December 12, 2024 • 26 mins
Host of “How to Money” on KFI Joel Larsgaard joins the show to discuss people trying to ‘time’ the market, whether incoming tariff promises should drive your money decisions, and when EVs make the most financial sense. The show closes with a Bill talking with Caileen Uznis who lost her house in the Woolsey fire and has evacuated this week because of the Franklin fire.
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Episode Transcript
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Speaker 1 (00:00):
You're listening to Bill Handle on demand from KFI AM
six forty KFI AM six forty Bill Handle.
Speaker 2 (00:08):
Here.
Speaker 1 (00:08):
It is a Thursday morning, December the twelfth.
Speaker 2 (00:14):
And some of the big stories we are covering. FBI
director Christopher Ray is resigning. He's not waiting to get
fired by President elect Trump.
Speaker 1 (00:23):
All right, that's news.
Speaker 2 (00:25):
And Donald Trump has been named Time magazine Person of
the Year for the second.
Speaker 1 (00:29):
Time, and that doesn't happen very often.
Speaker 2 (00:33):
Joel Larsguard is a host of How to Money Sunday's
twelve to two PM. His social address at how to
Money Joel, Good morning, Joel.
Speaker 1 (00:43):
Hey Bill, Oh that was exciting. Eh, Bill, I'm sorry
if I'm boring you.
Speaker 3 (00:50):
I'm thrilled to be here with you today.
Speaker 2 (00:51):
Yes you are, and you sound it too. Now a
word or two about timing the market. We've talked a
little bit about this and how crazy it is, but
here's what's going on now, and that is the market
is at the all time high. And anybody who bought
stock anticipating the market explodings like bitcoin was brilliant.
Speaker 1 (01:17):
And I remember, I'll never forget this.
Speaker 2 (01:20):
When the market hit sixteen thousand, I said, it's time
to unload my stocks. It can't get higher than this.
The market is now. The now is at what forty
four thousand, Yeah, something like that. Okay, So now I'm
saying the same thing. It can't get higher. You've got
(01:42):
to unload. What's wrong with the way I'm.
Speaker 3 (01:46):
Thinking, man, build so many things wrong with the way
you're thinking. There were so many predictions at the beginning
of this year about what the market was going to
do or not do essentially, and all the predictions were
pultry about stock market returns for twenty twenty four. And
when you look at what's happened in the market this year, man,
it's been on fire. It's been insane. Returns have been incredible.
(02:09):
And the truth is, like it's really hard to predict
what's going to happen, and so it's just not worth
trying to make any sort of timing decisions about how
much you're going to invest getting out of the market,
pulling back into more of a cash position based on
what you think is going to happen, because it's hard
to know, or maybe you say, hey, actually, man, things
(02:31):
have been bullish. I think I'm going to be bullish
for next year, and maybe there is some sort of
a pullback, and there are all sorts of I had
a question the other day from a listener about like
a recession indicator where the light's kind of blinking red
and it's like, ooh, recession coming in the future. Should
I be pulling back and maybe changing some of my
investment strategy for the time being. And the answer to
(02:52):
that is still no. Even if there is a recession, well,
guess what, you should continue to sticking money in the
market regularly because as the market does pull back, if
it does at some point in the near future, you're
buying at discounted evaluation. So in my mind, like trying
to time the market is just a fool's Errand.
Speaker 1 (03:08):
Yeah, and I don't disagree with you, because I was just.
Speaker 2 (03:12):
Referring to what happened when it was at sixteen thousand,
and that was a long time ago.
Speaker 1 (03:17):
I am a big fan of.
Speaker 2 (03:20):
Income averaging or investing averaging, which means every year I
put a certain amount and mutual funds for the most part,
or an indix one which buys everything across the board,
and my return and this is long term savings that
I've been putting away a little bit actually ever since
what my thirties, so it's been a long time. And
(03:44):
you know what I have grows at six seven percent
a year, and I'm looking at twenty percent a year.
Speaker 1 (03:51):
That people have.
Speaker 2 (03:53):
But you know what, long term, as you say, let's
talk ten years from now, twenty years from now, you
don't know what's going to happen.
Speaker 1 (04:02):
So you know that's the one that makes sense.
Speaker 3 (04:05):
Yeah, and when you're looking when you have a long
term view, Let's say people out who are listening right
now are in there, Let's say the thirty and forty
year olds, right, They've got decades left for their money
to grow, and so they can't thinking about, well, the
next year's returns. Well, it shouldn't really impact how you're
investing or what you're investing in. You should have that
(04:26):
long term mentality and have more stock exposure. Granted, if
you're closer to retirement, you need to think more about
what's going to happen next year, and your portfolio needs
to reflect your risk tolerance. But like when you look
at some of the stats, we're actually seeing more people
trying to time the market these days, and it ends
up reducing their returns. So there was some research done recently,
(04:47):
and it basically found that since COVID, we've seen more
people trying to time the market, trading more frequently, and
that trading more frequently statistic actually leads to lower returns
than what otherwise would have And if they just kept
their money in something like an index fund and just
chilled and so it's just the from a sanity standpoint,
(05:08):
it's the easier strategy to just keep sticking money in,
not really think long and hard about it, but do
the right thing month after month, week after a week,
and then years down the road, you just look at
your balance, You're like, holy crap, I've got a lot
more money than I thought I did.
Speaker 2 (05:22):
Yeah, yeah, I'm I'm a big fan of all of that.
And here is a quick example. My daughter Pamela took
her bot miss for money, which was a few thousand
dollars and squirreled it away and she puts two hundred
and three hundred dollars away every month, and now we're
talking fifteen years already, and she's twenty nine years old.
(05:46):
And it's an account because she was a minor miner
that I control.
Speaker 1 (05:50):
Because it was a guardianship account.
Speaker 2 (05:52):
And I mean, look at it fifteen years already, starting
when she was basically thirteen.
Speaker 3 (05:59):
Amazing.
Speaker 2 (06:00):
Yeah, Now, if I hadn't cleaned out the account unbeknownst
to her, she would have I guess what, tens of thousands.
Speaker 1 (06:08):
If not closed to one hundred thousand dollars.
Speaker 3 (06:11):
Yeah. Oh so, so this just brings up the point
that matters so much when we're talking about investing is
instead of timing the market, we're talking about time in
the market, right, And the earlier you start, the more
years that you are investing regularly, the more money you're
going to have in the end. Even if you're not
able to invest as much as like to the full
max amount that you could into a certain account, just
(06:34):
the fact that you're doing it, you're doing it regularly,
and you're starting young, it's clutch. And I just found
out out about this this app called half More. And
so if you have a kid and you want them
to open a roth Ira, which is one of the
best investment accounts in existence, well, there are ways to
turn kind of household tasks into payment for your kids,
(06:56):
and you can use an app like this to kind
of make sure you're doing it above board and you're
documenting everything properly. But when you run the numbers about
paying your ten year old to mow the lawn or
clean the garage, and it's the amount of money that
can turn into over the next five decades, the small
amounts you pay them in the here and now, but
you invest that money instead of just handing them cash. Like,
(07:18):
it's astronomical what those accounts can become, just because they've
got so much time to let it grow.
Speaker 1 (07:23):
All right, before we take a break, two things.
Speaker 2 (07:25):
I always said, you need a million dollars squirreled away
in retirement to live comfortably. Nerd Wallet just came out
with a survey. Also, Bank of America, you need two
million dollars in California and that takes a lifetime of savings.
Speaker 3 (07:41):
Yeah.
Speaker 2 (07:42):
Yeah, I just want to point that out. And I started.
I started my kid's college fund, the five twenty nine
fund when.
Speaker 1 (07:48):
They were born.
Speaker 2 (07:50):
When they were born, and the fact that they both
dropped out of high school, there's a lot of money
in there because that's for higher education. I have no
idea what I'm going to do with that money because
now twenty nine years later, Okay, Joel, this is something
that's near and dear to my heart, and that is
for those of you that have an EV, for those
(08:12):
of us that have an ed EV, excuse me, the
most financial sense is charging at home, and I'm going
to let you start and then I'm going to sort
of take a spin on that where it makes a
lot more sense than even what you're talking about.
Speaker 1 (08:33):
So you go for it.
Speaker 3 (08:35):
Yeah, yeah, I mean. So the cool thing is, I mean,
I love EV's. I think they're fun to drive, I
think they are overall over time good for the planet.
And the cool thing is you can get, at least
for the time being, a federal tax credit for buying
an electric vehicle. How long that lasts, well, that remains
to be seen. But the thing is, I think people
(08:57):
assume that an EV is going to save you money
as well, because hey, you're not filling up expensive California
gas prices, which is true. But you have to be
really thoughtful about where you're charging because if you're charging
out and about most of the time, that's where you're
kind of refueling your EV. Then I had a Nissan
Leaf for six years and it was great. The key
(09:20):
to making sure that you're not overpaying for electricity for
your EV is charging it at home. That's where you
pay a whole heckup a lot less than paying at
a Tesla supercharger station, for instance, Like I went on
a road trip with a buddy who has a Tesla recently,
and granted, when you're on a road trip like you
have to use those stations, like you you're not at home,
(09:42):
that's you're traveling on the road. But the more you
can charge at home, the more likely it is to
be a better deal. And it's actually gonna save you
money on fuel essentially for that vehicle over time.
Speaker 2 (09:57):
Yeah, you have to be a little careful about where
you charge. And I have an EV. I have, as
a matter of fact, a BMW electric vehicle, and I
might as well do a plug here that I got
from Stirling BMW, which a Newport Beach which I love.
Speaker 1 (10:13):
Lists bill him for that please. And sometimes I am.
Speaker 2 (10:20):
Low when I go when I hit KFI, and I
have to give myself a little bit of juice, so
I plug into the charger downstairs, the charging station, and
I get Last time I did that a couple of
weeks ago, eighty eight additional miles and it cost me
fourteen dollars and at home.
Speaker 1 (10:41):
It does not cost fourteen.
Speaker 2 (10:43):
Dollars for eighty eight miles of charge now here.
Speaker 3 (10:47):
When you're comparing that to gas, that's cheaper than gas.
Speaker 1 (10:50):
But you're right, it's way cheaper than gas. Yeah, you're right.
Speaker 3 (10:54):
But yeah, and I find that important what you'd pay.
Speaker 2 (10:57):
Right, that makes sense because electric city is so much
less than gasoline.
Speaker 1 (11:01):
It doesn't even matter if you get crap charge.
Speaker 2 (11:04):
Now, I'm going to throw something at you, and that
is you combine EVS and if you have a solar system.
Speaker 1 (11:12):
You are home free.
Speaker 2 (11:14):
Oh yeah, except charging at night doesn't work because you're
on the grid. And so the trick is, and I
do this as often as I can. I charge at
home during the day. Then it is absolutely free because
of my solar system. And if you have a battery
system with your solar at night, again you are free
(11:34):
because you can get hit.
Speaker 1 (11:35):
I mean charging electrically.
Speaker 2 (11:37):
It sucks up a lot of electricity those charging stations.
Speaker 3 (11:41):
Yeah, for sure. Well the other thing when you're charging
out and about I mean that the Tesla chargers seem
to work incredibly well, and most of them are up
and running almost all the time. But some of the
other charging stations that are out there, you might drive
there and find that the charging stations aren't up and running,
and that's super frustrating as well as someone who that's
(12:02):
where the EV anxiety, no kidding range anxiety comes in.
Speaker 2 (12:06):
Or they're full or they're full, and yeah, and you're
waiting and you're waiting and you're not waiting when a
gas station, if you go to Costco where I used
to buy all my gas, Uh, there's that line for
five cars in front of you or ten cars in
front of you. When you go to an EV charging
station where you're waiting in line, and we're talking about
a supercharger, it's twenty minutes per person that you're waiting for.
(12:32):
So you're right a charging station at home or in
your business. By the way, that's a great segue to
the next commercial I'm going to do about Walter's Wholesale
Electric that does charging stations.
Speaker 1 (12:42):
You don't have an EV, do you? Or you do?
Speaker 3 (12:44):
I used to. I had a Nissan Leaf for six years,
and I will get another EV.
Speaker 1 (12:49):
It just did.
Speaker 3 (12:50):
We just went from a two car family to a
one car family, and so we didn't need it. But
I loved it. I loved the experience, even though it's
literally the bottom of the line Nissan Leaf or Nissan
Leaf that got like eighty two miles of range, which
was trash, and it's gotten so much better since then.
But I love EV's, and I think especially in state
(13:10):
like California, where gas prices are insane through the roof,
it makes so much sense. It's no wonder that, like
what one in four new vehicles being sold in the
state are EV's. And this is certainly like not like
you're gonna save money like you said, kind of or
like we looked at with you charging even at the
radio station, but the more you charge at home, the
more you're gonna save. And that's what makes the EV
(13:31):
like even more of a slam dune purchase.
Speaker 1 (13:33):
Now real quickly before before we bail.
Speaker 2 (13:36):
The additional cost of an EV is still substantial over
the same model that's a gasoline car.
Speaker 3 (13:43):
It is, you're right, But I think when sometimes we're
comparing let's say, let's say you're comparing a Toyota Corolla
to a Tesla Model three or something like that, Yeah,
you're gonna spend a good bit more on the front end,
but with rebates that currently exist, and we don't know
how long they're gonna exist. And then with the gas savings.
If you're smart, and you are, if you're a heavy
user of that of that vehicle, Let's see you drive
(14:05):
fifteen thousand miles a year. This was even just a
few years ago. Business Insider did like a Toyota Corolla
versus versus low cost Tesla comparison, that Tesla comes out
ahead over the course of really nice a few years
of ownership.
Speaker 2 (14:18):
Yeah, but long term, I mean, I don't know how
many people. We're not a long term society.
Speaker 1 (14:23):
Joel.
Speaker 2 (14:23):
Thanks, We'll talk again next Thursday. And then this Sunday,
twelve to two pm, how to money with Joel. You
have a good one Joel YouTube Bill, Thanks take care.
I hope he runs auty gas. That would be that's
the next Thursday segment with him. Now, I will introduce
you to a young lady, Kayleen Uses and I have
(14:45):
a personal connection to Kayleen. She is first of all
related to relations and she also is an interior designer
who is involved in helping me with I knew Home.
And Kaylen also lost your house in the Woolsey fire
(15:08):
and was about to be evacuated in this fire. Because
she lives in the middle of Malibu. Kaylen, thanks for
joining us.
Speaker 4 (15:17):
Hi, thanks for having me.
Speaker 1 (15:19):
Oh my pleasure. Okay, now, just a quick story.
Speaker 2 (15:24):
As we were in contact with Kayleen during this fire,
and it was text going back and forth to the
extent we could. Kayleen, we were worried about you, your house,
your kids, but the real problem was the fact you're
holding onto my hardware for my house was and was
that going to survive?
Speaker 4 (15:44):
Actually I did think about that and it was going
to be evacuated.
Speaker 2 (15:49):
Oh good for sure, excell Okay, I feel better. Now
here's what we're not covering, and I want to talk
about it. People have lost their homes. Okay, we know that,
we've seen you have experienced that and your home was
burnt to the ground. What happens? What happened to you?
(16:09):
Because so many people have experienced this, You come back
the house, the neighborhood is gone.
Speaker 1 (16:15):
What happens at that moment? What do you do?
Speaker 4 (16:20):
Well, it's hard to believe. First of all, and at
the Worldy Fire, we actually didn't know for a while
whether our house was standing or not because we weren't
permitted to get back into our neighborhood. So the only
way we knew is that our neighbor was a police
officer and was able to talk his way through the
police line into our neighborhood because we're about three and
(16:41):
a half miles up the canyon. But after that, I mean,
for us, the first thing was figuring out where we're
going to live. Unfortunately, we didn't have a loss of
use in our insurance, which basically covers if you have
to be evacuated or you lose your home. You know,
(17:02):
it gives you money to then rent another place while
you're rebuilding. Well, when we were going over our policy,
we kind of just thought lots of use, so that's
when you get evacuated, and you know, we have families,
so we're just going to go there, and we never
really considered that we would lose our home and what
would happen then, So we didn't have that, So our
first problem we had to solve was where we were
(17:23):
going to live. And then you know, it was about
six months until we were able to even get our
property cleared of the debris, before we could even start
the process of permitting and rebuilding and you know all that.
So it was it was weird to live and it
(17:43):
was dealing with insurance.
Speaker 2 (17:44):
Yeah, that's the other story I want to cover after
the box break. But did you know your home had
been destroyed prior to going into the neighborhood and seeing
your house?
Speaker 4 (17:59):
No? Well, like I said, it was like two days.
You know, I was governing the news coverage and it
was the only time I was on Twitter was to
see what people were saying, because there were some people
who had stayed and were able to kind of give
pictures and updates and stuff like that. So our neighbor
into pictures. They came by our house intost pictures and said,
unfortunately our house was destroyed. But we weren't even able
(18:22):
to see our house until probably two weeks after the fire,
where we were able to get up into our neighborhood.
And even then we had to walk, you know, from
where the police line was and sort of talk our
weight and because they weren't letting anybody up into the area.
Speaker 2 (18:36):
How much time were you given to evacuate and huh
and what did you lose beyond your house? Because people
have mementos, they have things that mean a lot to them.
Speaker 4 (18:48):
Yeah, I mean, we it's funny because we had really
no notice we had learned or we'd lost power during
the night. So we got up in the morning. The
kids were like, oh, we're not going to school today,
so they just started watching, you know, movies or something,
and we didn't even really turn on the TV or
(19:09):
anything because prior to the Wooldy fire, there was the
Thomas Fire and we had seen from Ventura, so we
kind of figured, oh, we can see smoke, but it's
far away. My parents actually called us and said, hey,
you guys need to evacuate. Turn on the news, and
we hadn't like restarted our cable or whatever it was
(19:29):
to get it on. So we finally turned on the
news and we saw that it, you know, had jumped
the one on one freeway and we're like, oh, that's bad. Okay,
we're going to start packing stuff up. And you know,
I told my kids were eight and eleven at that time,
and so I said, okay, pack up your stuff, you know,
whatever is important to you and you can't go to
the store and get tomorrow bring with you. We started
(19:53):
to pack up. We never really got any notice about evacuating.
Nobody told us. There was nobody knocking on doors. The
only way that we decided was. You know, we saw
people leaving on our street. We saw people walking their
horses because there was a lot of horses in this
area up the street. And my horses looked very wild eyed,
(20:16):
like I've never seen a horse look like that before.
That was kind of scary. And then we saw flanes
cresting the ridge, the nearest ridge to us, and that's
when we were like, okay, we need to leave now
we can see flames. So you know, we packed up
as much as we could, but we sort of thought, well,
we're going to leave them, we're going to come back.
So we actually put some stuff, you know, close into
(20:36):
the garage. When we come back, the stuff that we'll get,
you know, we'll just pack up as much as we can.
We have a dog, so if you pick up on
our space, and we have a boat, and we have surfboards,
so we took that kind of stuff. But there's things,
you know, everybody has a garage packed full of stuff, right,
there were things that couldn't even get to in our garage.
(20:58):
So you know, wedding dress is in baby clothes, and
you know, I had my grandmother's china that I actually
even forgot that I had, all.
Speaker 1 (21:07):
Right, let's take a break.
Speaker 2 (21:08):
And I noticed you said wedding dresses. No, let's go
through that when we come back.
Speaker 1 (21:14):
No, we won't. All right, So there you go.
Speaker 2 (21:17):
You experienced a couple of fires. You lose your home
in a fire, the Wolseley fire, You rebuild your home.
How many more of these.
Speaker 1 (21:27):
Are you going to take before you say I'm done?
Speaker 4 (21:31):
That's a good question. My kids asked yesterday, why do
we have to live in a place where there's so
many fires? You know, I'm just I want to get
them through school right now. I have four more years
until my youngest one is through school, and then we'll
probably revaluate at that time.
Speaker 2 (21:45):
Okay, all right, so let's talk about what happened to you,
because we don't cover that fire is done, your home
burnt to the ground.
Speaker 1 (21:54):
What do you do next?
Speaker 2 (21:55):
You call your insurance company, and was there a battle
with the insurance company?
Speaker 1 (22:00):
And what was a hassle?
Speaker 2 (22:01):
And because a lot of people are building up there,
you were dealing with city inspectors.
Speaker 1 (22:07):
So let's go through that a moment. Tell us what happened.
Speaker 4 (22:11):
Well, as far as insurance, we had the California Fair
Plan because we live in you know a WUOI, which
was a wildlife urban interface. So that was basically the
only people who would ensure us. My husband dealt with
the insurance company. That was sort of his role in
this whole thing. And the good thing about us losing
our house completely was that it was relatively easy for
(22:35):
us to make a claim because there was no argument
about you know, partial loss or any of that stuff.
It was it was to the ground. So you know,
we had an adjuster who came out about two weeks
after when we were able to get into our place,
said okay, it's it's a complete loss and started the paperwork,
and you know, we just had to send her a
(22:57):
list of all basically all the contents of our house.
Speaker 2 (23:01):
And okay, when you replaced your stuff, did they question,
for example, the cost of appliances if you had very
high end appliances, the molding around the house, the flooring
if it costs more than normal flooring.
Speaker 1 (23:18):
Was there any discussion like that?
Speaker 4 (23:21):
Well, I mean yes, and no. I remember for the contents,
it would be you know, I would give them the price. Okay,
here's the price of the sofa that we purchased. This
is the purchase price. Well, and then they're like, well,
you're not going to get the purchase price because it
was four years old. So they give you a depreciated
value of the contents of your home. The contents of
our home, and our home exceeded what our insurance coverage
(23:44):
was for, so that really never became an issue because
we never.
Speaker 1 (23:47):
Oh, you just got maximum limits and that's it, correct.
Speaker 4 (23:50):
Yeah, okay, we got a maximum limits of what we had,
so that was sort of a mood point.
Speaker 1 (23:55):
All right, So how much did it actually cost you
out of pocket? You get insurance? What kind of check
did you write at the end of this for the
house in general? Across the board?
Speaker 4 (24:09):
Oh god, I don't even know. My husband, I think
for the house it was like around a million. I
know that we were two hundred and fifty thousand dollars short.
Speaker 2 (24:16):
Okay, it cost you, so it cost you a quarter
of a million dollars just to come back. And incidentally,
when they give you depreciated value because if sofa is
four years old, you went out shopping for a four
year old sofa, didn't.
Speaker 4 (24:29):
You, right, exactly? Yeah, that's what that's what I said.
I can't go and get I'm not going to go
get a used sofa, you know. Yeah, but what we
did was a lot of that stuff that they gave
us initially, all the checks and stuff for, say, you know,
your personal property. We then used to you know, pay
the contractor to get him started. So, you know, we
(24:50):
because we're not going to go out and buy a
sofa right away because you don't have any place to
put it.
Speaker 1 (24:54):
So where did you live? Where did you live while
this was going on?
Speaker 4 (24:58):
Yeah, that was an adventure. We lived with my parents,
thankfully my parents are close in the valley for about
nine months. And then once our land was cleared of
the debris and we were allowed to return, we bought
a fifth wheel motor home because again we didn't have
that loss of these insurance. So we spent you know
(25:18):
whatever fifty thousand dollars on a motor home and lived
on our property.
Speaker 3 (25:22):
Wow.
Speaker 4 (25:24):
You know, yeah, we are not lucky.
Speaker 2 (25:27):
Yeah, you were lucky to have your parents, because if
it happened to me and I had to live with
my parents, my life insurance policy would take effect almost instantly.
Speaker 4 (25:36):
Yeah, they saved us, all right, Kayleen.
Speaker 2 (25:39):
Thank you you helped a lot, and it's a great story,
and thank you for saving the hardware from my house.
Speaker 4 (25:46):
Yeah, I mean we want to get you in there.
I know.
Speaker 1 (25:48):
Thank you very much. All right, take care, we'll talk later.
Speaker 2 (25:52):
Right, all right, we're done, guys, totally finished with our
Thursday show. I am taking phone calls right now as
I say goodbye. The number is eight seven seven five
two zero eleven fifty. This is for Handle on the law.
If you have a question. I do this off the
air and it goes very quickly because there are no breaks,
no commercials or news or any of that. So also
(26:16):
no patients on my part, so as you can, as
you know, we zip through these things. Number eight seven
seven five two zero eleven fifty. Back again tomorrow on
a Friday with Amy at five o'clock. Neil and I
come aboard from six to nine, and of course we've
got Ann and Cono and I have yet to figure
(26:37):
out what they do on the show. Kfi am okay, Cono,
I know what you do on the show. I just
don't want to talk about it. Kfi am six forty.
You've been listening to the Bill Handle Show. Catch my
show Monday through Friday six am to nine am, and
anytime on demand on the iHeartRadio app,
You're listening to Bill Handle on demand from KFI AM
six forty KFI AM six forty Bill Handle.
Speaker 2 (00:08):
Here.
Speaker 1 (00:08):
It is a Thursday morning, December the twelfth.
Speaker 2 (00:14):
And some of the big stories we are covering. FBI
director Christopher Ray is resigning. He's not waiting to get
fired by President elect Trump.
Speaker 1 (00:23):
All right, that's news.
Speaker 2 (00:25):
And Donald Trump has been named Time magazine Person of
the Year for the second.
Speaker 1 (00:29):
Time, and that doesn't happen very often.
Speaker 2 (00:33):
Joel Larsguard is a host of How to Money Sunday's
twelve to two PM. His social address at how to
Money Joel, Good morning, Joel.
Speaker 1 (00:43):
Hey Bill, Oh that was exciting. Eh, Bill, I'm sorry
if I'm boring you.
Speaker 3 (00:50):
I'm thrilled to be here with you today.
Speaker 2 (00:51):
Yes you are, and you sound it too. Now a
word or two about timing the market. We've talked a
little bit about this and how crazy it is, but
here's what's going on now, and that is the market
is at the all time high. And anybody who bought
stock anticipating the market explodings like bitcoin was brilliant.
Speaker 1 (01:17):
And I remember, I'll never forget this.
Speaker 2 (01:20):
When the market hit sixteen thousand, I said, it's time
to unload my stocks. It can't get higher than this.
The market is now. The now is at what forty
four thousand, Yeah, something like that. Okay, So now I'm
saying the same thing. It can't get higher. You've got
(01:42):
to unload. What's wrong with the way I'm.
Speaker 3 (01:46):
Thinking, man, build so many things wrong with the way
you're thinking. There were so many predictions at the beginning
of this year about what the market was going to
do or not do essentially, and all the predictions were
pultry about stock market returns for twenty twenty four. And
when you look at what's happened in the market this year, man,
it's been on fire. It's been insane. Returns have been incredible.
(02:09):
And the truth is, like it's really hard to predict
what's going to happen, and so it's just not worth
trying to make any sort of timing decisions about how
much you're going to invest getting out of the market,
pulling back into more of a cash position based on
what you think is going to happen, because it's hard
to know, or maybe you say, hey, actually, man, things
(02:31):
have been bullish. I think I'm going to be bullish
for next year, and maybe there is some sort of
a pullback, and there are all sorts of I had
a question the other day from a listener about like
a recession indicator where the light's kind of blinking red
and it's like, ooh, recession coming in the future. Should
I be pulling back and maybe changing some of my
investment strategy for the time being. And the answer to
(02:52):
that is still no. Even if there is a recession, well,
guess what, you should continue to sticking money in the
market regularly because as the market does pull back, if
it does at some point in the near future, you're
buying at discounted evaluation. So in my mind, like trying
to time the market is just a fool's Errand.
Speaker 1 (03:08):
Yeah, and I don't disagree with you, because I was just.
Speaker 2 (03:12):
Referring to what happened when it was at sixteen thousand,
and that was a long time ago.
Speaker 1 (03:17):
I am a big fan of.
Speaker 2 (03:20):
Income averaging or investing averaging, which means every year I
put a certain amount and mutual funds for the most part,
or an indix one which buys everything across the board,
and my return and this is long term savings that
I've been putting away a little bit actually ever since
what my thirties, so it's been a long time. And
(03:44):
you know what I have grows at six seven percent
a year, and I'm looking at twenty percent a year.
Speaker 1 (03:51):
That people have.
Speaker 2 (03:53):
But you know what, long term, as you say, let's
talk ten years from now, twenty years from now, you
don't know what's going to happen.
Speaker 1 (04:02):
So you know that's the one that makes sense.
Speaker 3 (04:05):
Yeah, and when you're looking when you have a long
term view, Let's say people out who are listening right
now are in there, Let's say the thirty and forty
year olds, right, They've got decades left for their money
to grow, and so they can't thinking about, well, the
next year's returns. Well, it shouldn't really impact how you're
investing or what you're investing in. You should have that
(04:26):
long term mentality and have more stock exposure. Granted, if
you're closer to retirement, you need to think more about
what's going to happen next year, and your portfolio needs
to reflect your risk tolerance. But like when you look
at some of the stats, we're actually seeing more people
trying to time the market these days, and it ends
up reducing their returns. So there was some research done recently,
(04:47):
and it basically found that since COVID, we've seen more
people trying to time the market, trading more frequently, and
that trading more frequently statistic actually leads to lower returns
than what otherwise would have And if they just kept
their money in something like an index fund and just
chilled and so it's just the from a sanity standpoint,
(05:08):
it's the easier strategy to just keep sticking money in,
not really think long and hard about it, but do
the right thing month after month, week after a week,
and then years down the road, you just look at
your balance, You're like, holy crap, I've got a lot
more money than I thought I did.
Speaker 2 (05:22):
Yeah, yeah, I'm I'm a big fan of all of that.
And here is a quick example. My daughter Pamela took
her bot miss for money, which was a few thousand
dollars and squirreled it away and she puts two hundred
and three hundred dollars away every month, and now we're
talking fifteen years already, and she's twenty nine years old.
(05:46):
And it's an account because she was a minor miner
that I control.
Speaker 1 (05:50):
Because it was a guardianship account.
Speaker 2 (05:52):
And I mean, look at it fifteen years already, starting
when she was basically thirteen.
Speaker 3 (05:59):
Amazing.
Speaker 2 (06:00):
Yeah, Now, if I hadn't cleaned out the account unbeknownst
to her, she would have I guess what, tens of thousands.
Speaker 1 (06:08):
If not closed to one hundred thousand dollars.
Speaker 3 (06:11):
Yeah. Oh so, so this just brings up the point
that matters so much when we're talking about investing is
instead of timing the market, we're talking about time in
the market, right, And the earlier you start, the more
years that you are investing regularly, the more money you're
going to have in the end. Even if you're not
able to invest as much as like to the full
max amount that you could into a certain account, just
(06:34):
the fact that you're doing it, you're doing it regularly,
and you're starting young, it's clutch. And I just found
out out about this this app called half More. And
so if you have a kid and you want them
to open a roth Ira, which is one of the
best investment accounts in existence, well, there are ways to
turn kind of household tasks into payment for your kids,
(06:56):
and you can use an app like this to kind
of make sure you're doing it above board and you're
documenting everything properly. But when you run the numbers about
paying your ten year old to mow the lawn or
clean the garage, and it's the amount of money that
can turn into over the next five decades, the small
amounts you pay them in the here and now, but
you invest that money instead of just handing them cash. Like,
(07:18):
it's astronomical what those accounts can become, just because they've
got so much time to let it grow.
Speaker 1 (07:23):
All right, before we take a break, two things.
Speaker 2 (07:25):
I always said, you need a million dollars squirreled away
in retirement to live comfortably. Nerd Wallet just came out
with a survey. Also, Bank of America, you need two
million dollars in California and that takes a lifetime of savings.
Speaker 3 (07:41):
Yeah.
Speaker 2 (07:42):
Yeah, I just want to point that out. And I started.
I started my kid's college fund, the five twenty nine
fund when.
Speaker 1 (07:48):
They were born.
Speaker 2 (07:50):
When they were born, and the fact that they both
dropped out of high school, there's a lot of money
in there because that's for higher education. I have no
idea what I'm going to do with that money because
now twenty nine years later, Okay, Joel, this is something
that's near and dear to my heart, and that is
for those of you that have an EV, for those
(08:12):
of us that have an ed EV, excuse me, the
most financial sense is charging at home, and I'm going
to let you start and then I'm going to sort
of take a spin on that where it makes a
lot more sense than even what you're talking about.
Speaker 1 (08:33):
So you go for it.
Speaker 3 (08:35):
Yeah, yeah, I mean. So the cool thing is, I mean,
I love EV's. I think they're fun to drive, I
think they are overall over time good for the planet.
And the cool thing is you can get, at least
for the time being, a federal tax credit for buying
an electric vehicle. How long that lasts, well, that remains
to be seen. But the thing is, I think people
(08:57):
assume that an EV is going to save you money
as well, because hey, you're not filling up expensive California
gas prices, which is true. But you have to be
really thoughtful about where you're charging because if you're charging
out and about most of the time, that's where you're
kind of refueling your EV. Then I had a Nissan
Leaf for six years and it was great. The key
(09:20):
to making sure that you're not overpaying for electricity for
your EV is charging it at home. That's where you
pay a whole heckup a lot less than paying at
a Tesla supercharger station, for instance, Like I went on
a road trip with a buddy who has a Tesla recently,
and granted, when you're on a road trip like you
have to use those stations, like you you're not at home,
(09:42):
that's you're traveling on the road. But the more you
can charge at home, the more likely it is to
be a better deal. And it's actually gonna save you
money on fuel essentially for that vehicle over time.
Speaker 2 (09:57):
Yeah, you have to be a little careful about where
you charge. And I have an EV. I have, as
a matter of fact, a BMW electric vehicle, and I
might as well do a plug here that I got
from Stirling BMW, which a Newport Beach which I love.
Speaker 1 (10:13):
Lists bill him for that please. And sometimes I am.
Speaker 2 (10:20):
Low when I go when I hit KFI, and I
have to give myself a little bit of juice, so
I plug into the charger downstairs, the charging station, and
I get Last time I did that a couple of
weeks ago, eighty eight additional miles and it cost me
fourteen dollars and at home.
Speaker 1 (10:41):
It does not cost fourteen.
Speaker 2 (10:43):
Dollars for eighty eight miles of charge now here.
Speaker 3 (10:47):
When you're comparing that to gas, that's cheaper than gas.
Speaker 1 (10:50):
But you're right, it's way cheaper than gas. Yeah, you're right.
Speaker 3 (10:54):
But yeah, and I find that important what you'd pay.
Speaker 2 (10:57):
Right, that makes sense because electric city is so much
less than gasoline.
Speaker 1 (11:01):
It doesn't even matter if you get crap charge.
Speaker 2 (11:04):
Now, I'm going to throw something at you, and that
is you combine EVS and if you have a solar system.
Speaker 1 (11:12):
You are home free.
Speaker 2 (11:14):
Oh yeah, except charging at night doesn't work because you're
on the grid. And so the trick is, and I
do this as often as I can. I charge at
home during the day. Then it is absolutely free because
of my solar system. And if you have a battery
system with your solar at night, again you are free
(11:34):
because you can get hit.
Speaker 1 (11:35):
I mean charging electrically.
Speaker 2 (11:37):
It sucks up a lot of electricity those charging stations.
Speaker 3 (11:41):
Yeah, for sure. Well the other thing when you're charging
out and about I mean that the Tesla chargers seem
to work incredibly well, and most of them are up
and running almost all the time. But some of the
other charging stations that are out there, you might drive
there and find that the charging stations aren't up and running,
and that's super frustrating as well as someone who that's
(12:02):
where the EV anxiety, no kidding range anxiety comes in.
Speaker 2 (12:06):
Or they're full or they're full, and yeah, and you're
waiting and you're waiting and you're not waiting when a
gas station, if you go to Costco where I used
to buy all my gas, Uh, there's that line for
five cars in front of you or ten cars in
front of you. When you go to an EV charging
station where you're waiting in line, and we're talking about
a supercharger, it's twenty minutes per person that you're waiting for.
(12:32):
So you're right a charging station at home or in
your business. By the way, that's a great segue to
the next commercial I'm going to do about Walter's Wholesale
Electric that does charging stations.
Speaker 1 (12:42):
You don't have an EV, do you? Or you do?
Speaker 3 (12:44):
I used to. I had a Nissan Leaf for six years,
and I will get another EV.
Speaker 1 (12:49):
It just did.
Speaker 3 (12:50):
We just went from a two car family to a
one car family, and so we didn't need it. But
I loved it. I loved the experience, even though it's
literally the bottom of the line Nissan Leaf or Nissan
Leaf that got like eighty two miles of range, which
was trash, and it's gotten so much better since then.
But I love EV's, and I think especially in state
(13:10):
like California, where gas prices are insane through the roof,
it makes so much sense. It's no wonder that, like
what one in four new vehicles being sold in the
state are EV's. And this is certainly like not like
you're gonna save money like you said, kind of or
like we looked at with you charging even at the
radio station, but the more you charge at home, the
more you're gonna save. And that's what makes the EV
(13:31):
like even more of a slam dune purchase.
Speaker 1 (13:33):
Now real quickly before before we bail.
Speaker 2 (13:36):
The additional cost of an EV is still substantial over
the same model that's a gasoline car.
Speaker 3 (13:43):
It is, you're right, But I think when sometimes we're
comparing let's say, let's say you're comparing a Toyota Corolla
to a Tesla Model three or something like that, Yeah,
you're gonna spend a good bit more on the front end,
but with rebates that currently exist, and we don't know
how long they're gonna exist. And then with the gas savings.
If you're smart, and you are, if you're a heavy
user of that of that vehicle, Let's see you drive
(14:05):
fifteen thousand miles a year. This was even just a
few years ago. Business Insider did like a Toyota Corolla
versus versus low cost Tesla comparison, that Tesla comes out
ahead over the course of really nice a few years
of ownership.
Speaker 2 (14:18):
Yeah, but long term, I mean, I don't know how
many people. We're not a long term society.
Speaker 1 (14:23):
Joel.
Speaker 2 (14:23):
Thanks, We'll talk again next Thursday. And then this Sunday,
twelve to two pm, how to money with Joel. You
have a good one Joel YouTube Bill, Thanks take care.
I hope he runs auty gas. That would be that's
the next Thursday segment with him. Now, I will introduce
you to a young lady, Kayleen Uses and I have
(14:45):
a personal connection to Kayleen. She is first of all
related to relations and she also is an interior designer
who is involved in helping me with I knew Home.
And Kaylen also lost your house in the Woolsey fire
(15:08):
and was about to be evacuated in this fire. Because
she lives in the middle of Malibu. Kaylen, thanks for
joining us.
Speaker 4 (15:17):
Hi, thanks for having me.
Speaker 1 (15:19):
Oh my pleasure. Okay, now, just a quick story.
Speaker 2 (15:24):
As we were in contact with Kayleen during this fire,
and it was text going back and forth to the
extent we could. Kayleen, we were worried about you, your house,
your kids, but the real problem was the fact you're
holding onto my hardware for my house was and was
that going to survive?
Speaker 4 (15:44):
Actually I did think about that and it was going
to be evacuated.
Speaker 2 (15:49):
Oh good for sure, excell Okay, I feel better. Now
here's what we're not covering, and I want to talk
about it. People have lost their homes. Okay, we know that,
we've seen you have experienced that and your home was
burnt to the ground. What happens? What happened to you?
(16:09):
Because so many people have experienced this, You come back
the house, the neighborhood is gone.
Speaker 1 (16:15):
What happens at that moment? What do you do?
Speaker 4 (16:20):
Well, it's hard to believe. First of all, and at
the Worldy Fire, we actually didn't know for a while
whether our house was standing or not because we weren't
permitted to get back into our neighborhood. So the only
way we knew is that our neighbor was a police
officer and was able to talk his way through the
police line into our neighborhood because we're about three and
(16:41):
a half miles up the canyon. But after that, I mean,
for us, the first thing was figuring out where we're
going to live. Unfortunately, we didn't have a loss of
use in our insurance, which basically covers if you have
to be evacuated or you lose your home. You know,
(17:02):
it gives you money to then rent another place while
you're rebuilding. Well, when we were going over our policy,
we kind of just thought lots of use, so that's
when you get evacuated, and you know, we have families,
so we're just going to go there, and we never
really considered that we would lose our home and what
would happen then, So we didn't have that, So our
first problem we had to solve was where we were
(17:23):
going to live. And then you know, it was about
six months until we were able to even get our
property cleared of the debris, before we could even start
the process of permitting and rebuilding and you know all that.
So it was it was weird to live and it
(17:43):
was dealing with insurance.
Speaker 2 (17:44):
Yeah, that's the other story I want to cover after
the box break. But did you know your home had
been destroyed prior to going into the neighborhood and seeing
your house?
Speaker 4 (17:59):
No? Well, like I said, it was like two days.
You know, I was governing the news coverage and it
was the only time I was on Twitter was to
see what people were saying, because there were some people
who had stayed and were able to kind of give
pictures and updates and stuff like that. So our neighbor
into pictures. They came by our house intost pictures and said,
unfortunately our house was destroyed. But we weren't even able
(18:22):
to see our house until probably two weeks after the fire,
where we were able to get up into our neighborhood.
And even then we had to walk, you know, from
where the police line was and sort of talk our
weight and because they weren't letting anybody up into the area.
Speaker 2 (18:36):
How much time were you given to evacuate and huh
and what did you lose beyond your house? Because people
have mementos, they have things that mean a lot to them.
Speaker 4 (18:48):
Yeah, I mean, we it's funny because we had really
no notice we had learned or we'd lost power during
the night. So we got up in the morning. The
kids were like, oh, we're not going to school today,
so they just started watching, you know, movies or something,
and we didn't even really turn on the TV or
(19:09):
anything because prior to the Wooldy fire, there was the
Thomas Fire and we had seen from Ventura, so we
kind of figured, oh, we can see smoke, but it's
far away. My parents actually called us and said, hey,
you guys need to evacuate. Turn on the news, and
we hadn't like restarted our cable or whatever it was
(19:29):
to get it on. So we finally turned on the
news and we saw that it, you know, had jumped
the one on one freeway and we're like, oh, that's bad. Okay,
we're going to start packing stuff up. And you know,
I told my kids were eight and eleven at that time,
and so I said, okay, pack up your stuff, you know,
whatever is important to you and you can't go to
the store and get tomorrow bring with you. We started
(19:53):
to pack up. We never really got any notice about evacuating.
Nobody told us. There was nobody knocking on doors. The
only way that we decided was. You know, we saw
people leaving on our street. We saw people walking their
horses because there was a lot of horses in this
area up the street. And my horses looked very wild eyed,
(20:16):
like I've never seen a horse look like that before.
That was kind of scary. And then we saw flanes
cresting the ridge, the nearest ridge to us, and that's
when we were like, okay, we need to leave now
we can see flames. So you know, we packed up
as much as we could, but we sort of thought, well,
we're going to leave them, we're going to come back.
So we actually put some stuff, you know, close into
(20:36):
the garage. When we come back, the stuff that we'll get,
you know, we'll just pack up as much as we can.
We have a dog, so if you pick up on
our space, and we have a boat, and we have surfboards,
so we took that kind of stuff. But there's things,
you know, everybody has a garage packed full of stuff, right,
there were things that couldn't even get to in our garage.
(20:58):
So you know, wedding dress is in baby clothes, and
you know, I had my grandmother's china that I actually
even forgot that I had, all.
Speaker 1 (21:07):
Right, let's take a break.
Speaker 2 (21:08):
And I noticed you said wedding dresses. No, let's go
through that when we come back.
Speaker 1 (21:14):
No, we won't. All right, So there you go.
Speaker 2 (21:17):
You experienced a couple of fires. You lose your home
in a fire, the Wolseley fire, You rebuild your home.
How many more of these.
Speaker 1 (21:27):
Are you going to take before you say I'm done?
Speaker 4 (21:31):
That's a good question. My kids asked yesterday, why do
we have to live in a place where there's so
many fires? You know, I'm just I want to get
them through school right now. I have four more years
until my youngest one is through school, and then we'll
probably revaluate at that time.
Speaker 2 (21:45):
Okay, all right, so let's talk about what happened to you,
because we don't cover that fire is done, your home
burnt to the ground.
Speaker 1 (21:54):
What do you do next?
Speaker 2 (21:55):
You call your insurance company, and was there a battle
with the insurance company?
Speaker 1 (22:00):
And what was a hassle?
Speaker 2 (22:01):
And because a lot of people are building up there,
you were dealing with city inspectors.
Speaker 1 (22:07):
So let's go through that a moment. Tell us what happened.
Speaker 4 (22:11):
Well, as far as insurance, we had the California Fair
Plan because we live in you know a WUOI, which
was a wildlife urban interface. So that was basically the
only people who would ensure us. My husband dealt with
the insurance company. That was sort of his role in
this whole thing. And the good thing about us losing
our house completely was that it was relatively easy for
(22:35):
us to make a claim because there was no argument
about you know, partial loss or any of that stuff.
It was it was to the ground. So you know,
we had an adjuster who came out about two weeks
after when we were able to get into our place,
said okay, it's it's a complete loss and started the paperwork,
and you know, we just had to send her a
(22:57):
list of all basically all the contents of our house.
Speaker 2 (23:01):
And okay, when you replaced your stuff, did they question,
for example, the cost of appliances if you had very
high end appliances, the molding around the house, the flooring
if it costs more than normal flooring.
Speaker 1 (23:18):
Was there any discussion like that?
Speaker 4 (23:21):
Well, I mean yes, and no. I remember for the contents,
it would be you know, I would give them the price. Okay,
here's the price of the sofa that we purchased. This
is the purchase price. Well, and then they're like, well,
you're not going to get the purchase price because it
was four years old. So they give you a depreciated
value of the contents of your home. The contents of
our home, and our home exceeded what our insurance coverage
(23:44):
was for, so that really never became an issue because
we never.
Speaker 1 (23:47):
Oh, you just got maximum limits and that's it, correct.
Speaker 4 (23:50):
Yeah, okay, we got a maximum limits of what we had,
so that was sort of a mood point.
Speaker 1 (23:55):
All right, So how much did it actually cost you
out of pocket? You get insurance? What kind of check
did you write at the end of this for the
house in general? Across the board?
Speaker 4 (24:09):
Oh god, I don't even know. My husband, I think
for the house it was like around a million. I
know that we were two hundred and fifty thousand dollars short.
Speaker 2 (24:16):
Okay, it cost you, so it cost you a quarter
of a million dollars just to come back. And incidentally,
when they give you depreciated value because if sofa is
four years old, you went out shopping for a four
year old sofa, didn't.
Speaker 4 (24:29):
You, right, exactly? Yeah, that's what that's what I said.
I can't go and get I'm not going to go
get a used sofa, you know. Yeah, but what we
did was a lot of that stuff that they gave
us initially, all the checks and stuff for, say, you know,
your personal property. We then used to you know, pay
the contractor to get him started. So, you know, we
(24:50):
because we're not going to go out and buy a
sofa right away because you don't have any place to
put it.
Speaker 1 (24:54):
So where did you live? Where did you live while
this was going on?
Speaker 4 (24:58):
Yeah, that was an adventure. We lived with my parents,
thankfully my parents are close in the valley for about
nine months. And then once our land was cleared of
the debris and we were allowed to return, we bought
a fifth wheel motor home because again we didn't have
that loss of these insurance. So we spent you know
(25:18):
whatever fifty thousand dollars on a motor home and lived
on our property.
Speaker 3 (25:22):
Wow.
Speaker 4 (25:24):
You know, yeah, we are not lucky.
Speaker 2 (25:27):
Yeah, you were lucky to have your parents, because if
it happened to me and I had to live with
my parents, my life insurance policy would take effect almost instantly.
Speaker 4 (25:36):
Yeah, they saved us, all right, Kayleen.
Speaker 2 (25:39):
Thank you you helped a lot, and it's a great story,
and thank you for saving the hardware from my house.
Speaker 4 (25:46):
Yeah, I mean we want to get you in there.
I know.
Speaker 1 (25:48):
Thank you very much. All right, take care, we'll talk later.
Speaker 2 (25:52):
Right, all right, we're done, guys, totally finished with our
Thursday show. I am taking phone calls right now as
I say goodbye. The number is eight seven seven five
two zero eleven fifty. This is for Handle on the law.
If you have a question. I do this off the
air and it goes very quickly because there are no breaks,
no commercials or news or any of that. So also
(26:16):
no patients on my part, so as you can, as
you know, we zip through these things. Number eight seven
seven five two zero eleven fifty. Back again tomorrow on
a Friday with Amy at five o'clock. Neil and I
come aboard from six to nine, and of course we've
got Ann and Cono and I have yet to figure
(26:37):
out what they do on the show. Kfi am okay, Cono,
I know what you do on the show. I just
don't want to talk about it. Kfi am six forty.
You've been listening to the Bill Handle Show. Catch my
show Monday through Friday six am to nine am, and
anytime on demand on the iHeartRadio app,
The Bill Handel Show News
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