Episode Transcript
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Speaker 1 (00:00):
Hello, in good morning, folks. Sixty six to zero two
six June sixth. Here we are into June. Let's enjoy
the summer. For those of you that are going to
the racetrack, we got the big Belmont Stakes. Today should
be a good day. I think the weather's going to
hold off and hopefully, hopefully we'll have an exciting day.
(00:23):
I know I have a horse racing on in the
third race, so I'm hoping to be in the winner
circle after I leave you this morning. But I'm here
for you for the next hour, and I'm live Stephen Bouchet.
Our phone numbers one eight hundred talk WGY one eight
hundred eighty two five five nine four nine. Any questions whatsoever, folks,
(00:46):
One eight hundred eight two five fifty nine forty nine.
I would love love to talk to you, so astach.
I mean, we've had some great news, folks, right, I mean,
I've been with you last weekend. We were celebrating, we
were giddy. Nine weeks the market was up, felt really really,
really really good. And then this week came along, and
(01:09):
you know, this week was not as good of a week.
Let's say the markets were down and investors, you know,
gave a little bit back, but that's okay. You know,
the SMT was down two point six percent, the Russell
two thousand down almost three percent, and the Growth Oriented
(01:29):
Technology Index NANSTAC one hundred which is QQQ down about
four and a half percent, and the entire NANSDAC composite
was down almost four point seven percent. So there you
have it. It's just one of those days where or
one of those weeks where we had a lot going
(01:49):
on and the markets were down. But that's all right, hey, folks,
I mean, how many times do we get buying opportunities
if you wanted to get in. Last week in the
market was that it's all time high. Well guess what,
it's not that it's all time high. Now it's down,
you know, two point six on the SMP and four
(02:11):
and a half on the NASTAK. So you got a
little opportunity. We'll see what happens. Obviously, the jobs report
came out yesterday and that was just not good, not good.
So after nine weeks of gains, as they said, the
SMP gave back two point sixty four NASDAK god yesterday
(02:33):
alone was down four percent. I mean, just took it
on that shin just not good and the volatility for
the most part. Yesterday the strong jobs report, and the
jobs report was strong, I mean one hundred and seventy thousand,
one hundred seventy two thousand jobs. And then the revised
(02:56):
numbers for the previous two months, because the visions is
really important, that's when they really get a good handle up.
Almost ninety three thousand jobs over the last two months
were added to the numbers that were reported. And that means,
will what will this new Fed Reserve chair Kevin Walsh do?
(03:17):
What will he do? I mean, he just just took
over the job, and within weeks of taking over the job,
he's going to be front and center when the Federal
Market Open Committee meets this month and he'll come out
and more than likely, folks, he's not cutting interest rates.
He is not cutting interest rates. More than likely he
(03:37):
will come out and tomorrow or this month, when they
announce what direction they're going in, they're probably going to talk.
You know, they may pause and wait for another reporter
or too. But you got consumer sentiment at its all
time low. You got gas still up there, you haven't
(04:00):
still rearing its ugly head closer to three percent than
the FED target rate of two percent. And you know,
with that strong robust jobs report, he heck, he may
even we don't know, he may even you know, talk
about raising interest rates if he doesn't raise them. But
(04:21):
hopefully he won't raise them. Hopefully, hopefully we'll have a pause.
One eight hundred eighty two five five nine four nine
one eight hundred eighty two, five fifty nine forty nine.
If you have any questions, give me a call. I
would love to get your pointed in the right direction
whatever your question is. Folks, believe me. Listen, there was
(04:41):
a day when I bartended and I used to hear
it all marriage problems, girlfriend problems, boyfriend problems, you get it.
And now I just kind of give out advice on
finance and getting you in a good position so you
can have the retirement that you always streamed about. Listen,
when you decades decades in the workforce, hopefully you're putting
(05:04):
some money away. I'm going to repeat myself. I say
this often. If you're not putting ten to fifteen percent away,
you aren't putting a not alway, folks, if you haven't
done any real true financial planning where you know exactly
what your retirement goal year is and can you afford
to retire? Because remember when when you retire, instead of
(05:27):
getting a paycheck all of a sudden, all of a sudden,
you've got to start drawing on your savings social Security.
I give this number out often. Average is about two
thousand a month, some people less, some people more about
averages about two thousand months. So that's twenty four thousand
a year. If you're married, on average forty eight thousand
(05:48):
a year. I say this because I want you to
think about it. If you need seventy five one hundred
thousand dollars a year to live on, if you're going
to get, on average forty from Social Security, where will
the other thirty five or sixty thousand come from? It
has to come from drawing down on your savings, on
(06:10):
your retirement savings. And this is why I say, and
I like to remind you. If you're not saving ten
to fifteen percent of your salary, more than likely, more
than likely, folks, you aren't saving enough. So you have
to think about that. How much are you saving? Especially
if your employer has an incentive, usually a four onum
(06:32):
one K, they'll match up to a certain percent that's
a beautiful thing. When the boss wants to give you
free money, don't turn down free money. Most four UM
one K plans they match up to on average six percent.
So at the very least, if your company is matching
up to six percent, if you aren't putting at least
(06:54):
six percent in folks, you're leaving money on the table. Listen,
if the big guy I was willing to give you
an incentive to say towards your retirement, take advantage of
that and then do a little bit more. Going back
to what I say, up ten to fifteen percent. There's
a lot of studies out there. You can go look
(07:15):
it up for yourself. If you haven't done any retirement plan,
you need to be putting ten to fifteen percent away
at the very least. One eight hundred eighty two five
five nine four nine any questions, I'm going to take
a quick fifteen second break, don't go anywhere. Hello. I
am Stephen Bouschet and I am sitting here live with
(07:35):
you my producer Katie. We would love to talk to you,
so give us a call. One eight hundred eighty two
five five nine four nine one eight hundred eighty two
five fifty nine forty nine. Any any questions whatsoever, Folks,
give me a call, let me get your pointed in
the right direction. I would love to get you pointed
in the right direction. So you know what happened this week, Well,
(07:58):
obviously we got the war still going on in the
Middle East. Oil was up. Where did oil close? Oil closed?
That about ninety dollars a barrel over the last year.
The low over the last fifty two weeks was about
fifty five dollars a barrel, the high one hundred and
twelve dollars a barrel, almost one hundred and thirteen dollars
(08:21):
a barrel US crew. So you know, here we are
at about ninety. Obviously it's lower than the high, and
it's also more than the low. So we're almost smack
in the middle. But when we continue to see the
volativity and we continue to hear all about how the
(08:41):
war is coming close to an end, well show us
that it's coming close to an end. You know, every
week we you know, we hear that Iron's going to
make a deal, and then all of a sudden, another
bomb goes off and there's no deal. Once we get
through this, and we will get through this, come Hecker
high Water. Truly believe the markets will be ready to
(09:03):
take off. And I also believe that oil will come down,
and that means that that will help with inflation coming down.
You'll have the price of gas coming down, and when
you think of everything that oil goes into, that will
come down. One eight, eight, two, five, five, nine, four nine.
(09:23):
Let's go to the phone lines. We have Roninsberry. Good morning, Ron,
Hi Steve, how are you. I'm doing great.
Speaker 2 (09:33):
I just you know, I've been uh it's been a
long time since I talked to you, and you know,
and and because now I have any dealing with my situation,
but I just want to let you know that Wilhelm
has been an incredible, incredible asset regarding h my daughter,
(10:01):
which me and you go way back on my weekly
calls on investments, and just to give you an update,
she she's she'll she'll turn your twenty sixth in July
and uh, through all of your advice and whatever. Uh,
she just surpassed uh the sixth figure mark between her
(10:24):
ROTH for four or three B and her uh your
taxable accounts at child So uh yeah, yeah, yeah, you
did good. And and ED has been crowded when when
you when you say that you take on the entire family. Yeah,
I mean she doesn't have enough to be one of
your your clients, you know, independently, but uh, she's getting there.
(10:49):
And I just wanted to let you know that between
Vinnie and Ed, uh, I don't worry about my stuff
and just uh yeah, yeah, she's real good.
Speaker 1 (11:02):
Well, you know, Ron, I appreciate it. And I'll give
a little history to the listening audience. They may not
realize that. You know, Ron was a long time listener,
and believe me, he called with a lot of questions
and then finally he realized we are the real deal,
and he came in to interview us and decided to
(11:25):
put his full faith and trust in us to manage
his wealth. And hopefully, hopefully you haven't been disappointed. Vincenzo,
who you're talking about, he's one of my he's one
of my advisors. Then he is a smart guy. He's
a CPA, he's a CFP professional. He's also certified with
the Employee Benefits and Ed Wilhelm he already passed level
(11:48):
one of his CFA. He just sat for the level two.
I got some smart people around me, Ron, so I
appreciate you pointing out my team, and we did help
Ron not with his finances and his daughter, you know,
she doesn't qualify for our services. But we will take
care of all of our clients' family and even close friends.
(12:09):
If they have friends, will make exceptions, but absolutely the family.
We spend a lot of time with a lot of
our clients helping their children or grandchildren, especially the young
graduates from college and they may be starting the first
job and their parents want us to listen, you know,
(12:30):
help them and point them in the right direction. Before
they get used to spending that big, that big paycheck.
We want to have some of that go away. Listen,
if you've never made fifty seventy five, one hundred thousand
dollars before, it should be easy for you to immediately
put away ten percent into a four O one case
instead of making fifty. Maybe you're making forty five, that's
(12:53):
still pretty darn good. Before young people get used to
spending money, we want them to get used to say,
and then all of a sudden, it's it's addicting, folks.
All of a sudden, you see, oh my god, I
got ten thousand dollars, I got twenty five thousand dollars.
I got one hundred thousand dollars in my pension plan.
That just feels good, and that makes a lot of
(13:14):
people feel better than not having that saving. So Ron,
I can't begin to thank you enough for one the
phone call for the shout out giving a nice praise
to Vincenzo and Ed. They are both. I have twenty
two colleagues, Ron, twenty two professionals that I'm surrounded by,
(13:34):
and we you know, I have a team second to none.
I can't begin to tell you how proud I am
on the team. So I'm glad you're happy. I'm glad
we were able to help you with your daughter.
Speaker 2 (13:45):
Never a second, never a second thought in terms of
making the right decision. And yeah, fifteen percent and fully
funding the rows. Yeah, it's the way to go. Like
like you said, you only get one chance to retire,
so if you don't start, now, what are you going
to start? So yeah, yeah, if it's real good and
and and and she she now she realizes, you know,
(14:08):
when she sees the statements, she realizes, hey, this is
serious stuff. So yeah, you've been great, Thank you so much.
And one other shout out to Katie Buck because I
had a question for Vincenzo and uh he I got
an out of office, you know, response, and within like
two hours I got a response from Katie too, picked
(14:29):
up the slack with with with with Vinnie. So you're great,
and uh, I just I know that I've been talking
to them on the phone, and I just wanted to
give you an update since I've been leaveing.
Speaker 1 (14:42):
Thank you for a while. Thank you, Ron, thank you
very much. You'd be well, stay healthy, Ron and Katie Buck. Yes,
intellect is the horse train, so he's the favorite, going
to win a lot of money, but hopefully, hopefully we win,
(15:02):
we get in the winter circle. It's always fun, listen, folks,
I manage money for a living, but sometimes I got
to have a little fun too, you know. And you know,
the horses is a diversion from all the all that
goes into managing a one point eight almost two billion
dollar wealth management firm. And I'm surrounded My leadership team
(15:27):
is just amazing. I'm surrounded by, as I said, twenty
two professionals. I can't begin to tell you how proud
I am. But Katie Buck gets married today, so roun
She's to the office for a few weeks and a
really nice, really nice honeymoon hern her soon to be husband.
(15:49):
And next Saturday, my daughter gets married.
Speaker 2 (15:51):
My daughter law was there graduation. Yeah, my wife had
asked about Katie. She said, is she married yet? I
said I wasn't sure.
Speaker 1 (15:58):
I was, Yeah, I will let her know in a
few hours. All right, listen, Ron, you'll be well. One
eight hundred eight five nine four nine one eight hundred
eight two five fifty nine forty nine. Give me please
give me a call, folks. I would love, love, love
to talk to you. So I started to kind of
(16:20):
sum up the week. Uh, you know, obviously the war
in Iran is still going on. President Trump is still lucky.
Every day he tells us we're going to have a
deal real soon. It's the longest real soon deal that
I've ever seen. But when that comes to an end,
and I believe in my heart, the market will do well.
(16:43):
Iron threatened to suspend talks unless the US stop strikes
Israel pulled back from Lebanon. So that's, you know, the
geopolitical part of it. The US said it would impose
new tariffs on sixty countries. Oh yeah, we're back into
the carap game. A year ago. That's all we were
talking about. Now we're talking about the war eight two, five, five, nine,
(17:07):
four nine. Let's go back to the point. Neil in Greenville,
Good morning, Neil, Good morning, Steve. How are I'm doing? Well?
How about you?
Speaker 3 (17:20):
I'm here, which is I guess better than not? Hear good,
but we don't know.
Speaker 1 (17:29):
Yes, that's true. Can I help you with I guess
Neil just wanted to call and let me know he
was here. Well, Neil, I'm glad you're here. Here and
there he's not here anymore. So, you know, the big
jobs report was yesterday one hundred and seventy two thousand jobs.
(17:52):
They were expecting eighty thousand, and as I said, that
revised number, they always go back for the past two
months and revived those numbers. Ninety three almost one hundred
thousand jobs added to the numbers that were released. So
we have a robust, very robust jobs picture. And that's
(18:12):
why you know, the markets were off, really off yesterday,
but for the week, the SMP down two point six percent.
You know, nine weeks last week I was on with
you bragging about a nine week winning streak. And like
off streaks, some streaks come to an end. The nine
week winning streak for the markets came to an end
(18:33):
this week. So you had the S and P down
two point six man stack down about four point seven percent.
On the corporate side of things, Trump signed and executive
order asking companies to allow the government to vet artificial
intelligence models before launch. You got Navidia Microsoft partner to
(18:55):
move into the consumer computer market. You had Alphabet, which
is Google, announced eighty five billion dollar equity offer looking
to raise some money the first time in twenty years.
You got Berkshire Hathaway agreed to buy ten billion dollars,
you know, ten billion dollars. The Commerce Department allowed Swedish
(19:21):
carmaker ba Ball, which is majority owned by China's Geely
Automobile Holdings, to sell more autos in the US. And
that was the big news this coming week. This coming week,
we had the on Tuesday, in the National Association of
Realtors will report their existing home sales for May. The
(19:44):
estimates about you know, four million dollars or four million
dollars four million homes sold a little bit more than
April Wednesday. And believe me, folks, we have just about
all of the S and P five hundred companies have
reported their second quarter earnings, but you still have some
on Wednesday. You have Oracle coming out on Thursday. You
(20:07):
have about Adobe coming out on Wednesday. You also have
the Bureau of Labor Statistics. They're going to release the
CPI Consumer Price Index for May. Your jump four tens
of a percentage point more than in April, and the
core CPI is expected to go up till about two
(20:27):
point nine compared to two point eight before headline inflation. Folks,
it's hottest, its hottest number since May of twenty twenty three.
Kevin Warsh, our new Federal Reserve Corps chair, is going
to have a lot to think about when he stands
before us and tells us what the Federal Open Market
(20:50):
Committee decided to do. I'm guessing guessing they may pause,
but you could see a little like And then on Thursday,
how about dis Burn IPO SpaceX. Everybody's waiting. Elon Musk,
the guy is brilliant. Supposedly, the IPO is going to
come out on Thursday about one hundred and thirty five
(21:10):
dollars a share, raising about seventy five billion dollars. The
company will be valued at one point eight trillion that's
trillion with the t a brand new ipo, and it's
going to it's going to, you know, be worth one
(21:31):
point eight trillion dollars and then it'll trade on Manstack
on Friday, Folks, you'll probably see it shoot right up.
If you want to buy SpaceX. Usually with most IPOs,
give it a day or two and let the dust settle.
Sometimes you get a better price. I remember when Facebook
(21:54):
came out supposedly the hottest ipo ever, and it'll and
it just tain't. So be careful if you're looking to
buy some SpaceX. And I do think SpaceX long term
will be an amazing holding. But there's going to be
so much excitement about this and as soon as that
(22:15):
gets released, as soon as the consumer, the retail investor
can buy in, I think you're going to see it
shoot up and then you'll probably see it kind of
come back down a little bit, and if you want
to get in, that's when you'll want to get in.
Very few people will be able to get into the ipo.
This is going to be one of the hottest IPOs.
(22:37):
That's what said Will Hume yesterday, and he told me
there's three other IPOs that are coming out, folks, we're
going to take a quick break for the news. I
can't believe it you're listening to Let's Talk Money, brought
to you a bouchet and andswer group where we help
our clients prioritize their health while we manage their wealth
for life. The phone lines are open. I would love
(22:59):
to talk to you. One eight hundred eighty two five
five nine four nine one eight hundred eight two, five
fifty nine forty nine. I'll see you right after the
news break. Hello, folks, Thank you for staying with me
through the news.
Speaker 4 (23:14):
Thank you for.
Speaker 1 (23:14):
Tuning in today. I can't thank you enough for tuning
in every week. You know, I now know why this
show is considered one of the best in the country.
And it's because of you, the listening audience, the questions
that you ask, the interaction that we have. And I
truly appreciate you tuning in. I truly appreciate all the comments.
(23:36):
I have so many, so many listeners that see me
that don't know me, but they see me they recognize me.
Or the best is sometimes I'll be like in line
in a store or whatever, and I'll say something and
I'll hear my voice and you don't realize how powerful
radio is. But it's the comments that I get from
(23:56):
all people that I don't know that tell me how
much they appreciate me helping them. In my colleagues. When
when my my colleagues, my you know, their partners of mine,
When when they do the radio they are better than
I am.
Speaker 4 (24:14):
But I.
Speaker 1 (24:16):
Can't begin to tell you how good it makes me
feel when people tap me on the shoulder and say, hey,
you know, I talked about this and I did this,
and wow, the best thing I ever did. I guess,
like Ron, our first caller, you know, Ron said that
he you know, he was listening for a long time
(24:37):
and he was he was, you know, very impressed with
our services. He came in to interview us. He engaged
our services, and we've made them a lot of money.
We've made a lot of our clients a lot of money.
One eight hundred eight two five, five, nine, four nine.
Let's go to the paull minds. Neil, Hey, Neil, where'd
you go?
Speaker 4 (24:59):
I don't know?
Speaker 3 (25:00):
It's Greenville. It kind of like wipes you off the
face of the map.
Speaker 1 (25:07):
Well, Greenville is a beautiful area. One of my colleagues,
Marty Shields, who's also one of my shareholders, lives in Greenville,
and Harmony Wagner lives up there. It's a beautiful part
of the country. It's nice when you get no signal. Yeah,
what can I help you? Great?
Speaker 3 (25:27):
I had a funny question for you. How did you
get a y on the end of a French name?
Speaker 1 (25:36):
Well, that's a great question. The original spelling of the
name was e R, which in France means butcher and
always pronounced bouchet and the American way of doing things,
they changed the R to a y, thinking it would
be easier. All it did was create havoc. You know,
(25:56):
it's funny how people pronounce your names. But when I'm
in Antsy and you know.
Speaker 3 (26:01):
It France, it would have ended in the E. That's it.
Speaker 1 (26:07):
Yeah, it's not true e R in e T believe
it or not? All pronounced when I'm in Yep. When
I'm in France LT.
Speaker 3 (26:19):
What's that?
Speaker 1 (26:21):
When I'm in France, you know, I put my name
like if I'm checking into a hotel, and I'm always
waiting to see how they pronounce it. Every person in
France name Bouchet. So neil, did you have a question?
I want to just talk about my name.
Speaker 3 (26:38):
No, I just wanted to sit there and I want
to have a good tibe.
Speaker 1 (26:42):
Would and thank you.
Speaker 3 (26:44):
Here's the other thing, because why great cousin would be
Andre Bassett was is spelled with two t's.
Speaker 1 (26:55):
Oh, there you go, there you go, there you go?
What I else? Yes, thank you for having some fun
with me, and you be well, you stay healthy. Okay.
Greenville is a full area one eight hundred eight two
five five nine four nine, eight hundred eighty two five
fifty nine forty nine. So you know, I kind of
(27:19):
reviewed last week and I reviewed this coming week. I
tell you one of our so you know, we we
we changed from the broad Stock Market Index to the
S and P five hundred, and we use the Vanguard
SMP ETF exchange traded for our qualified accounts. And I'm
looking at a headline and this week's baron VOO is
(27:41):
the symbol vias in Vanguard Oo is the symbol. And
I'm looking at the headlines and the Vanguard SMP ETF
it just topped the trillion dollars in assets. The first
ETF to mark that milestone, VLO, which launched in twenty ten.
(28:04):
They got there before Blacklocks, I Shares, Core and State
Street SMP, so that's big. We use a lot of
Vanguard ETFs in our portfolios. So I shared with you
at the beginning of the show that we're managing almost
one point nine two billion dollars and that's a lot
(28:26):
of money. And for the most part, we don't own
any mutual funds. We only have three individual stocks Apple,
Amazon and Microsoft. Everything else is ETFs exchange traded funds,
and we are always looking for the better deal for
our clients. What I mean by that is we look
(28:46):
at these all investments, whether it be ETFs, So our
ets start out with point zero three percent internal management fees.
All all of these wrap products folks have internal management fees,
and being an RIA confiduciary, we talk about fees openly.
(29:06):
We don't hide anything with regards to fees with our clients.
Our clients understand everything that we do and the fees
that are are part of it. So our core positions
start out at point zero three percent. And you hear
me talk about qqq in our qualified accounts, We actually
sold out of that and bought into QQQN, the exact
(29:29):
same ETF managed following tracking the Nasdaq one hundred index.
Why did we do that? Because the internal management fee
of QQQ was zero point two zero percent and the
internal management fee of QQQM is zero point one point
five percent. So every time we can we can save
(29:51):
a little bit here, a little bit there, we do
because that's money in our clients pocket and mutual funds
on average, the average internal management fee is about one percent,
and with annuities two to four percent, you know, most
of them in the range of three percent. And as
I shared last week, we talked about annuities a little bit,
(30:14):
and I said, if the S and P returns ten
percent a year, if you have an annuity and you
have the S and P holding in that annuity, well
you have to return thirteen percent because they're going to
have internal management fees of three percent. Impossible to do.
So there you have it. One eight hundred eighty two
five five nine, four nine. Let's go back to the
(30:36):
phone lines where we have Joe two percent down. Good morning, Joe.
Speaker 3 (30:41):
Hi already today I'm doing great questions.
Speaker 4 (30:45):
I don't want to take up a lot of your times.
I have a four to one k and a while
back I had to take some money out of it,
not alone, but just check it out as the taxes.
I believe we're twenty percent.
Speaker 1 (31:01):
Oh, it all depends on your tax brackets. So what
happens there, Joe, is it's like added income. So if
you took out one hundred thousand dollars, that means if
if your salary is fifty thousand, you took one hundred out,
now your salary for that that earned income is one
hundred and fifty thousand. That puts you into a higher
(31:21):
tax bracket. I don't know what the tax is, but
depending on your tax bracket. So and then if you're
under fifty nine and a half, you're going to pay
another ten percent kicker the IRS penalty ten percent if
you're under fifty nine and a half. We really try
to encourage people not to take money out of their pension.
(31:43):
Sometimes people have to, and sometimes there's exceptions to the
rule if you take a little bit out for first
time home whatever. So anyway, so what's your question, Joe, I.
Speaker 4 (31:56):
Was wondering why when I took that money out, they
never took out any state tax.
Speaker 1 (32:02):
Well, you know, you have to instruct them how much
to withhold. Now, remember New York State, the first twenty
thousand dollars is New York State tax free. You will
pay the tax man. At the end of the year,
there will be a ten ninety nine R and you
will pay the tax. So they might not have taken
(32:24):
out the state tax, and I don't know whether you
qualify to pay for that or not. I don't know
how much he took out. But believe me, by April
fifteenth of twenty twenty seven, you'll you'll be settling up
with the federal government and New York State.
Speaker 4 (32:41):
Okay, because last year there was nothing on her about
any state tax at all. Yeah, when I get my taxes.
Speaker 1 (32:51):
Done, yeah, well, you know they'll catch up with you.
Just go ahead, work.
Speaker 4 (32:57):
Question what I retire? What was my what interest? When
I have to pay back in taxes when I retire?
Speaker 1 (33:07):
Well, once again, it all depends what your your income is.
So when you're fully retired, if you start taking money
from your pension, for instance, out of a retirement account,
or if you're fortunate enough to have a defined benefit program,
all of that money is going to be taxable income.
So it all depends. Everybody's different shoe, everybody's different, but
(33:30):
it all depends really on your on your wont it
won't want it won't be twenty percent though, right? Sure
it will easily.
Speaker 3 (33:42):
Really Okay, how much income I have?
Speaker 4 (33:47):
Yeah, I thought when I took the loan out before
I was retired, they charged to be more interested because
I'm not retired yet. That's what I thought.
Speaker 1 (33:57):
And it's not interest, it's tax in there, okay, duck state,
believe me in this state. So for you to pay
twenty two percent, you have are you married or single?
Speaker 4 (34:12):
Married?
Speaker 1 (34:14):
Married? So between one hundred and two hundred and eleven
thousand dollars there's a phase out. So you know, it
depends on what your earned income is. If you have
from twenty four thousand to one hundred thousand, your your
your federal tax bracket is twelve percent. All depends what
your income is. Joe, great questions. You'd be good. I'm
(34:35):
coming down to Cooperstown in September. So maybe if you
see me on the street, give me give me a yell.
One eight hundred two five five nine four nine one
eight hundred and eighty two five fifty nine forty nine.
So I take my colleagues away every year for a retreat,
and last year we went to Manchester, Vermont. This year,
(34:58):
I'm taking them to two percent and we're going to
have a beautiful time. Have a nice privateur of the
Baseball Hall of Fame. It should be really good. Listen, folks,
when I tell you I got a team second to none.
I have twenty two amazing colleagues, professionals, and they do
such an amazing job, and I try to always do
(35:22):
something good for them. You know, my mission in life
is to help others and do as much good as
I can for people. But I take the same attitude
with my colleagues. The success of our firm, you know,
Charles Schwab does a benchmark survey of about thirteen hundred
(35:42):
to fourteen hundred wealth management firms throughout the country, and
we are consistently in the top five percent. It's the
investment that we make into our human capital, the team
that I have second to not second to none, and
the investment we make into technology to help better manage
the portfolios, to give better, more accurate information to our clients,
(36:05):
for us to be able to to, you know, manage
our firm. So we make a lot of investments, but
it's the investment in human capital that sets us apart
from every other wealth management firm in the country. I
will put my team up against anybody. We have nine
CFP professionals, three CPAs, one irs and rolled agent and
(36:30):
more more expertise, and then you can imagine expertise that
our clients can trust. So I'm really, really, really proud.
One eight hundred eighty two five five nine four nine
one eight hundred eighty two, five fifty nine forty nine.
Speaker 2 (36:47):
Give me a call.
Speaker 1 (36:48):
If you have questions, give me a call. Let's talk
about that jobs report. Yesterday, one hundred and seventy two
thousand jobs. The Labor Department came out with their monthly
report strong strong, strong payroll growth, just strong, I mean
(37:08):
all the uncertainty with iron, the war, inflation, trade and
artificial intelligence terroriffs. The report suggests that the US labor
market is really recovering from the weak patch last fall
in winter, so we are definitely back on our feet.
And with inflation rising and the robust hiring. The question
(37:33):
for the Federal Reserve and the new chair, Kevin Walsh,
who's a really brilliant man. I'm really excited to have
Kevin at the Helm. He happens to be a local boy.
If you're listening from the Capital region area and it's
a listen, this gentleman deserves to be sitting in that chair.
(37:53):
And I think I'm pretty sure the question is going
to change from when do we cut rates to whether
we raise them or not. And we'll see they meet
in June. We'll see when they come out, We'll see
how Kevin handles the press conference and so forth. But
(38:13):
I don't think you're going to see a cut. I
can almost guarantee that maybe a pause and probably maybe
even hike, or at least language saying that before the
end of the year there will be a hike. We'll see,
we'll see some FED officials already suggesting, and you know
(38:35):
over the past week that the Central Bank should be
prepared to raise rates, you know, between the rebombing job
market just adds fuel to that fire, and you know,
kind of how can they not raise rates, right? You know,
I mean, god, one hundred and seventy two thousand jobs
(38:56):
for the month of May when they were expecting eighty
thousand and the previous two months ninety three thousand of
revised job increases, no wonder, no wonder. You know, the
S and P fell yesterday two percent after that job's
report as that fell over four percent of you know,
(39:16):
the biggest one day drop in the year. As I said,
that made jobs report the eighty thousand of estimated jobs
well more than double, more than double. The unemployment rate
unchanged at four point three percent in May, right in
line with economists expectations. The share of people working or
(39:40):
looking for work remained unchanged as well, at sixty one
point eight percent. That's what we call the participation rate.
And you know, the average over the last three months,
average month in, month out is one hundred and eighty
eight thousand. We haven't seen this much job growth since
March of twenty twenty four, seems like a long time ago.
(40:04):
It was just a couple of years ago. We haven't
seen this many jobs being added for the past couple
of years. So, you know, yesterday's report that as I said,
the revised number for March went from twenty or up
twenty nine thousand to two hundred and fourteen thousand, So
(40:24):
they added increase of twenty nine thousand new jobs in March.
That's the revised number, and in April revised up sixty
four thousand. So now the new April number was one
hundred and seventy nine thousand. So over the last three months,
you got two hundred and fourteen thousand jobs in March,
(40:44):
one hundred and seventy nine thousand jobs in April, and
one hundred and seventy two thousand jobs for the month
of May. So you have higher inflation, you got energy
costs that taking a bigger bite out of out of earnings.
As they said last week, let me say it again,
gas plays a big part in inflation. Everybody, not everybody.
(41:10):
Most people are putting gas in their car to get
back and forth to work. And as I said last week,
even your door dash uber eats driver, the pizza guy.
You know, they're they're they're not making as much money
because they cost them so much more to put gas
in the car, and that just is eating into how
(41:33):
much money they have left over to spend. And the consumer,
remember makes up two thirds of the economy. Two thirds
of the economy is because of the consumer. So we
need the consumer to feel good about themselves so that
they they go out there and and you know, spend money.
It's all about the consumer, folks, It's all about the consumer.
(41:57):
So in the month of May year over year average
hour of the earnings rose three point four percent. It
was three point six percent, So it's kind of a
mixed signal. You got the hour of the earnings came
down a little bit, you know, it was it was
a robust report. Consumers are not feeling good about the economy,
(42:19):
as they said, gasoline prices alone, inflation, they're paying, They're
still paying more in the grocery store. There's so much
the labor market robust, just robust, No wonder. Consumer sentiment
hit all time lows recently. There's so much anxiety out
there about the future of inflation. People keep sending, you know, spending,
(42:44):
and we want that because they make up two thirds
of the economy. We need the consumer to spend. So
despite war, despite the consumer feeling the way they do,
Big US companies are they man So not only is
the job picture robust, but the profits coming from these
(43:07):
corporate earning reports. Ninety eight percent of the S and
P five hundred companies have already reported for the first
quarter results and they're you know, they're up about twenty
nine percent according to the year over year growth and
earnings per share of about twenty nine percent. Once again,
(43:29):
pretty robust. The market's pretty resilient, folks. I said it
last week. Let me say it again. When we went
to war, I was up like three in the morning
because I needed to prepare a whole summary for my
team of what to expect. If you were to tell
me going to war with Iran that the market at
(43:52):
its worst, at its low point, only corrected less than
ten percent, I would not believe it. That's all it was, folks,
less than ten percent. I would have thought down twenty
thirty percent easily. So this market is pretty resilient. The
market trades on fundamentals. I say that often you have
(44:14):
corporate earnings, you have jobs, you have inflation, what's the number?
And you know, even with with with some of these
hot areas of the economy, especially yesterday's jobs report, the
market's pretty resilient. Although, as I said, it did sell
off yesterday. SMP down about two point six percent, Russell
(44:38):
two thousand down almost three percent this past week QQQ
or for our clients QQQN, the NANSDAK one hundred down
four point five three percent, and the entire Nansdak composite
down four point sixty eight percent. What's funny is gold.
Gold is so over the last year, the low point
(44:59):
for gold was almost thirty three hundred dollars an ounce,
the high point, which was recently fifty three hundred dollars
an ounce. Today we're sitting here at around forty three
one hundred dollars an ounce. Gold is even break even
over the last five months. Year to date, gold is
(45:20):
just about break even. But gold, you know, forty three hundred.
Once again, with all the headlines, you would think that gold,
you know, gold a take off. But I think you know,
I can't say this because we we did not take
part in the gold rush. We did not segregate any
(45:41):
of our portfolio to have some commodity holdings like gold.
And you know, last year gold was up sixty three percent.
Twenty twenty four, gold was up twenty seven percent. So
let me give you you know, you hear me say
this often because I'd like to remind folks over the
lasteen years, year in year out, the average return in
(46:04):
the S and P five hundred index was almost fifteen percent.
The average return year in year out for QQQ over
the last fifteen years was almost twenty percent. For bonds,
about two and a half percent and for gold under
(46:24):
seven percent over the last fifteen years. So if you
think that gold was always a good place to be,
your average return over the last fifteen years, year in
year out just about six point seven percent. There you
have it, folks, I can't believe we're coming up to
the end of the show. One eight hundred eighty two
(46:44):
five five nine four nine one eight hundred. I'm sorry,
I'm giving out the phone line the folks who are
coming up to the end of the show, not to
be giving the show. You are listening to Let's Talk Money,
brought to you by bouschet Nanswer Group, where we help
our clients prioritize their help while we manage their wealth
for life. I can't begin to tell you how much
(47:06):
I appreciate you tuning in. Go to our website Bouchee
dot com. Right on that homepage. There is so much
good information, so much that you can pull from, and
at the bottom you'll see our latest blogs. You'll see
you know, we're gonna have podcasts real soon. There's just
so much we do. But for now, I hope you
(47:27):
enjoy this weekend. If you're going to the Belmont, good luck.
If you're going to bet my horse and the Third Intellect.
Good luck. I hope you have a lot of luck there,
because that means I don't have a lot of luck
as well. In the meantime, be well, stay healthy. Thank
you for tuning in. Go to our website Boochhey dot com.
Speaker 4 (47:44):
Bye bye, folks,
Hello, in good morning, folks. Sixty six to zero two
six June sixth. Here we are into June. Let's enjoy
the summer. For those of you that are going to
the racetrack, we got the big Belmont Stakes. Today should
be a good day. I think the weather's going to
hold off and hopefully, hopefully we'll have an exciting day.
(00:23):
I know I have a horse racing on in the
third race, so I'm hoping to be in the winner
circle after I leave you this morning. But I'm here
for you for the next hour, and I'm live Stephen Bouchet.
Our phone numbers one eight hundred talk WGY one eight
hundred eighty two five five nine four nine. Any questions whatsoever, folks,
(00:46):
One eight hundred eight two five fifty nine forty nine.
I would love love to talk to you, so astach.
I mean, we've had some great news, folks, right, I mean,
I've been with you last weekend. We were celebrating, we
were giddy. Nine weeks the market was up, felt really really,
really really good. And then this week came along, and
(01:09):
you know, this week was not as good of a week.
Let's say the markets were down and investors, you know,
gave a little bit back, but that's okay. You know,
the SMT was down two point six percent, the Russell
two thousand down almost three percent, and the Growth Oriented
(01:29):
Technology Index NANSTAC one hundred which is QQQ down about
four and a half percent, and the entire NANSDAC composite
was down almost four point seven percent. So there you
have it. It's just one of those days where or
one of those weeks where we had a lot going
(01:49):
on and the markets were down. But that's all right, hey, folks,
I mean, how many times do we get buying opportunities
if you wanted to get in. Last week in the
market was that it's all time high. Well guess what,
it's not that it's all time high. Now it's down,
you know, two point six on the SMP and four
(02:11):
and a half on the NASTAK. So you got a
little opportunity. We'll see what happens. Obviously, the jobs report
came out yesterday and that was just not good, not good.
So after nine weeks of gains, as they said, the
SMP gave back two point sixty four NASDAK god yesterday
(02:33):
alone was down four percent. I mean, just took it
on that shin just not good and the volatility for
the most part. Yesterday the strong jobs report, and the
jobs report was strong, I mean one hundred and seventy thousand,
one hundred seventy two thousand jobs. And then the revised
(02:56):
numbers for the previous two months, because the visions is
really important, that's when they really get a good handle up.
Almost ninety three thousand jobs over the last two months
were added to the numbers that were reported. And that means,
will what will this new Fed Reserve chair Kevin Walsh do?
(03:17):
What will he do? I mean, he just just took
over the job, and within weeks of taking over the job,
he's going to be front and center when the Federal
Market Open Committee meets this month and he'll come out
and more than likely, folks, he's not cutting interest rates.
He is not cutting interest rates. More than likely he
(03:37):
will come out and tomorrow or this month, when they
announce what direction they're going in, they're probably going to talk.
You know, they may pause and wait for another reporter
or too. But you got consumer sentiment at its all
time low. You got gas still up there, you haven't
(04:00):
still rearing its ugly head closer to three percent than
the FED target rate of two percent. And you know,
with that strong robust jobs report, he heck, he may
even we don't know, he may even you know, talk
about raising interest rates if he doesn't raise them. But
(04:21):
hopefully he won't raise them. Hopefully, hopefully we'll have a pause.
One eight hundred eighty two five five nine four nine
one eight hundred eighty two, five fifty nine forty nine.
If you have any questions, give me a call. I
would love to get your pointed in the right direction
whatever your question is. Folks, believe me. Listen, there was
(04:41):
a day when I bartended and I used to hear
it all marriage problems, girlfriend problems, boyfriend problems, you get it.
And now I just kind of give out advice on
finance and getting you in a good position so you
can have the retirement that you always streamed about. Listen,
when you decades decades in the workforce, hopefully you're putting
(05:04):
some money away. I'm going to repeat myself. I say
this often. If you're not putting ten to fifteen percent away,
you aren't putting a not alway, folks, if you haven't
done any real true financial planning where you know exactly
what your retirement goal year is and can you afford
to retire? Because remember when when you retire, instead of
(05:27):
getting a paycheck all of a sudden, all of a sudden,
you've got to start drawing on your savings social Security.
I give this number out often. Average is about two
thousand a month, some people less, some people more about
averages about two thousand months. So that's twenty four thousand
a year. If you're married, on average forty eight thousand
(05:48):
a year. I say this because I want you to
think about it. If you need seventy five one hundred
thousand dollars a year to live on, if you're going
to get, on average forty from Social Security, where will
the other thirty five or sixty thousand come from? It
has to come from drawing down on your savings, on
(06:10):
your retirement savings. And this is why I say, and
I like to remind you. If you're not saving ten
to fifteen percent of your salary, more than likely, more
than likely, folks, you aren't saving enough. So you have
to think about that. How much are you saving? Especially
if your employer has an incentive, usually a four onum
(06:32):
one K, they'll match up to a certain percent that's
a beautiful thing. When the boss wants to give you
free money, don't turn down free money. Most four UM
one K plans they match up to on average six percent.
So at the very least, if your company is matching
up to six percent, if you aren't putting at least
(06:54):
six percent in folks, you're leaving money on the table. Listen,
if the big guy I was willing to give you
an incentive to say towards your retirement, take advantage of
that and then do a little bit more. Going back
to what I say, up ten to fifteen percent. There's
a lot of studies out there. You can go look
(07:15):
it up for yourself. If you haven't done any retirement plan,
you need to be putting ten to fifteen percent away
at the very least. One eight hundred eighty two five
five nine four nine any questions, I'm going to take
a quick fifteen second break, don't go anywhere. Hello. I
am Stephen Bouschet and I am sitting here live with
(07:35):
you my producer Katie. We would love to talk to you,
so give us a call. One eight hundred eighty two
five five nine four nine one eight hundred eighty two
five fifty nine forty nine. Any any questions whatsoever, Folks,
give me a call, let me get your pointed in
the right direction. I would love to get you pointed
in the right direction. So you know what happened this week, Well,
(07:58):
obviously we got the war still going on in the
Middle East. Oil was up. Where did oil close? Oil closed?
That about ninety dollars a barrel over the last year.
The low over the last fifty two weeks was about
fifty five dollars a barrel, the high one hundred and
twelve dollars a barrel, almost one hundred and thirteen dollars
(08:21):
a barrel US crew. So you know, here we are
at about ninety. Obviously it's lower than the high, and
it's also more than the low. So we're almost smack
in the middle. But when we continue to see the
volativity and we continue to hear all about how the
(08:41):
war is coming close to an end, well show us
that it's coming close to an end. You know, every
week we you know, we hear that Iron's going to
make a deal, and then all of a sudden, another
bomb goes off and there's no deal. Once we get
through this, and we will get through this, come Hecker
high Water. Truly believe the markets will be ready to
(09:03):
take off. And I also believe that oil will come down,
and that means that that will help with inflation coming down.
You'll have the price of gas coming down, and when
you think of everything that oil goes into, that will
come down. One eight, eight, two, five, five, nine, four nine.
(09:23):
Let's go to the phone lines. We have Roninsberry. Good morning, Ron,
Hi Steve, how are you. I'm doing great.
Speaker 2 (09:33):
I just you know, I've been uh it's been a
long time since I talked to you, and you know,
and and because now I have any dealing with my situation,
but I just want to let you know that Wilhelm
has been an incredible, incredible asset regarding h my daughter,
(10:01):
which me and you go way back on my weekly
calls on investments, and just to give you an update,
she she's she'll she'll turn your twenty sixth in July
and uh, through all of your advice and whatever. Uh,
she just surpassed uh the sixth figure mark between her
(10:24):
ROTH for four or three B and her uh your
taxable accounts at child So uh yeah, yeah, yeah, you
did good. And and ED has been crowded when when
you when you say that you take on the entire family. Yeah,
I mean she doesn't have enough to be one of
your your clients, you know, independently, but uh, she's getting there.
(10:49):
And I just wanted to let you know that between
Vinnie and Ed, uh, I don't worry about my stuff
and just uh yeah, yeah, she's real good.
Speaker 1 (11:02):
Well, you know, Ron, I appreciate it. And I'll give
a little history to the listening audience. They may not
realize that. You know, Ron was a long time listener,
and believe me, he called with a lot of questions
and then finally he realized we are the real deal,
and he came in to interview us and decided to
(11:25):
put his full faith and trust in us to manage
his wealth. And hopefully, hopefully you haven't been disappointed. Vincenzo,
who you're talking about, he's one of my he's one
of my advisors. Then he is a smart guy. He's
a CPA, he's a CFP professional. He's also certified with
the Employee Benefits and Ed Wilhelm he already passed level
(11:48):
one of his CFA. He just sat for the level two.
I got some smart people around me, Ron, so I
appreciate you pointing out my team, and we did help
Ron not with his finances and his daughter, you know,
she doesn't qualify for our services. But we will take
care of all of our clients' family and even close friends.
(12:09):
If they have friends, will make exceptions, but absolutely the family.
We spend a lot of time with a lot of
our clients helping their children or grandchildren, especially the young
graduates from college and they may be starting the first
job and their parents want us to listen, you know,
(12:30):
help them and point them in the right direction. Before
they get used to spending that big, that big paycheck.
We want to have some of that go away. Listen,
if you've never made fifty seventy five, one hundred thousand
dollars before, it should be easy for you to immediately
put away ten percent into a four O one case
instead of making fifty. Maybe you're making forty five, that's
(12:53):
still pretty darn good. Before young people get used to
spending money, we want them to get used to say,
and then all of a sudden, it's it's addicting, folks.
All of a sudden, you see, oh my god, I
got ten thousand dollars, I got twenty five thousand dollars.
I got one hundred thousand dollars in my pension plan.
That just feels good, and that makes a lot of
(13:14):
people feel better than not having that saving. So Ron,
I can't begin to thank you enough for one the
phone call for the shout out giving a nice praise
to Vincenzo and Ed. They are both. I have twenty
two colleagues, Ron, twenty two professionals that I'm surrounded by,
(13:34):
and we you know, I have a team second to none.
I can't begin to tell you how proud I am
on the team. So I'm glad you're happy. I'm glad
we were able to help you with your daughter.
Speaker 2 (13:45):
Never a second, never a second thought in terms of
making the right decision. And yeah, fifteen percent and fully
funding the rows. Yeah, it's the way to go. Like
like you said, you only get one chance to retire,
so if you don't start, now, what are you going
to start? So yeah, yeah, if it's real good and
and and and she she now she realizes, you know,
(14:08):
when she sees the statements, she realizes, hey, this is
serious stuff. So yeah, you've been great, Thank you so much.
And one other shout out to Katie Buck because I
had a question for Vincenzo and uh he I got
an out of office, you know, response, and within like
two hours I got a response from Katie too, picked
(14:29):
up the slack with with with with Vinnie. So you're great,
and uh, I just I know that I've been talking
to them on the phone, and I just wanted to
give you an update since I've been leaveing.
Speaker 1 (14:42):
Thank you for a while. Thank you, Ron, thank you
very much. You'd be well, stay healthy, Ron and Katie Buck. Yes,
intellect is the horse train, so he's the favorite, going
to win a lot of money, but hopefully, hopefully we win,
(15:02):
we get in the winter circle. It's always fun, listen, folks,
I manage money for a living, but sometimes I got
to have a little fun too, you know. And you know,
the horses is a diversion from all the all that
goes into managing a one point eight almost two billion
dollar wealth management firm. And I'm surrounded My leadership team
(15:27):
is just amazing. I'm surrounded by, as I said, twenty
two professionals. I can't begin to tell you how proud
I am. But Katie Buck gets married today, so roun
She's to the office for a few weeks and a
really nice, really nice honeymoon hern her soon to be husband.
(15:49):
And next Saturday, my daughter gets married.
Speaker 2 (15:51):
My daughter law was there graduation. Yeah, my wife had
asked about Katie. She said, is she married yet? I
said I wasn't sure.
Speaker 1 (15:58):
I was, Yeah, I will let her know in a
few hours. All right, listen, Ron, you'll be well. One
eight hundred eight five nine four nine one eight hundred
eight two five fifty nine forty nine. Give me please
give me a call, folks. I would love, love, love
to talk to you. So I started to kind of
(16:20):
sum up the week. Uh, you know, obviously the war
in Iran is still going on. President Trump is still lucky.
Every day he tells us we're going to have a
deal real soon. It's the longest real soon deal that
I've ever seen. But when that comes to an end,
and I believe in my heart, the market will do well.
(16:43):
Iron threatened to suspend talks unless the US stop strikes
Israel pulled back from Lebanon. So that's, you know, the
geopolitical part of it. The US said it would impose
new tariffs on sixty countries. Oh yeah, we're back into
the carap game. A year ago. That's all we were
talking about. Now we're talking about the war eight two, five, five, nine,
(17:07):
four nine. Let's go back to the point. Neil in Greenville,
Good morning, Neil, Good morning, Steve. How are I'm doing? Well?
How about you?
Speaker 3 (17:20):
I'm here, which is I guess better than not? Hear good,
but we don't know.
Speaker 1 (17:29):
Yes, that's true. Can I help you with I guess
Neil just wanted to call and let me know he
was here. Well, Neil, I'm glad you're here. Here and
there he's not here anymore. So, you know, the big
jobs report was yesterday one hundred and seventy two thousand jobs.
(17:52):
They were expecting eighty thousand, and as I said, that
revised number, they always go back for the past two
months and revived those numbers. Ninety three almost one hundred
thousand jobs added to the numbers that were released. So
we have a robust, very robust jobs picture. And that's
(18:12):
why you know, the markets were off, really off yesterday,
but for the week, the SMP down two point six percent.
You know, nine weeks last week I was on with
you bragging about a nine week winning streak. And like
off streaks, some streaks come to an end. The nine
week winning streak for the markets came to an end
(18:33):
this week. So you had the S and P down
two point six man stack down about four point seven percent.
On the corporate side of things, Trump signed and executive
order asking companies to allow the government to vet artificial
intelligence models before launch. You got Navidia Microsoft partner to
(18:55):
move into the consumer computer market. You had Alphabet, which
is Google, announced eighty five billion dollar equity offer looking
to raise some money the first time in twenty years.
You got Berkshire Hathaway agreed to buy ten billion dollars,
you know, ten billion dollars. The Commerce Department allowed Swedish
(19:21):
carmaker ba Ball, which is majority owned by China's Geely
Automobile Holdings, to sell more autos in the US. And
that was the big news this coming week. This coming week,
we had the on Tuesday, in the National Association of
Realtors will report their existing home sales for May. The
(19:44):
estimates about you know, four million dollars or four million
dollars four million homes sold a little bit more than
April Wednesday. And believe me, folks, we have just about
all of the S and P five hundred companies have
reported their second quarter earnings, but you still have some
on Wednesday. You have Oracle coming out on Thursday. You
(20:07):
have about Adobe coming out on Wednesday. You also have
the Bureau of Labor Statistics. They're going to release the
CPI Consumer Price Index for May. Your jump four tens
of a percentage point more than in April, and the
core CPI is expected to go up till about two
(20:27):
point nine compared to two point eight before headline inflation. Folks,
it's hottest, its hottest number since May of twenty twenty three.
Kevin Warsh, our new Federal Reserve Corps chair, is going
to have a lot to think about when he stands
before us and tells us what the Federal Open Market
(20:50):
Committee decided to do. I'm guessing guessing they may pause,
but you could see a little like And then on Thursday,
how about dis Burn IPO SpaceX. Everybody's waiting. Elon Musk,
the guy is brilliant. Supposedly, the IPO is going to
come out on Thursday about one hundred and thirty five
(21:10):
dollars a share, raising about seventy five billion dollars. The
company will be valued at one point eight trillion that's
trillion with the t a brand new ipo, and it's
going to it's going to, you know, be worth one
(21:31):
point eight trillion dollars and then it'll trade on Manstack
on Friday, Folks, you'll probably see it shoot right up.
If you want to buy SpaceX. Usually with most IPOs,
give it a day or two and let the dust settle.
Sometimes you get a better price. I remember when Facebook
(21:54):
came out supposedly the hottest ipo ever, and it'll and
it just tain't. So be careful if you're looking to
buy some SpaceX. And I do think SpaceX long term
will be an amazing holding. But there's going to be
so much excitement about this and as soon as that
(22:15):
gets released, as soon as the consumer, the retail investor
can buy in, I think you're going to see it
shoot up and then you'll probably see it kind of
come back down a little bit, and if you want
to get in, that's when you'll want to get in.
Very few people will be able to get into the ipo.
This is going to be one of the hottest IPOs.
(22:37):
That's what said Will Hume yesterday, and he told me
there's three other IPOs that are coming out, folks, we're
going to take a quick break for the news. I
can't believe it you're listening to Let's Talk Money, brought
to you a bouchet and andswer group where we help
our clients prioritize their health while we manage their wealth
for life. The phone lines are open. I would love
(22:59):
to talk to you. One eight hundred eighty two five
five nine four nine one eight hundred eight two, five
fifty nine forty nine. I'll see you right after the
news break. Hello, folks, Thank you for staying with me
through the news.
Speaker 4 (23:14):
Thank you for.
Speaker 1 (23:14):
Tuning in today. I can't thank you enough for tuning
in every week. You know, I now know why this
show is considered one of the best in the country.
And it's because of you, the listening audience, the questions
that you ask, the interaction that we have. And I
truly appreciate you tuning in. I truly appreciate all the comments.
(23:36):
I have so many, so many listeners that see me
that don't know me, but they see me they recognize me.
Or the best is sometimes I'll be like in line
in a store or whatever, and I'll say something and
I'll hear my voice and you don't realize how powerful
radio is. But it's the comments that I get from
(23:56):
all people that I don't know that tell me how
much they appreciate me helping them. In my colleagues. When
when my my colleagues, my you know, their partners of mine,
When when they do the radio they are better than
I am.
Speaker 4 (24:14):
But I.
Speaker 1 (24:16):
Can't begin to tell you how good it makes me
feel when people tap me on the shoulder and say, hey,
you know, I talked about this and I did this,
and wow, the best thing I ever did. I guess,
like Ron, our first caller, you know, Ron said that
he you know, he was listening for a long time
(24:37):
and he was he was, you know, very impressed with
our services. He came in to interview us. He engaged
our services, and we've made them a lot of money.
We've made a lot of our clients a lot of money.
One eight hundred eight two five, five, nine, four nine.
Let's go to the paull minds. Neil, Hey, Neil, where'd
you go?
Speaker 4 (24:59):
I don't know?
Speaker 3 (25:00):
It's Greenville. It kind of like wipes you off the
face of the map.
Speaker 1 (25:07):
Well, Greenville is a beautiful area. One of my colleagues,
Marty Shields, who's also one of my shareholders, lives in Greenville,
and Harmony Wagner lives up there. It's a beautiful part
of the country. It's nice when you get no signal. Yeah,
what can I help you? Great?
Speaker 3 (25:27):
I had a funny question for you. How did you
get a y on the end of a French name?
Speaker 1 (25:36):
Well, that's a great question. The original spelling of the
name was e R, which in France means butcher and
always pronounced bouchet and the American way of doing things,
they changed the R to a y, thinking it would
be easier. All it did was create havoc. You know,
(25:56):
it's funny how people pronounce your names. But when I'm
in Antsy and you know.
Speaker 3 (26:01):
It France, it would have ended in the E. That's it.
Speaker 1 (26:07):
Yeah, it's not true e R in e T believe
it or not? All pronounced when I'm in Yep. When
I'm in France LT.
Speaker 3 (26:19):
What's that?
Speaker 1 (26:21):
When I'm in France, you know, I put my name
like if I'm checking into a hotel, and I'm always
waiting to see how they pronounce it. Every person in
France name Bouchet. So neil, did you have a question?
I want to just talk about my name.
Speaker 3 (26:38):
No, I just wanted to sit there and I want
to have a good tibe.
Speaker 1 (26:42):
Would and thank you.
Speaker 3 (26:44):
Here's the other thing, because why great cousin would be
Andre Bassett was is spelled with two t's.
Speaker 1 (26:55):
Oh, there you go, there you go, there you go?
What I else? Yes, thank you for having some fun
with me, and you be well, you stay healthy. Okay.
Greenville is a full area one eight hundred eight two
five five nine four nine, eight hundred eighty two five
fifty nine forty nine. So you know, I kind of
(27:19):
reviewed last week and I reviewed this coming week. I
tell you one of our so you know, we we
we changed from the broad Stock Market Index to the
S and P five hundred, and we use the Vanguard
SMP ETF exchange traded for our qualified accounts. And I'm
looking at a headline and this week's baron VOO is
(27:41):
the symbol vias in Vanguard Oo is the symbol. And
I'm looking at the headlines and the Vanguard SMP ETF
it just topped the trillion dollars in assets. The first
ETF to mark that milestone, VLO, which launched in twenty ten.
(28:04):
They got there before Blacklocks, I Shares, Core and State
Street SMP, so that's big. We use a lot of
Vanguard ETFs in our portfolios. So I shared with you
at the beginning of the show that we're managing almost
one point nine two billion dollars and that's a lot
(28:26):
of money. And for the most part, we don't own
any mutual funds. We only have three individual stocks Apple,
Amazon and Microsoft. Everything else is ETFs exchange traded funds,
and we are always looking for the better deal for
our clients. What I mean by that is we look
(28:46):
at these all investments, whether it be ETFs, So our
ets start out with point zero three percent internal management fees.
All all of these wrap products folks have internal management fees,
and being an RIA confiduciary, we talk about fees openly.
(29:06):
We don't hide anything with regards to fees with our clients.
Our clients understand everything that we do and the fees
that are are part of it. So our core positions
start out at point zero three percent. And you hear
me talk about qqq in our qualified accounts, We actually
sold out of that and bought into QQQN, the exact
(29:29):
same ETF managed following tracking the Nasdaq one hundred index.
Why did we do that? Because the internal management fee
of QQQ was zero point two zero percent and the
internal management fee of QQQM is zero point one point
five percent. So every time we can we can save
(29:51):
a little bit here, a little bit there, we do
because that's money in our clients pocket and mutual funds
on average, the average internal management fee is about one percent,
and with annuities two to four percent, you know, most
of them in the range of three percent. And as
I shared last week, we talked about annuities a little bit,
(30:14):
and I said, if the S and P returns ten
percent a year, if you have an annuity and you
have the S and P holding in that annuity, well
you have to return thirteen percent because they're going to
have internal management fees of three percent. Impossible to do.
So there you have it. One eight hundred eighty two
five five nine, four nine. Let's go back to the
(30:36):
phone lines where we have Joe two percent down. Good morning, Joe.
Speaker 3 (30:41):
Hi already today I'm doing great questions.
Speaker 4 (30:45):
I don't want to take up a lot of your times.
I have a four to one k and a while
back I had to take some money out of it,
not alone, but just check it out as the taxes.
I believe we're twenty percent.
Speaker 1 (31:01):
Oh, it all depends on your tax brackets. So what
happens there, Joe, is it's like added income. So if
you took out one hundred thousand dollars, that means if
if your salary is fifty thousand, you took one hundred out,
now your salary for that that earned income is one
hundred and fifty thousand. That puts you into a higher
(31:21):
tax bracket. I don't know what the tax is, but
depending on your tax bracket. So and then if you're
under fifty nine and a half, you're going to pay
another ten percent kicker the IRS penalty ten percent if
you're under fifty nine and a half. We really try
to encourage people not to take money out of their pension.
(31:43):
Sometimes people have to, and sometimes there's exceptions to the
rule if you take a little bit out for first
time home whatever. So anyway, so what's your question, Joe, I.
Speaker 4 (31:56):
Was wondering why when I took that money out, they
never took out any state tax.
Speaker 1 (32:02):
Well, you know, you have to instruct them how much
to withhold. Now, remember New York State, the first twenty
thousand dollars is New York State tax free. You will
pay the tax man. At the end of the year,
there will be a ten ninety nine R and you
will pay the tax. So they might not have taken
(32:24):
out the state tax, and I don't know whether you
qualify to pay for that or not. I don't know
how much he took out. But believe me, by April
fifteenth of twenty twenty seven, you'll you'll be settling up
with the federal government and New York State.
Speaker 4 (32:41):
Okay, because last year there was nothing on her about
any state tax at all. Yeah, when I get my taxes.
Speaker 1 (32:51):
Done, yeah, well, you know they'll catch up with you.
Just go ahead, work.
Speaker 4 (32:57):
Question what I retire? What was my what interest? When
I have to pay back in taxes when I retire?
Speaker 1 (33:07):
Well, once again, it all depends what your your income is.
So when you're fully retired, if you start taking money
from your pension, for instance, out of a retirement account,
or if you're fortunate enough to have a defined benefit program,
all of that money is going to be taxable income.
So it all depends. Everybody's different shoe, everybody's different, but
(33:30):
it all depends really on your on your wont it
won't want it won't be twenty percent though, right? Sure
it will easily.
Speaker 3 (33:42):
Really Okay, how much income I have?
Speaker 4 (33:47):
Yeah, I thought when I took the loan out before
I was retired, they charged to be more interested because
I'm not retired yet. That's what I thought.
Speaker 1 (33:57):
And it's not interest, it's tax in there, okay, duck state,
believe me in this state. So for you to pay
twenty two percent, you have are you married or single?
Speaker 4 (34:12):
Married?
Speaker 1 (34:14):
Married? So between one hundred and two hundred and eleven
thousand dollars there's a phase out. So you know, it
depends on what your earned income is. If you have
from twenty four thousand to one hundred thousand, your your
your federal tax bracket is twelve percent. All depends what
your income is. Joe, great questions. You'd be good. I'm
(34:35):
coming down to Cooperstown in September. So maybe if you
see me on the street, give me give me a yell.
One eight hundred two five five nine four nine one
eight hundred and eighty two five fifty nine forty nine.
So I take my colleagues away every year for a retreat,
and last year we went to Manchester, Vermont. This year,
(34:58):
I'm taking them to two percent and we're going to
have a beautiful time. Have a nice privateur of the
Baseball Hall of Fame. It should be really good. Listen, folks,
when I tell you I got a team second to none.
I have twenty two amazing colleagues, professionals, and they do
such an amazing job, and I try to always do
(35:22):
something good for them. You know, my mission in life
is to help others and do as much good as
I can for people. But I take the same attitude
with my colleagues. The success of our firm, you know,
Charles Schwab does a benchmark survey of about thirteen hundred
(35:42):
to fourteen hundred wealth management firms throughout the country, and
we are consistently in the top five percent. It's the
investment that we make into our human capital, the team
that I have second to not second to none, and
the investment we make into technology to help better manage
the portfolios, to give better, more accurate information to our clients,
(36:05):
for us to be able to to, you know, manage
our firm. So we make a lot of investments, but
it's the investment in human capital that sets us apart
from every other wealth management firm in the country. I
will put my team up against anybody. We have nine
CFP professionals, three CPAs, one irs and rolled agent and
(36:30):
more more expertise, and then you can imagine expertise that
our clients can trust. So I'm really, really, really proud.
One eight hundred eighty two five five nine four nine
one eight hundred eighty two, five fifty nine forty nine.
Speaker 2 (36:47):
Give me a call.
Speaker 1 (36:48):
If you have questions, give me a call. Let's talk
about that jobs report. Yesterday, one hundred and seventy two
thousand jobs. The Labor Department came out with their monthly
report strong strong, strong payroll growth, just strong, I mean
(37:08):
all the uncertainty with iron, the war, inflation, trade and
artificial intelligence terroriffs. The report suggests that the US labor
market is really recovering from the weak patch last fall
in winter, so we are definitely back on our feet.
And with inflation rising and the robust hiring. The question
(37:33):
for the Federal Reserve and the new chair, Kevin Walsh,
who's a really brilliant man. I'm really excited to have
Kevin at the Helm. He happens to be a local boy.
If you're listening from the Capital region area and it's
a listen, this gentleman deserves to be sitting in that chair.
(37:53):
And I think I'm pretty sure the question is going
to change from when do we cut rates to whether
we raise them or not. And we'll see they meet
in June. We'll see when they come out, We'll see
how Kevin handles the press conference and so forth. But
(38:13):
I don't think you're going to see a cut. I
can almost guarantee that maybe a pause and probably maybe
even hike, or at least language saying that before the
end of the year there will be a hike. We'll see,
we'll see some FED officials already suggesting, and you know
(38:35):
over the past week that the Central Bank should be
prepared to raise rates, you know, between the rebombing job
market just adds fuel to that fire, and you know,
kind of how can they not raise rates, right? You know,
I mean, god, one hundred and seventy two thousand jobs
(38:56):
for the month of May when they were expecting eighty
thousand and the previous two months ninety three thousand of
revised job increases, no wonder, no wonder. You know, the
S and P fell yesterday two percent after that job's
report as that fell over four percent of you know,
(39:16):
the biggest one day drop in the year. As I said,
that made jobs report the eighty thousand of estimated jobs
well more than double, more than double. The unemployment rate
unchanged at four point three percent in May, right in
line with economists expectations. The share of people working or
(39:40):
looking for work remained unchanged as well, at sixty one
point eight percent. That's what we call the participation rate.
And you know, the average over the last three months,
average month in, month out is one hundred and eighty
eight thousand. We haven't seen this much job growth since
March of twenty twenty four, seems like a long time ago.
(40:04):
It was just a couple of years ago. We haven't
seen this many jobs being added for the past couple
of years. So, you know, yesterday's report that as I said,
the revised number for March went from twenty or up
twenty nine thousand to two hundred and fourteen thousand, So
(40:24):
they added increase of twenty nine thousand new jobs in March.
That's the revised number, and in April revised up sixty
four thousand. So now the new April number was one
hundred and seventy nine thousand. So over the last three months,
you got two hundred and fourteen thousand jobs in March,
(40:44):
one hundred and seventy nine thousand jobs in April, and
one hundred and seventy two thousand jobs for the month
of May. So you have higher inflation, you got energy
costs that taking a bigger bite out of out of earnings.
As they said last week, let me say it again,
gas plays a big part in inflation. Everybody, not everybody.
(41:10):
Most people are putting gas in their car to get
back and forth to work. And as I said last week,
even your door dash uber eats driver, the pizza guy.
You know, they're they're they're not making as much money
because they cost them so much more to put gas
in the car, and that just is eating into how
(41:33):
much money they have left over to spend. And the consumer,
remember makes up two thirds of the economy. Two thirds
of the economy is because of the consumer. So we
need the consumer to feel good about themselves so that
they they go out there and and you know, spend money.
It's all about the consumer, folks, It's all about the consumer.
(41:57):
So in the month of May year over year average
hour of the earnings rose three point four percent. It
was three point six percent, So it's kind of a
mixed signal. You got the hour of the earnings came
down a little bit, you know, it was it was
a robust report. Consumers are not feeling good about the economy,
(42:19):
as they said, gasoline prices alone, inflation, they're paying, They're
still paying more in the grocery store. There's so much
the labor market robust, just robust, No wonder. Consumer sentiment
hit all time lows recently. There's so much anxiety out
there about the future of inflation. People keep sending, you know, spending,
(42:44):
and we want that because they make up two thirds
of the economy. We need the consumer to spend. So
despite war, despite the consumer feeling the way they do,
Big US companies are they man So not only is
the job picture robust, but the profits coming from these
(43:07):
corporate earning reports. Ninety eight percent of the S and
P five hundred companies have already reported for the first
quarter results and they're you know, they're up about twenty
nine percent according to the year over year growth and
earnings per share of about twenty nine percent. Once again,
(43:29):
pretty robust. The market's pretty resilient, folks. I said it
last week. Let me say it again. When we went
to war, I was up like three in the morning
because I needed to prepare a whole summary for my
team of what to expect. If you were to tell
me going to war with Iran that the market at
(43:52):
its worst, at its low point, only corrected less than
ten percent, I would not believe it. That's all it was, folks,
less than ten percent. I would have thought down twenty
thirty percent easily. So this market is pretty resilient. The
market trades on fundamentals. I say that often you have
(44:14):
corporate earnings, you have jobs, you have inflation, what's the number?
And you know, even with with with some of these
hot areas of the economy, especially yesterday's jobs report, the
market's pretty resilient. Although, as I said, it did sell
off yesterday. SMP down about two point six percent, Russell
(44:38):
two thousand down almost three percent this past week QQQ
or for our clients QQQN, the NANSDAK one hundred down
four point five three percent, and the entire Nansdak composite
down four point sixty eight percent. What's funny is gold.
Gold is so over the last year, the low point
(44:59):
for gold was almost thirty three hundred dollars an ounce,
the high point, which was recently fifty three hundred dollars
an ounce. Today we're sitting here at around forty three
one hundred dollars an ounce. Gold is even break even
over the last five months. Year to date, gold is
(45:20):
just about break even. But gold, you know, forty three hundred.
Once again, with all the headlines, you would think that gold,
you know, gold a take off. But I think you know,
I can't say this because we we did not take
part in the gold rush. We did not segregate any
(45:41):
of our portfolio to have some commodity holdings like gold.
And you know, last year gold was up sixty three percent.
Twenty twenty four, gold was up twenty seven percent. So
let me give you you know, you hear me say
this often because I'd like to remind folks over the
lasteen years, year in year out, the average return in
(46:04):
the S and P five hundred index was almost fifteen percent.
The average return year in year out for QQQ over
the last fifteen years was almost twenty percent. For bonds,
about two and a half percent and for gold under
(46:24):
seven percent over the last fifteen years. So if you
think that gold was always a good place to be,
your average return over the last fifteen years, year in
year out just about six point seven percent. There you
have it, folks, I can't believe we're coming up to
the end of the show. One eight hundred eighty two
(46:44):
five five nine four nine one eight hundred. I'm sorry,
I'm giving out the phone line the folks who are
coming up to the end of the show, not to
be giving the show. You are listening to Let's Talk Money,
brought to you by bouschet Nanswer Group, where we help
our clients prioritize their help while we manage their wealth
for life. I can't begin to tell you how much
(47:06):
I appreciate you tuning in. Go to our website Bouchee
dot com. Right on that homepage. There is so much
good information, so much that you can pull from, and
at the bottom you'll see our latest blogs. You'll see
you know, we're gonna have podcasts real soon. There's just
so much we do. But for now, I hope you
(47:27):
enjoy this weekend. If you're going to the Belmont, good luck.
If you're going to bet my horse and the Third Intellect.
Good luck. I hope you have a lot of luck there,
because that means I don't have a lot of luck
as well. In the meantime, be well, stay healthy. Thank
you for tuning in. Go to our website Boochhey dot com.
Speaker 4 (47:44):
Bye bye, folks,
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