September 22, 2025 • 34 mins
The 0.01% Rule and Why Upward Mobility Feels Out of Reach
In this episode of Something More with Chris Boyd, Chris, Jeff Perry, and Brian Regan
unpack a simple yet powerful spending guideline of the “0.01% Rule”. The trio explores
how it can help you make quick, confident financial decisions without overthinking. But
the conversation doesn’t stop there. Brian attempts to explain why so many young
Americans feel stuck in their standard of living, the generational and structural challenges
that shape financial choices, and the trade-offs families face when balancing childcare,
housing, education, healthcare, and career opportunities. Whether you’re early in your
career, approaching retirement, or somewhere in between, this episode offers perspective,
strategies, and a reminder that financial planning is as much about values as it is about
numbers.
#PersonalFinance #MoneyTips #FinancialPlanning #WealthBuilding #UpwardMobility
#GenerationalWealth #EconomicTrends #LifeChoices #RetirementPlanning
#FamilyFinance #CostOfLiving #MoneyMindset
To read Brian’s article, click the link below:
https://www.linkedin.com/pulse/why-economic-vibes-off-brian-regan-cfa-mba-fbi0e/
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 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 here for another segment of
Something More with Chris Boyd.
I'm here with Jeff Perry and Brian Regan.
We are all of the AMR team at
(00:42):
Wealth Enhancement.
Glad to have you joining us for another
episode.
We have a variety of things to talk
about, and where I want to begin is
an interesting article in the Wall Street Journal
over the weekend, September 13th, I guess it
was provided.
The title is On the Fence About Spending
(01:04):
Decision?
Try the 0.01% rule.
Well, we hear about all these rules, huh,
Jeff?
There's no shortage of rules.
The 5% rule, 4% rule, the
rule of 55.
I got all these rules.
I don't know where to begin, right?
So now we got another rule, the 0
(01:24):
.01% rule.
Did you happen to read this article?
I read it, and I mentioned to my
wife, and that doesn't sound like enough.
Well, do you want to elaborate what the
gist of this was, this rule?
It's about setting a spending limit, basically, right,
(01:49):
out of your cash flow to help guide
you to make decisions, and I don't know.
Things don't necessarily have to be elaborately deliberative,
but if it's under a certain amount, and
if I am correct, the amount was 0
.01% of your investments is, I think,
(02:12):
the way it was expressed.
And so I started thinking about that, and
I was like- It's a pretty broad
definition.
Honey, let's go out to dinner tonight, and
she's like, oh, we just went out last
night.
I'm like, but it would be less than
0.01% of this kind of thing.
And so when you're thinking about how to
(02:34):
do it, it could be slippery slope.
You're making permission for yourself on things you
care to do just because you'll want to
without maybe a little bit of discipline.
It reminded me of the Dave Ramsey, burn
it on my dining room table rule.
That's more about big decisions for him, not
(02:55):
just spending.
But people will ask him, call into a
show or whatever, and say, I want to
buy this car, and he'll go through their
net worth, their debts, and whatever.
And they'll say, oh, I want to buy
this old car.
It's $50,000.
And Dave will say, if you burnt that
money on your kitchen table, would it make
a difference to your financial plan?
And if the answer is no, it doesn't
(03:24):
matter.
Then go ahead and do it if you're,
in his case, debt-free and have your
retirement plan set up.
And so context matters, right?
It's not just- That's absolutely true.
Brian, you read this article as well, right?
Yeah.
Well, I'm very familiar with Nick Viguli and
the Rittholz Wealth team because I listen to
(03:45):
their podcast.
So I'm familiar with the rule because I
heard it through those avenues.
And I saw that it was written up
in the Wall Street Journal.
And I thought, my first thought was, hey,
good for him.
He's going to sell a lot of books,
a lot of great exposure.
Yeah, that's true.
Generally, I like the idea that he's going
for.
And I think that idea is like, you
(04:07):
don't always have to be a tightwad.
You can loosen up and get comfortable at
some point.
I think a lot of people spend their
whole life saving and have that mindset.
And then they'll get in a situation and
their wife won't let them go out to
dinner back to back nights, even if they
have the means to do it.
(04:28):
So from that standpoint, I think it's interesting.
And maybe if it lets people enjoy life
a little bit, bravo.
One of the things that I was thinking
was, my net worth and my available liquidity
are two completely different numbers.
And my available liquidity is much, much smaller
(04:49):
than my net worth.
So would this rule apply to 0.01
% of my available liquidity or 0.01
% of my net worth?
Because if it's 0.01% of my
net worth, then I shouldn't have any heart
palpitations about my daughter's birthday party this weekend.
(05:11):
But the reality is with 35 people coming,
it's going to be very, very expensive, no
matter how you look at it.
So that would be my question, if Nick
was here, that I would ask him, what
does he really mean by that?
And I'm sure there would be some kind
of caveat.
I think he has mentioned, I've heard elsewhere
saying that maybe you should take out your
primary residence, but still- Well, your point
(05:33):
is a good one.
If you're really thinking about it, some people
have investments that have very minimal access.
And so if you can't really access that
wealth, house is a good example, but there's
lots of different kinds of investments that don't
give you potential access to either to sell
(05:56):
it or to generate cash flow from it.
So if that's the case, maybe there's a
good case for reconsideration of how do I
go about that calculation of how much is
inconsequential?
Yeah.
So I can't pay for dinner.
It's my wife's birthday this weekend too.
So I get my daughter and my wife
(06:17):
back to back, right?
It's going to be an expensive weekend.
That's your wife.
I hope you're not going to hold that
against her when it comes to her birthday
present.
Oh, my wife's going to do just fine.
Excellent.
But yeah, so- Birthday party, there's no
getting around that.
She deserves one too.
(06:39):
0.01% of, I can't pay for
the birthday parties with my house, either one.
I can't pay with it with my 401k.
I can't pay with it with my IRA.
I can't reasonably pay for it with my
Roth IRA.
I can't reasonably pay for it from my
529.
I don't want to pay for it from
my brokerage account.
(06:59):
I can't pay for it with my HSA.
So is it 0.01% of what's
in my checking account?
Reasonable.
All liquidity is not the same.
So I think this rule needs a lot
(07:19):
of caveats and footnotes, I guess.
I think it's about having a personal rule
for your own situation, right?
Because some people are...
Chris, we run into clients all the time
and you laugh when I say this word,
but sometimes some of them need permission.
I post all the time, Jeff.
I talk about this with people routinely, that
(07:39):
notion that you talk about the financial plan
can give you permission.
And these are people with liquidity.
These are people with cashflow.
Everything Brian said is valid, but these are
people who no matter what formula they use,
they're okay.
I think ultimately, Jeff, that's the people who
(07:59):
this rule is for.
The people who have the money, have the
liquidity, but struggle to actually spend the money
that they've spent their life saving for.
I think in that sense, this is an
excellent rule.
Right.
And however you come up with that rule,
if it's a budget, if it's a formula,
whatever it is, you should enjoy the effort
(08:22):
that you put into having a great financial
plan and all those early years when you
didn't have liquidity and didn't have cashflow and
you were just working to make ends meet.
And you did the hard work and you
reached to your ultimate financial plan, your critical
mass, whatever terms we want to use.
Jeez, find a way to enjoy it.
(08:43):
Enjoy it.
Giving it away, spending it, traveling, whatever it
is.
Well, I think it's a good point.
And we often talk about some of these
rules of thumb, which aren't just that, they're
not necessarily hard and fast to everyone's unique
circumstances.
But I think that was a good clarification
(09:04):
about what should we be thinking about?
It might be different for different stages of
life and different access to aspects of wealth.
And that kind of brings us to thinking
about, Brian, you were talking about all these
different issues.
It might be different for one stage of
life from another.
Someone who is, in your case, well before
(09:25):
access to your retirement accounts, you face different
circumstances than, say, Jeff, or I'm getting close,
Jeff.
I'm six months away.
Yeah.
Yeah.
I'm definitely at my closer to spending age,
right?
Yeah.
(09:46):
And you have access to that money if
you want it.
I do.
I'm over 59 and a half.
So generationally, there are different kinds of issues.
And you had a recent article that kind
of fed into this topic.
Maybe you want to set that up, Brian?
Yeah, I think it's related.
And it's built off another Wall Street Journal
article.
(10:07):
And the Wall Street Journal article was called,
Americans Lose Faith That Hard Work Leads to
Economic Gains.
It's based on a survey that shows that
only 25% of Americans believe that they
can raise their standard of living.
And I thought that was very depressing.
So I looked back at some historical data,
(10:30):
and I tried to say, hey, look, what
is actually doing this?
This has been a conversation for years now.
It's been a trend going for years.
I mean, the data on the survey goes
back, I believe, to the 80s.
And this is the worst it's ever been.
And I made my attempt at trying to
figure out what's causing this.
And I made the caveat at the beginning
(10:51):
of the fact that I'm of the millennial
generation, because I do think a lot of
these sentiment conversations come down to what part
of life you're in.
My mother, who is retired, she is less
concerned about the cost of college education than
(11:14):
she is about the cost of her trip
to Vietnam.
She's just in a different stage of life.
So I thought that was illustrative of pointing
out why maybe these things are to the
top of my head.
I'm trying to reveal my bias.
But when you think about it, I put
in this article 20 years of data, and
(11:35):
it's a compounding effect.
And when you guys were my age, I'm
sure if I look back at 40 years
of data, it would have been a compounding
effect that led to a similar situation or
a similar feeling when you were around 40
years old with kids as well.
So I think one of Chris's reactions when
(11:56):
he first read this is, I felt similarly
when I was younger.
And my reaction was, I don't doubt that
you did.
That's the kind of the point that I'm
putting out here.
These are compounding effects.
And basically what I did was I looked
at the CPI.
I looked at the CPI over the last
20 years.
I could have done it the last 40
(12:17):
years and made it more relevant to more
people, I'm sure.
But I think the story would have been
the same.
And I said, hey, look, the target inflation
is 2%.
The actual inflation that we're seeing right now
is 2.9%. But these three categories, which
are big categories for happiness in life, are
growing at well beyond the target and the
headline inflation.
(12:38):
And those three categories were shelter, education, and
health care.
So let's talk about shelter first, because it's
been more dramatic over the last five years
since the post-pandemic.
And that's been growing at nearly 5%
annual compounded rate for the last five years,
(13:01):
which is substantial.
Most people have not kept up.
Their wages have not kept up with that
amount.
In the lower end, you've actually done slightly
better.
In the higher end, the higher 50%, you've
done slightly worse.
So that's a problem.
(13:21):
And the longer these problems last, the bigger
and bigger the exasperation of the problem gets.
Now, looking at wages isn't even like a
good way of assessing shelter, because the biggest
deterrence to buying a home is the down
payment.
So a lot of people need to be
(13:41):
part of what I call the capital class,
meaning they already have to have investments, or
they have to have help from family members.
25% of people who buy their first
home, according to the National Association of Realtors,
or maybe that one was Redfin, I don't
remember correctly, get help from mom and dad.
And the average first-time home buyer is
(14:03):
38 years old, and the average home buyer
is 56 years old.
So that seems pretty old to me, and
it is historically old for a first-time
home buyer and for the average home buyer.
So there's obviously a problem here, and it's
getting exasperated.
Now, even if you're renting, oftentimes, at least
(14:25):
here in Boston, you need first, last, and
security deposit.
So that's three months' rent that you need
on day one.
That can be an onerous tax for a
lot of people, and we're not even talking
about moving expenses.
So that could be a big headwind.
So no matter how you look at it,
this has been frustrating to people, particularly over
(14:46):
the last five years.
But even if you look over the last
20 years, it's well ahead of headline inflation
or target inflation.
Finally, I get the sense that a lot
of people don't think they could start a
family without owning a home.
And whether that's right or wrong, I do
think that's a cultural perception.
So if people are banking their standard of
(15:09):
living or their happiness into the ability to
get married, start a family, start growing a
life, at least the vibe is that there's
a huge impediment here, that you can't afford
it.
And I think that's sad.
Now, the second part that I want to
talk about is education, and the cost of
childcare is astronomical.
(15:29):
If you didn't experience that, I don't know
where you live, because this seems to be
the case everywhere.
It grows well beyond...
Childcare grows well at 3.6% a
year for the last 20 years.
Again, that's higher than wage growth for the
last 20 years.
The cost of education, college education has gone
(15:51):
up also by 3.6%. Whether that's coincidence
or not, I do not know, but I
checked the numbers and that's case.
They're both 3.6% for the last
20 years.
The only sector of the economy that has
grown wages faster than 3.6% are
people who hold bachelor degrees.
So the people with bachelor degrees, their family
tree has the ability to afford more bachelor
(16:15):
degrees.
So I can see how that could be
frustrating to people who feel like they can
just never get there.
Or if they do, they have to take
in an exuberant amount of student loans and
that they'll be paying off for the foreseeable
future.
There's tons of data out there that suggests
that if you have a college degree, you're
(16:35):
more likely to have a job, you're more
likely to have higher wages, you're more likely
to have a family.
So these things, they compound on each other.
And finally, healthcare, again, it's growing at a
rapid pace.
62% of personal bankruptcies in this country
are caused by a healthcare bill.
(16:56):
If you can't feel like you can have
a good job and have a home and
have reasonable health insurance, I could see why
it can get frustrating for people and feel
like they can't raise their standard of living.
So basically that was what the article was
about.
Now tack on to the fact that if
you're paying 5% to 10% for
(17:16):
student loans and your wages are growing at
3.5%, well, now you're using your all
important minimal liquidity during your formative adult years
where you would like to be saving for
a house, saving for your child's education, saving
for having children or paying your health insurance.
You can see how that can get sucked
up and continue this frustrating cycle.
(17:37):
So that's what the article is about.
It's just trying to be explained why people
might feel this way.
And I understand the frustration.
We have a lot of help for people
trying to get to retirement.
We have 401k plans and IRAs and Roth
(17:59):
IRAs.
But a lot of that kind of takes
away from your earning years.
And I think it's important to save for
those retirement years.
But when you're working in your formative years,
you do have a lot of expenses and
a lot of liquidity needs.
(18:21):
And I think that can be, again, this
compounds, right?
The effect of compounding is significant.
So the longer this goes unsolved, the more
frustrating it's going to be for subsequent generations.
A lot to unpack in that.
I think it's challenging because I think, as
you said, a lot of times, the initial
(18:42):
reaction is, hey, we had a tough two.
That's not a good thing, no.
No, no.
And as I think about it, I have
a number of reactions.
First one is, based on what you just
discussed, it is really interesting to think that
(19:04):
education begets education, which also suggests wealth begets
wealth, right?
The idea that if I am coming from
a household that has a higher education, I
have a higher propensity for getting a higher
education.
(19:24):
Higher education, whichever generation we're talking about, implies
greater opportunity for income and less unemployment.
We can see stats about that year after
year after year, whether it's in good economies
or bad economies.
And that's really relevant.
And that's part of how that factors into
(19:45):
this.
I think I relate to my own experience,
of course, anecdotal stuff, right?
We all internalize this.
And I think, well, yeah, I had family
who helped me with a down payment, right?
If you don't have that kind of support
or the ability of a parent to do
(20:06):
that, then that's a disadvantage.
You could put that same point to education.
So those are valid points, I think.
And probably today, you can make that same
case about childcare.
In our case, Kristen stayed home for years.
So that's how we dealt with the cost
(20:27):
of childcare.
After we had our second child, it was
too expensive.
We couldn't afford to have childcare.
So it made more sense at the rates
we were getting paid in those days, not
to have that other income, rather to be
home and have the opportunity to raise the
children the way we wanted.
(20:48):
Well, the average child care expense in Massachusetts
is $22,000 per child.
That's after tax money, okay?
So there should be the expectation, I would
say, if you have two children, that most
people can't, it doesn't make sense for both
parents to continue to work.
(21:09):
Because you have to assume that both parents
make a substantial amount of money and then
they'd just be working just to send their
kids elsewhere.
Yeah.
That was the case in our situation.
It was like, well, you get to a
point where it's like, well, I'd rather be
home anyway.
I guess we'll have to make it work
this way, that kind of thing.
Right.
And then we live in a society where
(21:29):
shelter and education are married to each other,
right?
Because your property taxes pay for your public
school's education as well.
True.
So if you can't afford a house in
a good school district, I mean, we're-
So this is all to say, when you
put these things together and you think about
(21:50):
the compounding effect, I think that's the most
important thing is year after year after year,
it's going to continue to be hard.
And why do we want it to be
so hard for people to have families?
I think the difference though is it's hard,
but does that mean that there is not
the capability or the opportunity for upward mobility?
(22:13):
I think your point is a good one.
Maybe it's harder than it should be, and
there are certainly equity issues beyond the scope
of what we're going to solve in our
conversation, but whether or not education should be
tied to the property values in your town
and how should that be structured?
(22:37):
Well, let's think about it this way.
Just think about the ways that it can
handcuff people, right?
We just talked about how, if you have
two kids, it might make sense under most
circumstances for a parent to stay home.
That parent, which has historically has been women,
are going to be taken out of the
workforce for years.
When they go back, are they going to
get- Wage level, yeah.
(23:00):
Yeah, we talk about this all the time
with social security and the loss of years
from 401ks and building their income over job
promotions that they're sacrificing.
Absolutely, real detriment.
As we know, women tend to make less
than men in the same job, and I
think a big part of that, I don't
think I know what big part of that
is because of the lost years in the
(23:21):
workforce because of child rearing.
That's one big reason where upward mobility is
hampered, right, because of one of these reasons.
Another one would be, let's talk about health
insurance again.
Most people are subsidized, their health insurance is
subsidized by their employer, or at least most
white-collar workers, right?
That's not even available from blue-collar workers.
(23:44):
You can't take any- Unionized, maybe, not
necessarily.
Unionized, certainly.
Yeah, but you can't take an interruption in
your service.
That's not something that's going to be available
to most families because your insurance is so
important, right?
Does that limit your opportunity set?
Does that limit you from changing careers if
(24:06):
you want to?
I would say it certainly does, right?
If you work in a union job, are
you going to stick out that union job
just because you know that your family has
health insurance, even if it makes you unhappy,
even if you don't see it adding significant
changes to your standard of life, as the
(24:27):
survey points out, I would say yes.
If you have to spend what I estimate
$1.1 million to send my children to
college, and you have to put away a
substantial amount of your paycheck in your working
years to fund that education, well, will that
(24:48):
take away from your standard of living?
Of course it will.
Will it take away from the amount of
money that you would have to invest elsewhere?
Of course it will.
With education expenses rising 4% a year,
as they have for the last decade, you're
significantly hampered.
(25:09):
When does that change?
It has slowed down recently.
You have demographic components that will exacerbate that
shift where you'll have some schools going out
of business, perhaps, but just the idea that
there'll be a tighter market, right?
(25:29):
Less customers for the department, right?
Yeah.
But there is a fair point that maybe
government subsidized funding of college educations has made
it accessible in a way that's caused costs
to continue to rise when it's being shouldered
by students who pay it over a decade
(25:52):
or more, well beyond.
They're probably longer than that after their college
education, and at a rate that's more comparable
to a mortgage than it is what used
to be thought of as how you would
pay for education.
So that's its own dilemma.
(26:13):
How do you deal with this?
Yeah.
We see this with our clients.
They come in and especially the younger clients,
like Brian's age and give or take, and
they want to do it all, right?
You want to do it all.
You want to save for retirement.
You want to go on all these vacations.
You want to save for your college, for
your children and so forth, and you can't
(26:33):
do it all sometimes.
It's a matter of prioritizing.
Chris, you must remember, I remember the days
when you had no money, and then you
started to have some money because you were
either working two jobs or you were doing
well in your profession or whatever the situation,
and then you started to be able to
save, and you did what you could, and
then you build your career, and you start
(26:54):
to say, well, what's important to me?
Where are my values?
So if my values are to provide education
for my family through savings so they can
go to college, then no, I can't go
on a quarterly cruise around the world, right?
So there's a lot of conflicting things, and
sometimes I hear from people, not to be
(27:16):
the negative side of this, but you can't
have it all.
You do have choices to make.
Maybe you can't.
I think about the first house that I
bought was 800 square feet.
You see a lot more larger homes and
people using leverage, a lot more than my
memory is.
You see cars.
There's another thing, Ryan, the cost of vehicles
(27:37):
is, I don't know what the inflation rate,
but in healthcare for sure.
And yeah, if you have to stay in
the job, if you make the decision that
I'm going to stay in this job because
it has health insurance for me and my
family, and it has a 40-hour a
week wage, and it has the potential for
promotion, even if I don't love the job,
well, that's part of my choices on how
(27:59):
I want to raise my family and the
values that I want to instill in the
people that I care about.
So it's about choices.
It's about discipline, and it's about having a
plan, even when it doesn't seem like the
plan's going to work long-term.
Yeah.
So Jeff, what I heard is what you're
(28:20):
saying is you agree that it's tough to
raise your standard of living, right?
You have to make a lot of trade
-offs.
I do, and that is my main point,
and it's been every generation.
And I'm going back to your original point,
maybe not doing a good job about it.
If the unhappiness or the happiness quotient, however
you want to measure it, if the unhappiness
quotient is higher now, I wonder why.
(28:43):
It's always been tough.
There's always been sacrifices.
I wonder why people are less willing to
either make those sacrifices or they're more unhappy
to make those sacrifices.
In recent years, I think it's very much
a housing story because it's accelerated so much
more.
(29:03):
It's been 5%.
Historically, it's been around 3.1%. But that's
a significant leap.
That's a 60%, 70% change in the
change of typical prices.
You're talking about a 40% change compound,
give or take, over the last five years.
That's huge.
That keeps people out.
And it keeps a whole generation of people
(29:25):
that want to increase their standard of living
but can't and then have a jealousy factor
if they see someone getting help from mom
and dad or if they do see that
that's done well, that's been able to buy
a house.
I think that's a natural human reaction.
Did you have a bottom line in the
(29:45):
article as it relates to this?
I think we can certainly take a takeaway
that maybe it's an uphill slog, but you
really need to do planning.
You can't expect to get there without some
serious effort.
So my bottom line is that inflation has
(30:07):
been around 2% over the last 20
years.
There's been periods when it's been a little
bit higher.
There's been periods when it's been a little
bit lower.
But the three things that actually really matter
to people's happiness or increasing their standard of
living has been orders of magnitude higher than
2%.
We're talking three, three and a half percent,
and with shelter more recently, 5%.
(30:28):
So we can measure how much electronics have
gone down.
When I graduated from college, I think I
bought a TV for $1,100 and I
just bought one for $115.
That's great.
That gets into the data, that gets into
the 2%.
But it's a pretty insignificant part of trying
to build a life for me and my
family, which is ultimately the most important thing.
(30:50):
I own eight TVs.
I don't need eight TVs, but my kids
do need to go to college.
I have eight TVs because they cost $100.
They're cheap.
We've decreased the cost of things that are
nice to have, and the necessities are wildly
out of control.
I think that compounding rate of effect has
(31:13):
become frustrating for people over time.
That was my bottom line.
My wife read the article and she said,
you should really end with something happier.
I said, it's not a happy article.
I told her, maybe in one of my
follow-ups, it'll be about how to be
better than the average.
(31:33):
I talked a lot about median and mean
wages and costs.
It's like, well, can you live a life
that's a little cheaper?
Can you find a way to increase your
wages?
I've written similar articles before about how to
save money, how to live beneath your means,
(31:56):
but ultimately you need to become part of
the capital class.
You need to become an investor.
Otherwise, I think you're just going to have
an endless struggle and frustration.
I think we can look at the last,
what is it, since the great recession, the
wealth class versus the wage class, vastly different
(32:17):
experiences.
If you had wealth, it grew dramatically.
If you had wages, it grew a little
bit.
Big difference.
You have to find a way to be
living below your means so that you can
have some creation of wealth over time.
We've talked about this on other episodes.
(32:38):
It's not easy to do, but you're making
choices.
If you're deciding to go to college, are
you going to a college that's going to
result in a vocation, a job, or are
you just going to college?
Are you going to do two years at
community college?
Are you going to take out $60,000
loans and study sociology?
These are decisions that are important.
(33:02):
The debate about the value of a liberal
arts education is another topic for another day,
but I follow your point.
I meant it as an example, not a
- I totally got your point.
It's a value.
Thought-provoking stuff.
If you want to learn more about this,
head to our webpage.
You can read Brian's full article, Why the
(33:23):
Economic Vibes Are Off.
If nothing else, you can go to somethingmorewithchrisboyd
.com to find our webpage, or you can
go to wealthenhancement.com.
If we can be a help to as
you're trying to navigate your financial planning and
portfolio management, whether for you or for your
(33:46):
family members, don't hesitate to reach out to
our team.
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
quality of life issues that make the money
matters matter.
Whatever's on your mind, visit us at somethingmorewithchrisboyd
(34:10):
.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
Financial Talk Show.
Wealth Enhancement Advisory Services and Jay Christopher Boyd
provide investment advice on an individual basis to
(34:30):
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.
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 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 here for another segment of
Something More with Chris Boyd.
I'm here with Jeff Perry and Brian Regan.
We are all of the AMR team at
(00:42):
Wealth Enhancement.
Glad to have you joining us for another
episode.
We have a variety of things to talk
about, and where I want to begin is
an interesting article in the Wall Street Journal
over the weekend, September 13th, I guess it
was provided.
The title is On the Fence About Spending
(01:04):
Decision?
Try the 0.01% rule.
Well, we hear about all these rules, huh,
Jeff?
There's no shortage of rules.
The 5% rule, 4% rule, the
rule of 55.
I got all these rules.
I don't know where to begin, right?
So now we got another rule, the 0
(01:24):
.01% rule.
Did you happen to read this article?
I read it, and I mentioned to my
wife, and that doesn't sound like enough.
Well, do you want to elaborate what the
gist of this was, this rule?
It's about setting a spending limit, basically, right,
(01:49):
out of your cash flow to help guide
you to make decisions, and I don't know.
Things don't necessarily have to be elaborately deliberative,
but if it's under a certain amount, and
if I am correct, the amount was 0
.01% of your investments is, I think,
(02:12):
the way it was expressed.
And so I started thinking about that, and
I was like- It's a pretty broad
definition.
Honey, let's go out to dinner tonight, and
she's like, oh, we just went out last
night.
I'm like, but it would be less than
0.01% of this kind of thing.
And so when you're thinking about how to
(02:34):
do it, it could be slippery slope.
You're making permission for yourself on things you
care to do just because you'll want to
without maybe a little bit of discipline.
It reminded me of the Dave Ramsey, burn
it on my dining room table rule.
That's more about big decisions for him, not
(02:55):
just spending.
But people will ask him, call into a
show or whatever, and say, I want to
buy this car, and he'll go through their
net worth, their debts, and whatever.
And they'll say, oh, I want to buy
this old car.
It's $50,000.
And Dave will say, if you burnt that
money on your kitchen table, would it make
a difference to your financial plan?
And if the answer is no, it doesn't
(03:24):
matter.
Then go ahead and do it if you're,
in his case, debt-free and have your
retirement plan set up.
And so context matters, right?
It's not just- That's absolutely true.
Brian, you read this article as well, right?
Yeah.
Well, I'm very familiar with Nick Viguli and
the Rittholz Wealth team because I listen to
(03:45):
their podcast.
So I'm familiar with the rule because I
heard it through those avenues.
And I saw that it was written up
in the Wall Street Journal.
And I thought, my first thought was, hey,
good for him.
He's going to sell a lot of books,
a lot of great exposure.
Yeah, that's true.
Generally, I like the idea that he's going
for.
And I think that idea is like, you
(04:07):
don't always have to be a tightwad.
You can loosen up and get comfortable at
some point.
I think a lot of people spend their
whole life saving and have that mindset.
And then they'll get in a situation and
their wife won't let them go out to
dinner back to back nights, even if they
have the means to do it.
(04:28):
So from that standpoint, I think it's interesting.
And maybe if it lets people enjoy life
a little bit, bravo.
One of the things that I was thinking
was, my net worth and my available liquidity
are two completely different numbers.
And my available liquidity is much, much smaller
(04:49):
than my net worth.
So would this rule apply to 0.01
% of my available liquidity or 0.01
% of my net worth?
Because if it's 0.01% of my
net worth, then I shouldn't have any heart
palpitations about my daughter's birthday party this weekend.
(05:11):
But the reality is with 35 people coming,
it's going to be very, very expensive, no
matter how you look at it.
So that would be my question, if Nick
was here, that I would ask him, what
does he really mean by that?
And I'm sure there would be some kind
of caveat.
I think he has mentioned, I've heard elsewhere
saying that maybe you should take out your
primary residence, but still- Well, your point
(05:33):
is a good one.
If you're really thinking about it, some people
have investments that have very minimal access.
And so if you can't really access that
wealth, house is a good example, but there's
lots of different kinds of investments that don't
give you potential access to either to sell
(05:56):
it or to generate cash flow from it.
So if that's the case, maybe there's a
good case for reconsideration of how do I
go about that calculation of how much is
inconsequential?
Yeah.
So I can't pay for dinner.
It's my wife's birthday this weekend too.
So I get my daughter and my wife
(06:17):
back to back, right?
It's going to be an expensive weekend.
That's your wife.
I hope you're not going to hold that
against her when it comes to her birthday
present.
Oh, my wife's going to do just fine.
Excellent.
But yeah, so- Birthday party, there's no
getting around that.
She deserves one too.
(06:39):
0.01% of, I can't pay for
the birthday parties with my house, either one.
I can't pay with it with my 401k.
I can't pay with it with my IRA.
I can't reasonably pay for it with my
Roth IRA.
I can't reasonably pay for it from my
529.
I don't want to pay for it from
my brokerage account.
(06:59):
I can't pay for it with my HSA.
So is it 0.01% of what's
in my checking account?
Reasonable.
All liquidity is not the same.
So I think this rule needs a lot
(07:19):
of caveats and footnotes, I guess.
I think it's about having a personal rule
for your own situation, right?
Because some people are...
Chris, we run into clients all the time
and you laugh when I say this word,
but sometimes some of them need permission.
I post all the time, Jeff.
I talk about this with people routinely, that
(07:39):
notion that you talk about the financial plan
can give you permission.
And these are people with liquidity.
These are people with cashflow.
Everything Brian said is valid, but these are
people who no matter what formula they use,
they're okay.
I think ultimately, Jeff, that's the people who
(07:59):
this rule is for.
The people who have the money, have the
liquidity, but struggle to actually spend the money
that they've spent their life saving for.
I think in that sense, this is an
excellent rule.
Right.
And however you come up with that rule,
if it's a budget, if it's a formula,
whatever it is, you should enjoy the effort
(08:22):
that you put into having a great financial
plan and all those early years when you
didn't have liquidity and didn't have cashflow and
you were just working to make ends meet.
And you did the hard work and you
reached to your ultimate financial plan, your critical
mass, whatever terms we want to use.
Jeez, find a way to enjoy it.
(08:43):
Enjoy it.
Giving it away, spending it, traveling, whatever it
is.
Well, I think it's a good point.
And we often talk about some of these
rules of thumb, which aren't just that, they're
not necessarily hard and fast to everyone's unique
circumstances.
But I think that was a good clarification
(09:04):
about what should we be thinking about?
It might be different for different stages of
life and different access to aspects of wealth.
And that kind of brings us to thinking
about, Brian, you were talking about all these
different issues.
It might be different for one stage of
life from another.
Someone who is, in your case, well before
(09:25):
access to your retirement accounts, you face different
circumstances than, say, Jeff, or I'm getting close,
Jeff.
I'm six months away.
Yeah.
Yeah.
I'm definitely at my closer to spending age,
right?
Yeah.
(09:46):
And you have access to that money if
you want it.
I do.
I'm over 59 and a half.
So generationally, there are different kinds of issues.
And you had a recent article that kind
of fed into this topic.
Maybe you want to set that up, Brian?
Yeah, I think it's related.
And it's built off another Wall Street Journal
article.
(10:07):
And the Wall Street Journal article was called,
Americans Lose Faith That Hard Work Leads to
Economic Gains.
It's based on a survey that shows that
only 25% of Americans believe that they
can raise their standard of living.
And I thought that was very depressing.
So I looked back at some historical data,
(10:30):
and I tried to say, hey, look, what
is actually doing this?
This has been a conversation for years now.
It's been a trend going for years.
I mean, the data on the survey goes
back, I believe, to the 80s.
And this is the worst it's ever been.
And I made my attempt at trying to
figure out what's causing this.
And I made the caveat at the beginning
(10:51):
of the fact that I'm of the millennial
generation, because I do think a lot of
these sentiment conversations come down to what part
of life you're in.
My mother, who is retired, she is less
concerned about the cost of college education than
(11:14):
she is about the cost of her trip
to Vietnam.
She's just in a different stage of life.
So I thought that was illustrative of pointing
out why maybe these things are to the
top of my head.
I'm trying to reveal my bias.
But when you think about it, I put
in this article 20 years of data, and
(11:35):
it's a compounding effect.
And when you guys were my age, I'm
sure if I look back at 40 years
of data, it would have been a compounding
effect that led to a similar situation or
a similar feeling when you were around 40
years old with kids as well.
So I think one of Chris's reactions when
(11:56):
he first read this is, I felt similarly
when I was younger.
And my reaction was, I don't doubt that
you did.
That's the kind of the point that I'm
putting out here.
These are compounding effects.
And basically what I did was I looked
at the CPI.
I looked at the CPI over the last
20 years.
I could have done it the last 40
(12:17):
years and made it more relevant to more
people, I'm sure.
But I think the story would have been
the same.
And I said, hey, look, the target inflation
is 2%.
The actual inflation that we're seeing right now
is 2.9%. But these three categories, which
are big categories for happiness in life, are
growing at well beyond the target and the
headline inflation.
(12:38):
And those three categories were shelter, education, and
health care.
So let's talk about shelter first, because it's
been more dramatic over the last five years
since the post-pandemic.
And that's been growing at nearly 5%
annual compounded rate for the last five years,
(13:01):
which is substantial.
Most people have not kept up.
Their wages have not kept up with that
amount.
In the lower end, you've actually done slightly
better.
In the higher end, the higher 50%, you've
done slightly worse.
So that's a problem.
(13:21):
And the longer these problems last, the bigger
and bigger the exasperation of the problem gets.
Now, looking at wages isn't even like a
good way of assessing shelter, because the biggest
deterrence to buying a home is the down
payment.
So a lot of people need to be
(13:41):
part of what I call the capital class,
meaning they already have to have investments, or
they have to have help from family members.
25% of people who buy their first
home, according to the National Association of Realtors,
or maybe that one was Redfin, I don't
remember correctly, get help from mom and dad.
And the average first-time home buyer is
(14:03):
38 years old, and the average home buyer
is 56 years old.
So that seems pretty old to me, and
it is historically old for a first-time
home buyer and for the average home buyer.
So there's obviously a problem here, and it's
getting exasperated.
Now, even if you're renting, oftentimes, at least
(14:25):
here in Boston, you need first, last, and
security deposit.
So that's three months' rent that you need
on day one.
That can be an onerous tax for a
lot of people, and we're not even talking
about moving expenses.
So that could be a big headwind.
So no matter how you look at it,
this has been frustrating to people, particularly over
(14:46):
the last five years.
But even if you look over the last
20 years, it's well ahead of headline inflation
or target inflation.
Finally, I get the sense that a lot
of people don't think they could start a
family without owning a home.
And whether that's right or wrong, I do
think that's a cultural perception.
So if people are banking their standard of
(15:09):
living or their happiness into the ability to
get married, start a family, start growing a
life, at least the vibe is that there's
a huge impediment here, that you can't afford
it.
And I think that's sad.
Now, the second part that I want to
talk about is education, and the cost of
childcare is astronomical.
(15:29):
If you didn't experience that, I don't know
where you live, because this seems to be
the case everywhere.
It grows well beyond...
Childcare grows well at 3.6% a
year for the last 20 years.
Again, that's higher than wage growth for the
last 20 years.
The cost of education, college education has gone
(15:51):
up also by 3.6%. Whether that's coincidence
or not, I do not know, but I
checked the numbers and that's case.
They're both 3.6% for the last
20 years.
The only sector of the economy that has
grown wages faster than 3.6% are
people who hold bachelor degrees.
So the people with bachelor degrees, their family
tree has the ability to afford more bachelor
(16:15):
degrees.
So I can see how that could be
frustrating to people who feel like they can
just never get there.
Or if they do, they have to take
in an exuberant amount of student loans and
that they'll be paying off for the foreseeable
future.
There's tons of data out there that suggests
that if you have a college degree, you're
(16:35):
more likely to have a job, you're more
likely to have higher wages, you're more likely
to have a family.
So these things, they compound on each other.
And finally, healthcare, again, it's growing at a
rapid pace.
62% of personal bankruptcies in this country
are caused by a healthcare bill.
(16:56):
If you can't feel like you can have
a good job and have a home and
have reasonable health insurance, I could see why
it can get frustrating for people and feel
like they can't raise their standard of living.
So basically that was what the article was
about.
Now tack on to the fact that if
you're paying 5% to 10% for
(17:16):
student loans and your wages are growing at
3.5%, well, now you're using your all
important minimal liquidity during your formative adult years
where you would like to be saving for
a house, saving for your child's education, saving
for having children or paying your health insurance.
You can see how that can get sucked
up and continue this frustrating cycle.
(17:37):
So that's what the article is about.
It's just trying to be explained why people
might feel this way.
And I understand the frustration.
We have a lot of help for people
trying to get to retirement.
We have 401k plans and IRAs and Roth
(17:59):
IRAs.
But a lot of that kind of takes
away from your earning years.
And I think it's important to save for
those retirement years.
But when you're working in your formative years,
you do have a lot of expenses and
a lot of liquidity needs.
(18:21):
And I think that can be, again, this
compounds, right?
The effect of compounding is significant.
So the longer this goes unsolved, the more
frustrating it's going to be for subsequent generations.
A lot to unpack in that.
I think it's challenging because I think, as
you said, a lot of times, the initial
(18:42):
reaction is, hey, we had a tough two.
That's not a good thing, no.
No, no.
And as I think about it, I have
a number of reactions.
First one is, based on what you just
discussed, it is really interesting to think that
(19:04):
education begets education, which also suggests wealth begets
wealth, right?
The idea that if I am coming from
a household that has a higher education, I
have a higher propensity for getting a higher
education.
(19:24):
Higher education, whichever generation we're talking about, implies
greater opportunity for income and less unemployment.
We can see stats about that year after
year after year, whether it's in good economies
or bad economies.
And that's really relevant.
And that's part of how that factors into
(19:45):
this.
I think I relate to my own experience,
of course, anecdotal stuff, right?
We all internalize this.
And I think, well, yeah, I had family
who helped me with a down payment, right?
If you don't have that kind of support
or the ability of a parent to do
(20:06):
that, then that's a disadvantage.
You could put that same point to education.
So those are valid points, I think.
And probably today, you can make that same
case about childcare.
In our case, Kristen stayed home for years.
So that's how we dealt with the cost
(20:27):
of childcare.
After we had our second child, it was
too expensive.
We couldn't afford to have childcare.
So it made more sense at the rates
we were getting paid in those days, not
to have that other income, rather to be
home and have the opportunity to raise the
children the way we wanted.
(20:48):
Well, the average child care expense in Massachusetts
is $22,000 per child.
That's after tax money, okay?
So there should be the expectation, I would
say, if you have two children, that most
people can't, it doesn't make sense for both
parents to continue to work.
(21:09):
Because you have to assume that both parents
make a substantial amount of money and then
they'd just be working just to send their
kids elsewhere.
Yeah.
That was the case in our situation.
It was like, well, you get to a
point where it's like, well, I'd rather be
home anyway.
I guess we'll have to make it work
this way, that kind of thing.
Right.
And then we live in a society where
(21:29):
shelter and education are married to each other,
right?
Because your property taxes pay for your public
school's education as well.
True.
So if you can't afford a house in
a good school district, I mean, we're-
So this is all to say, when you
put these things together and you think about
(21:50):
the compounding effect, I think that's the most
important thing is year after year after year,
it's going to continue to be hard.
And why do we want it to be
so hard for people to have families?
I think the difference though is it's hard,
but does that mean that there is not
the capability or the opportunity for upward mobility?
(22:13):
I think your point is a good one.
Maybe it's harder than it should be, and
there are certainly equity issues beyond the scope
of what we're going to solve in our
conversation, but whether or not education should be
tied to the property values in your town
and how should that be structured?
(22:37):
Well, let's think about it this way.
Just think about the ways that it can
handcuff people, right?
We just talked about how, if you have
two kids, it might make sense under most
circumstances for a parent to stay home.
That parent, which has historically has been women,
are going to be taken out of the
workforce for years.
When they go back, are they going to
get- Wage level, yeah.
(23:00):
Yeah, we talk about this all the time
with social security and the loss of years
from 401ks and building their income over job
promotions that they're sacrificing.
Absolutely, real detriment.
As we know, women tend to make less
than men in the same job, and I
think a big part of that, I don't
think I know what big part of that
is because of the lost years in the
(23:21):
workforce because of child rearing.
That's one big reason where upward mobility is
hampered, right, because of one of these reasons.
Another one would be, let's talk about health
insurance again.
Most people are subsidized, their health insurance is
subsidized by their employer, or at least most
white-collar workers, right?
That's not even available from blue-collar workers.
(23:44):
You can't take any- Unionized, maybe, not
necessarily.
Unionized, certainly.
Yeah, but you can't take an interruption in
your service.
That's not something that's going to be available
to most families because your insurance is so
important, right?
Does that limit your opportunity set?
Does that limit you from changing careers if
(24:06):
you want to?
I would say it certainly does, right?
If you work in a union job, are
you going to stick out that union job
just because you know that your family has
health insurance, even if it makes you unhappy,
even if you don't see it adding significant
changes to your standard of life, as the
(24:27):
survey points out, I would say yes.
If you have to spend what I estimate
$1.1 million to send my children to
college, and you have to put away a
substantial amount of your paycheck in your working
years to fund that education, well, will that
(24:48):
take away from your standard of living?
Of course it will.
Will it take away from the amount of
money that you would have to invest elsewhere?
Of course it will.
With education expenses rising 4% a year,
as they have for the last decade, you're
significantly hampered.
(25:09):
When does that change?
It has slowed down recently.
You have demographic components that will exacerbate that
shift where you'll have some schools going out
of business, perhaps, but just the idea that
there'll be a tighter market, right?
(25:29):
Less customers for the department, right?
Yeah.
But there is a fair point that maybe
government subsidized funding of college educations has made
it accessible in a way that's caused costs
to continue to rise when it's being shouldered
by students who pay it over a decade
(25:52):
or more, well beyond.
They're probably longer than that after their college
education, and at a rate that's more comparable
to a mortgage than it is what used
to be thought of as how you would
pay for education.
So that's its own dilemma.
(26:13):
How do you deal with this?
Yeah.
We see this with our clients.
They come in and especially the younger clients,
like Brian's age and give or take, and
they want to do it all, right?
You want to do it all.
You want to save for retirement.
You want to go on all these vacations.
You want to save for your college, for
your children and so forth, and you can't
(26:33):
do it all sometimes.
It's a matter of prioritizing.
Chris, you must remember, I remember the days
when you had no money, and then you
started to have some money because you were
either working two jobs or you were doing
well in your profession or whatever the situation,
and then you started to be able to
save, and you did what you could, and
then you build your career, and you start
(26:54):
to say, well, what's important to me?
Where are my values?
So if my values are to provide education
for my family through savings so they can
go to college, then no, I can't go
on a quarterly cruise around the world, right?
So there's a lot of conflicting things, and
sometimes I hear from people, not to be
(27:16):
the negative side of this, but you can't
have it all.
You do have choices to make.
Maybe you can't.
I think about the first house that I
bought was 800 square feet.
You see a lot more larger homes and
people using leverage, a lot more than my
memory is.
You see cars.
There's another thing, Ryan, the cost of vehicles
(27:37):
is, I don't know what the inflation rate,
but in healthcare for sure.
And yeah, if you have to stay in
the job, if you make the decision that
I'm going to stay in this job because
it has health insurance for me and my
family, and it has a 40-hour a
week wage, and it has the potential for
promotion, even if I don't love the job,
well, that's part of my choices on how
(27:59):
I want to raise my family and the
values that I want to instill in the
people that I care about.
So it's about choices.
It's about discipline, and it's about having a
plan, even when it doesn't seem like the
plan's going to work long-term.
Yeah.
So Jeff, what I heard is what you're
(28:20):
saying is you agree that it's tough to
raise your standard of living, right?
You have to make a lot of trade
-offs.
I do, and that is my main point,
and it's been every generation.
And I'm going back to your original point,
maybe not doing a good job about it.
If the unhappiness or the happiness quotient, however
you want to measure it, if the unhappiness
quotient is higher now, I wonder why.
(28:43):
It's always been tough.
There's always been sacrifices.
I wonder why people are less willing to
either make those sacrifices or they're more unhappy
to make those sacrifices.
In recent years, I think it's very much
a housing story because it's accelerated so much
more.
(29:03):
It's been 5%.
Historically, it's been around 3.1%. But that's
a significant leap.
That's a 60%, 70% change in the
change of typical prices.
You're talking about a 40% change compound,
give or take, over the last five years.
That's huge.
That keeps people out.
And it keeps a whole generation of people
(29:25):
that want to increase their standard of living
but can't and then have a jealousy factor
if they see someone getting help from mom
and dad or if they do see that
that's done well, that's been able to buy
a house.
I think that's a natural human reaction.
Did you have a bottom line in the
(29:45):
article as it relates to this?
I think we can certainly take a takeaway
that maybe it's an uphill slog, but you
really need to do planning.
You can't expect to get there without some
serious effort.
So my bottom line is that inflation has
(30:07):
been around 2% over the last 20
years.
There's been periods when it's been a little
bit higher.
There's been periods when it's been a little
bit lower.
But the three things that actually really matter
to people's happiness or increasing their standard of
living has been orders of magnitude higher than
2%.
We're talking three, three and a half percent,
and with shelter more recently, 5%.
(30:28):
So we can measure how much electronics have
gone down.
When I graduated from college, I think I
bought a TV for $1,100 and I
just bought one for $115.
That's great.
That gets into the data, that gets into
the 2%.
But it's a pretty insignificant part of trying
to build a life for me and my
family, which is ultimately the most important thing.
(30:50):
I own eight TVs.
I don't need eight TVs, but my kids
do need to go to college.
I have eight TVs because they cost $100.
They're cheap.
We've decreased the cost of things that are
nice to have, and the necessities are wildly
out of control.
I think that compounding rate of effect has
(31:13):
become frustrating for people over time.
That was my bottom line.
My wife read the article and she said,
you should really end with something happier.
I said, it's not a happy article.
I told her, maybe in one of my
follow-ups, it'll be about how to be
better than the average.
(31:33):
I talked a lot about median and mean
wages and costs.
It's like, well, can you live a life
that's a little cheaper?
Can you find a way to increase your
wages?
I've written similar articles before about how to
save money, how to live beneath your means,
(31:56):
but ultimately you need to become part of
the capital class.
You need to become an investor.
Otherwise, I think you're just going to have
an endless struggle and frustration.
I think we can look at the last,
what is it, since the great recession, the
wealth class versus the wage class, vastly different
(32:17):
experiences.
If you had wealth, it grew dramatically.
If you had wages, it grew a little
bit.
Big difference.
You have to find a way to be
living below your means so that you can
have some creation of wealth over time.
We've talked about this on other episodes.
(32:38):
It's not easy to do, but you're making
choices.
If you're deciding to go to college, are
you going to a college that's going to
result in a vocation, a job, or are
you just going to college?
Are you going to do two years at
community college?
Are you going to take out $60,000
loans and study sociology?
These are decisions that are important.
(33:02):
The debate about the value of a liberal
arts education is another topic for another day,
but I follow your point.
I meant it as an example, not a
- I totally got your point.
It's a value.
Thought-provoking stuff.
If you want to learn more about this,
head to our webpage.
You can read Brian's full article, Why the
(33:23):
Economic Vibes Are Off.
If nothing else, you can go to somethingmorewithchrisboyd
.com to find our webpage, or you can
go to wealthenhancement.com.
If we can be a help to as
you're trying to navigate your financial planning and
portfolio management, whether for you or for your
(33:46):
family members, don't hesitate to reach out to
our team.
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
quality of life issues that make the money
matters matter.
Whatever's on your mind, visit us at somethingmorewithchrisboyd
(34:10):
.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
Financial Talk Show.
Wealth Enhancement Advisory Services and Jay Christopher Boyd
provide investment advice on an individual basis to
(34:30):
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.
Listeners should consult their own financial advisors or
conduct their own due diligence before making any
financial decisions.
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