August 8, 2025 • 36 mins
Taxes, Tech & Tangents- A Financial Mishmash-n this eclectic and engaging episode of
Something More with Chris Boyd, Chris Boyd and Jeff Perry cover a wide range of timely
topics- from nostalgic movie favorites to serious financial planning insights. Topics include:
-A preview of the upcoming webinar on managing your digital footprint and estate
planning in a tech-driven world (see link below to register).
-A timely reminder about National Financial Awareness Day and six smart steps to
improve your financial health.
-A deep dive into the Rule of 55 for early retirees and how to access retirement funds
penalty-free. Don’t get too excited, this is often not a prudent financial option.
-Updates on recent cryptocurrency legislation and what it means for investors and
consumers.
#financialplanning #investing #401K #403B #IRAs #529s #nationalfinancialawarenessday
#ruleof55 #retiringearly #cryptocurrency
Click the link below to register for our upcoming webinar, “Don’t leave a digital mess.”
https://register.gotowebinar.com/register/6040334700710880088
For more information or to reach TEAM AMR, click the following link:
https://www.wealthenhancement.com/s/advisor-teams/amr
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Welcome to something more with Chris Boyd.
Chris Boyd is a certified financial planner, practitioner
and senior vice president and financial advisor at
Wealth Enhancement Group, one of the nation's largest
registered investment advisors.
We call it something more because we'd like
to talk not only about those important dollar
and cents issues, but also the quality of
life issues that make the money matters matter.
(00:22):
Here he is, your fulfillment facilitator, your partner
in prosperity, advising clients on Cape Cod and
across the country.
Here's your host, Jay Christopher Boyd.
Welcome everybody.
Thanks for being with us for another episode
of something more with Chris Boyd here with
Jeff Perry.
We are both of the AMR team at
Wealth Enhancement and glad to have you joining
(00:43):
us again and hope you do every episode.
We offer two a week and you can
find them not only wherever you might listen
to podcasts, but you can find them on
video, on YouTube or at our webpage.
And you can find that by going to
somethingmorewithchrisboyd.com as an easy way to do
(01:05):
that.
In any case, we have a mishmash of
things today.
Mishmash.
Mishmash.
Lots of various things to discuss.
Among them will be, we want to touch
on a recent client experience talking about rule
of 55.
There's been some interesting legislative developments around crypto
(01:27):
and stable coin thought would be worth just
pointing out and talk a little bit about
how and whether that should fit into your
portfolio.
And a few other things that are timely.
Before we jump into some of those, Jeff,
I find that lately, when I'm watching TV
(01:49):
at night, there's all these oldies I'm watching.
Oh, you're getting attracted to them.
Yeah.
And I can't go by, you know, money
balls on, I got to watch it.
Are they oldies if they're...
I mean, they're not that old, but you
know what I mean?
They're not new movies.
Movies I've seen before.
And then a few good men.
(02:09):
I mean, how many odds...
Oh, geez.
Yeah.
But happened by that, I was like, I
got to watch it.
Do you have any movies like that that
are for you?
I have a lot of movies.
Don't go by like, oh, I really should
watch that.
Or do you not watch television that way
anymore, where you are clicking through channels where
(02:30):
it's more deliberate, just go to the show
you want?
Well, that's a good point.
You know, that's a good point.
Like you don't just, the clicker, you know,
you're not just...
Don't scroll as much as we used to.
Kind of have a movie plan or a
Netflix series you're watching.
But when I'm just like thinking about it,
my mind goes back to what do I
want to watch?
And oftentimes it's like, oh, I haven't seen
(02:52):
the Bridge over the River Kwai in a
long time.
There you go.
That's an oldie.
Yeah.
Right?
Yeah.
But I think those movies that were present
and meaningful to us in our formative years,
define that however you want.
They hold a special place.
Yeah.
And I, in many ways, this is a
broad statement, you know, not true in every
(03:14):
case, but many ways I still enjoy them
more than some of the new movies.
So, so true.
Even though you know it and your favorite
lines that come up and all that.
Yeah.
Yeah.
Anyway, my wife gets a kick out of
me.
Reciting lines.
Reciting the lines and thinking, why are you
enjoying this?
If you know the lines.
Yeah.
(03:34):
You know it that well.
You know the end.
I will say that that's probably a good
episode sometime for our listeners, or we'd love
to hear from you if you care to
share with us now.
What are those things that for you that
just, if you're, if you're watching movies, you
know, like favorite all time gotta, you can't
go past if you're scrolling by.
(03:57):
You know what I like?
Share that with us, Jeff, if they should
want to.
Well, if they're watching on YouTube, I guess
they could throw a comment in the underneath.
Yeah, that would be a good way to
do it.
You could also, you can shoot us an
email.
(04:17):
AMR-info at wealthenhancement.com.
If we get a bunch of these, we'll
share them as part of an episode.
That'd be fun.
On the same theme.
One of the things I like is when
they remake an old movie, like, well, example
of something I watched recently was Midway.
Yeah.
You know, the old Midway.
The original, yeah, back in the 70s.
I think it was, you know, somewhere around
(04:38):
there.
Probably late 60s, 70s.
Yep.
And then they did it.
The remake isn't new either, but I just
happened to watch both of them maybe a
month ago.
Just to...
Yeah.
What was that?
About five years ago, maybe?
Yeah.
So I do like when they remake them,
as long as they're...
They're not always as good though.
Yeah.
I don't know.
We watched Jaws recently.
(05:00):
Oh, yeah.
Because of the anniversary.
Yeah.
What was that?
50 years?
50 years ago.
Yeah.
That's great.
It was kind of fun to watch.
And then just the, you know, it was
like noticeably a different era.
You know what I mean?
Like...
The technology.
Yeah.
Well, not even the technology of the shark
or anything.
Just the...
(05:21):
In the movie when, you know, they're dealing
with the old phones and there's no cell
phones.
I'm sure, yeah.
The styles, the cars.
It just, I don't know, felt like, oh,
it's kind of fun.
But 50 years, that's hard to believe.
Yeah.
I was like, I was probably the age
of that kid right there.
But anyway.
All right.
(05:41):
Well, let's get on to real stuff.
I don't know why I went down that
little rabbit hole, just sort of fun.
That's real.
That's real stuff.
Let's start with a reminder about our upcoming
webinar.
Lots to learn on this and want to
share with everyone some valuable lessons.
I went to a program that was offered
(06:03):
by the Financial Planning Association of New England
a while back.
And they had a presenter, Kate, I've forgotten
her last name now.
Excellent presenter.
Huffnagle or something along those lines.
She is the digital wrangler.
And so we've invited her to give a
presentation.
(06:25):
Don't leave a digital mess.
How to prepare for the inevitable in today's
high tech world.
There's so many variables that we can easily
overlook when it comes to the digital wealth,
assets, memories that we have.
(06:47):
And I don't mean that in the form
of cryptocurrency or something.
Correct.
Yeah.
Although that could be included in this discussion.
It's in the category, I think.
But more thinking in terms of online footprint,
whether it's social media accounts, maybe it's your
iTunes.
(07:08):
Maybe it's sometimes we've bought movies or music,
things of that sort.
What happens to those books that you've acquired,
Audible or Kindle or whatever?
Examples.
Those are just some random examples.
Broad category.
What about if something happens to you, does
(07:33):
someone else have access to that bank account?
If there's auto pay going on, is it
a joint account?
Is it a singly owned account?
Will bills stop being paid?
Will people know what bills need to be
paid?
If you're the one handling it as an
example, do people have access?
Do they have rights to have access?
(07:54):
Maybe the bank or whatever will say, no
way, no how.
This will be a great explanation of getting
your bearings on the variety of things to
consider with regard to your digital footprint that
may have some implications for your estate planning,
(08:14):
or essentially, it's not necessarily your will or
something, but thinking in terms of, have I
planned for this properly?
What's going to happen to these resources?
Will people have the ability to retain any
of the things that they might want or
I might want them to have?
(08:36):
Those are all very valid.
Even from an organizational or knowledge point of
view, not so long ago, if you were
watching over your parent or your aunt or
uncle or whoever, and they passed away, you
walked into their house, you could probably figure
out what their bills were.
(08:57):
They probably had a folder.
They probably had receipts or mail.
A checkbook or a bank statement.
These are all good points.
Within a month or two, you would get
the whole full picture, but it is entirely
possible now, unless somebody's printing things, there are
(09:18):
people, I don't know if it's the majority,
it very well could be, that have nothing
printed.
Everything is saved on a computer in the
cloud or whatever.
If someone doesn't have access, you wouldn't know
how to find that.
You wouldn't know anything.
They might be getting emails with late notices,
but nobody gets the email as an example.
(09:39):
And if you don't know, one of the
stories that was just told in this, that
as people go through, and by the way,
we're going to have her on as a
guest after we have this program, so our
audience for the program will hear some of
her expertise, so you'll hear this in more
(10:00):
depth, but she shared a story about someone
who passed away and the husband's dealing with
small kids.
It's chaos, right?
They're going through all the grief that comes
with a loss, and then suddenly new responsibilities
(10:23):
are thrust upon us.
This particular individual, suddenly the lights go out.
Literally.
Literally, the lights went out because they didn't
know that there was a bill not being
paid because it was all done automatically before
and no access to any of this stuff.
(10:44):
That's right.
It's a very relatable example you could envision.
In any case, at any stage of life,
wherever you are, this would have value to
you to think about my planning for these
issues.
We'll leave a link in the show notes.
If you'd like to register and join us
live, we're going to have this webinar at
(11:07):
10.30 a.m. on September 9th.
It will be recorded, and we will be
happy to make it available to people as
well.
There won't be anything that's compliance concerns or
anything, so it's just good third-party information.
I think we'll be able to have it
available on our website subsequently, but if you
(11:31):
want to be able to ask questions, join
us live.
That'd be the best way to do it.
Anything to add to that, Jeff?
No.
I think the more you think about it
and the more that you learn about it
as you have, and I hope to on
the webinar, it gets bigger and bigger, and
it's really something you can't ignore.
(11:51):
I have to tell you, she does a
great talk.
It's very dynamic.
It's very fast-moving.
There's a lot of information.
It's entertaining, so I think you'll enjoy it.
And it's free.
And it's free.
Yeah, that's a nice perk too, but it's
valuable.
So anyway, join us.
I hope you'll be with us.
(12:13):
Additionally, we've got, believe it or not, National
Financial Awareness Day is upon us August 14th,
depending on when you're watching this.
It may be coming up or have just
passed, but in any event, or listening rather,
(12:35):
watching, listening.
So with that being said, let's talk about
that for a minute or two.
Yeah, they do it once a year, and
I don't know if these things really make
people more aware, but they do get on
the news.
You see those little snippets on the news,
and people like us talk about it.
And hopefully, it's a reminder to, if you're
(12:56):
not where you want to be, or things
aren't organized, or you're not reaching for your
goals, it's an opportunity to stop and pause
and say, is this a good time to
get organized?
Kids are going back to school, if you
have small kids, and the summer is fading.
Sorry about that.
I can't believe it.
Sorry about that for the people in the
(13:17):
Northeast.
But it's hard to believe, just on that
for a second.
I mean, August is flying by.
It's only started, but I was talking with
Ross, our financial assistant, fellow member of our
(13:38):
team here.
Our listeners will know, his fiancée is starting
as a teacher, and she's moving to the
area.
And it's like, in two weeks, she's already
going to be full-time at work.
So that means school's starting.
School is starting, yep.
And I know, probably in other parts of
the country, it's maybe about to begin next
(14:02):
week, next week here in our area of
Florida.
Yeah, it happens much earlier in the South.
So in any case, coming fast.
We got to squeeze in as much summer
as we can in the next few weeks.
So back to national financial awareness day.
(14:22):
Our regular listeners know there's tangents in every
episode.
Well, just a reminder, go out there and
enjoy your summer.
Yeah, exactly.
So there's six goals to financial awareness day.
It's to review and adjust your budget.
Some people do this every day.
Some people don't have a budget.
So I think it's a good idea for
everyone to at least have a- People
(14:43):
do this every day, Jeff Perry.
Yeah, sorry, guilty.
Yep, you're good.
Good, yep.
The people who know me are laughing.
Educate yourself about, you know, be an educated
consumer, you know, pay attention, read articles, listen
to podcasts.
So, you know, you're already ahead of more
(15:03):
than half the people are doing that, right?
Take an online course.
Number three is set financial goals.
We talk about goals a lot on this
short term, long term goals and check your
credit score, I think is a, you know,
good thing to do once a year.
I helped someone do it yesterday, in fact.
Do you remember the, there's a couple of
(15:24):
free, you know, resources for this.
How would you typically encourage people to do
that?
Annualcreditreport.com.
There you go.
It's a very, yeah, that's the one I
used yesterday.
It's very easy to use.
You know, you need to identify yourself for
three different ways and all that, but it
gives you, it doesn't give you your credit
score.
You can pay for that, but it gives
(15:44):
you your credit report, which I think is
more important than your credit score.
I'm writing it down.
I just put it in our chat because
I want to be able to do it
for myself.
That's a good suggestion.
Don't do it all the time, but once
in a while you got to go see
if there's anything you've overlooked.
We could do a whole show on this,
but, you know, looking at your credit report,
(16:05):
the primary thing you're looking for first is,
is anyone opened up an account or taken
out credit in my name, right?
So then there's all types of other information
and ultimately you can get your credit score.
You can get your credit score from other
sources also, but annual credit report is free.
It's all three of the credit reporting bureaus.
(16:25):
You can pick one, you can pick all
three and get a good review of your
credit.
The fifth goal for National Financial Awareness Day
is start or build an emergency fund, kind
of the foundational basis of a good financial
plan.
And the last one, which, you know, maybe
should be the first one, consult with a
(16:46):
financial advisor, you know, seek some help, seek
professional guidance on planning strategies, portfolio management, debt
management.
When we have a problem, whether it be
a legal problem, a medical problem, you know,
you turn to the professionals and unless you're
very astute and been doing it a long
(17:06):
time, which some people do successfully, but if
you're having some issues with your finances or
you're not reaching your goals or you're struggling
with your debt, why not sit down with
a financial advisor and get some advice.
And to that end, we will offer the,
you know, the reality that we are happy
to work with people or talk with people.
(17:29):
If you need some opportunity for a consultation
or a review of your personal financial life,
whether that's your financial plan or your portfolio,
don't hesitate to reach out.
That's why we're here.
We're happy to be a resource.
You can connect with us by phone, toll
(17:49):
-free 866-771-8901.
Does anyone need toll-free numbers anymore, Jeff?
I don't think so.
All right.
508-771-8900 is our local number.
Or you can send us an email, amr
-info at wealthenhancement.com.
And whoever you work with, you know, hopefully
(18:10):
you work with us, but if you don't
and you're looking for an advisor or you're
working with an advisor, you know, make sure
you ask them those three questions that I
repeat incessantly on the show is, are you
a fiduciary?
Which means the advisor has to work in
your best interest, ethically, morally, only recommend things
(18:33):
that are in your best interest.
Number two is how are they paid?
There's several different ways to get, you know,
everyone's getting paid somehow.
Several different ways people can get paid.
If they can't explain to you within 30
seconds how they're compensated, they're probably not being
super straightforward with you.
(18:55):
And so are they a fiduciary?
How are they paid?
And number three is where are your assets
being held?
Are they being held by the same person
giving you the advice or are they being
held by a third party?
In our case, it's the third party.
That's the best practice in my opinion.
So you deal with us, we give you
advice.
We don't make more or less money based
(19:16):
upon the advice we give you.
And your assets in our case are held
at swarble fidelity.
So you can go independently to that third
party and look at your assets.
You can go through us, but you know,
they're somewhere else other than the person who's
sending you the statements.
Just to go back to the number two
on how people are compensated, recent news about
(19:39):
an advisor who was being compensated by a
fee as a fiduciary, but also being paid
through commissions without- Without disclosure.
Without clarity around the disclosure around that.
And I think that's one of those things
that, you know, it's probably an either or,
not both for people.
(20:00):
Well, if you're not disclosing something, that's a
red flag that you're not comfortable with it.
Yeah.
Right.
And when you're being paid by a third
party to recommend something, there's the appearance, even
if it doesn't really affect, you know, even
if you're this most honest person in the
world and you don't let it affect you
at all, there's an appearance of a conflict
(20:20):
there that should be disclosed.
Conflicts have to be disclosed if they're real
or there's an appearance.
You know, it's not- Right.
Right.
It's part of the disclosure.
It doesn't always mean that it's, if there
is anything untoward, it just means that, you
know, there's the potential for that.
And if it's disclosed and discussed, it can
(20:43):
be something you decide you're comfortable with.
You know, just, you have to be careful,
I guess.
That's really the bottom line.
I mean, I think most of our listeners
and consumers know that if you go into
any business and they get paid $1 or
$2, depending on the product they sell you,
(21:04):
there may be a natural tendency for the
salesperson to sell you something with a higher
commission.
Right.
So when you're dealing with people who get
paid on commission, just, you know, you should
be aware of it.
And if there's a conflict, it should be
disclosed to you.
Like I said, in question number two, how
are you paid?
If you're being paid by a product that's
being sold to you or, you know, just
(21:25):
be aware of that as a consumer, that
that may not be what's in your best
interest.
All right.
So enjoy National Financial Awareness Day.
The actual day, I don't know if you
said it, if you did, I apologize, but
it's August 14th.
So- You can celebrate any day you
like though.
Yeah.
Any day is- Or every day.
(21:47):
Yeah.
Every day.
All right.
One other thing I wanted to talk about
as part of our mishmash, a variety of
things to talk about.
Had a recent client meeting and thought this
was worthy of a conversation.
So we have these clients who have been
(22:09):
planning for a long time to retire early.
Okay.
Are they fire clients?
I wouldn't call them that, but they have
for a long time had a mission where
they actually are going to travel the world.
Okay.
So they've planned early and often for their
(22:33):
savings.
So they're well-prepared.
But one of the challenges you have when
you retire early is for a lot of
people where they put a lot of their
money is in retirement plan savings or IRA
or things that are- Work plans, who
knows?
Work plans.
So now if you retire and you are
(22:55):
before 59 and a half, do you have
access to where a lot of your wealth
is stored?
So there's a challenge.
Now, if you have non-IRA assets as
well, that's helpful and valuable and you may
be able to navigate this more effectively.
(23:16):
But there is a rule called Rule of
55 that does allow for penalty-free withdrawals.
But it is from your current 401k.
So the most immediate when you retire, you
have to be separated from service.
But if you had multiple 401ks, rather, you
(23:41):
could not necessarily say, oh, well, I worked
for that employer two employers ago.
I'm going to withdraw from that 401k.
It doesn't work that way.
Early.
Only without penalty, you know what I mean?
So it's only this Rule 55 that applies
to your most immediate employer 401k or 403b
(24:05):
type plan.
So when I heard this, I said, wait,
isn't it for public employees?
And I was trying to remember the rule
of this.
And there is a Rule 55 in Massachusetts
for public employees.
That is not what we're talking about today.
That's right.
And this can sometimes be even earlier for
(24:26):
public employees.
This type of a rule can be maybe
age 50.
It can be.
Can be.
But sticky wicky, right?
Lots of details, lots of particulars.
So in any case, that's not what we're
talking about, though.
This is not a public employee rule.
Not a public employee rule.
Right.
So let's just say if you retire early.
(24:49):
And again, I want to caution because for
most people, you probably shouldn't retire early because,
you know, now you could be living 40
years more.
Right.
Where this money needs to continue to be
productive to you.
(25:11):
You know, maybe you've worked 40 years.
I mean, probably not.
Right.
If you're retiring at 55.
Right.
Right.
You've probably worked what?
You know, 30ish years.
30 some odd years.
Yeah.
At the most.
Yeah.
So anyway, you can see how that could
be challenging to be in a position where
(25:34):
you're going to have enough to last.
And it definitely requires considerable planning and preparation
to be in a position where you can
do that.
But so but for those who have that
kind of opportunity and planning, or if they're
more like that fire kind of story, you
know, where they're going to maybe try to
(25:58):
enjoy it along the way, maybe some time
away, some work, some time away, some more,
you know, maybe there's more work behind this
that comes along the way.
But what's what's the fire?
It's like retire early as the army.
Yeah.
Well, the concept behind the fire movement is
(26:19):
you live like on, as Dave Ramsey would
say on rice and beans, you live super
frugally in the beginning years, you know, years
in your 20s and 30s, you save 80
% of your income, you put it away,
you don't touch it and you do nothing
but work.
And then at some some time, you know,
(26:40):
hopefully based on math, you say, I'm out
at 35, I'm out at 40, I built
enough of a nest egg, that I have
enough money to retire early.
Now, this, they're not eligible for the rule
of 55, if they're retiring at 35 or
40.
So you really need that money to be
outside of that's right, or a status to
(27:03):
help you do that.
Here's a couple of the details for those
people who are thinking, well, maybe this rule
of 55 could be useful to them.
And it doesn't have to be at 55.
If you said, I'm going to retire at
58.
And I've just, I've got to get through
that year or two before I can access.
Here's how it works.
So there's no early withdrawal penalty, that 10
(27:24):
% penalty that applies when you there's an
extra tax.
If you take money from your retirement plan
before age 59 and a half, ordinarily, that's
waived under these circumstances.
But only from your most current employer plan,
again, 401k type plans could be a 403b
that it would apply to, you must have
(27:47):
completed your work with this employer, you're separated
from service.
So if you're working part time for the
employer, doesn't apply.
And doesn't doesn't apply to IRAs.
IRAs don't qualify for the rule of 55.
So that's sort of quick highlights of it
(28:09):
and worth looking into.
But if you're in that situation where either
by circumstance or by design, you've retired early.
Otherwise, there are sometimes other techniques, the 72t
possibilities, but very complex, a lot of specific
(28:30):
rules that relate to that.
And generally, also something to be very careful
around, because if you don't adhere to the
rules fully, your whole retirement plan can blow
up in terms of can be disallowed, and
then you can have a lot of tax
unexpected.
All right.
Absolutely.
It's a it's one of those decisions, you
(28:51):
need some real comprehensive advice to not just,
you know, do the math on the back
of a napkin and simple division.
There's a lot of factors that go into
it.
And we're winding down on time, and I
won't get into all this in as much
depth as I had maybe thought we would.
But let me just give it a quick
mention.
(29:12):
In the past couple of weeks, there have
been some legislative movements as it relates to
cryptocurrency and stablecoin.
And I thought it would be worth just
giving some quick mention to this.
The Genius Act, which is named for Guiding
and Establishing National Innovation for U.S. Stablecoin
(29:36):
Act.
Genius.
Signed into law by President Trump on July
18th, and bipartisan legislation.
Basically, the idea is they want some rules
around stablecoin.
Stablecoin, if you recall, is supposed to be
essentially a form of cryptocurrency that doesn't change
(29:59):
in value.
It's fixed.
It's like a dollar, if you will, it
might be pegged to a dollar or some
currency that it is supposed to reflect.
And so they've put in some rules around
that, where there will be 100% reserve
requirements.
(30:19):
These are going to be treated more like
banking institutions and subject to a lot of
the rules, anti-money laundering and so forth.
And regulatory oversight.
You know, that being said, there's still a
lot to be determined and executed and implemented.
(30:39):
So why do we mention this?
Because we've seen some stablecoin go out of
business and not very stable.
And so I think this is the beginning
of a consumer protection move to make sure
that if you're going to be participating in
these kind of things, you want to make
(31:00):
sure that you're working with or utilizing a
stablecoin that is subject to these regulatory rules.
Now, ideologically, a lot of times people are
drawn to cryptocurrency because of the appeal of
that.
It's like, I don't have the government, you
know, in my business kind of thing.
(31:21):
And that can seem appealing.
On the other hand, there's a reason we
have a central bank and that is it
has helped prevent panics in the market of
banking, right?
Where it runs on the bank.
And we saw that a couple of years
ago where First Republic and...
(31:42):
The bank in California.
The California one, Silicon Valley Bank.
There was a run on these banks that
were particularly, you know, had liquidity issues, but
somewhat tied to technology, perhaps these kind of
crypto issues.
In any case, and the Fed stepped in
(32:03):
and identified ways to limit the worry that
consumers would have about a bank's viability.
Well, that prevented a run on banks.
That is an example of centralized finance that
is helpful to consumers.
And we don't have that right now in
(32:27):
crypto.
Additionally, there was, I think, a legislation that
said they didn't really want the U.S.
to create its own cryptocurrency.
So that would bar the Fed from doing
that, I think.
There were a couple of other things, but
one of them was about who's going to
regulate the cryptocurrency.
(32:51):
So Clarity Act was one of them.
And do you remember what the others were?
There were a couple of acts here.
I don't.
I don't remember all the names yet or
the letters.
But overall, I think wherever you are in
cryptocurrency, it's good news.
I mean, many of the proponents of cryptocurrency
use and blockchain are proponents of this.
(33:14):
And many of the people say, maybe where
I am on it, but on the law
enforcement side of it, the concerns of money
laundering and illicit activity, organized crime, getting a
hold of it, et cetera, we're also in
favor.
So I think wherever you are, if you're
an investor in cryptocurrency or if you're not,
I think it's a good move to regulate
(33:38):
it and back to disclosure and all those
things that we were talking about with other
things.
I think it makes sense.
On the topic of regulation, it looks right
now that primary regulatory oversight will treat it
like a commodity through the CFTC, but the
SEC will still have a role in some
(33:58):
of the regulatory oversight.
So in any case, more to come, I
think, where do we stand on this generally?
Again, for most of the clients we deal
with, this is a highly speculative cryptocurrency digital
assets type of asset class, not typically appropriate
for the retirees we deal with in our
(34:19):
portfolios.
That doesn't mean that people don't do it
anyway.
And now with the availability through ETFs, this
is a mainstream accessible asset type of investment.
So we will see more and more of
this, I believe.
And so I think it's still something we
want to talk about, but because of its
(34:40):
more speculative nature, we just don't think it's
the right thing for most people, unless you're
treating it as you're going to the casino
to gamble.
It's speculation at this point.
Yeah, so you can have fun with it,
but it can work against you too.
So in any case, if you should have
(35:01):
any questions about your financial planning and portfolio
management, don't hesitate to reach out to our
team.
We're here to help.
In the meantime, thanks for being with us
today.
Until next time, keep striving for something more.
Thank you for listening to Something More with
Chris Boyd.
Call us for help, whether it's for financial
planning or portfolio management, insurance concerns, or those
(35:24):
quality of life issues that make the money
matters matter.
Whatever's on your mind, visit us at somethingmorewithchrisboyd
.com or call us toll-free at 866
-771-8901 or send us your questions to
amr-info at wealthenhancement.com.
You're listening to Something More with Chris Boyd
(35:46):
Financial Talk Show, where wealth enhancement advisory services
and Jay Christopher Boyd provide investment advice on
an individual basis to clients only.
Proper advice depends on a complete analysis of
all facts and circumstances.
The information given on this program is general
financial comments and cannot be relied upon as
pertaining to your specific situation.
Wealth Enhancement Group cannot guarantee that using the
information from this show will generate profits or
ensure freedom from loss.
(36:07):
Listeners should consult their own financial advisors or
conduct their own due diligence before making any
financial decisions.
Welcome to something more with Chris Boyd.
Chris Boyd is a certified financial planner, practitioner
and senior vice president and financial advisor at
Wealth Enhancement Group, one of the nation's largest
registered investment advisors.
We call it something more because we'd like
to talk not only about those important dollar
and cents issues, but also the quality of
life issues that make the money matters matter.
(00:22):
Here he is, your fulfillment facilitator, your partner
in prosperity, advising clients on Cape Cod and
across the country.
Here's your host, Jay Christopher Boyd.
Welcome everybody.
Thanks for being with us for another episode
of something more with Chris Boyd here with
Jeff Perry.
We are both of the AMR team at
Wealth Enhancement and glad to have you joining
(00:43):
us again and hope you do every episode.
We offer two a week and you can
find them not only wherever you might listen
to podcasts, but you can find them on
video, on YouTube or at our webpage.
And you can find that by going to
somethingmorewithchrisboyd.com as an easy way to do
(01:05):
that.
In any case, we have a mishmash of
things today.
Mishmash.
Mishmash.
Lots of various things to discuss.
Among them will be, we want to touch
on a recent client experience talking about rule
of 55.
There's been some interesting legislative developments around crypto
(01:27):
and stable coin thought would be worth just
pointing out and talk a little bit about
how and whether that should fit into your
portfolio.
And a few other things that are timely.
Before we jump into some of those, Jeff,
I find that lately, when I'm watching TV
(01:49):
at night, there's all these oldies I'm watching.
Oh, you're getting attracted to them.
Yeah.
And I can't go by, you know, money
balls on, I got to watch it.
Are they oldies if they're...
I mean, they're not that old, but you
know what I mean?
They're not new movies.
Movies I've seen before.
And then a few good men.
(02:09):
I mean, how many odds...
Oh, geez.
Yeah.
But happened by that, I was like, I
got to watch it.
Do you have any movies like that that
are for you?
I have a lot of movies.
Don't go by like, oh, I really should
watch that.
Or do you not watch television that way
anymore, where you are clicking through channels where
(02:30):
it's more deliberate, just go to the show
you want?
Well, that's a good point.
You know, that's a good point.
Like you don't just, the clicker, you know,
you're not just...
Don't scroll as much as we used to.
Kind of have a movie plan or a
Netflix series you're watching.
But when I'm just like thinking about it,
my mind goes back to what do I
want to watch?
And oftentimes it's like, oh, I haven't seen
(02:52):
the Bridge over the River Kwai in a
long time.
There you go.
That's an oldie.
Yeah.
Right?
Yeah.
But I think those movies that were present
and meaningful to us in our formative years,
define that however you want.
They hold a special place.
Yeah.
And I, in many ways, this is a
broad statement, you know, not true in every
(03:14):
case, but many ways I still enjoy them
more than some of the new movies.
So, so true.
Even though you know it and your favorite
lines that come up and all that.
Yeah.
Yeah.
Anyway, my wife gets a kick out of
me.
Reciting lines.
Reciting the lines and thinking, why are you
enjoying this?
If you know the lines.
Yeah.
(03:34):
You know it that well.
You know the end.
I will say that that's probably a good
episode sometime for our listeners, or we'd love
to hear from you if you care to
share with us now.
What are those things that for you that
just, if you're, if you're watching movies, you
know, like favorite all time gotta, you can't
go past if you're scrolling by.
(03:57):
You know what I like?
Share that with us, Jeff, if they should
want to.
Well, if they're watching on YouTube, I guess
they could throw a comment in the underneath.
Yeah, that would be a good way to
do it.
You could also, you can shoot us an
email.
(04:17):
AMR-info at wealthenhancement.com.
If we get a bunch of these, we'll
share them as part of an episode.
That'd be fun.
On the same theme.
One of the things I like is when
they remake an old movie, like, well, example
of something I watched recently was Midway.
Yeah.
You know, the old Midway.
The original, yeah, back in the 70s.
I think it was, you know, somewhere around
(04:38):
there.
Probably late 60s, 70s.
Yep.
And then they did it.
The remake isn't new either, but I just
happened to watch both of them maybe a
month ago.
Just to...
Yeah.
What was that?
About five years ago, maybe?
Yeah.
So I do like when they remake them,
as long as they're...
They're not always as good though.
Yeah.
I don't know.
We watched Jaws recently.
(05:00):
Oh, yeah.
Because of the anniversary.
Yeah.
What was that?
50 years?
50 years ago.
Yeah.
That's great.
It was kind of fun to watch.
And then just the, you know, it was
like noticeably a different era.
You know what I mean?
Like...
The technology.
Yeah.
Well, not even the technology of the shark
or anything.
Just the...
(05:21):
In the movie when, you know, they're dealing
with the old phones and there's no cell
phones.
I'm sure, yeah.
The styles, the cars.
It just, I don't know, felt like, oh,
it's kind of fun.
But 50 years, that's hard to believe.
Yeah.
I was like, I was probably the age
of that kid right there.
But anyway.
All right.
(05:41):
Well, let's get on to real stuff.
I don't know why I went down that
little rabbit hole, just sort of fun.
That's real.
That's real stuff.
Let's start with a reminder about our upcoming
webinar.
Lots to learn on this and want to
share with everyone some valuable lessons.
I went to a program that was offered
(06:03):
by the Financial Planning Association of New England
a while back.
And they had a presenter, Kate, I've forgotten
her last name now.
Excellent presenter.
Huffnagle or something along those lines.
She is the digital wrangler.
And so we've invited her to give a
presentation.
(06:25):
Don't leave a digital mess.
How to prepare for the inevitable in today's
high tech world.
There's so many variables that we can easily
overlook when it comes to the digital wealth,
assets, memories that we have.
(06:47):
And I don't mean that in the form
of cryptocurrency or something.
Correct.
Yeah.
Although that could be included in this discussion.
It's in the category, I think.
But more thinking in terms of online footprint,
whether it's social media accounts, maybe it's your
iTunes.
(07:08):
Maybe it's sometimes we've bought movies or music,
things of that sort.
What happens to those books that you've acquired,
Audible or Kindle or whatever?
Examples.
Those are just some random examples.
Broad category.
What about if something happens to you, does
(07:33):
someone else have access to that bank account?
If there's auto pay going on, is it
a joint account?
Is it a singly owned account?
Will bills stop being paid?
Will people know what bills need to be
paid?
If you're the one handling it as an
example, do people have access?
Do they have rights to have access?
(07:54):
Maybe the bank or whatever will say, no
way, no how.
This will be a great explanation of getting
your bearings on the variety of things to
consider with regard to your digital footprint that
may have some implications for your estate planning,
(08:14):
or essentially, it's not necessarily your will or
something, but thinking in terms of, have I
planned for this properly?
What's going to happen to these resources?
Will people have the ability to retain any
of the things that they might want or
I might want them to have?
(08:36):
Those are all very valid.
Even from an organizational or knowledge point of
view, not so long ago, if you were
watching over your parent or your aunt or
uncle or whoever, and they passed away, you
walked into their house, you could probably figure
out what their bills were.
(08:57):
They probably had a folder.
They probably had receipts or mail.
A checkbook or a bank statement.
These are all good points.
Within a month or two, you would get
the whole full picture, but it is entirely
possible now, unless somebody's printing things, there are
(09:18):
people, I don't know if it's the majority,
it very well could be, that have nothing
printed.
Everything is saved on a computer in the
cloud or whatever.
If someone doesn't have access, you wouldn't know
how to find that.
You wouldn't know anything.
They might be getting emails with late notices,
but nobody gets the email as an example.
(09:39):
And if you don't know, one of the
stories that was just told in this, that
as people go through, and by the way,
we're going to have her on as a
guest after we have this program, so our
audience for the program will hear some of
her expertise, so you'll hear this in more
(10:00):
depth, but she shared a story about someone
who passed away and the husband's dealing with
small kids.
It's chaos, right?
They're going through all the grief that comes
with a loss, and then suddenly new responsibilities
(10:23):
are thrust upon us.
This particular individual, suddenly the lights go out.
Literally.
Literally, the lights went out because they didn't
know that there was a bill not being
paid because it was all done automatically before
and no access to any of this stuff.
(10:44):
That's right.
It's a very relatable example you could envision.
In any case, at any stage of life,
wherever you are, this would have value to
you to think about my planning for these
issues.
We'll leave a link in the show notes.
If you'd like to register and join us
live, we're going to have this webinar at
(11:07):
10.30 a.m. on September 9th.
It will be recorded, and we will be
happy to make it available to people as
well.
There won't be anything that's compliance concerns or
anything, so it's just good third-party information.
I think we'll be able to have it
available on our website subsequently, but if you
(11:31):
want to be able to ask questions, join
us live.
That'd be the best way to do it.
Anything to add to that, Jeff?
No.
I think the more you think about it
and the more that you learn about it
as you have, and I hope to on
the webinar, it gets bigger and bigger, and
it's really something you can't ignore.
(11:51):
I have to tell you, she does a
great talk.
It's very dynamic.
It's very fast-moving.
There's a lot of information.
It's entertaining, so I think you'll enjoy it.
And it's free.
And it's free.
Yeah, that's a nice perk too, but it's
valuable.
So anyway, join us.
I hope you'll be with us.
(12:13):
Additionally, we've got, believe it or not, National
Financial Awareness Day is upon us August 14th,
depending on when you're watching this.
It may be coming up or have just
passed, but in any event, or listening rather,
(12:35):
watching, listening.
So with that being said, let's talk about
that for a minute or two.
Yeah, they do it once a year, and
I don't know if these things really make
people more aware, but they do get on
the news.
You see those little snippets on the news,
and people like us talk about it.
And hopefully, it's a reminder to, if you're
(12:56):
not where you want to be, or things
aren't organized, or you're not reaching for your
goals, it's an opportunity to stop and pause
and say, is this a good time to
get organized?
Kids are going back to school, if you
have small kids, and the summer is fading.
Sorry about that.
I can't believe it.
Sorry about that for the people in the
(13:17):
Northeast.
But it's hard to believe, just on that
for a second.
I mean, August is flying by.
It's only started, but I was talking with
Ross, our financial assistant, fellow member of our
(13:38):
team here.
Our listeners will know, his fiancée is starting
as a teacher, and she's moving to the
area.
And it's like, in two weeks, she's already
going to be full-time at work.
So that means school's starting.
School is starting, yep.
And I know, probably in other parts of
the country, it's maybe about to begin next
(14:02):
week, next week here in our area of
Florida.
Yeah, it happens much earlier in the South.
So in any case, coming fast.
We got to squeeze in as much summer
as we can in the next few weeks.
So back to national financial awareness day.
(14:22):
Our regular listeners know there's tangents in every
episode.
Well, just a reminder, go out there and
enjoy your summer.
Yeah, exactly.
So there's six goals to financial awareness day.
It's to review and adjust your budget.
Some people do this every day.
Some people don't have a budget.
So I think it's a good idea for
everyone to at least have a- People
(14:43):
do this every day, Jeff Perry.
Yeah, sorry, guilty.
Yep, you're good.
Good, yep.
The people who know me are laughing.
Educate yourself about, you know, be an educated
consumer, you know, pay attention, read articles, listen
to podcasts.
So, you know, you're already ahead of more
(15:03):
than half the people are doing that, right?
Take an online course.
Number three is set financial goals.
We talk about goals a lot on this
short term, long term goals and check your
credit score, I think is a, you know,
good thing to do once a year.
I helped someone do it yesterday, in fact.
Do you remember the, there's a couple of
(15:24):
free, you know, resources for this.
How would you typically encourage people to do
that?
Annualcreditreport.com.
There you go.
It's a very, yeah, that's the one I
used yesterday.
It's very easy to use.
You know, you need to identify yourself for
three different ways and all that, but it
gives you, it doesn't give you your credit
score.
You can pay for that, but it gives
(15:44):
you your credit report, which I think is
more important than your credit score.
I'm writing it down.
I just put it in our chat because
I want to be able to do it
for myself.
That's a good suggestion.
Don't do it all the time, but once
in a while you got to go see
if there's anything you've overlooked.
We could do a whole show on this,
but, you know, looking at your credit report,
(16:05):
the primary thing you're looking for first is,
is anyone opened up an account or taken
out credit in my name, right?
So then there's all types of other information
and ultimately you can get your credit score.
You can get your credit score from other
sources also, but annual credit report is free.
It's all three of the credit reporting bureaus.
(16:25):
You can pick one, you can pick all
three and get a good review of your
credit.
The fifth goal for National Financial Awareness Day
is start or build an emergency fund, kind
of the foundational basis of a good financial
plan.
And the last one, which, you know, maybe
should be the first one, consult with a
(16:46):
financial advisor, you know, seek some help, seek
professional guidance on planning strategies, portfolio management, debt
management.
When we have a problem, whether it be
a legal problem, a medical problem, you know,
you turn to the professionals and unless you're
very astute and been doing it a long
(17:06):
time, which some people do successfully, but if
you're having some issues with your finances or
you're not reaching your goals or you're struggling
with your debt, why not sit down with
a financial advisor and get some advice.
And to that end, we will offer the,
you know, the reality that we are happy
to work with people or talk with people.
(17:29):
If you need some opportunity for a consultation
or a review of your personal financial life,
whether that's your financial plan or your portfolio,
don't hesitate to reach out.
That's why we're here.
We're happy to be a resource.
You can connect with us by phone, toll
(17:49):
-free 866-771-8901.
Does anyone need toll-free numbers anymore, Jeff?
I don't think so.
All right.
508-771-8900 is our local number.
Or you can send us an email, amr
-info at wealthenhancement.com.
And whoever you work with, you know, hopefully
(18:10):
you work with us, but if you don't
and you're looking for an advisor or you're
working with an advisor, you know, make sure
you ask them those three questions that I
repeat incessantly on the show is, are you
a fiduciary?
Which means the advisor has to work in
your best interest, ethically, morally, only recommend things
(18:33):
that are in your best interest.
Number two is how are they paid?
There's several different ways to get, you know,
everyone's getting paid somehow.
Several different ways people can get paid.
If they can't explain to you within 30
seconds how they're compensated, they're probably not being
super straightforward with you.
(18:55):
And so are they a fiduciary?
How are they paid?
And number three is where are your assets
being held?
Are they being held by the same person
giving you the advice or are they being
held by a third party?
In our case, it's the third party.
That's the best practice in my opinion.
So you deal with us, we give you
advice.
We don't make more or less money based
(19:16):
upon the advice we give you.
And your assets in our case are held
at swarble fidelity.
So you can go independently to that third
party and look at your assets.
You can go through us, but you know,
they're somewhere else other than the person who's
sending you the statements.
Just to go back to the number two
on how people are compensated, recent news about
(19:39):
an advisor who was being compensated by a
fee as a fiduciary, but also being paid
through commissions without- Without disclosure.
Without clarity around the disclosure around that.
And I think that's one of those things
that, you know, it's probably an either or,
not both for people.
(20:00):
Well, if you're not disclosing something, that's a
red flag that you're not comfortable with it.
Yeah.
Right.
And when you're being paid by a third
party to recommend something, there's the appearance, even
if it doesn't really affect, you know, even
if you're this most honest person in the
world and you don't let it affect you
at all, there's an appearance of a conflict
(20:20):
there that should be disclosed.
Conflicts have to be disclosed if they're real
or there's an appearance.
You know, it's not- Right.
Right.
It's part of the disclosure.
It doesn't always mean that it's, if there
is anything untoward, it just means that, you
know, there's the potential for that.
And if it's disclosed and discussed, it can
(20:43):
be something you decide you're comfortable with.
You know, just, you have to be careful,
I guess.
That's really the bottom line.
I mean, I think most of our listeners
and consumers know that if you go into
any business and they get paid $1 or
$2, depending on the product they sell you,
(21:04):
there may be a natural tendency for the
salesperson to sell you something with a higher
commission.
Right.
So when you're dealing with people who get
paid on commission, just, you know, you should
be aware of it.
And if there's a conflict, it should be
disclosed to you.
Like I said, in question number two, how
are you paid?
If you're being paid by a product that's
being sold to you or, you know, just
(21:25):
be aware of that as a consumer, that
that may not be what's in your best
interest.
All right.
So enjoy National Financial Awareness Day.
The actual day, I don't know if you
said it, if you did, I apologize, but
it's August 14th.
So- You can celebrate any day you
like though.
Yeah.
Any day is- Or every day.
(21:47):
Yeah.
Every day.
All right.
One other thing I wanted to talk about
as part of our mishmash, a variety of
things to talk about.
Had a recent client meeting and thought this
was worthy of a conversation.
So we have these clients who have been
(22:09):
planning for a long time to retire early.
Okay.
Are they fire clients?
I wouldn't call them that, but they have
for a long time had a mission where
they actually are going to travel the world.
Okay.
So they've planned early and often for their
(22:33):
savings.
So they're well-prepared.
But one of the challenges you have when
you retire early is for a lot of
people where they put a lot of their
money is in retirement plan savings or IRA
or things that are- Work plans, who
knows?
Work plans.
So now if you retire and you are
(22:55):
before 59 and a half, do you have
access to where a lot of your wealth
is stored?
So there's a challenge.
Now, if you have non-IRA assets as
well, that's helpful and valuable and you may
be able to navigate this more effectively.
(23:16):
But there is a rule called Rule of
55 that does allow for penalty-free withdrawals.
But it is from your current 401k.
So the most immediate when you retire, you
have to be separated from service.
But if you had multiple 401ks, rather, you
(23:41):
could not necessarily say, oh, well, I worked
for that employer two employers ago.
I'm going to withdraw from that 401k.
It doesn't work that way.
Early.
Only without penalty, you know what I mean?
So it's only this Rule 55 that applies
to your most immediate employer 401k or 403b
(24:05):
type plan.
So when I heard this, I said, wait,
isn't it for public employees?
And I was trying to remember the rule
of this.
And there is a Rule 55 in Massachusetts
for public employees.
That is not what we're talking about today.
That's right.
And this can sometimes be even earlier for
(24:26):
public employees.
This type of a rule can be maybe
age 50.
It can be.
Can be.
But sticky wicky, right?
Lots of details, lots of particulars.
So in any case, that's not what we're
talking about, though.
This is not a public employee rule.
Not a public employee rule.
Right.
So let's just say if you retire early.
(24:49):
And again, I want to caution because for
most people, you probably shouldn't retire early because,
you know, now you could be living 40
years more.
Right.
Where this money needs to continue to be
productive to you.
(25:11):
You know, maybe you've worked 40 years.
I mean, probably not.
Right.
If you're retiring at 55.
Right.
Right.
You've probably worked what?
You know, 30ish years.
30 some odd years.
Yeah.
At the most.
Yeah.
So anyway, you can see how that could
be challenging to be in a position where
(25:34):
you're going to have enough to last.
And it definitely requires considerable planning and preparation
to be in a position where you can
do that.
But so but for those who have that
kind of opportunity and planning, or if they're
more like that fire kind of story, you
know, where they're going to maybe try to
(25:58):
enjoy it along the way, maybe some time
away, some work, some time away, some more,
you know, maybe there's more work behind this
that comes along the way.
But what's what's the fire?
It's like retire early as the army.
Yeah.
Well, the concept behind the fire movement is
(26:19):
you live like on, as Dave Ramsey would
say on rice and beans, you live super
frugally in the beginning years, you know, years
in your 20s and 30s, you save 80
% of your income, you put it away,
you don't touch it and you do nothing
but work.
And then at some some time, you know,
(26:40):
hopefully based on math, you say, I'm out
at 35, I'm out at 40, I built
enough of a nest egg, that I have
enough money to retire early.
Now, this, they're not eligible for the rule
of 55, if they're retiring at 35 or
40.
So you really need that money to be
outside of that's right, or a status to
(27:03):
help you do that.
Here's a couple of the details for those
people who are thinking, well, maybe this rule
of 55 could be useful to them.
And it doesn't have to be at 55.
If you said, I'm going to retire at
58.
And I've just, I've got to get through
that year or two before I can access.
Here's how it works.
So there's no early withdrawal penalty, that 10
(27:24):
% penalty that applies when you there's an
extra tax.
If you take money from your retirement plan
before age 59 and a half, ordinarily, that's
waived under these circumstances.
But only from your most current employer plan,
again, 401k type plans could be a 403b
that it would apply to, you must have
(27:47):
completed your work with this employer, you're separated
from service.
So if you're working part time for the
employer, doesn't apply.
And doesn't doesn't apply to IRAs.
IRAs don't qualify for the rule of 55.
So that's sort of quick highlights of it
(28:09):
and worth looking into.
But if you're in that situation where either
by circumstance or by design, you've retired early.
Otherwise, there are sometimes other techniques, the 72t
possibilities, but very complex, a lot of specific
(28:30):
rules that relate to that.
And generally, also something to be very careful
around, because if you don't adhere to the
rules fully, your whole retirement plan can blow
up in terms of can be disallowed, and
then you can have a lot of tax
unexpected.
All right.
Absolutely.
It's a it's one of those decisions, you
(28:51):
need some real comprehensive advice to not just,
you know, do the math on the back
of a napkin and simple division.
There's a lot of factors that go into
it.
And we're winding down on time, and I
won't get into all this in as much
depth as I had maybe thought we would.
But let me just give it a quick
mention.
(29:12):
In the past couple of weeks, there have
been some legislative movements as it relates to
cryptocurrency and stablecoin.
And I thought it would be worth just
giving some quick mention to this.
The Genius Act, which is named for Guiding
and Establishing National Innovation for U.S. Stablecoin
(29:36):
Act.
Genius.
Signed into law by President Trump on July
18th, and bipartisan legislation.
Basically, the idea is they want some rules
around stablecoin.
Stablecoin, if you recall, is supposed to be
essentially a form of cryptocurrency that doesn't change
(29:59):
in value.
It's fixed.
It's like a dollar, if you will, it
might be pegged to a dollar or some
currency that it is supposed to reflect.
And so they've put in some rules around
that, where there will be 100% reserve
requirements.
(30:19):
These are going to be treated more like
banking institutions and subject to a lot of
the rules, anti-money laundering and so forth.
And regulatory oversight.
You know, that being said, there's still a
lot to be determined and executed and implemented.
(30:39):
So why do we mention this?
Because we've seen some stablecoin go out of
business and not very stable.
And so I think this is the beginning
of a consumer protection move to make sure
that if you're going to be participating in
these kind of things, you want to make
(31:00):
sure that you're working with or utilizing a
stablecoin that is subject to these regulatory rules.
Now, ideologically, a lot of times people are
drawn to cryptocurrency because of the appeal of
that.
It's like, I don't have the government, you
know, in my business kind of thing.
(31:21):
And that can seem appealing.
On the other hand, there's a reason we
have a central bank and that is it
has helped prevent panics in the market of
banking, right?
Where it runs on the bank.
And we saw that a couple of years
ago where First Republic and...
(31:42):
The bank in California.
The California one, Silicon Valley Bank.
There was a run on these banks that
were particularly, you know, had liquidity issues, but
somewhat tied to technology, perhaps these kind of
crypto issues.
In any case, and the Fed stepped in
(32:03):
and identified ways to limit the worry that
consumers would have about a bank's viability.
Well, that prevented a run on banks.
That is an example of centralized finance that
is helpful to consumers.
And we don't have that right now in
(32:27):
crypto.
Additionally, there was, I think, a legislation that
said they didn't really want the U.S.
to create its own cryptocurrency.
So that would bar the Fed from doing
that, I think.
There were a couple of other things, but
one of them was about who's going to
regulate the cryptocurrency.
(32:51):
So Clarity Act was one of them.
And do you remember what the others were?
There were a couple of acts here.
I don't.
I don't remember all the names yet or
the letters.
But overall, I think wherever you are in
cryptocurrency, it's good news.
I mean, many of the proponents of cryptocurrency
use and blockchain are proponents of this.
(33:14):
And many of the people say, maybe where
I am on it, but on the law
enforcement side of it, the concerns of money
laundering and illicit activity, organized crime, getting a
hold of it, et cetera, we're also in
favor.
So I think wherever you are, if you're
an investor in cryptocurrency or if you're not,
I think it's a good move to regulate
(33:38):
it and back to disclosure and all those
things that we were talking about with other
things.
I think it makes sense.
On the topic of regulation, it looks right
now that primary regulatory oversight will treat it
like a commodity through the CFTC, but the
SEC will still have a role in some
(33:58):
of the regulatory oversight.
So in any case, more to come, I
think, where do we stand on this generally?
Again, for most of the clients we deal
with, this is a highly speculative cryptocurrency digital
assets type of asset class, not typically appropriate
for the retirees we deal with in our
(34:19):
portfolios.
That doesn't mean that people don't do it
anyway.
And now with the availability through ETFs, this
is a mainstream accessible asset type of investment.
So we will see more and more of
this, I believe.
And so I think it's still something we
want to talk about, but because of its
(34:40):
more speculative nature, we just don't think it's
the right thing for most people, unless you're
treating it as you're going to the casino
to gamble.
It's speculation at this point.
Yeah, so you can have fun with it,
but it can work against you too.
So in any case, if you should have
(35:01):
any questions about your financial planning and portfolio
management, don't hesitate to reach out to our
team.
We're here to help.
In the meantime, thanks for being with us
today.
Until next time, keep striving for something more.
Thank you for listening to Something More with
Chris Boyd.
Call us for help, whether it's for financial
planning or portfolio management, insurance concerns, or those
(35:24):
quality of life issues that make the money
matters matter.
Whatever's on your mind, visit us at somethingmorewithchrisboyd
.com or call us toll-free at 866
-771-8901 or send us your questions to
amr-info at wealthenhancement.com.
You're listening to Something More with Chris Boyd
(35:46):
Financial Talk Show, where wealth enhancement advisory services
and Jay Christopher Boyd provide investment advice on
an individual basis to clients only.
Proper advice depends on a complete analysis of
all facts and circumstances.
The information given on this program is general
financial comments and cannot be relied upon as
pertaining to your specific situation.
Wealth Enhancement Group cannot guarantee that using the
information from this show will generate profits or
ensure freedom from loss.
(36:07):
Listeners should consult their own financial advisors or
conduct their own due diligence before making any
financial decisions.
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