You Get What You Pay For

You get what you pay for! In this week's episode, Josh & Austin highlight 10 key areas where investing in higher quality products or services can lead to better outcomes and overall well-being.  From furniture to footwear, these items might be worth the splurge. Don't miss it!

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Transcript

Welcome to The Invested Dads Podcast, simplifying financial topics so that you can take action and make your financial situation better. Helping you to understand the current world of financial planning and investments, here are your hosts, Josh Robb and Austin Wilson.

Austin Wilson:

All right. Hey, hey. Welcome back to The Invested Dads Podcast, the podcast where we take you on a journey to better your financial future. I'm Austin Wilson, co-portfolio manager at Hixon Zuercher Capital Management.

Josh Robb:

And I'm Josh Robb, Director of Wealth Management at Hixon Zuercher Capital Management. Austin, how can people help us with our podcast?

Austin Wilson:

We would love it if you'd subscribe if you're not subscribed to already. So hit that plus, follow, subscribe, whatever button it is on your podcast player that lets you know when we drop new episodes on Thursdays. Also, we would love it if you'd leave a review on Apple Podcast or Spotify or wherever you are listening that will help us to be found by more people. So today, Josh, you're eating a donut.

Josh Robb:

I'm eating a donut right now.

Austin Wilson:

It looks really good.

Josh Robb:

It is amazing.

Austin Wilson:

It's leftover birthday donut.

Josh Robb:

Oh yeah.

Austin Wilson:

And it was large.

Josh Robb:

It was very good. Tasty.

Austin Wilson:

So that's a quality donut, wouldn't you say?

Josh Robb:

High quality.

Austin Wilson:

Would you say that low quality donut, there's a difference?

Josh Robb:

There's a big difference between donut quality.

Austin Wilson:

You could be saying you get what you pay for because that's not the cheapest donut on the block.

Josh Robb:

Nope.

Austin Wilson:

It's good value, but not cheapest donut on the block.

Josh Robb:

Right.

Austin Wilson:

Yeah, that's the theme of this episode. You get what you pay for. So there are certain things in life where being cost conscious is very important and at different stages in life, I think it means more or less to certain people. But in general, there are also certain things in life to pay up a little bit more in price. You get something that's a little bit better quality. And today, I'm going to give you 10.

Josh Robb:

10.

Austin Wilson:

Count them 10 because Josh loves nice round numbers, 10 things where you get what you pay for essentially. So Josh, let's start off with number one. Did you know that you spend a lot of time in your bed?

Josh Robb:

Yes.

[1:56] - Invest in a Good Quality Mattress

Austin Wilson:

So my first, you get what you pay for is a mattress.

Josh Robb:

Makes sense.

Austin Wilson:

Because a good mattress can improve your sleep quality, which is really going to help your overall wellbeing. And if you invest in a durable and comfortable mattress that can help your overall health, your productivity, your mood, your spouse's mood, everyone wins and it pays to get a nicer one there because they last longer and they're going to help you in so many ways.

Josh Robb:

Yeah, we had an okay mattress and as we got older, especially me, my back was hurting. I was uncomfortable and we paid more than I really wanted to for a mattress. But I'll tell you that it's been a huge difference. My back's not been hurting. Sleep better. It's more-

Austin Wilson:

You stopped taking the elevator at work.

Josh Robb:

I walk.

[2:41] - Invest in a Good Pair of Shoes

Austin Wilson:

You can take the stairs again because your back's better because of your mattress. Yeah, that is one area that I think just anything you can do to get a good quality sleep because wow, it makes a big difference. Number two, Josh, I know we're going to have a little different opinion on this, but footwear. Okay, so I think we can all agree that putting something comfortable on your feet and high quality on your feet is a good thing. But specifically when it comes to dress shoes, so I and you, we work in the professional world, we have to wear dress shoes five days a week for many hours a day. You wear shoes a lot, right?

Josh Robb:

Mm-hmm.

Austin Wilson:

I am of the opinion that it does factor into the quality of shoe you get, the performance of the shoe you get out of it. So I am of the opinion that a higher quality shoe will last longer and will be more comfortable for a longer term. So personally speaking, I wear Goodyear welted, which means stitched all the way around the bottom.

Josh Robb:

I wondered what that meant.

Austin Wilson:

Yes, and they're comfortable and they're going to latch a long time and that is where I think it's a good time to spend a little bit more money. Now if you're going to ask me anyway, where do you get your shoes?

Josh Robb:

Where do you get your shoes Austin?

Austin Wilson:

Because the shoes that I like are probably like $400 in a store. I don't want to pay $400 for my shoes, so I buy on eBay.

Josh Robb:

Used ones?

Austin Wilson:

Probably worn once or twice.

Josh Robb:

Dead people shoes.

Austin Wilson:

Used shoes. I don't know if they were from a dead person or not, but I buy them worn once or twice and I get them for like 50 or 60 bucks.

Josh Robb:

Oh, there you go.

Austin Wilson:

And they last forever. I'm wearing a pair right now.

Josh Robb:

Okay.

Austin Wilson:

So what are your thoughts on footwear, Josh?

Josh Robb:

I do agree with you. I just value certain things more than others. So I wear dress shoes all the time and wear them out all the time and so I don't pay as much for dress shoes. I like them, but I do agree. Good high quality running shoes. I'm not a runner.

Austin Wilson:

Obviously.

Josh Robb:

Apparently. But my wife is, and she notices a huge difference when you pay up for a good quality pair of running shoes versus just the average plain simple.

Austin Wilson:

You can spend 20 or 30 or 50 bucks, but those shoes do not last and they're not supportive.

Josh Robb:

Again, comes back to that is your health, your wellbeing, being able to complete your training. You don't want to be injured. So yeah, I agree with you. And back when I played sports, you could definitely tell a difference between certain shoes. So if you are wearing cleats, those type of things, there's a difference. There's a reason why some brands are more expensive than others.

[5:15] - Invest in Your Kitchen Items

Austin Wilson:

Number three, kitchen appliances, cookware, cutlery, kitchen things. So durable, well-built kitchen appliances. They're not only going to actually do better things in the kitchen, but they're going to have a longer lifespan. So investing in those reliable kitchen appliances can make your cooking process a lot easier, a lot better, more efficient. One example that comes to mind is the... everyone's probably got one, the KitchenAid Stand Mixer.

Josh Robb:

Yeah, that big thing.

Austin Wilson:

It weighs 30 pounds, it costs $500, but you'll have one for your entire life.

Josh Robb:

Yep.

Austin Wilson:

It's really heavy duty. It's going to last. So that's like the appliance side of things because I feel like the fridges and microwaves and dishwashers, those are almost disposable I feel like nowadays.

Josh Robb:

They don't last as long.

Austin Wilson:

Those are not what I'm talking about here. This is like the stand mixers of the world, but also things like pans, high quality pots and pans, high quality knives are going to be much more easy to use and much more efficient to cook with. I think that of things like the good quality pans are going to have better heat distribution, they're more durable. One thing that I think of is cast iron. It's been used for thousands of years. People have used cast iron.

Josh Robb:

The same one for thousands of years.

Austin Wilson:

They can because they last forever. I have a really nice set and I keep adding on whenever I find one on sale, but really nice set of cast iron skillets that are well seasoned so they don't stick. It's great. Stainless steel is another option. If you take care of it, it's going to last. There's a ticket to making it not stick. A stainless steel pan is just as non-stick as a Teflon coated pan if you know how to use the temperature correctly. My wife has gotten really, really good.

Josh Robb:

Because eggs were always a hard one on stainless steel. Yes.

Austin Wilson:

So what you do... here's what you do-

Josh Robb:

Is cook on your cast iron. Oh, wait.

Austin Wilson:

You could do that. Yeah, but on a stainless pan, you get your stainless pan on the oven, you turn it on, nothing in the pan, get it good and hot. And you go to the sink, get a sprinkle of water, toss it in the pan. If it evaporates really quick, the pan's not hot enough. But if it forms little bubbles and rolls around like mercury, that means the pan is hot enough, it's preheated enough. At that point you take it off the heat or turn down the heat a little bit, put your oil in or whatever and cook with it. And it's just like a non-stick thing.

Josh Robb:

Interesting.

Austin Wilson:

That's what-

Josh Robb:

Good to know. Knives, you mentioned it, but let me tell you. When we first got married, we just got a set like a block of knives and they were just average, right? We didn't know. They did the job. And then probably 10 years into our marriage someone's like, "Hey, you should get a nice knife." I'm like, "I have knives." They said, "You should get a nice knife." I said, "I don't want to get a whole new set." They said no, "Just get one really good knife." And guess which knife I use all the time? That one really good knife.

Austin Wilson:

I have heard that it is better to have one nice knife than a whole block or whatever of mediocre knives because it makes a big difference. And good knives, very expensive. Oh, it's safer. Yeah, for sure.

Josh Robb:

You're not hacking through something, you're cutting it.

[8:17] - Invest in Good Tools

Austin Wilson:

Good knives are expensive, but you get what you pay for. That's what we're saying here as well. Number four, tools. So whether you're using them professionally and that's part of your job or using for home projects, getting good quality tools is A, going to be more efficient when you're doing your job, B, going to be likely to last longer, higher quality and C, less likely to cause accidents. And there are a lot of accidents that happen with tools. So this is why I would say better to spend a little bit more and get a safer, higher quality tool. So it's really a good investment for a DIY enthusiast or if you're using them as your job. One thing I've done over the years is when I can, I get things like... I wish I could go get Snap-on for everything because it's the most expensive stuff you can buy, but it lasts forever and it has great warranties, but it's thousands of dollars.

Wish I could do that. Not right now, but Craftsman has lifetime warranties on a lot of their stuff. But if not all of it, they used to have it on all of it. And I've found that that is a helpful thing that you can get replacements if things break. So paying up for tools.

Josh Robb:

Didn't somebody buy Craftsman? Lowe's has them now?

Austin Wilson:

Craftsman now. And you can buy... it was a big deal when you could get Craftsman finally at Lowe's. And I think that that kind of-

Josh Robb:

Sears had them for the longest time back in the day.

Austin Wilson:

What is Sears?

Josh Robb:

They're gone.

[9:31] - Invest in Quality Electronic Devices

Austin Wilson:

Yeah, they're gone. Number five, Josh. Here we go. Electronics.

Josh Robb:

Yep. Go with an Android.

Austin Wilson:

We're going to get to that.

Josh Robb:

Oh, sorry.

Austin Wilson:

So technology constantly improving, right? But if you invest in quality electronics, you're often going to get better performance, longer lifespan, a better user experience overall. Think about things like laptops, smartphones, cameras. Now there's a lot of debate as to which area of the market you go into and you kind of get into an ecosystem of thinking, right? Are you a Mac, an iPhone and an iPad? If you have one, you're probably going to be in that ecosystem or are you the PC or Android world? There are different tiers within those and the lower end tiers on a lot of those things, they don't last very long, batteries are not great. I like things like Amazon as a company, as a stock maybe. No recommendation here, but I like a lot of what they do. Two-day delivery is great, but Amazon electronic devices are junk

Josh Robb:

Bad. Junk.

Austin Wilson:

The operating systems are terrible and the hardware is terrible. Where a lot of your specifically some of your flagship Android devices, oh my goodness, they're amazing. High-end iPhones, really amazing. It pays to get not the entry level for ease of operation, stuff like that.

Josh Robb:

I'll even say headphones because there's times where I've bought very cheap headphones sometimes just because I was somewhere and I needed them. And you can get headphones for $5 now, but even when we're talking about the wireless headphones, you could buy a rechargeable for 20, 30 bucks now and there's a difference. There is definitely a difference between those and really good headphones. And the same with over the ear ones, the noise-canceling. You can get a good brand that has good quality or you get a cheap one and there is a difference.

[11:22] - Dad Joke of the Week

Austin Wilson:

Yep. All right. So we've five down and five to go. Let's take a break.

Josh Robb:

Yes, we're going to do a dad joke.

Austin Wilson:

Dad joke.

Josh Robb:

All right. What did the horse say when it tripped and fell down?

Austin Wilson:

Oh, I have no idea.

Josh Robb:

It says help. I've fallen and I can't giddy up.

Austin Wilson:

I can't giddy up. That's good.

Josh Robb:

Yes.

[11:41] - Invest in Well-Made Clothing

Austin Wilson:

All right, so number six, we're back. Clothing, you get what you pay for. So well-made clothing, quality clothing coming from things like cotton, like wool, silt, leather, real leather, that stuff is expensive. It's going to cost a lot of money. It's going to be well-made, but it's going to cost a lot of money. But honestly it's going to last a lot longer than manmade materials. It may go out of style.

Josh Robb:

But it'll still be there.

Austin Wilson:

But it'll still be there and it'll last forever. So I think that clothing is one aspect where honestly, less is more. And I'm trying to get my wardrobe to be this way, but I'd rather have three really nice pair of jeans than 13 pair of-

Josh Robb:

Okay jeans.

Austin Wilson:

Crappy jeans or okay jeans. So get less amount, but higher quality is going to go a long way. What do you think?

Josh Robb:

As long as your laundry gets done, that makes a lot of sense. Yes.

Austin Wilson:

Underwear. You need a week's worth of underwear.

Josh Robb:

Yeah, you need at least a week's worth of underwear.

Austin Wilson:

And socks. After that, we can kind of move around.

Josh Robb:

But yeah, you're right. I think of that, especially when you think of your outer layers, so coats, you get what you pay for and there's a difference between a high quality winter coat here where we're at, you get cold winters and there's some that are heavy, but you can get just the same warmth and coverage with a lighter if you pay a little more for the right material. And so you're right, I got a nice winter coat a year ago and I pulled it out of the bag and I'm like, "This thing is thin-"

Austin Wilson:

Eddie Baurer, was it?

Josh Robb:

It is something like that. And it's got that inside layer that's like-

Austin Wilson:

A reflective.

Josh Robb:

Yes.

Austin Wilson:

You showed it to me.

Josh Robb:

Yes, but it's probably a third the way to my old winter coat, warmer I would even say. And it's like how in the world does this thing work? So you get what you pay for, gloves. That's the other thing. I mean just again, I'm thinking cold. If you want it to work, you get what you pay for. And then the other one that comes to mind for me is back when I coached. One of the worst weathers was cold rain. If you do not have good waterproofing, that makes a difference, makes a huge difference. And so yes, you definitely get what you pay for, especially in outer layers I say.

[13:55] - Invest in Lasting Furniture

Austin Wilson:

I totally agree. One thing that is under... it's just not very popular to have things made out of wool anymore, but coats specifically in the winter, dress coats for work or whatever, wool is amazing. And it doesn't have to be very thick to be warm. So good point. Number seven, furniture. Well-made furniture. It does look better, but it also lasts a lot longer, which is going to provide better comfort, better support. So when you invest in quality furniture, it's going to A, make your house look better, good, but B, make it more functional. And you're not going to have to replace things over time. So my personal opinion, and this isn't practical for everyone because starting out you don't have a lot of money, we've been there. But if you can, look for solid wood options.

Josh Robb:

Like from Ikea.

Austin Wilson:

Ikea... Not from Ikea, from an Amish store is what I'm thinking. Now it's very expensive, but it will last. You'll be handing it out to your grandkids. So look for solid wood options. They are significantly more expensive, but they're going to last decades versus the low quality laminated wood stuff. Most stores sell it, it's affordable, but it's going to wear out in a few years.

And a theme about this whole episode is really like you can make one investment and have things for a longer period of time, or you're going to make a smaller investment and you're going to have to buy it again in a handful of years on a lot of these things. And furniture's one of these things, I'm thinking of like end tables and things like that. If you're putting cups and stuff on it all the time and it's not a solid material, the finish is going to wear off real quick. It's going to show marks and stuff like that. But if you spend a little bit more, maybe it'll last.

Josh Robb:

I think about dressers. So in our bedroom right now is a dresser I had when I was in high school. It's a nice-

Austin Wilson:

That was a long time ago.

Josh Robb:

It was a long time ago, but that was when I was growing up that was my dresser and armoire and all that stuff. We still have it because it is a good quality solid piece of wood, heavy to move around.

Austin Wilson:

Not fun to move it up those stairs, was it?

Josh Robb:

No. And then my kids, they've been through two or three dressers because we bought cheaper ones for them and they just destroy them. I don't know what... they jump in there. I don't know what they do with those things, but you're right, there's a big difference on those.

Austin Wilson:

We actually tried... Juliana has one of my wife's old dressers from when she was a kid, pretty well-built, but it wasn't like the most modern looking one, but we painted it and it looks nicer, but we wanted to give her a new dresser that would looked a little bit nicer, more modern. So we ordered one online from Walmart or something and it arrived and it was the most... first of all, it was damaged in shipping because it was so cheap. Second of all, it was just flimsy and not going to last.

So you're right. Get things that will last and you're going to be happy.

Josh Robb:

Couches are the other one.

Austin Wilson:

Spend the money.

Josh Robb:

Yeah. And we made the decision in our last couch to buy a cheaper one just because of our kids and they're just going to get beat on pretty good and I'm glad we did, but it is wearing out and we're looking for new ones and now our kids are older and we may need to get a little bit better one so that nicer and last. But yeah, our 100 pound dog likes to sit on it. But you're right, you get what you pay for on those.

Austin Wilson:

And that's like as you get to the point where you have a little bit more expendable income, you can use that opportunity to rotate into something nicer and then sell cheaply the stuff that you are currently have or give it away or do what you want to do. But yeah, we're currently in the phase of, "I'd like to get a really nice dining room set." Well, you know what a really nice solid oak dining room set cost like?

Josh Robb:

It's not cheap.

[17:30] - Invest in Car Maintenance

Austin Wilson:

$7,000. But it'll be the last one you'll ever have. So things like that. All right, number eight, vehicle maintenance and parts. So when you're working on your vehicles or having someone else work on them, when you use high quality parts, good maintenance services for your vehicle, it's going to extend their lifespan, improve performance, and it ensures your safety and reliability. So my opinion is when you are buying parts for your vehicle, which you're going to have to do, everyone has to do it, get an OEM replacement part where you can, if it's not crazy different in terms of money, because that's going to be a little bit higher quality, it's going to last a little bit longer.

Always get maintenance like oil changes done when they're due. Don't wait and wait and wait and wait. That's not good for your vehicles. Take care of your vehicles and they will take care of you. And in this bucket, I would also say finding a reputable local independent mechanic that you trust to work on your vehicles if you don't want to work on them yourself is really important. And I seriously trust my mechanic every time I take my vehicle to them. We've built a really good relationship over the last handful years, actually thanks to you. But that means a lot. And I think honestly you save a lot of money versus going somewhere like a dealer.

Josh Robb:

And OEM stands for original equipment manufacturer.

Austin Wilson:

Manufacturer.

Josh Robb:

Meaning whoever put the first one in, use them.

Austin Wilson:

If I'm driving a Honda like I'm driving a Honda and I'm getting a replacement part of X, Y, Z, I'm going to try and go get a Honda X, Y, Z. Even though you could get an ACDelco or whatever, it'll be a lot cheaper, it might not last this long.

Josh Robb:

The only time that doesn't hold up is in the Jeep world, which they're still OEM parts and they're very high quality. But because of all the modifications, there's some high quality brands that you know, you recognize them and they're, I would say an equivalent, but they have more options and customizations.

Austin Wilson:

For sure.

Josh Robb:

You're right. In general, you'd want the manufacturer's recommended equipment to be put in there.

Austin Wilson:

One of the main reasons for this having worked in the tire world and my family's worked in the automotive world for a generation, is the fact that OEM companies, the original equipment manufacturers, they have excruciatingly high standards for-

Josh Robb:

To get that contract to be in there.

[19:36] - Invest in Your Well-Being & Healthcare

Austin Wilson:

For their product, for their part, to have their name on it, to go in their vehicle when it's new, the standards are exceptionally high and I don't care who it is, I'm thinking of all of the Asian car manufacturers, Honda, Toyota, Kia, Hyundai. It is really hard to get the deal unless you have really high quality specifically. So those are ones I can speak to as it's worth paying a couple bucks more. All right, number nine, Josh, healthcare and wellness services. So think about when you need to go to the doctor, you need to go to the dentist. Seeking out high quality doctors and dentists and services is going to help you have better treatment outcomes, longer term health benefits, that's really good and just really overall wellbeing is going to be higher because of this.

So don't try and find the cheapest dentist because there's probably cheaper for a reason or whatever. Don't just go by cost is what I'm saying. Go for quality as well. Go for people with good reputation who know what they're doing. Better yet, in this same category, invest in really high quality foods that you're eating, that's probably going to help your overall wellbeing. Invest in your time in exercising. Maybe that's gym membership, maybe that's workout equipment in your house to have a healthier lifestyle. And hopefully between those two things, you'll have less needs for the services to begin with. So just try and be healthier and that will hopefully help you out over all in the long run. So that's an investment right there.

[20:59] - Invest in Your Education

Josh Robb:

All right, last one. Number 10, Austin.

Austin Wilson:

Number 10, education. So whether it's formal post-secondary education like college or skill-based courses, if you invest in education, you may get more opportunities, you may enhance your knowledge base and you may really get a solid foundation for your future employment opportunities or whatever endeavors you really want to do. So investing in education is an investment and that's why we encourage people to seek that if they'd like. There are a lot of people who have great successful careers without it, but this is one area where investing in education and investing in a quality education is really going to probably set you up historically speaking based on evidence better in the long run.

Josh Robb:

All right, I like that. Now you had one more thought that was outside the 10 just so it wasn't 11-

Austin Wilson:

Just so you don't get-

Josh Robb:

But just an add on.

Austin Wilson:

- Give you a bonus.

Josh Robb:

A bonus one.

Austin Wilson:

I think you're going to agree with me on this one now, but Josh, an investment to really help your overall wellbeing is anything that frees up time because time is the most valuable resource. We have a limited amount of time. Time is money. So anything you can do to offload things you don't really enjoy doing to allow you to do more of the things you do enjoy doing is going to be great. So things like getting your yard mowed, paying someone to do that, getting help cleaning, getting help babysitting. It's not the cheapest way to do life, but it can help you have more of what that most valuable resource, of time to spend with your loved ones to be spending doing your hobbies, to be spending furthering your knowledge, whatever you'd like to do, or resting or exercising or whatever, time is important and investing in getting more of it is really important.

Josh Robb:

I like that. I agree with you. This was all about you get what you pay for and you're right. In all things in life, there's a value that you assign to it, and there may be things that are more expensive, but is it worth it to you? So you get what you pay for is true. But more importantly, if you want to find the most value in it for you, so like you said, you value shoes more than I do and you'll be even happier getting the high quality one. And so prioritize all these things to say which ones are the most important to me. For me, that bed was really important because physically it made a difference in my life. So you put your money where it has the most value for you.

Austin Wilson:

Yeah. My closing thoughts are really just that, like you said, this is different for everyone. These lists are different for everyone. Everyone places different value on different things, but put your money where your value lies. And if you do that, your money is going to help to support what you find most important. And it's going to be different than your friend, and that's okay, but there are a lot of things in your life and in my life that are going to be worth it to spend a little bit more to have something higher quality to last longer or something that frees up time and that's really important.

Josh Robb:

Yeah, I will say on this list that didn't make it for me, American cheese.

Austin Wilson:

Oh, don't skimp.

Josh Robb:

Oh my goodness, it doesn't melt right. I don't know, there's something weird, but get a good quality brand for American cheese if you want it to actually act like cheese.

Austin Wilson:

Yeah, I don't like when it says cheese product instead of cheese.

Josh Robb:

Yes.

Austin Wilson:

If it says cheese -

Josh Robb:

That and then bags of chips.

Austin Wilson:

Your name brand-

Josh Robb:

Well, you just don't get as much. I just feel like there's less in there or they're all crushed. I'll buy off brand chips, but I know what I'm getting when I go into it. I understand exactly what it's going to be. Yeah. So those are my two. You could tell where my priorities are, but that's it.

Austin Wilson:

Awesome. Well, thank you for listening. If you had someone asking, should I spend a little bit more to get X, Y, Z, maybe send them this episode. Hopefully it will help them out. And always feel free to email us any ideas or questions to hello@theinvesteddads.com. Otherwise, have a great week and until next episode, have a good one.

Josh Robb:

Talk to you later.

Austin Wilson:

Bye.

Thank you for listening to The Invested Dads podcast. This episode has ended, but your journey towards a better financial future doesn't have to. Head over to theinvesteddads.com to access all the links and resources mentioned in today's show. If you enjoyed this episode and we had a positive impact on your life, leave us a review, click subscribe and don't miss the next episode.

Josh Robb and Austin Wilson work for Hixon Zuercher Capital Management. All opinions expressed by Josh, Austin, or any podcast guests are solely their own opinions and do not reflect the opinions of Hixon Zuercher Capital Management. This podcast is for informational purposes only and should not be relied upon for investment decisions. Clients of Hixon Zuercher Capital Management may maintain positions in the securities discussed in this podcast. There is no guarantee that the statements, opinions, or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk including the potential for loss of principle. There is no assurance that any investment plan or strategy will be successful.