January 23, 2025 • 23 mins
Host of ‘How to Money’ Joel Larsgaard joins the show to discuss Initial Trump impacts: the meme coin launch and return to the office orders for federal workers.and Marketwatch recommending a higher emergency savings fund right now. Should people have 9-12 months of expenses on hand instead of 3-6 months? Challenging birthright citizenship is a big test for the Constitution. Age verification law seek to protect minors from porn online, but some may actually do more harm than good.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
You're listening to Bill Handle on demand from KFI AM
six forty handle.
Speaker 2 (00:06):
Here.
Speaker 1 (00:06):
It is a Thursday morning, January twenty three. The fires.
Speaker 2 (00:12):
You know, we haven't talked much about the fires, I guess,
which is good news, even though the fires are burning
like crazy.
Speaker 1 (00:18):
The Hues fire real quickly. Amy the latest on the
Hues fire.
Speaker 3 (00:22):
Latest on the Hues fire is that it has not
changed this morning. We're still at ten one hundred and
seventy six acres, fourteen percent surrounded. I think some there
was some damage to some structures, but no homes have
been burned. We've got thirty one thousand up to that
many people who are evacuated under orders to get out
(00:44):
of the homes, and then another twenty three thousand under
evacuation warnings. The five Freeway through the Grapevine is open
in both directions. It was closed for a while yesterday
because not only because of the smoke, but also so
that all the fire trucks and gear and true crews
could get there. But that's all reopen now. And the
(01:06):
water dropping helicopters at last check, we're not dropping water,
which is a good sign meaning they don't they don't need.
Speaker 1 (01:13):
That is good. All right, So we'll just keep tuning
into KFI. You'll get the latest throughout the whole broadcast.
Day Now.
Speaker 2 (01:21):
Joe Larsguard the host of How To Money Money every
Sunday twelve to two pm.
Speaker 4 (01:27):
Morning Joel, Morning Bill.
Speaker 2 (01:29):
Okay, oh, we have to talk about this and that
is I love. Well. First of all, crypto has always
fascinated me. We've talked about it because to this day,
I don't understand how crypto works. But it's these coins
that come out. You can now buy a Millenia coin
or a trump coin.
Speaker 1 (01:51):
Is that an investment? Why would you? And yeah, you
never know.
Speaker 2 (01:56):
You know, if you invested in truth Social day one,
well that'd be worth today.
Speaker 4 (02:01):
Yeah, that's a good question.
Speaker 5 (02:03):
And no, I don't think of any of these meme
coins as investments, and in particular this one is disconcerting,
the trump coin, the Millennia coins. There's a lot of
grift in the mean coin space, and so I know
that some people who are savvy and get in really
early and then they get out pretty quickly thereafter, they
(02:26):
might be able to make some money on this. But
I would hesitate to tell anyone to put any money
in the mean poin space. I mean, I think you
have to be at least willing to lose it all
if you do.
Speaker 1 (02:35):
Yeah.
Speaker 2 (02:36):
Now, to give them credit, the part of the ad,
the advertising campaign is do not buy these for investment purposes.
This is not an investment vehicle, and I think that's
pretty transparent that part.
Speaker 1 (02:49):
I like It's for people.
Speaker 5 (02:53):
In the fine print somewhere too, though, there are a
lot of people who do think that, oh man, this
is the kind of thing that if I hitch my
wag into it, I'm going to see quick gains. And
I think that is actually the major appeal of cryptocurrency
in general and of these mean coins specifically, is for
people saying I don't really want to take the slow
and steady.
Speaker 4 (03:11):
Route to building wealth.
Speaker 5 (03:12):
It's a lottery ticket kind of purchase, essentially, and you're
hoping that you're going to see outsized gains and you're
going you're going to make more progress with your investments
more quickly by jumping in and investing in this way.
But I've just talked to too many people where they've
lost tens of thousands of dollars that they couldn't afford
to lose because they just because this is the wild West,
(03:34):
and like these these there is zero regulation to these
mean coins, and they go up and down on a whim.
You never know which of these are going to like
succeed at. Like doge coin has kind of stuck around.
It's a mean coin that people have continued to invest
in and invest in, and there's like, you know, tens
of billions of dollars still invested in dogecoin. But then
most of these other mean points, so they are there
(03:55):
somewhere from scammy to just negligent and stupid.
Speaker 2 (04:00):
Of the Franklin mint coins, remember those where you come
out and they'd have a minimum circulation. It'd be some
kind of coin and it would be celebrating on the
Statue of Liberty or some event in US history and
minted and it's some connection to the US government about
the mint and at the bottom it says it's not
(04:21):
US government. I haven't seen those commercials. Is that the
lost its flavor crypto has.
Speaker 1 (04:26):
Taken over that?
Speaker 4 (04:27):
I mean, I think so.
Speaker 5 (04:28):
I think it's kind of the new version of the
kind of direct to consumer special minted coin sort of thing.
And even on those advertisements, I mean, there was so
much about limited time only in a limited run of
production of some of these coins, and I think that's
kind of the same thing with meme coins, but it's
just so much more immediate, and you can, you know,
(04:51):
hear about one of these meme coins launching on social
media and you can instantly jump over to one of
these the websites that allow you to invest in them,
and you know, if you're savvy, you might be able
to make some quick trades and make a little bit
of money, but the risks are just so dang high.
And I think a lot of the people who are
attracted to mean coins bill also are the kinds of
(05:13):
folks who don't have let's say, a healthy four one
kri ira balance, and they are looking instead of kind
of going that slow and steady path.
Speaker 4 (05:20):
They're like, hey, let me hit the get rich quick button.
Speaker 5 (05:23):
But the mean cooin space, it's it's like touching a
hot stove, and I just think a lot of people
are gonna get burned by it.
Speaker 2 (05:29):
You might as well go to Las Vegas and play roulette,
because at least you get free drinks.
Speaker 4 (05:34):
Right exactly. I would. I would much rather.
Speaker 5 (05:37):
I think that's a much better way to go, Like
go play some blackjack instead of, you know, jumping into
the mean point space.
Speaker 1 (05:42):
All right, having some fun.
Speaker 2 (05:44):
Joel Larsguard How to Money and his show every Sunday
from twelve pm to two pm. And his show is
how you can lose money every single week and how
he actually does a pretty good job making your life
more miserable than I do.
Speaker 1 (06:00):
And that takes some doing.
Speaker 4 (06:01):
Joel, especially once I launched this new meme coin.
Speaker 1 (06:04):
Yes exactly, all right. Market Watch, which we watch, you watch.
Speaker 2 (06:09):
Recommends a higher emergency savings fund nine to twelve months
of expenses. I mean we're talking about your mortgage, your rent,
your car, I mean all of it instead of three
to six months.
Speaker 1 (06:22):
First of all, why, Second of all, who.
Speaker 2 (06:25):
In God's name has savings of twelve months of expenses? Yeah?
Speaker 5 (06:32):
Almost nobody that I know or have met. And it
is interesting. I think that's like the so much pushback
I get when I'm talking about personal finance stuff, is
is this amount of money that you have to save
up or should save up, Like the rule of thumb
has been three to six months of your expenses saved
up in a high held savings account for a rainy
(06:52):
potential rainy day, right for things that might come along,
and I just hear from so many people like, how
am I actually going to get six months worth of
expenses on hand? That's going to take so long, and
it is like an arduous process, I think. And so this,
I think this article for MarketWatch is bound to frustrate
a whole lot of people being told you have to
save up a year's worth of expenses. And their main
(07:13):
premise is that, like the duration of unemployment has gone up,
and so if you are in a position at your
job where you're more likely to lose that job, unemployment
rate has been incredibly low, but like because it's taking
longer to find a job, if you do lose a job,
they're saying, hey, you're going to need to cover you
got you have more time you need to cover, so
(07:34):
you have to have more savings on hand. That's at
least market watches proposal. I think I get where they're
coming from, but I don't necessarily agree.
Speaker 1 (07:42):
Yeah, and the.
Speaker 2 (07:43):
Question is that you know, let's say, what does it
cost you a let's say four thousand dollars a month
to live on or maybe even six thousand dollars a
month because you've got you've got rent or mortgage, you
have utilities, car insurance, I mean, all of it down
the line. So it's not unusual to it costs five
six thousand dollars a month to live on for a family, right,
(08:07):
two workers, you know, two adult or two parents working
full time at decent jobs.
Speaker 1 (08:11):
I mean, it can be done.
Speaker 2 (08:13):
However, let's say there's no job and you're going to
need at five thousand dollars a month sixty thousand dollars
put away. Not in a retirement fund, mind you, not
in a four to oh one k because if you
try to pull that out, you're in a little bit
of trouble.
Speaker 1 (08:29):
You're paying big penalties. So it becomes almost impossible to
do that.
Speaker 2 (08:34):
Who's going to have sixty thousand dollars a way that
isn't invested?
Speaker 1 (08:38):
What in a checking account?
Speaker 4 (08:41):
Right? And that's that's the problem too.
Speaker 5 (08:42):
At the end of the day, is if you tell
people that they need to save twelve months worth of savings, one,
they're going to tune you out because they say that's
next to impossible. And two you might be telling people
to be more conservative than they need to be, and
they're not investing in the ways they need to be.
Inside of those taxadvantage accounts specifically, so I think there
are a couple of things you can do to maybe
(09:04):
mitigate the downsides of a job loss without having twelve
months of expenses saved up. And I think it is
wise to have that three to six months saved up.
And whether it's three or six really depends on actually
your specific situation. Let's say you're a dual income household,
right that helps if one of the spouses lose their job,
(09:24):
one of the partners lose their job, then the other partner, well,
there's at least still some income coming in. But if
you are the sole breadwinner and you lose your job,
that's much more catastrophic. So if that's the case, you
probably need to be on the higher end. Let's say
you're in an industry that is more likely more prone
to layoffs, there's more turmoil in that industry, then it
probably makes sense to have the higher end of that
(09:47):
emergency fund on hand. So so much of it depends
on your specific situation. Let's say you're like a tenured
professor or a government employee, a job that's like incredibly
solid and unlikely to shift or change, then I think
you can be comfortable with like the shorter end of that.
And then another thing I think people can and should
do to prepare is to create what I call a
(10:08):
bare bones budget. And so that means essentially saying, Okay,
this is what we normally live on. This is the
let's say every month we have six thousand dollars worth
of expenses. Well, what could we cut out if we
absolutely had to, right, if we had to cut it
down to the bones, we got to still pay the mortgage,
you know, we got to keep the lights on. What
could we get rid of? And just knowing that number,
(10:29):
you don't have to implement it, but knowing that number
and being able to implement it in the case of
some sort of severe financial crisis, I think that can
provide some relief too, because hey, you've got six months
of expenses saved up. Well, if you implement the barebone budget,
maybe it is like eight months of expenses or nine
months of expenses saved up, which gives you a lot
more runway.
Speaker 1 (10:47):
You know.
Speaker 2 (10:47):
One of the things we talk about, for example, and Neil,
we've talked many times about inflation. For example, a cost
nine to ten percent more for food. Therefore your food
budget is going to get it go up.
Speaker 1 (10:59):
But point it's not going to cost you nine percent more.
Speaker 2 (11:03):
If you look at it and say, my lifestyle has
to change, we simply have to do more with less.
And the thing that just occurred to me, so last
night I made a chicken rice bowl for dinner.
Speaker 1 (11:17):
Uh.
Speaker 2 (11:18):
And it was rice and some vegetables and a little
bit of protein, not very much. It wasn't the full
breast of chicken that I would eat. Now, this would
go around for four people. It's rice, it's vegetables, it's cheap,
and all of a sudden, I've made a meal for
four which would have been for one. That is why
is no one ever take that into effect or the
(11:40):
government or the resources.
Speaker 1 (11:41):
Neil.
Speaker 2 (11:42):
You've talked about this many times about how you still eat,
but you nine percent does not mean.
Speaker 1 (11:48):
Nine percent more expensive in your lifestyle. There you go.
I made that made absolutely no sense. And I understand that.
Speaker 4 (11:58):
Joel clearly, Bill Handil Cookbook.
Speaker 3 (12:02):
No.
Speaker 1 (12:02):
I understand that.
Speaker 2 (12:03):
Where I was going with that is when I think
about making food, there's a couple of ways of doing
it very expensively or very cheaply. And you can make
it very cheaply and still get away with.
Speaker 1 (12:14):
Okay, buddy, are you asking Joel and I for some money?
Speaker 4 (12:18):
Yeah?
Speaker 2 (12:18):
Everything, Okay, No, No, I was just you know what,
I was just going in that direction in terms of
inflation going up, and to Joel's point of doing living.
Speaker 1 (12:27):
A different lifestyle, that's all, and food being if.
Speaker 4 (12:30):
I lose my job, I'm not cooking steak.
Speaker 1 (12:32):
And that's my point. That's my point, and you could
still that's exactly my point.
Speaker 2 (12:36):
So the nine percent inflation of food really doesn't affect
you because you're down to the cheapest eating anyway, and
you can do that, correct.
Speaker 4 (12:44):
I mean, I won't say it doesn't effect I.
Speaker 2 (12:46):
Never mind right now, you know what, none of that,
you know what, never mind, none of that makes sense. CONO,
do me a favor, all right? Would you edit all
of that out? Can you just literally edit the entire
segment out? Because I didn't make sense for me either,
to be Neil, thanks for pointing that out.
Speaker 1 (13:02):
All right, here's what we're gonna do. We're going to
ignore that. Joel.
Speaker 2 (13:06):
You're here on Sunday twelve to two pm at How
to Money Joel, and you can reach Joel and actually
probably get some decent advice.
Speaker 1 (13:15):
Okay, all right, thank you, Joel.
Speaker 4 (13:17):
Always a pleasure Bill.
Speaker 1 (13:18):
Yeah, no, I know, I know. You know sometimes I
don't make sense even to me.
Speaker 4 (13:24):
Now do you know how we feel?
Speaker 2 (13:25):
Yeah, I know, I'm just I'm basically I've been doing
this for so long. I'm looking at myself and thinking,
I'm stunned by how that didn't work where I wanted
to go in a direction and.
Speaker 1 (13:37):
Okay, let's do this.
Speaker 2 (13:38):
Okay, executive orders are coming down the shoot very very quickly.
Our president promised a bunch of executive orders day one,
and he came through. One thing about this President, there's
no hidden agenda there. I mean, this is what he
says I'm going to do, and this is what he does.
One of the more controversial can you imagine I'm saying
(13:58):
that one of the more controversial executive orders that he
signed was well saying that birthright in the United States,
birthright citizenship doesn't exist.
Speaker 1 (14:12):
And what does that mean. Well, what it means.
Speaker 2 (14:16):
Under this executive order is that automatic citizenship given to
anybody born in the United States, and it doesn't matter
for what reason, doesn't matter whose parents are, doesn't matter,
the status of parents, nothing matters. If you are born
here you are a citizen of the United States. And
the change that he has put into place by executive order,
(14:39):
and now of course is going to go to the courts,
is going to go crazy. Declares that baby's born to
many temporary residents of the United States, not even in
case of those illegal If anybody's here illegally and a
child is born in the United States, that kid is
not a citizen, which, by the way, most countries.
Speaker 1 (14:57):
In the world have exactly that concept.
Speaker 2 (15:00):
And Trump wrongly said we're the only country in the
world that has birthrights citizenship. That's not true. They're about
thirty or more. That's say, if you're born there, you're
a citizen. Well, a lot of countries say, if you
are illegally in our country and a kid is born there,
there's no citizenship there. And there are a lot of
countries in the world said you can be all. You
can be as legal as you want if you are
(15:21):
not if your parents aren't citizens, and if their parents
aren't citizens, you're not a citizen. Kuwait, for example, you
can be in Kuit for forty years and you're not
a citizen. Your kid's not citizen, and you're out as
soon as any visa is there. Saudi Arabia does the
same thing. So birthright you're born here, which means you
(15:43):
are a citizen as far as President Trump is concerned,
is gone.
Speaker 1 (15:48):
Well here's the problem. Okay.
Speaker 2 (15:50):
The fourteenth Amendment to the Constitution of the United States.
Speaker 1 (15:57):
Starts with the language Section one.
Speaker 2 (16:01):
All persons born or naturalized in the United States and
subject to the jurisdiction thereof, basically born and subject to
the laws, are citizens of the United States.
Speaker 1 (16:14):
That's pretty clear, isn't it. If you're born here, you'h
a citizen.
Speaker 2 (16:21):
Well, by the way, the Supreme Court held that up,
saying no, it's unequivocal.
Speaker 1 (16:26):
I mean, it's right there. But are there exceptions?
Speaker 2 (16:31):
And what President Trump is arguing is that if your
parents are not citizens, then they're not legally here and therefore,
you being born here, you are not subject to the laws,
or more importantly, you're not considered a citizen. And we're
looking at an exception to the Constitution.
Speaker 1 (16:54):
By the way, there are exceptions. For example, slavery.
Speaker 2 (16:57):
Forcing people to work is absolutely unconstitutional, right, you can't.
Speaker 1 (17:02):
Force anybody to work.
Speaker 2 (17:03):
How about if you're a prisoner, can they make you
break up the Rocks involuntary servitude. You bet, that's an exception.
And so we do have exceptions. At this point, we
have no exceptions to you're a citizen if you're born
here rule under the Constitution. And what the president is
(17:27):
doing he carved went out and now it goes to court.
And this has sort of never happened before. But this
is part of his immigration and this is part of
why he was elected. Immigration to him is first and foremost,
the most important thing, is a national security issue. To him,
it's an issue of protecting Americans.
Speaker 1 (17:47):
It's an issue of the.
Speaker 2 (17:48):
Invading force, the invading army of illegal immigrants. And so
I'm going to give you a little bit of history
about the fourteenth Amendment, and it doesn't have to do
with illegal aliens at all. The fourteenth Amendment was not
passed talking about immigration. Nothing to do with immigration whatsoever.
(18:11):
So how is it possible that Trump is arguing that
birthright citizenship shouldn't exist anymore? And here are going to
be the exceptions under his executive order? If your parents are.
Speaker 1 (18:25):
Illegal, uh uh, you're not a citizen.
Speaker 2 (18:27):
If your parents are here on a visa and you're
here legally, they're here legally, you're not a citizen.
Speaker 1 (18:36):
But wait a minute.
Speaker 2 (18:39):
Section one of the Fourteenth Amendment define citizenship. All persons
born or naturalized in the United States are citizens of
the United States, right there in the language.
Speaker 1 (18:54):
So how is it possible.
Speaker 2 (18:56):
Well, let's look at the history of the Fourteenth Amendment
a little handle history. It had nothing to do with immigration, nothing.
It all had to do with making slaves, former slaves,
citizens of the United States. You had a case in
eighteen fifty seven in which a slave.
Speaker 1 (19:16):
Went to court.
Speaker 2 (19:16):
They took at the Supreme Court. Obviously he didn't I
don't even know if you could probably illiterate, arguing that
a black man is a person.
Speaker 1 (19:26):
And therefore can't be a citizen.
Speaker 2 (19:30):
And the court said, you know, and look at the
Declaration of Independence and look at everybody who lives in
the United States is part of the United States. And
Justice Tanny, who was a Chief Justice, said no, no,
you're black. This is the dread Scott decision. You're black,
and you're not included in the definition of people. You
(19:54):
are not a person under the law. WHOA that's what
it used to be. Boy, talk about slavery being the
original sin of this country. It's incredible, is what it is.
I mean, you shake your head saying, how is that possible?
So the dread Scott decision said, you know, you your property,
don't even bother. Well, obviously you have the Civil War,
(20:16):
you have the thirteenth Amendment making slavery illegal. But how
about citizenship? That was the fourteenth Amendment and it really
had to do of just just putting a nail in
the coffin of African Americans formerly slaves, which are no
longer are also citizens of the United States. That's where
that came from. And now part of that.
Speaker 1 (20:39):
Is okay, if you're born here, you're a citizen.
Speaker 2 (20:42):
And what Trump's trying to do is undo that, which
exceptions do occur in the law.
Speaker 1 (20:47):
He's trying to carve one out. Is it going to happen?
I don't think so. I mean, I can't imagine.
Speaker 2 (20:52):
Because that's in and there's been a court, Supreme Court
with I'm sorry it is a Supreme Court decision that
is upheld that.
Speaker 1 (21:00):
But you know, the court reverses itself all the time.
Look at Roe v. Wade. We have a very different court.
Look at where we're going. Is it possible? I don't know.
Speaker 2 (21:11):
I you know, most scholars, most constitutional lawyers, professors, scholars
are saying, this is pretty clear cut. If you're born here,
you're a US citizen. It's that simple. Now, are there exceptions?
Speaker 1 (21:25):
Yeah? How about this one.
Speaker 2 (21:28):
If your parents are here on the diplomatic mission, they're diplomats,
and you're born in the United States, you're not a citizen.
You are a citizen of the country where your parents
are diplomats from. There are exceptions under the law, and
(21:49):
he's carving out one that says, if your parents are
not legal, or if your parents even are on a
legal visa, you're not a citizen. The only way you're
a citizen is that both your parents are legal. They're
(22:10):
either Green card holders or they are both.
Speaker 1 (22:14):
Citizens in the United States.
Speaker 2 (22:17):
And naturalization also, your parents have been naturalized. Well, I
was naturalized when I was eleven years old, when my
parents came to the United States on Green cards. So
everybody's legal, and my family as much as you'd rather
not be legal, Neil, and you'd love me tossed out
of here tomorrow afternoon, but I'm not going.
Speaker 1 (22:40):
There's no chance.
Speaker 2 (22:41):
I'm here just to make your life miserable, all right, guys,
we're done.
Speaker 1 (22:45):
We're back again tomorrow. We start with wake Up Call.
Speaker 2 (22:49):
Amy actually starts from five to six, and then all
the rest of us come aboard right up till nine o'clock,
which is right now. Gary and Shannon up next, and
they'll be covering the fires and and all the stuff
that Gary and Shannon do so well. This is KFI
AM six forty Live on your starts KFI do KFI
(23:10):
AM six forty.
Speaker 1 (23:13):
You've been listening to the Bill Handle Show.
Speaker 2 (23:15):
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 handle.
Speaker 2 (00:06):
Here.
Speaker 1 (00:06):
It is a Thursday morning, January twenty three. The fires.
Speaker 2 (00:12):
You know, we haven't talked much about the fires, I guess,
which is good news, even though the fires are burning
like crazy.
Speaker 1 (00:18):
The Hues fire real quickly. Amy the latest on the
Hues fire.
Speaker 3 (00:22):
Latest on the Hues fire is that it has not
changed this morning. We're still at ten one hundred and
seventy six acres, fourteen percent surrounded. I think some there
was some damage to some structures, but no homes have
been burned. We've got thirty one thousand up to that
many people who are evacuated under orders to get out
(00:44):
of the homes, and then another twenty three thousand under
evacuation warnings. The five Freeway through the Grapevine is open
in both directions. It was closed for a while yesterday
because not only because of the smoke, but also so
that all the fire trucks and gear and true crews
could get there. But that's all reopen now. And the
(01:06):
water dropping helicopters at last check, we're not dropping water,
which is a good sign meaning they don't they don't need.
Speaker 1 (01:13):
That is good. All right, So we'll just keep tuning
into KFI. You'll get the latest throughout the whole broadcast.
Day Now.
Speaker 2 (01:21):
Joe Larsguard the host of How To Money Money every
Sunday twelve to two pm.
Speaker 4 (01:27):
Morning Joel, Morning Bill.
Speaker 2 (01:29):
Okay, oh, we have to talk about this and that
is I love. Well. First of all, crypto has always
fascinated me. We've talked about it because to this day,
I don't understand how crypto works. But it's these coins
that come out. You can now buy a Millenia coin
or a trump coin.
Speaker 1 (01:51):
Is that an investment? Why would you? And yeah, you
never know.
Speaker 2 (01:56):
You know, if you invested in truth Social day one,
well that'd be worth today.
Speaker 4 (02:01):
Yeah, that's a good question.
Speaker 5 (02:03):
And no, I don't think of any of these meme
coins as investments, and in particular this one is disconcerting,
the trump coin, the Millennia coins. There's a lot of
grift in the mean coin space, and so I know
that some people who are savvy and get in really
early and then they get out pretty quickly thereafter, they
(02:26):
might be able to make some money on this. But
I would hesitate to tell anyone to put any money
in the mean poin space. I mean, I think you
have to be at least willing to lose it all
if you do.
Speaker 1 (02:35):
Yeah.
Speaker 2 (02:36):
Now, to give them credit, the part of the ad,
the advertising campaign is do not buy these for investment purposes.
This is not an investment vehicle, and I think that's
pretty transparent that part.
Speaker 1 (02:49):
I like It's for people.
Speaker 5 (02:53):
In the fine print somewhere too, though, there are a
lot of people who do think that, oh man, this
is the kind of thing that if I hitch my
wag into it, I'm going to see quick gains. And
I think that is actually the major appeal of cryptocurrency
in general and of these mean coins specifically, is for
people saying I don't really want to take the slow
and steady.
Speaker 4 (03:11):
Route to building wealth.
Speaker 5 (03:12):
It's a lottery ticket kind of purchase, essentially, and you're
hoping that you're going to see outsized gains and you're
going you're going to make more progress with your investments
more quickly by jumping in and investing in this way.
But I've just talked to too many people where they've
lost tens of thousands of dollars that they couldn't afford
to lose because they just because this is the wild West,
(03:34):
and like these these there is zero regulation to these
mean coins, and they go up and down on a whim.
You never know which of these are going to like
succeed at. Like doge coin has kind of stuck around.
It's a mean coin that people have continued to invest
in and invest in, and there's like, you know, tens
of billions of dollars still invested in dogecoin. But then
most of these other mean points, so they are there
(03:55):
somewhere from scammy to just negligent and stupid.
Speaker 2 (04:00):
Of the Franklin mint coins, remember those where you come
out and they'd have a minimum circulation. It'd be some
kind of coin and it would be celebrating on the
Statue of Liberty or some event in US history and
minted and it's some connection to the US government about
the mint and at the bottom it says it's not
(04:21):
US government. I haven't seen those commercials. Is that the
lost its flavor crypto has.
Speaker 1 (04:26):
Taken over that?
Speaker 4 (04:27):
I mean, I think so.
Speaker 5 (04:28):
I think it's kind of the new version of the
kind of direct to consumer special minted coin sort of thing.
And even on those advertisements, I mean, there was so
much about limited time only in a limited run of
production of some of these coins, and I think that's
kind of the same thing with meme coins, but it's
just so much more immediate, and you can, you know,
(04:51):
hear about one of these meme coins launching on social
media and you can instantly jump over to one of
these the websites that allow you to invest in them,
and you know, if you're savvy, you might be able
to make some quick trades and make a little bit
of money, but the risks are just so dang high.
And I think a lot of the people who are
attracted to mean coins bill also are the kinds of
(05:13):
folks who don't have let's say, a healthy four one
kri ira balance, and they are looking instead of kind
of going that slow and steady path.
Speaker 4 (05:20):
They're like, hey, let me hit the get rich quick button.
Speaker 5 (05:23):
But the mean cooin space, it's it's like touching a
hot stove, and I just think a lot of people
are gonna get burned by it.
Speaker 2 (05:29):
You might as well go to Las Vegas and play roulette,
because at least you get free drinks.
Speaker 4 (05:34):
Right exactly. I would. I would much rather.
Speaker 5 (05:37):
I think that's a much better way to go, Like
go play some blackjack instead of, you know, jumping into
the mean point space.
Speaker 1 (05:42):
All right, having some fun.
Speaker 2 (05:44):
Joel Larsguard How to Money and his show every Sunday
from twelve pm to two pm. And his show is
how you can lose money every single week and how
he actually does a pretty good job making your life
more miserable than I do.
Speaker 1 (06:00):
And that takes some doing.
Speaker 4 (06:01):
Joel, especially once I launched this new meme coin.
Speaker 1 (06:04):
Yes exactly, all right. Market Watch, which we watch, you watch.
Speaker 2 (06:09):
Recommends a higher emergency savings fund nine to twelve months
of expenses. I mean we're talking about your mortgage, your rent,
your car, I mean all of it instead of three
to six months.
Speaker 1 (06:22):
First of all, why, Second of all, who.
Speaker 2 (06:25):
In God's name has savings of twelve months of expenses? Yeah?
Speaker 5 (06:32):
Almost nobody that I know or have met. And it
is interesting. I think that's like the so much pushback
I get when I'm talking about personal finance stuff, is
is this amount of money that you have to save
up or should save up, Like the rule of thumb
has been three to six months of your expenses saved
up in a high held savings account for a rainy
(06:52):
potential rainy day, right for things that might come along,
and I just hear from so many people like, how
am I actually going to get six months worth of
expenses on hand? That's going to take so long, and
it is like an arduous process, I think. And so this,
I think this article for MarketWatch is bound to frustrate
a whole lot of people being told you have to
save up a year's worth of expenses. And their main
(07:13):
premise is that, like the duration of unemployment has gone up,
and so if you are in a position at your
job where you're more likely to lose that job, unemployment
rate has been incredibly low, but like because it's taking
longer to find a job, if you do lose a job,
they're saying, hey, you're going to need to cover you
got you have more time you need to cover, so
(07:34):
you have to have more savings on hand. That's at
least market watches proposal. I think I get where they're
coming from, but I don't necessarily agree.
Speaker 1 (07:42):
Yeah, and the.
Speaker 2 (07:43):
Question is that you know, let's say, what does it
cost you a let's say four thousand dollars a month
to live on or maybe even six thousand dollars a
month because you've got you've got rent or mortgage, you
have utilities, car insurance, I mean, all of it down
the line. So it's not unusual to it costs five
six thousand dollars a month to live on for a family, right,
(08:07):
two workers, you know, two adult or two parents working
full time at decent jobs.
Speaker 1 (08:11):
I mean, it can be done.
Speaker 2 (08:13):
However, let's say there's no job and you're going to
need at five thousand dollars a month sixty thousand dollars
put away. Not in a retirement fund, mind you, not
in a four to oh one k because if you
try to pull that out, you're in a little bit
of trouble.
Speaker 1 (08:29):
You're paying big penalties. So it becomes almost impossible to
do that.
Speaker 2 (08:34):
Who's going to have sixty thousand dollars a way that
isn't invested?
Speaker 1 (08:38):
What in a checking account?
Speaker 4 (08:41):
Right? And that's that's the problem too.
Speaker 5 (08:42):
At the end of the day, is if you tell
people that they need to save twelve months worth of savings, one,
they're going to tune you out because they say that's
next to impossible. And two you might be telling people
to be more conservative than they need to be, and
they're not investing in the ways they need to be.
Inside of those taxadvantage accounts specifically, so I think there
are a couple of things you can do to maybe
(09:04):
mitigate the downsides of a job loss without having twelve
months of expenses saved up. And I think it is
wise to have that three to six months saved up.
And whether it's three or six really depends on actually
your specific situation. Let's say you're a dual income household,
right that helps if one of the spouses lose their job,
(09:24):
one of the partners lose their job, then the other partner, well,
there's at least still some income coming in. But if
you are the sole breadwinner and you lose your job,
that's much more catastrophic. So if that's the case, you
probably need to be on the higher end. Let's say
you're in an industry that is more likely more prone
to layoffs, there's more turmoil in that industry, then it
probably makes sense to have the higher end of that
(09:47):
emergency fund on hand. So so much of it depends
on your specific situation. Let's say you're like a tenured
professor or a government employee, a job that's like incredibly
solid and unlikely to shift or change, then I think
you can be comfortable with like the shorter end of that.
And then another thing I think people can and should
do to prepare is to create what I call a
(10:08):
bare bones budget. And so that means essentially saying, Okay,
this is what we normally live on. This is the
let's say every month we have six thousand dollars worth
of expenses. Well, what could we cut out if we
absolutely had to, right, if we had to cut it
down to the bones, we got to still pay the mortgage,
you know, we got to keep the lights on. What
could we get rid of? And just knowing that number,
(10:29):
you don't have to implement it, but knowing that number
and being able to implement it in the case of
some sort of severe financial crisis, I think that can
provide some relief too, because hey, you've got six months
of expenses saved up. Well, if you implement the barebone budget,
maybe it is like eight months of expenses or nine
months of expenses saved up, which gives you a lot
more runway.
Speaker 1 (10:47):
You know.
Speaker 2 (10:47):
One of the things we talk about, for example, and Neil,
we've talked many times about inflation. For example, a cost
nine to ten percent more for food. Therefore your food
budget is going to get it go up.
Speaker 1 (10:59):
But point it's not going to cost you nine percent more.
Speaker 2 (11:03):
If you look at it and say, my lifestyle has
to change, we simply have to do more with less.
And the thing that just occurred to me, so last
night I made a chicken rice bowl for dinner.
Speaker 1 (11:17):
Uh.
Speaker 2 (11:18):
And it was rice and some vegetables and a little
bit of protein, not very much. It wasn't the full
breast of chicken that I would eat. Now, this would
go around for four people. It's rice, it's vegetables, it's cheap,
and all of a sudden, I've made a meal for
four which would have been for one. That is why
is no one ever take that into effect or the
(11:40):
government or the resources.
Speaker 1 (11:41):
Neil.
Speaker 2 (11:42):
You've talked about this many times about how you still eat,
but you nine percent does not mean.
Speaker 1 (11:48):
Nine percent more expensive in your lifestyle. There you go.
I made that made absolutely no sense. And I understand that.
Speaker 4 (11:58):
Joel clearly, Bill Handil Cookbook.
Speaker 3 (12:02):
No.
Speaker 1 (12:02):
I understand that.
Speaker 2 (12:03):
Where I was going with that is when I think
about making food, there's a couple of ways of doing
it very expensively or very cheaply. And you can make
it very cheaply and still get away with.
Speaker 1 (12:14):
Okay, buddy, are you asking Joel and I for some money?
Speaker 4 (12:18):
Yeah?
Speaker 2 (12:18):
Everything, Okay, No, No, I was just you know what,
I was just going in that direction in terms of
inflation going up, and to Joel's point of doing living.
Speaker 1 (12:27):
A different lifestyle, that's all, and food being if.
Speaker 4 (12:30):
I lose my job, I'm not cooking steak.
Speaker 1 (12:32):
And that's my point. That's my point, and you could
still that's exactly my point.
Speaker 2 (12:36):
So the nine percent inflation of food really doesn't affect
you because you're down to the cheapest eating anyway, and
you can do that, correct.
Speaker 4 (12:44):
I mean, I won't say it doesn't effect I.
Speaker 2 (12:46):
Never mind right now, you know what, none of that,
you know what, never mind, none of that makes sense. CONO,
do me a favor, all right? Would you edit all
of that out? Can you just literally edit the entire
segment out? Because I didn't make sense for me either,
to be Neil, thanks for pointing that out.
Speaker 1 (13:02):
All right, here's what we're gonna do. We're going to
ignore that. Joel.
Speaker 2 (13:06):
You're here on Sunday twelve to two pm at How
to Money Joel, and you can reach Joel and actually
probably get some decent advice.
Speaker 1 (13:15):
Okay, all right, thank you, Joel.
Speaker 4 (13:17):
Always a pleasure Bill.
Speaker 1 (13:18):
Yeah, no, I know, I know. You know sometimes I
don't make sense even to me.
Speaker 4 (13:24):
Now do you know how we feel?
Speaker 2 (13:25):
Yeah, I know, I'm just I'm basically I've been doing
this for so long. I'm looking at myself and thinking,
I'm stunned by how that didn't work where I wanted
to go in a direction and.
Speaker 1 (13:37):
Okay, let's do this.
Speaker 2 (13:38):
Okay, executive orders are coming down the shoot very very quickly.
Our president promised a bunch of executive orders day one,
and he came through. One thing about this President, there's
no hidden agenda there. I mean, this is what he
says I'm going to do, and this is what he does.
One of the more controversial can you imagine I'm saying
(13:58):
that one of the more controversial executive orders that he
signed was well saying that birthright in the United States,
birthright citizenship doesn't exist.
Speaker 1 (14:12):
And what does that mean. Well, what it means.
Speaker 2 (14:16):
Under this executive order is that automatic citizenship given to
anybody born in the United States, and it doesn't matter
for what reason, doesn't matter whose parents are, doesn't matter,
the status of parents, nothing matters. If you are born
here you are a citizen of the United States. And
the change that he has put into place by executive order,
(14:39):
and now of course is going to go to the courts,
is going to go crazy. Declares that baby's born to
many temporary residents of the United States, not even in
case of those illegal If anybody's here illegally and a
child is born in the United States, that kid is
not a citizen, which, by the way, most countries.
Speaker 1 (14:57):
In the world have exactly that concept.
Speaker 2 (15:00):
And Trump wrongly said we're the only country in the
world that has birthrights citizenship. That's not true. They're about
thirty or more. That's say, if you're born there, you're
a citizen. Well, a lot of countries say, if you
are illegally in our country and a kid is born there,
there's no citizenship there. And there are a lot of
countries in the world said you can be all. You
can be as legal as you want if you are
(15:21):
not if your parents aren't citizens, and if their parents
aren't citizens, you're not a citizen. Kuwait, for example, you
can be in Kuit for forty years and you're not
a citizen. Your kid's not citizen, and you're out as
soon as any visa is there. Saudi Arabia does the
same thing. So birthright you're born here, which means you
(15:43):
are a citizen as far as President Trump is concerned,
is gone.
Speaker 1 (15:48):
Well here's the problem. Okay.
Speaker 2 (15:50):
The fourteenth Amendment to the Constitution of the United States.
Speaker 1 (15:57):
Starts with the language Section one.
Speaker 2 (16:01):
All persons born or naturalized in the United States and
subject to the jurisdiction thereof, basically born and subject to
the laws, are citizens of the United States.
Speaker 1 (16:14):
That's pretty clear, isn't it. If you're born here, you'h
a citizen.
Speaker 2 (16:21):
Well, by the way, the Supreme Court held that up,
saying no, it's unequivocal.
Speaker 1 (16:26):
I mean, it's right there. But are there exceptions?
Speaker 2 (16:31):
And what President Trump is arguing is that if your
parents are not citizens, then they're not legally here and therefore,
you being born here, you are not subject to the laws,
or more importantly, you're not considered a citizen. And we're
looking at an exception to the Constitution.
Speaker 1 (16:54):
By the way, there are exceptions. For example, slavery.
Speaker 2 (16:57):
Forcing people to work is absolutely unconstitutional, right, you can't.
Speaker 1 (17:02):
Force anybody to work.
Speaker 2 (17:03):
How about if you're a prisoner, can they make you
break up the Rocks involuntary servitude. You bet, that's an exception.
And so we do have exceptions. At this point, we
have no exceptions to you're a citizen if you're born
here rule under the Constitution. And what the president is
(17:27):
doing he carved went out and now it goes to court.
And this has sort of never happened before. But this
is part of his immigration and this is part of
why he was elected. Immigration to him is first and foremost,
the most important thing, is a national security issue. To him,
it's an issue of protecting Americans.
Speaker 1 (17:47):
It's an issue of the.
Speaker 2 (17:48):
Invading force, the invading army of illegal immigrants. And so
I'm going to give you a little bit of history
about the fourteenth Amendment, and it doesn't have to do
with illegal aliens at all. The fourteenth Amendment was not
passed talking about immigration. Nothing to do with immigration whatsoever.
(18:11):
So how is it possible that Trump is arguing that
birthright citizenship shouldn't exist anymore? And here are going to
be the exceptions under his executive order? If your parents are.
Speaker 1 (18:25):
Illegal, uh uh, you're not a citizen.
Speaker 2 (18:27):
If your parents are here on a visa and you're
here legally, they're here legally, you're not a citizen.
Speaker 1 (18:36):
But wait a minute.
Speaker 2 (18:39):
Section one of the Fourteenth Amendment define citizenship. All persons
born or naturalized in the United States are citizens of
the United States, right there in the language.
Speaker 1 (18:54):
So how is it possible.
Speaker 2 (18:56):
Well, let's look at the history of the Fourteenth Amendment
a little handle history. It had nothing to do with immigration, nothing.
It all had to do with making slaves, former slaves,
citizens of the United States. You had a case in
eighteen fifty seven in which a slave.
Speaker 1 (19:16):
Went to court.
Speaker 2 (19:16):
They took at the Supreme Court. Obviously he didn't I
don't even know if you could probably illiterate, arguing that
a black man is a person.
Speaker 1 (19:26):
And therefore can't be a citizen.
Speaker 2 (19:30):
And the court said, you know, and look at the
Declaration of Independence and look at everybody who lives in
the United States is part of the United States. And
Justice Tanny, who was a Chief Justice, said no, no,
you're black. This is the dread Scott decision. You're black,
and you're not included in the definition of people. You
(19:54):
are not a person under the law. WHOA that's what
it used to be. Boy, talk about slavery being the
original sin of this country. It's incredible, is what it is.
I mean, you shake your head saying, how is that possible?
So the dread Scott decision said, you know, you your property,
don't even bother. Well, obviously you have the Civil War,
(20:16):
you have the thirteenth Amendment making slavery illegal. But how
about citizenship? That was the fourteenth Amendment and it really
had to do of just just putting a nail in
the coffin of African Americans formerly slaves, which are no
longer are also citizens of the United States. That's where
that came from. And now part of that.
Speaker 1 (20:39):
Is okay, if you're born here, you're a citizen.
Speaker 2 (20:42):
And what Trump's trying to do is undo that, which
exceptions do occur in the law.
Speaker 1 (20:47):
He's trying to carve one out. Is it going to happen?
I don't think so. I mean, I can't imagine.
Speaker 2 (20:52):
Because that's in and there's been a court, Supreme Court
with I'm sorry it is a Supreme Court decision that
is upheld that.
Speaker 1 (21:00):
But you know, the court reverses itself all the time.
Look at Roe v. Wade. We have a very different court.
Look at where we're going. Is it possible? I don't know.
Speaker 2 (21:11):
I you know, most scholars, most constitutional lawyers, professors, scholars
are saying, this is pretty clear cut. If you're born here,
you're a US citizen. It's that simple. Now, are there exceptions?
Speaker 1 (21:25):
Yeah? How about this one.
Speaker 2 (21:28):
If your parents are here on the diplomatic mission, they're diplomats,
and you're born in the United States, you're not a citizen.
You are a citizen of the country where your parents
are diplomats from. There are exceptions under the law, and
(21:49):
he's carving out one that says, if your parents are
not legal, or if your parents even are on a
legal visa, you're not a citizen. The only way you're
a citizen is that both your parents are legal. They're
(22:10):
either Green card holders or they are both.
Speaker 1 (22:14):
Citizens in the United States.
Speaker 2 (22:17):
And naturalization also, your parents have been naturalized. Well, I
was naturalized when I was eleven years old, when my
parents came to the United States on Green cards. So
everybody's legal, and my family as much as you'd rather
not be legal, Neil, and you'd love me tossed out
of here tomorrow afternoon, but I'm not going.
Speaker 1 (22:40):
There's no chance.
Speaker 2 (22:41):
I'm here just to make your life miserable, all right, guys,
we're done.
Speaker 1 (22:45):
We're back again tomorrow. We start with wake Up Call.
Speaker 2 (22:49):
Amy actually starts from five to six, and then all
the rest of us come aboard right up till nine o'clock,
which is right now. Gary and Shannon up next, and
they'll be covering the fires and and all the stuff
that Gary and Shannon do so well. This is KFI
AM six forty Live on your starts KFI do KFI
(23:10):
AM six forty.
Speaker 1 (23:13):
You've been listening to the Bill Handle Show.
Speaker 2 (23:15):
Catch my show Monday through Friday, six am to nine am,
and anytime on demand on the iHeartRadio app
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