{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":0.2,"endTime":2.81,"body":"Hey, welcome back"},{"speaker":"Average Joe Finances","startTime":0.2,"endTime":2.81,"body":"to the Average Joe Finances podcast."},{"speaker":"Average Joe Finances","startTime":2.81,"endTime":6.709,"body":"I'm your host, Mike Cavaggioni,"},{"speaker":"Average Joe Finances","startTime":2.81,"endTime":6.709,"body":"and today's guest is Aaron Rubin."},{"speaker":"Average Joe Finances","startTime":6.929,"endTime":10.112,"body":"We were talking a little bit"},{"speaker":"Average Joe Finances","startTime":6.929,"endTime":10.112,"body":"off camera about a whole variety"},{"speaker":"Average Joe Finances","startTime":10.112,"endTime":12.683,"body":"of random things but I'm really"},{"speaker":"Average Joe Finances","startTime":10.112,"endTime":12.683,"body":"excited to have this conversation."},{"speaker":"Average Joe Finances","startTime":12.774,"endTime":14.599,"body":"Aaron, thank you so much"},{"speaker":"Average Joe Finances","startTime":12.774,"endTime":14.599,"body":"for joining me today."},{"speaker":"Aaron Rubin","startTime":15.049,"endTime":16.249,"body":"That's fantastic to be here."},{"speaker":"Average Joe Finances","startTime":16.684,"endTime":17.437,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":17.449,"endTime":21.379,"body":"Hey, I wanna start this off the"},{"speaker":"Average Joe Finances","startTime":17.449,"endTime":21.379,"body":"same way I start every episode off,"},{"speaker":"Average Joe Finances","startTime":21.679,"endTime":23.149,"body":"and we wanna know more about you."},{"speaker":"Average Joe Finances","startTime":23.149,"endTime":25.879,"body":"So if you could share a little bit"},{"speaker":"Average Joe Finances","startTime":23.149,"endTime":25.879,"body":"about yourself, share your story."},{"speaker":"Average Joe Finances","startTime":26.149,"endTime":27.859,"body":"Who is Aaron rubin?"},{"speaker":"Aaron Rubin","startTime":28.059,"endTime":28.419,"body":"Sure."},{"speaker":"Aaron Rubin","startTime":28.448,"endTime":30.728,"body":"First thing to know is I grew"},{"speaker":"Aaron Rubin","startTime":28.448,"endTime":30.728,"body":"up in the Chicagoland area."},{"speaker":"Aaron Rubin","startTime":30.782,"endTime":32.948,"body":"So my attitude problem,"},{"speaker":"Aaron Rubin","startTime":30.782,"endTime":32.948,"body":"that's where it stems from."},{"speaker":"Average Joe Finances","startTime":32.969,"endTime":33.239,"body":"That works."},{"speaker":"Aaron Rubin","startTime":33.349,"endTime":35.759,"body":"But I got my degree"},{"speaker":"Aaron Rubin","startTime":33.349,"endTime":35.759,"body":"in accounting too long ago from"},{"speaker":"Aaron Rubin","startTime":35.759,"endTime":39.299,"body":"Clare McKenna College, and then"},{"speaker":"Aaron Rubin","startTime":35.759,"endTime":39.299,"body":"I ended up going to law school."},{"speaker":"Aaron Rubin","startTime":39.525,"endTime":43.983,"body":"So I got my law degree and then After in"},{"speaker":"Aaron Rubin","startTime":39.525,"endTime":43.983,"body":"law school and met my wife and decided"},{"speaker":"Aaron Rubin","startTime":43.983,"endTime":48.158,"body":"to get married and her dad said hey, I'm"},{"speaker":"Aaron Rubin","startTime":43.983,"endTime":48.158,"body":"in this wealth management business, you"},{"speaker":"Aaron Rubin","startTime":48.158,"endTime":49.418,"body":"have a pretty good background for it."},{"speaker":"Aaron Rubin","startTime":49.478,"endTime":50.228,"body":"You wanna join me?"},{"speaker":"Aaron Rubin","startTime":50.313,"endTime":50.913,"body":"And I said, sure."},{"speaker":"Aaron Rubin","startTime":50.918,"endTime":52.393,"body":"He said you gotta wait . Perfect."},{"speaker":"Aaron Rubin","startTime":52.703,"endTime":54.754,"body":"So I spent three years in"},{"speaker":"Aaron Rubin","startTime":52.703,"endTime":54.754,"body":"public accounting after"},{"speaker":"Aaron Rubin","startTime":54.779,"endTime":55.933,"body":"after I graduated law school."},{"speaker":"Aaron Rubin","startTime":55.933,"endTime":60.027,"body":"So I worked on some consulting there, and"},{"speaker":"Aaron Rubin","startTime":55.933,"endTime":60.027,"body":"then I went into like the trenches and did"},{"speaker":"Aaron Rubin","startTime":60.057,"endTime":62.067,"body":"a high net worth individual tax returns."},{"speaker":"Aaron Rubin","startTime":62.067,"endTime":65.77,"body":"And after that, I joined"},{"speaker":"Aaron Rubin","startTime":62.067,"endTime":65.77,"body":"my father-in-law in 2009."},{"speaker":"Aaron Rubin","startTime":66.04,"endTime":67.54,"body":"Right after that recovery started."},{"speaker":"Aaron Rubin","startTime":67.99,"endTime":69.916,"body":"And I've been with him ever since."},{"speaker":"Aaron Rubin","startTime":69.916,"endTime":73.175,"body":"So it's been about 13 years, a little"},{"speaker":"Aaron Rubin","startTime":69.916,"endTime":73.175,"body":"bit more, and and it's been great."},{"speaker":"Aaron Rubin","startTime":73.375,"endTime":76.415,"body":"I've loved every minute of it,"},{"speaker":"Aaron Rubin","startTime":73.375,"endTime":76.415,"body":"except when the market goes down."},{"speaker":"Aaron Rubin","startTime":76.415,"endTime":77.122,"body":"Not as fun."},{"speaker":"Average Joe Finances","startTime":77.322,"endTime":77.66,"body":"Yeah no."},{"speaker":"Average Joe Finances","startTime":77.69,"endTime":78.74,"body":"Nobody likes what that happens."},{"speaker":"Average Joe Finances","startTime":78.817,"endTime":80.103,"body":"Actually, so let's talk"},{"speaker":"Average Joe Finances","startTime":78.817,"endTime":80.103,"body":"about that for a second."},{"speaker":"Average Joe Finances","startTime":80.103,"endTime":85.154,"body":"So you joined up with him in 2009,"},{"speaker":"Average Joe Finances","startTime":80.103,"endTime":85.154,"body":"so that was right after, one of"},{"speaker":"Average Joe Finances","startTime":85.154,"endTime":88.792,"body":"the worst crashes we've ever seen"},{"speaker":"Average Joe Finances","startTime":85.154,"endTime":88.792,"body":"especially in the real estate market."},{"speaker":"Average Joe Finances","startTime":89.002,"endTime":92.783,"body":"So what was it like, working for"},{"speaker":"Average Joe Finances","startTime":89.002,"endTime":92.783,"body":"that firm when that happened?"},{"speaker":"Aaron Rubin","startTime":92.933,"endTime":93.203,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":93.233,"endTime":95.797,"body":"Actually not even"},{"speaker":"Average Joe Finances","startTime":93.233,"endTime":95.797,"body":"when that happened, just to come on board."},{"speaker":"Average Joe Finances","startTime":96.097,"endTime":97.237,"body":"Right after that happened."},{"speaker":"Aaron Rubin","startTime":97.437,"endTime":98.757,"body":"It was"},{"speaker":"Aaron Rubin","startTime":97.437,"endTime":98.757,"body":"super interesting, right?"},{"speaker":"Aaron Rubin","startTime":98.757,"endTime":100.267,"body":"Because obviously there had been."},{"speaker":"Aaron Rubin","startTime":100.762,"endTime":104.193,"body":"Other downturns before a lot"},{"speaker":"Aaron Rubin","startTime":100.762,"endTime":104.193,"body":"of the, his clients had been"},{"speaker":"Aaron Rubin","startTime":104.193,"endTime":106.043,"body":"through, the dot.com Bust."},{"speaker":"Aaron Rubin","startTime":106.043,"endTime":109.174,"body":"And our firm's, maybe I'm jumping"},{"speaker":"Aaron Rubin","startTime":106.043,"endTime":109.174,"body":"the gun a little bit, but our firm's"},{"speaker":"Aaron Rubin","startTime":109.174,"endTime":115.187,"body":"methodology is three factor model, which"},{"speaker":"Aaron Rubin","startTime":109.174,"endTime":115.187,"body":"is, value investing plus small and so"},{"speaker":"Aaron Rubin","startTime":115.187,"endTime":120.24,"body":"again, our clients weren't, as impacted"},{"speaker":"Aaron Rubin","startTime":115.187,"endTime":120.24,"body":"by that 2001 bust because they were in"},{"speaker":"Aaron Rubin","startTime":120.24,"endTime":122.827,"body":"value companies, they weren't allowed,"},{"speaker":"Aaron Rubin","startTime":120.24,"endTime":122.827,"body":"they didn't have very much in iTech."},{"speaker":"Aaron Rubin","startTime":122.862,"endTime":124.927,"body":"But 2008 really it crushed everybody."},{"speaker":"Aaron Rubin","startTime":125.017,"endTime":129.464,"body":"And as I was meeting with these clients,"},{"speaker":"Aaron Rubin","startTime":125.017,"endTime":129.464,"body":"for the first time and having no previous"},{"speaker":"Aaron Rubin","startTime":129.464,"endTime":134.958,"body":"exposure to the industry whatsoever,"},{"speaker":"Aaron Rubin","startTime":129.464,"endTime":134.958,"body":"They were all, abused , from 2008, where"},{"speaker":"Aaron Rubin","startTime":134.958,"endTime":140.59,"body":"they saw their portfolios fall by 50% and"},{"speaker":"Aaron Rubin","startTime":134.958,"endTime":140.59,"body":"their portfolios were still down, by 20"},{"speaker":"Aaron Rubin","startTime":140.59,"endTime":142.267,"body":"some odd percent, when they had met me."},{"speaker":"Aaron Rubin","startTime":142.507,"endTime":146.874,"body":"So it was really, it was a different"},{"speaker":"Aaron Rubin","startTime":142.507,"endTime":146.874,"body":"time, to start, and see people react and."},{"speaker":"Aaron Rubin","startTime":146.883,"endTime":149.317,"body":"And what was really great is ever"},{"speaker":"Aaron Rubin","startTime":146.883,"endTime":149.317,"body":"since then, right there have been"},{"speaker":"Aaron Rubin","startTime":149.317,"endTime":152.172,"body":"down markets since, there's 2011."},{"speaker":"Aaron Rubin","startTime":152.172,"endTime":154.27,"body":"The third quarter was pretty bad there."},{"speaker":"Aaron Rubin","startTime":154.27,"endTime":158.678,"body":"The 2014, 2015, if you look at, the"},{"speaker":"Aaron Rubin","startTime":154.27,"endTime":158.678,"body":"wider international markets, they"},{"speaker":"Aaron Rubin","startTime":158.678,"endTime":164.051,"body":"were flat and 2018, the S\u0026P was down"},{"speaker":"Aaron Rubin","startTime":158.678,"endTime":164.051,"body":"by 20% I think in December of 2018."},{"speaker":"Aaron Rubin","startTime":164.184,"endTime":164.841,"body":"There's been a lot."},{"speaker":"Aaron Rubin","startTime":164.941,"endTime":167.521,"body":"downturns that have happened"},{"speaker":"Aaron Rubin","startTime":164.941,"endTime":167.521,"body":"since, but it's almost, they got"},{"speaker":"Aaron Rubin","startTime":167.521,"endTime":169.711,"body":"inoculated right before I got there."},{"speaker":"Aaron Rubin","startTime":170.021,"endTime":174.805,"body":"And so again, Af- post 2008 world people"},{"speaker":"Aaron Rubin","startTime":170.021,"endTime":174.805,"body":"are like the market is not down 50%."},{"speaker":"Aaron Rubin","startTime":174.805,"endTime":176.205,"body":"So you know how bad could be."},{"speaker":"Average Joe Finances","startTime":176.21,"endTime":177.52,"body":"Yeah, can't be that bad."},{"speaker":"Average Joe Finances","startTime":177.695,"endTime":177.815,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":177.815,"endTime":180.965,"body":"So basically you showed up, they're like,"},{"speaker":"Average Joe Finances","startTime":177.815,"endTime":180.965,"body":"Hey, we just got punched in the face."},{"speaker":"Average Joe Finances","startTime":180.965,"endTime":181.41,"body":"Do you have any ice?"},{"speaker":"Aaron Rubin","startTime":181.993,"endTime":182.483,"body":"Sure."},{"speaker":"Average Joe Finances","startTime":182.751,"endTime":184.121,"body":"You're"},{"speaker":"Average Joe Finances","startTime":182.751,"endTime":184.121,"body":"showing up with the ice packs"},{"speaker":"Average Joe Finances","startTime":184.121,"endTime":185.351,"body":"and saying, Hey, they're there."},{"speaker":"Average Joe Finances","startTime":185.381,"endTime":186.201,"body":"It's gonna be okay."},{"speaker":"Average Joe Finances","startTime":186.201,"endTime":187.194,"body":"We'll beat up that bully."},{"speaker":"Average Joe Finances","startTime":187.224,"endTime":187.734,"body":"Don't worry."},{"speaker":"Aaron Rubin","startTime":187.766,"endTime":187.886,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":187.917,"endTime":189.872,"body":"So when"},{"speaker":"Average Joe Finances","startTime":187.917,"endTime":189.872,"body":"the smaller bullies come along,"},{"speaker":"Average Joe Finances","startTime":189.878,"endTime":190.748,"body":"it's not that big of a deal."},{"speaker":"Average Joe Finances","startTime":190.748,"endTime":191.678,"body":"They could stand up to them."},{"speaker":"Aaron Rubin","startTime":191.776,"endTime":192.016,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":192.044,"endTime":195.214,"body":"And you mentioned real estate and real"},{"speaker":"Aaron Rubin","startTime":192.044,"endTime":195.214,"body":"estate in the Bay area was interesting"},{"speaker":"Aaron Rubin","startTime":195.214,"endTime":200.101,"body":"in that time as well in, in that 2008,"},{"speaker":"Aaron Rubin","startTime":195.214,"endTime":200.101,"body":"2009 because we had moved here in 2006."},{"speaker":"Aaron Rubin","startTime":200.212,"endTime":201.696,"body":"And and so it's."},{"speaker":"Average Joe Finances","startTime":201.816,"endTime":203.226,"body":"Did you guys buy in 2006?"},{"speaker":"Aaron Rubin","startTime":203.226,"endTime":205.883,"body":"So I will talk about and"},{"speaker":"Aaron Rubin","startTime":203.226,"endTime":205.883,"body":"again, I'm jumping the gun on you again."},{"speaker":"Aaron Rubin","startTime":205.883,"endTime":209.239,"body":"The best investment decision we"},{"speaker":"Aaron Rubin","startTime":205.883,"endTime":209.239,"body":"ever made had nothing to do with"},{"speaker":"Aaron Rubin","startTime":209.239,"endTime":210.881,"body":"me, cause we did buy in 2006."},{"speaker":"Aaron Rubin","startTime":210.881,"endTime":214.098,"body":"We bought a condo in 2006 and"},{"speaker":"Aaron Rubin","startTime":210.881,"endTime":214.098,"body":"we'd lived there for a year or"},{"speaker":"Aaron Rubin","startTime":214.098,"endTime":215.148,"body":"two and we're like, you know what?"},{"speaker":"Aaron Rubin","startTime":215.478,"endTime":218.978,"body":"We're, let's really start thinking"},{"speaker":"Aaron Rubin","startTime":215.478,"endTime":218.978,"body":"about, the family thing, and the"},{"speaker":"Aaron Rubin","startTime":218.978,"endTime":220.928,"body":"condos not really conducive to that."},{"speaker":"Aaron Rubin","startTime":220.928,"endTime":228.633,"body":"So we sold the condo in 2008 right"},{"speaker":"Aaron Rubin","startTime":220.928,"endTime":228.633,"body":"before The crash like really happened."},{"speaker":"Aaron Rubin","startTime":228.68,"endTime":230.042,"body":"And we sold our condo in 2008."},{"speaker":"Aaron Rubin","startTime":230.042,"endTime":233.556,"body":"We and things had started"},{"speaker":"Aaron Rubin","startTime":230.042,"endTime":233.556,"body":"to turn south mid 2008."},{"speaker":"Aaron Rubin","startTime":233.556,"endTime":235.987,"body":"And so we actually found a property."},{"speaker":"Aaron Rubin","startTime":236.087,"endTime":238.007,"body":"In San Jose that was foreclosed on."},{"speaker":"Aaron Rubin","startTime":238.207,"endTime":242.539,"body":"And so we picked up a foreclosure"},{"speaker":"Aaron Rubin","startTime":238.207,"endTime":242.539,"body":"property, in 2008, and it was awesome."},{"speaker":"Aaron Rubin","startTime":242.765,"endTime":243.458,"body":"We got a great deal."},{"speaker":"Aaron Rubin","startTime":243.463,"endTime":246.098,"body":"And now of course the house"},{"speaker":"Aaron Rubin","startTime":243.463,"endTime":246.098,"body":"had problems that the bank"},{"speaker":"Aaron Rubin","startTime":246.098,"endTime":247.448,"body":"didn't need to disclose to us."},{"speaker":"Aaron Rubin","startTime":247.535,"endTime":251.53,"body":"Some things need to be fixed up, but"},{"speaker":"Aaron Rubin","startTime":247.535,"endTime":251.53,"body":"man, talk about talk about fortuitous."},{"speaker":"Aaron Rubin","startTime":251.597,"endTime":252.38,"body":"It was fantastic."},{"speaker":"Average Joe Finances","startTime":252.38,"endTime":253.897,"body":"Yeah, like"},{"speaker":"Average Joe Finances","startTime":252.38,"endTime":253.897,"body":"that's some great timing right there."},{"speaker":"Aaron Rubin","startTime":253.926,"endTime":254.126,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":254.156,"endTime":255.716,"body":"My, my wife gets all"},{"speaker":"Aaron Rubin","startTime":254.156,"endTime":255.716,"body":"the credit for that one."},{"speaker":"Average Joe Finances","startTime":255.857,"endTime":259.389,"body":"I bought my"},{"speaker":"Average Joe Finances","startTime":255.857,"endTime":259.389,"body":"first property in 2007 and yeah."},{"speaker":"Average Joe Finances","startTime":259.389,"endTime":261.759,"body":"I didn't sell it before stuff happened."},{"speaker":"Average Joe Finances","startTime":261.778,"endTime":263.47,"body":"I wound up having to"},{"speaker":"Average Joe Finances","startTime":261.778,"endTime":263.47,"body":"short sell it later on."},{"speaker":"Average Joe Finances","startTime":263.47,"endTime":264.262,"body":"It was pretty painful."},{"speaker":"Aaron Rubin","startTime":264.362,"endTime":264.692,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":264.706,"endTime":265.946,"body":"And bad first experience."},{"speaker":"Aaron Rubin","startTime":266.046,"endTime":266.286,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":266.296,"endTime":267.396,"body":"That condo, we got."},{"speaker":"Aaron Rubin","startTime":267.421,"endTime":270.747,"body":"We sold it for 30,000 less than"},{"speaker":"Aaron Rubin","startTime":267.421,"endTime":270.747,"body":"we paid for it, so it wasn't."},{"speaker":"Average Joe Finances","startTime":271.017,"endTime":271.467,"body":"Oh wow!"},{"speaker":"Aaron Rubin","startTime":271.573,"endTime":275.583,"body":"But if we were selling it"},{"speaker":"Aaron Rubin","startTime":271.573,"endTime":275.583,"body":"like, as like the market was like really"},{"speaker":"Aaron Rubin","startTime":275.583,"endTime":278.349,"body":"melting down and like it was down by 33%."},{"speaker":"Aaron Rubin","startTime":278.689,"endTime":281.99,"body":"At one point, and it was like, talk"},{"speaker":"Aaron Rubin","startTime":278.689,"endTime":281.99,"body":"about dodging a bullet because we"},{"speaker":"Aaron Rubin","startTime":281.99,"endTime":286.32,"body":"wouldn't have been able to leave"},{"speaker":"Aaron Rubin","startTime":281.99,"endTime":286.32,"body":"that place, until, probably 2014"},{"speaker":"Aaron Rubin","startTime":286.351,"endTime":287.491,"body":"we would've had to hold onto it."},{"speaker":"Aaron Rubin","startTime":287.491,"endTime":290.671,"body":"That would've been, that would've been"},{"speaker":"Aaron Rubin","startTime":287.491,"endTime":290.671,"body":"really tight for us and three kids."},{"speaker":"Average Joe Finances","startTime":290.914,"endTime":291.874,"body":"Yeah, no, definitely."},{"speaker":"Average Joe Finances","startTime":291.947,"endTime":295.185,"body":"That, that would've been a"},{"speaker":"Average Joe Finances","startTime":291.947,"endTime":295.185,"body":"difficult thing to, to hold onto."},{"speaker":"Average Joe Finances","startTime":295.201,"endTime":298.854,"body":"I wanna kind of transition back"},{"speaker":"Average Joe Finances","startTime":295.201,"endTime":298.854,"body":"to,  you know what you do, right?"},{"speaker":"Average Joe Finances","startTime":298.854,"endTime":301.326,"body":"Cause I know you are, like a"},{"speaker":"Average Joe Finances","startTime":298.854,"endTime":301.326,"body":"big stock options guy, right?"},{"speaker":"Average Joe Finances","startTime":301.431,"endTime":304.887,"body":"And I'm not I don't do"},{"speaker":"Average Joe Finances","startTime":301.431,"endTime":304.887,"body":"too much of that myself."},{"speaker":"Average Joe Finances","startTime":305.247,"endTime":308.487,"body":"So I always, I like to ask"},{"speaker":"Average Joe Finances","startTime":305.247,"endTime":308.487,"body":"questions about those things that"},{"speaker":"Average Joe Finances","startTime":308.487,"endTime":310.137,"body":"I don't do too much about myself."},{"speaker":"Average Joe Finances","startTime":310.137,"endTime":314.067,"body":"Cause I wanna make sure that my listeners"},{"speaker":"Average Joe Finances","startTime":310.137,"endTime":314.067,"body":"are getting all the information that"},{"speaker":"Average Joe Finances","startTime":314.067,"endTime":316.377,"body":"they can use and, build their toolbox."},{"speaker":"Average Joe Finances","startTime":316.624,"endTime":318.304,"body":"Figure out what's gonna be"},{"speaker":"Average Joe Finances","startTime":316.624,"endTime":318.304,"body":"the best route for them."},{"speaker":"Average Joe Finances","startTime":318.312,"endTime":322.213,"body":"So do you have any type of"},{"speaker":"Average Joe Finances","startTime":318.312,"endTime":322.213,"body":"super secret sauce for when it"},{"speaker":"Average Joe Finances","startTime":322.213,"endTime":324.063,"body":"comes to stocks option planning?"},{"speaker":"Average Joe Finances","startTime":324.063,"endTime":328.13,"body":"Because, with what you've done"},{"speaker":"Average Joe Finances","startTime":324.063,"endTime":328.13,"body":"being at the firm since 2009,"},{"speaker":"Average Joe Finances","startTime":328.144,"endTime":329.584,"body":"you've got to see a lot of things."},{"speaker":"Average Joe Finances","startTime":329.584,"endTime":331.928,"body":"And you already mentioned a"},{"speaker":"Average Joe Finances","startTime":329.584,"endTime":331.928,"body":"couple of these downturns, right?"},{"speaker":"Average Joe Finances","startTime":331.928,"endTime":335.291,"body":"So the 2011, 2014, 15 and"},{"speaker":"Average Joe Finances","startTime":331.928,"endTime":335.291,"body":"18 just to name a few."},{"speaker":"Average Joe Finances","startTime":335.443,"endTime":340.153,"body":"You're, it seems like you have your"},{"speaker":"Average Joe Finances","startTime":335.443,"endTime":340.153,"body":"investors better prepared for these"},{"speaker":"Average Joe Finances","startTime":340.501,"endTime":342.994,"body":"than, if somebody was out there just"},{"speaker":"Average Joe Finances","startTime":340.501,"endTime":342.994,"body":"going out and investing on their own."},{"speaker":"Average Joe Finances","startTime":343.204,"endTime":344.981,"body":"So what's like your secret sauce to that?"},{"speaker":"Aaron Rubin","startTime":345.101,"endTime":345.911,"body":"Yeah, so"},{"speaker":"Aaron Rubin","startTime":345.961,"endTime":347.381,"body":"on the pre I.P.O."},{"speaker":"Aaron Rubin","startTime":347.401,"endTime":351.79,"body":"Side, for stocks that you can't sell right"},{"speaker":"Aaron Rubin","startTime":347.401,"endTime":351.79,"body":"away or that you still have to buy, right?"},{"speaker":"Aaron Rubin","startTime":352.03,"endTime":354.13,"body":"So a lot, again what a"},{"speaker":"Aaron Rubin","startTime":352.03,"endTime":354.13,"body":"stock option is, right?"},{"speaker":"Aaron Rubin","startTime":354.13,"endTime":355.03,"body":"It's a right to buy."},{"speaker":"Aaron Rubin","startTime":355.135,"endTime":358.996,"body":"The secret sauce is one, if"},{"speaker":"Aaron Rubin","startTime":355.135,"endTime":358.996,"body":"you're early enough, you could do"},{"speaker":"Aaron Rubin","startTime":358.996,"endTime":360.837,"body":"what's called an 83(B) Election."},{"speaker":"Aaron Rubin","startTime":360.853,"endTime":365.143,"body":"And what that means is you purchase"},{"speaker":"Aaron Rubin","startTime":360.853,"endTime":365.143,"body":"your stock before it technically vests."},{"speaker":"Aaron Rubin","startTime":365.347,"endTime":368.818,"body":"And if you do it early enough, there's"},{"speaker":"Aaron Rubin","startTime":365.347,"endTime":368.818,"body":"no tax difference that exists there."},{"speaker":"Aaron Rubin","startTime":369.088,"endTime":370.468,"body":"So you get a huge tax."},{"speaker":"Aaron Rubin","startTime":370.635,"endTime":373.215,"body":"Break, assuming that the"},{"speaker":"Aaron Rubin","startTime":370.635,"endTime":373.215,"body":"stock goes up over time."},{"speaker":"Aaron Rubin","startTime":373.635,"endTime":375.02,"body":"Of course, if it goes down you're screwed."},{"speaker":"Aaron Rubin","startTime":375.023,"endTime":377.584,"body":"But, assuming that it's going"},{"speaker":"Aaron Rubin","startTime":375.023,"endTime":377.584,"body":"up over time, you're gonna save"},{"speaker":"Aaron Rubin","startTime":377.584,"endTime":378.784,"body":"yourself some money on taxes."},{"speaker":"Aaron Rubin","startTime":378.839,"endTime":382.157,"body":"You'll start, clocks for qualified"},{"speaker":"Aaron Rubin","startTime":378.839,"endTime":382.157,"body":"small business stock, which you"},{"speaker":"Aaron Rubin","startTime":382.157,"endTime":384.321,"body":"can get up to 10 million tax free."},{"speaker":"Aaron Rubin","startTime":384.388,"endTime":386.373,"body":"You can start the clock on capital gains."},{"speaker":"Aaron Rubin","startTime":386.373,"endTime":389.794,"body":"And there's such a powerful"},{"speaker":"Aaron Rubin","startTime":386.373,"endTime":389.794,"body":"tool that 83(B) Election."},{"speaker":"Aaron Rubin","startTime":389.799,"endTime":391.354,"body":"So I'd say, when you join someplace early."},{"speaker":"Aaron Rubin","startTime":391.5,"endTime":394.097,"body":"Think about doing that sort of"},{"speaker":"Aaron Rubin","startTime":391.5,"endTime":394.097,"body":"thing, and that is, doing the"},{"speaker":"Aaron Rubin","startTime":394.097,"endTime":398.259,"body":"83(B), exercising as soon as you"},{"speaker":"Aaron Rubin","startTime":394.097,"endTime":398.259,"body":"can and then and avoid some tax."},{"speaker":"Aaron Rubin","startTime":398.376,"endTime":399.126,"body":"A lot of people don't do that."},{"speaker":"Aaron Rubin","startTime":399.126,"endTime":401.106,"body":"A lot of companies, it's been"},{"speaker":"Aaron Rubin","startTime":399.126,"endTime":401.106,"body":"really interesting to me."},{"speaker":"Aaron Rubin","startTime":401.106,"endTime":404.016,"body":"Don't offer that as much"},{"speaker":"Aaron Rubin","startTime":401.106,"endTime":404.016,"body":"as I think they should."},{"speaker":"Average Joe Finances","startTime":404.216,"endTime":405.418,"body":"Yeah that's interesting."},{"speaker":"Average Joe Finances","startTime":405.464,"endTime":408.077,"body":"There was something that you said"},{"speaker":"Average Joe Finances","startTime":405.464,"endTime":408.077,"body":"earlier on there that I wanna touch"},{"speaker":"Average Joe Finances","startTime":408.077,"endTime":411.901,"body":"on that, if you do the 83(B) election,"},{"speaker":"Average Joe Finances","startTime":408.077,"endTime":411.901,"body":"and the stock goes up, you're"},{"speaker":"Average Joe Finances","startTime":411.901,"endTime":413.761,"body":"gonna avoid a lot of taxes, right?"},{"speaker":"Average Joe Finances","startTime":413.761,"endTime":417.587,"body":"Because you got in before it"},{"speaker":"Average Joe Finances","startTime":413.761,"endTime":417.587,"body":"was like an actual paper asset."},{"speaker":"Average Joe Finances","startTime":417.616,"endTime":419.944,"body":"What about, you said if it"},{"speaker":"Average Joe Finances","startTime":417.616,"endTime":419.944,"body":"goes down, you're screwed."},{"speaker":"Average Joe Finances","startTime":419.944,"endTime":423.424,"body":"So do you not get to claim"},{"speaker":"Average Joe Finances","startTime":419.944,"endTime":423.424,"body":"that as a loss if it goes down?"},{"speaker":"Average Joe Finances","startTime":423.424,"endTime":424.864,"body":"Is that like the caveat to that?"},{"speaker":"Aaron Rubin","startTime":424.914,"endTime":425.214,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":425.272,"endTime":430.525,"body":"You can eventually claim it as a loss,"},{"speaker":"Aaron Rubin","startTime":425.272,"endTime":430.525,"body":"your problem, so in the 83(B) let's say"},{"speaker":"Aaron Rubin","startTime":430.553,"endTime":433.771,"body":"you can buy the shares for 10 cents a"},{"speaker":"Aaron Rubin","startTime":430.553,"endTime":433.771,"body":"share and you do it the day you're hired."},{"speaker":"Aaron Rubin","startTime":433.831,"endTime":436.621,"body":"So sure enough, the fair market"},{"speaker":"Aaron Rubin","startTime":433.831,"endTime":436.621,"body":"value is 10 cents a share."},{"speaker":"Aaron Rubin","startTime":436.621,"endTime":436.831,"body":"You."},{"speaker":"Aaron Rubin","startTime":436.998,"endTime":438.108,"body":"Hundred thousand shares."},{"speaker":"Aaron Rubin","startTime":438.308,"endTime":442.598,"body":"10 cents minus 10 cents is zero times a"},{"speaker":"Aaron Rubin","startTime":438.308,"endTime":442.598,"body":"hundred thousand shares is still zero."},{"speaker":"Aaron Rubin","startTime":442.798,"endTime":449.888,"body":"But you had to come up with the $10,000"},{"speaker":"Aaron Rubin","startTime":442.798,"endTime":449.888,"body":"to purchase the shares at that time."},{"speaker":"Aaron Rubin","startTime":450.218,"endTime":452.258,"body":"So let's say the company goes belly up."},{"speaker":"Aaron Rubin","startTime":452.458,"endTime":454.378,"body":"You're out, the $10,000,"},{"speaker":"Aaron Rubin","startTime":452.458,"endTime":454.378,"body":"you don't get that back."},{"speaker":"Aaron Rubin","startTime":454.378,"endTime":459.028,"body":"Now, yeah, you do get capital loss"},{"speaker":"Aaron Rubin","startTime":454.378,"endTime":459.028,"body":"treatment, but you still lost the $10,000."},{"speaker":"Aaron Rubin","startTime":459.028,"endTime":462.522,"body":"I'd rather not lose $10,000 . That's"},{"speaker":"Aaron Rubin","startTime":459.028,"endTime":462.522,"body":"the problem, after tax savings is great."},{"speaker":"Aaron Rubin","startTime":462.522,"endTime":465.333,"body":"And certainly it'll help,"},{"speaker":"Aaron Rubin","startTime":462.522,"endTime":465.333,"body":"buffer some of the loss."},{"speaker":"Aaron Rubin","startTime":465.338,"endTime":468.915,"body":"But again your tax benefit, might"},{"speaker":"Aaron Rubin","startTime":465.338,"endTime":468.915,"body":"be depending on what bracket"},{"speaker":"Aaron Rubin","startTime":468.915,"endTime":470.745,"body":"you're in, it could be 30%."},{"speaker":"Aaron Rubin","startTime":470.745,"endTime":472.561,"body":"So you still lost the 70%."},{"speaker":"Aaron Rubin","startTime":473.065,"endTime":474.029,"body":"That's after tax."},{"speaker":"Aaron Rubin","startTime":474.213,"endTime":475.123,"body":"So yeah, that's again."},{"speaker":"Average Joe Finances","startTime":475.413,"endTime":475.743,"body":"That's good point."},{"speaker":"Aaron Rubin","startTime":475.748,"endTime":478.181,"body":"And depending how"},{"speaker":"Aaron Rubin","startTime":475.748,"endTime":478.181,"body":"much cash you have to come up with."},{"speaker":"Aaron Rubin","startTime":478.205,"endTime":480.19,"body":"Anyway, we're not talking about, $10,000."},{"speaker":"Aaron Rubin","startTime":480.19,"endTime":482.08,"body":"It could be a hundred thousand"},{"speaker":"Aaron Rubin","startTime":480.19,"endTime":482.08,"body":"dollars, it could be a million"},{"speaker":"Aaron Rubin","startTime":482.26,"endTime":485.11,"body":"iep, depending how many shares and"},{"speaker":"Aaron Rubin","startTime":482.26,"endTime":485.11,"body":"depending when you get on the company."},{"speaker":"Aaron Rubin","startTime":485.11,"endTime":488.41,"body":"So again, if you have to"},{"speaker":"Aaron Rubin","startTime":485.11,"endTime":488.41,"body":"remember that stock options,"},{"speaker":"Aaron Rubin","startTime":488.41,"endTime":489.79,"body":"ultimately they're an investment."},{"speaker":"Aaron Rubin","startTime":490.139,"endTime":491.339,"body":"It's an investment in your company."},{"speaker":"Aaron Rubin","startTime":491.507,"endTime":493.995,"body":"And if you don't think your company's"},{"speaker":"Aaron Rubin","startTime":491.507,"endTime":493.995,"body":"gonna do particularly well or if you"},{"speaker":"Aaron Rubin","startTime":493.995,"endTime":496.595,"body":"think there's something better out there,"},{"speaker":"Aaron Rubin","startTime":493.995,"endTime":496.595,"body":"maybe you gotta think about that too."},{"speaker":"Average Joe Finances","startTime":496.719,"endTime":497.019,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":497.049,"endTime":498.148,"body":"No, that that's a great point."},{"speaker":"Average Joe Finances","startTime":498.192,"endTime":502.18,"body":"Now I'm curious because of the way you"},{"speaker":"Average Joe Finances","startTime":498.192,"endTime":502.18,"body":"mentioned that, there's these times"},{"speaker":"Average Joe Finances","startTime":502.18,"endTime":503.59,"body":"where things like that can happen, right?"},{"speaker":"Average Joe Finances","startTime":503.59,"endTime":506.753,"body":"Where you're going into a new"},{"speaker":"Average Joe Finances","startTime":503.59,"endTime":506.753,"body":"company and you're getting that"},{"speaker":"Average Joe Finances","startTime":506.753,"endTime":508.793,"body":"option to, to purchase these stocks."},{"speaker":"Average Joe Finances","startTime":508.949,"endTime":509.989,"body":"Pre I.P.O."},{"speaker":"Average Joe Finances","startTime":510.024,"endTime":511.344,"body":"because you're an employee right?"},{"speaker":"Average Joe Finances","startTime":511.674,"endTime":516.244,"body":"Now, have you seen any type of horror"},{"speaker":"Average Joe Finances","startTime":511.674,"endTime":516.244,"body":"stories with with some of these situations"},{"speaker":"Average Joe Finances","startTime":516.244,"endTime":520.585,"body":"where, new startup happens and the"},{"speaker":"Average Joe Finances","startTime":516.244,"endTime":520.585,"body":"people come on, they get onboarded and"},{"speaker":"Average Joe Finances","startTime":520.654,"endTime":522.274,"body":"they're buying up their shares, right?"},{"speaker":"Average Joe Finances","startTime":522.274,"endTime":523.834,"body":"And they're like, okay, we're ready to go."},{"speaker":"Average Joe Finances","startTime":524.194,"endTime":526.154,"body":"And then boom, nothing happens."},{"speaker":"Aaron Rubin","startTime":526.254,"endTime":526.764,"body":"Oh, it happens."},{"speaker":"Aaron Rubin","startTime":526.764,"endTime":527.664,"body":"That's all the time."},{"speaker":"Aaron Rubin","startTime":527.712,"endTime":531.37,"body":"Most companies that's startup, especially"},{"speaker":"Aaron Rubin","startTime":527.712,"endTime":531.37,"body":"those seed companies where those"},{"speaker":"Aaron Rubin","startTime":531.375,"endTime":532.6,"body":"really small ones, they don't make it."},{"speaker":"Aaron Rubin","startTime":532.69,"endTime":534.4,"body":"Most companies don't make it."},{"speaker":"Aaron Rubin","startTime":534.58,"endTime":537.979,"body":"And you have to do the 83(B) election,"},{"speaker":"Aaron Rubin","startTime":534.58,"endTime":537.979,"body":"you could save a lot of money, but again,"},{"speaker":"Aaron Rubin","startTime":537.984,"endTime":539.919,"body":"the chances are it's not gonna make it."},{"speaker":"Aaron Rubin","startTime":540.309,"endTime":542.609,"body":"So you see that all the time."},{"speaker":"Aaron Rubin","startTime":542.809,"endTime":544.554,"body":"And it sometimes it"},{"speaker":"Aaron Rubin","startTime":542.809,"endTime":544.554,"body":"hurts more than others."},{"speaker":"Aaron Rubin","startTime":544.582,"endTime":546.286,"body":". You have a WeWork situation, right?"},{"speaker":"Aaron Rubin","startTime":546.291,"endTime":550.101,"body":"They got their S1 out there looked"},{"speaker":"Aaron Rubin","startTime":546.291,"endTime":550.101,"body":"if they were gonna go public, and"},{"speaker":"Aaron Rubin","startTime":550.101,"endTime":552.016,"body":"then what, a week or two beforehand."},{"speaker":"Aaron Rubin","startTime":552.016,"endTime":554.432,"body":"It's oh, this whole thing"},{"speaker":"Aaron Rubin","startTime":552.016,"endTime":554.432,"body":"doesn't really make sense."},{"speaker":"Aaron Rubin","startTime":554.499,"endTime":556.649,"body":"And now all of a sudden all those"},{"speaker":"Aaron Rubin","startTime":554.499,"endTime":556.649,"body":"people that were buying the shares"},{"speaker":"Aaron Rubin","startTime":556.649,"endTime":559.459,"body":"in anticipation, they now have"},{"speaker":"Aaron Rubin","startTime":556.649,"endTime":559.459,"body":"a, they don't have a problem."},{"speaker":"Aaron Rubin","startTime":559.898,"endTime":562.898,"body":"And it could be a big tax problem"},{"speaker":"Aaron Rubin","startTime":559.898,"endTime":562.898,"body":"potentially, depending on what they did."},{"speaker":"Aaron Rubin","startTime":563.065,"endTime":566.614,"body":"There's a lot of that, or there's"},{"speaker":"Aaron Rubin","startTime":563.065,"endTime":566.614,"body":"gosh, one of, one of the worst was"},{"speaker":"Aaron Rubin","startTime":566.614,"endTime":570.943,"body":"what Skype did to its employees They"},{"speaker":"Aaron Rubin","startTime":566.614,"endTime":570.943,"body":"had their share plan and everyone's"},{"speaker":"Aaron Rubin","startTime":570.943,"endTime":572.43,"body":"getting, vested shares and all that."},{"speaker":"Aaron Rubin","startTime":572.435,"endTime":575.179,"body":"And there was a clause in the plan"},{"speaker":"Aaron Rubin","startTime":572.435,"endTime":575.179,"body":"that said, oh, by the way, we can"},{"speaker":"Aaron Rubin","startTime":575.179,"endTime":578.389,"body":"buy it back for par whenever we want"},{"speaker":"Aaron Rubin","startTime":575.179,"endTime":578.389,"body":"to, like how much you paid for it."},{"speaker":"Aaron Rubin","startTime":578.749,"endTime":582.501,"body":"And sure enough that Microsoft goes to"},{"speaker":"Aaron Rubin","startTime":578.749,"endTime":582.501,"body":"buy them out and they turn around to all"},{"speaker":"Aaron Rubin","startTime":582.501,"endTime":585.621,"body":"their employees and they say, okay, we're"},{"speaker":"Aaron Rubin","startTime":582.501,"endTime":585.621,"body":"buying you back for what you paid for it."},{"speaker":"Aaron Rubin","startTime":586.011,"endTime":589.986,"body":"We're gonna pocket like the huge"},{"speaker":"Aaron Rubin","startTime":586.011,"endTime":589.986,"body":"sum that Microsoft is gonna go and"},{"speaker":"Aaron Rubin","startTime":589.986,"endTime":591.126,"body":"you're not really have that benefit."},{"speaker":"Aaron Rubin","startTime":591.126,"endTime":591.18,"body":"Wow."},{"speaker":"Aaron Rubin","startTime":591.249,"endTime":593.122,"body":"That, that was pretty, pretty poor."},{"speaker":"Aaron Rubin","startTime":593.122,"endTime":597.889,"body":"And then What Uber did to its employees,"},{"speaker":"Aaron Rubin","startTime":593.122,"endTime":597.889,"body":"again, not as nefarious as that."},{"speaker":"Aaron Rubin","startTime":597.919,"endTime":600.032,"body":"What I think, Skype did to its employees."},{"speaker":"Aaron Rubin","startTime":600.037,"endTime":604.253,"body":"But what Uber did is, they said, okay,"},{"speaker":"Aaron Rubin","startTime":600.037,"endTime":604.253,"body":"for your RSUs for stock units, we're"},{"speaker":"Aaron Rubin","startTime":604.253,"endTime":607.963,"body":"gonna say that the day they vest is"},{"speaker":"Aaron Rubin","startTime":604.253,"endTime":607.963,"body":"the first day that trading's available."},{"speaker":"Aaron Rubin","startTime":608.443,"endTime":611.004,"body":"So what they do is they say,"},{"speaker":"Aaron Rubin","startTime":608.443,"endTime":611.004,"body":"okay they look at your W-2"},{"speaker":"Aaron Rubin","startTime":611.004,"endTime":612.534,"body":"they withhold tax from it."},{"speaker":"Aaron Rubin","startTime":612.655,"endTime":614.444,"body":"But the price is whatever that I.P.O."},{"speaker":"Aaron Rubin","startTime":614.464,"endTime":618.938,"body":"Price was, and then Uber, and then"},{"speaker":"Aaron Rubin","startTime":614.464,"endTime":618.938,"body":"six months later, at that point,"},{"speaker":"Aaron Rubin","startTime":618.943,"endTime":620.168,"body":"people could sell the shares."},{"speaker":"Aaron Rubin","startTime":620.588,"endTime":624.338,"body":"So what happened was Uber went"},{"speaker":"Aaron Rubin","startTime":620.588,"endTime":624.338,"body":"down, and so all these people, they"},{"speaker":"Aaron Rubin","startTime":624.338,"endTime":626.228,"body":"actually incurred a tax liability."},{"speaker":"Aaron Rubin","startTime":626.633,"endTime":631.633,"body":"On day one, which it was somewhat"},{"speaker":"Aaron Rubin","startTime":626.633,"endTime":631.633,"body":"covered, but because RSUs are"},{"speaker":"Aaron Rubin","startTime":632.043,"endTime":634.873,"body":"considered supplemental income, they"},{"speaker":"Aaron Rubin","startTime":632.043,"endTime":634.873,"body":"weren't taxed at the right rate."},{"speaker":"Aaron Rubin","startTime":635.323,"endTime":639.013,"body":"And so people still had to come"},{"speaker":"Aaron Rubin","startTime":635.323,"endTime":639.013,"body":"up with all this tax money and"},{"speaker":"Aaron Rubin","startTime":639.013,"endTime":640.303,"body":"their shares were depressed."},{"speaker":"Aaron Rubin","startTime":640.663,"endTime":644.013,"body":"And so there were a lot of really"},{"speaker":"Aaron Rubin","startTime":640.663,"endTime":644.013,"body":"angry people at Uber over that one."},{"speaker":"Aaron Rubin","startTime":644.043,"endTime":646.381,"body":"So it, it happens a lot"},{"speaker":"Aaron Rubin","startTime":644.043,"endTime":646.381,"body":"and it's in the news."},{"speaker":"Aaron Rubin","startTime":646.528,"endTime":647.44,"body":"Yeah, you gotta be careful."},{"speaker":"Average Joe Finances","startTime":647.511,"endTime":649.571,"body":"It's important"},{"speaker":"Average Joe Finances","startTime":647.511,"endTime":649.571,"body":"to read the fine print, right?"},{"speaker":"Average Joe Finances","startTime":649.931,"endTime":653.128,"body":"Because each option that comes up, like"},{"speaker":"Average Joe Finances","startTime":649.931,"endTime":653.128,"body":"they're, it's all different, right?"},{"speaker":"Average Joe Finances","startTime":653.568,"endTime":657.769,"body":"Everyone has different rules and"},{"speaker":"Average Joe Finances","startTime":653.568,"endTime":657.769,"body":"standards really when they go live, right?"},{"speaker":"Average Joe Finances","startTime":657.769,"endTime":661.627,"body":"About how they want to, look like,"},{"speaker":"Average Joe Finances","startTime":657.769,"endTime":661.627,"body":"so it's Skype as an example, right?"},{"speaker":"Average Joe Finances","startTime":661.627,"endTime":664.777,"body":"They, in their fine print, it"},{"speaker":"Average Joe Finances","startTime":661.627,"endTime":664.777,"body":"was, we can buy this back at par."},{"speaker":"Average Joe Finances","startTime":664.892,"endTime":668.206,"body":"So it's that's a punch in the face"},{"speaker":"Average Joe Finances","startTime":664.892,"endTime":668.206,"body":"when when Microsoft came and said, Hey,"},{"speaker":"Average Joe Finances","startTime":668.206,"endTime":669.316,"body":"yeah, we're gonna buy you guys out."},{"speaker":"Average Joe Finances","startTime":669.316,"endTime":671.236,"body":"And they said, all right,"},{"speaker":"Average Joe Finances","startTime":669.316,"endTime":671.236,"body":"scoop them up, everybody."},{"speaker":"Average Joe Finances","startTime":671.236,"endTime":671.776,"body":"Let's go."},{"speaker":"Average Joe Finances","startTime":671.777,"endTime":672.669,"body":"Yeah that's really tough."},{"speaker":"Aaron Rubin","startTime":672.76,"endTime":675.146,"body":"I'm working with another"},{"speaker":"Aaron Rubin","startTime":672.76,"endTime":675.146,"body":"client right now who's they're working for"},{"speaker":"Aaron Rubin","startTime":675.146,"endTime":678.849,"body":"an L.L.C., and they're giving out profit"},{"speaker":"Aaron Rubin","startTime":675.146,"endTime":678.849,"body":"shares and one of the things is we get"},{"speaker":"Aaron Rubin","startTime":678.849,"endTime":683.683,"body":"to we can abide back these profit shares,"},{"speaker":"Aaron Rubin","startTime":678.849,"endTime":683.683,"body":"the vested ones at fair market value."},{"speaker":"Aaron Rubin","startTime":683.683,"endTime":685.946,"body":"What's the fair market value of an L.L.C.?"},{"speaker":"Aaron Rubin","startTime":685.961,"endTime":688.527,"body":", that isn't public and isn't making"},{"speaker":"Aaron Rubin","startTime":685.961,"endTime":688.527,"body":"enough money to make distributions"},{"speaker":"Aaron Rubin","startTime":688.532,"endTime":689.787,"body":"yet, it's pretty much zero."},{"speaker":"Aaron Rubin","startTime":690.207,"endTime":693.429,"body":"So I have a client and I know other"},{"speaker":"Aaron Rubin","startTime":690.207,"endTime":693.429,"body":"people at that company who've all"},{"speaker":"Aaron Rubin","startTime":693.429,"endTime":695.051,"body":"just been said, all right, we're here."},{"speaker":"Aaron Rubin","startTime":695.051,"endTime":697.771,"body":"We're gonna buy your shares from"},{"speaker":"Aaron Rubin","startTime":695.051,"endTime":697.771,"body":"you, and we're paying nothing for it."},{"speaker":"Aaron Rubin","startTime":697.971,"endTime":698.331,"body":"That's it."},{"speaker":"Aaron Rubin","startTime":698.531,"endTime":699.414,"body":"There's nothing to say."},{"speaker":"Aaron Rubin","startTime":699.804,"endTime":703.785,"body":"So again you really do have to read that"},{"speaker":"Aaron Rubin","startTime":699.804,"endTime":703.785,"body":"fine print and know what your rights"},{"speaker":"Aaron Rubin","startTime":703.785,"endTime":705.525,"body":"are.cause sometimes you don't have money."},{"speaker":"Average Joe Finances","startTime":705.786,"endTime":705.947,"body":"All right."},{"speaker":"Average Joe Finances","startTime":705.974,"endTime":709.609,"body":"Hey, look,  Aaron we talked about some"},{"speaker":"Average Joe Finances","startTime":705.974,"endTime":709.609,"body":"of the scary stuff, I guess the quote"},{"speaker":"Average Joe Finances","startTime":709.609,"endTime":713.852,"body":"unquote horror stories you can call them,"},{"speaker":"Average Joe Finances","startTime":709.609,"endTime":713.852,"body":"Let's talk about some stock option wins."},{"speaker":"Average Joe Finances","startTime":713.857,"endTime":716.552,"body":"What are some of the better"},{"speaker":"Average Joe Finances","startTime":713.857,"endTime":716.552,"body":"things that you've seen happen"},{"speaker":"Average Joe Finances","startTime":716.593,"endTime":718.312,"body":"throughout your time since 2009?"},{"speaker":"Aaron Rubin","startTime":718.409,"endTime":720.117,"body":"So I had"},{"speaker":"Aaron Rubin","startTime":718.409,"endTime":720.117,"body":"a client at Coinbase."},{"speaker":"Aaron Rubin","startTime":720.118,"endTime":723.602,"body":"And I talked to many people at Coinbase"},{"speaker":"Aaron Rubin","startTime":720.118,"endTime":723.602,"body":"actually, and everyone that I talked to"},{"speaker":"Aaron Rubin","startTime":723.602,"endTime":727.962,"body":"at Coinbase basically told me as soon as"},{"speaker":"Aaron Rubin","startTime":723.602,"endTime":727.962,"body":"I can sell these shares, I'm selling them."},{"speaker":"Aaron Rubin","startTime":728.422,"endTime":731.235,"body":"And Coinbase was a direct listing,"},{"speaker":"Aaron Rubin","startTime":728.422,"endTime":731.235,"body":"so that means that they could sell"},{"speaker":"Aaron Rubin","startTime":731.235,"endTime":736.022,"body":"them day one and a lot of Coinbase"},{"speaker":"Aaron Rubin","startTime":731.235,"endTime":736.022,"body":"people did, and including my client"},{"speaker":"Aaron Rubin","startTime":736.052,"endTime":738.863,"body":"and, ended up, selling for a lot and."},{"speaker":"Aaron Rubin","startTime":738.963,"endTime":743.391,"body":"And it was, and now Coinbase of course,"},{"speaker":"Aaron Rubin","startTime":738.963,"endTime":743.391,"body":"has since just gotten trashed in the"},{"speaker":"Aaron Rubin","startTime":743.391,"endTime":745.101,"body":"market and probably for good reason."},{"speaker":"Aaron Rubin","startTime":745.233,"endTime":749.859,"body":"But part of that is knowing your"},{"speaker":"Aaron Rubin","startTime":745.233,"endTime":749.859,"body":"company and being realistic about it."},{"speaker":"Aaron Rubin","startTime":749.897,"endTime":753.684,"body":"And people at Coinbase understood,"},{"speaker":"Aaron Rubin","startTime":749.897,"endTime":753.684,"body":"Hey, we're really heavily"},{"speaker":"Aaron Rubin","startTime":753.684,"endTime":755.184,"body":"tied to this crypto thing."},{"speaker":"Aaron Rubin","startTime":755.544,"endTime":759.898,"body":"And if crypto becomes as popular,"},{"speaker":"Aaron Rubin","startTime":755.544,"endTime":759.898,"body":"that could really hurt our shares."},{"speaker":"Aaron Rubin","startTime":759.958,"endTime":761.158,"body":"And a lot of people bailed."},{"speaker":"Aaron Rubin","startTime":761.208,"endTime":762.007,"body":"Is that sounds bad."},{"speaker":"Aaron Rubin","startTime":762.096,"endTime":765.135,"body":"A lot of people took the"},{"speaker":"Aaron Rubin","startTime":762.096,"endTime":765.135,"body":"advantage, of that day one price."},{"speaker":"Aaron Rubin","startTime":765.182,"endTime":767.988,"body":"And that turned out to be"},{"speaker":"Aaron Rubin","startTime":765.182,"endTime":767.988,"body":"the right call and that."},{"speaker":"Average Joe Finances","startTime":767.988,"endTime":769.806,"body":"This still"},{"speaker":"Average Joe Finances","startTime":767.988,"endTime":769.806,"body":"kind sounds like a horror story."},{"speaker":"Aaron Rubin","startTime":769.83,"endTime":770.29,"body":"Here's the thing."},{"speaker":"Average Joe Finances","startTime":770.29,"endTime":770.95,"body":"Or for the people that."},{"speaker":"Aaron Rubin","startTime":771.07,"endTime":773.013,"body":"Yeah, the people, the"},{"speaker":"Aaron Rubin","startTime":771.07,"endTime":773.013,"body":"people that stayed or they decided"},{"speaker":"Aaron Rubin","startTime":773.013,"endTime":774.423,"body":"not to sell for whatever reason."},{"speaker":"Aaron Rubin","startTime":774.523,"endTime":775.783,"body":"And here's the thing."},{"speaker":"Aaron Rubin","startTime":775.813,"endTime":779.393,"body":"If you look at I.P.O.s as a group,"},{"speaker":"Aaron Rubin","startTime":775.813,"endTime":779.393,"body":"over the first five years, they tend"},{"speaker":"Aaron Rubin","startTime":779.393,"endTime":781.583,"body":"to underperform the market, right?"},{"speaker":"Aaron Rubin","startTime":781.683,"endTime":784.092,"body":"They have great day"},{"speaker":"Aaron Rubin","startTime":781.683,"endTime":784.092,"body":"one performance, right?"},{"speaker":"Aaron Rubin","startTime":784.092,"endTime":787.285,"body":"That's the hallmark of an I.P.O and"},{"speaker":"Aaron Rubin","startTime":784.092,"endTime":787.285,"body":"then from there on out over the next"},{"speaker":"Aaron Rubin","startTime":787.285,"endTime":788.755,"body":"five years, they tend to underperform."},{"speaker":"Aaron Rubin","startTime":788.805,"endTime":792.361,"body":"Some people, they make the right call and"},{"speaker":"Aaron Rubin","startTime":788.805,"endTime":792.361,"body":"they find, the one that, that doesn't."},{"speaker":"Aaron Rubin","startTime":792.361,"endTime":792.641,"body":"But"},{"speaker":"Aaron Rubin","startTime":792.741,"endTime":796.758,"body":"I think the smart money is, you take a"},{"speaker":"Aaron Rubin","startTime":792.741,"endTime":796.758,"body":"look at your life and you take a look"},{"speaker":"Aaron Rubin","startTime":796.763,"endTime":801.579,"body":"at the choices you have upcoming and"},{"speaker":"Aaron Rubin","startTime":796.763,"endTime":801.579,"body":"you say, okay it's possible that you"},{"speaker":"Aaron Rubin","startTime":801.579,"endTime":806.591,"body":"know this stuff's gonna go up by, 300x"},{"speaker":"Aaron Rubin","startTime":801.579,"endTime":806.591,"body":"whatever it is but if I can secure my"},{"speaker":"Aaron Rubin","startTime":806.591,"endTime":811.411,"body":"retirement today, or I can buy my house"},{"speaker":"Aaron Rubin","startTime":806.591,"endTime":811.411,"body":"today, or there's other things that, or"},{"speaker":"Aaron Rubin","startTime":811.416,"endTime":815.866,"body":"I can secure my family's future today,"},{"speaker":"Aaron Rubin","startTime":811.416,"endTime":815.866,"body":"let's do that and there's gonna be other"},{"speaker":"Aaron Rubin","startTime":815.866,"endTime":819.666,"body":"shares that I can sell later on, and"},{"speaker":"Aaron Rubin","startTime":815.866,"endTime":819.666,"body":"maybe I'm gonna kick myself, but I don't"},{"speaker":"Aaron Rubin","startTime":819.666,"endTime":823.566,"body":"think you'll ever really kick yourself"},{"speaker":"Aaron Rubin","startTime":819.666,"endTime":823.566,"body":"by securing your financial future."},{"speaker":"Aaron Rubin","startTime":823.766,"endTime":824.276,"body":"I just don't."},{"speaker":"Average Joe Finances","startTime":824.756,"endTime":825.086,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":825.286,"endTime":829.729,"body":"And that said, I have friends"},{"speaker":"Aaron Rubin","startTime":825.286,"endTime":829.729,"body":"that have they call their Honda Civics,"},{"speaker":"Aaron Rubin","startTime":829.729,"endTime":835.099,"body":"their $3 million car because they sold"},{"speaker":"Aaron Rubin","startTime":829.729,"endTime":835.099,"body":"$30,000 worth of Apple shares to buy"},{"speaker":"Aaron Rubin","startTime":835.104,"endTime":837.262,"body":"their Honda Civics, 10, 12 years ago."},{"speaker":"Aaron Rubin","startTime":837.742,"endTime":839.932,"body":"And of course it would've been"},{"speaker":"Aaron Rubin","startTime":837.742,"endTime":839.932,"body":"worth like $3 million today."},{"speaker":"Aaron Rubin","startTime":840.053,"endTime":842.953,"body":"But for the most part, for an I.P.O."},{"speaker":"Aaron Rubin","startTime":842.973,"endTime":846.123,"body":"Company, again you're likely"},{"speaker":"Aaron Rubin","startTime":842.973,"endTime":846.123,"body":"not gonna be kicking yourself"},{"speaker":"Aaron Rubin","startTime":846.123,"endTime":847.283,"body":"that hard, but it's a risk."},{"speaker":"Average Joe Finances","startTime":847.483,"endTime":847.603,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":847.631,"endTime":850.503,"body":"I mean, with any investment that,"},{"speaker":"Average Joe Finances","startTime":847.631,"endTime":850.503,"body":"there's always risk involved no matter"},{"speaker":"Average Joe Finances","startTime":850.529,"endTime":854.066,"body":"what you go into, whether it's the"},{"speaker":"Average Joe Finances","startTime":850.529,"endTime":854.066,"body":"stock market whether it's real estate"},{"speaker":"Average Joe Finances","startTime":854.138,"endTime":857.816,"body":"whether it's crypto I've had a couple"},{"speaker":"Average Joe Finances","startTime":854.138,"endTime":857.816,"body":"people come on and talk about that,"},{"speaker":"Average Joe Finances","startTime":857.816,"endTime":859.646,"body":"which I still don't know enough about."},{"speaker":"Average Joe Finances","startTime":859.796,"endTime":862.17,"body":"It's just, it's any investment"},{"speaker":"Average Joe Finances","startTime":859.796,"endTime":862.17,"body":"you're taking a risk, right?"},{"speaker":"Average Joe Finances","startTime":862.22,"endTime":863.683,"body":"It's about how you mitigate that risk."},{"speaker":"Average Joe Finances","startTime":863.711,"endTime":865.421,"body":"So when you're looking at I.P.O."},{"speaker":"Average Joe Finances","startTime":865.492,"endTime":866.723,"body":"So actually let's talk about that."},{"speaker":"Average Joe Finances","startTime":866.723,"endTime":869.465,"body":"How do you mitigate"},{"speaker":"Average Joe Finances","startTime":866.723,"endTime":869.465,"body":"risk with with I.P.O.s?"},{"speaker":"Average Joe Finances","startTime":869.47,"endTime":872.721,"body":"Like what type of indicators are"},{"speaker":"Average Joe Finances","startTime":869.47,"endTime":872.721,"body":"you looking for when you're making a"},{"speaker":"Average Joe Finances","startTime":872.721,"endTime":875.401,"body":"decision to say that this is an I.P.O."},{"speaker":"Average Joe Finances","startTime":875.421,"endTime":876.321,"body":"I want to invest in?"},{"speaker":"Aaron Rubin","startTime":876.968,"endTime":879.786,"body":"So again when you're"},{"speaker":"Aaron Rubin","startTime":876.968,"endTime":879.786,"body":"an employee at a company, you,"},{"speaker":"Aaron Rubin","startTime":879.966,"endTime":882.636,"body":"the expectation is that you're"},{"speaker":"Aaron Rubin","startTime":879.966,"endTime":882.636,"body":"gonna purchase these shares and"},{"speaker":"Aaron Rubin","startTime":882.636,"endTime":885.642,"body":"then they're gonna be worth, 10,"},{"speaker":"Aaron Rubin","startTime":882.636,"endTime":885.642,"body":"20 times what you paid for them."},{"speaker":"Aaron Rubin","startTime":885.702,"endTime":887.745,"body":"Again, depending on how early"},{"speaker":"Aaron Rubin","startTime":885.702,"endTime":887.745,"body":"you got into the company."},{"speaker":"Aaron Rubin","startTime":887.912,"endTime":892.174,"body":"So you're assuming the company doesn't"},{"speaker":"Aaron Rubin","startTime":887.912,"endTime":892.174,"body":"go bust, you're probably gonna end"},{"speaker":"Aaron Rubin","startTime":892.174,"endTime":894.033,"body":"up ahead, no matter what you do."},{"speaker":"Aaron Rubin","startTime":894.036,"endTime":897.423,"body":"Again, with exceptions, . . And"},{"speaker":"Aaron Rubin","startTime":894.036,"endTime":897.423,"body":"it's always a good idea to, to have"},{"speaker":"Aaron Rubin","startTime":897.423,"endTime":902.013,"body":"some sort of regimented, at least"},{"speaker":"Aaron Rubin","startTime":897.423,"endTime":902.013,"body":"some sort of regimented buying"},{"speaker":"Aaron Rubin","startTime":902.685,"endTime":903.647,"body":"strategy, while you're doing it."},{"speaker":"Aaron Rubin","startTime":903.747,"endTime":907.127,"body":"So if you have incentive"},{"speaker":"Aaron Rubin","startTime":903.747,"endTime":907.127,"body":"stock options, right?"},{"speaker":"Aaron Rubin","startTime":907.166,"endTime":909.352,"body":"They're, you don't have to buy"},{"speaker":"Aaron Rubin","startTime":907.166,"endTime":909.352,"body":"them all once, you don't have to"},{"speaker":"Aaron Rubin","startTime":909.352,"endTime":912.752,"body":"do the A three B if you're not as"},{"speaker":"Aaron Rubin","startTime":909.352,"endTime":912.752,"body":"comfortable with it because again,"},{"speaker":"Aaron Rubin","startTime":912.752,"endTime":918.172,"body":"most companies fail, but what you can"},{"speaker":"Aaron Rubin","startTime":912.752,"endTime":918.172,"body":"do is you can start to buy them on."},{"speaker":"Aaron Rubin","startTime":918.421,"endTime":919.662,"body":"We'll an A.M.T."},{"speaker":"Aaron Rubin","startTime":919.677,"endTime":921.292,"body":"Free basis, so A.M.T."},{"speaker":"Aaron Rubin","startTime":921.312,"endTime":922.332,"body":"Altern minimum tax."},{"speaker":"Aaron Rubin","startTime":922.332,"endTime":924.653,"body":"It's a part of the tax"},{"speaker":"Aaron Rubin","startTime":922.332,"endTime":924.653,"body":"code that, that basically."},{"speaker":"Aaron Rubin","startTime":924.768,"endTime":927.968,"body":"It takes your taxable income that you"},{"speaker":"Aaron Rubin","startTime":924.768,"endTime":927.968,"body":"have on your tax return that you know"},{"speaker":"Aaron Rubin","startTime":927.968,"endTime":930.068,"body":"about, and it starts adding stuff back."},{"speaker":"Aaron Rubin","startTime":930.068,"endTime":933.218,"body":"And one of the things it gets"},{"speaker":"Aaron Rubin","startTime":930.068,"endTime":933.218,"body":"to add back is the paper gain"},{"speaker":"Aaron Rubin","startTime":933.698,"endTime":935.318,"body":"on incentive stock options."},{"speaker":"Aaron Rubin","startTime":935.708,"endTime":939.559,"body":"And and then the tax regime is different"},{"speaker":"Aaron Rubin","startTime":935.708,"endTime":939.559,"body":"than what it is on the regular income tax."},{"speaker":"Aaron Rubin","startTime":939.564,"endTime":942.889,"body":"And so you have to compare your"},{"speaker":"Aaron Rubin","startTime":939.564,"endTime":942.889,"body":"regular income tax to this new tax"},{"speaker":"Aaron Rubin","startTime":942.889,"endTime":945.275,"body":"calculation they do in the middle of"},{"speaker":"Aaron Rubin","startTime":942.889,"endTime":945.275,"body":"your return that you probably don't"},{"speaker":"Aaron Rubin","startTime":945.275,"endTime":947.465,"body":"see and you pay the higher of the two."},{"speaker":"Aaron Rubin","startTime":947.825,"endTime":952.193,"body":"But if you're stock options and you have"},{"speaker":"Aaron Rubin","startTime":947.825,"endTime":952.193,"body":"the control over how much tax you can"},{"speaker":"Aaron Rubin","startTime":952.193,"endTime":956.543,"body":"realize in any given year what you do"},{"speaker":"Aaron Rubin","startTime":952.193,"endTime":956.543,"body":"is you work with a tax professional and"},{"speaker":"Aaron Rubin","startTime":956.543,"endTime":960.443,"body":"you say, okay, what can I buy this year"},{"speaker":"Aaron Rubin","startTime":956.543,"endTime":960.443,"body":"that's not gonna at least cost me tax?"},{"speaker":"Aaron Rubin","startTime":960.467,"endTime":964.878,"body":"And so starting to depending on how"},{"speaker":"Aaron Rubin","startTime":960.467,"endTime":964.878,"body":"big the burden is starting to eat that"},{"speaker":"Aaron Rubin","startTime":964.878,"endTime":967.208,"body":"elephant slowly makes a lot of sense."},{"speaker":"Average Joe Finances","startTime":967.408,"endTime":967.588,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":967.588,"endTime":969.328,"body":"Actually, that was one of the things"},{"speaker":"Average Joe Finances","startTime":967.588,"endTime":969.328,"body":"I wanted to ask you about too."},{"speaker":"Average Joe Finances","startTime":969.328,"endTime":970.294,"body":"How can someone."},{"speaker":"Average Joe Finances","startTime":970.394,"endTime":973.665,"body":"Invest like tax efficiently,"},{"speaker":"Average Joe Finances","startTime":970.394,"endTime":973.665,"body":"cause I feel like, I know how"},{"speaker":"Average Joe Finances","startTime":973.665,"endTime":974.685,"body":"you can do it in real estate."},{"speaker":"Average Joe Finances","startTime":974.729,"endTime":975.462,"body":"It's pretty nice."},{"speaker":"Average Joe Finances","startTime":975.822,"endTime":978.815,"body":"There's this wonderful thing called"},{"speaker":"Average Joe Finances","startTime":975.822,"endTime":978.815,"body":"depreciation on the asset itself."},{"speaker":"Average Joe Finances","startTime":978.936,"endTime":983.005,"body":"So if you're going in with the company"},{"speaker":"Average Joe Finances","startTime":978.936,"endTime":983.005,"body":"that you're a part of and you're buy,"},{"speaker":"Average Joe Finances","startTime":983.016,"endTime":984.636,"body":"you're buying in with the I.P.O.."},{"speaker":"Average Joe Finances","startTime":984.833,"endTime":986.063,"body":"How do you avoid some of that?"},{"speaker":"Average Joe Finances","startTime":986.063,"endTime":988.78,"body":"Because like you said too the A.M.T.,"},{"speaker":"Average Joe Finances","startTime":986.063,"endTime":988.78,"body":"which I'm not too familiar with."},{"speaker":"Average Joe Finances","startTime":988.877,"endTime":990.147,"body":"So I'm glad you brought that up."},{"speaker":"Average Joe Finances","startTime":990.198,"endTime":994.638,"body":"You said whatever amount is higher,"},{"speaker":"Average Joe Finances","startTime":990.198,"endTime":994.638,"body":"that is what you'll get tax on."},{"speaker":"Average Joe Finances","startTime":994.698,"endTime":1000.157,"body":"Is that based off of how much you made"},{"speaker":"Average Joe Finances","startTime":994.698,"endTime":1000.157,"body":"versus the the paper gain on the stock?"},{"speaker":"Average Joe Finances","startTime":1000.187,"endTime":1002.137,"body":"Whichever one's higher, that's"},{"speaker":"Average Joe Finances","startTime":1000.187,"endTime":1002.137,"body":"what you'll pay the taxes on."},{"speaker":"Aaron Rubin","startTime":1002.617,"endTime":1005.185,"body":"Well, I'll walk through"},{"speaker":"Aaron Rubin","startTime":1002.617,"endTime":1005.185,"body":"the calculation super quick and I don't"},{"speaker":"Aaron Rubin","startTime":1005.185,"endTime":1007.55,"body":"wanna get too much of these cause I"},{"speaker":"Aaron Rubin","startTime":1005.185,"endTime":1007.55,"body":"can talk about tax like all day long."},{"speaker":"Aaron Rubin","startTime":1007.55,"endTime":1010.179,"body":"But essentially what happens"},{"speaker":"Aaron Rubin","startTime":1007.55,"endTime":1010.179,"body":"is you, if you look at page"},{"speaker":"Aaron Rubin","startTime":1010.239,"endTime":1011.409,"body":"one of your return, right?"},{"speaker":"Aaron Rubin","startTime":1011.559,"endTime":1015.317,"body":"Or actually technically be by page"},{"speaker":"Aaron Rubin","startTime":1011.559,"endTime":1015.317,"body":"two, I go to page two, your return it"},{"speaker":"Aaron Rubin","startTime":1015.317,"endTime":1017.007,"body":"gives you your total taxable income."},{"speaker":"Aaron Rubin","startTime":1017.007,"endTime":1021.233,"body":"And so you, you take that number and you,"},{"speaker":"Aaron Rubin","startTime":1017.007,"endTime":1021.233,"body":"let's say you set it aside on a piece of"},{"speaker":"Aaron Rubin","startTime":1021.233,"endTime":1023.361,"body":"paper and you say, okay what other things."},{"speaker":"Aaron Rubin","startTime":1023.519,"endTime":1026.609,"body":"Are the government gonna make me"},{"speaker":"Aaron Rubin","startTime":1023.519,"endTime":1026.609,"body":"include that I can't include here?"},{"speaker":"Aaron Rubin","startTime":1026.819,"endTime":1030.009,"body":"So one of the things that again, was"},{"speaker":"Aaron Rubin","startTime":1026.819,"endTime":1030.009,"body":"the paper gain and stock options."},{"speaker":"Aaron Rubin","startTime":1030.009,"endTime":1032.084,"body":"So you take, let's say you made"},{"speaker":"Aaron Rubin","startTime":1030.009,"endTime":1032.084,"body":"a hundred thousand dollars,"},{"speaker":"Aaron Rubin","startTime":1032.084,"endTime":1033.455,"body":"just normally, W-2 income."},{"speaker":"Aaron Rubin","startTime":1033.785,"endTime":1035.085,"body":"You put a hundred thousand dollars there."},{"speaker":"Aaron Rubin","startTime":1035.085,"endTime":1037.286,"body":"And of course you had deductions"},{"speaker":"Aaron Rubin","startTime":1035.085,"endTime":1037.286,"body":"as well, so your taxable income"},{"speaker":"Aaron Rubin","startTime":1037.291,"endTime":1038.306,"body":"was a hundred thousand dollars."},{"speaker":"Aaron Rubin","startTime":1038.616,"endTime":1041.93,"body":"But you wouldn't it, you also recognize"},{"speaker":"Aaron Rubin","startTime":1038.616,"endTime":1041.93,"body":"a hundred thousand dollars in paper gain."},{"speaker":"Aaron Rubin","startTime":1042.32,"endTime":1043.75,"body":"So now for A.M.T."},{"speaker":"Aaron Rubin","startTime":1043.775,"endTime":1045.907,"body":"Purpose your income is not $100,000."},{"speaker":"Aaron Rubin","startTime":1045.937,"endTime":1047.567,"body":"It's now $200,000."},{"speaker":"Aaron Rubin","startTime":1047.667,"endTime":1049.947,"body":"Also not as big as it used to be."},{"speaker":"Aaron Rubin","startTime":1049.997,"endTime":1052.045,"body":"Was the state and local"},{"speaker":"Aaron Rubin","startTime":1049.997,"endTime":1052.045,"body":"income tax deduction."},{"speaker":"Aaron Rubin","startTime":1052.465,"endTime":1056.498,"body":"So if you were, which is limited"},{"speaker":"Aaron Rubin","startTime":1052.465,"endTime":1056.498,"body":"to $10,000 now on your itemized"},{"speaker":"Aaron Rubin","startTime":1056.503,"endTime":1060.498,"body":"deductions, but that $10,000, that"},{"speaker":"Aaron Rubin","startTime":1056.503,"endTime":1060.498,"body":"also gets added back to your income."},{"speaker":"Aaron Rubin","startTime":1060.598,"endTime":1062.759,"body":"All right, so now let's let's"},{"speaker":"Aaron Rubin","startTime":1060.598,"endTime":1062.759,"body":"forget about that for a second."},{"speaker":"Aaron Rubin","startTime":1062.759,"endTime":1064.662,"body":"So now you have $200,000 of income."},{"speaker":"Aaron Rubin","startTime":1064.662,"endTime":1066.051,"body":"Now here's the interesting part."},{"speaker":"Aaron Rubin","startTime":1066.151,"endTime":1067.471,"body":"There's a large exempt."},{"speaker":"Aaron Rubin","startTime":1067.671,"endTime":1069.141,"body":"That goes into the A.M.T.."},{"speaker":"Aaron Rubin","startTime":1069.161,"endTime":1070.467,"body":". So you take your A.M.T."},{"speaker":"Aaron Rubin","startTime":1070.487,"endTime":1074.117,"body":"Income and then you less your"},{"speaker":"Aaron Rubin","startTime":1070.487,"endTime":1074.117,"body":"exemption, then you get your A.M.T.."},{"speaker":"Aaron Rubin","startTime":1074.552,"endTime":1075.992,"body":"What's called taxable income."},{"speaker":"Aaron Rubin","startTime":1076.442,"endTime":1081.312,"body":"That gets multiplied by, it's"},{"speaker":"Aaron Rubin","startTime":1076.442,"endTime":1081.312,"body":"a flat tax, either 26 or 28%."},{"speaker":"Aaron Rubin","startTime":1081.412,"endTime":1085.972,"body":"And then, and that gives you a new tax"},{"speaker":"Aaron Rubin","startTime":1081.412,"endTime":1085.972,"body":"number and you compare that tax number"},{"speaker":"Aaron Rubin","startTime":1086.032,"endTime":1090.726,"body":"to what's on page two of your tax return"},{"speaker":"Aaron Rubin","startTime":1086.032,"endTime":1090.726,"body":"and you pay the greater of those two."},{"speaker":"Average Joe Finances","startTime":1090.726,"endTime":1090.816,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1090.846,"endTime":1092.55,"body":"So Now that's making more sense."},{"speaker":"Average Joe Finances","startTime":1092.574,"endTime":1092.736,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1092.736,"endTime":1094.807,"body":"It's not too they don't"},{"speaker":"Average Joe Finances","startTime":1092.736,"endTime":1094.807,"body":"count them as two separate."},{"speaker":"Average Joe Finances","startTime":1094.869,"endTime":1096.424,"body":"It all comes together as your taxable."},{"speaker":"Average Joe Finances","startTime":1096.465,"endTime":1099.847,"body":"And then it's gonna be that flat"},{"speaker":"Average Joe Finances","startTime":1096.465,"endTime":1099.847,"body":"tax versus whatever your normal"},{"speaker":"Average Joe Finances","startTime":1099.847,"endTime":1102.637,"body":"tax rate would be, whichever the"},{"speaker":"Average Joe Finances","startTime":1099.847,"endTime":1102.637,"body":"higher one is, that's what you pay."},{"speaker":"Aaron Rubin","startTime":1102.923,"endTime":1103.068,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":1103.068,"endTime":1105.288,"body":"I'm glad you see it makes"},{"speaker":"Aaron Rubin","startTime":1103.068,"endTime":1105.288,"body":"sense cause I think it's crazy."},{"speaker":"Aaron Rubin","startTime":1105.323,"endTime":1106.835,"body":"But again, you can plan that out."},{"speaker":"Aaron Rubin","startTime":1106.84,"endTime":1110.42,"body":"Cause you can control income when you"},{"speaker":"Aaron Rubin","startTime":1106.84,"endTime":1110.42,"body":"buy your I.C.'s in terms of trying to"},{"speaker":"Aaron Rubin","startTime":1110.42,"endTime":1114.075,"body":"get your tax down, again, let's say"},{"speaker":"Aaron Rubin","startTime":1110.42,"endTime":1114.075,"body":"you go to eventually sell the shares."},{"speaker":"Aaron Rubin","startTime":1114.142,"endTime":1118.536,"body":"The big thing that we try to do"},{"speaker":"Aaron Rubin","startTime":1114.142,"endTime":1118.536,"body":"is to take advantage of individual"},{"speaker":"Aaron Rubin","startTime":1118.536,"endTime":1121.298,"body":"stock movements within a portfolio."},{"speaker":"Aaron Rubin","startTime":1121.628,"endTime":1125.967,"body":"So when you go to, to invest your money"},{"speaker":"Aaron Rubin","startTime":1121.628,"endTime":1125.967,"body":"again, Mutual funds are perfectly fine."},{"speaker":"Aaron Rubin","startTime":1125.967,"endTime":1127.167,"body":"ETFs are perfectly fine."},{"speaker":"Aaron Rubin","startTime":1127.167,"endTime":1128.157,"body":"There's nothing wrong with them."},{"speaker":"Aaron Rubin","startTime":1128.221,"endTime":1129.952,"body":"And usually they're a really good vehicle."},{"speaker":"Aaron Rubin","startTime":1130.046,"endTime":1134.006,"body":"But if you are gonna have"},{"speaker":"Aaron Rubin","startTime":1130.046,"endTime":1134.006,"body":"a massive capital gain,"},{"speaker":"Aaron Rubin","startTime":1134.165,"endTime":1136.205,"body":"they're not the best vehicle."},{"speaker":"Aaron Rubin","startTime":1136.53,"endTime":1141.083,"body":"The best way to do that is to"},{"speaker":"Aaron Rubin","startTime":1136.53,"endTime":1141.083,"body":"essentially construct your own portfolio."},{"speaker":"Aaron Rubin","startTime":1141.101,"endTime":1146.731,"body":"Again you go by an ETF for, if it's an"},{"speaker":"Aaron Rubin","startTime":1141.101,"endTime":1146.731,"body":"S\u0026P 500 ETF you're gonna pay like 0.05%."},{"speaker":"Aaron Rubin","startTime":1146.8,"endTime":1147.94,"body":"It's nearly free."},{"speaker":"Aaron Rubin","startTime":1148.056,"endTime":1152.716,"body":"But if you constructed your own"},{"speaker":"Aaron Rubin","startTime":1148.056,"endTime":1152.716,"body":"portfolio of the S\u0026P 500, essentially,"},{"speaker":"Aaron Rubin","startTime":1152.816,"endTime":1154.316,"body":"even if the S\u0026P 500 is going."},{"speaker":"Aaron Rubin","startTime":1154.516,"endTime":1158.506,"body":"There are dogs, there are gonna be"},{"speaker":"Aaron Rubin","startTime":1154.516,"endTime":1158.506,"body":"bad stocks in there, and so if you"},{"speaker":"Aaron Rubin","startTime":1158.506,"endTime":1162.719,"body":"can sell those stocks as they start to"},{"speaker":"Aaron Rubin","startTime":1158.506,"endTime":1162.719,"body":"tank and repurchase somewhat similar"},{"speaker":"Aaron Rubin","startTime":1162.719,"endTime":1164.939,"body":"stocks, just not substantially similar."},{"speaker":"Aaron Rubin","startTime":1165.359,"endTime":1167.999,"body":"If you purchase somewhat"},{"speaker":"Aaron Rubin","startTime":1165.359,"endTime":1167.999,"body":"similar replacements."},{"speaker":"Aaron Rubin","startTime":1168.199,"endTime":1171.709,"body":"You can take those tax losses and"},{"speaker":"Aaron Rubin","startTime":1168.199,"endTime":1171.709,"body":"start to offset some of the gains"},{"speaker":"Aaron Rubin","startTime":1172.189,"endTime":1174.409,"body":"that you have for your company stock."},{"speaker":"Aaron Rubin","startTime":1174.609,"endTime":1178.429,"body":"So it's a way to offset some of that and"},{"speaker":"Aaron Rubin","startTime":1174.609,"endTime":1178.429,"body":"if your burn time's a little bit longer."},{"speaker":"Aaron Rubin","startTime":1178.48,"endTime":1180.886,"body":"If you can wait, you start to ladder."},{"speaker":"Aaron Rubin","startTime":1181.268,"endTime":1184.523,"body":"those sales so that, you're"},{"speaker":"Aaron Rubin","startTime":1181.268,"endTime":1184.523,"body":"constantly getting more losses"},{"speaker":"Aaron Rubin","startTime":1184.853,"endTime":1187.02,"body":"to offset more gains over time."},{"speaker":"Aaron Rubin","startTime":1187.101,"endTime":1189.864,"body":"So that's one way that you can start"},{"speaker":"Aaron Rubin","startTime":1187.101,"endTime":1189.864,"body":"to do, to shelter some of the income."},{"speaker":"Average Joe Finances","startTime":1190.234,"endTime":1192.124,"body":"Yeah, Aaron,"},{"speaker":"Average Joe Finances","startTime":1190.234,"endTime":1192.124,"body":"that, that's a great pointcause like"},{"speaker":"Average Joe Finances","startTime":1192.193,"endTime":1194.743,"body":"if you had your money in an ETF, right?"},{"speaker":"Average Joe Finances","startTime":1194.743,"endTime":1196.745,"body":"You can't just go in there and"},{"speaker":"Average Joe Finances","startTime":1194.743,"endTime":1196.745,"body":"say, okay, I'm gonna solve off"},{"speaker":"Average Joe Finances","startTime":1196.745,"endTime":1198.081,"body":"the portion that's tanking, right?"},{"speaker":"Average Joe Finances","startTime":1198.129,"endTime":1202.555,"body":"That's not an option because the ETF"},{"speaker":"Average Joe Finances","startTime":1198.129,"endTime":1202.555,"body":"is the actual quote unquote fund right?"},{"speaker":"Average Joe Finances","startTime":1202.555,"endTime":1203.215,"body":"Itself."},{"speaker":"Average Joe Finances","startTime":1203.605,"endTime":1207.274,"body":"That is, your money's divested"},{"speaker":"Average Joe Finances","startTime":1203.605,"endTime":1207.274,"body":"into these different stock"},{"speaker":"Average Joe Finances","startTime":1207.274,"endTime":1209.085,"body":"options with the ETF where."},{"speaker":"Average Joe Finances","startTime":1209.17,"endTime":1213.563,"body":"Built your own where you said, okay,"},{"speaker":"Average Joe Finances","startTime":1209.17,"endTime":1213.563,"body":"this ETF invests in, ABCD company."},{"speaker":"Average Joe Finances","startTime":1213.983,"endTime":1216.623,"body":"I can just do that myself and"},{"speaker":"Average Joe Finances","startTime":1213.983,"endTime":1216.623,"body":"I'll just put the same amount"},{"speaker":"Average Joe Finances","startTime":1216.628,"endTime":1217.913,"body":"and just portion it out, right?"},{"speaker":"Average Joe Finances","startTime":1218.183,"endTime":1221.919,"body":"Because now, with a lot of brokerages,"},{"speaker":"Average Joe Finances","startTime":1218.183,"endTime":1221.919,"body":"you could do fractional shares."},{"speaker":"Average Joe Finances","startTime":1221.919,"endTime":1225.217,"body":"You can essentially build the"},{"speaker":"Average Joe Finances","startTime":1221.919,"endTime":1225.217,"body":"same type of portfolio and you're"},{"speaker":"Average Joe Finances","startTime":1225.217,"endTime":1226.327,"body":"not paying the fee anymore."},{"speaker":"Average Joe Finances","startTime":1226.537,"endTime":1231.367,"body":"But then for the stuff that starts to,"},{"speaker":"Average Joe Finances","startTime":1226.537,"endTime":1231.367,"body":"to go down in that portfolio, so what"},{"speaker":"Average Joe Finances","startTime":1231.372,"endTime":1236.336,"body":"you're saying is, you can liquidate, take"},{"speaker":"Average Joe Finances","startTime":1231.372,"endTime":1236.336,"body":"the loss to go against your gain, right?"},{"speaker":"Average Joe Finances","startTime":1236.336,"endTime":1238.922,"body":"And then reinvest the money that"},{"speaker":"Average Joe Finances","startTime":1236.336,"endTime":1238.922,"body":"you know, when you sold those"},{"speaker":"Average Joe Finances","startTime":1238.999,"endTime":1241.139,"body":"shares into something similar."},{"speaker":"Average Joe Finances","startTime":1241.148,"endTime":1245.108,"body":"That way you still have that well"},{"speaker":"Average Joe Finances","startTime":1241.148,"endTime":1245.108,"body":"diversified portfolio that you built"},{"speaker":"Average Joe Finances","startTime":1245.112,"endTime":1246.745,"body":"but you're also able to offset the loss."},{"speaker":"Average Joe Finances","startTime":1246.747,"endTime":1248.204,"body":"That's what I was picking up from that."},{"speaker":"Average Joe Finances","startTime":1248.204,"endTime":1248.954,"body":"And I think that's."},{"speaker":"Aaron Rubin","startTime":1248.954,"endTime":1249.194,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1249.374,"endTime":1250.784,"body":"Freaking"},{"speaker":"Average Joe Finances","startTime":1249.374,"endTime":1250.784,"body":"awesomecause I don't think a"},{"speaker":"Average Joe Finances","startTime":1250.784,"endTime":1253.335,"body":"lot of people think of it that"},{"speaker":"Average Joe Finances","startTime":1250.784,"endTime":1253.335,"body":"way.cause now when it comes to the."},{"speaker":"Average Joe Finances","startTime":1253.484,"endTime":1255.854,"body":"Stock market myself,"},{"speaker":"Average Joe Finances","startTime":1253.484,"endTime":1255.854,"body":"like I invest in ETFs."},{"speaker":"Average Joe Finances","startTime":1255.955,"endTime":1257.365,"body":"I do have mutual funds."},{"speaker":"Average Joe Finances","startTime":1257.468,"endTime":1260.203,"body":", and again, it's like you"},{"speaker":"Average Joe Finances","startTime":1257.468,"endTime":1260.203,"body":"said, they are great vehicles."},{"speaker":"Average Joe Finances","startTime":1260.453,"endTime":1262.885,"body":"But my focus has been mostly"},{"speaker":"Average Joe Finances","startTime":1260.453,"endTime":1262.885,"body":"on real estate, right?"},{"speaker":"Average Joe Finances","startTime":1262.885,"endTime":1266.035,"body":"So the stuff that I have in the stock"},{"speaker":"Average Joe Finances","startTime":1262.885,"endTime":1266.035,"body":"market, I said it and forget it type deal."},{"speaker":"Average Joe Finances","startTime":1266.365,"endTime":1270.789,"body":"But for somebody who's very active in"},{"speaker":"Average Joe Finances","startTime":1266.365,"endTime":1270.789,"body":"the stock market, this is probably a"},{"speaker":"Average Joe Finances","startTime":1270.794,"endTime":1274.779,"body":"better option to look at versus just"},{"speaker":"Average Joe Finances","startTime":1270.794,"endTime":1274.779,"body":"going out and just buying ETFs, like"},{"speaker":"Average Joe Finances","startTime":1274.809,"endTime":1278.949,"body":"just constantly buying ETFs where you"},{"speaker":"Average Joe Finances","startTime":1274.809,"endTime":1278.949,"body":"can just diversify it yourself and create"},{"speaker":"Average Joe Finances","startTime":1278.949,"endTime":1281.795,"body":"your own portfolio to offset your taxes."},{"speaker":"Aaron Rubin","startTime":1281.925,"endTime":1282.255,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":1282.255,"endTime":1286.297,"body":"And there's great ways to outsource it"},{"speaker":"Aaron Rubin","startTime":1282.255,"endTime":1286.297,"body":"because, it, we made it sound easy, but"},{"speaker":"Aaron Rubin","startTime":1286.297,"endTime":1290.351,"body":"it's not  because you can get the dogs"},{"speaker":"Aaron Rubin","startTime":1286.297,"endTime":1290.351,"body":"and you can sell the dogs and then, but"},{"speaker":"Aaron Rubin","startTime":1290.381,"endTime":1294.232,"body":"what you reinvested in is very important"},{"speaker":"Aaron Rubin","startTime":1290.381,"endTime":1294.232,"body":"because if you end up tilting your"},{"speaker":"Aaron Rubin","startTime":1294.232,"endTime":1298.279,"body":"portfolio unintentionally to a particular"},{"speaker":"Aaron Rubin","startTime":1294.232,"endTime":1298.279,"body":"you need to be careful about that."},{"speaker":"Aaron Rubin","startTime":1298.279,"endTime":1302.454,"body":"So again we outsource that the"},{"speaker":"Aaron Rubin","startTime":1298.279,"endTime":1302.454,"body":"actual trading mechanism to another"},{"speaker":"Aaron Rubin","startTime":1302.454,"endTime":1304.104,"body":"group that specializes in that."},{"speaker":"Aaron Rubin","startTime":1304.104,"endTime":1307.354,"body":"So there are some cost"},{"speaker":"Aaron Rubin","startTime":1304.104,"endTime":1307.354,"body":"effective options out there."},{"speaker":"Aaron Rubin","startTime":1307.594,"endTime":1312.623,"body":"So I know Wealth Front has a tax"},{"speaker":"Aaron Rubin","startTime":1307.594,"endTime":1312.623,"body":"loss harvesting individual stock."},{"speaker":"Aaron Rubin","startTime":1312.638,"endTime":1316.94,"body":"Thing, you need to be careful because they"},{"speaker":"Aaron Rubin","startTime":1312.638,"endTime":1316.94,"body":"also have tax loss harvesting on ETFs and"},{"speaker":"Aaron Rubin","startTime":1316.94,"endTime":1318.47,"body":"mutual funds, which isn't the same thing."},{"speaker":"Aaron Rubin","startTime":1318.77,"endTime":1322.397,"body":"You want the individual stocks"},{"speaker":"Aaron Rubin","startTime":1318.77,"endTime":1322.397,"body":"and they have higher account"},{"speaker":"Aaron Rubin","startTime":1322.397,"endTime":1323.997,"body":"minimums for stuff like that."},{"speaker":"Aaron Rubin","startTime":1324.097,"endTime":1326.213,"body":"If you're gonna do your own,"},{"speaker":"Aaron Rubin","startTime":1324.097,"endTime":1326.213,"body":"again it's a little bit harder."},{"speaker":"Aaron Rubin","startTime":1326.313,"endTime":1328.703,"body":"You really have to do a lot of research."},{"speaker":"Average Joe Finances","startTime":1328.753,"endTime":1330.053,"body":"Be like"},{"speaker":"Average Joe Finances","startTime":1328.753,"endTime":1330.053,"body":"a full-time job essentially."},{"speaker":"Aaron Rubin","startTime":1330.053,"endTime":1330.793,"body":"I would assume."},{"speaker":"Aaron Rubin","startTime":1330.812,"endTime":1332.92,"body":"And the fact, is you'll"},{"speaker":"Aaron Rubin","startTime":1330.812,"endTime":1332.92,"body":"probably get it wrong."},{"speaker":"Aaron Rubin","startTime":1333.14,"endTime":1335.738,"body":"The big players out there in the"},{"speaker":"Aaron Rubin","startTime":1333.14,"endTime":1335.738,"body":"space, aside from like a wealth"},{"speaker":"Aaron Rubin","startTime":1335.738,"endTime":1339.68,"body":"front, so parametric aperio, they,"},{"speaker":"Aaron Rubin","startTime":1335.738,"endTime":1339.68,"body":"they're the big dogs and they"},{"speaker":"Aaron Rubin","startTime":1339.96,"endTime":1341.67,"body":"have very sophisticated models."},{"speaker":"Aaron Rubin","startTime":1341.77,"endTime":1345.52,"body":"Dozens of people working for them"},{"speaker":"Aaron Rubin","startTime":1341.77,"endTime":1345.52,"body":"and research this all the time."},{"speaker":"Aaron Rubin","startTime":1345.72,"endTime":1348.54,"body":"And if you think you're going to"},{"speaker":"Aaron Rubin","startTime":1345.72,"endTime":1348.54,"body":"outdo those guys, you're crazy."},{"speaker":"Average Joe Finances","startTime":1348.74,"endTime":1348.8,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":1348.809,"endTime":1351.591,"body":"We can't, we outsource"},{"speaker":"Aaron Rubin","startTime":1348.809,"endTime":1351.591,"body":"to them because they're the experts."},{"speaker":"Average Joe Finances","startTime":1351.861,"endTime":1352.131,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1352.401,"endTime":1353.296,"body":"No that's a great point."},{"speaker":"Average Joe Finances","startTime":1353.329,"endTime":1357.202,"body":"It I think, part of, no matter what you"},{"speaker":"Average Joe Finances","startTime":1353.329,"endTime":1357.202,"body":"invest in part of the I guess one of"},{"speaker":"Average Joe Finances","startTime":1357.202,"endTime":1361.432,"body":"the biggest parts of being successful"},{"speaker":"Average Joe Finances","startTime":1357.202,"endTime":1361.432,"body":"is, One, you need to have the education"},{"speaker":"Average Joe Finances","startTime":1361.432,"endTime":1365.365,"body":"piece, but two, you need to have"},{"speaker":"Average Joe Finances","startTime":1361.432,"endTime":1365.365,"body":"the right person helping you, right?"},{"speaker":"Average Joe Finances","startTime":1365.365,"endTime":1368.905,"body":"Whether it's a coach, mentor,"},{"speaker":"Average Joe Finances","startTime":1365.365,"endTime":1368.905,"body":"or financial advisor, right?"},{"speaker":"Average Joe Finances","startTime":1368.923,"endTime":1372.909,"body":"You need to have the right people"},{"speaker":"Average Joe Finances","startTime":1368.923,"endTime":1372.909,"body":"on your team as you go out and no"},{"speaker":"Average Joe Finances","startTime":1372.909,"endTime":1373.899,"body":"matter what you invest in, right?"},{"speaker":"Average Joe Finances","startTime":1374.066,"endTime":1375.7,"body":"and trying to do everything solo."},{"speaker":"Average Joe Finances","startTime":1375.726,"endTime":1381.109,"body":"While it can work at the same time it's"},{"speaker":"Average Joe Finances","startTime":1375.726,"endTime":1381.109,"body":"how much time do you wanna put into this?"},{"speaker":"Average Joe Finances","startTime":1381.109,"endTime":1384.391,"body":"How much you know are you gonna go"},{"speaker":"Average Joe Finances","startTime":1381.109,"endTime":1384.391,"body":"and get yourself to the point where"},{"speaker":"Average Joe Finances","startTime":1384.391,"endTime":1387.835,"body":"you're financially independent and"},{"speaker":"Average Joe Finances","startTime":1384.391,"endTime":1387.835,"body":"you're gonna leave your 9 to 5 job"},{"speaker":"Average Joe Finances","startTime":1387.835,"endTime":1389.125,"body":"and be able to say, Hey, I'm retired."},{"speaker":"Average Joe Finances","startTime":1389.13,"endTime":1390.505,"body":"I could spend more time with my family."},{"speaker":"Average Joe Finances","startTime":1390.505,"endTime":1393.767,"body":"But instead, you're gonna be"},{"speaker":"Average Joe Finances","startTime":1390.505,"endTime":1393.767,"body":"focused on, what you're investing"},{"speaker":"Average Joe Finances","startTime":1393.767,"endTime":1395.022,"body":"in and moving your stuff around."},{"speaker":"Average Joe Finances","startTime":1395.122,"endTime":1396.472,"body":"Are you really retired at that point?"},{"speaker":"Average Joe Finances","startTime":1396.538,"endTime":1399.743,"body":"So that's definitely some great stuff"},{"speaker":"Average Joe Finances","startTime":1396.538,"endTime":1399.743,"body":"to think about and and outsourcing."},{"speaker":"Average Joe Finances","startTime":1399.764,"endTime":1400.771,"body":"I love to outsource."},{"speaker":"Average Joe Finances","startTime":1400.805,"endTime":1403.282,"body":"Especially when it comes to certain"},{"speaker":"Average Joe Finances","startTime":1400.805,"endTime":1403.282,"body":"things like my podcast some of the"},{"speaker":"Average Joe Finances","startTime":1403.282,"endTime":1405.104,"body":"things that I do with my team here."},{"speaker":"Average Joe Finances","startTime":1405.132,"endTime":1406.602,"body":"I think it's important, right?"},{"speaker":"Average Joe Finances","startTime":1406.602,"endTime":1410.126,"body":"And it frees up time for me and"},{"speaker":"Average Joe Finances","startTime":1406.602,"endTime":1410.126,"body":"it adds to that independence"},{"speaker":"Average Joe Finances","startTime":1410.126,"endTime":1411.381,"body":"piece that I love so much."},{"speaker":"Aaron Rubin","startTime":1411.386,"endTime":1413.21,"body":"I'm gonna say I"},{"speaker":"Aaron Rubin","startTime":1411.386,"endTime":1413.21,"body":"think it's perfectly fine that"},{"speaker":"Aaron Rubin","startTime":1413.21,"endTime":1417.269,"body":"you use ETFs and mutual funds and"},{"speaker":"Aaron Rubin","startTime":1413.21,"endTime":1417.269,"body":"you don't always need an advisor."},{"speaker":"Aaron Rubin","startTime":1417.293,"endTime":1421.026,"body":"It depends on the complexity and,"},{"speaker":"Aaron Rubin","startTime":1417.293,"endTime":1421.026,"body":"and as you said, how much time do"},{"speaker":"Aaron Rubin","startTime":1421.026,"endTime":1423.445,"body":"you spend it on it and how much"},{"speaker":"Aaron Rubin","startTime":1421.026,"endTime":1423.445,"body":"time should you spend it on it?"},{"speaker":"Aaron Rubin","startTime":1423.47,"endTime":1424.535,"body":"And getting that right mix."},{"speaker":"Aaron Rubin","startTime":1424.54,"endTime":1429.241,"body":"And so again, I don't dog on mutual funds"},{"speaker":"Aaron Rubin","startTime":1424.54,"endTime":1429.241,"body":"with people who don't use advisors at all."},{"speaker":"Aaron Rubin","startTime":1429.302,"endTime":1432.634,"body":"Typically you're gonna end up ahead"},{"speaker":"Aaron Rubin","startTime":1429.302,"endTime":1432.634,"body":"of, but at the same time, again,"},{"speaker":"Aaron Rubin","startTime":1432.784,"endTime":1434.663,"body":"it's not oh my gosh, if you're not"},{"speaker":"Aaron Rubin","startTime":1432.784,"endTime":1434.663,"body":"working with advisor, you've gotta"},{"speaker":"Aaron Rubin","startTime":1434.663,"endTime":1436.819,"body":"be, outta your mind again, need,"},{"speaker":"Aaron Rubin","startTime":1434.663,"endTime":1436.819,"body":"you take a look at what you got."},{"speaker":"Average Joe Finances","startTime":1436.919,"endTime":1437.219,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1437.293,"endTime":1438.648,"body":"And you work with what"},{"speaker":"Average Joe Finances","startTime":1437.293,"endTime":1438.648,"body":"you're comfortable with."},{"speaker":"Average Joe Finances","startTime":1438.656,"endTime":1441.921,"body":"That's one of the things is one, one of"},{"speaker":"Average Joe Finances","startTime":1438.656,"endTime":1441.921,"body":"the things I like to do with this podcast"},{"speaker":"Average Joe Finances","startTime":1441.921,"endTime":1444.561,"body":"is just make sure that, we're putting"},{"speaker":"Average Joe Finances","startTime":1441.921,"endTime":1444.561,"body":"great information out there so that"},{"speaker":"Average Joe Finances","startTime":1444.666,"endTime":1449.011,"body":"people can make an educated and informed"},{"speaker":"Average Joe Finances","startTime":1444.666,"endTime":1449.011,"body":"decision with what to do with their money."},{"speaker":"Average Joe Finances","startTime":1449.011,"endTime":1453.243,"body":"Because there, there's too many"},{"speaker":"Average Joe Finances","startTime":1449.011,"endTime":1453.243,"body":"people in this country right now that."},{"speaker":"Average Joe Finances","startTime":1453.343,"endTime":1458.703,"body":"Live paycheck to paycheck and have no"},{"speaker":"Average Joe Finances","startTime":1453.343,"endTime":1458.703,"body":"idea what they're gonna do in the future."},{"speaker":"Average Joe Finances","startTime":1458.703,"endTime":1462.261,"body":"They feel, I'm trying to stop people"},{"speaker":"Average Joe Finances","startTime":1458.703,"endTime":1462.261,"body":"from working until they die, to be"},{"speaker":"Average Joe Finances","startTime":1462.261,"endTime":1464.001,"body":"able to go out and enjoy and live life."},{"speaker":"Average Joe Finances","startTime":1464.039,"endTime":1466.38,"body":"Talking to, Awesome"},{"speaker":"Average Joe Finances","startTime":1464.039,"endTime":1466.38,"body":"people like you, Aaron."},{"speaker":"Average Joe Finances","startTime":1466.442,"endTime":1469.568,"body":"It helps because I get to ask"},{"speaker":"Average Joe Finances","startTime":1466.442,"endTime":1469.568,"body":"you it's a selfish thing, right?"},{"speaker":"Average Joe Finances","startTime":1469.838,"endTime":1472.598,"body":"But I get to ask you the"},{"speaker":"Average Joe Finances","startTime":1469.838,"endTime":1472.598,"body":"questions that I want answers to"},{"speaker":"Average Joe Finances","startTime":1472.628,"endTime":1474.218,"body":"because it provides value to me."},{"speaker":"Average Joe Finances","startTime":1474.488,"endTime":1477.728,"body":"But at the same time, it's providing"},{"speaker":"Average Joe Finances","startTime":1474.488,"endTime":1477.728,"body":"value to the people that are listening"},{"speaker":"Average Joe Finances","startTime":1477.728,"endTime":1479.408,"body":"to this podcast right now as well."},{"speaker":"Average Joe Finances","startTime":1479.425,"endTime":1480.615,"body":"That's why I love doing this, man."},{"speaker":"Average Joe Finances","startTime":1480.645,"endTime":1483.446,"body":"And that's why I really appreciate you"},{"speaker":"Average Joe Finances","startTime":1480.645,"endTime":1483.446,"body":"coming on and sharing this stuff with me."},{"speaker":"Average Joe Finances","startTime":1483.514,"endTime":1486.454,"body":"I wanna transition this to something"},{"speaker":"Average Joe Finances","startTime":1483.514,"endTime":1486.454,"body":"that we call the final round."},{"speaker":"Aaron Rubin","startTime":1486.874,"endTime":1487.054,"body":"All right."},{"speaker":"Average Joe Finances","startTime":1487.054,"endTime":1489.334,"body":"And this is"},{"speaker":"Average Joe Finances","startTime":1487.054,"endTime":1489.334,"body":"gonna give our listeners a good idea"},{"speaker":"Average Joe Finances","startTime":1489.339,"endTime":1494.832,"body":"of who Aaron is when he's, in a tough"},{"speaker":"Average Joe Finances","startTime":1489.339,"endTime":1494.832,"body":"situation and having to make tough calls."},{"speaker":"Average Joe Finances","startTime":1494.832,"endTime":1496.023,"body":"If you're ready to go,"},{"speaker":"Average Joe Finances","startTime":1494.832,"endTime":1496.023,"body":"we'll get this party."},{"speaker":"Aaron Rubin","startTime":1496.123,"endTime":1496.753,"body":"Let's do it."},{"speaker":"Average Joe Finances","startTime":1496.953,"endTime":1497.163,"body":"All right."},{"speaker":"Average Joe Finances","startTime":1497.163,"endTime":1497.553,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":1497.558,"endTime":1500.805,"body":"I know you've been doing this since"},{"speaker":"Average Joe Finances","startTime":1497.558,"endTime":1500.805,"body":"2009, even before that, you were"},{"speaker":"Average Joe Finances","startTime":1500.805,"endTime":1503.849,"body":"talking about your background, how"},{"speaker":"Average Joe Finances","startTime":1500.805,"endTime":1503.849,"body":"you went to law school and everything."},{"speaker":"Average Joe Finances","startTime":1503.849,"endTime":1507.987,"body":"So you've got a good plethora"},{"speaker":"Average Joe Finances","startTime":1503.849,"endTime":1507.987,"body":"of information behind you."},{"speaker":"Average Joe Finances","startTime":1507.987,"endTime":1512.743,"body":"Now you've seen a lot of things happen"},{"speaker":"Average Joe Finances","startTime":1507.987,"endTime":1512.743,"body":"and you've also probably witnessed a"},{"speaker":"Average Joe Finances","startTime":1512.743,"endTime":1514.886,"body":"lot of mistakes that people have made."},{"speaker":"Average Joe Finances","startTime":1514.886,"endTime":1518.203,"body":"But I'm more curious now for"},{"speaker":"Average Joe Finances","startTime":1514.886,"endTime":1518.203,"body":"you, what's the biggest mistake"},{"speaker":"Average Joe Finances","startTime":1518.203,"endTime":1519.758,"body":"you've ever made in investing?"},{"speaker":"Aaron Rubin","startTime":1519.919,"endTime":1524.415,"body":"So when I was a kid I"},{"speaker":"Aaron Rubin","startTime":1519.919,"endTime":1524.415,"body":"was really in comic books and so I"},{"speaker":"Aaron Rubin","startTime":1524.415,"endTime":1528.267,"body":"decided that I was going to invest"},{"speaker":"Aaron Rubin","startTime":1524.415,"endTime":1528.267,"body":"in Marvel corporation, which was,"},{"speaker":"Aaron Rubin","startTime":1528.336,"endTime":1529.446,"body":"which was big in the nineties."},{"speaker":"Aaron Rubin","startTime":1529.521,"endTime":1530.091,"body":"And I did."},{"speaker":"Aaron Rubin","startTime":1530.181,"endTime":1533.825,"body":"And now of course, I had like little"},{"speaker":"Aaron Rubin","startTime":1530.181,"endTime":1533.825,"body":"kid money, so it was like you."},{"speaker":"Aaron Rubin","startTime":1533.942,"endTime":1536.803,"body":"A couple hundred bucks from, by"},{"speaker":"Aaron Rubin","startTime":1533.942,"endTime":1536.803,"body":"bar mitzva, whatever it was and"},{"speaker":"Aaron Rubin","startTime":1536.803,"endTime":1539.805,"body":"sure enough, within I think three"},{"speaker":"Aaron Rubin","startTime":1536.803,"endTime":1539.805,"body":"years, the company went bankrupt."},{"speaker":"Aaron Rubin","startTime":1539.854,"endTime":1541.83,"body":"And I lost all of my initial investment."},{"speaker":"Aaron Rubin","startTime":1541.83,"endTime":1544.694,"body":"So that was by far the worst"},{"speaker":"Aaron Rubin","startTime":1541.83,"endTime":1544.694,"body":"decision that I ever made."},{"speaker":"Aaron Rubin","startTime":1544.815,"endTime":1546.675,"body":"Teaches you about individual stocks."},{"speaker":"Average Joe Finances","startTime":1546.875,"endTime":1547.735,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":1547.935,"endTime":1551.775,"body":"And look at Marvel now as being part of"},{"speaker":"Average Joe Finances","startTime":1547.935,"endTime":1551.775,"body":"Disney  and look at what's going on there."},{"speaker":"Aaron Rubin","startTime":1551.775,"endTime":1551.85,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":1551.855,"endTime":1552.31,"body":"My God."},{"speaker":"Aaron Rubin","startTime":1552.315,"endTime":1553.36,"body":"Disney's taking over the world."},{"speaker":"Aaron Rubin","startTime":1553.36,"endTime":1554.65,"body":"Star Wars and the whole thing."},{"speaker":"Average Joe Finances","startTime":1554.71,"endTime":1555.467,"body":"They are, yeah."},{"speaker":"Average Joe Finances","startTime":1555.507,"endTime":1556.587,"body":"Darth Mickey, right?"},{"speaker":"Aaron Rubin","startTime":1556.977,"endTime":1558.207,"body":"Darth, Mickey."},{"speaker":"Average Joe Finances","startTime":1558.657,"endTime":1559.767,"body":"The empire right there."},{"speaker":"Average Joe Finances","startTime":1559.849,"endTime":1560.149,"body":"All right."},{"speaker":"Average Joe Finances","startTime":1560.149,"endTime":1560.659,"body":"Awesome, man."},{"speaker":"Average Joe Finances","startTime":1560.689,"endTime":1562.067,"body":"No that's, and that's a good point."},{"speaker":"Average Joe Finances","startTime":1562.067,"endTime":1563.606,"body":"What, and a great lesson learned, right?"},{"speaker":"Average Joe Finances","startTime":1563.657,"endTime":1567.032,"body":"Even at such a young age that you gotta"},{"speaker":"Average Joe Finances","startTime":1563.657,"endTime":1567.032,"body":"be careful with individual stocks, right?"},{"speaker":"Average Joe Finances","startTime":1567.032,"endTime":1568.163,"body":"You gotta make sure you're picking."},{"speaker":"Average Joe Finances","startTime":1568.263,"endTime":1570.25,"body":"That you're doing your"},{"speaker":"Average Joe Finances","startTime":1568.263,"endTime":1570.25,"body":"research right before you go"},{"speaker":"Average Joe Finances","startTime":1570.25,"endTime":1571.644,"body":"and pick these stock options."},{"speaker":"Average Joe Finances","startTime":1571.644,"endTime":1573.814,"body":"Because again, any C.E.O."},{"speaker":"Average Joe Finances","startTime":1573.834,"endTime":1578.394,"body":"can come in and mess things up,"},{"speaker":"Average Joe Finances","startTime":1573.834,"endTime":1578.394,"body":"and before you know it, a company's"},{"speaker":"Average Joe Finances","startTime":1578.394,"endTime":1580.764,"body":"going bankrupt and you just lost"},{"speaker":"Average Joe Finances","startTime":1578.394,"endTime":1580.764,"body":"everything that you put into it."},{"speaker":"Average Joe Finances","startTime":1580.764,"endTime":1581.881,"body":"Yeah, be aware of that."},{"speaker":"Aaron Rubin","startTime":1581.909,"endTime":1583.626,"body":"Their annual"},{"speaker":"Aaron Rubin","startTime":1581.909,"endTime":1583.626,"body":"reports were awesome."},{"speaker":"Aaron Rubin","startTime":1583.636,"endTime":1586.766,"body":"They're all like they were totally, their"},{"speaker":"Aaron Rubin","startTime":1583.636,"endTime":1586.766,"body":"comic book style and like, all drawn out."},{"speaker":"Aaron Rubin","startTime":1586.808,"endTime":1587.918,"body":"It was cool looking."},{"speaker":"Average Joe Finances","startTime":1588.278,"endTime":1588.818,"body":"No way."},{"speaker":"Aaron Rubin","startTime":1588.958,"endTime":1589.448,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":1589.488,"endTime":1589.648,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1589.666,"endTime":1591.904,"body":"That's one reason"},{"speaker":"Average Joe Finances","startTime":1589.666,"endTime":1591.904,"body":"just to stay . Just keep one share."},{"speaker":"Average Joe Finances","startTime":1591.904,"endTime":1592.534,"body":"Just keep one share."},{"speaker":"Average Joe Finances","startTime":1592.562,"endTime":1595.611,"body":"Even if it's going downhill, just keep one"},{"speaker":"Average Joe Finances","startTime":1592.562,"endTime":1595.611,"body":"share so you can get an annual report now."},{"speaker":"Average Joe Finances","startTime":1595.611,"endTime":1596.355,"body":"That's awesome, man."},{"speaker":"Average Joe Finances","startTime":1596.455,"endTime":1596.815,"body":"All right."},{"speaker":"Average Joe Finances","startTime":1597.086,"endTime":1600.705,"body":"So the next question is what is"},{"speaker":"Average Joe Finances","startTime":1597.086,"endTime":1600.705,"body":"something that you've learned that you"},{"speaker":"Average Joe Finances","startTime":1600.705,"endTime":1602.295,"body":"wish you knew when you first started?"},{"speaker":"Aaron Rubin","startTime":1602.377,"endTime":1607.127,"body":"To me, I think when I first"},{"speaker":"Aaron Rubin","startTime":1602.377,"endTime":1607.127,"body":"started, I was trying to be the version"},{"speaker":"Aaron Rubin","startTime":1607.577,"endTime":1613.737,"body":"of an ad, what an advisor should be,"},{"speaker":"Aaron Rubin","startTime":1607.577,"endTime":1613.737,"body":"rather than being myself, and so I think"},{"speaker":"Aaron Rubin","startTime":1614.217,"endTime":1618.914,"body":"as I became more comfortable with things,"},{"speaker":"Aaron Rubin","startTime":1614.217,"endTime":1618.914,"body":"with the advisory business, I was able to"},{"speaker":"Aaron Rubin","startTime":1618.944,"endTime":1621.035,"body":"put more of my own personality, into it."},{"speaker":"Aaron Rubin","startTime":1621.202,"endTime":1625.188,"body":"But I spun my wheels for a few years"},{"speaker":"Aaron Rubin","startTime":1621.202,"endTime":1625.188,"body":"trying to be who I thought I was supposed."},{"speaker":"Average Joe Finances","startTime":1625.288,"endTime":1628.003,"body":"No that's really"},{"speaker":"Average Joe Finances","startTime":1625.288,"endTime":1628.003,"body":"honest and and I appreciate that."},{"speaker":"Average Joe Finances","startTime":1628.021,"endTime":1629.501,"body":"I think a lot of people"},{"speaker":"Average Joe Finances","startTime":1628.021,"endTime":1629.501,"body":"struggle with that."},{"speaker":"Average Joe Finances","startTime":1629.601,"endTime":1630.261,"body":"I really do."},{"speaker":"Average Joe Finances","startTime":1630.351,"endTime":1631.199,"body":"And it's yeah."},{"speaker":"Average Joe Finances","startTime":1631.259,"endTime":1632.575,"body":"No I just appreciate that, man."},{"speaker":"Average Joe Finances","startTime":1632.575,"endTime":1633.069,"body":"That's awesome."},{"speaker":"Average Joe Finances","startTime":1633.113,"endTime":1638.14,"body":"Okay, this next question kind of"},{"speaker":"Average Joe Finances","startTime":1633.113,"endTime":1638.14,"body":"ties into that as well because, you"},{"speaker":"Average Joe Finances","startTime":1638.14,"endTime":1641.543,"body":"were able to learn a lot as you came"},{"speaker":"Average Joe Finances","startTime":1638.14,"endTime":1641.543,"body":"through and you've got to experience"},{"speaker":"Average Joe Finances","startTime":1641.543,"endTime":1643.433,"body":"and see what other people have done."},{"speaker":"Average Joe Finances","startTime":1643.566,"endTime":1646.483,"body":"You probably have a couple of these,"},{"speaker":"Average Joe Finances","startTime":1643.566,"endTime":1646.483,"body":"and I think we talked about some"},{"speaker":"Average Joe Finances","startTime":1646.483,"endTime":1650.143,"body":"of these throughout this episode,"},{"speaker":"Average Joe Finances","startTime":1646.483,"endTime":1650.143,"body":"but do you have any tips or tricks"},{"speaker":"Average Joe Finances","startTime":1650.143,"endTime":1653.983,"body":"that you would recommend to someone"},{"speaker":"Average Joe Finances","startTime":1650.143,"endTime":1653.983,"body":"that is just getting started today?"},{"speaker":"Aaron Rubin","startTime":1654.183,"endTime":1656.153,"body":"Can you start in"},{"speaker":"Aaron Rubin","startTime":1654.183,"endTime":1656.153,"body":"getting started as a financial"},{"speaker":"Aaron Rubin","startTime":1656.153,"endTime":1657.885,"body":"advisor or in the the pre-op world."},{"speaker":"Average Joe Finances","startTime":1657.902,"endTime":1659.324,"body":"Just"},{"speaker":"Average Joe Finances","startTime":1657.902,"endTime":1659.324,"body":"getting started investing."},{"speaker":"Average Joe Finances","startTime":1659.355,"endTime":1663.008,"body":"They got themselves they paid off"},{"speaker":"Average Joe Finances","startTime":1659.355,"endTime":1663.008,"body":"their quote unquote bad debt and"},{"speaker":"Average Joe Finances","startTime":1663.008,"endTime":1665.678,"body":"they're like, I've got this money"},{"speaker":"Average Joe Finances","startTime":1663.008,"endTime":1665.678,"body":"that I'm saving up and I don't want"},{"speaker":"Average Joe Finances","startTime":1665.678,"endTime":1666.848,"body":"to keep it in the savings account."},{"speaker":"Average Joe Finances","startTime":1666.969,"endTime":1667.389,"body":"What do I do?"},{"speaker":"Aaron Rubin","startTime":1667.589,"endTime":1671.312,"body":"Yeah I would say, this"},{"speaker":"Aaron Rubin","startTime":1667.589,"endTime":1671.312,"body":"goes back to ETFs and mutual funds."},{"speaker":"Aaron Rubin","startTime":1671.379,"endTime":1673.612,"body":"Go find a really well"},{"speaker":"Aaron Rubin","startTime":1671.379,"endTime":1673.612,"body":"diversified ETF and each other."},{"speaker":"Aaron Rubin","startTime":1673.612,"endTime":1674.972,"body":"There's so many out there right now."},{"speaker":"Aaron Rubin","startTime":1674.972,"endTime":1678.981,"body":"There's, I don't know how many tens of"},{"speaker":"Aaron Rubin","startTime":1674.972,"endTime":1678.981,"body":"thousands, 20 scores of ETFs right now."},{"speaker":"Aaron Rubin","startTime":1678.981,"endTime":1683.892,"body":"So for our we use a lot of ETFs for"},{"speaker":"Aaron Rubin","startTime":1678.981,"endTime":1683.892,"body":"our taxable portfolios that don't need"},{"speaker":"Aaron Rubin","startTime":1683.892,"endTime":1685.692,"body":"the loss harvesting as attached to it."},{"speaker":"Aaron Rubin","startTime":1685.859,"endTime":1688.809,"body":"And so like Avantis, which"},{"speaker":"Aaron Rubin","startTime":1685.859,"endTime":1688.809,"body":"is run by American century"},{"speaker":"Aaron Rubin","startTime":1688.916,"endTime":1690.686,"body":"is a great family of ETFs."},{"speaker":"Aaron Rubin","startTime":1690.726,"endTime":1693.18,"body":"Love them probably I probably"},{"speaker":"Aaron Rubin","startTime":1690.726,"endTime":1693.18,"body":"like them more than Vanguard."},{"speaker":"Aaron Rubin","startTime":1693.325,"endTime":1694.936,"body":"And they don't pay me"},{"speaker":"Aaron Rubin","startTime":1693.325,"endTime":1694.936,"body":"to say this, by the way."},{"speaker":"Aaron Rubin","startTime":1694.949,"endTime":1698.056,"body":"I really like those and I'd say they're"},{"speaker":"Aaron Rubin","startTime":1694.949,"endTime":1698.056,"body":"coming out it was just a conference call."},{"speaker":"Aaron Rubin","startTime":1698.056,"endTime":1699.878,"body":"They're coming out with"},{"speaker":"Aaron Rubin","startTime":1698.056,"endTime":1699.878,"body":"a new global series."},{"speaker":"Aaron Rubin","startTime":1699.878,"endTime":1703.836,"body":"They'll basically do all of, the"},{"speaker":"Aaron Rubin","startTime":1699.878,"endTime":1703.836,"body":"world stocks and one particular fund."},{"speaker":"Aaron Rubin","startTime":1703.836,"endTime":1705.653,"body":"And 1 ETF it to be really good."},{"speaker":"Aaron Rubin","startTime":1705.903,"endTime":1706.756,"body":"I'm excited about it."},{"speaker":"Average Joe Finances","startTime":1706.756,"endTime":1708.167,"body":"That's"},{"speaker":"Average Joe Finances","startTime":1706.756,"endTime":1708.167,"body":"that sounds very interesting."},{"speaker":"Average Joe Finances","startTime":1708.222,"endTime":1708.553,"body":"Wow."},{"speaker":"Average Joe Finances","startTime":1708.559,"endTime":1710.299,"body":"Get a full global piece of the pie."},{"speaker":"Aaron Rubin","startTime":1710.3,"endTime":1710.584,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":1710.584,"endTime":1713.018,"body":"And it's either, I think it's"},{"speaker":"Aaron Rubin","startTime":1710.584,"endTime":1713.018,"body":"in one and it's not out yet."},{"speaker":"Aaron Rubin","startTime":1713.018,"endTime":1715.418,"body":"And they were just saying that they're"},{"speaker":"Aaron Rubin","startTime":1713.018,"endTime":1715.418,"body":"playing with it, and they might be"},{"speaker":"Aaron Rubin","startTime":1715.418,"endTime":1716.798,"body":"out in the next six months to a year."},{"speaker":"Aaron Rubin","startTime":1716.798,"endTime":1718.318,"body":"But yeah, I'd keep eye out for that one."},{"speaker":"Aaron Rubin","startTime":1718.378,"endTime":1718.648,"body":"Really."},{"speaker":"Aaron Rubin","startTime":1718.653,"endTime":1721.498,"body":"It's gonna be super cheap and it's"},{"speaker":"Aaron Rubin","startTime":1718.653,"endTime":1721.498,"body":"gonna be super well diversified."},{"speaker":"Aaron Rubin","startTime":1721.558,"endTime":1724.258,"body":"And I would,  I'm gonna be"},{"speaker":"Aaron Rubin","startTime":1721.558,"endTime":1724.258,"body":"a huge fan when it comes."},{"speaker":"Average Joe Finances","startTime":1724.258,"endTime":1724.588,"body":"Nice."},{"speaker":"Average Joe Finances","startTime":1725.068,"endTime":1725.458,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1725.549,"endTime":1726.239,"body":"Be on the lookout for that."},{"speaker":"Average Joe Finances","startTime":1726.239,"endTime":1727.559,"body":"And that's coming from Avantis, right?"},{"speaker":"Aaron Rubin","startTime":1727.979,"endTime":1728.509,"body":"Yeah, Avantis."},{"speaker":"Aaron Rubin","startTime":1728.509,"endTime":1729.639,"body":"They're an American century company."},{"speaker":"Average Joe Finances","startTime":1730.089,"endTime":1730.399,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1730.449,"endTime":1730.839,"body":"All right."},{"speaker":"Average Joe Finances","startTime":1731.079,"endTime":1731.409,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":1731.409,"endTime":1732.129,"body":"Appreciate that."},{"speaker":"Average Joe Finances","startTime":1732.212,"endTime":1736.282,"body":"Okay, next question, and the final"},{"speaker":"Average Joe Finances","startTime":1732.212,"endTime":1736.282,"body":"question of the final round is, do you"},{"speaker":"Average Joe Finances","startTime":1736.312,"endTime":1742.372,"body":"have a favorite business investing or real"},{"speaker":"Average Joe Finances","startTime":1736.312,"endTime":1742.372,"body":"estate related book or podcast or both?"},{"speaker":"Aaron Rubin","startTime":1742.592,"endTime":1743.696,"body":"This one's super easy."},{"speaker":"Aaron Rubin","startTime":1743.714,"endTime":1745.179,"body":"It's called Financial Adulting."},{"speaker":"Aaron Rubin","startTime":1745.314,"endTime":1747.539,"body":"And it's written by this"},{"speaker":"Aaron Rubin","startTime":1745.314,"endTime":1747.539,"body":"guy named Aaron Rubin."},{"speaker":"Aaron Rubin","startTime":1747.606,"endTime":1748.827,"body":"And it's pretty entertaining."},{"speaker":"Aaron Rubin","startTime":1748.936,"endTime":1749.206,"body":"."},{"speaker":"Aaron Rubin","startTime":1748.936,"endTime":1749.206,"body":"Average Joe Finances: Okay."},{"speaker":"Aaron Rubin","startTime":1749.206,"endTime":1750.706,"body":"Besides your own, I"},{"speaker":"Aaron Rubin","startTime":1749.206,"endTime":1750.706,"body":"should have pressed that."},{"speaker":"Aaron Rubin","startTime":1750.882,"endTime":1751.792,"body":"Besides your own."},{"speaker":"Aaron Rubin","startTime":1751.792,"endTime":1751.952,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":1751.957,"endTime":1752.742,"body":"Oh, geez."},{"speaker":"Aaron Rubin","startTime":1752.772,"endTime":1753.132,"body":"Okay."},{"speaker":"Aaron Rubin","startTime":1753.155,"endTime":1754.102,"body":"That one's, that was tough."},{"speaker":"Aaron Rubin","startTime":1754.132,"endTime":1754.802,"body":"Now I make it tougher."},{"speaker":"Aaron Rubin","startTime":1755.102,"endTime":1755.522,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":1755.522,"endTime":1758.513,"body":"I'll tell you what got me really got"},{"speaker":"Aaron Rubin","startTime":1755.522,"endTime":1758.513,"body":"me going in the financial industry."},{"speaker":"Aaron Rubin","startTime":1758.535,"endTime":1763.715,"body":"The first book I read was called A Prudent"},{"speaker":"Aaron Rubin","startTime":1758.535,"endTime":1763.715,"body":"Investor's Guide to Beating the Market."},{"speaker":"Aaron Rubin","startTime":1763.915,"endTime":1767.741,"body":", and it was written originally like"},{"speaker":"Aaron Rubin","startTime":1763.915,"endTime":1767.741,"body":"in the late nineties, no, maybe early"},{"speaker":"Aaron Rubin","startTime":1767.741,"endTime":1773.142,"body":"nineties, and it's a great introductory"},{"speaker":"Aaron Rubin","startTime":1767.741,"endTime":1773.142,"body":"book that has lots of graphs and it's"},{"speaker":"Aaron Rubin","startTime":1773.142,"endTime":1777.352,"body":"a little encyclopedic at times, so it"},{"speaker":"Aaron Rubin","startTime":1773.142,"endTime":1777.352,"body":"doesn't read like a narrative, but it's"},{"speaker":"Aaron Rubin","startTime":1777.412,"endTime":1781.127,"body":"changed the way I thought about investing"},{"speaker":"Aaron Rubin","startTime":1777.412,"endTime":1781.127,"body":"from when I was a younger, younger guy."},{"speaker":"Average Joe Finances","startTime":1781.127,"endTime":1782.63,"body":"You said"},{"speaker":"Average Joe Finances","startTime":1781.127,"endTime":1782.63,"body":"it's got a lot of graphs, so to"},{"speaker":"Average Joe Finances","startTime":1782.63,"endTime":1783.8,"body":"me it's got a lot of pictures."},{"speaker":"Average Joe Finances","startTime":1783.83,"endTime":1784.28,"body":"That's good."},{"speaker":"Average Joe Finances","startTime":1784.285,"endTime":1784.97,"body":"I like pictures."},{"speaker":"Average Joe Finances","startTime":1784.97,"endTime":1785.806,"body":"."},{"speaker":"Average Joe Finances","startTime":1784.97,"endTime":1785.806,"body":"Aaron Rubin: No I'm with you."},{"speaker":"Average Joe Finances","startTime":1786.106,"endTime":1786.826,"body":"No, that's awesome."},{"speaker":"Average Joe Finances","startTime":1786.856,"endTime":1787.066,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1787.097,"endTime":1789.619,"body":"Great recommendations and I"},{"speaker":"Average Joe Finances","startTime":1787.097,"endTime":1789.619,"body":"definitely appreciate that."},{"speaker":"Average Joe Finances","startTime":1789.627,"endTime":1792.597,"body":"I do wanna give you a chance to"},{"speaker":"Average Joe Finances","startTime":1789.627,"endTime":1792.597,"body":"talk about your book as well."},{"speaker":"Average Joe Finances","startTime":1792.764,"endTime":1796.173,"body":"That's what I'm gonna do right now, Aaron,"},{"speaker":"Average Joe Finances","startTime":1792.764,"endTime":1796.173,"body":"because that's it for the final round."},{"speaker":"Average Joe Finances","startTime":1796.173,"endTime":1799.043,"body":"But I do have one more super important"},{"speaker":"Average Joe Finances","startTime":1796.173,"endTime":1799.043,"body":"question for you, and this is probably"},{"speaker":"Average Joe Finances","startTime":1799.048,"endTime":1802.633,"body":"the most important question that I'm gonna"},{"speaker":"Average Joe Finances","startTime":1799.048,"endTime":1802.633,"body":"ask you throughout this entire interview"},{"speaker":"Average Joe Finances","startTime":1802.993,"endTime":1807.223,"body":"because the folks that have been listening"},{"speaker":"Average Joe Finances","startTime":1802.993,"endTime":1807.223,"body":"to this show today are saying, Hey, I"},{"speaker":"Average Joe Finances","startTime":1807.228,"endTime":1808.775,"body":"really like what Aaron's talking about."},{"speaker":"Average Joe Finances","startTime":1808.775,"endTime":1811.745,"body":"This is different than some of"},{"speaker":"Average Joe Finances","startTime":1808.775,"endTime":1811.745,"body":"the other financial advisors that"},{"speaker":"Average Joe Finances","startTime":1811.985,"endTime":1813.345,"body":"we've had on this show before."},{"speaker":"Average Joe Finances","startTime":1813.374,"endTime":1815.994,"body":"Got to learn a different side of"},{"speaker":"Average Joe Finances","startTime":1813.374,"endTime":1815.994,"body":"things, especially on the I.P.O."},{"speaker":"Average Joe Finances","startTime":1816.014,"endTime":1818.118,"body":"Side that we've never"},{"speaker":"Average Joe Finances","startTime":1816.014,"endTime":1818.118,"body":"really talked about before."},{"speaker":"Average Joe Finances","startTime":1818.548,"endTime":1819.928,"body":"And I want to know more."},{"speaker":"Average Joe Finances","startTime":1819.931,"endTime":1822.274,"body":"Where can people find more"},{"speaker":"Average Joe Finances","startTime":1819.931,"endTime":1822.274,"body":"information about you?"},{"speaker":"Average Joe Finances","startTime":1822.394,"endTime":1823.804,"body":"Do you have a website, social media?"},{"speaker":"Average Joe Finances","startTime":1823.804,"endTime":1825.004,"body":"Tell us about your book as well."},{"speaker":"Aaron Rubin","startTime":1825.454,"endTime":1825.814,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":1825.814,"endTime":1826.294,"body":"Oh gosh."},{"speaker":"Aaron Rubin","startTime":1826.294,"endTime":1826.504,"body":"All right."},{"speaker":"Aaron Rubin","startTime":1826.504,"endTime":1827.044,"body":"That's a lot."},{"speaker":"Aaron Rubin","startTime":1827.09,"endTime":1829.617,"body":"I thought you were gonna ask me like"},{"speaker":"Aaron Rubin","startTime":1827.09,"endTime":1829.617,"body":"Star Wars or Star Trek, and that was"},{"speaker":"Aaron Rubin","startTime":1829.617,"endTime":1831.507,"body":"like, if I answered wrong this interview."},{"speaker":"Average Joe Finances","startTime":1831.717,"endTime":1834.667,"body":"I mean,"},{"speaker":"Average Joe Finances","startTime":1831.717,"endTime":1834.667,"body":"those are important as well, but"},{"speaker":"Average Joe Finances","startTime":1834.767,"endTime":1835.967,"body":"not as important as this question."},{"speaker":"Aaron Rubin","startTime":1835.967,"endTime":1836.297,"body":"Yeah."},{"speaker":"Aaron Rubin","startTime":1836.357,"endTime":1838.144,"body":"All right I'm gonna, I'm gonna,"},{"speaker":"Aaron Rubin","startTime":1836.357,"endTime":1838.144,"body":"I'll answer the question you"},{"speaker":"Aaron Rubin","startTime":1838.144,"endTime":1839.413,"body":"didn't ask Star Wars , but."},{"speaker":"Average Joe Finances","startTime":1839.488,"endTime":1840.628,"body":"Who's your"},{"speaker":"Average Joe Finances","startTime":1839.488,"endTime":1840.628,"body":"favorite Star Wars Character?"},{"speaker":"Aaron Rubin","startTime":1840.833,"endTime":1841.903,"body":"Oh, yo."},{"speaker":"Aaron Rubin","startTime":1842.103,"endTime":1842.733,"body":"Gosh, that's awesome."},{"speaker":"Aaron Rubin","startTime":1842.733,"endTime":1843.093,"body":"Hey, there we go."},{"speaker":"Average Joe Finances","startTime":1843.273,"endTime":1843.963,"body":"See, I'm"},{"speaker":"Average Joe Finances","startTime":1843.273,"endTime":1843.963,"body":"putting you on the spot now."},{"speaker":"Aaron Rubin","startTime":1844.131,"endTime":1846.951,"body":"I love the Mandalorian,"},{"speaker":"Aaron Rubin","startTime":1844.131,"endTime":1846.951,"body":"the series, the TV series."},{"speaker":"Aaron Rubin","startTime":1846.951,"endTime":1848.361,"body":"I thought it was freaking awesome, man."},{"speaker":"Average Joe Finances","startTime":1848.361,"endTime":1849.081,"body":"It was amazing."},{"speaker":"Aaron Rubin","startTime":1849.096,"endTime":1850.654,"body":"And I really"},{"speaker":"Aaron Rubin","startTime":1849.096,"endTime":1850.654,"body":"liked the Mandalorian."},{"speaker":"Aaron Rubin","startTime":1850.681,"endTime":1851.601,"body":"I thought it was really cool."},{"speaker":"Aaron Rubin","startTime":1851.871,"endTime":1852.687,"body":"Anyway the."},{"speaker":"Aaron Rubin","startTime":1852.69,"endTime":1855.154,"body":"So the book I wrote the book"},{"speaker":"Aaron Rubin","startTime":1852.69,"endTime":1855.154,"body":"several years ago at this point"},{"speaker":"Aaron Rubin","startTime":1855.214,"endTime":1856.474,"body":"before the Covid thing for sure."},{"speaker":"Aaron Rubin","startTime":1856.834,"endTime":1860.261,"body":"And it's basically a guide"},{"speaker":"Aaron Rubin","startTime":1856.834,"endTime":1860.261,"body":"for young professionals to"},{"speaker":"Aaron Rubin","startTime":1860.261,"endTime":1861.731,"body":"start making good decisions."},{"speaker":"Aaron Rubin","startTime":1861.855,"endTime":1865.077,"body":"So the whole thing starts out with"},{"speaker":"Aaron Rubin","startTime":1861.855,"endTime":1865.077,"body":"budgeting, how to create a budget."},{"speaker":"Aaron Rubin","startTime":1865.137,"endTime":1868.647,"body":"The importance of budgeting goes on"},{"speaker":"Aaron Rubin","startTime":1865.137,"endTime":1868.647,"body":"to tax, goes on to life insurance,"},{"speaker":"Aaron Rubin","startTime":1868.647,"endTime":1871.437,"body":"real estate, it talk, it talks"},{"speaker":"Aaron Rubin","startTime":1868.647,"endTime":1871.437,"body":"about all those major things."},{"speaker":"Aaron Rubin","startTime":1871.578,"endTime":1875.238,"body":"That somebody who's just starting out to"},{"speaker":"Aaron Rubin","startTime":1871.578,"endTime":1875.238,"body":"somebody who's, let's say in their early"},{"speaker":"Aaron Rubin","startTime":1875.238,"endTime":1877.608,"body":"forties, really needs to think about."},{"speaker":"Aaron Rubin","startTime":1877.867,"endTime":1881.823,"body":"And then the best part is that if you"},{"speaker":"Aaron Rubin","startTime":1877.867,"endTime":1881.823,"body":"really, if it's boring you, the last"},{"speaker":"Aaron Rubin","startTime":1881.823,"endTime":1885.388,"body":"page of it has like the three high"},{"speaker":"Aaron Rubin","startTime":1881.823,"endTime":1885.388,"body":"level things you need to take away."},{"speaker":"Aaron Rubin","startTime":1885.479,"endTime":1888.639,"body":"So it, it can be a reference guide, it"},{"speaker":"Aaron Rubin","startTime":1885.479,"endTime":1888.639,"body":"could be also, a good financial book."},{"speaker":"Aaron Rubin","startTime":1888.689,"endTime":1892.596,"body":"And I pepper in personal stories, about"},{"speaker":"Aaron Rubin","startTime":1888.689,"endTime":1892.596,"body":"myself and family members along the"},{"speaker":"Aaron Rubin","startTime":1892.596,"endTime":1893.872,"body":"way, although I can't be family members."},{"speaker":"Aaron Rubin","startTime":1893.972,"endTime":1895.532,"body":"Everything's fictional"},{"speaker":"Aaron Rubin","startTime":1893.972,"endTime":1895.532,"body":"or something like that."},{"speaker":"Aaron Rubin","startTime":1895.812,"endTime":1896.128,"body":"But."},{"speaker":"Average Joe Finances","startTime":1896.15,"endTime":1896.866,"body":"Yeah, there you go."},{"speaker":"Average Joe Finances","startTime":1897.231,"endTime":1900.234,"body":"."},{"speaker":"Average Joe Finances","startTime":1897.231,"endTime":1900.234,"body":"Aaron Rubin: Yeah, and it's, yeah, it's"},{"speaker":"Average Joe Finances","startTime":1900.234,"endTime":1904.656,"body":"or may not have known anyway, but the as"},{"speaker":"Average Joe Finances","startTime":1900.234,"endTime":1904.656,"body":"to where to find us obviously financial"},{"speaker":"Average Joe Finances","startTime":1904.656,"endTime":1908.767,"body":"adulting is available on Kindle, Amazon"},{"speaker":"Average Joe Finances","startTime":1904.656,"endTime":1908.767,"body":"E-Book and all those great places."},{"speaker":"Average Joe Finances","startTime":1908.867,"endTime":1911.097,"body":"For Werba Rubin Papier Wealth Management."},{"speaker":"Average Joe Finances","startTime":1911.207,"endTime":1915.351,"body":"We have wrpwealth.com, great"},{"speaker":"Average Joe Finances","startTime":1911.207,"endTime":1915.351,"body":"blogs if you're wanna know"},{"speaker":"Average Joe Finances","startTime":1915.351,"endTime":1917.301,"body":"a lot more about pre I.P.O."},{"speaker":"Average Joe Finances","startTime":1917.511,"endTime":1917.991,"body":"Stock."},{"speaker":"Average Joe Finances","startTime":1918.032,"endTime":1921.491,"body":"And then we just started our TikTok"},{"speaker":"Average Joe Finances","startTime":1918.032,"endTime":1921.491,"body":"account, which I'm really excited about."},{"speaker":"Average Joe Finances","startTime":1921.491,"endTime":1922.351,"body":"So it's I.P.O."},{"speaker":"Average Joe Finances","startTime":1922.366,"endTime":1924.143,"body":"Graphs is our TikTok handle."},{"speaker":"Average Joe Finances","startTime":1924.16,"endTime":1926.41,"body":"So I try to put something"},{"speaker":"Average Joe Finances","startTime":1924.16,"endTime":1926.41,"body":"out every week if I can."},{"speaker":"Average Joe Finances","startTime":1926.568,"endTime":1932.618,"body":"And then Twitter is @wrpadvisory,"},{"speaker":"Average Joe Finances","startTime":1926.568,"endTime":1932.618,"body":"obviously Facebook and LinkedIn."},{"speaker":"Average Joe Finances","startTime":1932.706,"endTime":1933.376,"body":"The whole nine yards."},{"speaker":"Average Joe Finances","startTime":1933.586,"endTime":1934.396,"body":"The whole gamut."},{"speaker":"Average Joe Finances","startTime":1934.576,"endTime":1934.996,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":1934.996,"endTime":1937.816,"body":"Oh, I'm gonna go follow you on"},{"speaker":"Average Joe Finances","startTime":1934.996,"endTime":1937.816,"body":"all those and I encourage all my"},{"speaker":"Average Joe Finances","startTime":1937.816,"endTime":1939.876,"body":"listeners to go check out Aaron."},{"speaker":"Average Joe Finances","startTime":1939.881,"endTime":1943.026,"body":"Go check out his book, check out the"},{"speaker":"Average Joe Finances","startTime":1939.881,"endTime":1943.026,"body":"website, check them out on social"},{"speaker":"Average Joe Finances","startTime":1943.026,"endTime":1945.041,"body":"media, go follow their TikTok account."},{"speaker":"Average Joe Finances","startTime":1945.041,"endTime":1945.893,"body":"They just started a new one."},{"speaker":"Average Joe Finances","startTime":1945.922,"endTime":1946.672,"body":"They need some love."},{"speaker":"Average Joe Finances","startTime":1946.672,"endTime":1950.111,"body":"So go see, swipe past some of those"},{"speaker":"Average Joe Finances","startTime":1946.672,"endTime":1950.111,"body":"cat videos and some of those other"},{"speaker":"Average Joe Finances","startTime":1950.111,"endTime":1953.357,"body":"things, and add something to your F.Y.P."},{"speaker":"Average Joe Finances","startTime":1953.372,"endTime":1957.86,"body":"That is actionable and that will help"},{"speaker":"Average Joe Finances","startTime":1953.372,"endTime":1957.86,"body":"you succeed in your business and in life."},{"speaker":"Average Joe Finances","startTime":1957.86,"endTime":1959.442,"body":"Aaron, this has been awesome, man."},{"speaker":"Average Joe Finances","startTime":1959.442,"endTime":1963.422,"body":"I truly, genuinely appreciate you"},{"speaker":"Average Joe Finances","startTime":1959.442,"endTime":1963.422,"body":"taking the time to talk with me."},{"speaker":"Aaron Rubin","startTime":1963.622,"endTime":1963.922,"body":"All right."},{"speaker":"Aaron Rubin","startTime":1963.922,"endTime":1964.942,"body":"No, I love being here."},{"speaker":"Average Joe Finances","startTime":1965.392,"endTime":1966.202,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":1966.202,"endTime":1969.682,"body":"And hey, to my listeners, thank"},{"speaker":"Average Joe Finances","startTime":1966.202,"endTime":1969.682,"body":"you so much for joining me and"},{"speaker":"Average Joe Finances","startTime":1969.682,"endTime":1973.912,"body":"our special guest, Aaron Rubin on"},{"speaker":"Average Joe Finances","startTime":1969.682,"endTime":1973.912,"body":"the Average Joe Finances Podcast."},{"speaker":"Average Joe Finances","startTime":1974.212,"endTime":1976.942,"body":"Make sure you go leave us a five star"},{"speaker":"Average Joe Finances","startTime":1974.212,"endTime":1976.942,"body":"review and tell us what you liked"},{"speaker":"Average Joe Finances","startTime":1976.947,"endTime":1979.522,"body":"about today's episode with Aaron."},{"speaker":"Average Joe Finances","startTime":1979.882,"endTime":1982.452,"body":"Aloha from Hawaii and have"},{"speaker":"Average Joe Finances","startTime":1979.882,"endTime":1982.452,"body":"a great rest of your day."}]}