Episode Transcript
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Speaker 1 (00:02):
We're just trying to turn a bachel in do a die.
That's the bottom line.
Speaker 2 (00:14):
Welcome to real honest talk about money, politics, news and
information you can actually use. Buckle up and hold on tight.
This is that's the bottom line.
Speaker 3 (00:29):
The best thing the life of free.
Speaker 4 (00:33):
But you can give them to the bath and be the.
Speaker 5 (00:48):
Good morning everybody, and happy birthday America. This is that's
the bottom line. I'm your host, Jeff Lewis of asset
Or Associates along with Jean Ballerani. Thanks for taking time
out of your holiday weekend to spend it with us.
First to our top line story of the week.
Speaker 6 (01:08):
On this vote, the Ya's are fifty, the nays are fifty.
The Senate being evenly divided, the Vice President votes in
the affirmative. The bill as amended is passed.
Speaker 5 (01:19):
That's Vice President vance casting his tie breaking vote as
the one big beautiful bill cleared the US Senate Tuesday afternoon.
From here, the legislation heads back to the House for
final approval, which President Trump said he wanted before the
holiday weekend. Now, because it is a holiday weekend, we
(01:39):
recorded this show early because we're taking the weekend off ourselves,
just like the rest of you. For myself, we'll be
celebrating my in laws fiftieth the anniversary on Saturday, so
I just want to take a moment to congratulate them. Man,
fifty years of marriage. That's a lot of naggin, folks,
a lot of naggin. Anyway, it's possible by the time
you're hearing this, the House has already passed this thing.
(02:01):
But regardless, we'll go over all the details of the
bill's final version on next week's show. For now, let's
look at the political ramifications of what happened in the Senate.
Three Republican senators broke ranks and voted against the bill.
Rand Paul of Kentucky, who has long been a critic
(02:22):
of the bill, made good on his pledge as a
no vote.
Speaker 7 (02:27):
I think they're going to look at it and see
that it's much less conservative than it started out to be,
and it's going to add much more to the debt.
And so I think, without question, this is not a
fiscally conservative bill.
Speaker 5 (02:39):
So apparently, a bill composed of an entire GOP presidential
campaign platform, drafted by a Republican White House and supported
by a vast majority of Republicans in the House and
the Senate. Is it conservative enough for the likes of
Ram Paul, so he voted with liberal Democrats. Whatever, Dude,
(03:01):
this guy's getting as kooky as his dad. I've always
liked Rand, but he may even lost me after this.
Needless to say, Paul's criticisms did not go unchecked by
the White House. Here's Deputy Chief of Staff Steven Miller.
Speaker 8 (03:16):
I am sick and tired of the lies about this
bill that have been perpetrated by opportunists who are trying
to make a name for themselves. This is the most
conservative bill in my lifetime, tax cuts, defense, border security,
homeland security, welfare reform, and the largest spending cut in
(03:37):
one bill that has ever been enacted.
Speaker 5 (03:40):
The second Republican no vote came from Susan Collins of Maine,
who cited a harmful impact on Medicaid as the basis
for her vote against the bill, saying, quote a dramatic
reduction in future MEDICAIDS funding and estimated five point nine
billion dollars in nine over the next ten years. It
threatened not only Mayner's access to healthcare, but also the
(04:04):
very existence of several of our state's rural hospitals. This
was in spite of a Republican compromise that boosted a
special fund for rural hospitals from twenty five billion to
fifty billion, a move that secured the vote of Alaska
Senator Lisa Murkowski. More about that in a moment. The
(04:25):
third Republican to brank ranks was Tom Tilli's of North Carolina,
over concerns that the bill could cost expanded Medicaid coverage
to six hundred thousand residents of his state.
Speaker 9 (04:38):
It's another reason why we should go back to the
house Mark, get Medicaid right. So I can come on
the floor and tell my colleagues on the other side
of the all while they're wrong on all the attributes
of the house Mark, why they are wrong on some
of their characterizations of the tax bill, and why they
will be wrong on an energy policy that makes sense.
(04:58):
But I have to vote against the from my own
party that I have never parted from before, because we're
russian to an arbitrary deadline with people who have never
worked a day in this industry, maybe philosophized and written
a few white papers on it, but having gotten their
hands thirty The.
Speaker 5 (05:16):
Problem with Tillos's line of reasoning is that, as I
already mentioned, a deal had already been worked out on
Medicaid funding for rural hospitals. Senator Jim Banks of Indiana
flushes out this argument in his interview on Fox News Sunday.
Speaker 10 (05:33):
In addressing some of those concerns about rural hospitals, which
is what Senator Tillis has been talking about for the
last week. Leader Thune and President Trump have added a
fund specifically geared toward keeping those rural hospitals going and
making up for some of the losses that might be incurreaged.
So that'll go a long way to take care of that.
But remember, the Medicaid reforms in this bill are about
(05:54):
work requirements and taking illegals off of Medicaid. That's what's
in the bill. That's what a clerk is reading on
the floor right now. That's the truth.
Speaker 5 (06:02):
This set the stage for plenty of infighting within the
Republican Party on Capitol Hill. Despite the deal, Tom Tillis
entrenched himself against the bill, which prompted the ire of
President Trump on his social media account Sunday, Trump called
for a primary opposition of Tillis, whose term is up
(06:23):
in twenty twenty six, promising funding and support for a
potential Republican challenger. By the end of the day, Tillis
announced his attention to retire at the end of his term.
This means North Carolina will be an open seat race
next fall and becomes ground zero in battle for control
of the Senate. I'll have more the more to say
(06:46):
about this race in future weeks, but for now we
can expect the campaign for the seat to be a
battle royale next fall. But back to the president. With
the fifty three to forty seven majority, the defection of
these three Republicans meant that the GOP couldn't lose a
fourth vote, and the bill still pass to keep it
at fifty to fifty, which would permit Vice President Vance
(07:09):
to break the tie. The GOP absolutely had to keep
Lisa Murkowski of the Alaska from breaking ranks, and that's
what they did, approaching her with whatever funding request she
needed for Alaska. Murkowski clearly milked that for all it
was worth, which prompted criticism from Rand Paul calling it
a bailout for Alaska at the expense of the rest
(07:32):
of the country. She wasn't wrong. Here's what Murkowski had
to say when confronted about Paul's comments.
Speaker 11 (07:41):
Hard to take care of a state that has more
unique situations, more unique people, and it's just different. And
so when people suggest the federal dollars go to one
(08:03):
of our fifty states in a quote bailout, I find
that offensive.
Speaker 5 (08:11):
Seriously, if you look at her expression, the senator gives
the reporter a look like the Empress Jadis and the Lion,
and the witch and the wardrobe, the ice Queen. I
don't want to call her the white witch. I keep
waiting on her to pull out her wand and turn
the poor reporter into stone. The guy standing there like,
I didn't say it, ma'am. Okay. So the President managed
(08:33):
to get his agenda intact through the Senate, though at
a huge extense of political capital, and it remains to
be seen just how high the cost will be for
the Republicans going forward. Remember, the original bill the House
passed got through only by one vote, and compromises were made.
Speaker 2 (08:52):
Then.
Speaker 5 (08:54):
Trump did walk back his previously stated goal of a
July fourth deadline last week, the emphasizing the importance of
signing the bill by the holiday weekend. That gives House
Republicans some latitude to work with, but not much so.
If there's not enough consensus among House Republicans on issues
like Medicaid, this thing could get tied up in conference,
(09:17):
which is the game plan for Democrats. So when we
come back, we'll explore some of the other economic stories
of the week. Don't go away, stay with us.
Speaker 1 (09:26):
We're just trying to turn a nekel into a dime.
That's the bottom line.
Speaker 12 (09:33):
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Speaker 13 (10:33):
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Speaker 14 (12:06):
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Speaker 1 (12:37):
We're just trying to.
Speaker 3 (12:38):
Turn a nickel into what dime. That's the bottom line.
Speaker 15 (12:47):
People can't even look the street.
Speaker 5 (13:11):
And we are back with that. In the bottom line,
I'm Jeff Lewis real fast. Are you the owner of
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every year without even knowing it. At Asset Growth Associates
Wealth Advisors, we specialize in identifying and eliminating hidden fees.
(13:33):
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(13:57):
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(14:21):
is a registered investment advisor in the state of Texas.
That's at savemiretirement dot com. Now there's a lot more
economic news brewing than just the big beautiful bill up
in Canada. A new digital services tax was scheduled to
take effect this week on US companies that do online
(14:42):
business in Canada. The tax would have charged companies like
Amazon three percent on all revenues generated in Canada. And
what's more, the tax was to be retroactive all the
way back to twenty twenty two, which would result in
American com companies paying about two point three billion dollars
(15:03):
just this week alone to Canada. Here's an excerpt from CTV,
which is a Canadian network, where a panelist explains the
reasoning behind this tax exicly.
Speaker 16 (15:15):
And Really, what this is meant to do is it's
meant to acknowledge the fact that primarily in our world,
we are seeing commerce shifting to an online experience, and
the companies that are behind that commerce are making profits
around the world from people, but not necessarily being taxed
and giving money back to the countries where they are
(15:37):
doing their business. So in the case of Amazon, Google,
Meta for example, they're all headquartered in the United States,
making plenty of money off Canadians, but in the Canadian
government's minds, not necessarily paying their fair share back to
Canada for the profits that they're earning.
Speaker 5 (15:54):
Well, that's funny, pay their fair share. Now where have
I heard that line before? So basically, this is Canada's
way of taxing the American tech sector in start violation
of all the previous trade agreements we've had that the
screaming that Trump is throwing away Canada passed this tax
(16:15):
back in twenty twenty four, so it's not in response
to any tariff or anything liberals can blame on Trump.
This was put in place during the previous AMIT inspiration
and even Biden personally threw a fit about this vote.
Like usual, he didn't do anything about it. Think about
the logic behind this retroactive tax. Wouldn't you be upset
(16:39):
if this applied to you. Let's say we did the
same thing here in the United States the small businesses.
Imagine that you're a plumber and you file your tax
returns every year like a good conscientious American surf I mean, citizen.
You're all paid up to Uncle Sam, and you get
this letter from the IRS that says, congratulations, Congress just
(17:02):
has to do tax and it applies all the way
back to the beginning of the decade. Please send us
a check for the last five years of your income, Sincerely,
the IRS. You would think that would be popular or
with that start some kind of revolt. We fought revolutions
for this sport of thing, just.
Speaker 17 (17:21):
As the British.
Speaker 5 (17:22):
That's why we have the day off Friday. Now. I
get it, they're massive and make lots of money, But
corporations have to make budgets just like the rest of us.
And while it's fun to pick on them, like there's
some soulless parasite that sucks the blood of a proletariat,
don't forget that if you're working class, you probably have
(17:43):
a pension plan or a four to one k or
an IRA that invests in these companies. That means taxing
them is like taxing your own retirement plan. Needless to say,
this tax drew a vehement response from the White House
with to pull out of trade talks all together. It
didn't take long for Prime Minister Mark Carney to start
(18:06):
walking things back.
Speaker 18 (18:08):
Last night, I had a good conversation with President Trump
and we agreed to recommence our negotiations with a view
to the twenty first of July deadline that we had
agreed in Kandaanascus. Minister Champagne and LeBlanc had conversations with
their counterparts as well. We've started the discussions this morning.
Speaker 5 (18:32):
Yeah, I'll bet you did. That's the humblest I've ever
heard Carney sound since he got elected. I really hope
that phone call leaks because I'm betting that Trump gets
bleeked again. Here's Tom Bevan on the Real Queer Politics
podcast explaining the Canadian strategy.
Speaker 19 (18:50):
Here, I mean, I think Canada has elected a moron.
Speaker 20 (18:55):
I mean what.
Speaker 19 (18:57):
You walk up to the eight hundred pound gorilla and
kick him in the shins and you think this is
a good strategy and they immediately turn around, have the
cave And now did they think that built goodwill for
them moving forward in the trade talks with Trump? I mean,
it's the dumbest thing I've ever heard of.
Speaker 5 (19:16):
Yeah, this one's up there in terms of stupid. I
don't totally blame Carney. This measure was proposed all the
way back in twenty twenty, and Carney has only been
Prime Minister a few months. But this is like the
baseball equivalent of a picture walking the bases loaded and
then getting that ground ball for a double play to
end the inning, and then watching the shortstop airmail to
(19:37):
throw right up the right field line. It's a comedy
of errors. The policy itself was expressly designed to target
American companies. Roughly ninety six percent of the revenue generated
from the tax would have come from US, despite Canada's
claim that the tax affected everybody. Naturally, the White House
(19:59):
capzed on this immediately.
Speaker 8 (20:02):
It's very simple.
Speaker 20 (20:03):
Prime Minister Carney in Canada caved to President Trump in
the United States of America. And President Trump knows how
to negotiate, and he knows that he is governing the
best country and the best economy in this world. On
this planet, and every country on the planet needs to
have good trade relationships with the United States, and it
was a mistake for Canada to vow to implement that
(20:25):
tax that would have hurt our tech companies here in
the United States. The President made his position quite clear
to the Prime Minister, and the Prime Minister called the
President last night to let the President know that he
would be dropping that tax, which is a big victory
for our tech companies and our American workers here at home.
Speaker 5 (20:43):
Canada gave Trump all the ammunition he needs going into
their trade talks, which are expected to wrap up this month.
When we return, Geene Valerani talks to us about American pride.
Stay with us.
Speaker 1 (20:56):
We're just trying to turn ankel into a.
Speaker 3 (21:00):
Bottom line.
Speaker 13 (21:01):
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(21:24):
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our weekly show on News Doc five sixty k LVII.
That's the bottom line.
Speaker 17 (22:12):
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Speaker 13 (22:51):
Dot Com?
Speaker 1 (22:52):
We're just trying to turn ancke into a dime. That's
the bottom line.
Speaker 13 (22:58):
Good morning, This is Jean Valeradi reporting the timely topic
for what we call in this section of the program
the Dirty Little Secret. However, I want to stray from
that at the moment, and I want to devote this
part of the program to wish everyone a happy Fourth
(23:22):
of July weekend. Our country has reached its two hundred
and fiftieth birthday. We Americans have much to be happy about.
As our country wants nothing more than a small settlement
on the East Coast, has become the mightiest nation on
(23:45):
planet Earth. In the past two hundred and fifty years,
We've undergone many changes, and I know that you're aware
of that. The most spectacular of all has been our
ability to not only survive, but much beyond that and
becoming the one last great hope for freedom and justice
(24:08):
in the world. Not an easy task when one takes
the time to think about it. The rag tag colonists
declared our independence from Great Britain and thought for the
right to be free, and have retained we the people
our freedom from many dispots from around the world. They
(24:31):
want your freedom, ladies and gentlemen. They want to take
it away from you, and they want to introduce communism.
You know, that's the big fight right now, that we
have to be true to freedom and justice. What has
made America great is its opportunity that it offers, the
(24:52):
opportunity that comes with freedom when one raises oneself from
poverty to prosperity, which in the end is what the
United States of America is and was founded upon. A
land founded on both freedom and justice provides the opportunity
(25:13):
for the poorest among us to eventually become the most
blessed among us. You know, it's really the story of America,
isn't it? The land of freedom and justice that overrules
poverty and despair. Now to me, this is what America offers,
and we'll continue to offer for decades and centuries ahead.
(25:37):
If you're born poor in America, you don't have to
remain poor. This country has had its struggles in the
past and has overcome then. Unfortunately, our progress is hampered
from time to time by the naysayers who scoff at
opportunity and propose dangerous political mirage. Is that tempt false
(26:02):
leaders to propose eternal well being for those who seek
not to attempt to achieve what is necessary, but instead
preach the lie of taking from those who work hard,
and to expect to seek what belongs to others instead
(26:23):
of earning it or because discontent. They like to cause
discontent among the people their way, and this is for
reasons known only to them. Those who refuse to earn
or get themselves educated in life instead seek what belongs
(26:47):
to others. That's not what the United States is about.
The communists and the socialists who like this serpent in
the garden of Eden, tempt many with the lies of
slot and not to earn a living, but rather to
take what belongs to others. In America, the opportunity to
(27:12):
earn and succeed is always there, and to be jealous
of others who have prepared themselves to work hard and
earn enough to provide for themselves and their families is
what it's all about, right, So if you take what
others have earned, well, you know that's just not right.
(27:33):
You understand that this doesn't mean those among us who
are more fortunate can look down on others. But what
it really means is to help our neighbors as we can.
And life, of course is challenging at times. You know
that as well as I do. But it's our responsibility
(27:57):
and perseverance to overcome those challenges. We Americans, regardless of wealth,
have opportunity, and we have to take it when we
see it. Jesus said, the poor will always you always
have with you, and to help others is a blessing.
(28:22):
But as we Americans are celebrating our nation's two hundred
and fiftieth birthday, we have to be thankful of all
the opportunities America has for we the people. We've all
heard the old saying to listen when we hear opportunity knocking.
(28:43):
But at two hundred and fifty years as a free
and prosperous nation, we must be thankful of the blessings
bestowed upon us and not to become influenced by the
siren calls of hatred. And said many times, and I
for one believe it, and that is that America is
(29:07):
the land of freedom and justice. There's opportunity here like
in no other place on the earth. And of course,
as you know, same as I do, life is not easy,
and it shouldn't be because we're actually all sitting here
in Eternity's waiting room. And trust me when I tell
(29:28):
you time here is short. But when your name is called,
it won't matter how wealthy you were, how poor you were.
You know that as well. As I do. America is
a blessed nation and a free nation. So my wish
to everyone listening to this morning's commentary is to enjoy
(29:49):
it this fourth of July and for many more in
the centuries aad because really and truly, that is the
bottom line that we talk about, and we have the freedom.
We have the freedom to overcome any of the difficulties
that we face in life. If we are determined to dedicate,
(30:11):
prepare ourselves through education, hard work. Whatever the challenges are,
you have to meet the challenges. But if you do,
life here can be a blessing for you and your family,
and we have to keep that in mind as we
move forward. So the whole point of this holiday is
(30:33):
the to be grateful for the freedoms that we have
in this country. We have many freedoms and we should
enjoy them, and God bless America. Back after this, we're
just trying.
Speaker 1 (30:49):
To turn a nickel into a dime.
Speaker 3 (30:52):
That's the bottom line.
Speaker 13 (30:56):
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Speaker 1 (33:09):
We're just trying to turn a nickel into a dime.
That's the bottom line.
Speaker 13 (33:14):
Welcome back, ladies and gentlemen you're listening to. That's the
bottom line. Your weekly broadcasts on KLVII. That tells it
like it is. And now it's time for our solution.
And when we say our solution, we save this segment
for those of you who are inclined to set money
(33:35):
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and also in our practice with our clients at Asset
(34:20):
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risk than women. I don't know if that's true or not.
Others say wealthy individuals often are more willing to take
risk than people of modest means well as is usually
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(34:41):
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want no risk at all. You know, years ago, I've
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for your future financial welfare. I guess I should say
money that will always be there, especially when you retire
(36:37):
someday and you're not going to work and the world
changes for you. Plans linked though that are linked to
the market indices to accumulate value, but they're guaranteed. They're
contractually guaranteed not to lose money. You're in a market downturn.
Now that's a pretty good deal, right. So we encourage
(37:00):
anyone listening to our broadcast to call us this week
or soon by dialing four oh nine eight four oh
sixty nine one hundred. If you live in far away places,
we have a toll free number one eight six six
seven two eight three six nine seven. And if you
(37:21):
have a hard time writing that down. Just think one
eight sixty six Save my Retirement Now you call that number,
schedule a time to visit with us at one of
our offices here in Texas. And one of the preliminary
steps we take at Asset Growth Associates is to ask
our potential clients to first complete a risk analysis exercise
(37:45):
which identifies a potential financial path for them to take
as to whether or not they would be better off
in a more conservative financial plan based on their risk
tolerance or one with a higher level of risk tolerance.
You know what's ever acceptable to the individual. Now to
(38:07):
find out what your risk tolerance is, log on to
our company website easy to find Savemretirement dot com and
what this is going to do. This will take you
to our website and then you can participate in a
computer exercise for free. This simple exercise identifies individual risk
(38:32):
tolerance for an investment strategy. Then to pursue it. If
you want to pursue it further, just pick up the
telephone and call us four O nine eight four oh
sixty nine hundred. The toll free line is one eight
six six seven two eight three six nine seven, or
you can just get on your computer. If you have one,
(38:54):
get online and log on to save my retirement dot
com using any of these method that you can schedule
an appointment for first a general review of your current
plan or possibly hiring us to do the management of
your existing plan. And also for those of you who
(39:15):
have an existing four oh one K or pension plan.
Remember it's not how much money an individual makes, but
how much money he or she is able to keep
because you need that money when as the years go by,
as much as you do when you're young, but then
(39:36):
once you retire sometimes life changes. Right, Well, it's good
to have a little nestings and where nobody can argue
with me about that. We do all this for you
had Asset Growth Associates. We take satisfaction to having work
with many both in Southeast Texas and southwest Louisiana over
(39:59):
the year yours. Depending on individual needs, some plans are
just better than others. Be back after this.
Speaker 1 (40:08):
Where's J just trying to turn a necke in, Doe?
That's the bottom line. Where's J just trying to turn
a necke in? That's the bottom line.
Speaker 3 (40:24):
People.
Speaker 5 (40:36):
Thank you for listening today to this special Independence Day
edition of That's the bottom line on news talk radio
AM five sixty kl v I or through our website
at Savemoretirement dot com. All of our broadcasts are available
on demand online. Just go to your iHeartRadio app and
(40:57):
search for it. That's the bottom line under the podcast tab,
and remember to add us to favorites. Also, you can
follow us on Facebook at Jeff Lewis. That's the bottom line.
Type the whole thing out, name and show and you'll
be able to check out all the latest updates and
information I post there. We've got extended video of stuff
(41:19):
that we can't show on the radio because well you
can't see it listening on the radio. Also, if you've
got a topic you think we've missed and needs covered,
send us a suggestion or just leave a comment on
the job that you think we're doing. And if you've
got money on the mind, you can schedule an appointment
with us by going online or by calling us locally
(41:41):
at four zero nine eight four zero sixty nine hundred
or toll free at eight sixty six. Save My Retirement.
Our physical actress in Beaumont is at thirteen ninety one
Calder Avenue, a block from the intersection of MLK and
calder and for sure go check out our free stuff
(42:02):
on our website at saymiretirement dot com. I mention it
every week and it keeps getting better. We've got our
new variable annuity fee analysis, portfolio analysis, social security analysis,
risk analysis. If it's covered green, it's on our screen.
Getting close to retirement, that's the best time for a
(42:22):
principal protection strategy where you can get market linked rates
of return with zero risk to your principle. And there's
no place to do that like asset growth Associates, where
we've got the experience and name you can trust. We
know how to handle your money consistently, safely, and always, always, always,
(42:43):
with your best interest in mind. Plus we're a lot
more fun in person where we don't have to meet
all those PESKFCC requirements. Finally, one more time, we want
to wish America a happy two hundred and forty ninth birthday.
I can't wait to see what party is going to
be like when we're at quarter a millennium. That is
(43:03):
going to be such a freaking good time. I'm looking
forward to it, and I hope you are. Don't forget
we'll be back into office this next week. We hope
to see you all come talk to us. Then. I'm
Jeff Lewis for Jean Valerani and everyone here at Asset
Growth Associates. Remember that you are greatly blessed and highly
(43:24):
favored because as always, that's the bottom line.
Speaker 3 (43:32):
That's the bottom line.
Speaker 2 (43:35):
You can reach st Growth Associates. I'm calling one eight
six six seven to eight thirty six ninety seven are
by visiting savemretirement dot com.