18:17,980
people in the younger age brackets
have never seen in this country.
383
00:18:18,720 --> 00:18:19,780
And I will agree.
384
00:18:20,410 --> 00:18:24,200
And I hate to say that but I don't care
who wins the election I think there's
385
00:18:24,200 --> 00:18:28,460
a financial cliff coming in november
december And I hope i'm wrong, but I
386
00:18:28,460 --> 00:18:33,890
don't think I am and i've done this for
a while you look back at 1979 And you
387
00:18:33,890 --> 00:18:35,640
look back at where the economy went.
388
00:18:35,720 --> 00:18:40,020
I think it's going to make 1979
look like child's play Wow, we have
389
00:18:40,020 --> 00:18:45,635
spent ourselves into a huge deficit
We've got too many people collecting
390
00:18:45,635 --> 00:18:47,095
and not enough people paying.
391
00:18:47,955 --> 00:18:49,815
And like I said, I'm not
talking about politics.
392
00:18:49,825 --> 00:18:51,065
I'm talking about facts.
393
00:18:51,395 --> 00:18:51,575
Right.
394
00:18:51,575 --> 00:18:52,695
These are facts.
395
00:18:53,185 --> 00:18:53,825
And guess what?
396
00:18:53,835 --> 00:18:55,075
All bills get paid.
397
00:18:55,795 --> 00:18:56,175
Mm hmm.
398
00:18:56,475 --> 00:19:01,035
So something's going to have
to give and I, like I said, I
399
00:19:01,035 --> 00:19:02,365
don't care who wins the election.
400
00:19:02,365 --> 00:19:03,925
I have a preference of who I want to win.
401
00:19:04,895 --> 00:19:08,105
But the truth is, I think this financial
cliff is coming and we're going to have
402
00:19:08,105 --> 00:19:10,105
to make some hard decisions as Americans.
403
00:19:10,625 --> 00:19:14,405
We're going to have to decide what are
we going to do for the next generation?
404
00:19:14,405 --> 00:19:16,705
I got a kid that's 23 and one that's 26.
405
00:19:17,555 --> 00:19:20,725
We've saddled them with debt that
they are never going to be able to
406
00:19:20,735 --> 00:19:22,365
repay from a country perspective.
407
00:19:22,925 --> 00:19:23,425
Oh yeah.
408
00:19:24,155 --> 00:19:27,405
We have a new seven month old grandchild.
409
00:19:28,235 --> 00:19:33,155
And we have probably settled his
grandchildren with this debt.
410
00:19:34,125 --> 00:19:38,815
I mean, he's seven months old now and
his grandchildren will probably be
411
00:19:38,825 --> 00:19:44,645
still paying this off if this country
does not go totally down the tubes and
412
00:19:44,685 --> 00:19:47,705
bankrupt and, you know, lose everything.
413
00:19:48,085 --> 00:19:51,285
And, that's why I'm saying you've
got, so clients ask me all the time,
414
00:19:51,285 --> 00:19:53,785
Ralph, there's not much I can do.
415
00:19:54,475 --> 00:19:56,195
At the government level that's true.
416
00:19:56,805 --> 00:19:59,225
But what you can do is you can pray.
417
00:19:59,425 --> 00:20:02,185
That's a really big part of it But
the second thing you can really do is
418
00:20:02,185 --> 00:20:06,545
get your personal financial house in
order So if you want me to sum up what
419
00:20:06,545 --> 00:20:10,035
i'm here to talk about today get your
financial house in order Because here's
420
00:20:10,035 --> 00:20:14,460
what we're fixing to see You're going
to see double digit interest rates.
421
00:20:14,990 --> 00:20:18,020
If what I think is going to happen, you're
going to see mortgage interest rates in
422
00:20:18,020 --> 00:20:21,250
the middle teens again, like in the 1980s.
423
00:20:21,250 --> 00:20:23,880
The scary part of that, Mark, I
don't know if you remember this, my
424
00:20:23,880 --> 00:20:27,500
dad was actually in the gas station
business and we had gas station lines.
425
00:20:28,140 --> 00:20:29,890
That's part of it, but
the scary part is this.
426
00:20:29,910 --> 00:20:32,900
Mortgage interest rates
went into the mid teens.
427
00:20:33,670 --> 00:20:34,700
That's not the scary part.
428
00:20:34,700 --> 00:20:37,260
The scary part, it took 11
years for them to come down.
429
00:20:38,740 --> 00:20:40,130
And it took a war.
430
00:20:40,610 --> 00:20:44,170
Really, realistically, it took the first
Gulf War to solve the financial problem.
431
00:20:44,170 --> 00:20:47,790
And I'm hoping we don't have
another war, but we are getting
432
00:20:47,790 --> 00:20:49,000
ready to go over a financial cliff.
433
00:20:49,000 --> 00:20:49,970
So what can you do?
434
00:20:50,190 --> 00:20:54,620
You can get your financial house in
order, build up that emergency fund,
435
00:20:54,870 --> 00:21:00,150
have a budget that you stick to get your
debts paid off, get savings set aside.
436
00:21:00,475 --> 00:21:03,025
All of those things if you want
to say what can I do to impact it?
437
00:21:03,025 --> 00:21:06,875
You can do those things and then
get to the voting box and vote
438
00:21:06,885 --> 00:21:10,665
for people who are financially and
fiscally Responsible and are going
439
00:21:10,665 --> 00:21:11,985
to have to make some tough decisions.
440
00:21:11,995 --> 00:21:14,715
We're going to have tough decisions
We're going to have to really look
441
00:21:14,715 --> 00:21:17,585
at entitlements We're going to
have to go to that third tier and
442
00:21:17,585 --> 00:21:20,505
talk about social security and what
does that look like moving forward?
443
00:21:21,115 --> 00:21:24,325
We cannot get, you're never going
to spend yourself in the prosperity.
444
00:21:25,425 --> 00:21:27,885
And that's where they think
we're going, but it can't happen.
445
00:21:28,375 --> 00:21:29,895
You're going to have higher taxes.
446
00:21:29,945 --> 00:21:30,675
I hate to say that.
447
00:21:30,675 --> 00:21:31,615
That's what I do for a living.
448
00:21:31,625 --> 00:21:33,765
I try to figure out ways
for people to save taxes.
449
00:21:33,995 --> 00:21:34,705
Well, guess what?
450
00:21:35,005 --> 00:21:37,765
If the government spending,
somebody has got to pay those bills.
451
00:21:38,045 --> 00:21:38,885
How do you do that?
452
00:21:39,175 --> 00:21:42,465
Barring a revolution, which
I'm not promoting, taxes
453
00:21:42,465 --> 00:21:43,465
are going to have to go up.
454
00:21:44,425 --> 00:21:45,515
Who are they going to go up on?
455
00:21:45,895 --> 00:21:47,345
They're not just going
to go up on the wealthy.
456
00:21:47,475 --> 00:21:48,785
They're going to go up on everybody.
457
00:21:49,335 --> 00:21:50,485
So, and I don't mean to be Mr.
458
00:21:50,485 --> 00:21:54,275
Gloom and Doom because I think there's
still hope, but you've got to get your
459
00:21:54,275 --> 00:21:59,725
financial house in order and be prepared
for like you talk about on your program,
460
00:21:59,725 --> 00:22:01,175
be prepared for what that looks like.
461
00:22:01,565 --> 00:22:04,625
We just had a tanker crash
in Baltimore yesterday.
462
00:22:04,635 --> 00:22:05,625
It's not far from where I live.
463
00:22:05,625 --> 00:22:06,685
I live in Middletown, Delaware.
464
00:22:07,585 --> 00:22:10,795
And people don't realize the impact
that that's going to have both
465
00:22:10,795 --> 00:22:12,995
on the supply chain and on the
466
00:22:12,995 --> 00:22:13,665
economy.
467
00:22:14,765 --> 00:22:18,905
Krista and I were talking about that
last night, and this morning I saw
468
00:22:18,905 --> 00:22:24,815
an article that talks about how the
supply chain is going to suffer because
469
00:22:24,815 --> 00:22:27,065
of how much goes across that bridge.
470
00:22:28,015 --> 00:22:28,225
Absolutely.
471
00:22:28,745 --> 00:22:31,965
I don't know what the
alternate route options
472
00:22:32,015 --> 00:22:32,495
are.
473
00:22:33,125 --> 00:22:36,965
I'm from the area, the alternate
route options add a bunch of miles.
474
00:22:37,185 --> 00:22:38,865
I've been over that bridge many times.
475
00:22:39,645 --> 00:22:42,945
It's basically a beltway system
that goes around Baltimore from
476
00:22:42,945 --> 00:22:45,975
Washington up to Baltimore into
Philadelphia, and I'm in between those.
477
00:22:46,595 --> 00:22:47,245
But you're right.
478
00:22:48,085 --> 00:22:52,045
And, so what you're really saying
though, Mark, is the average person
479
00:22:52,045 --> 00:22:53,395
doesn't get the whole supply chain.
480
00:22:53,395 --> 00:22:53,905
What does that mean?
481
00:22:53,905 --> 00:22:54,855
It's going to cost more.
482
00:22:55,375 --> 00:22:56,155
It's going to cost more.
483
00:22:56,355 --> 00:22:56,865
Stuff is going to cost more.
484
00:22:57,335 --> 00:22:59,685
And they're going to be
shortages in Baltimore.
485
00:23:00,045 --> 00:23:00,425
Absolutely.
486
00:23:00,595 --> 00:23:03,435
There's going to be shortages, a lot
of places, because as I understand it,
487
00:23:03,675 --> 00:23:08,815
this is one of the top eight ports, but
it's the number one port for vehicles.
488
00:23:09,555 --> 00:23:11,395
So is that going to
trigger some inflation?
489
00:23:11,765 --> 00:23:14,695
And, this could be one of the
things that, that adds to that.
490
00:23:15,335 --> 00:23:19,805
Well, great depression that I see is
what is the, impact that, and think
491
00:23:19,805 --> 00:23:23,205
of the people, the local people,
when this port's not operating
492
00:23:23,805 --> 00:23:25,445
how many jobs are going to be.
493
00:23:25,445 --> 00:23:26,065
Exactly.
494
00:23:26,275 --> 00:23:30,085
So you start depressing the economy there.
495
00:23:30,635 --> 00:23:35,135
But the point that I was making is
with the job, not the job, but with
496
00:23:35,135 --> 00:23:40,525
the food shortages that we might see in
the grocery stores in Baltimore, that's
497
00:23:40,535 --> 00:23:42,825
not going to affect my grocery store.
498
00:23:42,980 --> 00:23:48,430
I mean, I'm a thousand miles away
in North Alabama, but those folks,
499
00:23:48,470 --> 00:23:51,930
if they don't have it on the shelf,
they may not be able to get it.
500
00:23:52,640 --> 00:23:56,000
Now, does it mean that all
the food supply is gone?
501
00:23:56,050 --> 00:23:59,850
No, it doesn't mean that, but
it does mean that you may not be
502
00:23:59,850 --> 00:24:04,970
able to buy the brands you want or
the type of food that you wanted.
503
00:24:04,980 --> 00:24:11,500
There'll be food available, more
expensive, all of the things that
504
00:24:11,500 --> 00:24:13,220
go into the supply chain issue.
505
00:24:13,835 --> 00:24:14,225
But
506
00:24:14,615 --> 00:24:18,225
You know, and if you haven't tested
your budget If you haven't refined
507
00:24:18,225 --> 00:24:21,815
your budget and you don't have a
place to go find that discretionary 20
508
00:24:21,815 --> 00:24:25,105
percent more the food's going to cost
you You're going to be in trouble.
509
00:24:25,325 --> 00:24:28,825
And if you haven't prepared from a
practical standpoint, like you said,
510
00:24:29,135 --> 00:24:33,775
you're going to be in trouble So that's
a lesson for both of our audiences, you
511
00:24:33,775 --> 00:24:37,475
know prepare practically, you know What
happens if your grocery store can't
512
00:24:37,475 --> 00:24:39,225
get the things that you usually eat?
513
00:24:39,595 --> 00:24:42,195
I mean, what's Krista
going to do for spaghetti?
514
00:24:42,196 --> 00:24:42,210
You
515
00:24:43,220 --> 00:24:48,350
She has quite a bit stored, but you
know, it is a finite amount, but no,
516
00:24:48,640 --> 00:24:50,080
and I'm just being funny, Mark.
517
00:24:50,130 --> 00:24:53,220
But no, but seriously, but think about
the stress test on the person's budget.
518
00:24:53,820 --> 00:24:56,340
If all of a sudden you go to the
grocery store and your groceries
519
00:24:56,340 --> 00:24:58,750
are 20 percent higher, where's
that money going to come from?
520
00:24:59,440 --> 00:24:59,870
Yeah.
521
00:24:59,890 --> 00:25:01,790
Well, you know, I retired.
522
00:25:02,090 --> 00:25:09,390
Supposedly from the Sheriff's
Department last July, and right after
523
00:25:09,390 --> 00:25:17,750
that we were seeing some inflation,
but inflation has really taken a bite
524
00:25:17,810 --> 00:25:20,680
out of what my retirement plans were.
525
00:25:21,430 --> 00:25:26,640
And we've, we've had to supplement that
with some savings, which is, you know,
526
00:25:26,640 --> 00:25:32,670
good that we had that there to do that,
but it's also looking for side gigs.
527
00:25:32,670 --> 00:25:38,440
It's looking for how else can
I create an income stream?
528
00:25:38,990 --> 00:25:44,510
I'm trying to keep things in the
practical prepping or under that
529
00:25:44,540 --> 00:25:46,410
umbrella and do some things.
530
00:25:46,411 --> 00:25:46,550
Thanks.
531
00:25:46,940 --> 00:25:53,060
But, people don't have the
discretionary funds this year
532
00:25:53,090 --> 00:25:54,630
that they had two years ago.
533
00:25:55,460 --> 00:25:59,350
Even if they've had raises,
inflation has eaten it up.
534
00:26:00,075 --> 00:26:02,765
I say that all the time, Mark,
especially my elderly clients
535
00:26:02,765 --> 00:26:04,275
who are on quote fixed incomes.
536
00:26:04,865 --> 00:26:06,895
Inflation hits them the hardest.
537
00:26:08,025 --> 00:26:10,925
If you're used to getting your social
security in check, and let's say
538
00:26:10,925 --> 00:26:13,655
you've got a small pension and some
savings, well, if all of a sudden
539
00:26:13,655 --> 00:26:17,165
every time you go to the grocery
store, things are 30 percent higher.
540
00:26:17,710 --> 00:26:21,620
I laugh when they talk about how they
increased minimum wage to 15 an hour.
541
00:26:21,950 --> 00:26:24,480
To me, that was the biggest joke
in the world because all it did was
542
00:26:24,480 --> 00:26:25,900
just make everybody's prices go up.
543
00:26:26,430 --> 00:26:29,500
So the person that was making
12 an hour now makes 15, but
544
00:26:29,500 --> 00:26:30,610
guess how much they're spending?
545
00:26:31,310 --> 00:26:33,600
30 percent more than what
they were making before.
546
00:26:33,610 --> 00:26:34,760
It didn't help anything.
547
00:26:35,130 --> 00:26:35,180
Solid.
548
00:26:36,520 --> 00:26:44,340
I saw an article where California is
going to a 20 minimum, and the effect
549
00:26:44,370 --> 00:26:50,170
that they're seeing is that companies
are laying people off coming up to this.
550
00:26:51,645 --> 00:26:54,975
Because they know it's going
to happen sometime in April,
551
00:26:54,975 --> 00:26:56,485
I think it goes into effect.
552
00:26:57,095 --> 00:26:58,195
And that's a big deal, Mark.
553
00:26:58,195 --> 00:27:01,095
There's actually a person in
California running on a 50 an
554
00:27:01,095 --> 00:27:02,545
hour minimum wage requirement.
555
00:27:02,995 --> 00:27:05,605
But you're right, I saw that on the
news yesterday, and that's going
556
00:27:05,605 --> 00:27:08,715
to mean the mom and pop stores are
going to have to pay 20 an hour.
557
00:27:08,715 --> 00:27:09,695
Well, guess what's going to happen?
558
00:27:10,045 --> 00:27:11,065
I see it around here.
559
00:27:11,315 --> 00:27:13,975
When you walk into that
McDonald's, you don't see a
560
00:27:13,975 --> 00:27:15,535
person anymore, you see a machine.
561
00:27:16,515 --> 00:27:18,785
And you find that screen and
you push those buttons for what
562
00:27:18,785 --> 00:27:20,085
you want, well that's a job.
563
00:27:21,225 --> 00:27:22,555
That costs somebody a job.
564
00:27:22,635 --> 00:27:24,065
That costs somebody livelihood.
565
00:27:24,525 --> 00:27:28,915
And when I go to the grocery
store, there are self checkouts.
566
00:27:29,125 --> 00:27:29,895
I don't use them.
567
00:27:30,745 --> 00:27:36,195
I go over here and I go through the line
that has a person that has been hired.
568
00:27:36,845 --> 00:27:41,115
And I do that at the big
box home improvement stores.
569
00:27:41,945 --> 00:27:46,985
And I have actually seen those
where they did not have a cashier.
570
00:27:47,095 --> 00:27:48,335
Your only option was
571
00:27:48,335 --> 00:27:49,075
self checkout.
572
00:27:50,135 --> 00:27:51,955
And that's one of the other
things I'll talk about today,
573
00:27:51,955 --> 00:27:53,725
too, is support local businesses.
574
00:27:54,485 --> 00:27:56,775
Support those people in your community.
575
00:27:57,685 --> 00:27:58,625
Amazon's great.
576
00:27:58,645 --> 00:28:01,575
I can order something on Amazon a minute
from now and I'll have it by this evening.
577
00:28:01,785 --> 00:28:02,905
That's fantastic.
578
00:28:03,995 --> 00:28:07,175
But support the people in your
community support your local community
579
00:28:07,175 --> 00:28:13,065
organizations that are there to help
others Shop local shop small business.
580
00:28:13,275 --> 00:28:16,545
If you ask me one of the things you can
do in a bad economy time That's a great
581
00:28:16,545 --> 00:28:20,335
thing to do Because those are the people
are going to suffer the most the amazons
582
00:28:20,335 --> 00:28:24,495
the walmart's the targets and all that
they've got enough resources No, they've
583
00:28:24,505 --> 00:28:25,885
got enough resources to get through it.
584
00:28:25,945 --> 00:28:29,275
That's just a fact, you know Will
they see a little downturn in their
585
00:28:29,285 --> 00:28:34,400
income probably but people still got
to eat You People still need to have
586
00:28:34,410 --> 00:28:35,980
toiletries and all that sort of thing.
587
00:28:35,980 --> 00:28:39,400
So they're still going to be spending
money, but the little mom and pop, and
588
00:28:39,400 --> 00:28:43,090
I don't say little, not necessarily
little, but the, people who aren't
589
00:28:43,100 --> 00:28:47,170
the Amazons and the targets in the
Walmarts, they really need your support.
590
00:28:48,355 --> 00:28:51,305
And, as I'm saying, so one of the
things in an economic downturn, look
591
00:28:51,305 --> 00:28:53,055
for ways to build up your community.
592
00:28:53,365 --> 00:28:56,035
You don't want to get to the point
where there's no grocery store in your
593
00:28:56,055 --> 00:29:00,575
town anymore, or there's no tailor
or there's no dry cleaner, or there's
594
00:29:00,575 --> 00:29:01,665
no this, that, or the other thing.
595
00:29:01,665 --> 00:29:03,085
And you're seeing that right now.
596
00:29:03,715 --> 00:29:08,555
And that is a tragedy because what
happens in the longterm is the big
597
00:29:08,565 --> 00:29:11,965
companies will manage the prices for
you even, and you think inflation is
598
00:29:11,965 --> 00:29:17,275
bad now, get rid of competition and
get rid of that drive to make pricing
599
00:29:17,275 --> 00:29:18,595
lower and guess what's going to happen.
600
00:29:19,225 --> 00:29:21,125
Inflation will run crazy.
601
00:29:21,135 --> 00:29:22,945
It'll be like Venezuela in this country.
602
00:29:23,275 --> 00:29:23,815
And
603
00:29:23,865 --> 00:29:28,525
rhetorically, how many small towns,
where, you know, I remember as a
604
00:29:28,525 --> 00:29:30,725
kid, we went to town on Saturday.
605
00:29:31,095 --> 00:29:35,475
It was only a mile and a half away, but
you know, you parked and you could walk.
606
00:29:35,475 --> 00:29:41,775
It was two blocks long, was the main
downtown, small town area I grew up in.
607
00:29:42,935 --> 00:29:45,395
That has been turned
into different things.
608
00:29:45,425 --> 00:29:47,095
Those stores are not there.
609
00:29:47,935 --> 00:29:51,535
Back then you could get just
about everything that you needed.
610
00:29:51,535 --> 00:29:55,215
Now, it was one block over to
get to the grocery store, but
611
00:29:55,225 --> 00:29:58,885
you could get everything you
needed in that two block area.
612
00:29:59,505 --> 00:30:02,965
And if it was farming supplies,
that was about four blocks.
613
00:30:03,995 --> 00:30:04,685
Think about that.
614
00:30:04,995 --> 00:30:06,525
Think about the local hardware store.
615
00:30:06,525 --> 00:30:09,705
I got a couple of clients that own
small independent hardware stores.
616
00:30:10,525 --> 00:30:11,595
What are your options now?
617
00:30:12,151 --> 00:30:13,101
You go to the Lowe's.
618
00:30:13,101 --> 00:30:15,601
I don't know if you guys have Lowe's
in Alabama, but we have them up here.
619
00:30:15,991 --> 00:30:18,061
Most of the time there's nobody
working at the front end.
620
00:30:18,061 --> 00:30:19,211
You got to do self checkout.
621
00:30:19,221 --> 00:30:21,541
They don't even, Delaware is one of
these crazy states where they won't
622
00:30:21,541 --> 00:30:24,051
even give you a bag to check out
because of the quote environment.
623
00:30:24,721 --> 00:30:27,731
Yeah, well Lowe's was the one I
was talking about that I got up
624
00:30:27,731 --> 00:30:29,771
there and there is no cashier.
625
00:30:30,261 --> 00:30:35,601
We have Lowe's, we have Home Depot, but
when we can, we go over the mountain
626
00:30:35,631 --> 00:30:41,131
and utilize a small hardware store.
627
00:30:41,461 --> 00:30:41,721
Right.
628
00:30:41,771 --> 00:30:48,501
And you know, I grew up with You could
buy a gun, you could buy your seeds, you
629
00:30:48,501 --> 00:30:53,891
could buy all of your planting stuff,
you could buy all of your plumbing needs.
630
00:30:54,451 --> 00:30:59,701
And once that closed down, now I
was grown, and there were a couple
631
00:30:59,701 --> 00:31:03,185
of those hardware stores in town,
they both wound up closing down.
632
00:31:03,536 --> 00:31:09,046
Closing down and my dad and I, we
were refurbishing more or less.
633
00:31:09,056 --> 00:31:13,196
It was my great grandparent's house
that I lived in for a number of years.
634
00:31:13,846 --> 00:31:16,666
And we would have like a
plumbing issue just to pick one.
635
00:31:17,436 --> 00:31:23,906
We had to drive about 15 miles each
way to get to where we could buy a
636
00:31:23,906 --> 00:31:27,846
piece of PVC or a joint for a PVC.
637
00:31:28,596 --> 00:31:30,146
And we've got this thing cut in half.
638
00:31:30,146 --> 00:31:31,146
We need a coupling.
639
00:31:31,496 --> 00:31:33,086
Well, it's 15 miles away.
640
00:31:33,896 --> 00:31:35,206
That's, you just lost a half an hour.
641
00:31:36,266 --> 00:31:36,926
Both ways.
642
00:31:37,506 --> 00:31:40,856
Yeah, well, it was two lane back road,
so it was a little bit more than that.
643
00:31:41,656 --> 00:31:49,861
Well, both ways, yes, but, big box
stores have killed small town America.
644
00:31:50,391 --> 00:31:50,741
They have.
645
00:31:50,751 --> 00:31:51,351
And it's sad.
646
00:31:51,351 --> 00:31:52,041
It's a tragedy.
647
00:31:52,571 --> 00:31:54,351
And it's put so many
people out of business.
648
00:31:54,351 --> 00:31:56,071
And I know that's not what
we're talking about today,
649
00:31:56,071 --> 00:31:57,491
but it is all relevant though.
650
00:31:57,491 --> 00:31:57,821
Isn't it?
651
00:31:58,291 --> 00:32:02,451
Because if you don't support the
remaining small businesses, and if we
652
00:32:02,451 --> 00:32:06,511
see an economic downturn, like both of
us feel like is coming, it's going to be.
653
00:32:06,651 --> 00:32:09,481
All the more reason to support
those small business people.
654
00:32:09,741 --> 00:32:10,861
They're going to need your help.
655
00:32:10,861 --> 00:32:14,981
The little mom and pop restaurants,
all those places, the little diners.
656
00:32:15,021 --> 00:32:16,391
I don't know if you guys
got those in Alabama.
657
00:32:16,401 --> 00:32:18,231
We got a few of them up
here, but we have a few.
658
00:32:18,481 --> 00:32:20,031
Yeah, but they're going away too.
659
00:32:20,851 --> 00:32:23,621
You're not seeing as much of that
because the economies of scale from
660
00:32:23,621 --> 00:32:26,751
an economic perspective is really
hard to compete with these big
661
00:32:26,751 --> 00:32:30,511
businesses because the sheer volume
and the pricing they can get, but no.
662
00:32:30,511 --> 00:32:33,991
So one of the things I say today,
Mark is shop small shop, small
663
00:32:33,991 --> 00:32:36,021
business, but the big thing.
664
00:32:39,531 --> 00:32:39,951
Now,
665
00:32:40,721 --> 00:32:44,771
I've heard you on a couple of
episodes talking about getting
666
00:32:44,771 --> 00:32:46,361
your financial house in order.
667
00:32:46,751 --> 00:32:53,131
What are some other things that we're
bleeding money That we could save
668
00:32:53,141 --> 00:32:58,461
money if we really checked into, if
we did some comparison type things.
669
00:32:59,421 --> 00:32:59,961
Talk about
670
00:32:59,961 --> 00:33:00,711
that for a second.
671
00:33:00,721 --> 00:33:02,581
I'll use Amazon as an example.
672
00:33:02,741 --> 00:33:06,131
Everybody thinks you go online, you go to
Amazon, they've got the cheapest price.
673
00:33:06,541 --> 00:33:08,511
But when's the last time
you comparison shopped?
674
00:33:09,711 --> 00:33:12,581
It might sound like a no brainer, but if
you're spending money every time you're
675
00:33:12,581 --> 00:33:14,391
not looking for other prices, guess what?
676
00:33:15,051 --> 00:33:15,801
That could be a problem.
677
00:33:15,801 --> 00:33:19,791
The second thing, subscriptions, call
your cell phone company and say, Hey,
678
00:33:19,791 --> 00:33:21,311
listen, I'm fixing to go somewhere else.
679
00:33:21,331 --> 00:33:22,411
What can you do to save me?
680
00:33:22,641 --> 00:33:25,981
They've got these retention people
who, if you try to quit their
681
00:33:25,981 --> 00:33:28,761
service, they're going to talk to
you, go to them and say, listen, I'm
682
00:33:28,761 --> 00:33:30,491
getting ready to cancel my service.
683
00:33:30,491 --> 00:33:31,581
What can you do for me?
684
00:33:32,631 --> 00:33:34,031
And Mark, I think that's a huge one.
685
00:33:34,041 --> 00:33:35,551
Sirius XM satellite.
686
00:33:35,551 --> 00:33:36,471
I do this all the time.
687
00:33:36,471 --> 00:33:39,391
Every time we get a new
vehicle I get that free year.
688
00:33:39,391 --> 00:33:41,611
Then come the 13th month,
I let it shut off my way.
689
00:33:41,621 --> 00:33:42,921
It's like, now, are you
going to turn that back on?
690
00:33:42,921 --> 00:33:44,781
I'm like, yeah, We're going to do that.
691
00:33:45,291 --> 00:33:46,941
But you call up and they'll
be, oh, you know, Mr.
692
00:33:46,941 --> 00:33:48,641
Estep, you can get that for 60 a year.
693
00:33:48,641 --> 00:33:50,091
I said, let's try a lower number.
694
00:33:50,791 --> 00:33:54,541
And so negotiate, Mark, I guess that's
what I'm saying is people And they
695
00:33:54,541 --> 00:33:56,351
seem to find that lower number.
696
00:33:56,381 --> 00:33:57,171
How funny
697
00:33:57,171 --> 00:33:57,861
is that?
698
00:33:58,461 --> 00:34:00,151
But you've got to really look around.
699
00:34:00,191 --> 00:34:03,111
And again, I go back to,
where does your money go?
700
00:34:03,661 --> 00:34:04,311
Measure it.
701
00:34:04,721 --> 00:34:06,451
What gets measured gets done.
702
00:34:06,661 --> 00:34:09,711
If you don't have any clue where
your money's going, I can't help
703
00:34:09,711 --> 00:34:10,951
you and you can't help yourself.
704
00:34:11,381 --> 00:34:14,001
So to answer your question big picture,
what are some things you can do?
705
00:34:14,011 --> 00:34:15,101
Look at where your money goes.
706
00:34:16,071 --> 00:34:17,601
Every single dollar.
707
00:34:17,921 --> 00:34:19,501
You mentioned subscriptions.
708
00:34:19,531 --> 00:34:22,051
Talk about things like insurance policies.
709
00:34:22,501 --> 00:34:23,221
We need
710
00:34:23,301 --> 00:34:23,981
insurance.
711
00:34:24,281 --> 00:34:26,641
Yeah, and I think, but you
can be insurance poor too.
712
00:34:27,486 --> 00:34:31,016
You've got to look one of the things that
when my wife and I first got together,
713
00:34:31,046 --> 00:34:34,536
I always had a high deductible and
she goes, well, I've always had $250.
714
00:34:34,556 --> 00:34:35,536
I'm like, yeah, but you know what?
715
00:34:35,536 --> 00:34:39,656
If you have a car accident
today, $250 is gone, my friend.
716
00:34:40,116 --> 00:34:41,596
So set your deductibles higher.
717
00:34:41,596 --> 00:34:42,136
What does that do?
718
00:34:42,136 --> 00:34:46,026
It makes your insurance rates lower,
honor the things that you have.
719
00:34:46,056 --> 00:34:47,676
Take care of the things you have.
720
00:34:48,416 --> 00:34:51,966
Look at your insurance policies for
your homeowners and shop those around.
721
00:34:52,466 --> 00:34:57,166
A lot of people like i've been with geico
I think now for 20 years But every couple
722
00:34:57,166 --> 00:34:59,796
years i'll shop it around and say well,
what does this other one have to offer?
723
00:34:59,796 --> 00:35:00,876
What does the other one have to offer?
724
00:35:01,156 --> 00:35:04,326
I know I lost my mother last year
But the year before that she went to
725
00:35:04,496 --> 00:35:10,036
insurance shopping and she was able to
install this device in her car And it
726
00:35:10,056 --> 00:35:13,966
fed back information or something and
she ended up saving 30 percent on her on
727
00:35:13,976 --> 00:35:16,516
automobile insurance That's a huge one.
728
00:35:16,526 --> 00:35:18,056
Look at your homeowner's policy.
729
00:35:18,366 --> 00:35:20,096
Are you insuring what you have?
730
00:35:20,316 --> 00:35:21,756
Are you insuring too much?
731
00:35:21,756 --> 00:35:24,686
You A lot of people have insurance
to put them in the poorhouse.
732
00:35:24,686 --> 00:35:25,554
That's just
733
00:35:25,554 --> 00:35:26,421
the truth.
734
00:35:26,421 --> 00:35:31,736
I looked at, with my insurance
company that I've been with for a
735
00:35:31,736 --> 00:35:33,816
long time on automotive insurance.
736
00:35:34,581 --> 00:35:37,151
They used your telephone
to be able to track.
737
00:35:37,651 --> 00:35:42,181
Well, that didn't work real well for
me at that point in time, because eight
738
00:35:42,181 --> 00:35:46,031
hours, 10 hours a day, four days a
week, I'm a law enforcement officer.
739
00:35:46,071 --> 00:35:49,881
And sometimes we didn't drive
quite like the insurance
740
00:35:49,881 --> 00:35:51,261
company would have hoped for.
741
00:35:51,451 --> 00:35:51,831
Oh, yeah.
742
00:35:51,831 --> 00:35:54,341
You're doing a lot of hard
stops and hard fast goes and
743
00:35:54,341 --> 00:35:54,921
all that, right?
744
00:35:54,921 --> 00:35:55,291
Yeah.
745
00:35:55,351 --> 00:35:55,731
Yeah.
746
00:35:55,911 --> 00:35:59,041
And 130 mile an hour car
chases, things like that.
747
00:35:59,051 --> 00:36:03,661
So now that I'm out of that, that is
something I'm glad you mentioned that.
748
00:36:03,671 --> 00:36:08,751
That is something that I think I will
re examine and see what I can save on
749
00:36:08,751 --> 00:36:09,041
that.
750
00:36:09,676 --> 00:36:11,916
Another thing you can do, Mark, and
this sounds like a no brainer, but
751
00:36:11,916 --> 00:36:13,436
we spend a lot of money on food.
752
00:36:14,106 --> 00:36:15,886
We spend a lot of money eating out.
753
00:36:16,276 --> 00:36:18,716
Well, think about things like
planning your meals better.
754
00:36:19,046 --> 00:36:20,456
Think about batch cooking.
755
00:36:21,246 --> 00:36:23,386
If you're going to have a get together
with somebody, instead of going to
756
00:36:23,386 --> 00:36:25,166
a restaurant, have a potluck dinner.
757
00:36:26,106 --> 00:36:27,826
Everybody brings a little piece of that.
758
00:36:27,956 --> 00:36:28,406
We
759
00:36:28,606 --> 00:36:32,046
did one Monday night at
sister in law's house.
760
00:36:32,046 --> 00:36:34,976
We had a niece in town
that lives out of town.
761
00:36:34,986 --> 00:36:36,226
Her and the baby were here.
762
00:36:36,936 --> 00:36:39,446
And so that's exactly what we did.
763
00:36:40,026 --> 00:36:43,736
And it doesn't cost
anybody a ton of money.
764
00:36:44,206 --> 00:36:47,156
Yeah, another thing you can do, like when
I was a kid, my mother used to shop the
765
00:36:47,156 --> 00:36:48,816
no frills aisle at the grocery store.
766
00:36:49,256 --> 00:36:50,846
Look for generic brands.
767
00:36:51,526 --> 00:36:54,356
There's so many things you can do, but
if you don't know where your money's
768
00:36:54,356 --> 00:36:56,466
going, you don't know where you're
spending your money, look at how
769
00:36:56,466 --> 00:36:57,646
much you're spending on eating out.
770
00:36:57,656 --> 00:37:00,165
Look at how much you're
spending on Grubhub or those,
771
00:37:00,166 --> 00:37:02,146
you know, of course it's easy.
772
00:37:02,746 --> 00:37:03,416
Of course it is.
773
00:37:03,436 --> 00:37:05,386
But look, I'm a type 2 diabetic.
774
00:37:05,386 --> 00:37:06,976
I shouldn't be eating a
lot of that garbage either.
775
00:37:07,366 --> 00:37:08,556
I'm right there with you.
776
00:37:08,586 --> 00:37:12,096
But if I look at it, right, and I say,
okay, well, what can I do to save money?
777
00:37:12,516 --> 00:37:13,316
Eat at home.
778
00:37:13,796 --> 00:37:15,266
Plan your meals ahead of time.
779
00:37:15,626 --> 00:37:18,666
Before you go to the grocery store,
have a plan of what you're going to buy.
780
00:37:19,406 --> 00:37:20,166
Because guess what?
781
00:37:20,196 --> 00:37:21,620
The grocery store is there to make money.
782
00:37:22,081 --> 00:37:23,791
They're going to entice you
into buying other stuff.
783
00:37:23,791 --> 00:37:26,501
But if you go in there with a list
of here's what I need, because here's
784
00:37:26,501 --> 00:37:30,861
our meal plan for the next seven days,
I've planned for my lunches, I plan
785
00:37:30,871 --> 00:37:32,981
for my breakfast, I plan for my snacks.
786
00:37:32,981 --> 00:37:35,741
I don't have to run out and get McDonald's
ice cream or something like that.
787
00:37:36,011 --> 00:37:37,661
Then you're going to
get ahead financially.
788
00:37:38,081 --> 00:37:38,351
Yeah.
789
00:37:38,351 --> 00:37:40,121
And I'm, fortunate there.
790
00:37:40,641 --> 00:37:41,491
We do that.
791
00:37:41,491 --> 00:37:41,970
We.
792
00:37:42,971 --> 00:37:49,291
We probably eat out once every three
or four weeks now, and Krista is a good
793
00:37:49,291 --> 00:37:53,321
cook and she does that no frills stuff.
794
00:37:53,321 --> 00:37:57,061
there are a few things that we're
adamant about the name brand.
795
00:37:57,681 --> 00:38:05,381
Toilet tissue being one that's not
the, sandpaper, but a few soups.
796
00:38:06,321 --> 00:38:08,431
We just really prefer this one.
797
00:38:08,851 --> 00:38:11,291
Corned beef hash is one that's me.
798
00:38:11,721 --> 00:38:13,201
My wife loves corned beef hash.
799
00:38:13,431 --> 00:38:14,861
I never had a hankering for it.
800
00:38:15,351 --> 00:38:15,581
Oh, I
801
00:38:15,581 --> 00:38:15,971
love it.
802
00:38:16,161 --> 00:38:16,681
I love it.
803
00:38:16,771 --> 00:38:19,731
Scramble some eggs in it
and it's good that way.
804
00:38:20,211 --> 00:38:21,361
But I want the Hormel.
805
00:38:22,471 --> 00:38:26,961
And we've tried the generic
and it's just not the same.
806
00:38:27,121 --> 00:38:32,971
To me, so that's one of the items that we
stick with the name brand, but everything
807
00:38:32,971 --> 00:38:39,501
else in that cabinet in there and in our
prepper closet is the no frills stuff.
808
00:38:40,111 --> 00:38:42,661
And we, shop for bargains.
809
00:38:43,041 --> 00:38:47,631
She came in the other day and she said,
and I've forgotten even what item it was.
810
00:38:47,701 --> 00:38:50,641
She said, but they, had buy two, get two.
811
00:38:51,531 --> 00:38:56,361
We definitely advocate the bow, you know,
the bogos, the buy one, get one free.
812
00:38:56,901 --> 00:39:01,591
And she does a real good job with that,
and one goes in the closet to cook, and
813
00:39:01,601 --> 00:39:03,371
the other one goes in the prepper closet.
814
00:39:03,871 --> 00:39:08,271
We were in there one day, and
they had a non advertised, and
815
00:39:08,271 --> 00:39:13,861
you really had to be looking for
it, but it was buy two, get six.
816
00:39:14,741 --> 00:39:17,771
And so we bought four, and got twelve.
817
00:39:18,466 --> 00:39:24,436
And it was something that we know we're
going to use and the thing Southern ladies
818
00:39:24,436 --> 00:39:30,786
can't cook without cream of something
soup, cream of mushroom cream of chicken,
819
00:39:31,136 --> 00:39:35,686
all kinds of, cream of whatever recipes.
820
00:39:35,686 --> 00:39:42,966
So that's a good place to go to the
wholesale club and buy a case by
821
00:39:43,006 --> 00:39:47,316
24 soups because she's going to use
822
00:39:47,316 --> 00:39:47,495
them.
823
00:39:47,896 --> 00:39:50,476
Which actually brings up another
point, and I just read an
824
00:39:50,476 --> 00:39:51,586
article about this the other day.
825
00:39:51,586 --> 00:39:53,036
I'll leave your listeners with this too.
826
00:39:53,646 --> 00:39:55,426
Be careful of the dollar stores.
827
00:39:56,076 --> 00:40:01,166
A lot of people don't realize that, but
they've shrunk the size of the stuff
828
00:40:01,676 --> 00:40:02,796
and you think you're getting a deal.
829
00:40:02,796 --> 00:40:03,786
Oh, it's a dollar store.
830
00:40:03,786 --> 00:40:04,726
Everything is cheap.
831
00:40:04,736 --> 00:40:06,106
Well, you get what you pay for.
832
00:40:06,496 --> 00:40:06,856
Exactly.
833
00:40:06,856 --> 00:40:11,236
My grandfather used to always say he would
always look for quality over quantity.
834
00:40:11,566 --> 00:40:11,856
Exactly.
835
00:40:11,856 --> 00:40:14,746
Like you said, there's certain things
that you want to look for quality.
836
00:40:14,926 --> 00:40:18,066
You don't want to be replacing this
stuff, but the dollar stores are a trap.
837
00:40:18,746 --> 00:40:22,526
And you had to be really careful of
that because you are better off to know
838
00:40:22,526 --> 00:40:26,566
what you need, buy it in bulk, less
packaging, all those kinds of things.
839
00:40:26,856 --> 00:40:29,986
But the dollar stores are a trap
and I'm not picking on the dollar
840
00:40:29,986 --> 00:40:31,296
stores because they serve a purpose.
841
00:40:31,296 --> 00:40:32,226
But if you look, at.
842
00:40:32,381 --> 00:40:36,451
Where we are in communities now every
community's got a dollar general or a
843
00:40:36,451 --> 00:40:40,901
dollar tree or something like that But
unfortunately, I think they're making
844
00:40:40,901 --> 00:40:45,081
people poorer and I hate to say it
But I really do believe that because
845
00:40:45,391 --> 00:40:49,791
they're enticing you to buy smaller
stuff with more packaging And dollar
846
00:40:49,791 --> 00:40:52,291
for dollar it's costing you more yeah,
847
00:40:52,291 --> 00:40:56,846
and I think about flashlights, you
know, I love flashlights, we've got
848
00:40:56,846 --> 00:41:01,406
a lot of flashlights around here,
but the dollar store flashlights are
849
00:41:01,416 --> 00:41:07,086
great to buy for the three year old
to run around the house with, because
850
00:41:07,086 --> 00:41:10,456
when I pull my flashlight out, he's
gonna try to take it away from me.
851
00:41:11,416 --> 00:41:15,296
Now, I buy better flashlights for
me, because I keep using them,
852
00:41:16,706 --> 00:41:21,466
and I depend on them, but a dollar
flashlight is fine for that.
853
00:41:22,121 --> 00:41:25,151
And that's where the necessities, you
got to be really careful buying your
854
00:41:25,151 --> 00:41:29,471
necessities at the dollar stores because
you're not doing yourself a favor.
855
00:41:29,471 --> 00:41:33,101
You think you are, and it's that
perception of, Oh, it's only a dollar.
856
00:41:33,101 --> 00:41:34,251
Will those dollars add up?
857
00:41:34,691 --> 00:41:35,151
Yes,
858
00:41:35,181 --> 00:41:35,561
they do.
859
00:41:36,341 --> 00:41:39,421
Well, Ralph, I do appreciate
you being here with us today.
860
00:41:39,421 --> 00:41:43,221
How can people find your podcast
and how can people get in touch with
861
00:41:43,221 --> 00:41:46,021
you if they want some accounting
862
00:41:46,021 --> 00:41:46,541
advice?
863
00:41:47,206 --> 00:41:50,736
The easiest thing to do is you go to my
podcast website and that's real easy.
864
00:41:50,736 --> 00:41:57,856
It's askralphpodcast.com that's
a s k r a l p h p o d c a s t.
865
00:41:58,106 --> 00:41:58,476
com.
866
00:41:58,886 --> 00:42:00,506
There's a ton of information out there.
867
00:42:00,506 --> 00:42:03,316
I've got over 300 episodes in the catalog.
868
00:42:03,856 --> 00:42:06,516
There is a store there where
you can buy both of my books.
869
00:42:06,516 --> 00:42:07,996
You can schedule an appointment with me.
870
00:42:08,406 --> 00:42:11,316
My goal in this stage of
my life is to help people.
871
00:42:12,206 --> 00:42:15,286
If I can help one person, I feel
like I've done my job for today.
872
00:42:15,286 --> 00:42:15,896
So go there.
873
00:42:15,896 --> 00:42:18,716
I encourage you to go listen to,
I'm not looking for your money.
874
00:42:19,296 --> 00:42:22,136
I'm not trying to, sell
subscriptions to the website.
875
00:42:22,166 --> 00:42:24,306
All the information out there is free.
876
00:42:24,316 --> 00:42:27,306
Now, if you want to set up an appointment
with me to look at what are some
877
00:42:27,306 --> 00:42:28,916
things that I can do individually?
878
00:42:29,271 --> 00:42:29,741
Absolutely.
879
00:42:29,741 --> 00:42:30,371
I'll meet with you.
880
00:42:30,461 --> 00:42:31,991
I don't care where you're
located in the world.
881
00:42:32,301 --> 00:42:34,201
We're doing this meeting
right now through zoom.
882
00:42:34,581 --> 00:42:36,051
I have clients all over the world.
883
00:42:36,051 --> 00:42:39,321
You pay me a consultation fee and
I guarantee dollar for dollar.
884
00:42:39,541 --> 00:42:42,251
I'm going to save you 10 times what
you paid for that consultation.
885
00:42:42,711 --> 00:42:43,141
Wow.
886
00:42:43,901 --> 00:42:45,741
That is strong, Ralph.
887
00:42:46,291 --> 00:42:51,371
We do appreciate you being here
and we'll be looking for your next
888
00:42:51,391 --> 00:42:52,091
podcast.
889
00:42:52,491 --> 00:42:53,051
Thank you, Mark.
890
00:42:53,051 --> 00:42:53,991
I appreciate your time.
891
00:42:53,991 --> 00:42:56,841
And I wish the best to you and
Krista, as you continue to give us
892
00:42:56,851 --> 00:42:59,451
practical advice because stuff happens.
893
00:43:00,251 --> 00:43:00,961
We have to stay
894
00:43:00,961 --> 00:43:01,431
prepared.
895
00:43:01,941 --> 00:43:02,371
Amen.
