{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":0.2,"endTime":2.87,"body":"Hey, welcome back"},{"speaker":"Average Joe Finances","startTime":0.2,"endTime":2.87,"body":"to the average Joe Finances podcast."},{"speaker":"Average Joe Finances","startTime":2.9,"endTime":6.949,"body":"I'm your host, Mike Cavaggioni and"},{"speaker":"Average Joe Finances","startTime":2.9,"endTime":6.949,"body":"today's guest is Gil Baumgarten."},{"speaker":"Average Joe Finances","startTime":6.949,"endTime":10.725,"body":"So Gil, super excited to have you on the"},{"speaker":"Average Joe Finances","startTime":6.949,"endTime":10.725,"body":"show and thank you for joining me today."},{"speaker":"Gil Baumgarten","startTime":10.733,"endTime":11.483,"body":"Thanks for having me."},{"speaker":"Gil Baumgarten","startTime":11.483,"endTime":12.293,"body":"Glad to be here."},{"speaker":"Average Joe Finances","startTime":12.623,"endTime":13.373,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":13.373,"endTime":18.033,"body":"Hey, I want to kick things off the"},{"speaker":"Average Joe Finances","startTime":13.373,"endTime":18.033,"body":"same way I start every podcast episode,"},{"speaker":"Average Joe Finances","startTime":18.363,"endTime":19.743,"body":"and we wanna know more about you."},{"speaker":"Average Joe Finances","startTime":19.743,"endTime":22.653,"body":"You can go as far in depth as"},{"speaker":"Average Joe Finances","startTime":19.743,"endTime":22.653,"body":"you want into your background"},{"speaker":"Average Joe Finances","startTime":22.653,"endTime":23.973,"body":"or as little as you wanna share."},{"speaker":"Average Joe Finances","startTime":23.992,"endTime":26.678,"body":"It's all good for us, but we wanna"},{"speaker":"Average Joe Finances","startTime":23.992,"endTime":26.678,"body":"know a little bit more about you."},{"speaker":"Average Joe Finances","startTime":26.678,"endTime":28.721,"body":"So if you could share yourself"},{"speaker":"Average Joe Finances","startTime":26.678,"endTime":28.721,"body":"share a little bit about"},{"speaker":"Average Joe Finances","startTime":28.751,"endTime":29.771,"body":"yourself, share your story."},{"speaker":"Average Joe Finances","startTime":30.071,"endTime":31.591,"body":"Who is Gil Baumgarten?"},{"speaker":"Gil Baumgarten","startTime":31.641,"endTime":34.251,"body":"So from a"},{"speaker":"Gil Baumgarten","startTime":31.641,"endTime":34.251,"body":"business standpoint, I got into"},{"speaker":"Gil Baumgarten","startTime":34.251,"endTime":36.501,"body":"the brokerage business in 1984."},{"speaker":"Gil Baumgarten","startTime":36.572,"endTime":41.282,"body":"Stayed for 15 years at what"},{"speaker":"Gil Baumgarten","startTime":36.572,"endTime":41.282,"body":"ultimately became Smith Barney."},{"speaker":"Gil Baumgarten","startTime":41.287,"endTime":43.622,"body":"I originally started at a"},{"speaker":"Gil Baumgarten","startTime":41.287,"endTime":43.622,"body":"company called EF Hutton."},{"speaker":"Gil Baumgarten","startTime":43.982,"endTime":48.512,"body":"I moved to Payne Weber in 2000 and"},{"speaker":"Gil Baumgarten","startTime":43.982,"endTime":48.512,"body":"stayed for another 10 years there."},{"speaker":"Gil Baumgarten","startTime":48.782,"endTime":51.002,"body":"Payne Weber became UBS in the meantime."},{"speaker":"Gil Baumgarten","startTime":51.002,"endTime":53.912,"body":"So that's my 25 years on Wall Street."},{"speaker":"Gil Baumgarten","startTime":54.302,"endTime":57.522,"body":"I didn't really like, the way"},{"speaker":"Gil Baumgarten","startTime":54.302,"endTime":57.522,"body":"those firms handled their business."},{"speaker":"Gil Baumgarten","startTime":57.522,"endTime":61.782,"body":"And I decided to switch to a"},{"speaker":"Gil Baumgarten","startTime":57.522,"endTime":61.782,"body":"fiduciary business model where"},{"speaker":"Gil Baumgarten","startTime":62.022,"endTime":66.754,"body":"it's a client advocacy mindset as"},{"speaker":"Gil Baumgarten","startTime":62.022,"endTime":66.754,"body":"opposed to selling products and"},{"speaker":"Gil Baumgarten","startTime":66.754,"endTime":68.884,"body":"services to clients for a commission."},{"speaker":"Gil Baumgarten","startTime":69.154,"endTime":71.581,"body":"It's just a different kind"},{"speaker":"Gil Baumgarten","startTime":69.154,"endTime":71.581,"body":"of of a business model."},{"speaker":"Gil Baumgarten","startTime":71.731,"endTime":73.081,"body":"And I did that 12 years ago."},{"speaker":"Gil Baumgarten","startTime":73.651,"endTime":77.638,"body":"I have raised a little over a"},{"speaker":"Gil Baumgarten","startTime":73.651,"endTime":77.638,"body":"billion dollars from 200 investors"},{"speaker":"Gil Baumgarten","startTime":77.638,"endTime":81.358,"body":"that basically have me establish"},{"speaker":"Gil Baumgarten","startTime":77.638,"endTime":81.358,"body":"their investment plans and go out"},{"speaker":"Gil Baumgarten","startTime":81.358,"endTime":83.548,"body":"and execute their plans for them."},{"speaker":"Gil Baumgarten","startTime":83.878,"endTime":87.628,"body":"We have a tax centric kind of a"},{"speaker":"Gil Baumgarten","startTime":83.878,"endTime":87.628,"body":"mindset with the way we do that."},{"speaker":"Gil Baumgarten","startTime":87.988,"endTime":91.242,"body":"And anyhow, I have nine"},{"speaker":"Gil Baumgarten","startTime":87.988,"endTime":91.242,"body":"employees and I run it."},{"speaker":"Gil Baumgarten","startTime":91.393,"endTime":92.013,"body":"I ran like that."},{"speaker":"Average Joe Finances","startTime":92.243,"endTime":93.35,"body":"All"},{"speaker":"Average Joe Finances","startTime":92.243,"endTime":93.35,"body":"right awesome background."},{"speaker":"Average Joe Finances","startTime":93.35,"endTime":95.133,"body":"A lot of experience there, right?"},{"speaker":"Average Joe Finances","startTime":95.133,"endTime":98.95,"body":"25 years on Wall Street working for"},{"speaker":"Average Joe Finances","startTime":95.133,"endTime":98.95,"body":"those other management companies before"},{"speaker":"Average Joe Finances","startTime":98.95,"endTime":102.946,"body":"you branched off to your, to do your own"},{"speaker":"Average Joe Finances","startTime":98.95,"endTime":102.946,"body":"thing and be more of a fiduciary versus."},{"speaker":"Gil Baumgarten","startTime":102.951,"endTime":103.226,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":103.556,"endTime":103.796,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":103.826,"endTime":107.29,"body":"Versus selling products that would,"},{"speaker":"Average Joe Finances","startTime":103.826,"endTime":107.29,"body":"get you based off commission."},{"speaker":"Average Joe Finances","startTime":107.53,"endTime":111.415,"body":"So being a fiduciary are you"},{"speaker":"Average Joe Finances","startTime":107.53,"endTime":111.415,"body":"now, do you do like fee only?"},{"speaker":"Average Joe Finances","startTime":111.475,"endTime":112.305,"body":"Is that how you do it?"},{"speaker":"Gil Baumgarten","startTime":112.305,"endTime":112.625,"body":"Yeah, fee."},{"speaker":"Gil Baumgarten","startTime":112.63,"endTime":113.305,"body":"It's fee only."},{"speaker":"Gil Baumgarten","startTime":113.31,"endTime":119.035,"body":"I'm not registered for any kind of side"},{"speaker":"Gil Baumgarten","startTime":113.31,"endTime":119.035,"body":"money or commission compensation at all."},{"speaker":"Gil Baumgarten","startTime":119.035,"endTime":120.745,"body":"It's strictly off limits."},{"speaker":"Gil Baumgarten","startTime":120.945,"endTime":123.735,"body":"Yeah, so we charge clients a"},{"speaker":"Gil Baumgarten","startTime":120.945,"endTime":123.735,"body":"percentage of their assets."},{"speaker":"Gil Baumgarten","startTime":123.885,"endTime":127.761,"body":"Sometimes we charge hard dollar fees"},{"speaker":"Gil Baumgarten","startTime":123.885,"endTime":127.761,"body":"where, our client will ask us to work"},{"speaker":"Gil Baumgarten","startTime":127.761,"endTime":131.301,"body":"on a particular project and we'll just"},{"speaker":"Gil Baumgarten","startTime":127.761,"endTime":131.301,"body":"charge them a separate fee for that."},{"speaker":"Gil Baumgarten","startTime":131.403,"endTime":132.966,"body":"So that's how it operates."},{"speaker":"Gil Baumgarten","startTime":133.176,"endTime":137.826,"body":"In your listeners may not know"},{"speaker":"Gil Baumgarten","startTime":133.176,"endTime":137.826,"body":"this, but in the advice delivery"},{"speaker":"Gil Baumgarten","startTime":138.156,"endTime":142.626,"body":"business, you really have two"},{"speaker":"Gil Baumgarten","startTime":138.156,"endTime":142.626,"body":"ways to deliver that advice, and"},{"speaker":"Gil Baumgarten","startTime":142.626,"endTime":144.066,"body":"it's based on how you get paid."},{"speaker":"Gil Baumgarten","startTime":144.336,"endTime":148.386,"body":"Anybody can give investment"},{"speaker":"Gil Baumgarten","startTime":144.336,"endTime":148.386,"body":"advice to anybody else as long as"},{"speaker":"Gil Baumgarten","startTime":148.386,"endTime":149.646,"body":"they're not getting paid for it."},{"speaker":"Gil Baumgarten","startTime":149.856,"endTime":153.276,"body":"If you're getting paid for it, you're"},{"speaker":"Gil Baumgarten","startTime":149.856,"endTime":153.276,"body":"forced into making one of two choices."},{"speaker":"Gil Baumgarten","startTime":153.576,"endTime":157.386,"body":"You either have to have a series seven"},{"speaker":"Gil Baumgarten","startTime":153.576,"endTime":157.386,"body":"registration and work for a brokerage"},{"speaker":"Gil Baumgarten","startTime":157.386,"endTime":162.711,"body":"firm and get paid commissions from that"},{"speaker":"Gil Baumgarten","startTime":157.386,"endTime":162.711,"body":"brokerage firm, or you cannot work for a"},{"speaker":"Gil Baumgarten","startTime":162.716,"endTime":167.301,"body":"brokerage firm and you register with the"},{"speaker":"Gil Baumgarten","startTime":162.716,"endTime":167.301,"body":"SEC and then you have to be a fiduciary."},{"speaker":"Gil Baumgarten","startTime":167.631,"endTime":172.401,"body":"And those were the only two paths, and"},{"speaker":"Gil Baumgarten","startTime":167.631,"endTime":172.401,"body":"I just found too many cross currents"},{"speaker":"Gil Baumgarten","startTime":172.581,"endTime":176.524,"body":"that I couldn't navigate in things"},{"speaker":"Gil Baumgarten","startTime":172.581,"endTime":176.524,"body":"that I wanted to do for clients that."},{"speaker":"Gil Baumgarten","startTime":176.524,"endTime":180.715,"body":"Were not allowed to be done in the way I"},{"speaker":"Gil Baumgarten","startTime":176.524,"endTime":180.715,"body":"wanted to do it on a brokerage platform."},{"speaker":"Gil Baumgarten","startTime":180.915,"endTime":185.385,"body":"They had lanes they want their advisors"},{"speaker":"Gil Baumgarten","startTime":180.915,"endTime":185.385,"body":"to stay in, and those lanes don't always"},{"speaker":"Gil Baumgarten","startTime":185.385,"endTime":189.615,"body":"benefit the client, and that's where we"},{"speaker":"Gil Baumgarten","startTime":185.385,"endTime":189.615,"body":"would get into Lockhorns over the way"},{"speaker":"Gil Baumgarten","startTime":189.615,"endTime":191.385,"body":"we were gonna solve particular problems."},{"speaker":"Average Joe Finances","startTime":191.585,"endTime":192.575,"body":"Yeah, that's fantastic."},{"speaker":"Average Joe Finances","startTime":192.575,"endTime":196.584,"body":"I've had a couple financial advisors"},{"speaker":"Average Joe Finances","startTime":192.575,"endTime":196.584,"body":"on the show that are also fee-based and"},{"speaker":"Average Joe Finances","startTime":196.584,"endTime":201.264,"body":"fiduciaries, and that's one, one of the"},{"speaker":"Average Joe Finances","startTime":196.584,"endTime":201.264,"body":"things I appreciate about you guys is how"},{"speaker":"Average Joe Finances","startTime":201.294,"endTime":203.244,"body":"you actually put the client first, right?"},{"speaker":"Average Joe Finances","startTime":203.244,"endTime":208.124,"body":"You're like, Hey, I, your best interest"},{"speaker":"Average Joe Finances","startTime":203.244,"endTime":208.124,"body":"is what we have in mind, right?"},{"speaker":"Average Joe Finances","startTime":208.124,"endTime":210.404,"body":"It's what we wanna do and make"},{"speaker":"Average Joe Finances","startTime":208.124,"endTime":210.404,"body":"sure that we're taking care of you."},{"speaker":"Average Joe Finances","startTime":210.674,"endTime":214.784,"body":"Make sure your accounts are following"},{"speaker":"Average Joe Finances","startTime":210.674,"endTime":214.784,"body":"your plan the way that you want it set up."},{"speaker":"Average Joe Finances","startTime":215.034,"endTime":218.529,"body":"And that you're advising them"},{"speaker":"Average Joe Finances","startTime":215.034,"endTime":218.529,"body":"based on, what's best for them."},{"speaker":"Gil Baumgarten","startTime":218.679,"endTime":218.859,"body":"Right."},{"speaker":"Average Joe Finances","startTime":218.859,"endTime":220.509,"body":"Versus what's best for you."},{"speaker":"Gil Baumgarten","startTime":220.629,"endTime":221.109,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":221.124,"endTime":222.199,"body":"For your pockets, right?"},{"speaker":"Gil Baumgarten","startTime":222.199,"endTime":224.569,"body":"And in the brokerage"},{"speaker":"Gil Baumgarten","startTime":222.199,"endTime":224.569,"body":"business you run across in the"},{"speaker":"Gil Baumgarten","startTime":224.569,"endTime":227.899,"body":"brokerage business, you run across"},{"speaker":"Gil Baumgarten","startTime":224.569,"endTime":227.899,"body":"those issues all the time, right?"},{"speaker":"Gil Baumgarten","startTime":227.959,"endTime":228.379,"body":"And."},{"speaker":"Gil Baumgarten","startTime":228.789,"endTime":231.879,"body":"Can pretty much navigate about 90% of it."},{"speaker":"Gil Baumgarten","startTime":231.958,"endTime":236.379,"body":"And when your business is small, the"},{"speaker":"Gil Baumgarten","startTime":231.958,"endTime":236.379,"body":"other 10%, eh, you can deal with it."},{"speaker":"Gil Baumgarten","startTime":236.415,"endTime":239.99,"body":"I had several hundred million of my"},{"speaker":"Gil Baumgarten","startTime":236.415,"endTime":239.99,"body":"client money and I kept running into"},{"speaker":"Gil Baumgarten","startTime":239.99,"endTime":243.96,"body":"these issues that it just wasn't the"},{"speaker":"Gil Baumgarten","startTime":239.99,"endTime":243.96,"body":"right way to solve their problems."},{"speaker":"Gil Baumgarten","startTime":244.29,"endTime":249.09,"body":"And so I just decided to chuck the"},{"speaker":"Gil Baumgarten","startTime":244.29,"endTime":249.09,"body":"whole thing and tell people I rolled"},{"speaker":"Gil Baumgarten","startTime":249.095,"endTime":251.85,"body":"all my oranges out on the street and"},{"speaker":"Gil Baumgarten","startTime":249.095,"endTime":251.85,"body":"I had to get them back in my cart."},{"speaker":"Gil Baumgarten","startTime":252.27,"endTime":255.17,"body":"And so that's what it was, is"},{"speaker":"Gil Baumgarten","startTime":252.27,"endTime":255.17,"body":"trying to tell my clients about a"},{"speaker":"Gil Baumgarten","startTime":255.41,"endTime":260.652,"body":"new way of doing it and it lowered"},{"speaker":"Gil Baumgarten","startTime":255.41,"endTime":260.652,"body":"all of their costs and it really"},{"speaker":"Gil Baumgarten","startTime":260.652,"endTime":262.572,"body":"made life much better for them too."},{"speaker":"Gil Baumgarten","startTime":262.572,"endTime":266.352,"body":"And then they started referring all their"},{"speaker":"Gil Baumgarten","startTime":262.572,"endTime":266.352,"body":"friends and relatives and that's how a"},{"speaker":"Gil Baumgarten","startTime":266.393,"endTime":271.494,"body":"250 million business at inception, 10 or"},{"speaker":"Gil Baumgarten","startTime":266.393,"endTime":271.494,"body":"11 years, actually 12 years later, can"},{"speaker":"Gil Baumgarten","startTime":271.494,"endTime":275.814,"body":"now be a billion and three you don't do"},{"speaker":"Gil Baumgarten","startTime":271.494,"endTime":275.814,"body":"that without advocates out there for you"},{"speaker":"Gil Baumgarten","startTime":275.994,"endTime":280.704,"body":"telling their friends and associates about"},{"speaker":"Gil Baumgarten","startTime":275.994,"endTime":280.704,"body":"the differences between the way we do used"},{"speaker":"Gil Baumgarten","startTime":280.704,"endTime":282.179,"body":"to do things and the way we do it today."},{"speaker":"Average Joe Finances","startTime":282.749,"endTime":283.439,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":283.489,"endTime":285.087,"body":"It's building that reputation, right?"},{"speaker":"Average Joe Finances","startTime":285.087,"endTime":288.862,"body":"And you get that word of mouth out"},{"speaker":"Average Joe Finances","startTime":285.087,"endTime":288.862,"body":"there by saying, Hey, we switched"},{"speaker":"Average Joe Finances","startTime":288.867,"endTime":292.522,"body":"up how we're doing things and now"},{"speaker":"Average Joe Finances","startTime":288.867,"endTime":292.522,"body":"we're working with a, an advisor"},{"speaker":"Average Joe Finances","startTime":292.527,"endTime":294.982,"body":"that has our best interest at heart."},{"speaker":"Average Joe Finances","startTime":295.008,"endTime":296.307,"body":"And, let me tell you about it."},{"speaker":"Gil Baumgarten","startTime":296.357,"endTime":296.447,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":296.447,"endTime":298.637,"body":"That kind"},{"speaker":"Average Joe Finances","startTime":296.447,"endTime":298.637,"body":"of grassroots momentum that you"},{"speaker":"Average Joe Finances","startTime":298.637,"endTime":302.385,"body":"get when you have that positive"},{"speaker":"Average Joe Finances","startTime":298.637,"endTime":302.385,"body":"outreach is absolutely amazing."},{"speaker":"Gil Baumgarten","startTime":302.422,"endTime":302.702,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":302.802,"endTime":302.982,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":302.982,"endTime":304.812,"body":"So actually I wanna"},{"speaker":"Average Joe Finances","startTime":302.982,"endTime":304.812,"body":"talk to you about that."},{"speaker":"Average Joe Finances","startTime":304.817,"endTime":307.337,"body":"Like, when it comes to the people"},{"speaker":"Average Joe Finances","startTime":304.817,"endTime":307.337,"body":"that you help, the people that"},{"speaker":"Average Joe Finances","startTime":307.337,"endTime":310.173,"body":"you advise and they're working"},{"speaker":"Average Joe Finances","startTime":307.337,"endTime":310.173,"body":"on building their wealth, right?"},{"speaker":"Average Joe Finances","startTime":310.173,"endTime":313.323,"body":"So how is it that, that"},{"speaker":"Average Joe Finances","startTime":310.173,"endTime":313.323,"body":"they can go about doing it?"},{"speaker":"Average Joe Finances","startTime":313.357,"endTime":316.057,"body":"Is there a certain discipline"},{"speaker":"Average Joe Finances","startTime":313.357,"endTime":316.057,"body":"level that's needed?"},{"speaker":"Average Joe Finances","startTime":316.083,"endTime":318.565,"body":"What is that like for people to"},{"speaker":"Average Joe Finances","startTime":316.083,"endTime":318.565,"body":"start building their wealth with you?"},{"speaker":"Gil Baumgarten","startTime":319.254,"endTime":322.314,"body":"You mean, is there a"},{"speaker":"Gil Baumgarten","startTime":319.254,"endTime":322.314,"body":"certain discipline that's different"},{"speaker":"Gil Baumgarten","startTime":322.314,"endTime":325.464,"body":"on the fiduciary platform than it"},{"speaker":"Gil Baumgarten","startTime":322.314,"endTime":325.464,"body":"would be on a brokerage platform?"},{"speaker":"Average Joe Finances","startTime":325.469,"endTime":325.654,"body":"Yes."},{"speaker":"Gil Baumgarten","startTime":325.654,"endTime":325.894,"body":"Or is."},{"speaker":"Average Joe Finances","startTime":325.899,"endTime":326.694,"body":"Yes, absolutely."},{"speaker":"Gil Baumgarten","startTime":326.694,"endTime":328.089,"body":"What kinda"},{"speaker":"Gil Baumgarten","startTime":326.694,"endTime":328.089,"body":"discipline do investors?"},{"speaker":"Average Joe Finances","startTime":328.219,"endTime":328.349,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":328.349,"endTime":329.844,"body":"What kind of difference would that be?"},{"speaker":"Average Joe Finances","startTime":329.863,"endTime":333.894,"body":"If somebody's working on the brokerage"},{"speaker":"Average Joe Finances","startTime":329.863,"endTime":333.894,"body":"platform right, and then they switch over"},{"speaker":"Average Joe Finances","startTime":333.899,"endTime":336.954,"body":"to the fiduciary platform and they're"},{"speaker":"Average Joe Finances","startTime":333.899,"endTime":336.954,"body":"working with somebody that has their"},{"speaker":"Average Joe Finances","startTime":336.954,"endTime":340.464,"body":"best interest, what kind of discipline"},{"speaker":"Average Joe Finances","startTime":336.954,"endTime":340.464,"body":"is needed for them at that point?"},{"speaker":"Gil Baumgarten","startTime":340.584,"endTime":340.84,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":340.87,"endTime":342.46,"body":"Because"},{"speaker":"Average Joe Finances","startTime":340.87,"endTime":342.46,"body":"cause on the brokerage platform,"},{"speaker":"Average Joe Finances","startTime":342.46,"endTime":343.69,"body":"it's pretty much like here it's."},{"speaker":"Average Joe Finances","startTime":343.857,"endTime":345.927,"body":"You're buying this product"},{"speaker":"Average Joe Finances","startTime":343.857,"endTime":345.927,"body":"and that's it, right?"},{"speaker":"Gil Baumgarten","startTime":346.047,"endTime":346.227,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":346.257,"endTime":348.473,"body":"Where with,"},{"speaker":"Average Joe Finances","startTime":346.257,"endTime":348.473,"body":"somebody that's a fiduciary that's"},{"speaker":"Average Joe Finances","startTime":348.953,"endTime":352.815,"body":"actively working with you to help"},{"speaker":"Average Joe Finances","startTime":348.953,"endTime":352.815,"body":"you build your wealth, what, there's"},{"speaker":"Average Joe Finances","startTime":353.045,"endTime":354.375,"body":"a difference in that mentality."},{"speaker":"Gil Baumgarten","startTime":354.375,"endTime":354.435,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":354.655,"endTime":355.805,"body":"On the investor side."},{"speaker":"Gil Baumgarten","startTime":355.805,"endTime":358.126,"body":"I'll give you"},{"speaker":"Gil Baumgarten","startTime":355.805,"endTime":358.126,"body":"a couple of specific examples."},{"speaker":"Gil Baumgarten","startTime":358.212,"endTime":364.032,"body":"In the investment world being a broker,"},{"speaker":"Gil Baumgarten","startTime":358.212,"endTime":364.032,"body":"let's say my firm might do a deal with"},{"speaker":"Gil Baumgarten","startTime":364.602,"endTime":370.272,"body":"AT\u0026T and it would be a structured note"},{"speaker":"Gil Baumgarten","startTime":364.602,"endTime":370.272,"body":"that said, if AT\u0026T's share price does"},{"speaker":"Gil Baumgarten","startTime":370.272,"endTime":374.922,"body":"this or that between these dates, then"},{"speaker":"Gil Baumgarten","startTime":370.272,"endTime":374.922,"body":"I would get this guaranteed return"},{"speaker":"Gil Baumgarten","startTime":375.042,"endTime":380.037,"body":"and it would be a note issued by"},{"speaker":"Gil Baumgarten","startTime":375.042,"endTime":380.037,"body":"Merrill Lynch or UBS or whatever else."},{"speaker":"Gil Baumgarten","startTime":380.097,"endTime":382.287,"body":"And so there might be a three or four."},{"speaker":"Gil Baumgarten","startTime":382.667,"endTime":384.887,"body":"Commission built into that vehicle."},{"speaker":"Gil Baumgarten","startTime":384.887,"endTime":390.047,"body":"So a client puts $10,000 in it and the"},{"speaker":"Gil Baumgarten","startTime":384.887,"endTime":390.047,"body":"broker would earn three or 4% of that."},{"speaker":"Gil Baumgarten","startTime":390.467,"endTime":394.007,"body":"Now, contrast that with the way"},{"speaker":"Gil Baumgarten","startTime":390.467,"endTime":394.007,"body":"a fiduciary would address that."},{"speaker":"Gil Baumgarten","startTime":394.307,"endTime":400.287,"body":"You could actually create, in almost all"},{"speaker":"Gil Baumgarten","startTime":394.307,"endTime":400.287,"body":"of those circumstances, an AT\u0026T synthetic"},{"speaker":"Gil Baumgarten","startTime":400.287,"endTime":406.827,"body":"long position with options that would have"},{"speaker":"Gil Baumgarten","startTime":400.287,"endTime":406.827,"body":"the near, exact same characteristics and"},{"speaker":"Gil Baumgarten","startTime":406.827,"endTime":412.292,"body":"the client could make that transaction"},{"speaker":"Gil Baumgarten","startTime":406.827,"endTime":412.292,"body":"for less than three-tenths of 1%."},{"speaker":"Gil Baumgarten","startTime":412.292,"endTime":417.062,"body":"So the commissions that are embedded in"},{"speaker":"Gil Baumgarten","startTime":412.292,"endTime":417.062,"body":"a structured product are almost always"},{"speaker":"Gil Baumgarten","startTime":417.762,"endTime":421.772,"body":"multiples bigger than the exact same"},{"speaker":"Gil Baumgarten","startTime":417.762,"endTime":421.772,"body":"thing that could be created if the client"},{"speaker":"Gil Baumgarten","startTime":421.772,"endTime":425.762,"body":"really understood what the characteristics"},{"speaker":"Gil Baumgarten","startTime":421.772,"endTime":425.762,"body":"were and the other synthetic."},{"speaker":"Gil Baumgarten","startTime":425.807,"endTime":432.227,"body":"Vehicles that could mimic that and match"},{"speaker":"Gil Baumgarten","startTime":425.807,"endTime":432.227,"body":"the risk and reward without matching the"},{"speaker":"Gil Baumgarten","startTime":432.227,"endTime":435.797,"body":"cost structure of the way the brokerage"},{"speaker":"Gil Baumgarten","startTime":432.227,"endTime":435.797,"body":"firm wanted that to be promoted."},{"speaker":"Gil Baumgarten","startTime":436.007,"endTime":437.567,"body":"That would be issue number one."},{"speaker":"Gil Baumgarten","startTime":437.807,"endTime":442.307,"body":"Issue number two would be when I worked"},{"speaker":"Gil Baumgarten","startTime":437.807,"endTime":442.307,"body":"at UBS at the time, and I don't know if"},{"speaker":"Gil Baumgarten","startTime":442.307,"endTime":446.837,"body":"they still do this or not, Vanguard Mutual"},{"speaker":"Gil Baumgarten","startTime":442.307,"endTime":446.837,"body":"funds were not allowed on the flatform."},{"speaker":"Gil Baumgarten","startTime":446.96,"endTime":449.6,"body":"The reason being Vanguard is a nonprofit."},{"speaker":"Gil Baumgarten","startTime":450.017,"endTime":453.827,"body":"It's costs and expenses that"},{"speaker":"Gil Baumgarten","startTime":450.017,"endTime":453.827,"body":"they pass through to investors"},{"speaker":"Gil Baumgarten","startTime":454.127,"endTime":458.777,"body":"are a fraction of pretty much"},{"speaker":"Gil Baumgarten","startTime":454.127,"endTime":458.777,"body":"everybody else's cost structure."},{"speaker":"Gil Baumgarten","startTime":459.047,"endTime":465.497,"body":"And because Vanguard would not pay soft"},{"speaker":"Gil Baumgarten","startTime":459.047,"endTime":465.497,"body":"dollar money to the brokerage firms,"},{"speaker":"Gil Baumgarten","startTime":465.647,"endTime":467.907,"body":"they were pretty much persona non grata."},{"speaker":"Gil Baumgarten","startTime":468.063,"endTime":473.143,"body":"Additionally, Vanguard does not put 12B-1"},{"speaker":"Gil Baumgarten","startTime":468.063,"endTime":473.143,"body":"fees into their mutual funds that would"},{"speaker":"Gil Baumgarten","startTime":473.143,"endTime":477.783,"body":"kick back revenue to the brokerage firm"},{"speaker":"Gil Baumgarten","startTime":473.143,"endTime":477.783,"body":"that custodied it on their platform."},{"speaker":"Gil Baumgarten","startTime":477.788,"endTime":483.544,"body":"So if you buy a mutual fund from you name,"},{"speaker":"Gil Baumgarten","startTime":477.788,"endTime":483.544,"body":"it doesn't matter any of the big firms."},{"speaker":"Gil Baumgarten","startTime":483.569,"endTime":485.094,"body":"Let's call it Invesco."},{"speaker":"Gil Baumgarten","startTime":485.334,"endTime":490.404,"body":"In many cases, Invesco is gonna have"},{"speaker":"Gil Baumgarten","startTime":485.334,"endTime":490.404,"body":"a 12B-1 fee of a quarter of a percent"},{"speaker":"Gil Baumgarten","startTime":490.404,"endTime":492.384,"body":"embedded in their expense structure."},{"speaker":"Gil Baumgarten","startTime":492.624,"endTime":496.704,"body":"And if their mutual fund sits on Merrill"},{"speaker":"Gil Baumgarten","startTime":492.624,"endTime":496.704,"body":"Lynch's platform, Merrill Lynch is"},{"speaker":"Gil Baumgarten","startTime":496.704,"endTime":498.074,"body":"gonna get that quarter of a point."},{"speaker":"Gil Baumgarten","startTime":498.444,"endTime":501.564,"body":"Kicked back and it's totally"},{"speaker":"Gil Baumgarten","startTime":498.444,"endTime":501.564,"body":"invisible to the client."},{"speaker":"Gil Baumgarten","startTime":501.834,"endTime":506.304,"body":"And then that fee ends up feeding part"},{"speaker":"Gil Baumgarten","startTime":501.834,"endTime":506.304,"body":"of the ecosystem at that broker's room."},{"speaker":"Gil Baumgarten","startTime":506.345,"endTime":511.222,"body":"Vanguard does not play that game at all,"},{"speaker":"Gil Baumgarten","startTime":506.345,"endTime":511.222,"body":"and because of that, they're not known"},{"speaker":"Gil Baumgarten","startTime":511.222,"endTime":516.112,"body":"to be greasing the skids and therefore"},{"speaker":"Gil Baumgarten","startTime":511.222,"endTime":516.112,"body":"they're mutual funds are not allowed on"},{"speaker":"Gil Baumgarten","startTime":516.112,"endTime":522.232,"body":"many brokerage platforms, when in fact,"},{"speaker":"Gil Baumgarten","startTime":516.112,"endTime":522.232,"body":"an A client who has needs might, those"},{"speaker":"Gil Baumgarten","startTime":522.232,"endTime":526.912,"body":"needs might be very well served by an"},{"speaker":"Gil Baumgarten","startTime":522.232,"endTime":526.912,"body":"extremely low cost mutual fund, such"},{"speaker":"Gil Baumgarten","startTime":526.917,"endTime":531.352,"body":"as Vanguard, where in that case, I was"},{"speaker":"Gil Baumgarten","startTime":526.917,"endTime":531.352,"body":"not allowed to show that to a client."},{"speaker":"Average Joe Finances","startTime":531.482,"endTime":532.415,"body":"Yeah that's a great point."},{"speaker":"Average Joe Finances","startTime":532.415,"endTime":534.695,"body":"And that's one of the biggest"},{"speaker":"Average Joe Finances","startTime":532.415,"endTime":534.695,"body":"differences too, right?"},{"speaker":"Average Joe Finances","startTime":534.746,"endTime":538.371,"body":"You can custom build these products"},{"speaker":"Average Joe Finances","startTime":534.746,"endTime":538.371,"body":"like I was saying before, like that"},{"speaker":"Average Joe Finances","startTime":538.371,"endTime":541.826,"body":"has your client's best interest"},{"speaker":"Average Joe Finances","startTime":538.371,"endTime":541.826,"body":"at heart for what it is, what risk"},{"speaker":"Average Joe Finances","startTime":541.826,"endTime":544.916,"body":"they're willing to take, and what it"},{"speaker":"Average Joe Finances","startTime":541.826,"endTime":544.916,"body":"is that they're trying to do with their"},{"speaker":"Average Joe Finances","startTime":544.916,"endTime":546.505,"body":"money before they invest it, versus."},{"speaker":"Gil Baumgarten","startTime":546.505,"endTime":546.715,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":547.015,"endTime":547.595,"body":"Having to go."},{"speaker":"Average Joe Finances","startTime":548.14,"endTime":553.077,"body":"Strictly into I guess  the structured"},{"speaker":"Average Joe Finances","startTime":548.14,"endTime":553.077,"body":"plan that the the brokerage has for them."},{"speaker":"Gil Baumgarten","startTime":553.08,"endTime":553.26,"body":"Yeah."},{"speaker":"Gil Baumgarten","startTime":553.307,"endTime":553.787,"body":"That's awesome."},{"speaker":"Gil Baumgarten","startTime":553.787,"endTime":558.247,"body":"And so in many cases, the broker"},{"speaker":"Gil Baumgarten","startTime":553.787,"endTime":558.247,"body":"does is put in the position of BA"},{"speaker":"Gil Baumgarten","startTime":558.277,"endTime":561.037,"body":"basically being a money harvester."},{"speaker":"Gil Baumgarten","startTime":561.672,"endTime":564.792,"body":"From their friends and"},{"speaker":"Gil Baumgarten","startTime":561.672,"endTime":564.792,"body":"associates in the community."},{"speaker":"Gil Baumgarten","startTime":564.972,"endTime":568.332,"body":"And then they plug that into a"},{"speaker":"Gil Baumgarten","startTime":564.972,"endTime":568.332,"body":"system and the brokerage firm"},{"speaker":"Gil Baumgarten","startTime":568.332,"endTime":569.772,"body":"wants to take it from here."},{"speaker":"Gil Baumgarten","startTime":570.042,"endTime":572.712,"body":"And many cases, there's two"},{"speaker":"Gil Baumgarten","startTime":570.042,"endTime":572.712,"body":"or three levels of fees."},{"speaker":"Gil Baumgarten","startTime":572.779,"endTime":576.924,"body":"The broker gets compensated on one"},{"speaker":"Gil Baumgarten","startTime":572.779,"endTime":576.924,"body":"level, the firm gets compensated in"},{"speaker":"Gil Baumgarten","startTime":576.924,"endTime":580.494,"body":"the split arrangement with the broker,"},{"speaker":"Gil Baumgarten","startTime":576.924,"endTime":580.494,"body":"but then the firm turns around and"},{"speaker":"Gil Baumgarten","startTime":580.754,"endTime":584.964,"body":"invests the money with other third"},{"speaker":"Gil Baumgarten","startTime":580.754,"endTime":584.964,"body":"parties that also charge fees, many"},{"speaker":"Gil Baumgarten","startTime":584.964,"endTime":586.434,"body":"of which is hidden from the client."},{"speaker":"Gil Baumgarten","startTime":586.674,"endTime":587.484,"body":"And many people."},{"speaker":"Gil Baumgarten","startTime":587.604,"endTime":592.554,"body":"Maybe even Most people believe that"},{"speaker":"Gil Baumgarten","startTime":587.604,"endTime":592.554,"body":"if a cost exists, it has to be shown"},{"speaker":"Gil Baumgarten","startTime":592.554,"endTime":594.564,"body":"on their statement as a deduction."},{"speaker":"Gil Baumgarten","startTime":594.804,"endTime":598.374,"body":"So if you have a hundred thousand"},{"speaker":"Gil Baumgarten","startTime":594.804,"endTime":598.374,"body":"dollars account and a thousand dollars"},{"speaker":"Gil Baumgarten","startTime":598.374,"endTime":602.29,"body":"fee was charged, most people think"},{"speaker":"Gil Baumgarten","startTime":598.374,"endTime":602.29,"body":"they're gonna have to show that to"},{"speaker":"Gil Baumgarten","startTime":602.29,"endTime":604.016,"body":"me as a lion item on my statement."},{"speaker":"Gil Baumgarten","startTime":604.016,"endTime":604.338,"body":"Nope."},{"speaker":"Gil Baumgarten","startTime":604.668,"endTime":608.358,"body":"That rule only exists if you're"},{"speaker":"Gil Baumgarten","startTime":604.668,"endTime":608.358,"body":"doing business with somebody like me."},{"speaker":"Gil Baumgarten","startTime":608.628,"endTime":612.073,"body":"All of my compensation has to be"},{"speaker":"Gil Baumgarten","startTime":608.628,"endTime":612.073,"body":"shown as a line item on a statement."},{"speaker":"Gil Baumgarten","startTime":612.191,"endTime":617.071,"body":"A brokerage could actually invest you"},{"speaker":"Gil Baumgarten","startTime":612.191,"endTime":617.071,"body":"in a vehicle that deducted the thousand"},{"speaker":"Gil Baumgarten","startTime":617.076,"endTime":621.281,"body":"dollars from the a hundred thousand"},{"speaker":"Gil Baumgarten","startTime":617.076,"endTime":621.281,"body":"and just simply put a $99,000 value"},{"speaker":"Gil Baumgarten","startTime":621.286,"endTime":624.611,"body":"on your statement and the thousand"},{"speaker":"Gil Baumgarten","startTime":621.286,"endTime":624.611,"body":"dollars just completely vanished."},{"speaker":"Gil Baumgarten","startTime":624.941,"endTime":629.561,"body":"And would it end up in the ecosystem"},{"speaker":"Gil Baumgarten","startTime":624.941,"endTime":629.561,"body":"that compensated all the providers?"},{"speaker":"Gil Baumgarten","startTime":629.746,"endTime":632.407,"body":"Without the client ever"},{"speaker":"Gil Baumgarten","startTime":629.746,"endTime":632.407,"body":"knowing that money was gone."},{"speaker":"Gil Baumgarten","startTime":632.437,"endTime":636.427,"body":"Now that will show up on a disclosure"},{"speaker":"Gil Baumgarten","startTime":632.437,"endTime":636.427,"body":"document, but you would have to be"},{"speaker":"Gil Baumgarten","startTime":636.427,"endTime":640.027,"body":"going through these big documents"},{"speaker":"Gil Baumgarten","startTime":636.427,"endTime":640.027,"body":"that they know you are not going"},{"speaker":"Gil Baumgarten","startTime":640.027,"endTime":643.897,"body":"to read in order to ferret out what"},{"speaker":"Gil Baumgarten","startTime":640.027,"endTime":643.897,"body":"it is that you're actually paying."},{"speaker":"Gil Baumgarten","startTime":644.077,"endTime":648.277,"body":"And so that dark money does not"},{"speaker":"Gil Baumgarten","startTime":644.077,"endTime":648.277,"body":"exist on the fiduciary side of the"},{"speaker":"Gil Baumgarten","startTime":648.277,"endTime":651.547,"body":"business and it is prevalent on"},{"speaker":"Gil Baumgarten","startTime":648.277,"endTime":651.547,"body":"the brokerage side of the business."},{"speaker":"Average Joe Finances","startTime":652.117,"endTime":654.279,"body":"Yeah, no and"},{"speaker":"Average Joe Finances","startTime":652.117,"endTime":654.279,"body":"those are key differences that,"},{"speaker":"Average Joe Finances","startTime":654.279,"endTime":655.392,"body":"that people should understand."},{"speaker":"Average Joe Finances","startTime":655.413,"endTime":659.494,"body":"cause I have An account for my children"},{"speaker":"Average Joe Finances","startTime":655.413,"endTime":659.494,"body":"set up right now through a brokerage."},{"speaker":"Average Joe Finances","startTime":659.56,"endTime":663.121,"body":"And I do, I get those statements in"},{"speaker":"Average Joe Finances","startTime":659.56,"endTime":663.121,"body":"the mail, with the disclosures and you"},{"speaker":"Average Joe Finances","startTime":663.121,"endTime":665.851,"body":"really have to look through everything"},{"speaker":"Average Joe Finances","startTime":663.121,"endTime":665.851,"body":"before you get to the part where you"},{"speaker":"Average Joe Finances","startTime":665.851,"endTime":667.801,"body":"can actually see the fees charged."},{"speaker":"Gil Baumgarten","startTime":667.951,"endTime":668.041,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":668.131,"endTime":669.2,"body":"And"},{"speaker":"Average Joe Finances","startTime":668.131,"endTime":669.2,"body":"everything else, which."},{"speaker":"Average Joe Finances","startTime":669.27,"endTime":671.583,"body":"When you think about it you might"},{"speaker":"Average Joe Finances","startTime":669.27,"endTime":671.583,"body":"not think it's much because you're"},{"speaker":"Average Joe Finances","startTime":671.583,"endTime":674.193,"body":"saying, oh, look, I'm getting this"},{"speaker":"Average Joe Finances","startTime":671.583,"endTime":674.193,"body":"much of a percentage of a return."},{"speaker":"Average Joe Finances","startTime":674.613,"endTime":676.893,"body":"But what you're not realizing is"},{"speaker":"Average Joe Finances","startTime":674.613,"endTime":676.893,"body":"how much more you could have made"},{"speaker":"Average Joe Finances","startTime":676.893,"endTime":678.213,"body":"if you weren't paying those fees."},{"speaker":"Gil Baumgarten","startTime":678.275,"endTime":679.31,"body":"That's issue number one."},{"speaker":"Gil Baumgarten","startTime":679.31,"endTime":682.76,"body":"And people should also remember"},{"speaker":"Gil Baumgarten","startTime":679.31,"endTime":682.76,"body":"that the fees are applied to"},{"speaker":"Gil Baumgarten","startTime":682.76,"endTime":686.96,"body":"the entire dollar value of the"},{"speaker":"Gil Baumgarten","startTime":682.76,"endTime":686.96,"body":"investment, not to the return portion."},{"speaker":"Gil Baumgarten","startTime":687.2,"endTime":689.837,"body":"And there's a lot of confusion"},{"speaker":"Gil Baumgarten","startTime":687.2,"endTime":689.837,"body":"where somebody says I'm making"},{"speaker":"Gil Baumgarten","startTime":689.837,"endTime":692.687,"body":"8% and I'm only paying 1%."},{"speaker":"Gil Baumgarten","startTime":693.247,"endTime":695.587,"body":"That's not 1% of 8%."},{"speaker":"Gil Baumgarten","startTime":695.797,"endTime":697.747,"body":"That's 1% of a hundred percent."},{"speaker":"Gil Baumgarten","startTime":698.137,"endTime":701.917,"body":"And if that is one percentage point,"},{"speaker":"Gil Baumgarten","startTime":698.137,"endTime":701.917,"body":"that's 12 and a half percent of"},{"speaker":"Gil Baumgarten","startTime":701.917,"endTime":704.047,"body":"your return that goes to that fee."},{"speaker":"Gil Baumgarten","startTime":704.047,"endTime":706.867,"body":"And then that fee repeats itself"},{"speaker":"Gil Baumgarten","startTime":704.047,"endTime":706.867,"body":"every year, you're talking"},{"speaker":"Gil Baumgarten","startTime":706.867,"endTime":709.207,"body":"about a 30 or 40 years later."},{"speaker":"Gil Baumgarten","startTime":709.207,"endTime":713.407,"body":"There's a dramatic difference between"},{"speaker":"Gil Baumgarten","startTime":709.207,"endTime":713.407,"body":"whether you're paying a one and a half"},{"speaker":"Gil Baumgarten","startTime":713.407,"endTime":717.997,"body":"percent fee or you're paying a half a"},{"speaker":"Gil Baumgarten","startTime":713.407,"endTime":717.997,"body":"percent fee, and people lose sight of"},{"speaker":"Gil Baumgarten","startTime":717.997,"endTime":719.977,"body":"that because the numbers seem so small."},{"speaker":"Gil Baumgarten","startTime":720.187,"endTime":721.302,"body":"They're not small at all."},{"speaker":"Average Joe Finances","startTime":721.497,"endTime":723.292,"body":"Yeah, just think"},{"speaker":"Average Joe Finances","startTime":721.497,"endTime":723.292,"body":"about it from the point of, when you"},{"speaker":"Average Joe Finances","startTime":723.292,"endTime":727.332,"body":"reach a million dollars, how much"},{"speaker":"Average Joe Finances","startTime":723.292,"endTime":727.332,"body":"that 1% is costing you at that point."},{"speaker":"Gil Baumgarten","startTime":727.332,"endTime":727.572,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":727.577,"endTime":727.847,"body":"Right?"},{"speaker":"Gil Baumgarten","startTime":727.887,"endTime":728.44,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":728.44,"endTime":729.701,"body":"That's huge."},{"speaker":"Average Joe Finances","startTime":729.701,"endTime":733.867,"body":"Okay I want to talk about somebody that's"},{"speaker":"Average Joe Finances","startTime":729.701,"endTime":733.867,"body":"getting out and getting started and they"},{"speaker":"Average Joe Finances","startTime":733.897,"endTime":735.457,"body":"want to start building their wealth."},{"speaker":"Average Joe Finances","startTime":735.498,"endTime":739.72,"body":"Do you think that they should pursue"},{"speaker":"Average Joe Finances","startTime":735.498,"endTime":739.72,"body":"aggressive tactics to, to get ahead"},{"speaker":"Average Joe Finances","startTime":739.72,"endTime":741.642,"body":"quickly or what are your thoughts on that?"},{"speaker":"Average Joe Finances","startTime":741.664,"endTime":743.841,"body":"I would say somebody that's just"},{"speaker":"Average Joe Finances","startTime":741.664,"endTime":743.841,"body":"starting out in life, right?"},{"speaker":"Average Joe Finances","startTime":743.87,"endTime":746.491,"body":"They graduated college, they"},{"speaker":"Average Joe Finances","startTime":743.87,"endTime":746.491,"body":"got their, they got their job."},{"speaker":"Average Joe Finances","startTime":746.491,"endTime":749.941,"body":"Now they're paying off their student"},{"speaker":"Average Joe Finances","startTime":746.491,"endTime":749.941,"body":"loans, but they wanna start investing"},{"speaker":"Average Joe Finances","startTime":750.002,"endTime":753.329,"body":"for their future because they don't"},{"speaker":"Average Joe Finances","startTime":750.002,"endTime":753.329,"body":"wanna wait until they're 60 years old."},{"speaker":"Average Joe Finances","startTime":753.359,"endTime":754.502,"body":"60 years old to retire."},{"speaker":"Average Joe Finances","startTime":754.504,"endTime":755.764,"body":"And they wanna go aggressively."},{"speaker":"Average Joe Finances","startTime":755.764,"endTime":757.258,"body":"So what would you say"},{"speaker":"Average Joe Finances","startTime":755.764,"endTime":757.258,"body":"to somebody like that?"},{"speaker":"Gil Baumgarten","startTime":757.378,"endTime":760.018,"body":"I think that, first"},{"speaker":"Gil Baumgarten","startTime":757.378,"endTime":760.018,"body":"of all, that's a fantastic question."},{"speaker":"Gil Baumgarten","startTime":760.218,"endTime":765.378,"body":"A natural inclination on the"},{"speaker":"Gil Baumgarten","startTime":760.218,"endTime":765.378,"body":"part of young people is to do"},{"speaker":"Gil Baumgarten","startTime":765.378,"endTime":769.271,"body":"aggressive investing because they"},{"speaker":"Gil Baumgarten","startTime":765.378,"endTime":769.271,"body":"feel like they're so far behind."},{"speaker":"Gil Baumgarten","startTime":769.271,"endTime":774.566,"body":"Or they might just simply have very high"},{"speaker":"Gil Baumgarten","startTime":769.271,"endTime":774.566,"body":"expectations about, how rich they're"},{"speaker":"Gil Baumgarten","startTime":774.566,"endTime":779.006,"body":"going to be by the time they're 29"},{"speaker":"Gil Baumgarten","startTime":774.566,"endTime":779.006,"body":"years old, and I really have to hit"},{"speaker":"Gil Baumgarten","startTime":779.006,"endTime":784.346,"body":"some big licks in a bunch of Bitcoin"},{"speaker":"Gil Baumgarten","startTime":779.006,"endTime":784.346,"body":"in order to really get this ginned up"},{"speaker":"Gil Baumgarten","startTime":784.616,"endTime":788.336,"body":"so that I can pound my chest in front"},{"speaker":"Gil Baumgarten","startTime":784.616,"endTime":788.336,"body":"of all my friends and show them how"},{"speaker":"Gil Baumgarten","startTime":788.336,"endTime":790.106,"body":"much smarter and more successful I am."},{"speaker":"Gil Baumgarten","startTime":790.256,"endTime":791.636,"body":"That's really what's going on."},{"speaker":"Gil Baumgarten","startTime":791.636,"endTime":793.676,"body":"Now, not everybody will admit to that."},{"speaker":"Gil Baumgarten","startTime":793.856,"endTime":796.986,"body":"Maybe they'll admit to that when they're"},{"speaker":"Gil Baumgarten","startTime":793.856,"endTime":796.986,"body":"looking in the mirror, but they're not"},{"speaker":"Gil Baumgarten","startTime":796.991,"endTime":799.616,"body":"going to admit that to somebody else."},{"speaker":"Gil Baumgarten","startTime":799.966,"endTime":804.566,"body":"For all the successes and actually"},{"speaker":"Gil Baumgarten","startTime":799.966,"endTime":804.566,"body":"being successful at that would be the"},{"speaker":"Gil Baumgarten","startTime":804.566,"endTime":809.096,"body":"worst thing that could happen to them"},{"speaker":"Gil Baumgarten","startTime":804.566,"endTime":809.096,"body":"because it would affirm them in a very"},{"speaker":"Gil Baumgarten","startTime":809.096,"endTime":812.996,"body":"bad pattern of behavior that sooner"},{"speaker":"Gil Baumgarten","startTime":809.096,"endTime":812.996,"body":"or later is gonna undermine them."},{"speaker":"Gil Baumgarten","startTime":813.206,"endTime":819.056,"body":"And what they're going to find is 10 or 15"},{"speaker":"Gil Baumgarten","startTime":813.206,"endTime":819.056,"body":"years later after hopping from speculative"},{"speaker":"Gil Baumgarten","startTime":819.286,"endTime":821.096,"body":"investment to speculative investment."},{"speaker":"Gil Baumgarten","startTime":821.296,"endTime":823.456,"body":"Maybe with a little bit"},{"speaker":"Gil Baumgarten","startTime":821.296,"endTime":823.456,"body":"of success here or there."},{"speaker":"Gil Baumgarten","startTime":823.606,"endTime":827.626,"body":"Failure in the end, what they're gonna"},{"speaker":"Gil Baumgarten","startTime":823.606,"endTime":827.626,"body":"lose sight of is one, the taxes that"},{"speaker":"Gil Baumgarten","startTime":827.626,"endTime":831.466,"body":"they pay when they are successful"},{"speaker":"Gil Baumgarten","startTime":827.626,"endTime":831.466,"body":"and when they are not successful,"},{"speaker":"Gil Baumgarten","startTime":831.496,"endTime":833.086,"body":"it's generally not deductible."},{"speaker":"Gil Baumgarten","startTime":833.116,"endTime":834.586,"body":"That's issue number one."},{"speaker":"Gil Baumgarten","startTime":834.706,"endTime":837.136,"body":"And they're going to lose"},{"speaker":"Gil Baumgarten","startTime":834.706,"endTime":837.136,"body":"sight of the fact that the."},{"speaker":"Gil Baumgarten","startTime":837.341,"endTime":840.251,"body":"They could have been invested"},{"speaker":"Gil Baumgarten","startTime":837.341,"endTime":840.251,"body":"in something else that would've"},{"speaker":"Gil Baumgarten","startTime":840.251,"endTime":841.541,"body":"doubled or tripled in value."},{"speaker":"Gil Baumgarten","startTime":841.541,"endTime":845.981,"body":"So many people start with their"},{"speaker":"Gil Baumgarten","startTime":841.541,"endTime":845.981,"body":"$10,000 and four years later they"},{"speaker":"Gil Baumgarten","startTime":845.981,"endTime":849.521,"body":"feel fine about themselves because"},{"speaker":"Gil Baumgarten","startTime":845.981,"endTime":849.521,"body":"they still have $10,000 and they"},{"speaker":"Gil Baumgarten","startTime":849.521,"endTime":851.111,"body":"haven't totally wrecked themselves."},{"speaker":"Gil Baumgarten","startTime":851.321,"endTime":854.231,"body":"But they've probably lost sight of the"},{"speaker":"Gil Baumgarten","startTime":851.321,"endTime":854.231,"body":"fact that in that same four year time"},{"speaker":"Gil Baumgarten","startTime":854.231,"endTime":859.301,"body":"period, the S\u0026P-500 doubled in market"},{"speaker":"Gil Baumgarten","startTime":854.231,"endTime":859.301,"body":"value and they're already $10,000"},{"speaker":"Gil Baumgarten","startTime":859.306,"endTime":860.601,"body":"behind and they don't even know it."},{"speaker":"Gil Baumgarten","startTime":860.778,"endTime":863.173,"body":"So those are the enemies."},{"speaker":"Gil Baumgarten","startTime":863.442,"endTime":863.622,"body":"And"},{"speaker":"Gil Baumgarten","startTime":863.622,"endTime":870.102,"body":"Most people, by the time they are 45 or"},{"speaker":"Gil Baumgarten","startTime":863.622,"endTime":870.102,"body":"50 and have really fallen short of their"},{"speaker":"Gil Baumgarten","startTime":870.102,"endTime":874.872,"body":"expectations, that's when they begin"},{"speaker":"Gil Baumgarten","startTime":870.102,"endTime":874.872,"body":"to develop better patterns and habits."},{"speaker":"Gil Baumgarten","startTime":875.052,"endTime":879.012,"body":"If they had those better patterns and"},{"speaker":"Gil Baumgarten","startTime":875.052,"endTime":879.012,"body":"habits when they were 25, they would've"},{"speaker":"Gil Baumgarten","startTime":879.012,"endTime":882.162,"body":"already been a hundred thousand dollars"},{"speaker":"Gil Baumgarten","startTime":879.012,"endTime":882.162,"body":"ahead of the game by the time they"},{"speaker":"Gil Baumgarten","startTime":882.162,"endTime":886.872,"body":"are 45, and that's gonna be a million"},{"speaker":"Gil Baumgarten","startTime":882.162,"endTime":886.872,"body":"dollars difference when they're 65."},{"speaker":"Gil Baumgarten","startTime":887.172,"endTime":890.643,"body":"And Establishing good habits"},{"speaker":"Gil Baumgarten","startTime":887.172,"endTime":890.643,"body":"early on would be a much better"},{"speaker":"Gil Baumgarten","startTime":890.643,"endTime":895.393,"body":"way than being highly speculative"},{"speaker":"Gil Baumgarten","startTime":890.643,"endTime":895.393,"body":"and getting stung a time or two."},{"speaker":"Gil Baumgarten","startTime":895.459,"endTime":897.376,"body":"So that's the way I would"},{"speaker":"Gil Baumgarten","startTime":895.459,"endTime":897.376,"body":"tell people to be careful."},{"speaker":"Average Joe Finances","startTime":897.841,"endTime":898.922,"body":"No I really like that."},{"speaker":"Average Joe Finances","startTime":898.922,"endTime":901.284,"body":"As a matter of fact, I think"},{"speaker":"Average Joe Finances","startTime":898.922,"endTime":901.284,"body":"this is a really good time"},{"speaker":"Average Joe Finances","startTime":901.284,"endTime":903.108,"body":"to mention your book, right?"},{"speaker":"Average Joe Finances","startTime":903.108,"endTime":905.56,"body":"Because I feel like this"},{"speaker":"Average Joe Finances","startTime":903.108,"endTime":905.56,"body":"kind of outlines that, right?"},{"speaker":"Average Joe Finances","startTime":905.56,"endTime":908.71,"body":"Your book is called Foolish"},{"speaker":"Average Joe Finances","startTime":905.56,"endTime":908.71,"body":"How Investors Get Worked Up"},{"speaker":"Average Joe Finances","startTime":908.71,"endTime":910.3,"body":"and Worked Over by the System."},{"speaker":"Average Joe Finances","startTime":910.335,"endTime":912.745,"body":"And I know we touched on some of the"},{"speaker":"Average Joe Finances","startTime":910.335,"endTime":912.745,"body":"stuff that's in that book earlier"},{"speaker":"Average Joe Finances","startTime":913.12,"endTime":916.602,"body":"about, some of the brokerage fees that"},{"speaker":"Average Joe Finances","startTime":913.12,"endTime":916.602,"body":"are involved in the system, right?"},{"speaker":"Average Joe Finances","startTime":916.702,"endTime":918.591,"body":"So can you talk about"},{"speaker":"Average Joe Finances","startTime":916.702,"endTime":918.591,"body":"your book a little bit."},{"speaker":"Gil Baumgarten","startTime":918.641,"endTime":918.731,"body":"Sure."},{"speaker":"Average Joe Finances","startTime":918.731,"endTime":920.116,"body":"How"},{"speaker":"Average Joe Finances","startTime":918.731,"endTime":920.116,"body":"it touches on these items?"},{"speaker":"Average Joe Finances","startTime":920.151,"endTime":925.038,"body":"Especially for somebody that is looking"},{"speaker":"Average Joe Finances","startTime":920.151,"endTime":925.038,"body":"to start investing and build their"},{"speaker":"Average Joe Finances","startTime":925.038,"endTime":927.108,"body":"portfolio and build their wealth."},{"speaker":"Gil Baumgarten","startTime":927.618,"endTime":931.608,"body":"I think the book is"},{"speaker":"Gil Baumgarten","startTime":927.618,"endTime":931.608,"body":"appropriate for investors of all stripes."},{"speaker":"Gil Baumgarten","startTime":931.608,"endTime":935.298,"body":"I don't think it, somebody who"},{"speaker":"Gil Baumgarten","startTime":931.608,"endTime":935.298,"body":"is a neophyte, I think would be"},{"speaker":"Gil Baumgarten","startTime":935.298,"endTime":936.978,"body":"able to relate to a lot of it."},{"speaker":"Gil Baumgarten","startTime":937.308,"endTime":941.343,"body":"Many of the things that we touch on"},{"speaker":"Gil Baumgarten","startTime":937.308,"endTime":941.343,"body":"in the book are going to be \"AHA\""},{"speaker":"Gil Baumgarten","startTime":941.343,"endTime":945.243,"body":"moments for people who already"},{"speaker":"Gil Baumgarten","startTime":941.343,"endTime":945.243,"body":"have a string of bad experiences."},{"speaker":"Gil Baumgarten","startTime":945.321,"endTime":948.021,"body":"But I think anybody can"},{"speaker":"Gil Baumgarten","startTime":945.321,"endTime":948.021,"body":"get something out of it."},{"speaker":"Gil Baumgarten","startTime":948.021,"endTime":952.53,"body":"So the book is essentially the first"},{"speaker":"Gil Baumgarten","startTime":948.021,"endTime":952.53,"body":"one third of the book is about the"},{"speaker":"Gil Baumgarten","startTime":952.53,"endTime":956.73,"body":"brokerage industry, how it operates,"},{"speaker":"Gil Baumgarten","startTime":952.53,"endTime":956.73,"body":"where they make their money, where they"},{"speaker":"Gil Baumgarten","startTime":956.82,"endTime":962.46,"body":"deceive people or confuse people or"},{"speaker":"Gil Baumgarten","startTime":956.82,"endTime":962.46,"body":"deliberately construct a narrative that"},{"speaker":"Gil Baumgarten","startTime":962.46,"endTime":965.43,"body":"doesn't really exist and they get people."},{"speaker":"Gil Baumgarten","startTime":965.81,"endTime":969.519,"body":"Hopeful in playing the game and"},{"speaker":"Gil Baumgarten","startTime":965.81,"endTime":969.519,"body":"how they make their money and where"},{"speaker":"Gil Baumgarten","startTime":969.519,"endTime":972.339,"body":"their conflicts of interests are"},{"speaker":"Gil Baumgarten","startTime":969.519,"endTime":972.339,"body":"that's the first third of the book."},{"speaker":"Gil Baumgarten","startTime":972.669,"endTime":977.529,"body":"The back two thirds is about the"},{"speaker":"Gil Baumgarten","startTime":972.669,"endTime":977.529,"body":"reality of being human, being greedy,"},{"speaker":"Gil Baumgarten","startTime":977.799,"endTime":980.779,"body":"being fearful, and how all of these."},{"speaker":"Gil Baumgarten","startTime":981.144,"endTime":987.966,"body":"Mental ego issues pollute the ecosystem"},{"speaker":"Gil Baumgarten","startTime":981.144,"endTime":987.966,"body":"with regard to how we decide to do"},{"speaker":"Gil Baumgarten","startTime":987.966,"endTime":992.496,"body":"things when we decide what we are"},{"speaker":"Gil Baumgarten","startTime":987.966,"endTime":992.496,"body":"pressured by, what we aspire to."},{"speaker":"Gil Baumgarten","startTime":992.676,"endTime":997.506,"body":"All of those issues are repeating"},{"speaker":"Gil Baumgarten","startTime":992.676,"endTime":997.506,"body":"patterns that in 38 years of giving"},{"speaker":"Gil Baumgarten","startTime":997.506,"endTime":1002.876,"body":"advice to thousands of people and doing"},{"speaker":"Gil Baumgarten","startTime":997.506,"endTime":1002.876,"body":"billions of dollars of transactions"},{"speaker":"Gil Baumgarten","startTime":1002.876,"endTime":1008.419,"body":"on their behalf, I see the same"},{"speaker":"Gil Baumgarten","startTime":1002.876,"endTime":1008.419,"body":"mental issues come up over and over"},{"speaker":"Gil Baumgarten","startTime":1008.419,"endTime":1013.279,"body":"again and repeat bad behavior that is"},{"speaker":"Gil Baumgarten","startTime":1008.419,"endTime":1013.279,"body":"not profitable because people don't"},{"speaker":"Gil Baumgarten","startTime":1013.279,"endTime":1017.599,"body":"understand taxes, they don't understand"},{"speaker":"Gil Baumgarten","startTime":1013.279,"endTime":1017.599,"body":"their vulnerability to ego and desire."},{"speaker":"Gil Baumgarten","startTime":1017.809,"endTime":1021.469,"body":"They don't understand that they"},{"speaker":"Gil Baumgarten","startTime":1017.809,"endTime":1021.469,"body":"fear a loss much more than they"},{"speaker":"Gil Baumgarten","startTime":1021.679,"endTime":1026.809,"body":"desire a gain that causes a"},{"speaker":"Gil Baumgarten","startTime":1021.679,"endTime":1026.809,"body":"warped sense of how I take risk."},{"speaker":"Gil Baumgarten","startTime":1027.049,"endTime":1031.158,"body":"All of those things are flushed out in"},{"speaker":"Gil Baumgarten","startTime":1027.049,"endTime":1031.158,"body":"the book so people can identify with"},{"speaker":"Gil Baumgarten","startTime":1031.158,"endTime":1034.788,"body":"it and maybe refer back to it when"},{"speaker":"Gil Baumgarten","startTime":1031.158,"endTime":1034.788,"body":"they're faced with a decision and say,"},{"speaker":"Gil Baumgarten","startTime":1035.108,"endTime":1039.518,"body":"I remember that book that I read that"},{"speaker":"Gil Baumgarten","startTime":1035.108,"endTime":1039.518,"body":"gave me tips on how to get around this."},{"speaker":"Gil Baumgarten","startTime":1039.728,"endTime":1042.277,"body":"And so that's really what the back"},{"speaker":"Gil Baumgarten","startTime":1039.728,"endTime":1042.277,"body":"two thirds of the book is about."},{"speaker":"Average Joe Finances","startTime":1042.957,"endTime":1043.71,"body":"Now I like that."},{"speaker":"Average Joe Finances","startTime":1043.71,"endTime":1045.96,"body":"So one of the things I wrote"},{"speaker":"Average Joe Finances","startTime":1043.71,"endTime":1045.96,"body":"down as you were talking about"},{"speaker":"Average Joe Finances","startTime":1045.96,"endTime":1051.39,"body":"that is like this mentality of"},{"speaker":"Average Joe Finances","startTime":1045.96,"endTime":1051.39,"body":"greed, ego, and desire, right?"},{"speaker":"Average Joe Finances","startTime":1051.63,"endTime":1055.72,"body":"That I think a lot of people face"},{"speaker":"Average Joe Finances","startTime":1051.63,"endTime":1055.72,"body":"when they start investing, especially"},{"speaker":"Average Joe Finances","startTime":1055.72,"endTime":1059.444,"body":"if they have it in their head that,"},{"speaker":"Average Joe Finances","startTime":1055.72,"endTime":1059.444,"body":"I'm gonna go in, I'm gonna go hard,"},{"speaker":"Average Joe Finances","startTime":1059.444,"endTime":1062.27,"body":"I'm gonna make a lot of money,"},{"speaker":"Average Joe Finances","startTime":1059.444,"endTime":1062.27,"body":"I'm gonna become a millionaire."},{"speaker":"Average Joe Finances","startTime":1062.299,"endTime":1065.722,"body":"So they put this in their head"},{"speaker":"Average Joe Finances","startTime":1062.299,"endTime":1065.722,"body":"right from the very get-go."},{"speaker":"Average Joe Finances","startTime":1066.082,"endTime":1069.615,"body":"And it's one of the things that"},{"speaker":"Average Joe Finances","startTime":1066.082,"endTime":1069.615,"body":"Can harm them in the future."},{"speaker":"Average Joe Finances","startTime":1069.623,"endTime":1070.946,"body":"Because they have this."},{"speaker":"Average Joe Finances","startTime":1071.116,"endTime":1073.366,"body":"I guess you could say"},{"speaker":"Average Joe Finances","startTime":1071.116,"endTime":1073.366,"body":"they're ego investing, right?"},{"speaker":"Average Joe Finances","startTime":1073.385,"endTime":1077.38,"body":"It's all about, Hey, what can I put"},{"speaker":"Average Joe Finances","startTime":1073.385,"endTime":1077.38,"body":"into and get this return so I could be"},{"speaker":"Average Joe Finances","startTime":1077.38,"endTime":1079.115,"body":"like, Hey look at what I'm doing guys."},{"speaker":"Gil Baumgarten","startTime":1079.115,"endTime":1079.415,"body":"Yes."},{"speaker":"Average Joe Finances","startTime":1079.475,"endTime":1082.516,"body":"Versus something"},{"speaker":"Average Joe Finances","startTime":1079.475,"endTime":1082.516,"body":"that's more safer and gradual."},{"speaker":"Average Joe Finances","startTime":1082.786,"endTime":1082.876,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1082.925,"endTime":1086.171,"body":"Index funds, mutual funds and things"},{"speaker":"Average Joe Finances","startTime":1082.925,"endTime":1086.171,"body":"like that where you're gonna build your"},{"speaker":"Average Joe Finances","startTime":1086.171,"endTime":1088.756,"body":"wealth over time with compound interest."},{"speaker":"Average Joe Finances","startTime":1089.073,"endTime":1091.762,"body":"I think everybody looks for that"},{"speaker":"Average Joe Finances","startTime":1089.073,"endTime":1091.762,"body":"quick hit that dopamine shot."},{"speaker":"Gil Baumgarten","startTime":1091.822,"endTime":1091.912,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":1091.97,"endTime":1093.415,"body":"And so"},{"speaker":"Average Joe Finances","startTime":1091.97,"endTime":1093.415,"body":"what are your thoughts on that?"},{"speaker":"Average Joe Finances","startTime":1093.474,"endTime":1097.109,"body":"What are some ways to get around that,"},{"speaker":"Average Joe Finances","startTime":1093.474,"endTime":1097.109,"body":"that there's a dopamine environment."},{"speaker":"Gil Baumgarten","startTime":1097.574,"endTime":1100.874,"body":"There's an element"},{"speaker":"Gil Baumgarten","startTime":1097.574,"endTime":1100.874,"body":"of a rush that people get from"},{"speaker":"Gil Baumgarten","startTime":1100.874,"endTime":1103.124,"body":"making a decision, making a profit."},{"speaker":"Gil Baumgarten","startTime":1103.124,"endTime":1107.951,"body":"And one of the patterns that comes out"},{"speaker":"Gil Baumgarten","startTime":1103.124,"endTime":1107.951,"body":"of that is that somebody will assemble a"},{"speaker":"Gil Baumgarten","startTime":1107.951,"endTime":1113.741,"body":"portfolio that they think is diversified,"},{"speaker":"Gil Baumgarten","startTime":1107.951,"endTime":1113.741,"body":"and that might be nine tech stocks"},{"speaker":"Gil Baumgarten","startTime":1114.131,"endTime":1118.721,"body":"that share super commonality between"},{"speaker":"Gil Baumgarten","startTime":1114.131,"endTime":1118.721,"body":"them, and that is not diversification."},{"speaker":"Gil Baumgarten","startTime":1118.961,"endTime":1123.011,"body":"So those are really nine speculations"},{"speaker":"Gil Baumgarten","startTime":1118.961,"endTime":1123.011,"body":"that they've put in their portfolio,"},{"speaker":"Gil Baumgarten","startTime":1123.191,"endTime":1125.111,"body":"and the first one that jumps 10%."},{"speaker":"Gil Baumgarten","startTime":1125.801,"endTime":1126.641,"body":"They're gonna sell it."},{"speaker":"Gil Baumgarten","startTime":1127.091,"endTime":1130.811,"body":"And the reason why they're gonna sell"},{"speaker":"Gil Baumgarten","startTime":1127.091,"endTime":1130.811,"body":"it is because it prints a profit."},{"speaker":"Gil Baumgarten","startTime":1130.991,"endTime":1135.031,"body":"I can feel good about myself and I"},{"speaker":"Gil Baumgarten","startTime":1130.991,"endTime":1135.031,"body":"can go tell all my friends, and I'm"},{"speaker":"Gil Baumgarten","startTime":1135.031,"endTime":1140.051,"body":"not risking the loss of my 10%, the"},{"speaker":"Gil Baumgarten","startTime":1135.031,"endTime":1140.051,"body":"other nine are gonna go down in value,"},{"speaker":"Gil Baumgarten","startTime":1140.051,"endTime":1143.771,"body":"and they're not going to sell those"},{"speaker":"Gil Baumgarten","startTime":1140.051,"endTime":1143.771,"body":"because that would affirm to them"},{"speaker":"Gil Baumgarten","startTime":1143.921,"endTime":1147.191,"body":"that they had made a bad decision and"},{"speaker":"Gil Baumgarten","startTime":1143.921,"endTime":1147.191,"body":"nobody wants to be affirmed in that."},{"speaker":"Gil Baumgarten","startTime":1147.371,"endTime":1151.751,"body":"So you have a pattern that repeats itself,"},{"speaker":"Gil Baumgarten","startTime":1147.371,"endTime":1151.751,"body":"that people sell their winners and."},{"speaker":"Gil Baumgarten","startTime":1152.246,"endTime":1155.426,"body":"Their losers, and that means they end"},{"speaker":"Gil Baumgarten","startTime":1152.246,"endTime":1155.426,"body":"up with a portfolio that's chopped"},{"speaker":"Gil Baumgarten","startTime":1155.426,"endTime":1158.186,"body":"full of losers because they've"},{"speaker":"Gil Baumgarten","startTime":1155.426,"endTime":1158.186,"body":"already sold all their good ones."},{"speaker":"Gil Baumgarten","startTime":1158.486,"endTime":1162.236,"body":"Mathematically, they should"},{"speaker":"Gil Baumgarten","startTime":1158.486,"endTime":1162.236,"body":"sell the worst performers every"},{"speaker":"Gil Baumgarten","startTime":1162.236,"endTime":1164.006,"body":"month and try something new."},{"speaker":"Gil Baumgarten","startTime":1164.011,"endTime":1168.266,"body":"If they're going to keep themselves"},{"speaker":"Gil Baumgarten","startTime":1164.011,"endTime":1168.266,"body":"in this speculative vein, because the"},{"speaker":"Gil Baumgarten","startTime":1168.266,"endTime":1172.736,"body":"$10 stock that went to 11 is the one"},{"speaker":"Gil Baumgarten","startTime":1168.266,"endTime":1172.736,"body":"that's most likely to go to a hundred."},{"speaker":"Gil Baumgarten","startTime":1173.226,"endTime":1177.046,"body":"And they end up selling it before it"},{"speaker":"Gil Baumgarten","startTime":1173.226,"endTime":1177.046,"body":"can ever manifest in a large profit."},{"speaker":"Gil Baumgarten","startTime":1177.046,"endTime":1180.316,"body":"So that's one pattern that I would"},{"speaker":"Gil Baumgarten","startTime":1177.046,"endTime":1180.316,"body":"tell people to be aware of, and"},{"speaker":"Gil Baumgarten","startTime":1180.316,"endTime":1183.076,"body":"frankly, they would've been way"},{"speaker":"Gil Baumgarten","startTime":1180.316,"endTime":1183.076,"body":"better off to have done what you said,"},{"speaker":"Gil Baumgarten","startTime":1183.076,"endTime":1184.655,"body":"and that is to buy an index fund."},{"speaker":"Average Joe Finances","startTime":1184.755,"endTime":1185.055,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1185.055,"endTime":1188.045,"body":"And I bring that up because"},{"speaker":"Average Joe Finances","startTime":1185.055,"endTime":1188.045,"body":"I have done that in the past."},{"speaker":"Average Joe Finances","startTime":1188.05,"endTime":1192.542,"body":"Right there, there was a particular"},{"speaker":"Average Joe Finances","startTime":1188.05,"endTime":1192.542,"body":"stock that I bought that, that jumped up."},{"speaker":"Average Joe Finances","startTime":1192.642,"endTime":1194.742,"body":"Like I, it doubled in value, right?"},{"speaker":"Average Joe Finances","startTime":1195.102,"endTime":1196.482,"body":"And I said to myself, oh, great."},{"speaker":"Average Joe Finances","startTime":1196.482,"endTime":1197.382,"body":"I doubled my money."},{"speaker":"Average Joe Finances","startTime":1197.382,"endTime":1198.332,"body":"I'm gonna sell it."},{"speaker":"Average Joe Finances","startTime":1198.732,"endTime":1203.287,"body":"Three months later, it was worth"},{"speaker":"Average Joe Finances","startTime":1198.732,"endTime":1203.287,"body":"25 times , what I bought it for."},{"speaker":"Average Joe Finances","startTime":1203.287,"endTime":1203.857,"body":"And I said."},{"speaker":"Gil Baumgarten","startTime":1203.857,"endTime":1203.947,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":1204.307,"endTime":1208.267,"body":"This $4,000"},{"speaker":"Average Joe Finances","startTime":1204.307,"endTime":1208.267,"body":"investment would've been worth $500,000"},{"speaker":"Average Joe Finances","startTime":1208.267,"endTime":1210.187,"body":"if I would've just freaking left it alone."},{"speaker":"Gil Baumgarten","startTime":1210.397,"endTime":1210.547,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":1210.621,"endTime":1213.111,"body":"But I let"},{"speaker":"Average Joe Finances","startTime":1210.621,"endTime":1213.111,"body":"that get to my head that I doubled"},{"speaker":"Average Joe Finances","startTime":1213.111,"endTime":1215.926,"body":"my money and I'm, and I still tell"},{"speaker":"Average Joe Finances","startTime":1213.111,"endTime":1215.926,"body":"myself, Hey, I doubled my money."},{"speaker":"Average Joe Finances","startTime":1215.986,"endTime":1216.706,"body":"It was a good profit."},{"speaker":"Average Joe Finances","startTime":1216.734,"endTime":1218.086,"body":"I went from 4,000 to 8,000."},{"speaker":"Average Joe Finances","startTime":1218.446,"endTime":1222.136,"body":"If I would've just pulled the 4,000 out"},{"speaker":"Average Joe Finances","startTime":1218.446,"endTime":1222.136,"body":"that I initially invested, just let it"},{"speaker":"Average Joe Finances","startTime":1222.136,"endTime":1224.896,"body":"sit there, I still would've made $250,000."},{"speaker":"Average Joe Finances","startTime":1224.904,"endTime":1229.916,"body":"But no, I let that ego get to me that"},{"speaker":"Average Joe Finances","startTime":1224.904,"endTime":1229.916,"body":"I doubled my money and I pulled out."},{"speaker":"Average Joe Finances","startTime":1230.156,"endTime":1232.676,"body":"So I think that's a very good point."},{"speaker":"Average Joe Finances","startTime":1232.736,"endTime":1237.123,"body":"And and I wanted to talk about that"},{"speaker":"Average Joe Finances","startTime":1232.736,"endTime":1237.123,"body":"because I've experienced this myself."},{"speaker":"Average Joe Finances","startTime":1237.144,"endTime":1239.568,"body":"And now, I focus mostly"},{"speaker":"Average Joe Finances","startTime":1237.144,"endTime":1239.568,"body":"on real estate, right?"},{"speaker":"Average Joe Finances","startTime":1239.808,"endTime":1242.821,"body":"But, or what I'm investing in"},{"speaker":"Average Joe Finances","startTime":1239.808,"endTime":1242.821,"body":"the stock market for, on the"},{"speaker":"Average Joe Finances","startTime":1242.821,"endTime":1244.531,"body":"side and also for my children."},{"speaker":"Average Joe Finances","startTime":1244.921,"endTime":1250.198,"body":"I stick with index funds or mutual"},{"speaker":"Average Joe Finances","startTime":1244.921,"endTime":1250.198,"body":"funds, stuff that I can see gradually."},{"speaker":"Average Joe Finances","startTime":1250.265,"endTime":1253.037,"body":"Compounding and doubling"},{"speaker":"Average Joe Finances","startTime":1250.265,"endTime":1253.037,"body":"over a seven year period."},{"speaker":"Average Joe Finances","startTime":1253.078,"endTime":1255.527,"body":"I like that it's something"},{"speaker":"Average Joe Finances","startTime":1253.078,"endTime":1255.527,"body":"that's safe for them."},{"speaker":"Average Joe Finances","startTime":1255.565,"endTime":1260.409,"body":"And that, by the time I go to give them"},{"speaker":"Average Joe Finances","startTime":1255.565,"endTime":1260.409,"body":"this and say, Hey, you're 18 now and"},{"speaker":"Average Joe Finances","startTime":1260.619,"endTime":1264.489,"body":"I've been putting this money away for"},{"speaker":"Average Joe Finances","startTime":1260.619,"endTime":1264.489,"body":"you, and here you go, start your life."},{"speaker":"Average Joe Finances","startTime":1264.525,"endTime":1267.265,"body":"It's gonna be a very"},{"speaker":"Average Joe Finances","startTime":1264.525,"endTime":1267.265,"body":"healthy amount of money."},{"speaker":"Gil Baumgarten","startTime":1267.335,"endTime":1267.615,"body":"Sure."},{"speaker":"Average Joe Finances","startTime":1267.636,"endTime":1269.561,"body":"And I would"},{"speaker":"Average Joe Finances","startTime":1267.636,"endTime":1269.561,"body":"recommend to them to actually."},{"speaker":"Average Joe Finances","startTime":1270.086,"endTime":1271.196,"body":"Leave it alone."},{"speaker":"Average Joe Finances","startTime":1271.24,"endTime":1272.553,"body":"You have this on your corner."},{"speaker":"Average Joe Finances","startTime":1272.617,"endTime":1274.168,"body":"Go do something else."},{"speaker":"Average Joe Finances","startTime":1274.199,"endTime":1276.359,"body":"That would be my initial"},{"speaker":"Average Joe Finances","startTime":1274.199,"endTime":1276.359,"body":"advice to them is not to sure."},{"speaker":"Average Joe Finances","startTime":1276.359,"endTime":1277.67,"body":"To take it right."},{"speaker":"Average Joe Finances","startTime":1277.691,"endTime":1278.826,"body":"And let it just keep building."},{"speaker":"Average Joe Finances","startTime":1278.886,"endTime":1282.679,"body":"But I, I think it it's good to,"},{"speaker":"Average Joe Finances","startTime":1278.886,"endTime":1282.679,"body":"to have that discipline right."},{"speaker":"Average Joe Finances","startTime":1282.679,"endTime":1286.429,"body":"To not get so hotheaded when you"},{"speaker":"Average Joe Finances","startTime":1282.679,"endTime":1286.429,"body":"see something magical happening"},{"speaker":"Average Joe Finances","startTime":1286.429,"endTime":1288.739,"body":"and you're like, oh, cool, I'm"},{"speaker":"Average Joe Finances","startTime":1286.429,"endTime":1288.739,"body":"gonna go ahead and cash this out."},{"speaker":"Average Joe Finances","startTime":1288.773,"endTime":1289.733,"body":"Let it keep riding."},{"speaker":"Gil Baumgarten","startTime":1289.811,"endTime":1289.901,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":1289.958,"endTime":1290.718,"body":"And stay safe."},{"speaker":"Gil Baumgarten","startTime":1290.811,"endTime":1292.431,"body":"Yep, I think"},{"speaker":"Gil Baumgarten","startTime":1290.811,"endTime":1292.431,"body":"that's all good advice."},{"speaker":"Gil Baumgarten","startTime":1292.431,"endTime":1298.117,"body":"Another thing that people young in their"},{"speaker":"Gil Baumgarten","startTime":1292.431,"endTime":1298.117,"body":"investing career,  also tend to do, and"},{"speaker":"Gil Baumgarten","startTime":1298.117,"endTime":1303.337,"body":"that is that they want to find ways to"},{"speaker":"Gil Baumgarten","startTime":1298.117,"endTime":1303.337,"body":"display their success to other people."},{"speaker":"Gil Baumgarten","startTime":1303.517,"endTime":1307.426,"body":"They'll buy a fancy watch, they'll"},{"speaker":"Gil Baumgarten","startTime":1303.517,"endTime":1307.426,"body":"buy a fancy car and that's all fine."},{"speaker":"Gil Baumgarten","startTime":1307.426,"endTime":1311.936,"body":"And I've been through that phase in my"},{"speaker":"Gil Baumgarten","startTime":1307.426,"endTime":1311.936,"body":"life and still exhibit some of it today."},{"speaker":"Gil Baumgarten","startTime":1311.959,"endTime":1317.119,"body":"But the wealth is really the sum total"},{"speaker":"Gil Baumgarten","startTime":1311.959,"endTime":1317.119,"body":"of all the money you've never spent."},{"speaker":"Gil Baumgarten","startTime":1317.779,"endTime":1320.629,"body":"And many people want"},{"speaker":"Gil Baumgarten","startTime":1317.779,"endTime":1320.629,"body":"to display that wealth."},{"speaker":"Gil Baumgarten","startTime":1320.696,"endTime":1321.272,"body":"I can tell."},{"speaker":"Gil Baumgarten","startTime":1321.404,"endTime":1326.084,"body":"You buy a Rolex and it's not worth"},{"speaker":"Gil Baumgarten","startTime":1321.404,"endTime":1326.084,"body":"the same thing tomorrow that you"},{"speaker":"Gil Baumgarten","startTime":1326.084,"endTime":1330.164,"body":"paid for it today and 10 years from"},{"speaker":"Gil Baumgarten","startTime":1326.084,"endTime":1330.164,"body":"now, it's gonna be worth even less."},{"speaker":"Gil Baumgarten","startTime":1330.494,"endTime":1334.214,"body":"And the more important thing is that"},{"speaker":"Gil Baumgarten","startTime":1330.494,"endTime":1334.214,"body":"the index fund that you could have"},{"speaker":"Gil Baumgarten","startTime":1334.214,"endTime":1337.814,"body":"bought instead might be worth three"},{"speaker":"Gil Baumgarten","startTime":1334.214,"endTime":1337.814,"body":"times the amount of money that you"},{"speaker":"Gil Baumgarten","startTime":1337.814,"endTime":1342.704,"body":"put in it, or in this case, six times"},{"speaker":"Gil Baumgarten","startTime":1337.814,"endTime":1342.704,"body":"the value of your residual Rolex."},{"speaker":"Gil Baumgarten","startTime":1342.944,"endTime":1347.714,"body":"And so that's another pattern"},{"speaker":"Gil Baumgarten","startTime":1342.944,"endTime":1347.714,"body":"that I see people display and"},{"speaker":"Gil Baumgarten","startTime":1347.864,"endTime":1349.374,"body":"they will also borrow money."},{"speaker":"Gil Baumgarten","startTime":1349.558,"endTime":1353.758,"body":"To buy things that decline in"},{"speaker":"Gil Baumgarten","startTime":1349.558,"endTime":1353.758,"body":"market value, which only augments"},{"speaker":"Gil Baumgarten","startTime":1354.028,"endTime":1356.038,"body":"how bad that investment becomes."},{"speaker":"Gil Baumgarten","startTime":1356.308,"endTime":1360.718,"body":"Borrowed money against a car, for"},{"speaker":"Gil Baumgarten","startTime":1356.308,"endTime":1360.718,"body":"example, only makes the loss when you"},{"speaker":"Gil Baumgarten","startTime":1360.723,"endTime":1364.618,"body":"sell it in the future worse because"},{"speaker":"Gil Baumgarten","startTime":1360.723,"endTime":1364.618,"body":"you also paid interest to carry"},{"speaker":"Gil Baumgarten","startTime":1364.618,"endTime":1368.518,"body":"that vehicle and you had to pay for"},{"speaker":"Gil Baumgarten","startTime":1364.618,"endTime":1368.518,"body":"insurance and so on and so forth."},{"speaker":"Gil Baumgarten","startTime":1368.581,"endTime":1371.491,"body":"I tell people never borrow"},{"speaker":"Gil Baumgarten","startTime":1368.581,"endTime":1371.491,"body":"money for something that's going"},{"speaker":"Gil Baumgarten","startTime":1371.491,"endTime":1373.261,"body":"to decline in market value."},{"speaker":"Gil Baumgarten","startTime":1373.411,"endTime":1375.691,"body":"Borrowing money is great if"},{"speaker":"Gil Baumgarten","startTime":1373.411,"endTime":1375.691,"body":"you're gonna start a business."},{"speaker":"Gil Baumgarten","startTime":1375.901,"endTime":1378.391,"body":"Borrowing money is great if you're"},{"speaker":"Gil Baumgarten","startTime":1375.901,"endTime":1378.391,"body":"gonna buy a piece of real estate."},{"speaker":"Gil Baumgarten","startTime":1378.581,"endTime":1382.253,"body":"Borrowing money is great if you're"},{"speaker":"Gil Baumgarten","startTime":1378.581,"endTime":1382.253,"body":"gonna get a mortgage and, buy a house."},{"speaker":"Gil Baumgarten","startTime":1382.403,"endTime":1386.933,"body":"Those can all appreciate in market"},{"speaker":"Gil Baumgarten","startTime":1382.403,"endTime":1386.933,"body":"value borrowed money is not a problem"},{"speaker":"Gil Baumgarten","startTime":1386.933,"endTime":1390.623,"body":"for those kind of things, but borrowed"},{"speaker":"Gil Baumgarten","startTime":1386.933,"endTime":1390.623,"body":"money to go on a vacation, borrowed"},{"speaker":"Gil Baumgarten","startTime":1390.623,"endTime":1395.503,"body":"money for a piece of jewelry, borrowed"},{"speaker":"Gil Baumgarten","startTime":1390.623,"endTime":1395.503,"body":"for those kind of things, do not do it."},{"speaker":"Average Joe Finances","startTime":1395.679,"endTime":1398.821,"body":"Yeah I really"},{"speaker":"Average Joe Finances","startTime":1395.679,"endTime":1398.821,"body":"appreciate that because that, that"},{"speaker":"Average Joe Finances","startTime":1398.821,"endTime":1402.511,"body":"is like the premise of how, why"},{"speaker":"Average Joe Finances","startTime":1398.821,"endTime":1402.511,"body":"I started this podcast and why I"},{"speaker":"Average Joe Finances","startTime":1402.516,"endTime":1403.951,"body":"started average show finances, right?"},{"speaker":"Average Joe Finances","startTime":1404.251,"endTime":1408.323,"body":"Was because I had put myself in"},{"speaker":"Average Joe Finances","startTime":1404.251,"endTime":1408.323,"body":"those situations where I had a"},{"speaker":"Average Joe Finances","startTime":1408.323,"endTime":1409.733,"body":"large amount of credit card debt."},{"speaker":"Average Joe Finances","startTime":1410.258,"endTime":1415.991,"body":"I had a large amount of personal loans"},{"speaker":"Average Joe Finances","startTime":1410.258,"endTime":1415.991,"body":"and auto loans and just just things"},{"speaker":"Average Joe Finances","startTime":1415.991,"endTime":1418.121,"body":"that were not giving back to me."},{"speaker":"Average Joe Finances","startTime":1418.165,"endTime":1421.627,"body":"I was spending this money"},{"speaker":"Average Joe Finances","startTime":1418.165,"endTime":1421.627,"body":"and it wasn't working for me."},{"speaker":"Average Joe Finances","startTime":1421.671,"endTime":1427.417,"body":"And once I disciplined myself and"},{"speaker":"Average Joe Finances","startTime":1421.671,"endTime":1427.417,"body":"realized what this difference is between."},{"speaker":"Average Joe Finances","startTime":1427.702,"endTime":1432.622,"body":"Employing my dollars to work for"},{"speaker":"Average Joe Finances","startTime":1427.702,"endTime":1432.622,"body":"me versus me spending it and not"},{"speaker":"Average Joe Finances","startTime":1432.622,"endTime":1434.362,"body":"getting anything in return, right?"},{"speaker":"Average Joe Finances","startTime":1434.367,"endTime":1438.558,"body":"Besides that, that maybe short dopamine"},{"speaker":"Average Joe Finances","startTime":1434.367,"endTime":1438.558,"body":"hit and that self-gratification of"},{"speaker":"Average Joe Finances","startTime":1438.558,"endTime":1443.045,"body":"having a new car or, buying this"},{"speaker":"Average Joe Finances","startTime":1438.558,"endTime":1443.045,"body":"this thing that I really wanted and"},{"speaker":"Average Joe Finances","startTime":1443.05,"endTime":1444.543,"body":"just swiping it on my credit card."},{"speaker":"Gil Baumgarten","startTime":1444.594,"endTime":1444.684,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":1445.199,"endTime":1448.328,"body":"Because I couldn't"},{"speaker":"Average Joe Finances","startTime":1445.199,"endTime":1448.328,"body":"actually afford it at the time, with cash."},{"speaker":"Average Joe Finances","startTime":1448.328,"endTime":1452.451,"body":"And I think that's like the biggest"},{"speaker":"Average Joe Finances","startTime":1448.328,"endTime":1452.451,"body":"piece that people should take away"},{"speaker":"Average Joe Finances","startTime":1452.468,"endTime":1457.02,"body":"is you got to discipline yourself to"},{"speaker":"Average Joe Finances","startTime":1452.468,"endTime":1457.02,"body":"not go after the shiny object, right?"},{"speaker":"Gil Baumgarten","startTime":1457.043,"endTime":1457.323,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":1457.328,"endTime":1459.383,"body":"Shiny object"},{"speaker":"Average Joe Finances","startTime":1457.328,"endTime":1459.383,"body":"syndrome that everybody gets."},{"speaker":"Average Joe Finances","startTime":1459.434,"endTime":1459.794,"body":"Sure."},{"speaker":"Average Joe Finances","startTime":1459.91,"endTime":1462.793,"body":"Now I just recently retired"},{"speaker":"Average Joe Finances","startTime":1459.91,"endTime":1462.793,"body":"from the Navy after 20 years I"},{"speaker":"Average Joe Finances","startTime":1462.798,"endTime":1464.062,"body":"bought myself a Tesla last year."},{"speaker":"Average Joe Finances","startTime":1464.062,"endTime":1465.322,"body":"It was my retirement present."},{"speaker":"Gil Baumgarten","startTime":1465.472,"endTime":1465.772,"body":"There you go."},{"speaker":"Average Joe Finances","startTime":1465.82,"endTime":1467.685,"body":"And that,"},{"speaker":"Average Joe Finances","startTime":1465.82,"endTime":1467.685,"body":"that's one of the things that I was"},{"speaker":"Average Joe Finances","startTime":1467.685,"endTime":1471.404,"body":"like, I'm giving this to myself as"},{"speaker":"Average Joe Finances","startTime":1467.685,"endTime":1471.404,"body":"a reward for a good career, right?"},{"speaker":"Gil Baumgarten","startTime":1471.409,"endTime":1471.544,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":1471.611,"endTime":1475.019,"body":"Whereas if"},{"speaker":"Average Joe Finances","startTime":1471.611,"endTime":1475.019,"body":"I was to go do that today, I would"},{"speaker":"Average Joe Finances","startTime":1475.699,"endTime":1477.173,"body":"probably not go buy a brand new car."},{"speaker":"Average Joe Finances","startTime":1477.201,"endTime":1480.524,"body":"I would go buy the car that I could afford"},{"speaker":"Average Joe Finances","startTime":1477.201,"endTime":1480.524,"body":"cash because again, it is something."},{"speaker":"Average Joe Finances","startTime":1480.533,"endTime":1484.845,"body":"The day you drive it off the lot is worth"},{"speaker":"Average Joe Finances","startTime":1480.533,"endTime":1484.845,"body":"less than the day that you bought it."},{"speaker":"Average Joe Finances","startTime":1484.932,"endTime":1485.132,"body":"As soon."},{"speaker":"Gil Baumgarten","startTime":1485.132,"endTime":1485.442,"body":"That's true."},{"speaker":"Average Joe Finances","startTime":1485.542,"endTime":1487.453,"body":"As you take"},{"speaker":"Average Joe Finances","startTime":1485.542,"endTime":1487.453,"body":"it off the lot it, it depreciates in"},{"speaker":"Average Joe Finances","startTime":1487.458,"endTime":1490.573,"body":"value between 10 to 15% immediately."},{"speaker":"Gil Baumgarten","startTime":1490.813,"endTime":1495.313,"body":"And this has to be"},{"speaker":"Gil Baumgarten","startTime":1490.813,"endTime":1495.313,"body":"a repeating way to value things."},{"speaker":"Average Joe Finances","startTime":1495.373,"endTime":1495.553,"body":"Yeah."},{"speaker":"Gil Baumgarten","startTime":1495.613,"endTime":1499.093,"body":"In the way"},{"speaker":"Gil Baumgarten","startTime":1495.613,"endTime":1499.093,"body":"you affirm yourself and the"},{"speaker":"Gil Baumgarten","startTime":1499.373,"endTime":1500.743,"body":"way you feel about things."},{"speaker":"Gil Baumgarten","startTime":1500.752,"endTime":1503.825,"body":"Some people are shopaholics, people"},{"speaker":"Gil Baumgarten","startTime":1500.752,"endTime":1503.825,"body":"have different ways that they've"},{"speaker":"Gil Baumgarten","startTime":1504.245,"endTime":1508.065,"body":"manifested and frankly, I have to"},{"speaker":"Gil Baumgarten","startTime":1504.245,"endTime":1508.065,"body":"admit, I have a weakness for cars."},{"speaker":"Gil Baumgarten","startTime":1508.395,"endTime":1510.523,"body":"I have owned some really expensive cars."},{"speaker":"Gil Baumgarten","startTime":1510.523,"endTime":1513.547,"body":"I have always been able to afford"},{"speaker":"Gil Baumgarten","startTime":1510.523,"endTime":1513.547,"body":"them because I've made a good living."},{"speaker":"Gil Baumgarten","startTime":1513.817,"endTime":1514.957,"body":"I'm 63."},{"speaker":"Gil Baumgarten","startTime":1515.137,"endTime":1516.817,"body":"I could have retired a long time ago."},{"speaker":"Gil Baumgarten","startTime":1516.817,"endTime":1517.967,"body":"I have plenty of money."},{"speaker":"Gil Baumgarten","startTime":1517.974,"endTime":1522.349,"body":"But even my last half dozen"},{"speaker":"Gil Baumgarten","startTime":1517.974,"endTime":1522.349,"body":"cars have all been used."},{"speaker":"Gil Baumgarten","startTime":1522.589,"endTime":1527.193,"body":"I just would not pay the premium"},{"speaker":"Gil Baumgarten","startTime":1522.589,"endTime":1527.193,"body":"for the, a hundred thousand"},{"speaker":"Gil Baumgarten","startTime":1527.198,"endTime":1528.563,"body":"dollars car that I wanted."},{"speaker":"Gil Baumgarten","startTime":1528.863,"endTime":1531.503,"body":"I would let somebody else drive"},{"speaker":"Gil Baumgarten","startTime":1528.863,"endTime":1531.503,"body":"it for a year and I would buy it."},{"speaker":"Gil Baumgarten","startTime":1531.558,"endTime":1535.943,"body":"I actually bought a used Range Rover"},{"speaker":"Gil Baumgarten","startTime":1531.558,"endTime":1535.943,"body":"three years ago that was a year old."},{"speaker":"Gil Baumgarten","startTime":1536.48,"endTime":1539.73,"body":"Somebody had bought it on a"},{"speaker":"Gil Baumgarten","startTime":1536.48,"endTime":1539.73,"body":"lease and paid 116,000 for it."},{"speaker":"Gil Baumgarten","startTime":1539.94,"endTime":1542.94,"body":"They put 34,000 miles on it"},{"speaker":"Gil Baumgarten","startTime":1539.94,"endTime":1542.94,"body":"comes off the lease and it."},{"speaker":"Gil Baumgarten","startTime":1543.32,"endTime":1545.5,"body":"Clean, I paid 58 for that."},{"speaker":"Gil Baumgarten","startTime":1545.5,"endTime":1545.8,"body":"Ranges."},{"speaker":"Gil Baumgarten","startTime":1546.0,"endTime":1551.4,"body":"Now here I've got a fantastic car that's"},{"speaker":"Gil Baumgarten","startTime":1546.0,"endTime":1551.4,"body":"got a few miles on it, but I saved myself"},{"speaker":"Gil Baumgarten","startTime":1551.4,"endTime":1557.92,"body":"the other 58,000 to get to 116, and I"},{"speaker":"Gil Baumgarten","startTime":1551.4,"endTime":1557.92,"body":"have invested that money since then."},{"speaker":"Gil Baumgarten","startTime":1557.92,"endTime":1561.52,"body":"So that's the way that E, even"},{"speaker":"Gil Baumgarten","startTime":1557.92,"endTime":1561.52,"body":"though I could afford to buy a brand"},{"speaker":"Gil Baumgarten","startTime":1561.525,"endTime":1563.8,"body":"new Range Rover, I will not do it."},{"speaker":"Gil Baumgarten","startTime":1563.8,"endTime":1566.05,"body":"There's just not enough"},{"speaker":"Gil Baumgarten","startTime":1563.8,"endTime":1566.05,"body":"value in it for me."},{"speaker":"Gil Baumgarten","startTime":1566.05,"endTime":1567.7,"body":"So I buy the used range rover."},{"speaker":"Average Joe Finances","startTime":1567.786,"endTime":1569.106,"body":"Look"},{"speaker":"Average Joe Finances","startTime":1567.786,"endTime":1569.106,"body":"at that one year later."},{"speaker":"Average Joe Finances","startTime":1569.136,"endTime":1570.936,"body":"You got it for half price."},{"speaker":"Average Joe Finances","startTime":1571.026,"endTime":1572.736,"body":"Half price, absolutely insane."},{"speaker":"Average Joe Finances","startTime":1572.753,"endTime":1575.676,"body":"So like right now, I'll give"},{"speaker":"Average Joe Finances","startTime":1572.753,"endTime":1575.676,"body":"you an example of so my wife"},{"speaker":"Average Joe Finances","startTime":1575.676,"endTime":1579.246,"body":"drives a 2013 GMC Terrain, right?"},{"speaker":"Average Joe Finances","startTime":1579.251,"endTime":1581.926,"body":"That we paid off years ago and we,"},{"speaker":"Gil Baumgarten","startTime":1581.926,"endTime":1584.238,"body":"and it cost you"},{"speaker":"Gil Baumgarten","startTime":1581.926,"endTime":1584.238,"body":"almost nothing to own it now."},{"speaker":"Average Joe Finances","startTime":1584.488,"endTime":1586.295,"body":"Yeah and we"},{"speaker":"Average Joe Finances","startTime":1584.488,"endTime":1586.295,"body":"don't, yeah, we've had a couple"},{"speaker":"Average Joe Finances","startTime":1586.295,"endTime":1588.545,"body":"big maintenances come up and"},{"speaker":"Average Joe Finances","startTime":1586.295,"endTime":1588.545,"body":"everything, but that's the thing."},{"speaker":"Average Joe Finances","startTime":1588.545,"endTime":1591.92,"body":"We keep up with the maintenance, we"},{"speaker":"Average Joe Finances","startTime":1588.545,"endTime":1591.92,"body":"keep up with everything, and it's been"},{"speaker":"Average Joe Finances","startTime":1591.92,"endTime":1597.061,"body":"a fantastic vehicle and we're gonna ride"},{"speaker":"Average Joe Finances","startTime":1591.92,"endTime":1597.061,"body":"that thing probably until it falls apart."},{"speaker":"Average Joe Finances","startTime":1597.099,"endTime":1598.673,"body":"I just replaced all the tires."},{"speaker":"Average Joe Finances","startTime":1598.742,"endTime":1602.082,"body":"But, it's really a great feeling to"},{"speaker":"Average Joe Finances","startTime":1598.742,"endTime":1602.082,"body":"know that we're, we don't have a note,"},{"speaker":"Average Joe Finances","startTime":1602.082,"endTime":1603.562,"body":"we don't have a payment on this car."},{"speaker":"Average Joe Finances","startTime":1603.565,"endTime":1606.076,"body":"I was able to drop my"},{"speaker":"Average Joe Finances","startTime":1603.565,"endTime":1606.076,"body":"insurance down because, all I"},{"speaker":"Average Joe Finances","startTime":1606.076,"endTime":1607.456,"body":"need is liability insurance."},{"speaker":"Gil Baumgarten","startTime":1607.456,"endTime":1608.416,"body":"That's another point."},{"speaker":"Gil Baumgarten","startTime":1608.416,"endTime":1612.881,"body":"So when I was in my thirties, I"},{"speaker":"Gil Baumgarten","startTime":1608.416,"endTime":1612.881,"body":"had a Chevy Blazer and I spun it"},{"speaker":"Gil Baumgarten","startTime":1612.881,"endTime":1616.481,"body":"out on a icy road and wrecked it."},{"speaker":"Gil Baumgarten","startTime":1616.486,"endTime":1619.191,"body":"And at the time, this"},{"speaker":"Gil Baumgarten","startTime":1616.486,"endTime":1619.191,"body":"was many decades ago."},{"speaker":"Gil Baumgarten","startTime":1619.286,"endTime":1624.476,"body":"It was $1,300 worth of damage and I"},{"speaker":"Gil Baumgarten","startTime":1619.286,"endTime":1624.476,"body":"had a $250 deductible on my insurance."},{"speaker":"Gil Baumgarten","startTime":1624.476,"endTime":1627.806,"body":"I called my insurance up, told him"},{"speaker":"Gil Baumgarten","startTime":1624.476,"endTime":1627.806,"body":"I had this little fender bender,"},{"speaker":"Gil Baumgarten","startTime":1628.046,"endTime":1631.539,"body":"and I filed this claim and he said,"},{"speaker":"Gil Baumgarten","startTime":1628.046,"endTime":1631.539,"body":"I got to tell you, your insurance"},{"speaker":"Gil Baumgarten","startTime":1631.539,"endTime":1635.979,"body":"premium is gonna go up because now"},{"speaker":"Gil Baumgarten","startTime":1631.539,"endTime":1635.979,"body":"you're not in low risk coverage."},{"speaker":"Gil Baumgarten","startTime":1636.189,"endTime":1638.526,"body":"And I said how much is my"},{"speaker":"Gil Baumgarten","startTime":1636.189,"endTime":1638.526,"body":"premium gonna go up by?"},{"speaker":"Gil Baumgarten","startTime":1638.526,"endTime":1640.236,"body":"And how long is that gonna last?"},{"speaker":"Gil Baumgarten","startTime":1640.536,"endTime":1643.896,"body":"And he said your premium's gonna"},{"speaker":"Gil Baumgarten","startTime":1640.536,"endTime":1643.896,"body":"go up by $700 a year, and it's"},{"speaker":"Gil Baumgarten","startTime":1643.896,"endTime":1645.216,"body":"gonna last for three years."},{"speaker":"Gil Baumgarten","startTime":1645.516,"endTime":1649.671,"body":"And I'm like, , that's $2,100 that"},{"speaker":"Gil Baumgarten","startTime":1645.516,"endTime":1649.671,"body":"I'm gonna pay in additional premiums."},{"speaker":"Gil Baumgarten","startTime":1649.881,"endTime":1654.351,"body":"I've got a $250 deductible and whatever"},{"speaker":"Gil Baumgarten","startTime":1649.881,"endTime":1654.351,"body":"it was, $1,300 worth of damage."},{"speaker":"Gil Baumgarten","startTime":1654.351,"endTime":1657.681,"body":"I'm gonna get a check for a thousand"},{"speaker":"Gil Baumgarten","startTime":1654.351,"endTime":1657.681,"body":"dollars and I'm gonna give you back"},{"speaker":"Gil Baumgarten","startTime":1657.681,"endTime":1660.981,"body":"$2,100 in return in increased premiums."},{"speaker":"Gil Baumgarten","startTime":1661.251,"endTime":1663.381,"body":"He said, that's pretty"},{"speaker":"Gil Baumgarten","startTime":1661.251,"endTime":1663.381,"body":"much how the math works."},{"speaker":"Gil Baumgarten","startTime":1663.381,"endTime":1667.031,"body":"And I'm like why did I not have a"},{"speaker":"Gil Baumgarten","startTime":1663.381,"endTime":1667.031,"body":"thousand dollars deductible to begin with?"},{"speaker":"Gil Baumgarten","startTime":1667.155,"endTime":1670.755,"body":"I could have lowered my premiums"},{"speaker":"Gil Baumgarten","startTime":1667.155,"endTime":1670.755,"body":"and then self-insured for this"},{"speaker":"Gil Baumgarten","startTime":1670.755,"endTime":1674.205,"body":"first piece of this because of"},{"speaker":"Gil Baumgarten","startTime":1670.755,"endTime":1674.205,"body":"the way this risk dynamic works."},{"speaker":"Gil Baumgarten","startTime":1674.295,"endTime":1676.426,"body":"And he says you probably"},{"speaker":"Gil Baumgarten","startTime":1674.295,"endTime":1676.426,"body":"should have done that."},{"speaker":"Gil Baumgarten","startTime":1676.576,"endTime":1680.416,"body":"And I said, you probably should have"},{"speaker":"Gil Baumgarten","startTime":1676.576,"endTime":1680.416,"body":"told me about that five years ago"},{"speaker":"Gil Baumgarten","startTime":1680.421,"endTime":1681.856,"body":"when I bought this policy from you."},{"speaker":"Gil Baumgarten","startTime":1681.856,"endTime":1684.121,"body":"So you're fired as my insurance agent."},{"speaker":"Gil Baumgarten","startTime":1684.406,"endTime":1688.816,"body":"And I went and hired a new insurance agent"},{"speaker":"Gil Baumgarten","startTime":1684.406,"endTime":1688.816,"body":"and raised all my deductibles and it's."},{"speaker":"Gil Baumgarten","startTime":1689.366,"endTime":1694.466,"body":"Now a number of decades since, and I"},{"speaker":"Gil Baumgarten","startTime":1689.366,"endTime":1694.466,"body":"have not filed another claim, and I've"},{"speaker":"Gil Baumgarten","startTime":1694.466,"endTime":1699.806,"body":"saved all of those years of that $700"},{"speaker":"Gil Baumgarten","startTime":1694.466,"endTime":1699.806,"body":"premium that I now just simply have a"},{"speaker":"Gil Baumgarten","startTime":1699.806,"endTime":1701.756,"body":"larger deductible on my car insurance."},{"speaker":"Average Joe Finances","startTime":1701.966,"endTime":1704.338,"body":"Yeah I'm glad"},{"speaker":"Average Joe Finances","startTime":1701.966,"endTime":1704.338,"body":"you bring that up because I've always"},{"speaker":"Average Joe Finances","startTime":1704.343,"endTime":1707.644,"body":"had a thousand dollars deductible"},{"speaker":"Average Joe Finances","startTime":1704.343,"endTime":1707.644,"body":"on my insurance policies because"},{"speaker":"Gil Baumgarten","startTime":1707.644,"endTime":1709.294,"body":"That's the"},{"speaker":"Gil Baumgarten","startTime":1707.644,"endTime":1709.294,"body":"largest they'll let you have."},{"speaker":"Average Joe Finances","startTime":1709.354,"endTime":1709.654,"body":"Yep."},{"speaker":"Gil Baumgarten","startTime":1709.654,"endTime":1713.164,"body":"I told him I wanted a"},{"speaker":"Gil Baumgarten","startTime":1709.654,"endTime":1713.164,"body":"$5,000 deductible so that I could get my"},{"speaker":"Gil Baumgarten","startTime":1713.164,"endTime":1715.354,"body":"premiums down to three or $400 a year."},{"speaker":"Gil Baumgarten","startTime":1715.354,"endTime":1717.034,"body":"He goes, we don't do it that way."},{"speaker":"Average Joe Finances","startTime":1717.184,"endTime":1717.904,"body":"Yep, yep."},{"speaker":"Average Joe Finances","startTime":1717.964,"endTime":1718.637,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":1718.663,"endTime":1723.099,"body":"And it's the amount of money that"},{"speaker":"Average Joe Finances","startTime":1718.663,"endTime":1723.099,"body":"you save on that insurance premium"},{"speaker":"Average Joe Finances","startTime":1723.099,"endTime":1726.752,"body":"is enough for you to pay for any"},{"speaker":"Average Joe Finances","startTime":1723.099,"endTime":1726.752,"body":"damages that might happen anywhere"},{"speaker":"Gil Baumgarten","startTime":1726.752,"endTime":1728.503,"body":"Absolutely"},{"speaker":"Gil Baumgarten","startTime":1726.752,"endTime":1728.503,"body":"Year after year."},{"speaker":"Gil Baumgarten","startTime":1728.503,"endTime":1729.903,"body":"That's exactly the way to do it."},{"speaker":"Average Joe Finances","startTime":1730.07,"endTime":1730.115,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":1730.145,"endTime":1731.666,"body":"No that's, man, that's fantastic."},{"speaker":"Average Joe Finances","startTime":1731.666,"endTime":1732.801,"body":"So I, I appreciate that."},{"speaker":"Average Joe Finances","startTime":1732.849,"endTime":1736.959,"body":"Gil, this has been an absolutely"},{"speaker":"Average Joe Finances","startTime":1732.849,"endTime":1736.959,"body":"fantastic conversation."},{"speaker":"Average Joe Finances","startTime":1736.977,"endTime":1741.134,"body":"really feel like that discipline piece"},{"speaker":"Average Joe Finances","startTime":1736.977,"endTime":1741.134,"body":"and that mentality piece that you talk"},{"speaker":"Average Joe Finances","startTime":1741.134,"endTime":1742.907,"body":"about both in your book and what with the."},{"speaker":"Average Joe Finances","startTime":1743.322,"endTime":1746.246,"body":"with what you shared with us"},{"speaker":"Average Joe Finances","startTime":1743.322,"endTime":1746.246,"body":"today is absolutely what people"},{"speaker":"Average Joe Finances","startTime":1746.246,"endTime":1749.546,"body":"need to be successful no matter"},{"speaker":"Average Joe Finances","startTime":1746.246,"endTime":1749.546,"body":"what route they go down, right?"},{"speaker":"Average Joe Finances","startTime":1749.648,"endTime":1752.948,"body":"So I wanna transition this into"},{"speaker":"Average Joe Finances","startTime":1749.648,"endTime":1752.948,"body":"something that I call the final round."},{"speaker":"Average Joe Finances","startTime":1753.038,"endTime":1755.646,"body":"It's where I'm gonna ask you"},{"speaker":"Average Joe Finances","startTime":1753.038,"endTime":1755.646,"body":"four questions that I ask"},{"speaker":"Average Joe Finances","startTime":1755.646,"endTime":1756.636,"body":"everybody that comes on the show."},{"speaker":"Average Joe Finances","startTime":1756.689,"endTime":1760.429,"body":"But it's gonna be more based on how"},{"speaker":"Average Joe Finances","startTime":1756.689,"endTime":1760.429,"body":"does Gil react when he's putting in"},{"speaker":"Average Joe Finances","startTime":1760.429,"endTime":1763.274,"body":"tough situation, so if you're ready"},{"speaker":"Average Joe Finances","startTime":1760.429,"endTime":1763.274,"body":"to go, we'll get that party started."},{"speaker":"Gil Baumgarten","startTime":1763.304,"endTime":1764.034,"body":"Okay I'm ready."},{"speaker":"Average Joe Finances","startTime":1764.649,"endTime":1765.519,"body":"All"},{"speaker":"Average Joe Finances","startTime":1764.649,"endTime":1765.519,"body":"right, Gil, let's do this."},{"speaker":"Average Joe Finances","startTime":1765.519,"endTime":1770.379,"body":"So the first question of the final round"},{"speaker":"Average Joe Finances","startTime":1765.519,"endTime":1770.379,"body":"is, what's the biggest mistake you've"},{"speaker":"Average Joe Finances","startTime":1770.384,"endTime":1773.046,"body":"ever made in finances or investing?"},{"speaker":"Gil Baumgarten","startTime":1773.046,"endTime":1776.149,"body":"10 years ago, a buddy"},{"speaker":"Gil Baumgarten","startTime":1773.046,"endTime":1776.149,"body":"of mine who was in the oil business had"},{"speaker":"Gil Baumgarten","startTime":1776.149,"endTime":1780.219,"body":"a buddy of his who had been drilling"},{"speaker":"Gil Baumgarten","startTime":1776.149,"endTime":1780.219,"body":"wells and had done really well in East"},{"speaker":"Gil Baumgarten","startTime":1780.219,"endTime":1786.449,"body":"Texas and wanted me to put $250,000 of"},{"speaker":"Gil Baumgarten","startTime":1780.219,"endTime":1786.449,"body":"my own money in a drilling program, and"},{"speaker":"Gil Baumgarten","startTime":1786.449,"endTime":1790.417,"body":"what I didn't understand at the time is"},{"speaker":"Gil Baumgarten","startTime":1786.449,"endTime":1790.417,"body":"that guy was drilling offshore rather"},{"speaker":"Gil Baumgarten","startTime":1790.417,"endTime":1795.307,"body":"than onshore, and I think he would've"},{"speaker":"Gil Baumgarten","startTime":1790.417,"endTime":1795.307,"body":"been successful given enough time."},{"speaker":"Gil Baumgarten","startTime":1795.398,"endTime":1800.228,"body":"He was a great guy with great"},{"speaker":"Gil Baumgarten","startTime":1795.398,"endTime":1800.228,"body":"experience, and it was just a fluke that."},{"speaker":"Gil Baumgarten","startTime":1800.503,"endTime":1804.236,"body":"At the same point in time, the"},{"speaker":"Gil Baumgarten","startTime":1800.503,"endTime":1804.236,"body":"oil market went from a hundred"},{"speaker":"Gil Baumgarten","startTime":1804.236,"endTime":1809.456,"body":"dollars oil down to $20 oil and"},{"speaker":"Gil Baumgarten","startTime":1804.236,"endTime":1809.456,"body":"ultimately went to zero in 2020."},{"speaker":"Gil Baumgarten","startTime":1809.696,"endTime":1815.936,"body":"And it wiped out a whole bunch of"},{"speaker":"Gil Baumgarten","startTime":1809.696,"endTime":1815.936,"body":"oil investors in late 15, 16, 17, and"},{"speaker":"Gil Baumgarten","startTime":1815.936,"endTime":1818.306,"body":"my $250,000 essentially went kaput."},{"speaker":"Gil Baumgarten","startTime":1818.966,"endTime":1821.666,"body":"And so that's the worst"},{"speaker":"Gil Baumgarten","startTime":1818.966,"endTime":1821.666,"body":"investment I've ever made."},{"speaker":"Gil Baumgarten","startTime":1821.724,"endTime":1825.413,"body":"I also bought a Mini Cooper when"},{"speaker":"Gil Baumgarten","startTime":1821.724,"endTime":1825.413,"body":"they first came out in 2002."},{"speaker":"Gil Baumgarten","startTime":1825.413,"endTime":1828.443,"body":"I had the third one in Houston"},{"speaker":"Gil Baumgarten","startTime":1825.413,"endTime":1828.443,"body":"and they were trading for a huge"},{"speaker":"Gil Baumgarten","startTime":1828.443,"endTime":1830.993,"body":"premium, and I just had to have one."},{"speaker":"Gil Baumgarten","startTime":1831.323,"endTime":1834.6,"body":"And so I bought a Mini Cooper and"},{"speaker":"Gil Baumgarten","startTime":1831.323,"endTime":1834.6,"body":"then, year later I was tired of it"},{"speaker":"Gil Baumgarten","startTime":1834.75,"endTime":1837.96,"body":"and I could only get about half my"},{"speaker":"Gil Baumgarten","startTime":1834.75,"endTime":1837.96,"body":"money back because it had depreciated."},{"speaker":"Gil Baumgarten","startTime":1838.11,"endTime":1842.97,"body":"And then the $5,000 sticker premium"},{"speaker":"Gil Baumgarten","startTime":1838.11,"endTime":1842.97,"body":"that I paid for one had dissipated"},{"speaker":"Gil Baumgarten","startTime":1842.97,"endTime":1846.06,"body":"by that point in time because"},{"speaker":"Gil Baumgarten","startTime":1842.97,"endTime":1846.06,"body":"they weren't so new anymore."},{"speaker":"Gil Baumgarten","startTime":1846.3,"endTime":1848.73,"body":"And so that would probably"},{"speaker":"Gil Baumgarten","startTime":1846.3,"endTime":1848.73,"body":"be my second worst in."},{"speaker":"Average Joe Finances","startTime":1848.836,"endTime":1848.901,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1848.901,"endTime":1852.693,"body":"That fresh, that freshness"},{"speaker":"Average Joe Finances","startTime":1848.901,"endTime":1852.693,"body":"of, or the new the whole new I"},{"speaker":"Average Joe Finances","startTime":1852.693,"endTime":1853.621,"body":"don't know what's the right way?"},{"speaker":"Average Joe Finances","startTime":1853.651,"endTime":1856.609,"body":"Like when something new that"},{"speaker":"Average Joe Finances","startTime":1853.651,"endTime":1856.609,"body":"comes out, that's like the trend."},{"speaker":"Average Joe Finances","startTime":1856.609,"endTime":1856.969,"body":"The trend."},{"speaker":"Average Joe Finances","startTime":1856.969,"endTime":1857.439,"body":"That whole trend."},{"speaker":"Gil Baumgarten","startTime":1857.469,"endTime":1858.159,"body":"The trendy premium."},{"speaker":"Average Joe Finances","startTime":1858.259,"endTime":1858.749,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1858.749,"endTime":1858.909,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1858.914,"endTime":1860.536,"body":"That whole trend just died down."},{"speaker":"Average Joe Finances","startTime":1860.776,"endTime":1863.337,"body":"And what was it the Italian"},{"speaker":"Average Joe Finances","startTime":1860.776,"endTime":1863.337,"body":"job that came out that made the"},{"speaker":"Average Joe Finances","startTime":1863.337,"endTime":1865.197,"body":"Mini Cooper so popular, right?"},{"speaker":"Average Joe Finances","startTime":1865.197,"endTime":1865.557,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1865.562,"endTime":1865.697,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1865.789,"endTime":1868.656,"body":"That kind of hyped it up a"},{"speaker":"Average Joe Finances","startTime":1865.789,"endTime":1868.656,"body":"bit and then it just In a way."},{"speaker":"Average Joe Finances","startTime":1868.757,"endTime":1868.967,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1868.967,"endTime":1869.267,"body":"Oh man."},{"speaker":"Average Joe Finances","startTime":1869.267,"endTime":1870.767,"body":"I appreciate that transparency."},{"speaker":"Average Joe Finances","startTime":1870.789,"endTime":1872.799,"body":"Especially with that"},{"speaker":"Average Joe Finances","startTime":1870.789,"endTime":1872.799,"body":"investment in the oil industry."},{"speaker":"Gil Baumgarten","startTime":1872.849,"endTime":1874.251,"body":"At first,"},{"speaker":"Gil Baumgarten","startTime":1872.849,"endTime":1874.251,"body":"I recalled from it."},{"speaker":"Gil Baumgarten","startTime":1874.251,"endTime":1876.441,"body":"I thought, oh my gosh, I'm gonna"},{"speaker":"Gil Baumgarten","startTime":1874.251,"endTime":1876.441,"body":"change the way I invest my money."},{"speaker":"Gil Baumgarten","startTime":1876.741,"endTime":1880.491,"body":"No, it was just a fluke of"},{"speaker":"Gil Baumgarten","startTime":1876.741,"endTime":1880.491,"body":"timing, and that's another"},{"speaker":"Gil Baumgarten","startTime":1880.491,"endTime":1881.661,"body":"thing that I would give as a."},{"speaker":"Gil Baumgarten","startTime":1881.951,"endTime":1882.311,"body":"Vice."},{"speaker":"Gil Baumgarten","startTime":1882.311,"endTime":1886.391,"body":"Do not let a setback like that"},{"speaker":"Gil Baumgarten","startTime":1882.311,"endTime":1886.391,"body":"sort of undermine your confidence."},{"speaker":"Gil Baumgarten","startTime":1886.391,"endTime":1888.191,"body":"You have to get back in the game."},{"speaker":"Gil Baumgarten","startTime":1888.238,"endTime":1890.236,"body":"It's almost like falling off of a bicycle."},{"speaker":"Gil Baumgarten","startTime":1890.236,"endTime":1892.546,"body":"You do not put your bike"},{"speaker":"Gil Baumgarten","startTime":1890.236,"endTime":1892.546,"body":"in the garage after that."},{"speaker":"Gil Baumgarten","startTime":1892.546,"endTime":1895.406,"body":"Get back on that bike and"},{"speaker":"Gil Baumgarten","startTime":1892.546,"endTime":1895.406,"body":"figure out what you did wrong."},{"speaker":"Gil Baumgarten","startTime":1895.406,"endTime":1897.67,"body":"Because that's the key"},{"speaker":"Gil Baumgarten","startTime":1895.406,"endTime":1897.67,"body":"to getting your 250 back."},{"speaker":"Gil Baumgarten","startTime":1897.67,"endTime":1901.69,"body":"And I've made that 250 back dozens"},{"speaker":"Gil Baumgarten","startTime":1897.67,"endTime":1901.69,"body":"of times over since then in other"},{"speaker":"Gil Baumgarten","startTime":1901.69,"endTime":1905.571,"body":"things that I could have avoided"},{"speaker":"Gil Baumgarten","startTime":1901.69,"endTime":1905.571,"body":"if I had, taken it too seriously."},{"speaker":"Average Joe Finances","startTime":1905.674,"endTime":1906.004,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1906.105,"endTime":1909.646,"body":"A lot of people they get that t ime"},{"speaker":"Average Joe Finances","startTime":1906.105,"endTime":1909.646,"body":"where they make a bad decision or"},{"speaker":"Average Joe Finances","startTime":1909.646,"endTime":1913.666,"body":"they invest in something that doesn't"},{"speaker":"Average Joe Finances","startTime":1909.646,"endTime":1913.666,"body":"go the way that they had hoped and"},{"speaker":"Average Joe Finances","startTime":1913.666,"endTime":1915.616,"body":"they completely step away from that."},{"speaker":"Average Joe Finances","startTime":1915.752,"endTime":1918.883,"body":"And one of the things that, especially"},{"speaker":"Average Joe Finances","startTime":1915.752,"endTime":1918.883,"body":"as a real estate investor when you"},{"speaker":"Average Joe Finances","startTime":1918.883,"endTime":1921.673,"body":"have something like that you run into a"},{"speaker":"Average Joe Finances","startTime":1918.883,"endTime":1921.673,"body":"deal and it turns out to be a bad deal."},{"speaker":"Average Joe Finances","startTime":1921.673,"endTime":1923.101,"body":"A lot of people walk away after that."},{"speaker":"Average Joe Finances","startTime":1923.101,"endTime":1926.983,"body":"But, in, in this space, whether"},{"speaker":"Average Joe Finances","startTime":1923.101,"endTime":1926.983,"body":"it's in real estate or in stocks"},{"speaker":"Average Joe Finances","startTime":1926.983,"endTime":1930.339,"body":"or any other private investment"},{"speaker":"Average Joe Finances","startTime":1926.983,"endTime":1930.339,"body":"that you go into the way I look"},{"speaker":"Average Joe Finances","startTime":1930.344,"endTime":1931.958,"body":"at that is it's education, right?"},{"speaker":"Average Joe Finances","startTime":1932.018,"endTime":1933.308,"body":"You learn something out of that."},{"speaker":"Average Joe Finances","startTime":1933.338,"endTime":1936.185,"body":"It might be an absolutely expensive"},{"speaker":"Average Joe Finances","startTime":1933.338,"endTime":1936.185,"body":"education but it's something that you"},{"speaker":"Average Joe Finances","startTime":1936.19,"endTime":1938.524,"body":"learn and you shift how you do things."},{"speaker":"Average Joe Finances","startTime":1938.605,"endTime":1940.675,"body":"But you don't completely walk away."},{"speaker":"Average Joe Finances","startTime":1940.675,"endTime":1943.922,"body":"Don't let that be the catalyst that"},{"speaker":"Average Joe Finances","startTime":1940.675,"endTime":1943.922,"body":"makes you say, oh, I'm just gonna"},{"speaker":"Average Joe Finances","startTime":1943.922,"endTime":1945.132,"body":"keep my money in the savings account."},{"speaker":"Average Joe Finances","startTime":1945.132,"endTime":1947.929,"body":"Because if you do that, you're"},{"speaker":"Average Joe Finances","startTime":1945.132,"endTime":1947.929,"body":"losing, what seven, eight, 9%"},{"speaker":"Average Joe Finances","startTime":1947.929,"endTime":1949.297,"body":"a year just to inflation, yep."},{"speaker":"Average Joe Finances","startTime":1949.397,"endTime":1949.655,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1949.655,"endTime":1950.06,"body":"That's huge."},{"speaker":"Average Joe Finances","startTime":1950.06,"endTime":1950.693,"body":"I appreciate that."},{"speaker":"Average Joe Finances","startTime":1950.727,"endTime":1954.357,"body":"My next question kind of ties into"},{"speaker":"Average Joe Finances","startTime":1950.727,"endTime":1954.357,"body":"this and that is, what is something"},{"speaker":"Average Joe Finances","startTime":1954.387,"endTime":1957.367,"body":"that you've learned that you wish"},{"speaker":"Average Joe Finances","startTime":1954.387,"endTime":1957.367,"body":"you knew when you first started?"},{"speaker":"Gil Baumgarten","startTime":1957.514,"endTime":1961.534,"body":"I wish I understood"},{"speaker":"Gil Baumgarten","startTime":1957.514,"endTime":1961.534,"body":"the tax code because there was a lot of"},{"speaker":"Gil Baumgarten","startTime":1961.534,"endTime":1966.364,"body":"mistakes that I made by not following"},{"speaker":"Gil Baumgarten","startTime":1961.534,"endTime":1966.364,"body":"the path that the government gives"},{"speaker":"Gil Baumgarten","startTime":1966.364,"endTime":1968.104,"body":"you the greatest incentive to follow."},{"speaker":"Gil Baumgarten","startTime":1968.404,"endTime":1972.634,"body":"So if you look at the way tax deferral"},{"speaker":"Gil Baumgarten","startTime":1968.404,"endTime":1972.634,"body":"works, the way ordinary income taxes"},{"speaker":"Gil Baumgarten","startTime":1972.639,"endTime":1978.784,"body":"apply, the way ordinary income taxes"},{"speaker":"Gil Baumgarten","startTime":1972.639,"endTime":1978.784,"body":"apply based on your level of earning the."},{"speaker":"Gil Baumgarten","startTime":1979.429,"endTime":1982.969,"body":"Capital gains are taxed the way"},{"speaker":"Gil Baumgarten","startTime":1979.429,"endTime":1982.969,"body":"short-term capital gains are taxed."},{"speaker":"Gil Baumgarten","startTime":1983.239,"endTime":1986.569,"body":"If you look at all that in an"},{"speaker":"Gil Baumgarten","startTime":1983.239,"endTime":1986.569,"body":"ecosystem and if you understood it"},{"speaker":"Gil Baumgarten","startTime":1986.569,"endTime":1991.639,"body":"on a spreadsheet, there is a definite"},{"speaker":"Gil Baumgarten","startTime":1986.569,"endTime":1991.639,"body":"path that you would follow that led"},{"speaker":"Gil Baumgarten","startTime":1991.639,"endTime":1994.819,"body":"to the maximum amount of outcome."},{"speaker":"Gil Baumgarten","startTime":1995.119,"endTime":1998.479,"body":"And I did not have that spreadsheet"},{"speaker":"Gil Baumgarten","startTime":1995.119,"endTime":1998.479,"body":"memorized when I was younger,"},{"speaker":"Gil Baumgarten","startTime":1998.629,"endTime":2002.559,"body":"and I stumbled right into some"},{"speaker":"Gil Baumgarten","startTime":1998.629,"endTime":2002.559,"body":"big tax traps that I never really"},{"speaker":"Gil Baumgarten","startTime":2002.559,"endTime":2003.909,"body":"understood how they worked."},{"speaker":"Gil Baumgarten","startTime":2004.109,"endTime":2008.777,"body":"Years later, I look back on my behavior"},{"speaker":"Gil Baumgarten","startTime":2004.109,"endTime":2008.777,"body":"and I'm like, oh my gosh, if I had only"},{"speaker":"Gil Baumgarten","startTime":2008.777,"endTime":2013.157,"body":"known how that spreadsheet was laid out"},{"speaker":"Gil Baumgarten","startTime":2008.777,"endTime":2013.157,"body":"and through the school of hard knocks,"},{"speaker":"Gil Baumgarten","startTime":2013.157,"endTime":2018.734,"body":"I pretty much memorized where all those"},{"speaker":"Gil Baumgarten","startTime":2013.157,"endTime":2018.734,"body":"pain points were and had established"},{"speaker":"Gil Baumgarten","startTime":2018.734,"endTime":2022.994,"body":"a different set of priorities with"},{"speaker":"Gil Baumgarten","startTime":2018.734,"endTime":2022.994,"body":"regard to how I approached decisions."},{"speaker":"Gil Baumgarten","startTime":2023.016,"endTime":2027.468,"body":"I tend to avoid most anything that"},{"speaker":"Gil Baumgarten","startTime":2023.016,"endTime":2027.468,"body":"generates ordinary income and I look"},{"speaker":"Gil Baumgarten","startTime":2027.468,"endTime":2030.713,"body":"for dividend or long-term capital"},{"speaker":"Gil Baumgarten","startTime":2027.468,"endTime":2030.713,"body":"gain because the taxes are twice."},{"speaker":"Gil Baumgarten","startTime":2031.163,"endTime":2036.939,"body":"And and I don't overvalue deferral,"},{"speaker":"Gil Baumgarten","startTime":2031.163,"endTime":2036.939,"body":"I value tax free and I value step"},{"speaker":"Gil Baumgarten","startTime":2036.939,"endTime":2042.759,"body":"up and basis rule and I value 23.8%"},{"speaker":"Gil Baumgarten","startTime":2036.939,"endTime":2042.759,"body":"maximum tax on long-term capital gain."},{"speaker":"Gil Baumgarten","startTime":2042.969,"endTime":2046.509,"body":"And so I have these trade-offs where if"},{"speaker":"Gil Baumgarten","startTime":2042.969,"endTime":2046.509,"body":"I'm looking at a vehicle that generates"},{"speaker":"Gil Baumgarten","startTime":2046.879,"endTime":2050.529,"body":"ordinary income, it's gonna have to be 40%"},{"speaker":"Gil Baumgarten","startTime":2046.879,"endTime":2050.529,"body":"higher because the taxes are 40% higher."},{"speaker":"Gil Baumgarten","startTime":2050.829,"endTime":2054.729,"body":"So that's the, that would be"},{"speaker":"Gil Baumgarten","startTime":2050.829,"endTime":2054.729,"body":"what I would put on that list."},{"speaker":"Average Joe Finances","startTime":2054.829,"endTime":2055.099,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2055.099,"endTime":2055.849,"body":"Yeah, that's that."},{"speaker":"Average Joe Finances","startTime":2055.849,"endTime":2056.959,"body":"I really appreciate that."},{"speaker":"Average Joe Finances","startTime":2057.028,"endTime":2062.132,"body":"I feel like a lot of people they don't"},{"speaker":"Average Joe Finances","startTime":2057.028,"endTime":2062.132,"body":"realize how much money they lose in taxes."},{"speaker":"Average Joe Finances","startTime":2062.462,"endTime":2066.018,"body":"Where, the, if you just understood"},{"speaker":"Average Joe Finances","startTime":2062.462,"endTime":2066.018,"body":"the tax code itself and or not, you"},{"speaker":"Average Joe Finances","startTime":2066.023,"endTime":2068.718,"body":"don't even have to understand it fully,"},{"speaker":"Average Joe Finances","startTime":2066.023,"endTime":2068.718,"body":"but you have a good understanding"},{"speaker":"Average Joe Finances","startTime":2068.718,"endTime":2073.124,"body":"about it and you have a good CPA"},{"speaker":"Average Joe Finances","startTime":2068.718,"endTime":2073.124,"body":"that understands, how you invest."},{"speaker":"Average Joe Finances","startTime":2073.175,"endTime":2076.779,"body":"Not just your, somebody that's gonna go"},{"speaker":"Average Joe Finances","startTime":2073.175,"endTime":2076.779,"body":"into QuickBooks and do it for you, right?"},{"speaker":"Average Joe Finances","startTime":2076.779,"endTime":2076.869,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":2076.869,"endTime":2079.592,"body":"But somebody that really understands"},{"speaker":"Average Joe Finances","startTime":2076.869,"endTime":2079.592,"body":"whether you're investing in real estate"},{"speaker":"Average Joe Finances","startTime":2079.592,"endTime":2085.027,"body":"or the stock market, how to claim certain"},{"speaker":"Average Joe Finances","startTime":2079.592,"endTime":2085.027,"body":"losses how to claim depreciation and how"},{"speaker":"Average Joe Finances","startTime":2085.032,"endTime":2090.127,"body":"much money you can actually save on that"},{"speaker":"Average Joe Finances","startTime":2085.032,"endTime":2090.127,"body":"tax bill by doing it properly versus"},{"speaker":"Average Joe Finances","startTime":2090.127,"endTime":2093.636,"body":"just saying, oh, I'm gonna file my taxes"},{"speaker":"Average Joe Finances","startTime":2090.127,"endTime":2093.636,"body":"and yeah, this is how much I made this"},{"speaker":"Average Joe Finances","startTime":2093.636,"endTime":2095.256,"body":"year, this is how much I had in gains."},{"speaker":"Average Joe Finances","startTime":2095.263,"endTime":2095.743,"body":"And you."},{"speaker":"Average Joe Finances","startTime":2095.878,"endTime":2096.538,"body":"Properly filing."},{"speaker":"Average Joe Finances","startTime":2096.598,"endTime":2100.25,"body":"The losses that you took or the"},{"speaker":"Average Joe Finances","startTime":2096.598,"endTime":2100.25,"body":"depreciation that you can claim can"},{"speaker":"Average Joe Finances","startTime":2100.25,"endTime":2104.51,"body":"really be a large amount that you wind"},{"speaker":"Average Joe Finances","startTime":2100.25,"endTime":2104.51,"body":"up paying that you didn't have to pay."},{"speaker":"Gil Baumgarten","startTime":2104.66,"endTime":2105.29,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":2105.318,"endTime":2106.39,"body":"So"},{"speaker":"Average Joe Finances","startTime":2105.318,"endTime":2106.39,"body":"I think that's awesome."},{"speaker":"Average Joe Finances","startTime":2106.42,"endTime":2106.6,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2106.629,"endTime":2109.942,"body":"The next question again, ties into"},{"speaker":"Average Joe Finances","startTime":2106.629,"endTime":2109.942,"body":"this, is do you have any tips or tricks"},{"speaker":"Average Joe Finances","startTime":2109.942,"endTime":2113.602,"body":"that you would recommend as someone"},{"speaker":"Average Joe Finances","startTime":2109.942,"endTime":2113.602,"body":"that is just getting started today?"},{"speaker":"Gil Baumgarten","startTime":2113.688,"endTime":2117.178,"body":"Start out small"},{"speaker":"Gil Baumgarten","startTime":2113.688,"endTime":2117.178,"body":"and start out systematically."},{"speaker":"Gil Baumgarten","startTime":2117.178,"endTime":2119.235,"body":"You can buy mutual funds online."},{"speaker":"Gil Baumgarten","startTime":2119.264,"endTime":2127.514,"body":"And do not rely on your willingness to"},{"speaker":"Gil Baumgarten","startTime":2119.264,"endTime":2127.514,"body":"write a check to your mutual fund, put it"},{"speaker":"Gil Baumgarten","startTime":2127.519,"endTime":2132.104,"body":"on automatic bank draft, because I have"},{"speaker":"Gil Baumgarten","startTime":2127.519,"endTime":2132.104,"body":"had people say, yeah, I wanna do this."},{"speaker":"Gil Baumgarten","startTime":2132.104,"endTime":2135.374,"body":"I wanna invest a thousand dollars"},{"speaker":"Gil Baumgarten","startTime":2132.104,"endTime":2135.374,"body":"a month, and I wanna do that from"},{"speaker":"Gil Baumgarten","startTime":2135.379,"endTime":2140.902,"body":"here till, my kids are 18 and they"},{"speaker":"Gil Baumgarten","startTime":2135.379,"endTime":2140.902,"body":"look up two years later and think"},{"speaker":"Gil Baumgarten","startTime":2140.902,"endTime":2142.702,"body":"that they've made 24 deposits."},{"speaker":"Gil Baumgarten","startTime":2142.912,"endTime":2145.462,"body":"And they ask me how many times"},{"speaker":"Gil Baumgarten","startTime":2142.912,"endTime":2145.462,"body":"that they've sent a check in."},{"speaker":"Gil Baumgarten","startTime":2145.462,"endTime":2149.796,"body":"And I say, it's just doesn't happen"},{"speaker":"Gil Baumgarten","startTime":2145.462,"endTime":2149.796,"body":"with the frequency that it could, if"},{"speaker":"Gil Baumgarten","startTime":2149.796,"endTime":2153.767,"body":"they had an automatic bank draft where"},{"speaker":"Gil Baumgarten","startTime":2149.796,"endTime":2153.767,"body":"they were sweeping that money out it is"},{"speaker":"Gil Baumgarten","startTime":2153.807,"endTime":2159.897,"body":"surprising how fast 30 days transpires"},{"speaker":"Gil Baumgarten","startTime":2153.807,"endTime":2159.897,"body":"and you just need more discipline."},{"speaker":"Gil Baumgarten","startTime":2160.107,"endTime":2164.517,"body":"And an automatic bank draft is a way to"},{"speaker":"Gil Baumgarten","startTime":2160.107,"endTime":2164.517,"body":"put discipline into the process, and you'd"},{"speaker":"Gil Baumgarten","startTime":2164.517,"endTime":2168.417,"body":"be blown away by how big those numbers"},{"speaker":"Gil Baumgarten","startTime":2164.517,"endTime":2168.417,"body":"can get if you start early and do it."},{"speaker":"Average Joe Finances","startTime":2168.556,"endTime":2169.306,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":2169.306,"endTime":2171.599,"body":"I actually have mine set"},{"speaker":"Average Joe Finances","startTime":2169.306,"endTime":2171.599,"body":"up that way twice a month."},{"speaker":"Average Joe Finances","startTime":2171.66,"endTime":2173.051,"body":"It's going into my kids' account yep."},{"speaker":"Average Joe Finances","startTime":2173.081,"endTime":2173.411,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2173.591,"endTime":2174.281,"body":"Fantastic."},{"speaker":"Average Joe Finances","startTime":2174.361,"endTime":2177.687,"body":"Having that automatic and just like"},{"speaker":"Average Joe Finances","startTime":2174.361,"endTime":2177.687,"body":"set it and forget it type deal."},{"speaker":"Average Joe Finances","startTime":2177.907,"endTime":2180.787,"body":"And then I look at my quarterly"},{"speaker":"Average Joe Finances","startTime":2177.907,"endTime":2180.787,"body":"statements and say, oh, okay, cool."},{"speaker":"Average Joe Finances","startTime":2180.787,"endTime":2182.167,"body":"This is what's happening"},{"speaker":"Average Joe Finances","startTime":2180.787,"endTime":2182.167,"body":"and this is how much"},{"speaker":"Gil Baumgarten","startTime":2182.167,"endTime":2182.377,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":2182.434,"endTime":2184.282,"body":"I tell my kids"},{"speaker":"Average Joe Finances","startTime":2182.434,"endTime":2184.282,"body":"all the time, I'm like, I'm not gonna"},{"speaker":"Average Joe Finances","startTime":2184.282,"endTime":2186.562,"body":"tell you how much you have, but you"},{"speaker":"Average Joe Finances","startTime":2184.282,"endTime":2186.562,"body":"guys have like more money than me."},{"speaker":"Average Joe Finances","startTime":2186.592,"endTime":2186.832,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2187.337,"endTime":2188.722,"body":". So just leave me alone."},{"speaker":"Average Joe Finances","startTime":2188.932,"endTime":2189.682,"body":"You're gonna be okay."},{"speaker":"Average Joe Finances","startTime":2189.682,"endTime":2189.734,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2189.749,"endTime":2190.555,"body":"So yeah that's awesome."},{"speaker":"Average Joe Finances","startTime":2190.555,"endTime":2193.707,"body":"All right, so the next question is"},{"speaker":"Average Joe Finances","startTime":2190.555,"endTime":2193.707,"body":"this is an opinion-based question,"},{"speaker":"Average Joe Finances","startTime":2193.707,"endTime":2196.017,"body":"but do you have a favorite business?"},{"speaker":"Average Joe Finances","startTime":2196.227,"endTime":2199.259,"body":"And I'm gonna preface this with,"},{"speaker":"Average Joe Finances","startTime":2196.227,"endTime":2199.259,"body":"besides your own, do you have a favorite"},{"speaker":"Average Joe Finances","startTime":2199.719,"endTime":2203.859,"body":"business investing or real estate"},{"speaker":"Average Joe Finances","startTime":2199.719,"endTime":2203.859,"body":"related book or podcast, or both?"},{"speaker":"Gil Baumgarten","startTime":2203.915,"endTime":2206.835,"body":"I really like the"},{"speaker":"Gil Baumgarten","startTime":2203.915,"endTime":2206.835,"body":"Intelligent Investor by Ben Graham."},{"speaker":"Gil Baumgarten","startTime":2206.843,"endTime":2210.833,"body":"So that Ben Graham was Warren Buffett's"},{"speaker":"Gil Baumgarten","startTime":2206.843,"endTime":2210.833,"body":"economics professor at Columbia."},{"speaker":"Gil Baumgarten","startTime":2211.103,"endTime":2214.169,"body":"The book is probably 50 years"},{"speaker":"Gil Baumgarten","startTime":2211.103,"endTime":2214.169,"body":"old, but there's some real"},{"speaker":"Gil Baumgarten","startTime":2214.174,"endTime":2215.489,"body":"pearls of wisdom in there."},{"speaker":"Gil Baumgarten","startTime":2215.724,"endTime":2218.214,"body":"Don't be intimidated by"},{"speaker":"Gil Baumgarten","startTime":2215.724,"endTime":2218.214,"body":"the big thickness of it."},{"speaker":"Gil Baumgarten","startTime":2218.424,"endTime":2219.419,"body":"You can skim it."},{"speaker":"Gil Baumgarten","startTime":2219.749,"endTime":2222.809,"body":"Go into the table of contents"},{"speaker":"Gil Baumgarten","startTime":2219.749,"endTime":2222.809,"body":"and just look through there"},{"speaker":"Gil Baumgarten","startTime":2222.809,"endTime":2225.899,"body":"and find some of the nuggets of"},{"speaker":"Gil Baumgarten","startTime":2222.809,"endTime":2225.899,"body":"information and go look that up."},{"speaker":"Gil Baumgarten","startTime":2225.899,"endTime":2227.069,"body":"You don't have to read the whole book."},{"speaker":"Gil Baumgarten","startTime":2227.219,"endTime":2228.629,"body":"There's a lot of formulas in it."},{"speaker":"Gil Baumgarten","startTime":2228.629,"endTime":2229.919,"body":"It can be very intimidating."},{"speaker":"Gil Baumgarten","startTime":2230.129,"endTime":2231.299,"body":"Do not let that stop you."},{"speaker":"Gil Baumgarten","startTime":2231.299,"endTime":2236.039,"body":"There's all kinds of very practical words"},{"speaker":"Gil Baumgarten","startTime":2231.299,"endTime":2236.039,"body":"of wisdom about how to view the world."},{"speaker":"Gil Baumgarten","startTime":2236.039,"endTime":2239.837,"body":"And Ben, that, that book by Ben Graham"},{"speaker":"Gil Baumgarten","startTime":2236.039,"endTime":2239.837,"body":"would be one I'd put very high on my list."},{"speaker":"Average Joe Finances","startTime":2240.042,"endTime":2240.492,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":2240.492,"endTime":2241.242,"body":"Thank you so much for that."},{"speaker":"Average Joe Finances","startTime":2241.362,"endTime":2243.815,"body":"And by the way you describe it,"},{"speaker":"Average Joe Finances","startTime":2241.362,"endTime":2243.815,"body":"that might be one of those ones that"},{"speaker":"Average Joe Finances","startTime":2243.815,"endTime":2246.086,"body":"might be a good Blinkist read, right?"},{"speaker":"Gil Baumgarten","startTime":2246.091,"endTime":2246.546,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":2246.596,"endTime":2248.107,"body":"Or one"},{"speaker":"Average Joe Finances","startTime":2246.596,"endTime":2248.107,"body":"of those programs that can give"},{"speaker":"Average Joe Finances","startTime":2248.107,"endTime":2250.798,"body":"you like the important nuggets"},{"speaker":"Average Joe Finances","startTime":2248.107,"endTime":2250.798,"body":"that you need out of that Yeah."},{"speaker":"Average Joe Finances","startTime":2250.803,"endTime":2251.168,"body":"That book."},{"speaker":"Average Joe Finances","startTime":2251.168,"endTime":2251.421,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":2251.426,"endTime":2251.481,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2251.731,"endTime":2252.031,"body":"That's awesome."},{"speaker":"Average Joe Finances","startTime":2252.031,"endTime":2253.824,"body":"I'm gonna have to add"},{"speaker":"Average Joe Finances","startTime":2252.031,"endTime":2253.824,"body":"that to my list, awesome."},{"speaker":"Average Joe Finances","startTime":2253.824,"endTime":2254.094,"body":"All right."},{"speaker":"Average Joe Finances","startTime":2254.304,"endTime":2254.844,"body":"Hey Gil."},{"speaker":"Average Joe Finances","startTime":2254.897,"endTime":2255.947,"body":"So this has been awesome."},{"speaker":"Average Joe Finances","startTime":2255.947,"endTime":2257.447,"body":"That is it for the final round."},{"speaker":"Average Joe Finances","startTime":2257.507,"endTime":2259.517,"body":"That is all the questions I have for you."},{"speaker":"Average Joe Finances","startTime":2259.517,"endTime":2262.517,"body":"However, I do have one more question."},{"speaker":"Average Joe Finances","startTime":2262.517,"endTime":2264.527,"body":"It is the most important"},{"speaker":"Average Joe Finances","startTime":2262.517,"endTime":2264.527,"body":"question involved."},{"speaker":"Average Joe Finances","startTime":2264.527,"endTime":2267.047,"body":"So for the listeners that have"},{"speaker":"Average Joe Finances","startTime":2264.527,"endTime":2267.047,"body":"been listening to this episode,"},{"speaker":"Average Joe Finances","startTime":2267.047,"endTime":2268.757,"body":"saying, man, like I really."},{"speaker":"Average Joe Finances","startTime":2268.812,"endTime":2273.8,"body":"Appreciate Gil's transparency and how"},{"speaker":"Average Joe Finances","startTime":2268.812,"endTime":2273.8,"body":"much of fiduciary he is and how he's"},{"speaker":"Average Joe Finances","startTime":2273.8,"endTime":2275.67,"body":"got the client's best mind at heart."},{"speaker":"Average Joe Finances","startTime":2275.67,"endTime":2277.798,"body":"I wanna know more information about him."},{"speaker":"Average Joe Finances","startTime":2277.948,"endTime":2279.521,"body":"I'd like to know where I could find him."},{"speaker":"Average Joe Finances","startTime":2279.572,"endTime":2282.332,"body":"Do you, so do you have a website,"},{"speaker":"Average Joe Finances","startTime":2279.572,"endTime":2282.332,"body":"social media, or anything that you could"},{"speaker":"Average Joe Finances","startTime":2282.332,"endTime":2285.373,"body":"share with us where people could find"},{"speaker":"Average Joe Finances","startTime":2282.332,"endTime":2285.373,"body":"you and where can we find your book?"},{"speaker":"Gil Baumgarten","startTime":2285.401,"endTime":2286.691,"body":"My book is on Amazon."},{"speaker":"Gil Baumgarten","startTime":2286.691,"endTime":2289.72,"body":"It's called Foolish and you'll"},{"speaker":"Gil Baumgarten","startTime":2286.691,"endTime":2289.72,"body":"be able to find that there."},{"speaker":"Gil Baumgarten","startTime":2289.72,"endTime":2290.89,"body":"It's also on Target."},{"speaker":"Gil Baumgarten","startTime":2290.89,"endTime":2292.27,"body":"It's at the Harvard Bookstore."},{"speaker":"Gil Baumgarten","startTime":2292.48,"endTime":2294.88,"body":"There's a couple of different"},{"speaker":"Gil Baumgarten","startTime":2292.48,"endTime":2294.88,"body":"places that you can buy it online."},{"speaker":"Gil Baumgarten","startTime":2294.912,"endTime":2296.142,"body":"I have two websites."},{"speaker":"Gil Baumgarten","startTime":2296.147,"endTime":2299.442,"body":"My business website is called"},{"speaker":"Gil Baumgarten","startTime":2296.147,"endTime":2299.442,"body":"Segment Wealth Management,"},{"speaker":"Gil Baumgarten","startTime":2299.442,"endTime":2302.152,"body":"so that's segmentwm.com."},{"speaker":"Gil Baumgarten","startTime":2302.179,"endTime":2303.369,"body":"So what we do for clients."},{"speaker":"Gil Baumgarten","startTime":2303.929,"endTime":2305.429,"body":"And how we do it is all there."},{"speaker":"Gil Baumgarten","startTime":2305.669,"endTime":2309.809,"body":"And then I have a Gil Baumgarten website"},{"speaker":"Gil Baumgarten","startTime":2305.669,"endTime":2309.809,"body":"that is more information about the book."},{"speaker":"Gil Baumgarten","startTime":2310.019,"endTime":2313.349,"body":"I'm an artist and I do artwork"},{"speaker":"Gil Baumgarten","startTime":2310.019,"endTime":2313.349,"body":"and some of my more personal"},{"speaker":"Gil Baumgarten","startTime":2313.354,"endTime":2315.501,"body":"stuff is on my personal website."},{"speaker":"Gil Baumgarten","startTime":2315.501,"endTime":2317.231,"body":"And that'd be gilbaumgarten.com."},{"speaker":"Gil Baumgarten","startTime":2317.451,"endTime":2318.681,"body":"Gil with one L."},{"speaker":"Gil Baumgarten","startTime":2318.981,"endTime":2321.107,"body":"And then what else did you ask me in that?"},{"speaker":"Gil Baumgarten","startTime":2321.171,"endTime":2321.861,"body":"I think that's it."},{"speaker":"Average Joe Finances","startTime":2321.861,"endTime":2322.731,"body":"You"},{"speaker":"Average Joe Finances","startTime":2321.861,"endTime":2322.731,"body":"have any social media?"},{"speaker":"Average Joe Finances","startTime":2322.791,"endTime":2323.841,"body":"Oh, you have social media?"},{"speaker":"Gil Baumgarten","startTime":2323.872,"endTime":2327.11,"body":"I have LinkedIn"},{"speaker":"Gil Baumgarten","startTime":2323.872,"endTime":2327.11,"body":"and I have Facebook and, all that."},{"speaker":"Gil Baumgarten","startTime":2327.116,"endTime":2330.125,"body":"And Segment Wealth has its own"},{"speaker":"Gil Baumgarten","startTime":2327.116,"endTime":2330.125,"body":"LinkedIn and Facebook page."},{"speaker":"Gil Baumgarten","startTime":2330.152,"endTime":2333.454,"body":"We also, I also write"},{"speaker":"Gil Baumgarten","startTime":2330.152,"endTime":2333.454,"body":"a blog every two weeks."},{"speaker":"Gil Baumgarten","startTime":2333.454,"endTime":2337.442,"body":"I write about, Interest rates or the"},{"speaker":"Gil Baumgarten","startTime":2333.454,"endTime":2337.442,"body":"stock market, this or that, or taxes"},{"speaker":"Gil Baumgarten","startTime":2337.442,"endTime":2344.391,"body":"or IRAs or whatever and you can sign"},{"speaker":"Gil Baumgarten","startTime":2337.442,"endTime":2344.391,"body":"up for free, segment wm.com/blog."},{"speaker":"Gil Baumgarten","startTime":2344.601,"endTime":2347.961,"body":"We won't solicit, we don't share our list."},{"speaker":"Gil Baumgarten","startTime":2347.961,"endTime":2349.641,"body":"We don't ask people for anything."},{"speaker":"Gil Baumgarten","startTime":2349.791,"endTime":2351.741,"body":"We don't call, we don't do anything."},{"speaker":"Gil Baumgarten","startTime":2351.951,"endTime":2354.231,"body":"Go in there and put your email"},{"speaker":"Gil Baumgarten","startTime":2351.951,"endTime":2354.231,"body":"address in there and whenever we"},{"speaker":"Gil Baumgarten","startTime":2354.231,"endTime":2358.431,"body":"write something, it'll come into your"},{"speaker":"Gil Baumgarten","startTime":2354.231,"endTime":2358.431,"body":"inbox and you can unsubscribe anytime."},{"speaker":"Gil Baumgarten","startTime":2358.641,"endTime":2359.981,"body":"And there's no charge to get it."},{"speaker":"Average Joe Finances","startTime":2360.232,"endTime":2360.442,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2360.442,"endTime":2361.028,"body":"That's awesome."},{"speaker":"Average Joe Finances","startTime":2361.028,"endTime":2362.708,"body":"Thank you so much for"},{"speaker":"Average Joe Finances","startTime":2361.028,"endTime":2362.708,"body":"sharing that with us."},{"speaker":"Average Joe Finances","startTime":2362.786,"endTime":2367.046,"body":"Great resources for my listeners, I will"},{"speaker":"Average Joe Finances","startTime":2362.786,"endTime":2367.046,"body":"make sure that those links are in the"},{"speaker":"Average Joe Finances","startTime":2367.046,"endTime":2370.466,"body":"show notes to make it easy for you, so"},{"speaker":"Average Joe Finances","startTime":2367.046,"endTime":2370.466,"body":"you can just click away or copy and paste."},{"speaker":"Average Joe Finances","startTime":2370.676,"endTime":2372.116,"body":"Just don't do it while you're driving."},{"speaker":"Average Joe Finances","startTime":2372.136,"endTime":2373.936,"body":"Gil, this has been fantastic."},{"speaker":"Average Joe Finances","startTime":2373.936,"endTime":2376.666,"body":"Thank you so much for taking the"},{"speaker":"Average Joe Finances","startTime":2373.936,"endTime":2376.666,"body":"time to, to chat with me today."},{"speaker":"Gil Baumgarten","startTime":2376.726,"endTime":2377.536,"body":"Glad to be here."},{"speaker":"Gil Baumgarten","startTime":2377.536,"endTime":2378.286,"body":"Thanks for having me."},{"speaker":"Average Joe Finances","startTime":2378.666,"endTime":2379.296,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":2379.296,"endTime":2382.386,"body":"And hey, to my listeners, thank"},{"speaker":"Average Joe Finances","startTime":2379.296,"endTime":2382.386,"body":"you so much for joining me and our"},{"speaker":"Average Joe Finances","startTime":2382.386,"endTime":2386.466,"body":"special guest, Gil Baumgarten, on"},{"speaker":"Average Joe Finances","startTime":2382.386,"endTime":2386.466,"body":"the Average Joe Finances Podcast."},{"speaker":"Average Joe Finances","startTime":2386.826,"endTime":2389.616,"body":"Go leave us a five star review"},{"speaker":"Average Joe Finances","startTime":2386.826,"endTime":2389.616,"body":"and tell us what you liked"},{"speaker":"Average Joe Finances","startTime":2389.616,"endTime":2391.626,"body":"about today's episode with Gil."},{"speaker":"Average Joe Finances","startTime":2391.986,"endTime":2394.486,"body":"Aloha from Hawaii and have"},{"speaker":"Average Joe Finances","startTime":2391.986,"endTime":2394.486,"body":"a great rest of your day."}]}