July 5, 2025 • 22 mins
Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Josh Jalinski.
Host of The Financial Quarterback radio show, joins Money Making Conversations Masterclass to discuss financial security, Social Security misconceptions, inflation, compound interest, and health insurance. Recognized by Forbes as one of America’s top financial security professionals, he provides expert insights into wealth-building strategies.
🔑 Key Themes & Highlights
-
Social Security & Retirement Myths
- Many Americans mistakenly believe Social Security alone will provide a comfortable retirement.
- Josh explains how previous generations lived on Social Security because they had paid-off homes and lower living expenses, but today’s economic climate makes that unrealistic.
-
Inflation & Its Effects
- Inflation occurs when too much money chases too few goods, causing price increases.
- Covid stimulus packages contributed to rising costs as large amounts of money entered circulation.
- Everyday consumers feel inflation in higher grocery prices, shrinking product sizes (shrinkflation), and increased gas costs.
-
Understanding Compound Interest
- Compound interest is a powerful wealth-building tool that allows money to grow exponentially over time.
- Many financial advisors focus on stocks and investments but fail to educate clients on the importance of long-term compounding without interruptions.
- Josh emphasizes the Rule of 72, explaining how money doubles based on the interest rate earned.
-
Choosing the Right Financial Advisor
- A strong advisor should educate clients on key financial principles, not just offer investment options like conservative, moderate, or aggressive portfolios.
- The real key to wealth is understanding compounding and ensuring investments grow steadily over time.
-
Health Insurance Challenges
- Rising health insurance costs are forcing companies to drop coverage and restructure their plans.
- Josh suggests a two-tier system where private insurers handle healthy individuals while the government provides expanded Medicaid for those with higher risks.
📘 Resources & Contact Information
Josh Jalinski’s financial insights are available via:
🔗 Podcast: The Financial Quarterback (Spotify)
🔗 Website: FinancialQuarterback.com
#BEST
#STRAW
#SHMS
Steve Harvey Morning Show Online: http://www.steveharveyfm.com/
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Welcome to the show. I am Rashaan McDonald, the host
of Money Making Conversations Masterclass, where we encourage people to
stop reading other people's success stories and start planning their own.
Listen up as I interview entrepreneurs from around the country,
talk to celebrities and ask them how they are running
their companies, and speak with dog profits who are making
(00:25):
a difference in their local communities. Now, sit back and
listen as we unlock the secrets to their success on
Money Making Conversations Masterclass. Hi, I'm Rashan MacDonald, our host
this weekly Money Making Conversation Masterclass show. The interviews and
information that this show provides off for everyone. It's time
to stop reading other people's success stories and start living
(00:46):
your own. I'm here to help you reach your American dream.
If you want to be a guest on my show,
please visit Moneymakingconversations dot com and click to be a
guest button. My next guest, I'm Very Excited, is a
prominent financially buyer. Is It recognized by Forbes as one
of America's top financial security professionals for three consecutive years,
(01:06):
and it's the host of the Financial Quarterback radio show please,
Welcome to Money Making Conversations Masterclass. Josh Jolynski.
Speaker 2 (01:14):
How you doing, Josh, great Rashan, thanks for having me.
Speaker 1 (01:17):
I'm gonna make some public here, Josh. I'm over sixty, okay,
I'm over sixty okay, And you.
Speaker 2 (01:23):
Don't look at day over fifty.
Speaker 1 (01:26):
I'm over. I'm over, brother, I'm over. And what happens
is in my peer group, you know, we get to
a certain point fifty, forty, especially forty, we started getting
nervous fifty and we haven't figured out what we're gonna do.
And they think these they think social Security has a
plan waiting on them that's gonna save their lives. Where
has this this false theory that social Security has a
(01:49):
check that you will be able to live on. Where
did they come from?
Speaker 3 (01:53):
I have no clue. I was gonna say the devil,
you know. I think the idea was maybe that their
grandparents lived on Social Security after they paid off their house.
You know, maybe the depression era mindset. I remember my
(02:13):
grandmother in North Carolina would live under social Security checks,
so maybe that was where it was. You know, so
I don't know who's living on so old security today though.
Speaker 2 (02:26):
You know, maybe it came from twenty forty years ago,
right now.
Speaker 3 (02:29):
My grandmother, you know, she passed away in the nineties,
so maybe the eighties, the nineties. But I don't know
anybody living on Social Security today.
Speaker 1 (02:36):
You can't. You can't. Let's go, let's clear that up.
On this show. You listening to Josh, she's the financial quarterback,
popular show on Park, popular packcas you get him on
Spotify downloaded. But more importantly, the information that you're giving
me on this show I use. When I heard words inflation,
We're just talking about everyday people, Josh, you know, and
(02:57):
they run for office. You listen to the six o'clock
or seven o'clock news, they talk to the word inflation.
What exactly is inflation? All I know is that my
gas is high, eggs is six dollars. They used to
be cheaper than that. I've shopped with coupons now and
the coupons don't help value like they used to. And
then they come up they talk about, well, you know,
(03:17):
I think it's September. Of September, they said that inflation
was under control. We can drop the interest rate, but
to control interest we have to raise the interest rate.
Please explain to me Rashon McDonald and my audience. You're
the financial quarterback, Josh, what is going wrong? When I
hear interest rate going up to stop something inflation, but
(03:39):
my prices keep going up? How's that working well?
Speaker 3 (03:43):
I think the inflation economists say is getting better, right,
But I don't know if we feel that it's getting
better because there was such a jolt of inflation for
the last four or five years due to COVID.
Speaker 2 (04:01):
But first, let's talk about what inflation is. Inflation is.
Speaker 3 (04:06):
There's so many definitions, but I'll go to Milton Friedman's
definition on inflation. If what is his definition on inflation?
I heard this back in the day, and I remember
inflation is always and everywhere a monetary phenomenon. Yes, what
(04:30):
the heck does that mean? And someone said, if velocity
is about well, I don't want to this. That sounds confusing,
but let me make it simple for you. Inflation is
when you go to the grocery store, okay, and you
get that bag of chips and there's half the amount
of chips that there was five years ago. Some people
call that shrink inflation. It's basically your dollar doesn't go
(04:54):
as far as it used to. A stamp was how
much twenty years ago versus today? A gallon of milk
was so much? And any time there is something in
plentiful supply.
Speaker 1 (05:10):
I love your.
Speaker 3 (05:10):
Questions because they get me to think, like, how do
I make this simple.
Speaker 2 (05:14):
For the everyday American? Right, we're like in these bubbles
and you just hear it. You don't even know what.
Speaker 3 (05:19):
It is, but I think it's too many dollars chasing
too few goods. So COVID stimulus, Democrats Republicans just giving
money away in COVID stimulus one and two. This is
both parties have caused us this problem in an effort
(05:44):
to save us from COVID or whatever. So what happened
is the government printed all this money. Right, we all
got our stimmy checks.
Speaker 2 (05:52):
I don't know if I got to people got PPP.
Speaker 3 (05:55):
If they're business owners, and they said, wow, I have
all this money. I'm gonna buy new TV. I'm gonna
buy a new car. And we felt rich for like
a day, and now we feel poor because that's what
inflation does. The Roman Empire cave due to this. It's
called bread and circuses because the natives are getting restless, right,
(06:20):
they don't want us to riot during COVID. So what
they do, here's a check, here's a check for the lockdowns,
for your trouble. And by the way, this stuff will
happen more and more if people on both sides really
need to wake up to this, because this is how
the government will control us, manipulate us in the future,
and it will how it's how.
Speaker 2 (06:39):
Come everybody feels poor even though they make more than
they made five years ago. And if they don't make.
Speaker 3 (06:44):
More then it's even worse, right because people always say, oh, well.
Speaker 2 (06:48):
The answer is I remember Bernie Sanders would say, what
is he say we.
Speaker 3 (06:51):
Want fifteen dollars minimum wage, that'll save everybody. Now we
say we want twenty dollars minimum wages. But what's gonna
happen or the tariffs are any of these things? Don't
be fool people. This just gets passed off.
Speaker 2 (07:06):
To the consumer. The people.
Speaker 3 (07:09):
You know you worked for IBM pre many years, six years.
They're a smart company. If their cost goes up, what's
gonna happen? They're gonna pass that on to their customers.
Speaker 1 (07:19):
Yes, you will.
Speaker 3 (07:20):
Coachs are gonna do the same thing. Hershey's gonna do
the same thing. Chlorax is gonna do the same thing,
not because they're greedy, because they have to. Their costs
of goods and services go up. So inflation is I
like that. Actually, definition is always an ever monetary phenomenon.
But it's really too much dollars chasing too few goods,
(07:42):
and any time you have a lot of something in circulation,
it makes it worth less. Remember the beanie baby craze.
My months she was into collecting beanie babies. We grew
up poor, but for some reason, my mother thought the
beanie babies were gonna get her out of poverty, right,
(08:02):
so she bought beanie babies.
Speaker 2 (08:05):
She'ld have bought stock, but for.
Speaker 3 (08:06):
Some reason she bought beanie babies, thinking that that would
save her from poverty. So she would save up what
she could and she'd buy beanie baby, and then she'd
buy another one.
Speaker 2 (08:21):
And then she passed.
Speaker 3 (08:22):
Away a few years ago, And I remember I had
all these buckets of beanie babies and I kept them
just because it reminds me of that story of my
mother's love trying to do something to get her family ahead.
But why did the beanie baby craze not get successful?
Because they started making too much of me it's the
same thing with the dollar.
Speaker 1 (08:40):
It's a great movie. I saw why that happened. It
was greed and too many beanie babies. It made it.
It wasn't rare anymore. And that's why the system fails itself.
But you know we I'm know. I come from the
inner city. You know, six sisters, two brothers, two bedroom,
shotgun house, so similar to your upbringing. Didn't have nothing.
(09:04):
And as you grow older, you know, you hold on
to values and savings accounts. You know, you put your
money in savings, and you hear the word c D,
put your money into CD. But I'm gonna tell you something.
It wasn't until I got older I heard the word
compound interests. And when I started really understanding compound interests,
(09:25):
and I want you to explain it, because you're the expert.
Why isn't that pushed out more as a value component.
I hear stock, I hear stock stocks, socks, stocks stocks,
but I never hear compound interests as a value way
to secure your savings for long term opportunities. The floor
is your.
Speaker 3 (09:44):
That's beautiful, Einstein said. The miracle of compounding.
Speaker 2 (09:49):
It is attributed to eins. Some people don't know if
he really said it.
Speaker 3 (09:52):
Compounding is the eighth wonder of the world. But what
is compound interest? It's basically a doubling every so many years, right,
And there's something called the miracle of compound interest. And
then there's something called the rule of seventy two, which
if you have a dollar and you earn seven percent
(10:14):
a year, you take seventy two you divide it by seven.
It takes about ten years for a dollar to double
at seven percent interest. If you earn ten percent a year,
it takes a dollar about seven years to double because
(10:35):
seven goes into seventy two about ten times. Compound interest
is very simple.
Speaker 2 (10:43):
But why do we not get taught it?
Speaker 3 (10:45):
I think it's because banks and other wealthy people don't
want you.
Speaker 2 (10:50):
To know about it. You remember that guy Kevin Trudeau.
Speaker 3 (10:52):
You know natural cures. They don't want you to know
about it. I don't know if it's conspiratorial.
Speaker 1 (10:59):
But saying that, I'm not saying this is Josh. I'm
not using the word, and I.
Speaker 2 (11:02):
Know there might be an element where it is.
Speaker 1 (11:06):
Right.
Speaker 4 (11:06):
Please don't go anywhere. We'll be right back with more
money making conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass hosted by Rashaan McDonald.
Speaker 1 (11:24):
Because I know about stocks. I hear about stocks. It's
very complicated, you know. But if you tell me, Rashan,
you know, save five hundred dollars a month or whatever. Okay,
that's and you know the end of the year, you
got six thousand dollars. Okay, that goes in you. But
every time you put in the bank is compounding the
interesting interest interests, and you're doubling. You're doubling your doub
(11:45):
and then you just just don't mess with it. Just
keep saving and just keep saving and guess what, you
will reap the benefits of a tremendous financial opportunity. But
I never hear that. I hear invest in stocks. When
I sit down with my financial advisor, he went, do
you want to be aggressive? Conservative? Or you know what
(12:07):
you want to you know, just stand pad, Oh you
want to do a mix. That's what I hear. And
I'm sure that's a standard.
Speaker 3 (12:12):
No, you need a new financial advisor number one, okay,
And we're.
Speaker 1 (12:18):
Going to talk about that because people, what is a
good financial advisor? Did Josh?
Speaker 2 (12:23):
What is I think the good financial advisor? Number one?
Educates their clients on the value of compounding.
Speaker 3 (12:29):
That that is exactly why you should have a financial advisor, because.
Speaker 2 (12:33):
The goal in life, yes, sir, is.
Speaker 3 (12:36):
Then to not interrupt that compounding. People want to interrupt
their compounding when there is a new political regime. People
want to interrupt their compounding due to whatever their kids
go to college. People want to interrupt their compounding to
buy a new car. People want to interrupt their compounding
(12:57):
to buy a bigger house.
Speaker 2 (12:59):
Yes, and the number one.
Speaker 3 (13:01):
Way you get wealthy is compound interest and not interrupting.
Speaker 2 (13:07):
So I would argue that the number one reason.
Speaker 3 (13:10):
But you're right, the financial industry has gone into do
you want to be a conservative?
Speaker 2 (13:15):
Moderate? Aggressive? You're You're right on, come.
Speaker 1 (13:17):
On, Josh, you know you know that's typical they sit
down with that little That is true.
Speaker 2 (13:21):
We do it too.
Speaker 3 (13:23):
But that's only as like a c ya right, right,
it's not. But but your number one job as an advisor,
the number one people say, what is the number one
thing I look at in financial advisor? Do they educate
you on key concepts that you need to know about?
Because here's the thing you said, Well, why your questions
are really good because you could have a whole show
(13:46):
on one question that you give. But why part of
me thinks it's a conspiracy. I don't know why.
Speaker 2 (13:53):
Right part of me thinks.
Speaker 3 (13:55):
It's because that's how banks make money, not that banks
surrey evil and that can be a trope sometimes.
Speaker 2 (14:02):
I'm not saying that. I'm just saying what does a
bank do?
Speaker 1 (14:08):
Right?
Speaker 2 (14:09):
I want my clients to think like they are the bank.
Speaker 1 (14:13):
And I would tell you this, js. I will tell
you this, Josh. I've had at least six different financial
advisors sit in front of me. I can remember when
I was thirty and I was invested in I got
that conservative, aggressive, moderate speech. You know, Okay, I want
to be a little aggressive. I'm young. I'm young, but
nobody told me. Nobody drill listened to my head, Josh, Rashank,
(14:37):
this is me. Listen to meat. Just compound interest. Don't
touch it. I mean, I mean with their fistballed up.
I know, Cya, just like you said. But Rashan, believe me,
do not touch this money over here. This is your
compound interest money. If somebody would have told me this
is your compound interest money, this is your stock money.
(14:59):
If you just said that when you're talking about the
word conservative or you want to be moderate with your money.
That word never came out, because I'm considering that's the
conservative approach to investment. Is the compound interest that never
came up, and that annoys the heck out of me.
And when I come to the financial quarterback, I'm not
seeking salvation because the hell Mary passed that you could
(15:23):
probably throw to me is passed.
Speaker 2 (15:26):
But you got us compounding.
Speaker 3 (15:28):
If you're listening today, you're watching today and you and
you kind of think that you're too late, too old,
you're fifty or sixty or seventy, just start the compound
interest cycle.
Speaker 2 (15:43):
It's a great listen.
Speaker 1 (15:44):
Thank you. Now, I gotta go here, brother, at that
time of the year. Health insurance, okay, you know, I
just got to notice the other day, h manner. You know,
they disenrolling me. They're not carrying my lane of insurance.
And I gotta find I gotta scramble to find somebody.
I got employees. I gotta get a new plan for
(16:05):
my employee. What is going on in the financial community
with health insurance, Josh.
Speaker 3 (16:11):
Well, A lot of the government mandates are having an
unintended consequence of health insurance companies aren't making money anymore
because they have to have everybody in the system with
pre existing conditions, so a lot of people are getting out.
Speaker 2 (16:28):
See, we have a fundamental problem in America.
Speaker 3 (16:30):
We everybody wants health care, but they don't want to
pay for it, right, So what's happening is I think
we need a fundamental restructuring of health care in America.
I don't I didn't hear anybody talk about. And we
just had an election, and the number one problem is
costs are going up, I know, and nobody's talking about,
(16:52):
well how do we contain costs? I have a plan,
but I'm not an elected dog catchers, so I don't know. Well,
nobody would listen to me.
Speaker 1 (17:01):
But well, please, I got my ear open, at least
one ear open. What will be an option you visionary?
Because right now we have a problem.
Speaker 3 (17:14):
I think the only way they're going to do it
is to let eighty percent of the healthcare insurance company
companies do whatever they want.
Speaker 2 (17:23):
They get to discriminate on the basis of health.
Speaker 3 (17:26):
People forget this insurance is by its very nature discriminatory,
meaning you have an insurance company saying we don't want
this risk because we believe you're going to get heart attack,
cancer stroke.
Speaker 2 (17:37):
We do want this risk because you're a healthy person.
Speaker 3 (17:41):
And one of the things that Obamacare had originally that
was actually a Republican idea, was that everybody had to
buy health insurance, whether you were young or old, and
they would have healthy people in the pool.
Speaker 2 (17:57):
But they stopped that for some reason.
Speaker 3 (18:00):
So if we're gonna have this kind of mix and
match plan, I think we need to have two options.
One is a health insurance company led plan where they
get to kick anybody off that they want to. What
is that going to do. That's going to cause the
costs to go down because they're going to only ensure
healthy people. Now what about the unhealthy people? Then they
would get a government kind of like an expanded Medicaid
(18:23):
m H.
Speaker 2 (18:24):
And then go and then.
Speaker 3 (18:26):
Doctors, because this is key because we have this in
New Jersey. We have NJ Family Care. No good doctor
wants to take NJ Family Care, which is like Medicaid,
they don't call it medicaid anymore. So in my plan,
all doctors would get they would have to take eighty
percent healthy people, twenty percent poor and indigent and unhealthy,
and they get a rite off for the ten or
(18:47):
twenty percent that they take that can't afford them.
Speaker 2 (18:51):
And I don't know anybody would be against that planet.
Speaker 3 (18:53):
It helps, it helps the poor, it helps those who
are sick, and it helps insurance come keep costs lower
because then they get to discriminate, which is what an
insurance company does.
Speaker 1 (19:05):
You know, he just brought up the Obama character.
Speaker 3 (19:07):
And I don't mean racial discrimination. I mean discerning of
risks people. Here's the thing, if you were out of
insurance company, you'd only want to ensure healthy people.
Speaker 1 (19:20):
Well, you're in the money making business, and so you
have to look at your bottom line and the bottom line.
I'm getting kicked out because I'm not making any I'm
hurting their bottom line, and so somewhere along the line
there has to be a decision made on how you
can make money and still ensure people who they deem
healthy and won't be that's by the way. I remember
when I was young, I had Triple I still have
(19:42):
Triple A, and I had a nineteen seventy three cutlass,
and every three months I had to call them and
tell them, come charge my battery, Come charge my battery.
Finally I got a letter from Triple A. They said,
excuse me, either you need to buy a new car,
or we can't come and charge your batteries no more,
(20:03):
because you had exceeded, in their mind, the bottom line,
the model that they had put in place. And so
when I hear that, people need to understand that there's
always a cut off poem where they said, you know
some we like to keep your money because what you
heard in our bottom line. And so when people use
the word discriminatory, they use the word. In the end,
(20:26):
we are already business of making money. We want people
to make money so we can get services. If we
don't get those services, then either they may file bankruptcy
or they close. If they close, we don't get their
services anyway, and you won't have their services. You know,
would anybody have their services, which means that it becomes
a monopoly. Because if we don't have competition and independent
voices out there and it shrinks, then we've created a
(20:49):
bigger problem. And I look at these things when I
talk to you, Josh, and you know, I'm so fortunate
to be able to have a guy with your financial
mindset who's been there, done that. Like I said, I'm
just immediate. I'm just a voice that that comes on
this show and brings experts like you to be able
to deliver information that people can research. Now, the Financial Quarterback,
(21:11):
how can we find you? And where about with your podcasts?
Speaker 3 (21:14):
Go to Apple or Spotify Just search for my ugly
mug the Financial Quarterback and get the subscribe button. And
if you like the show, give us a review.
Speaker 1 (21:25):
Well, I'd like to show my brother and I really
appreciate you coming on Money Making Conversation master Class. You know,
I don't know if you got me mad, but you
got me in light. You hear, I'm gonna tell you something.
You allowed me to vent Josh. You know, you allowed
me to go back thirty years, and I'm gonna say
that I made mistakes because some people say, hey, you're
doing pretty good. But I know I cut it down
a little bit better. If I just held old, it
(21:46):
just compound interests. But I didn't. Just like I said,
I got out of the boat. I sold the stock,
I sold home Depot, I sold Apple, I sow.
Speaker 2 (21:58):
Entail.
Speaker 1 (21:58):
I sold all those stocks because guess what, I just
stick to the plan and the bottom line. When you're
talking to the Financial Quarterback, It's all about a plan, correct.
Speaker 2 (22:06):
Exactly and sticking to the plan.
Speaker 1 (22:09):
I appreciate you. We talked sooner. Man. Thank you for
coming on Money Making Conversations Masterclass.
Speaker 2 (22:13):
Thanks so much for Sean.
Speaker 1 (22:15):
This has been another edition of Money Making Conversation Masterclass
posted by me Rashaun McDonald. Thank you to our guests
on the show today and thank you O listening to
audience now. If you want to listen to any episode
I want to be a guest on the show, visit
Moneymaking Conversations dot com. Our social media handle is money
Making Conversation. Join us next week and remember to always
(22:36):
leave with your gifts. Keep winning.
Welcome to the show. I am Rashaan McDonald, the host
of Money Making Conversations Masterclass, where we encourage people to
stop reading other people's success stories and start planning their own.
Listen up as I interview entrepreneurs from around the country,
talk to celebrities and ask them how they are running
their companies, and speak with dog profits who are making
(00:25):
a difference in their local communities. Now, sit back and
listen as we unlock the secrets to their success on
Money Making Conversations Masterclass. Hi, I'm Rashan MacDonald, our host
this weekly Money Making Conversation Masterclass show. The interviews and
information that this show provides off for everyone. It's time
to stop reading other people's success stories and start living
(00:46):
your own. I'm here to help you reach your American dream.
If you want to be a guest on my show,
please visit Moneymakingconversations dot com and click to be a
guest button. My next guest, I'm Very Excited, is a
prominent financially buyer. Is It recognized by Forbes as one
of America's top financial security professionals for three consecutive years,
(01:06):
and it's the host of the Financial Quarterback radio show please,
Welcome to Money Making Conversations Masterclass. Josh Jolynski.
Speaker 2 (01:14):
How you doing, Josh, great Rashan, thanks for having me.
Speaker 1 (01:17):
I'm gonna make some public here, Josh. I'm over sixty, okay,
I'm over sixty okay, And you.
Speaker 2 (01:23):
Don't look at day over fifty.
Speaker 1 (01:26):
I'm over. I'm over, brother, I'm over. And what happens
is in my peer group, you know, we get to
a certain point fifty, forty, especially forty, we started getting
nervous fifty and we haven't figured out what we're gonna do.
And they think these they think social Security has a
plan waiting on them that's gonna save their lives. Where
has this this false theory that social Security has a
(01:49):
check that you will be able to live on. Where
did they come from?
Speaker 3 (01:53):
I have no clue. I was gonna say the devil,
you know. I think the idea was maybe that their
grandparents lived on Social Security after they paid off their house.
You know, maybe the depression era mindset. I remember my
(02:13):
grandmother in North Carolina would live under social Security checks,
so maybe that was where it was. You know, so
I don't know who's living on so old security today though.
Speaker 2 (02:26):
You know, maybe it came from twenty forty years ago,
right now.
Speaker 3 (02:29):
My grandmother, you know, she passed away in the nineties,
so maybe the eighties, the nineties. But I don't know
anybody living on Social Security today.
Speaker 1 (02:36):
You can't. You can't. Let's go, let's clear that up.
On this show. You listening to Josh, she's the financial quarterback,
popular show on Park, popular packcas you get him on
Spotify downloaded. But more importantly, the information that you're giving
me on this show I use. When I heard words inflation,
We're just talking about everyday people, Josh, you know, and
(02:57):
they run for office. You listen to the six o'clock
or seven o'clock news, they talk to the word inflation.
What exactly is inflation? All I know is that my
gas is high, eggs is six dollars. They used to
be cheaper than that. I've shopped with coupons now and
the coupons don't help value like they used to. And
then they come up they talk about, well, you know,
(03:17):
I think it's September. Of September, they said that inflation
was under control. We can drop the interest rate, but
to control interest we have to raise the interest rate.
Please explain to me Rashon McDonald and my audience. You're
the financial quarterback, Josh, what is going wrong? When I
hear interest rate going up to stop something inflation, but
(03:39):
my prices keep going up? How's that working well?
Speaker 3 (03:43):
I think the inflation economists say is getting better, right,
But I don't know if we feel that it's getting
better because there was such a jolt of inflation for
the last four or five years due to COVID.
Speaker 2 (04:01):
But first, let's talk about what inflation is. Inflation is.
Speaker 3 (04:06):
There's so many definitions, but I'll go to Milton Friedman's
definition on inflation. If what is his definition on inflation?
I heard this back in the day, and I remember
inflation is always and everywhere a monetary phenomenon. Yes, what
(04:30):
the heck does that mean? And someone said, if velocity
is about well, I don't want to this. That sounds confusing,
but let me make it simple for you. Inflation is
when you go to the grocery store, okay, and you
get that bag of chips and there's half the amount
of chips that there was five years ago. Some people
call that shrink inflation. It's basically your dollar doesn't go
(04:54):
as far as it used to. A stamp was how
much twenty years ago versus today? A gallon of milk
was so much? And any time there is something in
plentiful supply.
Speaker 1 (05:10):
I love your.
Speaker 3 (05:10):
Questions because they get me to think, like, how do
I make this simple.
Speaker 2 (05:14):
For the everyday American? Right, we're like in these bubbles
and you just hear it. You don't even know what.
Speaker 3 (05:19):
It is, but I think it's too many dollars chasing
too few goods. So COVID stimulus, Democrats Republicans just giving
money away in COVID stimulus one and two. This is
both parties have caused us this problem in an effort
(05:44):
to save us from COVID or whatever. So what happened
is the government printed all this money. Right, we all
got our stimmy checks.
Speaker 2 (05:52):
I don't know if I got to people got PPP.
Speaker 3 (05:55):
If they're business owners, and they said, wow, I have
all this money. I'm gonna buy new TV. I'm gonna
buy a new car. And we felt rich for like
a day, and now we feel poor because that's what
inflation does. The Roman Empire cave due to this. It's
called bread and circuses because the natives are getting restless, right,
(06:20):
they don't want us to riot during COVID. So what
they do, here's a check, here's a check for the lockdowns,
for your trouble. And by the way, this stuff will
happen more and more if people on both sides really
need to wake up to this, because this is how
the government will control us, manipulate us in the future,
and it will how it's how.
Speaker 2 (06:39):
Come everybody feels poor even though they make more than
they made five years ago. And if they don't make.
Speaker 3 (06:44):
More then it's even worse, right because people always say, oh, well.
Speaker 2 (06:48):
The answer is I remember Bernie Sanders would say, what
is he say we.
Speaker 3 (06:51):
Want fifteen dollars minimum wage, that'll save everybody. Now we
say we want twenty dollars minimum wages. But what's gonna
happen or the tariffs are any of these things? Don't
be fool people. This just gets passed off.
Speaker 2 (07:06):
To the consumer. The people.
Speaker 3 (07:09):
You know you worked for IBM pre many years, six years.
They're a smart company. If their cost goes up, what's
gonna happen? They're gonna pass that on to their customers.
Speaker 1 (07:19):
Yes, you will.
Speaker 3 (07:20):
Coachs are gonna do the same thing. Hershey's gonna do
the same thing. Chlorax is gonna do the same thing,
not because they're greedy, because they have to. Their costs
of goods and services go up. So inflation is I
like that. Actually, definition is always an ever monetary phenomenon.
But it's really too much dollars chasing too few goods,
(07:42):
and any time you have a lot of something in circulation,
it makes it worth less. Remember the beanie baby craze.
My months she was into collecting beanie babies. We grew
up poor, but for some reason, my mother thought the
beanie babies were gonna get her out of poverty, right,
(08:02):
so she bought beanie babies.
Speaker 2 (08:05):
She'ld have bought stock, but for.
Speaker 3 (08:06):
Some reason she bought beanie babies, thinking that that would
save her from poverty. So she would save up what
she could and she'd buy beanie baby, and then she'd
buy another one.
Speaker 2 (08:21):
And then she passed.
Speaker 3 (08:22):
Away a few years ago, And I remember I had
all these buckets of beanie babies and I kept them
just because it reminds me of that story of my
mother's love trying to do something to get her family ahead.
But why did the beanie baby craze not get successful?
Because they started making too much of me it's the
same thing with the dollar.
Speaker 1 (08:40):
It's a great movie. I saw why that happened. It
was greed and too many beanie babies. It made it.
It wasn't rare anymore. And that's why the system fails itself.
But you know we I'm know. I come from the
inner city. You know, six sisters, two brothers, two bedroom,
shotgun house, so similar to your upbringing. Didn't have nothing.
(09:04):
And as you grow older, you know, you hold on
to values and savings accounts. You know, you put your
money in savings, and you hear the word c D,
put your money into CD. But I'm gonna tell you something.
It wasn't until I got older I heard the word
compound interests. And when I started really understanding compound interests,
(09:25):
and I want you to explain it, because you're the expert.
Why isn't that pushed out more as a value component.
I hear stock, I hear stock stocks, socks, stocks stocks,
but I never hear compound interests as a value way
to secure your savings for long term opportunities. The floor
is your.
Speaker 3 (09:44):
That's beautiful, Einstein said. The miracle of compounding.
Speaker 2 (09:49):
It is attributed to eins. Some people don't know if
he really said it.
Speaker 3 (09:52):
Compounding is the eighth wonder of the world. But what
is compound interest? It's basically a doubling every so many years, right,
And there's something called the miracle of compound interest. And
then there's something called the rule of seventy two, which
if you have a dollar and you earn seven percent
(10:14):
a year, you take seventy two you divide it by seven.
It takes about ten years for a dollar to double
at seven percent interest. If you earn ten percent a year,
it takes a dollar about seven years to double because
(10:35):
seven goes into seventy two about ten times. Compound interest
is very simple.
Speaker 2 (10:43):
But why do we not get taught it?
Speaker 3 (10:45):
I think it's because banks and other wealthy people don't
want you.
Speaker 2 (10:50):
To know about it. You remember that guy Kevin Trudeau.
Speaker 3 (10:52):
You know natural cures. They don't want you to know
about it. I don't know if it's conspiratorial.
Speaker 1 (10:59):
But saying that, I'm not saying this is Josh. I'm
not using the word, and I.
Speaker 2 (11:02):
Know there might be an element where it is.
Speaker 1 (11:06):
Right.
Speaker 4 (11:06):
Please don't go anywhere. We'll be right back with more
money making conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass hosted by Rashaan McDonald.
Speaker 1 (11:24):
Because I know about stocks. I hear about stocks. It's
very complicated, you know. But if you tell me, Rashan,
you know, save five hundred dollars a month or whatever. Okay,
that's and you know the end of the year, you
got six thousand dollars. Okay, that goes in you. But
every time you put in the bank is compounding the
interesting interest interests, and you're doubling. You're doubling your doub
(11:45):
and then you just just don't mess with it. Just
keep saving and just keep saving and guess what, you
will reap the benefits of a tremendous financial opportunity. But
I never hear that. I hear invest in stocks. When
I sit down with my financial advisor, he went, do
you want to be aggressive? Conservative? Or you know what
(12:07):
you want to you know, just stand pad, Oh you
want to do a mix. That's what I hear. And
I'm sure that's a standard.
Speaker 3 (12:12):
No, you need a new financial advisor number one, okay,
And we're.
Speaker 1 (12:18):
Going to talk about that because people, what is a
good financial advisor? Did Josh?
Speaker 2 (12:23):
What is I think the good financial advisor? Number one?
Educates their clients on the value of compounding.
Speaker 3 (12:29):
That that is exactly why you should have a financial advisor, because.
Speaker 2 (12:33):
The goal in life, yes, sir, is.
Speaker 3 (12:36):
Then to not interrupt that compounding. People want to interrupt
their compounding when there is a new political regime. People
want to interrupt their compounding due to whatever their kids
go to college. People want to interrupt their compounding to
buy a new car. People want to interrupt their compounding
(12:57):
to buy a bigger house.
Speaker 2 (12:59):
Yes, and the number one.
Speaker 3 (13:01):
Way you get wealthy is compound interest and not interrupting.
Speaker 2 (13:07):
So I would argue that the number one reason.
Speaker 3 (13:10):
But you're right, the financial industry has gone into do
you want to be a conservative?
Speaker 2 (13:15):
Moderate? Aggressive? You're You're right on, come.
Speaker 1 (13:17):
On, Josh, you know you know that's typical they sit
down with that little That is true.
Speaker 2 (13:21):
We do it too.
Speaker 3 (13:23):
But that's only as like a c ya right, right,
it's not. But but your number one job as an advisor,
the number one people say, what is the number one
thing I look at in financial advisor? Do they educate
you on key concepts that you need to know about?
Because here's the thing you said, Well, why your questions
are really good because you could have a whole show
(13:46):
on one question that you give. But why part of
me thinks it's a conspiracy. I don't know why.
Speaker 2 (13:53):
Right part of me thinks.
Speaker 3 (13:55):
It's because that's how banks make money, not that banks
surrey evil and that can be a trope sometimes.
Speaker 2 (14:02):
I'm not saying that. I'm just saying what does a
bank do?
Speaker 1 (14:08):
Right?
Speaker 2 (14:09):
I want my clients to think like they are the bank.
Speaker 1 (14:13):
And I would tell you this, js. I will tell
you this, Josh. I've had at least six different financial
advisors sit in front of me. I can remember when
I was thirty and I was invested in I got
that conservative, aggressive, moderate speech. You know, Okay, I want
to be a little aggressive. I'm young. I'm young, but
nobody told me. Nobody drill listened to my head, Josh, Rashank,
(14:37):
this is me. Listen to meat. Just compound interest. Don't
touch it. I mean, I mean with their fistballed up.
I know, Cya, just like you said. But Rashan, believe me,
do not touch this money over here. This is your
compound interest money. If somebody would have told me this
is your compound interest money, this is your stock money.
(14:59):
If you just said that when you're talking about the
word conservative or you want to be moderate with your money.
That word never came out, because I'm considering that's the
conservative approach to investment. Is the compound interest that never
came up, and that annoys the heck out of me.
And when I come to the financial quarterback, I'm not
seeking salvation because the hell Mary passed that you could
(15:23):
probably throw to me is passed.
Speaker 2 (15:26):
But you got us compounding.
Speaker 3 (15:28):
If you're listening today, you're watching today and you and
you kind of think that you're too late, too old,
you're fifty or sixty or seventy, just start the compound
interest cycle.
Speaker 2 (15:43):
It's a great listen.
Speaker 1 (15:44):
Thank you. Now, I gotta go here, brother, at that
time of the year. Health insurance, okay, you know, I
just got to notice the other day, h manner. You know,
they disenrolling me. They're not carrying my lane of insurance.
And I gotta find I gotta scramble to find somebody.
I got employees. I gotta get a new plan for
(16:05):
my employee. What is going on in the financial community
with health insurance, Josh.
Speaker 3 (16:11):
Well, A lot of the government mandates are having an
unintended consequence of health insurance companies aren't making money anymore
because they have to have everybody in the system with
pre existing conditions, so a lot of people are getting out.
Speaker 2 (16:28):
See, we have a fundamental problem in America.
Speaker 3 (16:30):
We everybody wants health care, but they don't want to
pay for it, right, So what's happening is I think
we need a fundamental restructuring of health care in America.
I don't I didn't hear anybody talk about. And we
just had an election, and the number one problem is
costs are going up, I know, and nobody's talking about,
(16:52):
well how do we contain costs? I have a plan,
but I'm not an elected dog catchers, so I don't know. Well,
nobody would listen to me.
Speaker 1 (17:01):
But well, please, I got my ear open, at least
one ear open. What will be an option you visionary?
Because right now we have a problem.
Speaker 3 (17:14):
I think the only way they're going to do it
is to let eighty percent of the healthcare insurance company
companies do whatever they want.
Speaker 2 (17:23):
They get to discriminate on the basis of health.
Speaker 3 (17:26):
People forget this insurance is by its very nature discriminatory,
meaning you have an insurance company saying we don't want
this risk because we believe you're going to get heart attack,
cancer stroke.
Speaker 2 (17:37):
We do want this risk because you're a healthy person.
Speaker 3 (17:41):
And one of the things that Obamacare had originally that
was actually a Republican idea, was that everybody had to
buy health insurance, whether you were young or old, and
they would have healthy people in the pool.
Speaker 2 (17:57):
But they stopped that for some reason.
Speaker 3 (18:00):
So if we're gonna have this kind of mix and
match plan, I think we need to have two options.
One is a health insurance company led plan where they
get to kick anybody off that they want to. What
is that going to do. That's going to cause the
costs to go down because they're going to only ensure
healthy people. Now what about the unhealthy people? Then they
would get a government kind of like an expanded Medicaid
(18:23):
m H.
Speaker 2 (18:24):
And then go and then.
Speaker 3 (18:26):
Doctors, because this is key because we have this in
New Jersey. We have NJ Family Care. No good doctor
wants to take NJ Family Care, which is like Medicaid,
they don't call it medicaid anymore. So in my plan,
all doctors would get they would have to take eighty
percent healthy people, twenty percent poor and indigent and unhealthy,
and they get a rite off for the ten or
(18:47):
twenty percent that they take that can't afford them.
Speaker 2 (18:51):
And I don't know anybody would be against that planet.
Speaker 3 (18:53):
It helps, it helps the poor, it helps those who
are sick, and it helps insurance come keep costs lower
because then they get to discriminate, which is what an
insurance company does.
Speaker 1 (19:05):
You know, he just brought up the Obama character.
Speaker 3 (19:07):
And I don't mean racial discrimination. I mean discerning of
risks people. Here's the thing, if you were out of
insurance company, you'd only want to ensure healthy people.
Speaker 1 (19:20):
Well, you're in the money making business, and so you
have to look at your bottom line and the bottom line.
I'm getting kicked out because I'm not making any I'm
hurting their bottom line, and so somewhere along the line
there has to be a decision made on how you
can make money and still ensure people who they deem
healthy and won't be that's by the way. I remember
when I was young, I had Triple I still have
(19:42):
Triple A, and I had a nineteen seventy three cutlass,
and every three months I had to call them and
tell them, come charge my battery, Come charge my battery.
Finally I got a letter from Triple A. They said,
excuse me, either you need to buy a new car,
or we can't come and charge your batteries no more,
(20:03):
because you had exceeded, in their mind, the bottom line,
the model that they had put in place. And so
when I hear that, people need to understand that there's
always a cut off poem where they said, you know
some we like to keep your money because what you
heard in our bottom line. And so when people use
the word discriminatory, they use the word. In the end,
(20:26):
we are already business of making money. We want people
to make money so we can get services. If we
don't get those services, then either they may file bankruptcy
or they close. If they close, we don't get their
services anyway, and you won't have their services. You know,
would anybody have their services, which means that it becomes
a monopoly. Because if we don't have competition and independent
voices out there and it shrinks, then we've created a
(20:49):
bigger problem. And I look at these things when I
talk to you, Josh, and you know, I'm so fortunate
to be able to have a guy with your financial
mindset who's been there, done that. Like I said, I'm
just immediate. I'm just a voice that that comes on
this show and brings experts like you to be able
to deliver information that people can research. Now, the Financial Quarterback,
(21:11):
how can we find you? And where about with your podcasts?
Speaker 3 (21:14):
Go to Apple or Spotify Just search for my ugly
mug the Financial Quarterback and get the subscribe button. And
if you like the show, give us a review.
Speaker 1 (21:25):
Well, I'd like to show my brother and I really
appreciate you coming on Money Making Conversation master Class. You know,
I don't know if you got me mad, but you
got me in light. You hear, I'm gonna tell you something.
You allowed me to vent Josh. You know, you allowed
me to go back thirty years, and I'm gonna say
that I made mistakes because some people say, hey, you're
doing pretty good. But I know I cut it down
a little bit better. If I just held old, it
(21:46):
just compound interests. But I didn't. Just like I said,
I got out of the boat. I sold the stock,
I sold home Depot, I sold Apple, I sow.
Speaker 2 (21:58):
Entail.
Speaker 1 (21:58):
I sold all those stocks because guess what, I just
stick to the plan and the bottom line. When you're
talking to the Financial Quarterback, It's all about a plan, correct.
Speaker 2 (22:06):
Exactly and sticking to the plan.
Speaker 1 (22:09):
I appreciate you. We talked sooner. Man. Thank you for
coming on Money Making Conversations Masterclass.
Speaker 2 (22:13):
Thanks so much for Sean.
Speaker 1 (22:15):
This has been another edition of Money Making Conversation Masterclass
posted by me Rashaun McDonald. Thank you to our guests
on the show today and thank you O listening to
audience now. If you want to listen to any episode
I want to be a guest on the show, visit
Moneymaking Conversations dot com. Our social media handle is money
Making Conversation. Join us next week and remember to always
(22:36):
leave with your gifts. Keep winning.
Hosts And Creators
Steve Harvey
Shirley Strawberry
Thomas "Nephew Tommy" Miles
Carla Ferrell
Kier "Junior" Spates
Popular Podcasts
United States of Kennedy
United States of Kennedy is a podcast about our cultural fascination with the Kennedy dynasty. Every week, hosts Lyra Smith and George Civeris go into one aspect of the Kennedy story.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com