The Sugar Daddy Podcast
Ready to normalize talking about money? Then welcome to The Sugar Daddy Podcast. Every episode will get you one step closer to your financial goals. Whether that is learning how to invest, budget, save, retire early or simply make better money choices, Jess & Brandon have got you covered in a way that's easy to understand, and easy to implement. Tune in as they demystify the realm of dollars, so it all makes cents, while giving you a glimpse into their relationship with money and each other.
Brandon is an award winning licensed financial planner, and owner of Oak City Financial, with over a decade of experience and millions of dollars managed for his clients all over the United States.
New episodes published the first three Wednesdays of every month.
The Sugar Daddy Podcast
98: Rip & Rant: Insider Trades, Tone-Deaf Tips & Financial Gaslighting
Ever wonder how politicians like Nancy Pelosi and Marjorie Taylor Greene grow millionaire-level wealth while you're getting hit with overdraft fees? In this episode, Jess and Brandon expose the shady world of insider stock trades, slap-on-the-wrist fines, and the double standards baked into the system.
Then they’re coming for out-of-touch celebrity financial “advice” that sounds more like satire.
If you’re tired of money tips that ignore real-life struggles, this one’s for you. Let’s talk power, privilege, and why it’s time to rethink who we’re taking financial advice from.
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We are back with another Rip and Rant. A lot has happened in the world and we have a lot to say about it. So we're going to start off with if you made a trade based on privileged information from work, you'd go to jail, but guess what If you were in Congress, it's just a regular Tuesday. We are going to talk about it. And don't even get us started on celebrities giving out money advice when they make multi-millions and billions of dollars, but now they're out here trying to give us budgeting tips. No, thank you Unsubscribing to that. So stay tuned if you want to hear some of our opinions of the happenings in the world.
Speaker 2:Let's get into it. Hey babe, what are we talking about today?
Speaker 1:Well, I know you've been burning on the inside. We haven't done a rip and rant in a while and you have a lot to say. And every time you come up to me and you're like I'm like, all right, we got to go record an episode because you have a lot to say. So here we are. Yeah, when do we start?
Speaker 2:Well, if you guys pay any attention to social media at all which I hope you do, you're following us. You will also see that politicians make a lot of money off of trading individual stocks.
Speaker 1:Yeah. However, they are trading in individual stocks that maybe they have insider information on, and by maybe we mean they have insider information, like they're out here buying random no name stock and then, all of a sudden, random no-name stock, and then all of a sudden, oh, the following week there's a multi-billion dollar contract being signed to use that tiny piece in a valve for some water system in some podunk town.
Speaker 2:So, yes, so let's talk about it insider trading is illegal, so so let's just say Depends on who you are.
Speaker 2:Yeah, depends on who you are. So insider trading is supposed to be illegal. However, you know, it all depends on who you are, basically what it boils down to. So let's just say, hypothetically, that I'm sitting on the board of a publicly traded company and I have insider information as far as some of the moves that the company is going to make. So if I know that, hey, we're going to have a big merger with another company.
Speaker 1:You can't go and buy their stock.
Speaker 2:Correct. You can't go ahead and do that because that's considered insider information and that information wasn't accessible to the public. You have to make any trades based off of public information, not information that has yet to come out to the public. You have to make any trades based off of public information, not information that has yet to come out to the public.
Speaker 1:Right.
Speaker 2:Now, when it comes to politicians, specifically more people sitting in Congress. They are sitting on various committees. They are part of the lawmaking process where they are finding out all this information of things that are going to be done, different companies that are going to get different types of government contracts and stuff of that nature, which all can affect the stock price of that company. And these individuals are making trades based on that information that we don't have access to.
Speaker 1:AKA insider information.
Speaker 2:And they are making a crap ton of money, and it's just.
Speaker 1:And not getting in trouble for it, like they're barely getting slapped on the wrist.
Speaker 2:And the thing is is that there are laws in place to prevent this. So there is something called the Stock Act which is supposed to stop insider trading by Congress, but obviously we know that it doesn't.
Speaker 1:It's clearly not working, because basically what?
Speaker 2:it is is that once you become a part of Congress, you have to disclose all your assets. So any type of accounts you have where trading would be done, those need to be disclosed. However, you also have to disclose within 45 days of any trades that you make. So these individuals are doing all these things. However, you're not supposed to. Once you make trades and you disclose them, the posts will be reviewed and obviously, if you're on a committee and you know this company is going to have a government contract issued to them and you made it and you started buying their stock beforehand and it's disclosed within that disclosure. After the 45 days, you're posted out with penalty. However, the penalty is like a $200 fine. All right, real quick.
Speaker 2:I want to speak to the person listening who feels like they can't work with a financial planner yet because they're carrying a lot of debt. First of all, I see you and I need you to know you're not broken, You're not behind, You're just in a tough season. I created something just for you because I've had people reach out who are serious about changing their money story. But the full financial planning package just wasn't the right fit yet. So I built a new service through Oak City Financial that's focused completely on debt reduction. No fluff, no shame. You'll get a one-time planning session, a personalized payoff strategy, your own financial dashboard and monthly coaching. If you want extra support while you climb out, it's $300 to get started and $100 a month. If you want that ongoing guidance, that's it. This is about helping you get unstuck, not making you feel like you failed. If this sounds like what you've been needing, go ahead and schedule a call with me. The link is in the show notes. Let's take the first step together.
Speaker 2:I'll make several million dollars gladly and pay a 200 fine every time I mean it's a, it's a joke, it's laughable, and the thing is is like well, this is why the people who are in congress I mean stay there and never leave and die there because, like hello, they are padding their bank account and building generational wealth that is beyond, and they're doing it in a very short amount of time. I mean the average net worth of like a seasoned congressperson is like around $6 million.
Speaker 1:Newsflash. That's not the average of income or wealth in the United States, and that's why you have these individuals.
Speaker 2:Like you know, I make less than $200,000 a year.
Speaker 1:Yeah, because they're a public servant. They're a public servant and it's like as you are doing this entire trade.
Speaker 2:That's why they stay here. That's why you have career politicians. Yeah, and as much as, like you know where we lean. We lean left. People on both sides are doing this, so this is a bipartisan.
Speaker 1:Nancy, we see you, girl. We see you Because I mean it's ridiculous is what it is, and it's illegal and it's corrupt and it shouldn't be happening. And honestly and listen, I'm not going to sit here and say that I'm so well versed in how this should or shouldn't happen, but if you are in public office, I don't think that you should be able to buy individual stock.
Speaker 2:It's very simple that you should not be especially.
Speaker 1:Okay, so I'm not off track on that.
Speaker 2:Or at least bare minimum, not buy stocks associated with committees that you sit on. So, for example, if you're sitting on like yeah, but they're all talking.
Speaker 1:So like, even if I'm on the water committee and you're on the soil committee, I'm saying bare minimum.
Speaker 2:Whatever. So the water committee and you're on the soil committee. I'm saying bare minimum, whatever I'm saying, so like the thing is, is that like. So my ideal scenario is that once you are sworn into office, you're obviously allowed to hold any of your previous holdings, sure, individual stocks. That's fair. You could sell those if you want to, because if something's going on with the company you want to unload it, you could sell it. However, you can't buy any new stocks while you are currently enacting-.
Speaker 1:Individual stocks.
Speaker 2:Individual stocks. That's why I said stocks.
Speaker 1:Yeah, okay, I just wanted to be clear.
Speaker 2:You cannot buy individual stocks while you are a sitting congressperson.
Speaker 1:I think that's fair.
Speaker 2:Now you can buy ETFs, you can buy mutual funds, all that stuff but you cannot buy individual stocks while you're sitting.
Speaker 1:I think I mean who do we need to write a letter to to put that into place?
Speaker 2:Well, they're the ones in charge of making their own rules, which is the stupid part.
Speaker 1:It doesn't make sense.
Speaker 2:There shouldn't be a rule made by politicians Right.
Speaker 1:Let me make all the rules that favor myself.
Speaker 2:It's not like. There's something like having somebody self-govern themselves is ridiculous.
Speaker 1:Well, maybe Doge could help. Oh yeah, Okay, ridiculous.
Speaker 2:Well, maybe Doge could help. Oh yeah, okay, but like it's ridiculous and like you know, the biggest and most well-known offender is Nancy Pelosi.
Speaker 1:Yeah.
Speaker 2:I mean, and Nancy Pelosi's been in, you know, been in Congress probably about as long as I've been alive, at least, at least, and she's worth almost half a billion dollars. That's a lot of money, Nancy. Now she tried to skirt it because her husband makes the trades.
Speaker 1:Yeah, come on, I mean I just. I just want people to like, own up to what they're doing, right, like this to me, is no different than celebrities being like no, I don't get plastic surgery and I have nothing done. I just use three different lipsticks to make my lips plump. Like, no, you get fillers. Just say that you get fillers so that the regular people who are trying to, you know, get your aesthetic, know what they need to do they need to go get their lips injected. This is not you being a public servant and you being you know this beacon of your community and no, like you are in it for your own personal gain. A spade is a spade, we all see it. It's corrupt and it needs to be stopped.
Speaker 2:I mean. Marjorie Taylor Greene took office in 2022 and they estimated they said that, like upon that disclosure her net worth was around 700, 700,000. Fast forward today. Good for you, marge, she's worth about 22 million In three years.
Speaker 1:What is that? I can't even do that math. Well, the thing is, you have these individuals 400% increase. I don't even know.
Speaker 2:You have these individuals making trades on companies. That is not on anybody's radar.
Speaker 1:Nobody's heard of these companies.
Speaker 2:And they're doing like 50, 50 80 returns on them. So they are doing significantly better than hedge funds and this is because they have access to the information prior to becoming public and they're making decisions on that prior insider information yes, yeah, it's just nonsense and like I mean the only we should go sit on congress?
Speaker 2:I don't honestly, I don't think it's going to change, because I think this is a whole different rant. I think government is doomed to begin with and there's nothing we can do other than start over, and that's not going to happen.
Speaker 1:I mean yeah, ok.
Speaker 2:But that's a whole other side note.
Speaker 1:That's not in our notes for today. Babe, Stay on track.
Speaker 2:One thing you can't do as an individual is that there are one. All these trades are made public, so, granted, you might have a lag because they're not made public until 45 days later.
Speaker 1:You have a lag, but you still can benefit from following websites that show trades that they're making so if you want to buy what nancy's buying, what nancy's husband is buying, yeah, you can now do that.
Speaker 2:There's also apps set up to mimic trades of various politicians. So, like you could do the nancy pelosi portfolio, where it's obviously, like I said, it's gonna have a lag but it's going to mirror the trades that she makes in her account, and I can tell you I did an experiment, uh, about three months ago, where one of the companies I saw that trade was made and it was a company I didn't know much about but went, went ahead and did about $1,000 into this company, random company that probably was in nobody else's radar, but I saw several politicians buying large sums of it, went ahead and did it. Now, fast forward, three months later, it's up about 65%.
Speaker 1:That's a pretty good return. Yeah, and that is coming off of their insider knowledge.
Speaker 2:Now I'm not advising people to go ahead and just follow all these trades because, like I said, you still need to do your own due diligence, this and this and that but there are diversify.
Speaker 2:Yes, and, like I said also, I'm not recommending any individual stocks to people like. That's a whole different thing based upon your personal situation. But there are ways to quote unquote. Take advantage of what these individuals is doing as a quote-unquote regular people that aren't politicians, but at the end of the day I think it's BS. They shouldn't be allowed to do it.
Speaker 1:Well, Nancy's supposed net worth, of course, I think this number is surely higher. It's almost half a billion. Yeah, I mean that alone makes you want to say okay, what you buying next, Nance, Let me know.
Speaker 2:Yeah, and and, like I said, there's people on both sides of the aisle that are doing it and obviously well, because they I mean honestly and this is just being candid the fine is nothing.
Speaker 1:So why not just get away with it, Like why You're actually like, if you're not doing this, you're an idiot, yeah.
Speaker 2:I mean, I would 100% do it if that was my fine, but then I also would accept that if it became illegal.
Speaker 1:Then I mean Like, do it while you can, if they said you just cannot do it then I would not do it, but it's wrong. I mean it's wrong and like them, portraying themselves no, you're doing it because you have access to information that we don't and you are using it to your advantage. And then some.
Speaker 2:Yeah, at the end of the day, like there is a certain something to be said about being honest.
Speaker 1:But then also Like where's your moral compass?
Speaker 2:But there's also just still right and wrong at the end of the day because we have a president currently in office that says a lot of things where like, oh, I'm being honest, but he's an asshole, like at the end of the day that's. You know just what it boils down to.
Speaker 1:Yeah Well, there's so much more to that than I have the capacity to even talk about today.
Speaker 2:I could probably rip and rant about this all day, but I will keep it short to that where politicians shouldn't be allowed to trade individual stocks that they have insider information about, and since they're going to do it anyways, there are ways for you guys to take advantage of it.
Speaker 1:Yeah. We'd love to hear, though, what people think like do they also think it should be illegal? Do they think it should be like, oh, it's a perk of the job. Like let them take advantage. Like I would love to know what people actually think of them being able to use this insider information to just completely line their pockets and grow exponential amount of wealth in a very short amount of time. So drop a comment and let us know.
Speaker 2:I do also want to say that there are politicians that are not taking advantage of this Because, like I said, you-.
Speaker 1:Well then, should we be looking at them like you're an idiot?
Speaker 2:Well, you have to disclose your assets and everything like that.
Speaker 1:So they don't want their assets disclosed. Is what you're saying?
Speaker 2:What I'm saying is that they have to disclose their assets, so that's how we know they're not taking advantage of it. Because they don't have any individual stocks and they're not purchasing them while they're currently in office. So, for example, like AOC, so?
Speaker 1:but is that her moral compass, saying I'm not doing this because we know what's wrong and we know it's insider trading?
Speaker 2:I don't know her as a personal basis, so I would have to say it's her moral compass, because obviously she knows about it yeah of course, or maybe she's on the wrong committees, I don't know.
Speaker 1:No, I would say that she knows about it and this is her moral compass.
Speaker 2:This is her moral high ground. Yeah, okay, also depends on your base. So, for example, if you ran a campaign based upon morality and I would say more or less, you ran a campaign based on morality, don't they?
Speaker 1:all Let, and I would say, more or less, you ran a campaign based on morality, don't they all Let? Me finish. Okay, okay, sorry.
Speaker 2:If you ran a campaign based on morality and you are on the left, because I don't care what anybody else says left holds their politicians to a higher standard than the right.
Speaker 1:I agree Currently.
Speaker 2:I don't want to hear any debates about it because I'm just not going to listen to you on that. This is our rip and rant. Yeah, this is our rip and rant. If you voted for Donald Trump, the morality is not there.
Speaker 1:Not there, non-existent.
Speaker 2:So you on the left-hand side, you're going to probably receive more backlash if you ran on that morality.
Speaker 1:And then are doing the opposite, completely flip, whereas you expect it on the right, just like you're a younger politician.
Speaker 2:That's true Some of these older ones. It's kind of like it's already done and set, but a younger politician, that's new coming in.
Speaker 1:I think that's fair. I think that's a fair assessment. But it does make you also think then okay, cool, if that's AOC's stance, good for her and the moral compass, but also like is that a bad move? Because that a bad move? Because, at this point, if I can make $22 million a year with these investments, and pay a $200 fine once a year.
Speaker 2:That's such a deeper conversation in regards to having people in power that actually do have a moral compass and stand by it.
Speaker 1:I 100% agree. So, yeah, all right, we could be on that topic all day. Let's talk about one of the hot topics in our household that should, and do give financial advice. That is good. Oh, who are they?
Speaker 2:In all honesty, like I don't have any off the top of my head at this moment because like, all right, so like, for example, I would I don't have to preface because I think the over the overarching from like these individuals are some athletes, professional athletes, like I would say, like, uh, rob Gronkowski is one that comes to mind, where he always did that he did. He lived off of his endorsement money and didn't touch his actual like contract money coming from playing for the Patriots and the Buccaneers and he invested that but lived off his his, um, okay, contract money, Contract money Coming from playing for the Patriots and the Buccaneers, and he invested that but lived off his Okay.
Speaker 1:So people who are like conservative the overarching thing was live beneath your means. Well, okay, can I just say, though I don't know anybody that's giving.
Speaker 2:Obviously he makes millions of dollars.
Speaker 1:Yeah, living below your $200 dollar means I mean come on. I don't, I can't think of anyone that's giving detailed information like detailed advice yeah that is good and applicable to the everyday person well, we had andre brown on who won a super bowl, and he was talking about the conversations in the locker room. With who was it?
Speaker 2:um his lineman, but also with eli manning.
Speaker 1:Eli manning, yes, that's who I'm talking about, and conversations in the locker room with who was it? His lineman, but also with Eli Manning. Eli Manning, yes, that's who I'm talking about and he was, like you know, driving I think it was a Highlander right, that was given to him. That was given to him. He got a new one every couple of months and you know, he basically was like, hey, you're doing it wrong, Like don't have to. And so I think when you're talking about who's doing it right or giving good advice, you're kind of referencing the people who are saying like, hey, we have so much, we're given so much. You can live an amazing life off of that and you don't have to go out and like spend your paycheck and ball out.
Speaker 2:Yeah, and when we're talking about, you know, celebrities giving advice, one you have to look at. Is this just genuine advice that is good to use, or is this endorsement advice that are being paid by a company to say? Yeah, you guys remember ftx with cryptocurrency. There was quite a few celebrities, tom brady being one of them, that was promoting that platform and, as we all know, what happened with them went under investigation by the SEC fines out the wazoo and everything like that.
Speaker 2:So you have to decide between like are they giving you actually applicable advice that they've used to get to where they're at, and or are they being paid to get this advice?
Speaker 1:Yes, which I mean now A people are still not great at kind of reading between the lines and seeing like is this an advertisement? But now social platforms, like if you're thinking about Instagram, you have to disclose, or you're supposed to disclose, if it is an ad, if it's a partnership, if it's a paid partnership, and in which case, if you're seeing that, your instant thought should be they are making money. By me watching this, by me subscribing to this, by me signing up for this, by me buying this. That is a contract to them and, of course, they're going to try to say and do and entice you to use this information because they're getting a kickback, they're getting something for it.
Speaker 2:So, of course, Also, the thing is, too, is that there is a difference between being good with money and being able to give good financial advice, and then someone who just had a given skill and made money off of that given skill, like you have individuals that have built empires from a business standpoint. They were very good at one thing, like. Think about a professional athlete. A professional athlete makes a lot of money because they are good at that one sport.
Speaker 2:That one thing doesn't mean they're good at money. It means they built a lot of the money that they have off of being good at this one skill set.
Speaker 1:Yeah.
Speaker 2:Not necessarily the finance aspect, like, for example. Like I mean, I was telling Jess about Shaq I love Shaq because I think Shaq is a great person, he does a lot of good things but he's definitely given advice from a financial standpoint, saying that he lived off 25% of his income. Well, yeah. When you make 50, 20, 30, whatever million dollars a year, multi-million dollars a year, it's a big thing. But it's also like hey, not all of us were born 7'2". You had a very specific skill that allowed you to make this income to do that, yeah, so that's like unrealistic advice.
Speaker 1:Well, so what I'm hearing is understand where the advice is coming from and what it's rooted in.
Speaker 2:Yeah, and then, like, just being honest, some stuff is just stupid, like it's just dumb advice, like the Gwyneth Paltrow one where she was, like you know, write a, write a letter to your dad.
Speaker 1:Like I mean we, you know, we yeah the counseling therapy. I don't think I don't think I did I have to pay to write this letter.
Speaker 2:Cool, Call me out if I'm wrong by any financial therapist out there, but have any of you guys asked any of your as financial therapists? Have you asked any of your patients clients to write a letter to their debt?
Speaker 1:I need to understand. Did I have to spend money to write a letter to my debt, the?
Speaker 2:concept itself is just silly to me. Like write a letter to your debt, like that's just a weird advice.
Speaker 1:Well, this like spiritual type, that is not financial planning, that is not financial it's not a strategy.
Speaker 2:Financial therapy we've we've spoken with two financial therapists and neither one of them talked about having clients write a letter to their debt. Yeah, like in my mind, if you're going to go to that, down that route, especially as someone that's famous and has access to money and resources find an actual financial therapist and put together a real plan.
Speaker 1:Yeah, yeah. I think that would have been great, yeah, yeah.
Speaker 2:That would have been a good idea. I don't think that's what she did.
Speaker 1:Yeah, well, and then, of course, there's celebrities and, like Steve Harvey said it, that millionaires and wealthy people don't sleep eight hours a night. And there's this like hustle culture of like getting up and grinding and like you're 24 seven, and the reality is, is we don't have the same 24 hours in the day, like Beyonce's 24 hours are not a single mom's 24 hours Like it is. It's just not comparable when you probably haven't made yourself a sandwich in 15 years, you haven't done a load of laundry, you haven't made your bed, you haven't grocery shopped. And that's not saying that celebrities don't do these things. But the reality is, is the 24 hours, the waking hours, however many that is, they are not the same.
Speaker 1:For people who have loads of wealth staff teams, I mean doing everything for them. Like, if you have a even think about this right, somebody who sits in a car for an hour one way, so two hours a day commuting, versus somebody who affords a driver. You have wasted money driving to and from work, whereas somebody who's paying somebody to drive them can probably make money sitting in the back of that car, which is why they have a driver, because it's more beneficial for them to spend money on a driver than to drive themselves. Like that's not the same 24 hours in the day, it's just not.
Speaker 2:Also, like this is maybe like a weird random tangent, but I remember like back in the day when I used to watch Making the Band and stuff, oh, and Diddy used to always talk about how he didn't sleep as much as everybody else, and look where he's at. So what are you doing with your 24 hours?
Speaker 1:Oh, gross, but hustle culture and burnout. Can we stop promoting that? I mean, I think that there are seasons of life that are just naturally busier and I'm sure if you talk to the Mark Cubans of the world right like, they will say, yeah, like there are times where I was working 16 hour days or 20 hours like, but would they recommend it? Is it something they're going to encourage their kids to do? Probably not, because at some point you have to rest, you have to recharge. You cannot make sound business decisions when you're on E.
Speaker 2:Also, I like you mentioning Mark Cuban. I like that he's a realist in the sense that he said that like if he had to start over again, he could become a millionaire.
Speaker 1:Yeah, he said he would be a multimillionaire.
Speaker 2:I don't know if I could be a billionaire. He said becoming a billionaire is a lot of luck and timing and circumstances. Like you don't necessarily control becoming a billionaire.
Speaker 1:And he's been very honest about that and he's. He said, um, I listened to a podcast he was on recently and he said, like if you took everything from me and I just had to start over without my name, without you know my likeness, et cetera, he was like I know that I could become a millionaire based on my, my hustle right, like based on my work ethic, which I think is great. Like there are people who have extraordinary work ethic and then there are people that don't. I would put myself in the category of somebody that has a very strong work ethic, takes pride in their work, but I'm also now at a point in life where I'm like, not at the expense of X, y and Z, because you still have to maintain your emotional and mental well-being and you cannot show up in the ways that you need to when you're burnt out and just crashing.
Speaker 1:Stop, and you know how I feel about some of the things that kim kardashian says I don't know why you let her trigger you so much I just I, I don't want to say she triggers me so much I think some of the stuff that also gets taken out of context and then become like clips and memes and you know, you're not not saying that watching the show means that you know kim k, but like I think that there are things that she has said that have been taken out of context or, were you know, vilified well, I mean when you're telling single mothers she didn't tell single mothers when she's telling women women sure to just what get off their ass and work, yeah, as if.
Speaker 1:Sure it was. It wasn't her finest moment of course.
Speaker 2:Also, too, is like having a realization of who you are. The also the um, uh, the fortune that you've had. That's been a you know the immense privilege yeah your dad, your you came from a family with money. Your dad was was one of.
Speaker 1:OJ Simpson's attorneys.
Speaker 2:And then your mom Married an Olympic athlete that wasn't even that, I would say. The greatest thing she did is took three kids that really didn't have any initial talents and turned that into a legacy family. Sure, you start off from the beginning.
Speaker 1:But you and I have had this discussion Like, okay, no, quote-unquote talent, like they're not singers, they're not turned into business yeah, I am not discounting the things that kim kardashian has taken advantage of.
Speaker 2:Yeah, becoming a businesswoman. Yeah, she has definitely seized specific comparison to some of her siblings. She has seized all the opportunities that have come and grown and learned. But she still also says dumb ass shit sometimes she does, and I do think that there is that it comes from a place of privilege and not being real, not being based in reality sometimes.
Speaker 1:I do think that there's also like think about the things that we say when we're not in front of a microphone. She's essentially always in front of a microphone.
Speaker 2:I've never, I don't, I've never said anything like that, like from a reality standpoint, like I always but there are people that Especially like a 40 something year old like-.
Speaker 1:There are people and we've had these conversations with our friends, right, Our friends who are working, contributing members of society whose family members do not work, are in subsidized housing, are living off of food stamps, Like yes, there are people who need to just get off their ass and work.
Speaker 2:We're going to agree to disagree on that. Like that's the very small subset of course it's a small subset, but the majority of people want to be self-sustaining sure and so for someone who was born into money and has access to so many different resources through, her family being what it was, to say that to somebody else it came across tone deaf.
Speaker 1:Of course it was insensitive. Came across tone deaf.
Speaker 2:Of course it was insensitive came across tone deaf lacks, Especially for the people that actually pay attention to her.
Speaker 1:Yeah, I mean, I think a lot of people were very offended and very I mean.
Speaker 2:Which is what I'm saying, like, the financial advice that's often given by celebrities is not in touch with reality and it's not based upon what they actually did in their life to get to where they're at.
Speaker 1:Yeah.
Speaker 2:So my whole thing is just be careful with who you take advice from and also realizing like is this good advice? Is it applicable advice to my specific scenario? Is it going to actually help me get from where I'm at today to where I want to be?
Speaker 2:And also I've said this before to you also too as far as, like some people that are within you, know the financial influencer space, you know there is a difference between telling people hey, this worked for me and this is what I did to get to where I'm at, and this is the only way I know how to do it, as compared to someone who works with all different types of people different personalities, different starting points, all this stuff that comes with that and helping a variety of different people figure out what works for them to achieve their goals Two very different things. And it's also just easier to tell people hey, you should do this, rather than be the person that stands next to them and walks the journey with them.
Speaker 1:Yes, well, you have a lot and again, we like this platform. But you have a lot of those feelings when it comes to Ramit, because I like, I, I.
Speaker 2:I I'm not discounting what he does or what he has achieved, because he's obviously done a ton, but I do think there's this distinct difference between telling someone what they should do and it's up to them to do it on their own as compared to being the person that stands by them and walks with them and helps them through the entire time and holds them accountable through the setbacks, through the emotions.
Speaker 1:It's different. Yeah, through the life's up and downs, of course, I mean it's 100% different.
Speaker 2:I think it's a lot easier to simply say, hey, this is what you should do, and then walk away and walk away.
Speaker 1:Yeah, no, you don't have the accountability right Of like oh, did I give somebody the right advice for the circumstance, for this scenario, or did I just make a blanketed statement because it's something that worked for me and it's also hard to watch people fail, Like you know, as a financial advisor, like I can have my best intentions, bring my best efforts and everything that I do, and just for whatever reason, it's not connecting with the person and they're not achieving their goals.
Speaker 2:It's hard to watch someone not Repeatedly.
Speaker 1:Yeah, not reach their milestones.
Speaker 2:When you know that if they follow the advice they can, and then having to rack your brain and have conversations with them and figure out how to navigate that to actually get through to them so they have the success that you know they can have.
Speaker 1:Yeah Well, I think too there's that element. Can't have yeah Well, I think too there's that element. You know we've talked about this before. But like the Susie Ormans and the Dave Ramseys of the world, where they've actually let their licenses go so that they can give just blanketed advice, because it's easier and there's less responsibility, you know, when you don't have fiduciary responsibility to help people make choices when they're reaching their goals, you can just say whatever you want.
Speaker 2:However, the wind blows. I want to preface like I like a lot of repeat stuff. I we listen to his podcast, so this is not me saying that I don't like him. I don't think he provides good advice, I just think it's different.
Speaker 1:Yes, well, I think too this, and there's been times where he's gotten crushed online when he says things about daycare being a luxury or find a cheaper daycare, find cheaper childcare, find cheaper camps, and it's like you don't have kids. You don't have kids. The game changes when you are responsible for tiny humans. You're not just going to send them anywhere to save a buck, you know so some of those things again come across tone deaf and they are what they are. You do not have experience in this.
Speaker 2:And I and I do my best to not speak on scenarios that I don't know about. I like, obviously we're all human that we're going to have slip ups, but I definitely make that a very big focus that like if I don't know, I don't know if I haven't experienced that I'm not going to talk to you as if I did.
Speaker 1:Yeah, yeah. So I think we can all agree that politicians are corrupt in their own ways, as they're stacking their. Most of them, yes, the majority of them, yeah, and on both sides.
Speaker 2:Yes, yeah.
Speaker 1:Just to be very clear. Like, obviously we have our political stance and that's not something we shy away from, but people are very clearly lacking a moral compass these days, and it's showing up If celebrities or influencers are, you know, trying to sell you inspiration but they're not actually selling you practical application and tools. You know, maybe be a little weary.
Speaker 2:Be a little skeptical. At the end of the day, it's just kind of like trying not just taking it for its face value.
Speaker 1:Yeah.
Speaker 2:Dig a little deeper, think a little bit more like what's behind this.
Speaker 1:Yeah, um. And then also, you know your financial strategy. Is it coming from somebody who is so far beyond where you are right, Like you're not going to take a financial advice from somebody who has less than you, but also, are you taking actual financial advice from people who are so beyond the reality of where you are? Like, how would you even apply that? You know, like, if somebody who's making $300 million a year is telling you to only live on 25% of your income, uh, that looks very different. When you make $57,000 a year, which is like the average American, you know income, very different numbers like run the numbers, do the math and then say does this make sense for me, does this align? And I even we had somebody recently on our podcast that was like don't take advice from people who are living a life that you don't want to live. Yeah, you know. Like, I mean that in itself, you know, I think is is also important. And if you do want to live the life of a multimillion dollar celebrity, like, yeah, of course there's perks, but also, is that reality for your budget and what does that need to look like in actual application? So we'll do another rip and rant soon.
Speaker 1:I know he has a lot to say about a bunch of other things, but for now I think we have said enough. Drop a comment. Let us know what you think, especially about the politicians buying individual stocks. Would love to know your feedback on that. Subscribe rate review. Share this with a friend and we will talk to you soon. Don't forget Benjamin Franklin said an investment in knowledge pays the best interest. You just got paid. Until next time, sugar.
Speaker 2:Daddy Podcast. Yo Learn how to make them pockets grow. Financial freedom's where we go.
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