{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":0.2,"endTime":2.749,"body":"Hey, welcome back"},{"speaker":"Average Joe Finances","startTime":0.2,"endTime":2.749,"body":"to the Average Joe Finances podcast."},{"speaker":"Average Joe Finances","startTime":2.78,"endTime":7.689,"body":"I'm your host Mike Cavaggioni, and"},{"speaker":"Average Joe Finances","startTime":2.78,"endTime":7.689,"body":"today's guest is Robert Persichitte."},{"speaker":"Average Joe Finances","startTime":7.704,"endTime":9.95,"body":"So Robert, I'm super excited"},{"speaker":"Average Joe Finances","startTime":7.704,"endTime":9.95,"body":"to have you on the show."},{"speaker":"Average Joe Finances","startTime":10.31,"endTime":12.35,"body":"Thank you for teaching me how"},{"speaker":"Average Joe Finances","startTime":10.31,"endTime":12.35,"body":"to pronounce your name before"},{"speaker":"Average Joe Finances","startTime":12.35,"endTime":13.67,"body":"we got started off camera."},{"speaker":"Average Joe Finances","startTime":13.88,"endTime":14.809,"body":"I appreciate that."},{"speaker":"Average Joe Finances","startTime":14.999,"endTime":18.255,"body":"And it's not as hard as it looks people,"},{"speaker":"Average Joe Finances","startTime":14.999,"endTime":18.255,"body":"I'm telling you that right now, robert."},{"speaker":"Average Joe Finances","startTime":18.345,"endTime":19.095,"body":"Welcome to the show."},{"speaker":"Robert Persichitte","startTime":19.295,"endTime":19.942,"body":"Thank you so much."},{"speaker":"Robert Persichitte","startTime":19.942,"endTime":20.883,"body":"I'm happy to be here."},{"speaker":"Average Joe Finances","startTime":21.089,"endTime":21.839,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":21.855,"endTime":25.005,"body":"Hey, I wanna start this off the same"},{"speaker":"Average Joe Finances","startTime":21.855,"endTime":25.005,"body":"way I start every podcast episode"},{"speaker":"Average Joe Finances","startTime":25.005,"endTime":26.955,"body":"off, and we wanna know more about you."},{"speaker":"Average Joe Finances","startTime":26.955,"endTime":30.135,"body":"So if you could share a little bit"},{"speaker":"Average Joe Finances","startTime":26.955,"endTime":30.135,"body":"about yourself, tell us your story."},{"speaker":"Average Joe Finances","startTime":30.135,"endTime":32.445,"body":"Who is Robert Persichitte?"},{"speaker":"Robert Persichitte","startTime":32.675,"endTime":36.638,"body":"I work with clients"},{"speaker":"Robert Persichitte","startTime":32.675,"endTime":36.638,"body":"really to help them keep their money."},{"speaker":"Robert Persichitte","startTime":36.938,"endTime":40.718,"body":"And I do that with a company that"},{"speaker":"Robert Persichitte","startTime":36.938,"endTime":40.718,"body":"I founded, Delagify Financial."},{"speaker":"Robert Persichitte","startTime":40.918,"endTime":47.518,"body":"And it comes from a huge background"},{"speaker":"Robert Persichitte","startTime":40.918,"endTime":47.518,"body":"of not seeing the skill, not really"},{"speaker":"Robert Persichitte","startTime":47.518,"endTime":52.528,"body":"seeing the critical thinking, and I get"},{"speaker":"Robert Persichitte","startTime":47.518,"endTime":52.528,"body":"so mad when people lose their money."},{"speaker":"Robert Persichitte","startTime":52.528,"endTime":55.018,"body":"And a lot of this comes"},{"speaker":"Robert Persichitte","startTime":52.528,"endTime":55.018,"body":"from my background."},{"speaker":"Robert Persichitte","startTime":55.648,"endTime":57.118,"body":"I came from the world of fraud."},{"speaker":"Robert Persichitte","startTime":57.658,"endTime":63.388,"body":"I had my first job out to college"},{"speaker":"Robert Persichitte","startTime":57.658,"endTime":63.388,"body":"working for the adult probation"},{"speaker":"Robert Persichitte","startTime":63.418,"endTime":66.798,"body":"for Boulder County, Colorado,"},{"speaker":"Robert Persichitte","startTime":63.418,"endTime":66.798,"body":"for the economic crimes unit."},{"speaker":"Robert Persichitte","startTime":66.922,"endTime":72.142,"body":"And I always would have to smack my"},{"speaker":"Robert Persichitte","startTime":66.922,"endTime":72.142,"body":"head talking to not only the people"},{"speaker":"Robert Persichitte","startTime":72.142,"endTime":74.752,"body":"who were convicted of crimes, so"},{"speaker":"Robert Persichitte","startTime":72.142,"endTime":74.752,"body":"everybody that I worked with had"},{"speaker":"Robert Persichitte","startTime":74.752,"endTime":76.162,"body":"already been convicted of a crime."},{"speaker":"Robert Persichitte","startTime":76.582,"endTime":80.602,"body":"But also talking to some of the victims of"},{"speaker":"Robert Persichitte","startTime":76.582,"endTime":80.602,"body":"the crimes, talking to some of the other"},{"speaker":"Robert Persichitte","startTime":80.602,"endTime":86.392,"body":"people that were roped into these schemes"},{"speaker":"Robert Persichitte","startTime":80.602,"endTime":86.392,"body":"and finding out they're normal people."},{"speaker":"Robert Persichitte","startTime":86.485,"endTime":91.401,"body":"They're just regular people walking down"},{"speaker":"Robert Persichitte","startTime":86.485,"endTime":91.401,"body":"the street like my parents, like people in"},{"speaker":"Robert Persichitte","startTime":91.401,"endTime":96.674,"body":"my family, and it got me As I progressed"},{"speaker":"Robert Persichitte","startTime":91.401,"endTime":96.674,"body":"through my career, I worked in audit."},{"speaker":"Robert Persichitte","startTime":96.674,"endTime":98.384,"body":"I've been an auditor for over 10 years."},{"speaker":"Robert Persichitte","startTime":98.864,"endTime":100.094,"body":"I worked in finance."},{"speaker":"Robert Persichitte","startTime":100.574,"endTime":104.264,"body":"I started to see a lot of the same"},{"speaker":"Robert Persichitte","startTime":100.574,"endTime":104.264,"body":"things and people getting ripped"},{"speaker":"Robert Persichitte","startTime":104.264,"endTime":110.414,"body":"off by something that's maybe legal,"},{"speaker":"Robert Persichitte","startTime":104.264,"endTime":110.414,"body":"but not a great deal, not something"},{"speaker":"Robert Persichitte","startTime":110.414,"endTime":111.644,"body":"that's in their best interest."},{"speaker":"Robert Persichitte","startTime":111.974,"endTime":118.334,"body":"So I went out and set that mission"},{"speaker":"Robert Persichitte","startTime":111.974,"endTime":118.334,"body":"statement of I'm gonna help people keep"},{"speaker":"Robert Persichitte","startTime":118.339,"endTime":122.474,"body":"their money, and the way that I'm gonna"},{"speaker":"Robert Persichitte","startTime":118.339,"endTime":122.474,"body":"do that is by helping them avoid and."},{"speaker":"Robert Persichitte","startTime":122.674,"endTime":127.114,"body":"From Ripoffs fraud mistakes"},{"speaker":"Robert Persichitte","startTime":122.674,"endTime":127.114,"body":"and taxes in general."},{"speaker":"Robert Persichitte","startTime":127.474,"endTime":130.294,"body":"So that's how I got to where I am today."},{"speaker":"Robert Persichitte","startTime":130.314,"endTime":133.364,"body":"A unique mishmash of"},{"speaker":"Robert Persichitte","startTime":130.314,"endTime":133.364,"body":"different experiences."},{"speaker":"Average Joe Finances","startTime":133.564,"endTime":135.89,"body":"Yeah, that's"},{"speaker":"Average Joe Finances","startTime":133.564,"endTime":135.89,"body":"some background too, especially when"},{"speaker":"Average Joe Finances","startTime":135.89,"endTime":140.938,"body":"it comes to your experience in this"},{"speaker":"Average Joe Finances","startTime":135.89,"endTime":140.938,"body":"industry, like when it comes to fraud"},{"speaker":"Average Joe Finances","startTime":140.938,"endTime":142.579,"body":"and some of these scams that you've seen."},{"speaker":"Average Joe Finances","startTime":142.579,"endTime":145.244,"body":"So like what are some of the fraud"},{"speaker":"Average Joe Finances","startTime":142.579,"endTime":145.244,"body":"cases that you've actually worked?"},{"speaker":"Robert Persichitte","startTime":145.465,"endTime":146.605,"body":"So I worked on a lot."},{"speaker":"Robert Persichitte","startTime":146.725,"endTime":151.635,"body":"There is a very broad statute in"},{"speaker":"Robert Persichitte","startTime":146.725,"endTime":151.635,"body":"Colorado for fraud and they really"},{"speaker":"Robert Persichitte","startTime":151.785,"endTime":154.445,"body":"get prosecuted really just as theft."},{"speaker":"Robert Persichitte","startTime":154.955,"endTime":158.465,"body":"And so I've worked with a"},{"speaker":"Robert Persichitte","startTime":154.955,"endTime":158.465,"body":"lot of elder abuse cases."},{"speaker":"Robert Persichitte","startTime":158.465,"endTime":162.335,"body":"I've worked with cases where"},{"speaker":"Robert Persichitte","startTime":158.465,"endTime":162.335,"body":"a family member is stealing"},{"speaker":"Robert Persichitte","startTime":162.34,"endTime":164.315,"body":"from an elderly family member."},{"speaker":"Robert Persichitte","startTime":164.84,"endTime":168.14,"body":"I've worked in investment"},{"speaker":"Robert Persichitte","startTime":164.84,"endTime":168.14,"body":"cases, one of my favorites."},{"speaker":"Robert Persichitte","startTime":168.83,"endTime":174.051,"body":"My favorite examples of this is gentleman"},{"speaker":"Robert Persichitte","startTime":168.83,"endTime":174.051,"body":"said he was prospecting for oil and got"},{"speaker":"Robert Persichitte","startTime":174.051,"endTime":178.311,"body":"all this money to prospect for oil, and"},{"speaker":"Robert Persichitte","startTime":174.051,"endTime":178.311,"body":"he knew that there was nothing there."},{"speaker":"Robert Persichitte","startTime":178.375,"endTime":180.295,"body":"He knew he already had it tested."},{"speaker":"Robert Persichitte","startTime":180.835,"endTime":184.095,"body":"He already was guaranteed to lose money."},{"speaker":"Robert Persichitte","startTime":184.305,"endTime":188.225,"body":"But getting these investor funds"},{"speaker":"Robert Persichitte","startTime":184.305,"endTime":188.225,"body":"in I've had people who were"},{"speaker":"Robert Persichitte","startTime":188.225,"endTime":189.785,"body":"overbilling the government."},{"speaker":"Robert Persichitte","startTime":189.79,"endTime":191.555,"body":"I've had people who were."},{"speaker":"Robert Persichitte","startTime":191.755,"endTime":195.865,"body":"Good old fashioned embezzlement when they"},{"speaker":"Robert Persichitte","startTime":191.755,"endTime":195.865,"body":"were writing checks from their employer."},{"speaker":"Robert Persichitte","startTime":196.225,"endTime":201.475,"body":"It really runs the broad gamut of"},{"speaker":"Robert Persichitte","startTime":196.225,"endTime":201.475,"body":"pretty much any type of economic"},{"speaker":"Robert Persichitte","startTime":201.475,"endTime":203.725,"body":"crime gets thrown into that bucket."},{"speaker":"Robert Persichitte","startTime":204.325,"endTime":207.825,"body":"And then it became my job to help"},{"speaker":"Robert Persichitte","startTime":204.325,"endTime":207.825,"body":"oversee that case and make sure that"},{"speaker":"Robert Persichitte","startTime":207.825,"endTime":208.935,"body":"they were paying back their victims."},{"speaker":"Average Joe Finances","startTime":209.135,"endTime":209.995,"body":"Yeah that's great."},{"speaker":"Average Joe Finances","startTime":210.002,"endTime":212.686,"body":"The service you provide is"},{"speaker":"Average Joe Finances","startTime":210.002,"endTime":212.686,"body":"really helping a lot of people."},{"speaker":"Average Joe Finances","startTime":212.686,"endTime":215.667,"body":"And the first one that you mentioned"},{"speaker":"Average Joe Finances","startTime":212.686,"endTime":215.667,"body":"there when you were talking about some of"},{"speaker":"Average Joe Finances","startTime":215.669,"endTime":217.709,"body":"the cases against elderly people, right?"},{"speaker":"Average Joe Finances","startTime":217.791,"endTime":220.961,"body":"You see a lot of that especially"},{"speaker":"Average Joe Finances","startTime":217.791,"endTime":220.961,"body":"with emerging technology and"},{"speaker":"Average Joe Finances","startTime":220.961,"endTime":221.921,"body":"everything else like that."},{"speaker":"Average Joe Finances","startTime":221.921,"endTime":226.751,"body":"Like as soon as people had smartphone, You"},{"speaker":"Average Joe Finances","startTime":221.921,"endTime":226.751,"body":"start seeing older people on smartphones"},{"speaker":"Average Joe Finances","startTime":226.751,"endTime":230.411,"body":"and trying to figure things out like"},{"speaker":"Average Joe Finances","startTime":226.751,"endTime":230.411,"body":"the scams just started immediately."},{"speaker":"Average Joe Finances","startTime":230.411,"endTime":232.629,"body":"Like people trying to take"},{"speaker":"Average Joe Finances","startTime":230.411,"endTime":232.629,"body":"advantage of somebody just not"},{"speaker":"Average Joe Finances","startTime":232.629,"endTime":235.372,"body":"being knowledgeable about either"},{"speaker":"Average Joe Finances","startTime":232.629,"endTime":235.372,"body":"their phone or their computer."},{"speaker":"Average Joe Finances","startTime":235.373,"endTime":239.71,"body":"You see those all the time, on YouTube"},{"speaker":"Average Joe Finances","startTime":235.373,"endTime":239.71,"body":"or other areas where people are, exposing"},{"speaker":"Average Joe Finances","startTime":239.74,"endTime":243.73,"body":"some of these scammers that are trying to"},{"speaker":"Average Joe Finances","startTime":239.74,"endTime":243.73,"body":"say, Hey, you got a virus on your computer"},{"speaker":"Average Joe Finances","startTime":243.73,"endTime":245.65,"body":"and I just need you to buy this program."},{"speaker":"Average Joe Finances","startTime":245.85,"endTime":248.94,"body":"And this and that, and all they're doing"},{"speaker":"Average Joe Finances","startTime":245.85,"endTime":248.94,"body":"is stealing your credit card information."},{"speaker":"Average Joe Finances","startTime":249.328,"endTime":252.136,"body":"I'm really glad that you you pointed"},{"speaker":"Average Joe Finances","startTime":249.328,"endTime":252.136,"body":"stuff like that out and, a lot of"},{"speaker":"Average Joe Finances","startTime":252.136,"endTime":256.15,"body":"people don't really think about"},{"speaker":"Average Joe Finances","startTime":252.136,"endTime":256.15,"body":"the actual family members that"},{"speaker":"Average Joe Finances","startTime":256.15,"endTime":258.31,"body":"scam elderly family members, right?"},{"speaker":"Average Joe Finances","startTime":258.31,"endTime":260.742,"body":"Because they feel oh, I could"},{"speaker":"Average Joe Finances","startTime":258.31,"endTime":260.742,"body":"take advantage of this situation"},{"speaker":"Average Joe Finances","startTime":260.76,"endTime":263.28,"body":"and get a little extra cash and"},{"speaker":"Average Joe Finances","startTime":260.76,"endTime":263.28,"body":"no one's gonna ever really know."},{"speaker":"Average Joe Finances","startTime":263.67,"endTime":266.956,"body":"And stuff like that is just to"},{"speaker":"Average Joe Finances","startTime":263.67,"endTime":266.956,"body":"me, like the lowest of the low."},{"speaker":"Average Joe Finances","startTime":267.029,"endTime":270.325,"body":"cause now you're hurting the matriarch"},{"speaker":"Average Joe Finances","startTime":267.029,"endTime":270.325,"body":"and patriarch of your family."},{"speaker":"Average Joe Finances","startTime":270.363,"endTime":270.877,"body":". For what?"},{"speaker":"Average Joe Finances","startTime":270.877,"endTime":272.197,"body":"For these ill-gotten gains."},{"speaker":"Average Joe Finances","startTime":272.311,"endTime":272.521,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":272.537,"endTime":273.351,"body":"That's pretty wild."},{"speaker":"Average Joe Finances","startTime":273.591,"endTime":276.907,"body":"Now what are some of the investment"},{"speaker":"Average Joe Finances","startTime":273.591,"endTime":276.907,"body":"cases that you've seen in the past?"},{"speaker":"Robert Persichitte","startTime":277.113,"endTime":279.753,"body":"So a lot"},{"speaker":"Robert Persichitte","startTime":277.113,"endTime":279.753,"body":"of the investment cases simply"},{"speaker":"Robert Persichitte","startTime":279.753,"endTime":281.783,"body":"came down very straightforward."},{"speaker":"Robert Persichitte","startTime":281.783,"endTime":286.853,"body":"Where I'm promising you something, I"},{"speaker":"Robert Persichitte","startTime":281.783,"endTime":286.853,"body":"have some type of promise and I have"},{"speaker":"Robert Persichitte","startTime":286.853,"endTime":288.552,"body":"no way of fulfilling that promise."},{"speaker":"Robert Persichitte","startTime":288.595,"endTime":290.725,"body":"That oil one was one of my favorites."},{"speaker":"Robert Persichitte","startTime":290.755,"endTime":292.105,"body":"He went to members of his."},{"speaker":"Robert Persichitte","startTime":292.305,"endTime":296.945,"body":"and he said, Hey, if I find this oil"},{"speaker":"Robert Persichitte","startTime":292.305,"endTime":296.945,"body":"well, I'm gonna turn your thousand"},{"speaker":"Robert Persichitte","startTime":296.95,"endTime":299.305,"body":"dollars into a hundred thousand dollars."},{"speaker":"Robert Persichitte","startTime":299.635,"endTime":302.245,"body":"Knowing full well, he already explored it."},{"speaker":"Robert Persichitte","startTime":302.275,"endTime":303.475,"body":"He already did the tests."},{"speaker":"Robert Persichitte","startTime":303.505,"endTime":304.135,"body":"He knew."},{"speaker":"Robert Persichitte","startTime":304.285,"endTime":308.665,"body":"He knew factually, they proved in"},{"speaker":"Robert Persichitte","startTime":304.285,"endTime":308.665,"body":"court, he knew factually they're never"},{"speaker":"Robert Persichitte","startTime":308.67,"endTime":310.195,"body":"gonna get that return on investment."},{"speaker":"Robert Persichitte","startTime":310.2,"endTime":315.195,"body":"And they all have that every case that"},{"speaker":"Robert Persichitte","startTime":310.2,"endTime":315.195,"body":"I've worked on had that element in"},{"speaker":"Robert Persichitte","startTime":315.195,"endTime":320.925,"body":"common of promising someone something"},{"speaker":"Robert Persichitte","startTime":315.195,"endTime":320.925,"body":"that was completely undeliverable."},{"speaker":"Robert Persichitte","startTime":321.125,"endTime":323.36,"body":"and it scales all the way up."},{"speaker":"Robert Persichitte","startTime":323.36,"endTime":328.051,"body":"So when you look at things like"},{"speaker":"Robert Persichitte","startTime":323.36,"endTime":328.051,"body":"Elizabeth Holmes with Theranos, I'm"},{"speaker":"Robert Persichitte","startTime":328.051,"endTime":330.541,"body":"promising something that can't happen."},{"speaker":"Robert Persichitte","startTime":330.741,"endTime":333.651,"body":"They make these excuses of,"},{"speaker":"Robert Persichitte","startTime":330.741,"endTime":333.651,"body":"I'm just overly optimistic."},{"speaker":"Robert Persichitte","startTime":333.656,"endTime":335.121,"body":"I'm overly ambitious."},{"speaker":"Robert Persichitte","startTime":335.661,"endTime":340.151,"body":"But what it comes down to in the end"},{"speaker":"Robert Persichitte","startTime":335.661,"endTime":340.151,"body":"is, Something that's not there, not"},{"speaker":"Robert Persichitte","startTime":340.701,"endTime":344.231,"body":"adequately understanding, disclosing"},{"speaker":"Robert Persichitte","startTime":340.701,"endTime":344.231,"body":"the risks that are involved."},{"speaker":"Robert Persichitte","startTime":344.321,"endTime":346.391,"body":"Every single investment has risks."},{"speaker":"Robert Persichitte","startTime":346.391,"endTime":350.521,"body":"So if you have somebody promising you,"},{"speaker":"Robert Persichitte","startTime":346.391,"endTime":350.521,"body":"I guarantee you, you're gonna make a ton"},{"speaker":"Robert Persichitte","startTime":350.526,"endTime":356.251,"body":"of money, that should be a huge red flag"},{"speaker":"Robert Persichitte","startTime":350.526,"endTime":356.251,"body":"because every investment, and I don't"},{"speaker":"Robert Persichitte","startTime":356.251,"endTime":360.961,"body":"care what investment it is, every single"},{"speaker":"Robert Persichitte","startTime":356.251,"endTime":360.961,"body":"investment carries some form of risk."},{"speaker":"Robert Persichitte","startTime":360.961,"endTime":364.951,"body":"Putting cash in the bank"},{"speaker":"Robert Persichitte","startTime":360.961,"endTime":364.951,"body":"has a risk associated with."},{"speaker":"Robert Persichitte","startTime":365.611,"endTime":368.881,"body":"It's just understanding those"},{"speaker":"Robert Persichitte","startTime":365.611,"endTime":368.881,"body":"risks and understanding how"},{"speaker":"Robert Persichitte","startTime":368.881,"endTime":370.081,"body":"they fit into your investment."},{"speaker":"Robert Persichitte","startTime":370.531,"endTime":374.909,"body":"And really the common thread for"},{"speaker":"Robert Persichitte","startTime":370.531,"endTime":374.909,"body":"the investments is failure to"},{"speaker":"Robert Persichitte","startTime":375.299,"endTime":379.049,"body":"disclose that risk or lying and"},{"speaker":"Robert Persichitte","startTime":375.299,"endTime":379.049,"body":"saying that the risk isn't there."},{"speaker":"Average Joe Finances","startTime":379.249,"endTime":380.112,"body":"Yeah, that's huge."},{"speaker":"Average Joe Finances","startTime":380.112,"endTime":383.392,"body":"I Even investing in"},{"speaker":"Average Joe Finances","startTime":380.112,"endTime":383.392,"body":"government bonds is a risk."},{"speaker":"Average Joe Finances","startTime":383.392,"endTime":384.976,"body":"And people are like, oh it's guaranteed."},{"speaker":"Average Joe Finances","startTime":384.976,"endTime":385.726,"body":"It's from the government."},{"speaker":"Average Joe Finances","startTime":385.755,"endTime":386.535,"body":"Hey, you never know."},{"speaker":"Average Joe Finances","startTime":386.565,"endTime":389.746,"body":"We can get invaded and the government"},{"speaker":"Average Joe Finances","startTime":386.565,"endTime":389.746,"body":"get toppled over and that's it."},{"speaker":"Average Joe Finances","startTime":389.785,"endTime":391.741,"body":"And the stuff that you"},{"speaker":"Average Joe Finances","startTime":389.785,"endTime":391.741,"body":"thought you had is gone."},{"speaker":"Average Joe Finances","startTime":391.741,"endTime":394.938,"body":"Or, we can get into World War III"},{"speaker":"Average Joe Finances","startTime":391.741,"endTime":394.938,"body":"and, now they need to cash out"},{"speaker":"Average Joe Finances","startTime":394.938,"endTime":397.441,"body":"these bonds that they have and"},{"speaker":"Average Joe Finances","startTime":394.938,"endTime":397.441,"body":"you're not getting your money back."},{"speaker":"Average Joe Finances","startTime":397.451,"endTime":399.834,"body":"Things happen, life"},{"speaker":"Average Joe Finances","startTime":397.451,"endTime":399.834,"body":"happens and e everything."},{"speaker":"Average Joe Finances","startTime":399.883,"endTime":403.037,"body":"I've said it several times on this"},{"speaker":"Average Joe Finances","startTime":399.883,"endTime":403.037,"body":"podcast, no matter what, especially"},{"speaker":"Average Joe Finances","startTime":403.037,"endTime":405.766,"body":"because the people that listen"},{"speaker":"Average Joe Finances","startTime":403.037,"endTime":405.766,"body":"to the show are, your everyday"},{"speaker":"Average Joe Finances","startTime":405.771,"endTime":407.136,"body":"average Joe's and Janes, right?"},{"speaker":"Average Joe Finances","startTime":407.436,"endTime":411.272,"body":"And they can't afford to just"},{"speaker":"Average Joe Finances","startTime":407.436,"endTime":411.272,"body":"put all their money away and"},{"speaker":"Average Joe Finances","startTime":411.272,"endTime":412.773,"body":"squander it and lose it all."},{"speaker":"Average Joe Finances","startTime":412.809,"endTime":416.603,"body":"But as long as you understand"},{"speaker":"Average Joe Finances","startTime":412.809,"endTime":416.603,"body":"that there is risk in whatever"},{"speaker":"Average Joe Finances","startTime":416.608,"endTime":418.243,"body":"investment platform you go into."},{"speaker":"Average Joe Finances","startTime":418.443,"endTime":420.873,"body":"You'll have, just give yourself a"},{"speaker":"Average Joe Finances","startTime":418.443,"endTime":420.873,"body":"better understanding and educate"},{"speaker":"Average Joe Finances","startTime":420.873,"endTime":424.855,"body":"yourself on what those risks are and"},{"speaker":"Average Joe Finances","startTime":420.873,"endTime":424.855,"body":"if you're willing to take that risk."},{"speaker":"Average Joe Finances","startTime":424.89,"endTime":427.283,"body":"And then different ways to"},{"speaker":"Average Joe Finances","startTime":424.89,"endTime":427.283,"body":"mitigate those risks, right?"},{"speaker":"Average Joe Finances","startTime":427.326,"endTime":431.486,"body":"Anytime you go to somebody and they"},{"speaker":"Average Joe Finances","startTime":427.326,"endTime":431.486,"body":"throw that g word at you guarantee"},{"speaker":"Average Joe Finances","startTime":431.524,"endTime":435.061,"body":"it, it's a red flag to, to run for"},{"speaker":"Average Joe Finances","startTime":431.524,"endTime":435.061,"body":"the hills and, or question them"},{"speaker":"Average Joe Finances","startTime":435.061,"endTime":436.561,"body":"like, okay, what's this guarantee?"},{"speaker":"Average Joe Finances","startTime":436.561,"endTime":437.701,"body":"How can you guarantee this?"},{"speaker":"Average Joe Finances","startTime":437.701,"endTime":439.291,"body":"Show me how you're gonna guarantee this."},{"speaker":"Average Joe Finances","startTime":439.591,"endTime":442.013,"body":"And most of the time, nine times"},{"speaker":"Average Joe Finances","startTime":439.591,"endTime":442.013,"body":"out to 10 they can't show you how"},{"speaker":"Average Joe Finances","startTime":442.013,"endTime":443.376,"body":"they're gonna guarantee anything."},{"speaker":"Average Joe Finances","startTime":443.383,"endTime":444.525,"body":"So no that's a great point."},{"speaker":"Average Joe Finances","startTime":444.53,"endTime":446.946,"body":"And it's a scary word guarantee."},{"speaker":"Average Joe Finances","startTime":446.995,"endTime":450.069,"body":"And it shouldn't be, but it's a"},{"speaker":"Average Joe Finances","startTime":446.995,"endTime":450.069,"body":"scary word because it gets used"},{"speaker":"Average Joe Finances","startTime":450.429,"endTime":453.369,"body":"in such bad light so many times."},{"speaker":"Robert Persichitte","startTime":453.399,"endTime":457.939,"body":"I think the other"},{"speaker":"Robert Persichitte","startTime":453.399,"endTime":457.939,"body":"piece is smart investors acknowledge"},{"speaker":"Robert Persichitte","startTime":457.939,"endTime":462.379,"body":"that there's some uncertainty, and"},{"speaker":"Robert Persichitte","startTime":457.939,"endTime":462.379,"body":"like you said, government bonds."},{"speaker":"Robert Persichitte","startTime":462.579,"endTime":466.899,"body":"Very comparatively compared to the whole"},{"speaker":"Robert Persichitte","startTime":462.579,"endTime":466.899,"body":"universe of investments, very safe."},{"speaker":"Robert Persichitte","startTime":467.099,"endTime":470.369,"body":"But at least we're going to"},{"speaker":"Robert Persichitte","startTime":467.099,"endTime":470.369,"body":"acknowledge that risk your bank."},{"speaker":"Robert Persichitte","startTime":470.399,"endTime":473.279,"body":"There is a possibility that your"},{"speaker":"Robert Persichitte","startTime":470.399,"endTime":473.279,"body":"bank will go out of business and"},{"speaker":"Robert Persichitte","startTime":473.279,"endTime":475.649,"body":"there will be steps that you have"},{"speaker":"Robert Persichitte","startTime":473.279,"endTime":475.649,"body":"to take to recover your funds."},{"speaker":"Robert Persichitte","startTime":475.679,"endTime":479.699,"body":"Again, relatively a very"},{"speaker":"Robert Persichitte","startTime":475.679,"endTime":479.699,"body":"safe investment, but at least"},{"speaker":"Robert Persichitte","startTime":479.729,"endTime":482.269,"body":"acknowledging what could happen."},{"speaker":"Robert Persichitte","startTime":482.424,"endTime":486.071,"body":"And a lot of these scams, what it came"},{"speaker":"Robert Persichitte","startTime":482.424,"endTime":486.071,"body":"down to is they had something very risky."},{"speaker":"Robert Persichitte","startTime":486.071,"endTime":487.998,"body":"The oil well is a great example."},{"speaker":"Robert Persichitte","startTime":487.998,"endTime":492.23,"body":"That's a, even for regular non"},{"speaker":"Robert Persichitte","startTime":487.998,"endTime":492.23,"body":"scam investors, it's a risky"},{"speaker":"Robert Persichitte","startTime":492.23,"endTime":494.881,"body":"investment because you're either"},{"speaker":"Robert Persichitte","startTime":492.23,"endTime":494.881,"body":"gonna find oil or you're not."},{"speaker":"Robert Persichitte","startTime":495.09,"endTime":499.607,"body":"There's a possibility that if you're"},{"speaker":"Robert Persichitte","startTime":495.09,"endTime":499.607,"body":"paying to prospect for oil, you put all in"},{"speaker":"Robert Persichitte","startTime":499.607,"endTime":503.447,"body":"the money, you prospect for it, and just"},{"speaker":"Robert Persichitte","startTime":499.607,"endTime":503.447,"body":"by coincidence, there's nothing there."},{"speaker":"Robert Persichitte","startTime":503.647,"endTime":505.995,"body":"By saying, I guarantee"},{"speaker":"Robert Persichitte","startTime":503.647,"endTime":505.995,"body":"you're gonna be rich."},{"speaker":"Robert Persichitte","startTime":506.025,"endTime":511.225,"body":"You have to ignore all of that other"},{"speaker":"Robert Persichitte","startTime":506.025,"endTime":511.225,"body":"risk and just try to think critically"},{"speaker":"Robert Persichitte","startTime":511.23,"endTime":515.655,"body":"about it of how can this person guarantee"},{"speaker":"Robert Persichitte","startTime":511.23,"endTime":515.655,"body":"that, how can this person possibly know"},{"speaker":"Robert Persichitte","startTime":516.045,"endTime":517.995,"body":"what's going to happen in the future?"},{"speaker":"Average Joe Finances","startTime":518.195,"endTime":520.973,"body":"Yeah,"},{"speaker":"Average Joe Finances","startTime":518.195,"endTime":520.973,"body":"optimism one thing, but , reality's"},{"speaker":"Average Joe Finances","startTime":520.973,"endTime":522.248,"body":"another no, I appreciate that."},{"speaker":"Average Joe Finances","startTime":522.305,"endTime":526.465,"body":"Okay, so how does fraud work"},{"speaker":"Average Joe Finances","startTime":522.305,"endTime":526.465,"body":"help you deal with your clients?"},{"speaker":"Robert Persichitte","startTime":526.665,"endTime":531.135,"body":"I have worked on a"},{"speaker":"Robert Persichitte","startTime":526.665,"endTime":531.135,"body":"lot of cases where clients came to me and"},{"speaker":"Robert Persichitte","startTime":531.135,"endTime":533.698,"body":"said, I'm thinking about doing this right."},{"speaker":"Robert Persichitte","startTime":533.813,"endTime":538.623,"body":"They have an idea in their head already,"},{"speaker":"Robert Persichitte","startTime":533.813,"endTime":538.623,"body":"and sometimes I can look at that and"},{"speaker":"Robert Persichitte","startTime":538.623,"endTime":543.63,"body":"say, yep, that fits your situation,"},{"speaker":"Robert Persichitte","startTime":538.623,"endTime":543.63,"body":"that makes sense for your financial"},{"speaker":"Robert Persichitte","startTime":543.63,"endTime":545.855,"body":"plan, and we consider different things."},{"speaker":"Robert Persichitte","startTime":545.855,"endTime":548.564,"body":"Like Liquidity, are you gonna"},{"speaker":"Robert Persichitte","startTime":545.855,"endTime":548.564,"body":"need to pull money out of there?"},{"speaker":"Robert Persichitte","startTime":548.624,"endTime":551.354,"body":"We consider things like the risk involved."},{"speaker":"Robert Persichitte","startTime":551.384,"endTime":555.074,"body":"What are the chances that this"},{"speaker":"Robert Persichitte","startTime":551.384,"endTime":555.074,"body":"investment will decline in value?"},{"speaker":"Robert Persichitte","startTime":555.494,"endTime":557.594,"body":"We think about things like,"},{"speaker":"Robert Persichitte","startTime":555.494,"endTime":557.594,"body":"what do you need it for?"},{"speaker":"Robert Persichitte","startTime":558.164,"endTime":562.304,"body":"Sometimes things aren't necessarily"},{"speaker":"Robert Persichitte","startTime":558.164,"endTime":562.304,"body":"scams, they're just mistakes where"},{"speaker":"Robert Persichitte","startTime":562.304,"endTime":564.494,"body":"it doesn't fit what the client needs."},{"speaker":"Robert Persichitte","startTime":564.694,"endTime":567.814,"body":"In other cases, it's either"},{"speaker":"Robert Persichitte","startTime":564.694,"endTime":567.814,"body":"a scam or a huge ripoff."},{"speaker":"Robert Persichitte","startTime":567.964,"endTime":571.354,"body":"And so one of the clients that I was"},{"speaker":"Robert Persichitte","startTime":567.964,"endTime":571.354,"body":"dealing with recently came to me and said,"},{"speaker":"Robert Persichitte","startTime":571.354,"endTime":577.414,"body":"Hey, I found this company and they want"},{"speaker":"Robert Persichitte","startTime":571.354,"endTime":577.414,"body":"to, I'm gonna sign over my house to them."},{"speaker":"Robert Persichitte","startTime":577.954,"endTime":579.364,"body":"They're gonna manage it for me."},{"speaker":"Robert Persichitte","startTime":579.564,"endTime":583.224,"body":"And I'm in a pool of investments,"},{"speaker":"Robert Persichitte","startTime":579.564,"endTime":583.224,"body":"so I am getting some of the rents"},{"speaker":"Robert Persichitte","startTime":583.254,"endTime":586.404,"body":"from other people's houses and"},{"speaker":"Robert Persichitte","startTime":583.254,"endTime":586.404,"body":"they're getting it from mine now."},{"speaker":"Robert Persichitte","startTime":586.763,"endTime":589.886,"body":"Just saying which company"},{"speaker":"Robert Persichitte","startTime":586.763,"endTime":589.886,"body":"I worked with specifically."},{"speaker":"Robert Persichitte","startTime":589.886,"endTime":593.156,"body":"Some examples of companies out"},{"speaker":"Robert Persichitte","startTime":589.886,"endTime":593.156,"body":"there, or flock or Hughes Capital"},{"speaker":"Robert Persichitte","startTime":593.186,"endTime":595.406,"body":"and they can be legitimate companies."},{"speaker":"Robert Persichitte","startTime":595.411,"endTime":599.036,"body":"I'm just talking about one specific"},{"speaker":"Robert Persichitte","startTime":595.411,"endTime":599.036,"body":"example that I saw looking at the"},{"speaker":"Robert Persichitte","startTime":599.656,"endTime":605.786,"body":"contract, the overall fees and expenses"},{"speaker":"Robert Persichitte","startTime":599.656,"endTime":605.786,"body":"charged to the client were 12%."},{"speaker":"Robert Persichitte","startTime":605.986,"endTime":608.176,"body":"That's 12% of a house."},{"speaker":"Robert Persichitte","startTime":608.256,"endTime":610.046,"body":"That's a $300,000 in."},{"speaker":"Robert Persichitte","startTime":610.731,"endTime":613.551,"body":"$36,000 of that is going to this company."},{"speaker":"Robert Persichitte","startTime":613.678,"endTime":615.302,"body":"That's a huge number."},{"speaker":"Robert Persichitte","startTime":615.572,"endTime":620.042,"body":"And the reason that they were able to slip"},{"speaker":"Robert Persichitte","startTime":615.572,"endTime":620.042,"body":"that through is because they disclosed it."},{"speaker":"Robert Persichitte","startTime":620.042,"endTime":622.052,"body":"Everything they did technically was legal."},{"speaker":"Robert Persichitte","startTime":622.262,"endTime":624.602,"body":"It was just embedded"},{"speaker":"Robert Persichitte","startTime":622.262,"endTime":624.602,"body":"deeply in the contract."},{"speaker":"Robert Persichitte","startTime":624.722,"endTime":628.775,"body":"Now this client was really excited"},{"speaker":"Robert Persichitte","startTime":624.722,"endTime":628.775,"body":"to get this, new innovative"},{"speaker":"Robert Persichitte","startTime":628.78,"endTime":630.635,"body":"investment and I called them."},{"speaker":"Robert Persichitte","startTime":630.635,"endTime":632.945,"body":"I had a three-way call with a client and."},{"speaker":"Robert Persichitte","startTime":633.145,"endTime":634.132,"body":"Investor, the investment company."},{"speaker":"Robert Persichitte","startTime":634.332,"endTime":637.422,"body":"And I said, Hey, I was looking over"},{"speaker":"Robert Persichitte","startTime":634.332,"endTime":637.422,"body":"your contract and I'm confirm, and"},{"speaker":"Robert Persichitte","startTime":637.602,"endTime":640.392,"body":"I'm very concerned about the fees."},{"speaker":"Robert Persichitte","startTime":640.422,"endTime":641.772,"body":"I see a lot of fees in here."},{"speaker":"Robert Persichitte","startTime":641.772,"endTime":647.262,"body":"You have fees for advertising expenses,"},{"speaker":"Robert Persichitte","startTime":641.772,"endTime":647.262,"body":"you have fees for commissions."},{"speaker":"Robert Persichitte","startTime":647.267,"endTime":649.542,"body":"There's a 3% commission that's on there."},{"speaker":"Robert Persichitte","startTime":649.812,"endTime":652.872,"body":"You have a fee just for the"},{"speaker":"Robert Persichitte","startTime":649.812,"endTime":652.872,"body":"privilege of being in the program."},{"speaker":"Robert Persichitte","startTime":652.872,"endTime":653.832,"body":"That was 1%."},{"speaker":"Robert Persichitte","startTime":653.832,"endTime":657.582,"body":"And then you have up to 6%"},{"speaker":"Robert Persichitte","startTime":653.832,"endTime":657.582,"body":"in property management fees."},{"speaker":"Robert Persichitte","startTime":657.582,"endTime":659.654,"body":"So if they want to redo that."},{"speaker":"Robert Persichitte","startTime":659.854,"endTime":664.806,"body":"They can, so I listed all these out and"},{"speaker":"Robert Persichitte","startTime":659.854,"endTime":664.806,"body":"I say, yeah, your fees add up to 12%."},{"speaker":"Robert Persichitte","startTime":664.806,"endTime":666.456,"body":"And they said, no,"},{"speaker":"Robert Persichitte","startTime":664.806,"endTime":666.456,"body":"you're absolutely wrong."},{"speaker":"Robert Persichitte","startTime":666.456,"endTime":667.596,"body":"Our fees are 1%."},{"speaker":"Robert Persichitte","startTime":667.796,"endTime":669.28,"body":"And I say what about this fee?"},{"speaker":"Robert Persichitte","startTime":669.28,"endTime":671.134,"body":"What, what about your advertising fee?"},{"speaker":"Robert Persichitte","startTime":671.614,"endTime":672.906,"body":"Oh we don't consider that a fee."},{"speaker":"Robert Persichitte","startTime":673.108,"endTime":674.428,"body":"Does the client have to pay it?"},{"speaker":"Robert Persichitte","startTime":674.428,"endTime":676.348,"body":"It's in the contract that"},{"speaker":"Robert Persichitte","startTime":674.428,"endTime":676.348,"body":"the client has to pay it."},{"speaker":"Robert Persichitte","startTime":676.422,"endTime":678.262,"body":"Yeah, they have to pay"},{"speaker":"Robert Persichitte","startTime":676.422,"endTime":678.262,"body":"it, but it's not a fee."},{"speaker":"Robert Persichitte","startTime":678.552,"endTime":684.875,"body":"It's an expense and so this tricky"},{"speaker":"Robert Persichitte","startTime":678.552,"endTime":684.875,"body":"language I am really helping people"},{"speaker":"Robert Persichitte","startTime":684.995,"endTime":690.575,"body":"get through it, decode it, and I'll"},{"speaker":"Robert Persichitte","startTime":684.995,"endTime":690.575,"body":"tell you probably nine times out of"},{"speaker":"Robert Persichitte","startTime":690.6,"endTime":694.28,"body":"10 when someone comes to me and they"},{"speaker":"Robert Persichitte","startTime":690.6,"endTime":694.28,"body":"say I'm asking you this question"},{"speaker":"Robert Persichitte","startTime":694.28,"endTime":696.08,"body":"because this feels too good to be true."},{"speaker":"Robert Persichitte","startTime":696.71,"endTime":699.77,"body":"Nine times out of 10, I look"},{"speaker":"Robert Persichitte","startTime":696.71,"endTime":699.77,"body":"at it and say it's a scam."},{"speaker":"Robert Persichitte","startTime":699.77,"endTime":702.475,"body":"And here,  and it might be"},{"speaker":"Robert Persichitte","startTime":699.77,"endTime":702.475,"body":"per a perfectly legal scam."},{"speaker":"Robert Persichitte","startTime":702.515,"endTime":705.539,"body":"There's a lot of legal rip-offs"},{"speaker":"Robert Persichitte","startTime":702.515,"endTime":705.539,"body":"out there that, this company"},{"speaker":"Robert Persichitte","startTime":705.809,"endTime":707.909,"body":"trying to buy homes is one example."},{"speaker":"Robert Persichitte","startTime":707.923,"endTime":712.353,"body":"You have a lot of multi-level marketing"},{"speaker":"Robert Persichitte","startTime":707.923,"endTime":712.353,"body":"companies, and so I just work with"},{"speaker":"Robert Persichitte","startTime":712.353,"endTime":716.423,"body":"my clients to answer the question,"},{"speaker":"Robert Persichitte","startTime":712.353,"endTime":716.423,"body":"Hey, am I getting ripped off here?"},{"speaker":"Robert Persichitte","startTime":717.013,"endTime":721.993,"body":"And seeing con artis, seeing"},{"speaker":"Robert Persichitte","startTime":717.013,"endTime":721.993,"body":"frauds happening firsthand."},{"speaker":"Robert Persichitte","startTime":722.193,"endTime":725.573,"body":"Knowing what the attorneys"},{"speaker":"Robert Persichitte","startTime":722.193,"endTime":725.573,"body":"are untangling after the fact."},{"speaker":"Robert Persichitte","startTime":725.753,"endTime":728.873,"body":"What little hooks are in there"},{"speaker":"Robert Persichitte","startTime":725.753,"endTime":728.873,"body":"and what little mistakes are"},{"speaker":"Robert Persichitte","startTime":728.873,"endTime":731.893,"body":"in there, is how I really help"},{"speaker":"Robert Persichitte","startTime":728.873,"endTime":731.893,"body":"deliver that value to my clients."},{"speaker":"Average Joe Finances","startTime":732.231,"endTime":733.076,"body":"Yeah, that's insane."},{"speaker":"Average Joe Finances","startTime":733.12,"endTime":734.68,"body":"Just the way that you described that one."},{"speaker":"Average Joe Finances","startTime":734.709,"endTime":738.249,"body":"How they worded it, that, oh,"},{"speaker":"Average Joe Finances","startTime":734.709,"endTime":738.249,"body":"they're not fees, they're expenses."},{"speaker":"Average Joe Finances","startTime":738.277,"endTime":742.556,"body":"It's that little change of language"},{"speaker":"Average Joe Finances","startTime":738.277,"endTime":742.556,"body":"that, someone will think, oh, okay, this,"},{"speaker":"Average Joe Finances","startTime":742.61,"endTime":744.365,"body":"something, it's an expense, got to pay it."},{"speaker":"Average Joe Finances","startTime":744.401,"endTime":744.816,"body":"Whatever."},{"speaker":"Average Joe Finances","startTime":744.996,"endTime":746.616,"body":"I'm only paying a 1% fee."},{"speaker":"Average Joe Finances","startTime":746.654,"endTime":749.996,"body":"If they're not like reading the fine"},{"speaker":"Average Joe Finances","startTime":746.654,"endTime":749.996,"body":"print and really diving deep into"},{"speaker":"Average Joe Finances","startTime":750.001,"endTime":751.969,"body":"that, Especially in the real estate"},{"speaker":"Average Joe Finances","startTime":750.001,"endTime":751.969,"body":"world, when you start looking at these"},{"speaker":"Average Joe Finances","startTime":752.409,"endTime":754.709,"body":"contracts, they're 36 pages plus, right?"},{"speaker":"Average Joe Finances","startTime":754.809,"endTime":755.979,"body":"And you're trying to"},{"speaker":"Average Joe Finances","startTime":754.809,"endTime":755.979,"body":"get through everything."},{"speaker":"Average Joe Finances","startTime":755.979,"endTime":759.003,"body":"You're excited about the deal and"},{"speaker":"Average Joe Finances","startTime":755.979,"endTime":759.003,"body":"you're just signing away and yeah."},{"speaker":"Average Joe Finances","startTime":759.008,"endTime":759.783,"body":"I've done this before."},{"speaker":"Average Joe Finances","startTime":759.783,"endTime":760.773,"body":"I've bought a house, whatever."},{"speaker":"Average Joe Finances","startTime":760.773,"endTime":761.527,"body":"Just signing away."},{"speaker":"Average Joe Finances","startTime":761.527,"endTime":762.799,"body":"Something new like this."},{"speaker":"Average Joe Finances","startTime":762.849,"endTime":765.432,"body":"You got to read that fine"},{"speaker":"Average Joe Finances","startTime":762.849,"endTime":765.432,"body":"print and ask questions."},{"speaker":"Average Joe Finances","startTime":765.432,"endTime":769.161,"body":"I don't go into any investment without"},{"speaker":"Average Joe Finances","startTime":765.432,"endTime":769.161,"body":"asking questions and making sure"},{"speaker":"Average Joe Finances","startTime":769.161,"endTime":772.547,"body":"I have a really good understanding"},{"speaker":"Average Joe Finances","startTime":769.161,"endTime":772.547,"body":"of what I'm getting involved in."},{"speaker":"Average Joe Finances","startTime":772.577,"endTime":776.807,"body":"The first time I did a real estate"},{"speaker":"Average Joe Finances","startTime":772.577,"endTime":776.807,"body":"syndication, I was like chewing my nails"},{"speaker":"Average Joe Finances","startTime":776.807,"endTime":779.927,"body":"and freaking out because I was like,"},{"speaker":"Average Joe Finances","startTime":776.807,"endTime":779.927,"body":"ah, I don't feel like I know enough."},{"speaker":"Average Joe Finances","startTime":779.927,"endTime":781.785,"body":"And I had gone to so many"},{"speaker":"Average Joe Finances","startTime":779.927,"endTime":781.785,"body":"different presentations."},{"speaker":"Average Joe Finances","startTime":781.785,"endTime":785.016,"body":"I've read so many different"},{"speaker":"Average Joe Finances","startTime":781.785,"endTime":785.016,"body":"contracts and just all the"},{"speaker":"Average Joe Finances","startTime":785.016,"endTime":786.504,"body":"stuff that gets sent out to us."},{"speaker":"Average Joe Finances","startTime":786.582,"endTime":789.342,"body":"And I'm like, I have a really"},{"speaker":"Average Joe Finances","startTime":786.582,"endTime":789.342,"body":"good understanding of this, but"},{"speaker":"Average Joe Finances","startTime":789.347,"endTime":790.842,"body":"I'm still freaking out, right?"},{"speaker":"Average Joe Finances","startTime":790.865,"endTime":794.654,"body":". And so if you're not looking at"},{"speaker":"Average Joe Finances","startTime":790.865,"endTime":794.654,"body":"your investments that way, like"},{"speaker":"Average Joe Finances","startTime":794.683,"endTime":797.214,"body":"the hairs on the back of your neck"},{"speaker":"Average Joe Finances","startTime":794.683,"endTime":797.214,"body":"don't stand up when you're looking."},{"speaker":"Average Joe Finances","startTime":797.274,"endTime":798.887,"body":"You got to be really careful because."},{"speaker":"Average Joe Finances","startTime":799.024,"endTime":801.874,"body":"There's even some real estate syndications"},{"speaker":"Average Joe Finances","startTime":799.024,"endTime":801.874,"body":"out there that are not great deals."},{"speaker":"Average Joe Finances","startTime":801.874,"endTime":804.149,"body":"A lot of people are starting to"},{"speaker":"Average Joe Finances","startTime":801.874,"endTime":804.149,"body":"get ripped off with those just"},{"speaker":"Average Joe Finances","startTime":804.149,"endTime":806.66,"body":"because people are trying to close"},{"speaker":"Average Joe Finances","startTime":804.149,"endTime":806.66,"body":"deals and get that assignment fee."},{"speaker":"Average Joe Finances","startTime":806.66,"endTime":807.87,"body":"And then the deals are flopping."},{"speaker":"Average Joe Finances","startTime":807.907,"endTime":809.167,"body":"Be careful who you invest with."},{"speaker":"Average Joe Finances","startTime":809.214,"endTime":809.843,"body":"That's the first thing."},{"speaker":"Average Joe Finances","startTime":809.858,"endTime":812.207,"body":"Just be careful who you invest"},{"speaker":"Average Joe Finances","startTime":809.858,"endTime":812.207,"body":"with no matter what it is."},{"speaker":"Average Joe Finances","startTime":812.225,"endTime":815.843,"body":"But anyway that's, a legal way of"},{"speaker":"Average Joe Finances","startTime":812.225,"endTime":815.843,"body":"doing it, which is unfortunate, right?"},{"speaker":"Average Joe Finances","startTime":815.843,"endTime":818.213,"body":"Because the information was disclosed."},{"speaker":"Average Joe Finances","startTime":818.573,"endTime":819.143,"body":"So they."},{"speaker":"Robert Persichitte","startTime":819.143,"endTime":819.759,"body":"You"},{"speaker":"Robert Persichitte","startTime":819.143,"endTime":819.759,"body":"signed the contract."},{"speaker":"Average Joe Finances","startTime":819.759,"endTime":819.999,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":819.999,"endTime":822.509,"body":"You signed the contract"},{"speaker":"Average Joe Finances","startTime":819.999,"endTime":822.509,"body":"that said A, B, C, and D."},{"speaker":"Average Joe Finances","startTime":822.599,"endTime":823.919,"body":"You agreed to that, right?"},{"speaker":"Average Joe Finances","startTime":823.919,"endTime":827.133,"body":"This, it was all out there in the"},{"speaker":"Average Joe Finances","startTime":823.919,"endTime":827.133,"body":"it was all open kimono, even though"},{"speaker":"Average Joe Finances","startTime":827.433,"endTime":828.824,"body":"you didn't know it was there."},{"speaker":"Average Joe Finances","startTime":828.824,"endTime":832.352,"body":"But besides that, there's"},{"speaker":"Average Joe Finances","startTime":828.824,"endTime":832.352,"body":"a lot of like unregulated"},{"speaker":"Average Joe Finances","startTime":832.352,"endTime":833.76,"body":"investments that are on the rise."},{"speaker":"Average Joe Finances","startTime":833.76,"endTime":835.448,"body":"So what, why is that happening right now?"},{"speaker":"Robert Persichitte","startTime":835.518,"endTime":838.068,"body":"First let"},{"speaker":"Robert Persichitte","startTime":835.518,"endTime":838.068,"body":"me talk a little bit about where"},{"speaker":"Robert Persichitte","startTime":838.098,"endTime":841.811,"body":"unregulated investments used"},{"speaker":"Robert Persichitte","startTime":838.098,"endTime":841.811,"body":"to operate in the market space."},{"speaker":"Robert Persichitte","startTime":841.991,"endTime":842.171,"body":"Sure."},{"speaker":"Robert Persichitte","startTime":842.171,"endTime":843.461,"body":"And then why that's changing."},{"speaker":"Robert Persichitte","startTime":843.461,"endTime":847.225,"body":"So first, unregulated investments"},{"speaker":"Robert Persichitte","startTime":843.461,"endTime":847.225,"body":"are nothing new and you"},{"speaker":"Robert Persichitte","startTime":847.735,"endTime":849.025,"body":"probably use them all the time."},{"speaker":"Robert Persichitte","startTime":849.025,"endTime":853.995,"body":"So like a restaurant is very common"},{"speaker":"Robert Persichitte","startTime":849.025,"endTime":853.995,"body":"where they are not huge, like just"},{"speaker":"Robert Persichitte","startTime":853.995,"endTime":856.725,"body":"one restaurant location is not huge."},{"speaker":"Robert Persichitte","startTime":857.305,"endTime":860.025,"body":"big enough to pay for audited"},{"speaker":"Robert Persichitte","startTime":857.305,"endTime":860.025,"body":"financial statements, s e c,"},{"speaker":"Robert Persichitte","startTime":860.025,"endTime":861.675,"body":"registration, those types of things."},{"speaker":"Robert Persichitte","startTime":861.688,"endTime":865.085,"body":"You're gonna be looking at"},{"speaker":"Robert Persichitte","startTime":861.688,"endTime":865.085,"body":"least $50,000 to be a registered"},{"speaker":"Robert Persichitte","startTime":865.09,"endTime":867.975,"body":"investment, but they still needed"},{"speaker":"Robert Persichitte","startTime":865.09,"endTime":867.975,"body":"investors and they still got them."},{"speaker":"Robert Persichitte","startTime":868.575,"endTime":872.865,"body":"So the way the law works is"},{"speaker":"Robert Persichitte","startTime":868.575,"endTime":872.865,"body":"there's certain carve outs that"},{"speaker":"Robert Persichitte","startTime":872.865,"endTime":876.913,"body":"allow certain people to invest"},{"speaker":"Robert Persichitte","startTime":872.865,"endTime":876.913,"body":"in things that are not regulated."},{"speaker":"Robert Persichitte","startTime":877.013,"endTime":882.563,"body":"These numbers were originally"},{"speaker":"Robert Persichitte","startTime":877.013,"endTime":882.563,"body":"published in 1934, and they"},{"speaker":"Robert Persichitte","startTime":882.563,"endTime":884.123,"body":"were not adjusted for inflation."},{"speaker":"Robert Persichitte","startTime":884.273,"endTime":890.937,"body":"So you become one of these accredited"},{"speaker":"Robert Persichitte","startTime":884.273,"endTime":890.937,"body":"investors in your household income exceeds"},{"speaker":"Robert Persichitte","startTime":890.937,"endTime":895.827,"body":"$300,000 a year, or your investible"},{"speaker":"Robert Persichitte","startTime":890.937,"endTime":895.827,"body":"assets exceed a million dollars."},{"speaker":"Robert Persichitte","startTime":896.247,"endTime":898.105,"body":"That used to be very rare."},{"speaker":"Robert Persichitte","startTime":898.255,"endTime":901.151,"body":"That used to be, what we would"},{"speaker":"Robert Persichitte","startTime":898.255,"endTime":901.151,"body":"consider today, a multimillionaire."},{"speaker":"Robert Persichitte","startTime":901.151,"endTime":902.411,"body":"Some guy had a mansion on a hill."},{"speaker":"Robert Persichitte","startTime":902.801,"endTime":909.161,"body":"That's getting increasingly common"},{"speaker":"Robert Persichitte","startTime":902.801,"endTime":909.161,"body":"that people can meet these criteria,"},{"speaker":"Robert Persichitte","startTime":909.611,"endTime":914.501,"body":"and so that's one of the loopholes"},{"speaker":"Robert Persichitte","startTime":909.611,"endTime":914.501,"body":"that allows companies to start selling"},{"speaker":"Robert Persichitte","startTime":914.501,"endTime":915.641,"body":"investments that are not registered."},{"speaker":"Robert Persichitte","startTime":916.121,"endTime":922.471,"body":"The other loophole is very common,"},{"speaker":"Robert Persichitte","startTime":916.121,"endTime":922.471,"body":"digital assets like cryptocurrencies"},{"speaker":"Robert Persichitte","startTime":923.071,"endTime":925.551,"body":"where they say, this is not a security."},{"speaker":"Robert Persichitte","startTime":926.041,"endTime":932.641,"body":"And what they mean by that is you are"},{"speaker":"Robert Persichitte","startTime":926.041,"endTime":932.641,"body":"not getting paid based on future income."},{"speaker":"Robert Persichitte","startTime":932.641,"endTime":935.671,"body":"You're getting paid on"},{"speaker":"Robert Persichitte","startTime":932.641,"endTime":935.671,"body":"future investors only."},{"speaker":"Robert Persichitte","startTime":936.091,"endTime":940.501,"body":"Therefore, it is not a"},{"speaker":"Robert Persichitte","startTime":936.091,"endTime":940.501,"body":"security, it's something else."},{"speaker":"Robert Persichitte","startTime":940.501,"endTime":943.714,"body":"And the SEC says we can"},{"speaker":"Robert Persichitte","startTime":940.501,"endTime":943.714,"body":"only regulate securities."},{"speaker":"Robert Persichitte","startTime":943.837,"endTime":945.187,"body":"We can't do anything."},{"speaker":"Robert Persichitte","startTime":945.357,"endTime":947.047,"body":"SEC security is an exchange commission."},{"speaker":"Robert Persichitte","startTime":947.047,"endTime":947.917,"body":"It's right in the name."},{"speaker":"Robert Persichitte","startTime":948.187,"endTime":951.907,"body":"We can't regulate something"},{"speaker":"Robert Persichitte","startTime":948.187,"endTime":951.907,"body":"that's not a security that"},{"speaker":"Robert Persichitte","startTime":951.907,"endTime":953.557,"body":"doesn't meet this definition."},{"speaker":"Robert Persichitte","startTime":954.037,"endTime":957.807,"body":"And so as long as you're not"},{"speaker":"Robert Persichitte","startTime":954.037,"endTime":957.807,"body":"tying the value of that asset to a"},{"speaker":"Robert Persichitte","startTime":957.807,"endTime":963.197,"body":"business or something that generates"},{"speaker":"Robert Persichitte","startTime":957.807,"endTime":963.197,"body":"income, you can sell it without the"},{"speaker":"Robert Persichitte","startTime":963.427,"endTime":966.287,"body":"oversight from the government and"},{"speaker":"Robert Persichitte","startTime":963.427,"endTime":966.287,"body":"people lose a lot of protection."},{"speaker":"Average Joe Finances","startTime":966.403,"endTime":968.505,"body":"Yeah I don't"},{"speaker":"Average Joe Finances","startTime":966.403,"endTime":968.505,"body":"think people really looked at it"},{"speaker":"Average Joe Finances","startTime":968.505,"endTime":971.265,"body":"that way or like when you think"},{"speaker":"Average Joe Finances","startTime":968.505,"endTime":971.265,"body":"about cryptocurrencies, right?"},{"speaker":"Average Joe Finances","startTime":971.265,"endTime":975.238,"body":"And how a lot of them are, like you"},{"speaker":"Average Joe Finances","startTime":971.265,"endTime":975.238,"body":"just said, it's the value of it is"},{"speaker":"Average Joe Finances","startTime":975.238,"endTime":977.158,"body":"based off of the future investors."},{"speaker":"Average Joe Finances","startTime":977.158,"endTime":981.088,"body":"Not any type of income that's"},{"speaker":"Average Joe Finances","startTime":977.158,"endTime":981.088,"body":"gonna be coming into that now."},{"speaker":"Average Joe Finances","startTime":981.155,"endTime":985.37,"body":"How does that work when it comes to"},{"speaker":"Average Joe Finances","startTime":981.155,"endTime":985.37,"body":"something like a larger cryptocurrency"},{"speaker":"Average Joe Finances","startTime":985.37,"endTime":988.186,"body":"like Bitcoin and Ethereum, right?"},{"speaker":"Average Joe Finances","startTime":988.186,"endTime":991.577,"body":"Which are now being tied to assets, right?"},{"speaker":"Average Joe Finances","startTime":991.582,"endTime":996.077,"body":"So you can buy things with those,"},{"speaker":"Average Joe Finances","startTime":991.582,"endTime":996.077,"body":"like as actual currency, right?"},{"speaker":"Average Joe Finances","startTime":996.347,"endTime":999.312,"body":"So now it has a monetary value to that."},{"speaker":"Average Joe Finances","startTime":999.312,"endTime":1003.232,"body":"So now does that make it"},{"speaker":"Average Joe Finances","startTime":999.312,"endTime":1003.232,"body":"become considered a security."},{"speaker":"Robert Persichitte","startTime":1003.501,"endTime":1006.441,"body":"That's a great"},{"speaker":"Robert Persichitte","startTime":1003.501,"endTime":1006.441,"body":"question that the SEC needs to figure out."},{"speaker":"Average Joe Finances","startTime":1006.495,"endTime":1009.52,"body":"I think they're"},{"speaker":"Average Joe Finances","startTime":1006.495,"endTime":1009.52,"body":"actively working on that, but Yeah."},{"speaker":"Robert Persichitte","startTime":1009.52,"endTime":1009.577,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1009.577,"endTime":1010.616,"body":"So what"},{"speaker":"Average Joe Finances","startTime":1009.577,"endTime":1010.616,"body":"are your thoughts on that?"},{"speaker":"Robert Persichitte","startTime":1011.066,"endTime":1012.899,"body":"Yeah, so"},{"speaker":"Robert Persichitte","startTime":1011.066,"endTime":1012.899,"body":"things like Bitcoin the answer"},{"speaker":"Robert Persichitte","startTime":1012.899,"endTime":1014.339,"body":"is Bitcoin's a little bit easier."},{"speaker":"Robert Persichitte","startTime":1014.429,"endTime":1015.209,"body":"The answer is no."},{"speaker":"Robert Persichitte","startTime":1015.749,"endTime":1020.369,"body":"And the reason being there is no"},{"speaker":"Robert Persichitte","startTime":1015.749,"endTime":1020.369,"body":"revenue generation for Bitcoin."},{"speaker":"Robert Persichitte","startTime":1020.769,"endTime":1024.719,"body":"Somebody using it as a"},{"speaker":"Robert Persichitte","startTime":1020.769,"endTime":1024.719,"body":"currency is not revenue."},{"speaker":"Robert Persichitte","startTime":1024.719,"endTime":1027.579,"body":"That is them using it and."},{"speaker":"Robert Persichitte","startTime":1027.679,"endTime":1030.789,"body":", you could do that with literally"},{"speaker":"Robert Persichitte","startTime":1027.679,"endTime":1030.789,"body":"any object that exists."},{"speaker":"Robert Persichitte","startTime":1030.789,"endTime":1034.629,"body":"If you're a store and you want to"},{"speaker":"Robert Persichitte","startTime":1030.789,"endTime":1034.629,"body":"start accepting payment in pencils,"},{"speaker":"Robert Persichitte","startTime":1034.749,"endTime":1039.279,"body":"you could do that as long as there"},{"speaker":"Robert Persichitte","startTime":1034.749,"endTime":1039.279,"body":"was a common understanding of how many"},{"speaker":"Robert Persichitte","startTime":1039.284,"endTime":1040.839,"body":"pencils did you need to pay for this?"},{"speaker":"Robert Persichitte","startTime":1041.229,"endTime":1042.249,"body":"Would it be convenient?"},{"speaker":"Robert Persichitte","startTime":1042.339,"endTime":1042.759,"body":"No."},{"speaker":"Robert Persichitte","startTime":1042.999,"endTime":1044.529,"body":"Is paying in Bitcoin convenient?"},{"speaker":"Robert Persichitte","startTime":1044.769,"endTime":1045.579,"body":"Not really."},{"speaker":"Robert Persichitte","startTime":1045.609,"endTime":1048.009,"body":"You have to wait 30 minutes"},{"speaker":"Robert Persichitte","startTime":1045.609,"endTime":1048.009,"body":"for that transaction to go"},{"speaker":"Robert Persichitte","startTime":1048.009,"endTime":1050.439,"body":"through, but there's no business."},{"speaker":"Robert Persichitte","startTime":1050.439,"endTime":1053.199,"body":"There's no bitcoin central."},{"speaker":"Robert Persichitte","startTime":1053.349,"endTime":1055.959,"body":"There's no office building dedicated."},{"speaker":"Robert Persichitte","startTime":1056.159,"endTime":1061.519,"body":"Inventing something or changing"},{"speaker":"Robert Persichitte","startTime":1056.159,"endTime":1061.519,"body":"something that is tied to Bitcoin itself."},{"speaker":"Robert Persichitte","startTime":1061.719,"endTime":1066.95,"body":"It gets a little bit hazier when you move"},{"speaker":"Robert Persichitte","startTime":1061.719,"endTime":1066.95,"body":"to some of these pegged cryptocurrencies."},{"speaker":"Robert Persichitte","startTime":1067.28,"endTime":1072.44,"body":"So if there are investments"},{"speaker":"Robert Persichitte","startTime":1067.28,"endTime":1072.44,"body":"underneath and you are earning"},{"speaker":"Robert Persichitte","startTime":1072.47,"endTime":1074.09,"body":"interest from those investments."},{"speaker":"Average Joe Finances","startTime":1074.6,"endTime":1075.05,"body":"Yes."},{"speaker":"Robert Persichitte","startTime":1075.117,"endTime":1078.392,"body":"Big question"},{"speaker":"Robert Persichitte","startTime":1075.117,"endTime":1078.392,"body":"right now, does staking your Ethereum."},{"speaker":"Robert Persichitte","startTime":1078.492,"endTime":1081.262,"body":". It doesn't, it probably doesn't"},{"speaker":"Robert Persichitte","startTime":1078.492,"endTime":1081.262,"body":"count if you are doing it, if"},{"speaker":"Robert Persichitte","startTime":1081.262,"endTime":1082.972,"body":"you're paying somebody to do it."},{"speaker":"Robert Persichitte","startTime":1083.092,"endTime":1085.822,"body":"Is that a security, is"},{"speaker":"Robert Persichitte","startTime":1083.092,"endTime":1085.822,"body":"that an investment advisor?"},{"speaker":"Robert Persichitte","startTime":1086.022,"endTime":1088.347,"body":"We need to find out, in my opinion."},{"speaker":"Robert Persichitte","startTime":1088.439,"endTime":1091.954,"body":"I don't know, I guess in my"},{"speaker":"Robert Persichitte","startTime":1088.439,"endTime":1091.954,"body":"opinion, I think it probably should"},{"speaker":"Robert Persichitte","startTime":1091.954,"endTime":1093.634,"body":"be regulated like a security."},{"speaker":"Robert Persichitte","startTime":1093.904,"endTime":1097.174,"body":"I don't think the law gives us a"},{"speaker":"Robert Persichitte","startTime":1093.904,"endTime":1097.174,"body":"clear answer on whether or not it can."},{"speaker":"Average Joe Finances","startTime":1097.238,"endTime":1097.568,"body":"Now."},{"speaker":"Average Joe Finances","startTime":1097.628,"endTime":1102.397,"body":"Okay, so what about, with Bitcoin being"},{"speaker":"Average Joe Finances","startTime":1097.628,"endTime":1102.397,"body":"used as a currency, comparing that to"},{"speaker":"Average Joe Finances","startTime":1102.398,"endTime":1104.509,"body":"let's say the foreign exchange, right?"},{"speaker":"Average Joe Finances","startTime":1104.509,"endTime":1110.861,"body":"As when you exchange, u the US dollar"},{"speaker":"Average Joe Finances","startTime":1104.509,"endTime":1110.861,"body":"for the Euro or the Japanese yen, right?"},{"speaker":"Average Joe Finances","startTime":1110.862,"endTime":1112.89,"body":"And people do that as"},{"speaker":"Average Joe Finances","startTime":1110.862,"endTime":1112.89,"body":"an investment, right?"},{"speaker":"Average Joe Finances","startTime":1112.89,"endTime":1115.91,"body":"Because actually if you look at the"},{"speaker":"Average Joe Finances","startTime":1112.89,"endTime":1115.91,"body":"value of the dollar right now, Versus"},{"speaker":"Average Joe Finances","startTime":1115.919,"endTime":1117.463,"body":"some of the other foreign currencies."},{"speaker":"Average Joe Finances","startTime":1117.468,"endTime":1118.649,"body":"It's very strong."},{"speaker":"Average Joe Finances","startTime":1118.656,"endTime":1122.226,"body":"Like I'm actually thinking about"},{"speaker":"Average Joe Finances","startTime":1118.656,"endTime":1122.226,"body":"buying a bunch of yen and a bunch of"},{"speaker":"Average Joe Finances","startTime":1122.226,"endTime":1125.365,"body":"Euro honestly, that's why I use those"},{"speaker":"Average Joe Finances","startTime":1122.226,"endTime":1125.365,"body":"two examples because this is in my"},{"speaker":"Average Joe Finances","startTime":1125.365,"endTime":1129.155,"body":"lifetime, probably the closest the"},{"speaker":"Average Joe Finances","startTime":1125.365,"endTime":1129.155,"body":"dollar in the Euro have ever been."},{"speaker":"Average Joe Finances","startTime":1129.155,"endTime":1130.507,"body":"Which is insane if you ask me."},{"speaker":"Average Joe Finances","startTime":1130.537,"endTime":1132.538,"body":"cause I remember so I spent"},{"speaker":"Average Joe Finances","startTime":1130.537,"endTime":1132.538,"body":"20 years in the Navy, right?"},{"speaker":"Average Joe Finances","startTime":1132.538,"endTime":1135.481,"body":"And I remember spending a"},{"speaker":"Average Joe Finances","startTime":1132.538,"endTime":1135.481,"body":"lot of time in Europe and I."},{"speaker":"Average Joe Finances","startTime":1135.981,"endTime":1140.391,"body":"Something I would spend a dollar"},{"speaker":"Average Joe Finances","startTime":1135.981,"endTime":1140.391,"body":"on in the States was a dollar 75 or"},{"speaker":"Average Joe Finances","startTime":1140.391,"endTime":1144.893,"body":"one Euro and 75 cents right in in"},{"speaker":"Average Joe Finances","startTime":1140.391,"endTime":1144.893,"body":"Greece or wherever I was at the time."},{"speaker":"Average Joe Finances","startTime":1145.253,"endTime":1146.509,"body":"And it's man, what a big difference."},{"speaker":"Average Joe Finances","startTime":1146.514,"endTime":1149.899,"body":"I go pull money out to the at t"},{"speaker":"Average Joe Finances","startTime":1146.514,"endTime":1149.899,"body":"m and I pull out a hundred bucks,"},{"speaker":"Average Joe Finances","startTime":1149.899,"endTime":1153.609,"body":"but I look at my bank account"},{"speaker":"Average Joe Finances","startTime":1149.899,"endTime":1153.609,"body":"and I pull out 175 US dollars."},{"speaker":"Average Joe Finances","startTime":1153.614,"endTime":1154.699,"body":"I'm like, oh man, this hurts."},{"speaker":"Average Joe Finances","startTime":1154.699,"endTime":1155.28,"body":"It's crazy."},{"speaker":"Average Joe Finances","startTime":1155.28,"endTime":1158.341,"body":"So I'm looking at it from that perspective"},{"speaker":"Average Joe Finances","startTime":1155.28,"endTime":1158.341,"body":"now with Bitcoin being a currency now"},{"speaker":"Average Joe Finances","startTime":1158.356,"endTime":1165.092,"body":"and people exchanging their US dollar"},{"speaker":"Average Joe Finances","startTime":1158.356,"endTime":1165.092,"body":"to buy this Bitcoin and use that as"},{"speaker":"Average Joe Finances","startTime":1165.632,"endTime":1170.312,"body":"currency, would it not be treated"},{"speaker":"Average Joe Finances","startTime":1165.632,"endTime":1170.312,"body":"the same way as the foreign exchange?"},{"speaker":"Robert Persichitte","startTime":1170.822,"endTime":1172.982,"body":"Foreign"},{"speaker":"Robert Persichitte","startTime":1170.822,"endTime":1172.982,"body":"exchanges also aren't securities"},{"speaker":"Robert Persichitte","startTime":1173.342,"endTime":1175.352,"body":"and think about it in terms."},{"speaker":"Average Joe Finances","startTime":1175.383,"endTime":1177.693,"body":"But does,"},{"speaker":"Average Joe Finances","startTime":1175.383,"endTime":1177.693,"body":"can't the SEC get involved in that?"},{"speaker":"Robert Persichitte","startTime":1178.263,"endTime":1178.393,"body":"No."},{"speaker":"Robert Persichitte","startTime":1178.393,"endTime":1178.543,"body":"cause."},{"speaker":"Average Joe Finances","startTime":1178.659,"endTime":1179.492,"body":"Okay, maybe."},{"speaker":"Robert Persichitte","startTime":1179.564,"endTime":1180.914,"body":"The FTC can."},{"speaker":"Average Joe Finances","startTime":1181.244,"endTime":1182.204,"body":"FTC Okay."},{"speaker":"Robert Persichitte","startTime":1182.204,"endTime":1182.759,"body":"They're different."},{"speaker":"Average Joe Finances","startTime":1183.234,"endTime":1185.33,"body":"Which but then"},{"speaker":"Average Joe Finances","startTime":1183.234,"endTime":1185.33,"body":"again, then they can't touch crypto"},{"speaker":"Average Joe Finances","startTime":1185.33,"endTime":1187.127,"body":"cause it's not a foreign currency."},{"speaker":"Average Joe Finances","startTime":1187.177,"endTime":1187.219,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1187.356,"endTime":1189.786,"body":"But it's can be used in all countries."},{"speaker":"Average Joe Finances","startTime":1190.086,"endTime":1191.286,"body":"So it's kind ah, it's weird, man."},{"speaker":"Robert Persichitte","startTime":1191.43,"endTime":1193.34,"body":"I think"},{"speaker":"Robert Persichitte","startTime":1191.43,"endTime":1193.34,"body":"what, here's my speculation."},{"speaker":"Robert Persichitte","startTime":1193.71,"endTime":1196.65,"body":"We have everybody scratching their"},{"speaker":"Robert Persichitte","startTime":1193.71,"endTime":1196.65,"body":"heads in the government right now."},{"speaker":"Robert Persichitte","startTime":1196.68,"endTime":1196.95,"body":"Yeah."},{"speaker":"Robert Persichitte","startTime":1197.01,"endTime":1198.136,"body":"Who's gonna regulate this?"},{"speaker":"Robert Persichitte","startTime":1198.136,"endTime":1199.682,"body":"SEC, we can regulate some of them."},{"speaker":"Robert Persichitte","startTime":1200.132,"endTime":1204.932,"body":"Sometimes if they meet specific criteria,"},{"speaker":"Robert Persichitte","startTime":1200.132,"endTime":1204.932,"body":"then we can regulate it and they have"},{"speaker":"Robert Persichitte","startTime":1204.932,"endTime":1208.562,"body":"gone the furthest, in my opinion,"},{"speaker":"Robert Persichitte","startTime":1204.932,"endTime":1208.562,"body":"the s e c has gone the furthest."},{"speaker":"Robert Persichitte","startTime":1209.132,"endTime":1212.282,"body":"I think what we're gonna see"},{"speaker":"Robert Persichitte","startTime":1209.132,"endTime":1212.282,"body":"happen, and we're already starting"},{"speaker":"Robert Persichitte","startTime":1212.282,"endTime":1213.572,"body":"to see the first steps in it."},{"speaker":"Robert Persichitte","startTime":1214.142,"endTime":1215.502,"body":"People are gonna get ripped off."},{"speaker":"Robert Persichitte","startTime":1215.622,"endTime":1217.752,"body":"And we're already seeing it."},{"speaker":"Robert Persichitte","startTime":1217.872,"endTime":1219.792,"body":"It's already happening."},{"speaker":"Robert Persichitte","startTime":1219.792,"endTime":1223.752,"body":"And if you have crypto assets that got"},{"speaker":"Robert Persichitte","startTime":1219.792,"endTime":1223.752,"body":"locked up in a bankruptcy because you"},{"speaker":"Robert Persichitte","startTime":1223.752,"endTime":1229.662,"body":"thought it was like a bank, but it wasn't,"},{"speaker":"Robert Persichitte","startTime":1223.752,"endTime":1229.662,"body":"we're already seeing that happening."},{"speaker":"Robert Persichitte","startTime":1229.862,"endTime":1234.432,"body":"Once the public outcry gets loud enough,"},{"speaker":"Robert Persichitte","startTime":1229.862,"endTime":1234.432,"body":"they're gonna pass some type of law."},{"speaker":"Robert Persichitte","startTime":1234.947,"endTime":1237.677,"body":"And that law's gonna say,"},{"speaker":"Robert Persichitte","startTime":1234.947,"endTime":1237.677,"body":"who's in charge of this?"},{"speaker":"Robert Persichitte","startTime":1237.707,"endTime":1239.207,"body":"Who's supposed to be looking at it?"},{"speaker":"Robert Persichitte","startTime":1239.207,"endTime":1241.337,"body":"And my guess is it's gonna go to the SEC."},{"speaker":"Robert Persichitte","startTime":1241.487,"endTime":1242.567,"body":"It makes the most sense."},{"speaker":"Robert Persichitte","startTime":1242.567,"endTime":1245.857,"body":"It's the most similar to"},{"speaker":"Robert Persichitte","startTime":1242.567,"endTime":1245.857,"body":"what they're already doing."},{"speaker":"Average Joe Finances","startTime":1246.057,"endTime":1248.474,"body":"Maybe they'll"},{"speaker":"Average Joe Finances","startTime":1246.057,"endTime":1248.474,"body":"change the name to the SECC."},{"speaker":"Average Joe Finances","startTime":1248.654,"endTime":1250.514,"body":"The securities An exchange"},{"speaker":"Average Joe Finances","startTime":1248.654,"endTime":1250.514,"body":"Crypto Commission."},{"speaker":"Robert Persichitte","startTime":1251.164,"endTime":1253.674,"body":"Oh,"},{"speaker":"Robert Persichitte","startTime":1251.164,"endTime":1253.674,"body":"I'm sure they'd love that."},{"speaker":"Robert Persichitte","startTime":1253.806,"endTime":1255.126,"body":"a hundred year old organization."},{"speaker":"Robert Persichitte","startTime":1255.326,"endTime":1257.156,"body":"Nearly 190 year old organization."},{"speaker":"Robert Persichitte","startTime":1257.846,"endTime":1258.176,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1258.376,"endTime":1258.616,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1258.616,"endTime":1258.886,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1258.948,"endTime":1261.425,"body":"That's, I don't know, I feel like,"},{"speaker":"Average Joe Finances","startTime":1258.948,"endTime":1261.425,"body":"I don't know enough about crypto"},{"speaker":"Average Joe Finances","startTime":1261.425,"endTime":1264.777,"body":"and I've even had people come on the"},{"speaker":"Average Joe Finances","startTime":1261.425,"endTime":1264.777,"body":"podcast and talk to me about crypto"},{"speaker":"Average Joe Finances","startTime":1264.777,"endTime":1268.158,"body":"and blockchain and everything, and"},{"speaker":"Average Joe Finances","startTime":1264.777,"endTime":1268.158,"body":"it, and blockchain is great, right?"},{"speaker":"Average Joe Finances","startTime":1268.158,"endTime":1271.806,"body":"Because, I definitely like the way"},{"speaker":"Average Joe Finances","startTime":1268.158,"endTime":1271.806,"body":"that it's set up because there, there's"},{"speaker":"Average Joe Finances","startTime":1271.806,"endTime":1273.875,"body":"no way of Trying to fake it, right?"},{"speaker":"Average Joe Finances","startTime":1273.924,"endTime":1276.744,"body":"You can't fake having a Bitcoin, right?"},{"speaker":"Average Joe Finances","startTime":1276.744,"endTime":1278.934,"body":"You can't fake having Ethereum."},{"speaker":"Average Joe Finances","startTime":1279.001,"endTime":1280.874,"body":"It is locked in on the blockchain, right?"},{"speaker":"Average Joe Finances","startTime":1280.874,"endTime":1282.864,"body":"So I think that technology is fantastic."},{"speaker":"Average Joe Finances","startTime":1282.864,"endTime":1285.265,"body":"NFTs still don't know"},{"speaker":"Average Joe Finances","startTime":1282.864,"endTime":1285.265,"body":"too much about them, but."},{"speaker":"Average Joe Finances","startTime":1285.265,"endTime":1288.629,"body":"I do believe that a lot of that"},{"speaker":"Average Joe Finances","startTime":1285.265,"endTime":1288.629,"body":"stuff can be in the future something"},{"speaker":"Average Joe Finances","startTime":1288.636,"endTime":1291.045,"body":"significant, especially when it"},{"speaker":"Average Joe Finances","startTime":1288.636,"endTime":1291.045,"body":"comes to something like real estate."},{"speaker":"Average Joe Finances","startTime":1291.091,"endTime":1293.911,"body":"You hear a lot of people like Ryan"},{"speaker":"Average Joe Finances","startTime":1291.091,"endTime":1293.911,"body":"Pineda and them talk about how"},{"speaker":"Average Joe Finances","startTime":1293.918,"endTime":1295.924,"body":"in the future they believe that."},{"speaker":"Average Joe Finances","startTime":1295.979,"endTime":1300.279,"body":"Titles and deeds and everything for"},{"speaker":"Average Joe Finances","startTime":1295.979,"endTime":1300.279,"body":"real estate assets are going to be NFTs."},{"speaker":"Average Joe Finances","startTime":1300.279,"endTime":1302.821,"body":"And it's going to be locked"},{"speaker":"Average Joe Finances","startTime":1300.279,"endTime":1302.821,"body":"in on the blockchain and title"},{"speaker":"Average Joe Finances","startTime":1302.821,"endTime":1304.271,"body":"companies gonna go out to business."},{"speaker":"Average Joe Finances","startTime":1304.362,"endTime":1306.042,"body":"So it's, is that possible?"},{"speaker":"Average Joe Finances","startTime":1306.072,"endTime":1306.732,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":1306.732,"endTime":1308.592,"body":"Is it starting to happen in some places?"},{"speaker":"Average Joe Finances","startTime":1308.592,"endTime":1309.096,"body":"Yes."},{"speaker":"Average Joe Finances","startTime":1309.096,"endTime":1310.546,"body":"That's why I wanna learn more about that."},{"speaker":"Average Joe Finances","startTime":1310.714,"endTime":1310.924,"body":"Yeah."},{"speaker":"Robert Persichitte","startTime":1311.004,"endTime":1312.475,"body":"And I do"},{"speaker":"Robert Persichitte","startTime":1311.004,"endTime":1312.475,"body":"just wanna clarify something."},{"speaker":"Robert Persichitte","startTime":1312.475,"endTime":1313.525,"body":"I agree a hundred percent."},{"speaker":"Robert Persichitte","startTime":1313.585,"endTime":1318.295,"body":"And I think that blockchain technology"},{"speaker":"Robert Persichitte","startTime":1313.585,"endTime":1318.295,"body":"is going to make a significant"},{"speaker":"Robert Persichitte","startTime":1318.295,"endTime":1321.936,"body":"difference in the financial"},{"speaker":"Robert Persichitte","startTime":1318.295,"endTime":1321.936,"body":"world within the next 10 years."},{"speaker":"Average Joe Finances","startTime":1322.476,"endTime":1322.639,"body":"Yeah."},{"speaker":"Robert Persichitte","startTime":1322.739,"endTime":1325.982,"body":"I think it's gonna"},{"speaker":"Robert Persichitte","startTime":1322.739,"endTime":1325.982,"body":"have almost a significant of an of"},{"speaker":"Robert Persichitte","startTime":1325.982,"endTime":1329.022,"body":"a change as something that we know"},{"speaker":"Robert Persichitte","startTime":1325.982,"endTime":1329.022,"body":"about, which is spreadsheet software."},{"speaker":"Robert Persichitte","startTime":1329.042,"endTime":1333.032,"body":"And so I like to use this as an"},{"speaker":"Robert Persichitte","startTime":1329.042,"endTime":1333.032,"body":"analogy for my clients because it's."},{"speaker":"Robert Persichitte","startTime":1333.199,"endTime":1337.519,"body":"We don't know how it's going to be"},{"speaker":"Robert Persichitte","startTime":1333.199,"endTime":1337.519,"body":"used, and people tend to overestimate"},{"speaker":"Robert Persichitte","startTime":1337.789,"endTime":1342.199,"body":"the impact of a technology in the"},{"speaker":"Robert Persichitte","startTime":1337.789,"endTime":1342.199,"body":"short term and underestimate the impact"},{"speaker":"Robert Persichitte","startTime":1342.199,"endTime":1344.299,"body":"of that technology in the long term."},{"speaker":"Robert Persichitte","startTime":1344.299,"endTime":1349.159,"body":"So if you were sitting in the early"},{"speaker":"Robert Persichitte","startTime":1344.299,"endTime":1349.159,"body":"eighties with computers, you probably"},{"speaker":"Robert Persichitte","startTime":1349.159,"endTime":1351.529,"body":"wouldn't think that a regular file clerk."},{"speaker":"Robert Persichitte","startTime":1351.729,"endTime":1355.044,"body":"just on the front lines is going to"},{"speaker":"Robert Persichitte","startTime":1351.729,"endTime":1355.044,"body":"be using a computer because they're"},{"speaker":"Robert Persichitte","startTime":1355.044,"endTime":1357.054,"body":"so expensive and there's so much here."},{"speaker":"Robert Persichitte","startTime":1357.534,"endTime":1361.704,"body":"It was hard to envision us getting to"},{"speaker":"Robert Persichitte","startTime":1357.534,"endTime":1361.704,"body":"the point where you can walk into an"},{"speaker":"Robert Persichitte","startTime":1361.704,"endTime":1364.914,"body":"Apple store and somebody has a phone"},{"speaker":"Robert Persichitte","startTime":1361.704,"endTime":1364.914,"body":"that, they ring you up on, right?"},{"speaker":"Robert Persichitte","startTime":1364.914,"endTime":1367.434,"body":"We could not have imagined"},{"speaker":"Robert Persichitte","startTime":1364.914,"endTime":1367.434,"body":"that 30 years ago."},{"speaker":"Robert Persichitte","startTime":1367.824,"endTime":1370.849,"body":"So I want to go through a"},{"speaker":"Robert Persichitte","startTime":1367.824,"endTime":1370.849,"body":"thought experiment with you,"},{"speaker":"Robert Persichitte","startTime":1370.879,"endTime":1373.209,"body":"Mike, of let's go back in time."},{"speaker":"Robert Persichitte","startTime":1373.209,"endTime":1375.219,"body":"We have perfect foresight."},{"speaker":"Robert Persichitte","startTime":1375.219,"endTime":1377.199,"body":"We know exactly what happened here."},{"speaker":"Robert Persichitte","startTime":1377.784,"endTime":1380.094,"body":"And spreadsheet technology is ubiquitous."},{"speaker":"Robert Persichitte","startTime":1380.154,"endTime":1381.624,"body":"Everybody knows what Excel is."},{"speaker":"Robert Persichitte","startTime":1382.014,"endTime":1389.234,"body":"Let's imagine you are in the year 1983"},{"speaker":"Robert Persichitte","startTime":1382.014,"endTime":1389.234,"body":"and you have an opportunity to invest."},{"speaker":"Robert Persichitte","startTime":1389.294,"endTime":1390.434,"body":"Now you have three options."},{"speaker":"Robert Persichitte","startTime":1390.434,"endTime":1391.814,"body":"I'm gonna give you those"},{"speaker":"Robert Persichitte","startTime":1390.434,"endTime":1391.814,"body":"three options here."},{"speaker":"Robert Persichitte","startTime":1392.324,"endTime":1398.234,"body":"Option number one, you can invest in the"},{"speaker":"Robert Persichitte","startTime":1392.324,"endTime":1398.234,"body":"industry leader in spreadsheet software."},{"speaker":"Robert Persichitte","startTime":1398.434,"endTime":1402.874,"body":"Option number two, you can invest in"},{"speaker":"Robert Persichitte","startTime":1398.434,"endTime":1402.874,"body":"a company that is well established."},{"speaker":"Robert Persichitte","startTime":1402.879,"endTime":1403.444,"body":"They've been around."},{"speaker":"Robert Persichitte","startTime":1403.644,"endTime":1404.424,"body":"Few years."},{"speaker":"Robert Persichitte","startTime":1404.774,"endTime":1408.074,"body":"They have other revenue streams,"},{"speaker":"Robert Persichitte","startTime":1404.774,"endTime":1408.074,"body":"but they are brand new to"},{"speaker":"Robert Persichitte","startTime":1408.224,"endTime":1409.634,"body":"the spreadsheet technology."},{"speaker":"Robert Persichitte","startTime":1409.994,"endTime":1413.594,"body":"Option three, you can pay an accountant"},{"speaker":"Robert Persichitte","startTime":1409.994,"endTime":1413.594,"body":"a hundred dollars and he'll write"},{"speaker":"Robert Persichitte","startTime":1413.594,"endTime":1415.064,"body":"your name down in a spreadsheet."},{"speaker":"Robert Persichitte","startTime":1415.634,"endTime":1416.024,"body":"Okay."},{"speaker":"Robert Persichitte","startTime":1416.159,"endTime":1417.389,"body":"Which option would you choose?"},{"speaker":"Average Joe Finances","startTime":1417.589,"endTime":1419.209,"body":"I'm gonna"},{"speaker":"Average Joe Finances","startTime":1417.589,"endTime":1419.209,"body":"go with the industry leader."},{"speaker":"Robert Persichitte","startTime":1419.409,"endTime":1419.769,"body":"Industry leader."},{"speaker":"Robert Persichitte","startTime":1419.769,"endTime":1424.209,"body":"Oh no, you invested in"},{"speaker":"Robert Persichitte","startTime":1419.769,"endTime":1424.209,"body":"Lotus . How terrible for you."},{"speaker":"Robert Persichitte","startTime":1424.509,"endTime":1424.599,"body":"Yeah."},{"speaker":"Robert Persichitte","startTime":1424.599,"endTime":1426.609,"body":"They did not end up"},{"speaker":"Robert Persichitte","startTime":1424.599,"endTime":1426.609,"body":"taking the market share."},{"speaker":"Average Joe Finances","startTime":1426.609,"endTime":1429.905,"body":"Hey, listen"},{"speaker":"Average Joe Finances","startTime":1426.609,"endTime":1429.905,"body":"to be fair, in 1983, I was negative"},{"speaker":"Average Joe Finances","startTime":1429.91,"endTime":1432.725,"body":"one years old, so  probably"},{"speaker":"Average Joe Finances","startTime":1429.91,"endTime":1432.725,"body":"not really thinking straight."},{"speaker":"Robert Persichitte","startTime":1432.777,"endTime":1435.361,"body":"That, we'll"},{"speaker":"Robert Persichitte","startTime":1432.777,"endTime":1435.361,"body":"leave that excuse to it now."},{"speaker":"Robert Persichitte","startTime":1435.366,"endTime":1437.341,"body":"The new up and comer, they were Microsoft."},{"speaker":"Robert Persichitte","startTime":1437.346,"endTime":1441.781,"body":"They had just released the Excel product"},{"speaker":"Robert Persichitte","startTime":1437.346,"endTime":1441.781,"body":"and owned almost when they launched it."},{"speaker":"Robert Persichitte","startTime":1441.781,"endTime":1442.981,"body":"They had no market share."},{"speaker":"Robert Persichitte","startTime":1443.131,"endTime":1445.291,"body":"Lotus 1, 2, 3 was the prevailing program."},{"speaker":"Robert Persichitte","startTime":1445.458,"endTime":1450.918,"body":"Now, it would not have benefited you"},{"speaker":"Robert Persichitte","startTime":1445.458,"endTime":1450.918,"body":"in any way to just simply participate"},{"speaker":"Robert Persichitte","startTime":1450.918,"endTime":1455.238,"body":"in this with no investment in"},{"speaker":"Robert Persichitte","startTime":1450.918,"endTime":1455.238,"body":"the people who are creating it or"},{"speaker":"Robert Persichitte","startTime":1455.243,"endTime":1457.218,"body":"building the infrastructure around it."},{"speaker":"Robert Persichitte","startTime":1457.668,"endTime":1460.368,"body":"And that's what I think a lot"},{"speaker":"Robert Persichitte","startTime":1457.668,"endTime":1460.368,"body":"of crypto investors fail to see."},{"speaker":"Robert Persichitte","startTime":1460.368,"endTime":1463.818,"body":"Just owning a piece of Bitcoin."},{"speaker":"Robert Persichitte","startTime":1464.238,"endTime":1466.458,"body":"Yes, your name is on the blockchain."},{"speaker":"Robert Persichitte","startTime":1466.488,"endTime":1469.008,"body":"That does not mean you own the blockchain."},{"speaker":"Robert Persichitte","startTime":1469.208,"endTime":1473.288,"body":"In my mind that is the same as"},{"speaker":"Robert Persichitte","startTime":1469.208,"endTime":1473.288,"body":"paying an accountant to write your"},{"speaker":"Robert Persichitte","startTime":1473.288,"endTime":1474.728,"body":"name down in an Excel spreadsheet."},{"speaker":"Robert Persichitte","startTime":1474.728,"endTime":1477.788,"body":"And is it going to be saved in that"},{"speaker":"Robert Persichitte","startTime":1474.728,"endTime":1477.788,"body":"Excel spreadsheet 30 years later?"},{"speaker":"Robert Persichitte","startTime":1478.088,"endTime":1480.428,"body":"Yes, it still will be saved."},{"speaker":"Robert Persichitte","startTime":1480.428,"endTime":1484.028,"body":"Will anyone pay you for the privilege"},{"speaker":"Robert Persichitte","startTime":1480.428,"endTime":1484.028,"body":"of having that name saved in there?"},{"speaker":"Robert Persichitte","startTime":1484.228,"endTime":1484.988,"body":"Probably not."},{"speaker":"Robert Persichitte","startTime":1485.348,"endTime":1490.475,"body":"And it comes down to the usefulness"},{"speaker":"Robert Persichitte","startTime":1485.348,"endTime":1490.475,"body":"of the individual cryptocurrency,"},{"speaker":"Robert Persichitte","startTime":1490.585,"endTime":1492.355,"body":"individual asset that you're buying."},{"speaker":"Robert Persichitte","startTime":1492.385,"endTime":1497.705,"body":"And so if we think ethereum will"},{"speaker":"Robert Persichitte","startTime":1492.385,"endTime":1497.705,"body":"be used for all smart contracts,"},{"speaker":"Robert Persichitte","startTime":1497.71,"endTime":1502.292,"body":"which some analysts do think, then"},{"speaker":"Robert Persichitte","startTime":1497.71,"endTime":1502.292,"body":"you're getting a piece of it there."},{"speaker":"Robert Persichitte","startTime":1502.562,"endTime":1505.652,"body":"But in order for you to make your"},{"speaker":"Robert Persichitte","startTime":1502.562,"endTime":1505.652,"body":"money back, you got to be right."},{"speaker":"Robert Persichitte","startTime":1506.252,"endTime":1510.692,"body":"And there's a tremendous amount"},{"speaker":"Robert Persichitte","startTime":1506.252,"endTime":1510.692,"body":"of risk that goes along with that."},{"speaker":"Robert Persichitte","startTime":1511.172,"endTime":1515.242,"body":"And there's a lot more out"},{"speaker":"Robert Persichitte","startTime":1511.172,"endTime":1515.242,"body":"there where the analysts know."},{"speaker":"Robert Persichitte","startTime":1515.582,"endTime":1518.073,"body":"I mean I think a fantastic"},{"speaker":"Robert Persichitte","startTime":1515.582,"endTime":1518.073,"body":"example is Dogecoin."},{"speaker":"Robert Persichitte","startTime":1518.078,"endTime":1520.603,"body":"Does anyone think Dogecoin"},{"speaker":"Robert Persichitte","startTime":1518.078,"endTime":1520.603,"body":"is gonna replace USD."},{"speaker":"Robert Persichitte","startTime":1520.626,"endTime":1522.546,"body":"I haven't seen anyone"},{"speaker":"Robert Persichitte","startTime":1520.626,"endTime":1522.546,"body":"taking that seriously."},{"speaker":"Robert Persichitte","startTime":1522.576,"endTime":1527.203,"body":"Does anyone think Dogecoin is going"},{"speaker":"Robert Persichitte","startTime":1522.576,"endTime":1527.203,"body":"to be able to execute smart contracts?"},{"speaker":"Robert Persichitte","startTime":1527.343,"endTime":1527.673,"body":"No."},{"speaker":"Robert Persichitte","startTime":1527.673,"endTime":1531.213,"body":"It's written on a very"},{"speaker":"Robert Persichitte","startTime":1527.673,"endTime":1531.213,"body":"inefficient blockchain as a joke."},{"speaker":"Robert Persichitte","startTime":1531.603,"endTime":1535.543,"body":"So we got to think critically about"},{"speaker":"Robert Persichitte","startTime":1531.603,"endTime":1535.543,"body":"this stuff, where anytime you're"},{"speaker":"Robert Persichitte","startTime":1535.543,"endTime":1538.123,"body":"giving your money to somebody,"},{"speaker":"Robert Persichitte","startTime":1535.543,"endTime":1538.123,"body":"how am I getting my money back?"},{"speaker":"Robert Persichitte","startTime":1538.393,"endTime":1541.573,"body":"How am I gonna get paid"},{"speaker":"Robert Persichitte","startTime":1538.393,"endTime":1541.573,"body":"back from doing this?"},{"speaker":"Robert Persichitte","startTime":1541.963,"endTime":1543.373,"body":"What's it gonna come from?"},{"speaker":"Robert Persichitte","startTime":1543.493,"endTime":1544.573,"body":"And I think."},{"speaker":"Robert Persichitte","startTime":1544.673,"endTime":1549.323,"body":"Crypto, especially when you just throw"},{"speaker":"Robert Persichitte","startTime":1544.673,"endTime":1549.323,"body":"the term around blockchain, when you"},{"speaker":"Robert Persichitte","startTime":1549.323,"endTime":1550.793,"body":"throw around these new technologies."},{"speaker":"Robert Persichitte","startTime":1551.033,"endTime":1553.913,"body":"Just because that person said"},{"speaker":"Robert Persichitte","startTime":1551.033,"endTime":1553.913,"body":"tech blockchain doesn't mean they"},{"speaker":"Robert Persichitte","startTime":1553.913,"endTime":1557.003,"body":"even fundamentally understand"},{"speaker":"Robert Persichitte","startTime":1553.913,"endTime":1557.003,"body":"it or how to implement it in"},{"speaker":"Robert Persichitte","startTime":1557.033,"endTime":1559.133,"body":"a profitable sense long term."},{"speaker":"Robert Persichitte","startTime":1559.373,"endTime":1561.653,"body":"They might just be saying"},{"speaker":"Robert Persichitte","startTime":1559.373,"endTime":1561.653,"body":"that to get your money."},{"speaker":"Average Joe Finances","startTime":1561.853,"endTime":1563.743,"body":"Yeah, I mean,"},{"speaker":"Average Joe Finances","startTime":1561.853,"endTime":1563.743,"body":"just make themselves sound smarter."},{"speaker":"Average Joe Finances","startTime":1563.923,"endTime":1566.563,"body":"I could say blockchain all day and"},{"speaker":"Average Joe Finances","startTime":1563.923,"endTime":1566.563,"body":"like I even said earlier, like I"},{"speaker":"Average Joe Finances","startTime":1566.563,"endTime":1567.883,"body":"still don't fully understand it."},{"speaker":"Average Joe Finances","startTime":1568.161,"endTime":1571.228,"body":"I know blockchain, blockchain"},{"speaker":"Average Joe Finances","startTime":1568.161,"endTime":1571.228,"body":"technology is good, right?"},{"speaker":"Average Joe Finances","startTime":1571.228,"endTime":1571.631,"body":"Because."},{"speaker":"Average Joe Finances","startTime":1571.631,"endTime":1572.86,"body":"You can't fake it."},{"speaker":"Average Joe Finances","startTime":1572.872,"endTime":1573.953,"body":"And that's what I like about it."},{"speaker":"Average Joe Finances","startTime":1573.953,"endTime":1578.134,"body":"So in certain aspects it's gonna be"},{"speaker":"Average Joe Finances","startTime":1573.953,"endTime":1578.134,"body":"very useful in the future, like you"},{"speaker":"Average Joe Finances","startTime":1578.134,"endTime":1579.654,"body":"said, probably within the next 10 years."},{"speaker":"Average Joe Finances","startTime":1579.669,"endTime":1580.629,"body":"It's gonna be very useful."},{"speaker":"Average Joe Finances","startTime":1580.658,"endTime":1583.171,"body":"It might not necessarily"},{"speaker":"Average Joe Finances","startTime":1580.658,"endTime":1583.171,"body":"be useful for crypto."},{"speaker":"Average Joe Finances","startTime":1583.677,"endTime":1587.819,"body":"It might be useful for other things"},{"speaker":"Average Joe Finances","startTime":1583.677,"endTime":1587.819,"body":"like contracts, deeds and titles."},{"speaker":"Average Joe Finances","startTime":1587.937,"endTime":1589.543,"body":"Yeah that's that's a"},{"speaker":"Average Joe Finances","startTime":1587.937,"endTime":1589.543,"body":"good way to look at it."},{"speaker":"Average Joe Finances","startTime":1589.578,"endTime":1591.86,"body":"And a lot of those other, like you"},{"speaker":"Average Joe Finances","startTime":1589.578,"endTime":1591.86,"body":"said, a lot of analysts are saying"},{"speaker":"Average Joe Finances","startTime":1591.86,"endTime":1595.174,"body":"right now that they believe Ethereum's"},{"speaker":"Average Joe Finances","startTime":1591.86,"endTime":1595.174,"body":"gonna be the way to go, but right"},{"speaker":"Average Joe Finances","startTime":1595.174,"endTime":1596.794,"body":"now it's all speculation, right?"},{"speaker":"Average Joe Finances","startTime":1596.799,"endTime":1599.421,"body":"So anybody that's getting into"},{"speaker":"Average Joe Finances","startTime":1596.799,"endTime":1599.421,"body":"these things just make sure you"},{"speaker":"Average Joe Finances","startTime":1599.421,"endTime":1602.521,"body":"have a better understanding than"},{"speaker":"Average Joe Finances","startTime":1599.421,"endTime":1602.521,"body":"I do when it comes to crypto."},{"speaker":"Robert Persichitte","startTime":1602.635,"endTime":1604.075,"body":"Keep"},{"speaker":"Robert Persichitte","startTime":1602.635,"endTime":1604.075,"body":"your eye on the market too."},{"speaker":"Robert Persichitte","startTime":1604.105,"endTime":1604.165,"body":"Yeah."},{"speaker":"Robert Persichitte","startTime":1604.195,"endTime":1609.745,"body":"Because again, looking back to what we"},{"speaker":"Robert Persichitte","startTime":1604.195,"endTime":1609.745,"body":"know happened in the past, Amazon in"},{"speaker":"Robert Persichitte","startTime":1609.745,"endTime":1612.025,"body":"the early nineties was a tiny bookstore."},{"speaker":"Robert Persichitte","startTime":1612.143,"endTime":1616.763,"body":"Nobody could have possibly, if you"},{"speaker":"Robert Persichitte","startTime":1612.143,"endTime":1616.763,"body":"looked at the whole lineup of every"},{"speaker":"Robert Persichitte","startTime":1616.943,"endTime":1621.023,"body":"possible online retailer, I really"},{"speaker":"Robert Persichitte","startTime":1616.943,"endTime":1621.023,"body":"doubt that you could look and pick"},{"speaker":"Robert Persichitte","startTime":1621.023,"endTime":1625.208,"body":"Amazon out to that lineup and say them"},{"speaker":"Robert Persichitte","startTime":1621.023,"endTime":1625.208,"body":"they're gonna own the future, not."},{"speaker":"Robert Persichitte","startTime":1625.308,"endTime":1628.668,"body":"Grocery delivery company, not"},{"speaker":"Robert Persichitte","startTime":1625.308,"endTime":1628.668,"body":"the pet food delivery company,"},{"speaker":"Robert Persichitte","startTime":1628.728,"endTime":1631.128,"body":"not the online distributor."},{"speaker":"Robert Persichitte","startTime":1631.578,"endTime":1632.658,"body":"How would you have known?"},{"speaker":"Robert Persichitte","startTime":1632.748,"endTime":1634.548,"body":"What information would you have used?"},{"speaker":"Robert Persichitte","startTime":1634.548,"endTime":1639.258,"body":"That's the secret sauce in these"},{"speaker":"Robert Persichitte","startTime":1634.548,"endTime":1639.258,"body":"highly speculative investments, and"},{"speaker":"Robert Persichitte","startTime":1639.408,"endTime":1643.638,"body":"most of 'em are probably not gonna"},{"speaker":"Robert Persichitte","startTime":1639.408,"endTime":1643.638,"body":"be worth anything if they cannot"},{"speaker":"Robert Persichitte","startTime":1644.238,"endTime":1646.808,"body":"deliver profits to their investors."},{"speaker":"Average Joe Finances","startTime":1646.982,"endTime":1648.861,"body":"Yeah, you just"},{"speaker":"Average Joe Finances","startTime":1646.982,"endTime":1648.861,"body":"got to follow the numbers, right?"},{"speaker":"Average Joe Finances","startTime":1648.861,"endTime":1651.932,"body":"You got to look at what makes sense"},{"speaker":"Average Joe Finances","startTime":1648.861,"endTime":1651.932,"body":"and, that's why for the folks that"},{"speaker":"Average Joe Finances","startTime":1651.932,"endTime":1654.314,"body":"are listening to this show, one of the"},{"speaker":"Average Joe Finances","startTime":1651.932,"endTime":1654.314,"body":"reasons why we talk about what we talk"},{"speaker":"Average Joe Finances","startTime":1654.319,"endTime":1658.692,"body":"about is to help you stay informed"},{"speaker":"Average Joe Finances","startTime":1654.319,"endTime":1658.692,"body":"and make better decisions, right?"},{"speaker":"Average Joe Finances","startTime":1658.697,"endTime":1661.882,"body":"So you're not just going into"},{"speaker":"Average Joe Finances","startTime":1658.697,"endTime":1661.882,"body":"the next dogecoin that comes out."},{"speaker":"Average Joe Finances","startTime":1661.882,"endTime":1664.132,"body":"I know a lot of people that"},{"speaker":"Average Joe Finances","startTime":1661.882,"endTime":1664.132,"body":"invested in that said they thought"},{"speaker":"Average Joe Finances","startTime":1664.132,"endTime":1665.242,"body":"it was an actual investment."},{"speaker":"Average Joe Finances","startTime":1665.247,"endTime":1669.022,"body":"They said, oh, I bought it at this"},{"speaker":"Average Joe Finances","startTime":1665.247,"endTime":1669.022,"body":"price and now it's up to 62 cents."},{"speaker":"Average Joe Finances","startTime":1669.022,"endTime":1670.292,"body":"And I'm like, oh, okay."},{"speaker":"Average Joe Finances","startTime":1670.392,"endTime":1671.082,"body":"What are you gonna do with it?"},{"speaker":"Average Joe Finances","startTime":1671.082,"endTime":1673.064,"body":"He's, oh, I'm holding"},{"speaker":"Average Joe Finances","startTime":1671.082,"endTime":1673.064,"body":"onto it until, whatever."},{"speaker":"Average Joe Finances","startTime":1673.064,"endTime":1677.135,"body":"And it dropped back down and I have"},{"speaker":"Average Joe Finances","startTime":1673.064,"endTime":1677.135,"body":"a family member too who lost pretty"},{"speaker":"Average Joe Finances","startTime":1677.135,"endTime":1678.455,"body":"much everything that they put into it."},{"speaker":"Average Joe Finances","startTime":1678.845,"endTime":1681.506,"body":"So I said I'm glad I didn't"},{"speaker":"Average Joe Finances","startTime":1678.845,"endTime":1681.506,"body":"put any money in that."},{"speaker":"Average Joe Finances","startTime":1681.517,"endTime":1683.752,"body":"So yeah, it's just just have"},{"speaker":"Average Joe Finances","startTime":1681.517,"endTime":1683.752,"body":"a good understanding of what"},{"speaker":"Average Joe Finances","startTime":1683.752,"endTime":1684.772,"body":"you're getting yourself into."},{"speaker":"Average Joe Finances","startTime":1684.873,"endTime":1688.719,"body":"Just make yourself familiar with the"},{"speaker":"Average Joe Finances","startTime":1684.873,"endTime":1688.719,"body":"product that you're gonna invest in."},{"speaker":"Average Joe Finances","startTime":1688.734,"endTime":1692.041,"body":"Now I wanna go back to the"},{"speaker":"Average Joe Finances","startTime":1688.734,"endTime":1692.041,"body":"unregulated investments now."},{"speaker":"Average Joe Finances","startTime":1692.041,"endTime":1693.385,"body":"How does that cause you."},{"speaker":"Average Joe Finances","startTime":1693.504,"endTime":1695.86,"body":"Obviously, you've dealt with a lot"},{"speaker":"Average Joe Finances","startTime":1693.504,"endTime":1695.86,"body":"of this with your clients, right?"},{"speaker":"Average Joe Finances","startTime":1695.86,"endTime":1698.08,"body":"So how does that impact your clients?"},{"speaker":"Average Joe Finances","startTime":1698.08,"endTime":1701.076,"body":"Like what are some of the things that"},{"speaker":"Average Joe Finances","startTime":1698.08,"endTime":1701.076,"body":"you've seen impact them when it comes"},{"speaker":"Average Joe Finances","startTime":1701.081,"endTime":1703.506,"body":"to unregulate unregulated investments?"},{"speaker":"Robert Persichitte","startTime":1703.638,"endTime":1706.368,"body":"So a lot of"},{"speaker":"Robert Persichitte","startTime":1703.638,"endTime":1706.368,"body":"the protections that you have"},{"speaker":"Robert Persichitte","startTime":1706.368,"endTime":1710.298,"body":"as an investor go out the window"},{"speaker":"Robert Persichitte","startTime":1706.368,"endTime":1710.298,"body":"with unregulated investments."},{"speaker":"Robert Persichitte","startTime":1710.328,"endTime":1712.668,"body":"And so for most things we have."},{"speaker":"Robert Persichitte","startTime":1712.868,"endTime":1717.266,"body":"A lot of safeguards in place and I went"},{"speaker":"Robert Persichitte","startTime":1712.868,"endTime":1717.266,"body":"through I went through state registration"},{"speaker":"Robert Persichitte","startTime":1717.266,"endTime":1722.486,"body":"and not federal registration, but I had"},{"speaker":"Robert Persichitte","startTime":1717.266,"endTime":1722.486,"body":"hour long meetings with the regulator"},{"speaker":"Robert Persichitte","startTime":1722.486,"endTime":1728.226,"body":"over every single word that I sent out"},{"speaker":"Robert Persichitte","startTime":1722.486,"endTime":1728.226,"body":"to my clients, telling them what I do."},{"speaker":"Robert Persichitte","startTime":1728.326,"endTime":1731.326,"body":"The reason being is they"},{"speaker":"Robert Persichitte","startTime":1728.326,"endTime":1731.326,"body":"wanna make sure that what I'm"},{"speaker":"Robert Persichitte","startTime":1731.326,"endTime":1733.996,"body":"doing matches what I'm saying."},{"speaker":"Robert Persichitte","startTime":1734.196,"endTime":1738.216,"body":"They're checking that before I'm"},{"speaker":"Robert Persichitte","startTime":1734.196,"endTime":1738.216,"body":"even allowed to get any clients."},{"speaker":"Robert Persichitte","startTime":1738.276,"endTime":1743.946,"body":"They're gonna look at it first, and"},{"speaker":"Robert Persichitte","startTime":1738.276,"endTime":1743.946,"body":"before I'm allowed to even start my"},{"speaker":"Robert Persichitte","startTime":1743.951,"endTime":1748.116,"body":"operations, I'm gonna get their sign"},{"speaker":"Robert Persichitte","startTime":1743.951,"endTime":1748.116,"body":"off and they're gonna say it's okay."},{"speaker":"Robert Persichitte","startTime":1748.316,"endTime":1750.326,"body":"That's being in the regulated world."},{"speaker":"Robert Persichitte","startTime":1750.626,"endTime":1753.116,"body":"I also have audits that"},{"speaker":"Robert Persichitte","startTime":1750.626,"endTime":1753.116,"body":"I have to comply with."},{"speaker":"Robert Persichitte","startTime":1753.116,"endTime":1754.136,"body":"I'm getting audited."},{"speaker":"Robert Persichitte","startTime":1754.406,"endTime":1759.626,"body":"I have to make sure that people's"},{"speaker":"Robert Persichitte","startTime":1754.406,"endTime":1759.626,"body":"money is safeguarded in certain ways."},{"speaker":"Robert Persichitte","startTime":1759.631,"endTime":1764.186,"body":"I have to take all these steps and"},{"speaker":"Robert Persichitte","startTime":1759.631,"endTime":1764.186,"body":"every single one of those steps is"},{"speaker":"Robert Persichitte","startTime":1764.186,"endTime":1767.396,"body":"designed to help protect the consumers."},{"speaker":"Robert Persichitte","startTime":1767.816,"endTime":1769.827,"body":"And it gets annoying"},{"speaker":"Robert Persichitte","startTime":1767.816,"endTime":1769.827,"body":"sometimes as a business."},{"speaker":"Robert Persichitte","startTime":1770.157,"endTime":1774.097,"body":"It gets really annoying of why"},{"speaker":"Robert Persichitte","startTime":1770.157,"endTime":1774.097,"body":"do I have to send in this report?"},{"speaker":"Robert Persichitte","startTime":1774.197,"endTime":1778.702,"body":"and what one of my friends reminded me,"},{"speaker":"Robert Persichitte","startTime":1774.197,"endTime":1778.702,"body":"he's a regulator, he reminded me the"},{"speaker":"Robert Persichitte","startTime":1778.702,"endTime":1782.582,"body":"reason you have to send in that report"},{"speaker":"Robert Persichitte","startTime":1778.702,"endTime":1782.582,"body":"is because one time somebody didn't,"},{"speaker":"Robert Persichitte","startTime":1783.152,"endTime":1787.952,"body":"and that meant somebody lost their life"},{"speaker":"Robert Persichitte","startTime":1783.152,"endTime":1787.952,"body":"saving, their whole life savings was gone,"},{"speaker":"Robert Persichitte","startTime":1788.492,"endTime":1791.792,"body":"and that's why these regulations exist."},{"speaker":"Robert Persichitte","startTime":1791.852,"endTime":1796.712,"body":"There was a problem at least once, and"},{"speaker":"Robert Persichitte","startTime":1791.852,"endTime":1796.712,"body":"that's why the new rules are there."},{"speaker":"Robert Persichitte","startTime":1796.922,"endTime":1801.542,"body":"If you're in an unregulated security,"},{"speaker":"Robert Persichitte","startTime":1796.922,"endTime":1801.542,"body":"all those protections are gone."},{"speaker":"Robert Persichitte","startTime":1801.742,"endTime":1806.188,"body":"Really in the area of buyer, beware of"},{"speaker":"Robert Persichitte","startTime":1801.742,"endTime":1806.188,"body":"you better know what you're getting into"},{"speaker":"Robert Persichitte","startTime":1806.188,"endTime":1810.981,"body":"because once you sign that contract, even"},{"speaker":"Robert Persichitte","startTime":1806.188,"endTime":1810.981,"body":"if the contract is really bad for you,"},{"speaker":"Robert Persichitte","startTime":1811.401,"endTime":1814.041,"body":"that's the only protection that you have."},{"speaker":"Robert Persichitte","startTime":1814.221,"endTime":1818.871,"body":"It's literally the only protection that"},{"speaker":"Robert Persichitte","startTime":1814.221,"endTime":1818.871,"body":"you have for these unregulated securities."},{"speaker":"Robert Persichitte","startTime":1819.411,"endTime":1825.011,"body":"And so they don't have to have their"},{"speaker":"Robert Persichitte","startTime":1819.411,"endTime":1825.011,"body":"advertisements reviewed by a regulator."},{"speaker":"Robert Persichitte","startTime":1825.071,"endTime":1829.651,"body":"They can put out whatever they want"},{"speaker":"Robert Persichitte","startTime":1825.071,"endTime":1829.651,"body":"and then it's on you to be smart"},{"speaker":"Robert Persichitte","startTime":1829.831,"endTime":1832.661,"body":"enough to look at these contracts,"},{"speaker":"Robert Persichitte","startTime":1829.831,"endTime":1832.661,"body":"to look at what's going on there."},{"speaker":"Average Joe Finances","startTime":1832.861,"endTime":1833.879,"body":"Yeah,"},{"speaker":"Average Joe Finances","startTime":1832.861,"endTime":1833.879,"body":"no that's a great point."},{"speaker":"Average Joe Finances","startTime":1833.879,"endTime":1835.259,"body":"I really appreciate that, Robert."},{"speaker":"Average Joe Finances","startTime":1835.28,"endTime":1838.554,"body":"Great advice, and I appreciate what"},{"speaker":"Average Joe Finances","startTime":1835.28,"endTime":1838.554,"body":"you do for your clients, right?"},{"speaker":"Average Joe Finances","startTime":1838.554,"endTime":1841.94,"body":"And I appreciate the information that"},{"speaker":"Average Joe Finances","startTime":1838.554,"endTime":1841.94,"body":"you're sharing with me and my listeners"},{"speaker":"Average Joe Finances","startTime":1841.94,"endTime":1845.598,"body":"today, cause it, it's a message that needs"},{"speaker":"Average Joe Finances","startTime":1841.94,"endTime":1845.598,"body":"to get out there for people to understand."},{"speaker":"Average Joe Finances","startTime":1845.6,"endTime":1847.494,"body":"That, no matter what you're taking a risk."},{"speaker":"Average Joe Finances","startTime":1847.527,"endTime":1850.824,"body":"No matter what you get into, you're"},{"speaker":"Average Joe Finances","startTime":1847.527,"endTime":1850.824,"body":"taking even more of a risk if you're"},{"speaker":"Average Joe Finances","startTime":1850.824,"endTime":1853.524,"body":"getting involved in something that's"},{"speaker":"Average Joe Finances","startTime":1850.824,"endTime":1853.524,"body":"unregulated, cause that protection,"},{"speaker":"Average Joe Finances","startTime":1853.524,"endTime":1855.054,"body":"like you said, is not there."},{"speaker":"Average Joe Finances","startTime":1855.058,"endTime":1857.861,"body":"Again, by or beware, make"},{"speaker":"Average Joe Finances","startTime":1855.058,"endTime":1857.861,"body":"sure you understand what"},{"speaker":"Average Joe Finances","startTime":1857.866,"endTime":1859.241,"body":"you're getting yourself into."},{"speaker":"Average Joe Finances","startTime":1859.296,"endTime":1861.858,"body":"All right, Robert, I wanna"},{"speaker":"Average Joe Finances","startTime":1859.296,"endTime":1861.858,"body":"transition this into something"},{"speaker":"Average Joe Finances","startTime":1861.858,"endTime":1863.178,"body":"now that I call the final round."},{"speaker":"Average Joe Finances","startTime":1863.448,"endTime":1866.118,"body":"That's why I'm gonna ask you four"},{"speaker":"Average Joe Finances","startTime":1863.448,"endTime":1866.118,"body":"questions, same four questions that come"},{"speaker":"Average Joe Finances","startTime":1866.159,"endTime":1867.329,"body":"for everybody that comes on the show."},{"speaker":"Average Joe Finances","startTime":1867.396,"endTime":1869.241,"body":"So if you're ready to go,"},{"speaker":"Average Joe Finances","startTime":1867.396,"endTime":1869.241,"body":"we'll get this party started."},{"speaker":"Robert Persichitte","startTime":1869.405,"endTime":1870.635,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":1870.875,"endTime":1871.805,"body":"All right, let's do it."},{"speaker":"Average Joe Finances","startTime":1871.805,"endTime":1874.865,"body":"So the first question is,"},{"speaker":"Average Joe Finances","startTime":1871.805,"endTime":1874.865,"body":"what's the biggest mistake"},{"speaker":"Average Joe Finances","startTime":1874.925,"endTime":1877.025,"body":"you've ever made in investing?"},{"speaker":"Robert Persichitte","startTime":1877.225,"endTime":1879.355,"body":"Biggest mistake"},{"speaker":"Robert Persichitte","startTime":1877.225,"endTime":1879.355,"body":"was trusting the wrong people."},{"speaker":"Robert Persichitte","startTime":1879.445,"endTime":1883.031,"body":"And this was back, I was in"},{"speaker":"Robert Persichitte","startTime":1879.445,"endTime":1883.031,"body":"college and there was a guy"},{"speaker":"Robert Persichitte","startTime":1883.571,"endTime":1885.101,"body":"I thought he knew everything."},{"speaker":"Robert Persichitte","startTime":1885.106,"endTime":1886.211,"body":"He got better grades than me."},{"speaker":"Robert Persichitte","startTime":1886.211,"endTime":1887.711,"body":"We were both in the same program."},{"speaker":"Robert Persichitte","startTime":1887.741,"endTime":1888.971,"body":"He got better grades than me."},{"speaker":"Robert Persichitte","startTime":1889.391,"endTime":1890.261,"body":"And I say, you know what?"},{"speaker":"Robert Persichitte","startTime":1890.771,"endTime":1891.581,"body":"His name was Tony."},{"speaker":"Robert Persichitte","startTime":1891.611,"endTime":1895.188,"body":"Tony, look at my investments"},{"speaker":"Robert Persichitte","startTime":1891.611,"endTime":1895.188,"body":"and go ahead and."},{"speaker":"Robert Persichitte","startTime":1895.269,"endTime":1897.569,"body":"Give it a little tuneup"},{"speaker":"Robert Persichitte","startTime":1895.269,"endTime":1897.569,"body":"tell me what you think."},{"speaker":"Robert Persichitte","startTime":1897.591,"endTime":1899.509,"body":"And he went ahead and sold."},{"speaker":"Robert Persichitte","startTime":1900.079,"endTime":1901.759,"body":"I can tell you the specifics of the stock."},{"speaker":"Robert Persichitte","startTime":1901.759,"endTime":1905.95,"body":"It was Toshiba and it was before"},{"speaker":"Robert Persichitte","startTime":1901.759,"endTime":1905.95,"body":"they were about to get a contract"},{"speaker":"Robert Persichitte","startTime":1905.955,"endTime":1907.39,"body":"for a brand new nuclear plant."},{"speaker":"Robert Persichitte","startTime":1907.42,"endTime":1914.064,"body":"And so I lost a lot of gains because I"},{"speaker":"Robert Persichitte","startTime":1907.42,"endTime":1914.064,"body":"sold a more let's say speculative in."},{"speaker":"Robert Persichitte","startTime":1914.264,"endTime":1916.244,"body":"Without really a goal or strategy in mind."},{"speaker":"Robert Persichitte","startTime":1916.394,"endTime":1920.45,"body":"And so whenever you do something,"},{"speaker":"Robert Persichitte","startTime":1916.394,"endTime":1920.45,"body":"make sure that you do it for a"},{"speaker":"Robert Persichitte","startTime":1920.45,"endTime":1925.28,"body":"reason and make sure that it fits"},{"speaker":"Robert Persichitte","startTime":1920.45,"endTime":1925.28,"body":"into your plan and it bit me."},{"speaker":"Robert Persichitte","startTime":1925.52,"endTime":1929.817,"body":"Fortunately, I was like 20 so I"},{"speaker":"Robert Persichitte","startTime":1925.52,"endTime":1929.817,"body":"had lots of time to recover and"},{"speaker":"Robert Persichitte","startTime":1929.817,"endTime":1931.857,"body":"it was just some lost profits."},{"speaker":"Robert Persichitte","startTime":1931.872,"endTime":1933.582,"body":"But that was a lot of lost profits."},{"speaker":"Average Joe Finances","startTime":1933.686,"endTime":1934.676,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":1934.736,"endTime":1938.474,"body":"Yeah, ha have a reason for doing what"},{"speaker":"Average Joe Finances","startTime":1934.736,"endTime":1938.474,"body":"you're doing, not just, oh, on a whim, I'm"},{"speaker":"Average Joe Finances","startTime":1938.474,"endTime":1942.187,"body":"just gonna go and move this stuff around"},{"speaker":"Average Joe Finances","startTime":1938.474,"endTime":1942.187,"body":"just because today's Thursday, so that's"},{"speaker":"Average Joe Finances","startTime":1942.187,"endTime":1944.165,"body":"what I'm gonna do, so . No that's great."},{"speaker":"Average Joe Finances","startTime":1944.165,"endTime":1945.125,"body":"So appreciate that, Robert."},{"speaker":"Average Joe Finances","startTime":1945.125,"endTime":1948.477,"body":"Now the next question I have ties"},{"speaker":"Average Joe Finances","startTime":1945.125,"endTime":1948.477,"body":"into all this stuff, but what is"},{"speaker":"Average Joe Finances","startTime":1948.537,"endTime":1952.687,"body":"something that you've learned that you"},{"speaker":"Average Joe Finances","startTime":1948.537,"endTime":1952.687,"body":"wish you knew when you first started."},{"speaker":"Robert Persichitte","startTime":1952.811,"endTime":1954.311,"body":"Really,"},{"speaker":"Robert Persichitte","startTime":1952.811,"endTime":1954.311,"body":"it's the skepticism."},{"speaker":"Robert Persichitte","startTime":1954.461,"endTime":1960.125,"body":"And I think 10 years of an auditor"},{"speaker":"Robert Persichitte","startTime":1954.461,"endTime":1960.125,"body":"really beats it into you and don't"},{"speaker":"Robert Persichitte","startTime":1960.185,"endTime":1961.745,"body":"just take things at face value."},{"speaker":"Robert Persichitte","startTime":1961.925,"endTime":1964.355,"body":"And I think we want to trust people."},{"speaker":"Robert Persichitte","startTime":1964.36,"endTime":1968.435,"body":"We wanna like people, and a lot of people,"},{"speaker":"Robert Persichitte","startTime":1964.36,"endTime":1968.435,"body":"including myself when I was younger,"},{"speaker":"Robert Persichitte","startTime":1968.705,"endTime":1973.625,"body":"made decisions based on how well we like"},{"speaker":"Robert Persichitte","startTime":1968.705,"endTime":1973.625,"body":"somebody or how well we get along with"},{"speaker":"Robert Persichitte","startTime":1973.625,"endTime":1976.895,"body":"somebody, not how good their ideas are."},{"speaker":"Robert Persichitte","startTime":1976.955,"endTime":1981.07,"body":"And don't be afraid to ask those"},{"speaker":"Robert Persichitte","startTime":1976.955,"endTime":1981.07,"body":"follow up questions and not take"},{"speaker":"Robert Persichitte","startTime":1981.07,"endTime":1982.66,"body":"everything at its face value."},{"speaker":"Average Joe Finances","startTime":1982.86,"endTime":1983.54,"body":"No, that's great."},{"speaker":"Average Joe Finances","startTime":1983.558,"endTime":1987.643,"body":"Yeah, just because something's shiny"},{"speaker":"Average Joe Finances","startTime":1983.558,"endTime":1987.643,"body":"and it involves somebody that you"},{"speaker":"Average Joe Finances","startTime":1987.643,"endTime":1990.99,"body":"think's a really good person doesn't"},{"speaker":"Average Joe Finances","startTime":1987.643,"endTime":1990.99,"body":"necessarily mean it's it's the best"},{"speaker":"Average Joe Finances","startTime":1990.99,"endTime":1992.382,"body":"thing to get involved in, awesome."},{"speaker":"Average Joe Finances","startTime":1992.742,"endTime":1992.982,"body":"All right."},{"speaker":"Average Joe Finances","startTime":1992.982,"endTime":1996.761,"body":"Next question, again, follows up"},{"speaker":"Average Joe Finances","startTime":1992.982,"endTime":1996.761,"body":"to this to this last one is do you"},{"speaker":"Average Joe Finances","startTime":1996.761,"endTime":1999.491,"body":"have any tips or tricks that you"},{"speaker":"Average Joe Finances","startTime":1996.761,"endTime":1999.491,"body":"would recommend to someone that"},{"speaker":"Average Joe Finances","startTime":1999.491,"endTime":2001.371,"body":"is just getting started today?"},{"speaker":"Robert Persichitte","startTime":2001.517,"endTime":2002.507,"body":"Ask questions."},{"speaker":"Robert Persichitte","startTime":2002.627,"endTime":2004.547,"body":"Ask questions, and we like that."},{"speaker":"Robert Persichitte","startTime":2004.747,"endTime":2009.217,"body":"Ask as many questions until you know"},{"speaker":"Robert Persichitte","startTime":2004.747,"endTime":2009.217,"body":"what you're talking about and until"},{"speaker":"Robert Persichitte","startTime":2009.217,"endTime":2014.137,"body":"you understand it, ask these questions"},{"speaker":"Robert Persichitte","startTime":2009.217,"endTime":2014.137,"body":"and go through hypothetical questions."},{"speaker":"Robert Persichitte","startTime":2014.527,"endTime":2016.387,"body":"There are no dumb questions."},{"speaker":"Robert Persichitte","startTime":2016.487,"endTime":2017.655,"body":"Ask the questions."},{"speaker":"Robert Persichitte","startTime":2018.075,"endTime":2020.737,"body":"Anybody who is legitimate."},{"speaker":"Robert Persichitte","startTime":2020.737,"endTime":2024.49,"body":"They have their time to consider,"},{"speaker":"Robert Persichitte","startTime":2020.737,"endTime":2024.49,"body":"but they can answer these and"},{"speaker":"Robert Persichitte","startTime":2024.58,"endTime":2027.88,"body":"it might seem trivial or easy to"},{"speaker":"Robert Persichitte","startTime":2024.58,"endTime":2027.88,"body":"them, but they can answer these."},{"speaker":"Robert Persichitte","startTime":2027.88,"endTime":2032.391,"body":"And when you get people brushing off"},{"speaker":"Robert Persichitte","startTime":2027.88,"endTime":2032.391,"body":"your questions, that's when you really"},{"speaker":"Robert Persichitte","startTime":2032.396,"endTime":2035.69,"body":"have to start being concerned because"},{"speaker":"Robert Persichitte","startTime":2032.396,"endTime":2035.69,"body":"they should be able to answer it."},{"speaker":"Robert Persichitte","startTime":2035.69,"endTime":2039.02,"body":"Anybody who wants your money should be"},{"speaker":"Robert Persichitte","startTime":2035.69,"endTime":2039.02,"body":"able to answer any of your questions."},{"speaker":"Average Joe Finances","startTime":2039.22,"endTime":2039.55,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2039.58,"endTime":2042.579,"body":"And answer them rather quickly,"},{"speaker":"Average Joe Finances","startTime":2039.58,"endTime":2042.579,"body":"not let me get back to you . No,"},{"speaker":"Average Joe Finances","startTime":2042.639,"endTime":2043.707,"body":"I definitely appreciate that."},{"speaker":"Average Joe Finances","startTime":2043.723,"endTime":2047.929,"body":"Okay, Robert final question in the"},{"speaker":"Average Joe Finances","startTime":2043.723,"endTime":2047.929,"body":"final round, and that is, do you have"},{"speaker":"Average Joe Finances","startTime":2047.934,"endTime":2053.879,"body":"a favorite business investing or real"},{"speaker":"Average Joe Finances","startTime":2047.934,"endTime":2053.879,"body":"estate related book or podcast or both?"},{"speaker":"Robert Persichitte","startTime":2053.879,"endTime":2056.635,"body":"Favorite book,"},{"speaker":"Robert Persichitte","startTime":2053.879,"endTime":2056.635,"body":"losing My Virginity by Richard Branson."},{"speaker":"Robert Persichitte","startTime":2056.635,"endTime":2062.702,"body":"He is my hero and he really embodi and"},{"speaker":"Robert Persichitte","startTime":2056.635,"endTime":2062.702,"body":"explains well, finance theory, and a"},{"speaker":"Robert Persichitte","startTime":2062.702,"endTime":2068.312,"body":"lot of people get this mistake in their"},{"speaker":"Robert Persichitte","startTime":2062.702,"endTime":2068.312,"body":"head that finance is a zero sum game."},{"speaker":"Robert Persichitte","startTime":2068.432,"endTime":2071.762,"body":"Meaning for somebody to make money,"},{"speaker":"Robert Persichitte","startTime":2068.432,"endTime":2071.762,"body":"somebody else has to lose money."},{"speaker":"Robert Persichitte","startTime":2072.362,"endTime":2076.082,"body":"But there are a ton of win-wins"},{"speaker":"Robert Persichitte","startTime":2072.362,"endTime":2076.082,"body":"in the investing world."},{"speaker":"Robert Persichitte","startTime":2076.502,"endTime":2081.302,"body":"When we can go out there, invest in"},{"speaker":"Robert Persichitte","startTime":2076.502,"endTime":2081.302,"body":"legitimate businesses, our investment,"},{"speaker":"Robert Persichitte","startTime":2081.302,"endTime":2085.302,"body":"our capital, helps them build their"},{"speaker":"Robert Persichitte","startTime":2081.302,"endTime":2085.302,"body":"profits, build their business."},{"speaker":"Robert Persichitte","startTime":2085.502,"endTime":2086.462,"body":"And it can be a win-win."},{"speaker":"Robert Persichitte","startTime":2086.492,"endTime":2090.182,"body":"They can have higher profits and we"},{"speaker":"Robert Persichitte","startTime":2086.492,"endTime":2090.182,"body":"can get a return on our investment."},{"speaker":"Robert Persichitte","startTime":2090.662,"endTime":2092.512,"body":"And nobody explains that."},{"speaker":"Robert Persichitte","startTime":2092.517,"endTime":2095.215,"body":"As well as Richard Branson"},{"speaker":"Robert Persichitte","startTime":2092.517,"endTime":2095.215,"body":"he is my business hero."},{"speaker":"Average Joe Finances","startTime":2095.575,"endTime":2095.995,"body":"All right."},{"speaker":"Average Joe Finances","startTime":2095.995,"endTime":2096.475,"body":"Right on."},{"speaker":"Average Joe Finances","startTime":2096.524,"endTime":2099.404,"body":"I have to add that book to my"},{"speaker":"Average Joe Finances","startTime":2096.524,"endTime":2099.404,"body":"list, so thank you for that."},{"speaker":"Average Joe Finances","startTime":2099.445,"endTime":2103.945,"body":"Okay, so that is it for the final round,"},{"speaker":"Average Joe Finances","startTime":2099.445,"endTime":2103.945,"body":"Robert, but I do have one more question"},{"speaker":"Average Joe Finances","startTime":2103.95,"endTime":2107.545,"body":"for you, and it is the most important"},{"speaker":"Average Joe Finances","startTime":2103.95,"endTime":2107.545,"body":"question of all because the stuff that"},{"speaker":"Average Joe Finances","startTime":2107.545,"endTime":2111.075,"body":"we've been talking about today I feel"},{"speaker":"Average Joe Finances","startTime":2107.545,"endTime":2111.075,"body":"like you've really given us some really"},{"speaker":"Average Joe Finances","startTime":2111.08,"endTime":2115.785,"body":"great information and some great examples"},{"speaker":"Average Joe Finances","startTime":2111.08,"endTime":2115.785,"body":"of real world scenarios that you've"},{"speaker":"Average Joe Finances","startTime":2115.785,"endTime":2120.114,"body":"seen and dealt with when it comes to"},{"speaker":"Average Joe Finances","startTime":2115.785,"endTime":2120.114,"body":"fraud and scammers and things like that."},{"speaker":"Average Joe Finances","startTime":2120.114,"endTime":2122.104,"body":"So I really appreciate that."},{"speaker":"Average Joe Finances","startTime":2122.176,"endTime":2126.016,"body":"So my listeners are probably like, Hey,"},{"speaker":"Average Joe Finances","startTime":2122.176,"endTime":2126.016,"body":"I wanna know more about what Robert's"},{"speaker":"Average Joe Finances","startTime":2126.016,"endTime":2129.939,"body":"doing and more about just Robert in"},{"speaker":"Average Joe Finances","startTime":2126.016,"endTime":2129.939,"body":"general and the services he provides."},{"speaker":"Average Joe Finances","startTime":2129.939,"endTime":2131.589,"body":"So where can people find that?"},{"speaker":"Average Joe Finances","startTime":2131.589,"endTime":2134.109,"body":"Do you have a website, social"},{"speaker":"Average Joe Finances","startTime":2131.589,"endTime":2134.109,"body":"media, anything like that people"},{"speaker":"Average Joe Finances","startTime":2134.114,"endTime":2135.538,"body":"can follow and check you out?"},{"speaker":"Robert Persichitte","startTime":2135.638,"endTime":2139.271,"body":"Yeah, the best"},{"speaker":"Robert Persichitte","startTime":2135.638,"endTime":2139.271,"body":"place to go is gonna be delagify.com."},{"speaker":"Robert Persichitte","startTime":2139.291,"endTime":2142.901,"body":"That's D E L A G I F Y .com."},{"speaker":"Robert Persichitte","startTime":2142.921,"endTime":2147.977,"body":"You can sign up for our newsletter,"},{"speaker":"Robert Persichitte","startTime":2142.921,"endTime":2147.977,"body":"get posts about prevailing issues,"},{"speaker":"Robert Persichitte","startTime":2147.982,"endTime":2154.239,"body":"prevailing topics related to"},{"speaker":"Robert Persichitte","startTime":2147.982,"endTime":2154.239,"body":"investing related to taxes, and learn"},{"speaker":"Robert Persichitte","startTime":2154.239,"endTime":2156.312,"body":"more about not getting ripped off."},{"speaker":"Robert Persichitte","startTime":2156.312,"endTime":2157.452,"body":"Let learn more about keeping your."},{"speaker":"Average Joe Finances","startTime":2157.652,"endTime":2159.632,"body":"Awesome,"},{"speaker":"Average Joe Finances","startTime":2157.652,"endTime":2159.632,"body":"Robert, thank you so much for that."},{"speaker":"Average Joe Finances","startTime":2159.632,"endTime":2163.482,"body":"So everybody that's listening, I will"},{"speaker":"Average Joe Finances","startTime":2159.632,"endTime":2163.482,"body":"have his links and the show notes for you."},{"speaker":"Average Joe Finances","startTime":2163.769,"endTime":2165.839,"body":"So you can just go copy"},{"speaker":"Average Joe Finances","startTime":2163.769,"endTime":2165.839,"body":"and paste and click away."},{"speaker":"Average Joe Finances","startTime":2165.839,"endTime":2168.805,"body":"Again, don't do it while you're driving"},{"speaker":"Average Joe Finances","startTime":2165.839,"endTime":2168.805,"body":"but, make it easy for you to find"},{"speaker":"Average Joe Finances","startTime":2168.81,"endTime":2170.518,"body":"Robert and and see what he's all about."},{"speaker":"Average Joe Finances","startTime":2170.518,"endTime":2173.838,"body":"So again, Robert, thank you so"},{"speaker":"Average Joe Finances","startTime":2170.518,"endTime":2173.838,"body":"much for taking time out to your"},{"speaker":"Average Joe Finances","startTime":2173.838,"endTime":2175.118,"body":"day to come chat with us today."},{"speaker":"Robert Persichitte","startTime":2175.728,"endTime":2176.338,"body":"Happy to here."},{"speaker":"Average Joe Finances","startTime":2176.808,"endTime":2178.953,"body":"Absolutely"},{"speaker":"Average Joe Finances","startTime":2176.808,"endTime":2178.953,"body":"and hey, to my listeners, thank"},{"speaker":"Average Joe Finances","startTime":2178.953,"endTime":2183.073,"body":"you so much for joining me and our"},{"speaker":"Average Joe Finances","startTime":2178.953,"endTime":2183.073,"body":"special guest, Robert Persichitte,"},{"speaker":"Average Joe Finances","startTime":2183.273,"endTime":2185.253,"body":"on the Average Joe Finances Podcast."},{"speaker":"Average Joe Finances","startTime":2185.253,"endTime":2187.563,"body":"Go leave us a five star review"},{"speaker":"Average Joe Finances","startTime":2185.253,"endTime":2187.563,"body":"and tell us what you liked"},{"speaker":"Average Joe Finances","startTime":2187.563,"endTime":2189.933,"body":"about this episode with Robert."},{"speaker":"Average Joe Finances","startTime":2190.263,"endTime":2192.873,"body":"Aloha from Hawaii and have"},{"speaker":"Average Joe Finances","startTime":2190.263,"endTime":2192.873,"body":"a great rest of your day."}]}