Episode Transcript
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Speaker 1 (00:01):
Keep Americ. Could you keep America? We'll keep emmeran con gray.
Speaker 2 (00:10):
A keep Americ. Can you jeep America?
Speaker 1 (00:14):
Well, jeep Emeric?
Speaker 2 (00:16):
Could Gray ah jeep Americ?
Speaker 1 (00:21):
Jeep America? Well, jemer concree.
Speaker 3 (00:27):
Him.
Speaker 4 (00:29):
Welcome to the Bob and Eric Save American Podcast.
Speaker 1 (00:32):
My name's Bob Dunlam.
Speaker 5 (00:33):
And my name is Eric ATHENI. Happy Saturday. Welcome to
our podcast. Guys, Thank you all for tuning in. Please
please please have Patreon Patreon dot com slash Bob and Eric.
Everything you give helps the show continue to come to
you as frequently as we possibly can, uh hopefully for
the rest of us, as long as we're here, and
actually as long as we're here, we have a guy
on today. We have Joseph Lombardi on today from Ironhawk Financial,
(00:56):
who's going to teach us how we can be here forever,
how we can be smart with our money and save
our money. Because it looks like the tariffs worked and
the market and you know, Bob, you've got a background
in finance. The market has rebounded strongly. I was looking
at my four oh one k and it's significantly better
today than it was the day the tariffs came out.
(01:16):
So because yeah, I'm forty three, I figure, you know,
maybe twenty five more years of working. I know some
people tell me, are sixty eight is too young to retire,
but I don't know, man, I want to have like
a large span of my life where i'm you know,
sitting on my porch in South Dakota. So something to
think about. But before we get there, very interesting week
on social media.
Speaker 1 (01:37):
You think, oh my god, I think that was all
just a movie. I think they plan that.
Speaker 5 (01:43):
Okay, so there are basically well, I'm not gonna say
there's two schools of thought.
Speaker 1 (01:46):
I'm not going to limit it to that. I think
there's a lot of schools of thought.
Speaker 5 (01:49):
Are you of the mentality that the Elon Musk and
Donald Trump feud was planned for some reason, that there's
a bigger purpose or do.
Speaker 1 (01:58):
You think it was authentic?
Speaker 4 (02:00):
I think it was planned personally. I mean all the
lawsuits against Musk and I think it was planned personally.
Speaker 1 (02:09):
For what purpose? What would be the purpose of planning that.
Speaker 4 (02:13):
I think a lot of Democrats are now like, oh wow,
if we vote yes to this bill, it's going to
ruin America. And I think they want to get a
couple of Democrats on the one side saying this is
going to ruin.
Speaker 1 (02:25):
America, which is not. It's going to explode America. Okay,
you could say.
Speaker 5 (02:31):
So we're talking about the you know, Trump's Big Beautiful Bill,
which is Yeah, it's a lot of money, it's a
lot of spending. A couple of things about it. You know,
isn't a perfect piece of legislation. No, is there such
thing as a perfect piece of legislation. No, you're always
going to find things in it that are unnecessary. I
think that's just the nature of government. There's no such
thing as perfect legislation. However, Donald Trump was elected primarily
(02:56):
on the border and immigration issue, and this frees up
the funds for him to do what he needs to do.
Everybody's been saying since day one this should come. Is
no surprise to anyone. Mass deportations, ICE operations, getting illegals
out of this country costs money. It's not free. Seventy
five billion dollars is allocated in the Big Beautiful Bill
(03:19):
for ice operations and deportations. Just for context, We've given
more than double that to Ukraine. More than double that
to Ukraine. So all the senators sitting there going. We
got to support Ukraine no matter what that are balking
on this bill. Think about how you're spending our money,
and remember it's our money, it is not yours. I
(03:40):
do disagree with you, Bob. I don't think that it
was planned. I think they are having a legitimate spat
and it's opened my eyes to a couple of things.
Speaker 1 (03:48):
One, I'm not gonna be one.
Speaker 5 (03:50):
Of those guys who turns on Elon and goes, oh
my god, Elon's awful.
Speaker 1 (03:55):
Forget about him.
Speaker 5 (03:56):
I have a lot of respect for Elon, but my
respects for Elon is limited it to his innovation, his creativity,
and his business acumen. One thing I am learning, and
maybe I should have seen it sooner, but it just
didn't manifest itself is he's not cut out for politics.
Speaker 4 (04:12):
No, and he's not conservative. He's all for HB one,
he's all for EV. He loves China. He's not serious.
Speaker 5 (04:21):
Ideologically, yeah, he's certainly not. He's not far on the
right spectrum. He's certainly closer to center. He does veer
left on some issues. But as far as things go
with with Elon, remember this, he's on the he's on
the autism spectrum. He's got Asperger's and Asperger's people have
this very black and white, very narrow way of thinking,
(04:44):
and when things don't comport with that way of looking
at the world, well, okay, yeah, Rainman, Rainman.
Speaker 1 (04:50):
Now Rayman had.
Speaker 5 (04:51):
Full blown autism. He didn't have Asperger's. But remember the
scene at the airport where they try to get on
a plane and he's reciting every single crash statistic in history,
and finally Tom Cruise loses it and says we're getting
on the plane, starts dragging him and all of a
sudden autistic meltdown. That's kind of what Elon had when
he goes out and he posts out there that we
(05:12):
won't the reason the Epstein files aren't getting releases because
Trump is in them. Now, that insinuation, in the way
he posted it is basically accusing Trump of being an
Epstein client, and politics.
Speaker 6 (05:27):
Was that he's accusing him being a pedophile, although he
all the time exactly so, so I've lost a lot
of respect for him, and that in that way of thinking,
where if there's a dispute between Trump and Elon, and look,
politics is full of disputes, you're gonna have disagreements, you're
gonna have policy on which you don't see eye to eye.
Speaker 5 (05:48):
And this is a conversation that they very well could
and should have had behind closed doors. I think that
Trump should surround himself. I've always said Trump should surround
himself with a team of rivals, not guys that they're
gonna kiss his ask. I can say, hey, this is
the problem with the bill, and there are problems with
the bill, and Trump needs to be made aware of it.
But to resort to this infantile name calling, loving insults
(06:09):
over the internet and insinuating very strongly with the wording
of his post that Donald Trump is somehow a child molester,
leads me to believe that Elon Musk does not possess
the temperament to be involved in politics. And if they
do reconcile, which I hope they will, I think that
Donald Trump should keep Elon at an arm's length. Don't
(06:31):
have him by his side every minute, don't have him
at Marl Lago every minute, keep him at a safe
and respectable distance. Elon stick to making cars, stick to
making rockets. Donald Trump stick to running this country, And
I think we just need to leave it where it
is I want to bring someone on right now who
I've wanted to talk to for a while, Iron Hawk Financial.
(06:54):
Joseph Lombardi coming on here. Joseph, we were talking the
beginning of the show. We were saying we wanted to
keep this podcast going forever, and I guess to do
anything forever, you have to have money. And with the
rise and cost of living inflation, and granted, the economy
I think is on a better track. You have a
lot of people that are EO. Bob and I are about
(07:14):
ten twelve years apart, and one day we'd like to retire.
But Joseph, I'm talking to people. I'm forty three. I'm
talking to people of my age group, the gen X
millennial bracket, and we think that retirement is a thing
of the past. My grandfather retired, my father retired. I
will never retire. First and foremost, welcome to the show
and tell us who you are, what you do, and
(07:38):
can you help us solve that quandary. Are people my
age ever going to get to retire?
Speaker 3 (07:44):
Yeah? Well, I'm the owner and founder of Ironhaf Financial.
I've been in business for twenty two years, when thirty
industry awards and a featured at International Business Times, Business
Insider Market inside of the Daily Caller. I'm in the
Marquis Who's Who in the Congressional Library of twenty twenty three.
I'm also on like many covers like that Who's Who
in Building Construction. So I wor put over a thousand
blue collar business owners. And I was also on the
(08:05):
cover of the Top forty Advisors in the country and
are forty years old. I had my own radio show,
Money Talk with Iron Hawk. I published and written three books,
five star rated on Google, A plus rated on a
Better Business Bureau. Thousands of clients, billions of dollars of
protection rollovers in my career and all stems from a passion.
I watched my dad fall three stories off a ladder.
There's a twenty seven million dollar construction company jab Lombardi
(08:27):
Builders boning his foot to sintegrated into a thousand pieces.
In the hospital. For two years I was fifteen years old.
I had to take care of my one and a
half year old sister, who was born two pounds seven
ounces for the alcohol syndrome because my ex stepmom drank
nol extracted listuring during pregnancy and almost killed her. So
and neither one of us were eighteen, so I had
to keep my mouth shut. I dropped out of football,
track and basketball. Where did the daycare? Shortly after that,
(08:50):
my grandfather died, left my grandmother four point two million dollars.
She had a stroke due to depression and strokes don't
kill you, and that led to dementia and she was
a nursing home for seven and a half years. Lost
my entire grandfather's estate four point two million dollars was
stolen by the nursing home. And then about three years
after that, I got a phone call, my mom isn't
doing well. She dies at fifty two years old, so
(09:10):
a sliver from alcoholism, no life insurance. So I lived
a life where my family was. It's extremely poverished. I
grew up in an attic after my parents divorced at
four in Connecticut with no running water. I was bullied,
you know, all that fun stuff you go through being
a poor child in a nice town in Connecticut. And
then my dad's business took off. Then we were millionaires
(09:32):
and I was buying Jordan's and any False three stores
and we're broke again. So you know, I was blessed
to be on both sides. Because I was able to
see and experience and feel both sides. That's why I
bust my butt every day, fourteen hours a day building
a national business. You know, I'm close to one hundred agents.
I've strategic alliances with tons of state planning attorneys, tax attorneys,
(09:55):
and I'm just growing and growing, and I just try
and help people, and I try to say, listen, if
you want to do something well in finance, just copy
what the rich people do. It's not rocket science. If
you want to be a good football basketball player, just
watch what Kobe did, watch what Jordan did, and copy him.
I mean, it's that's how life works. So I take
(10:17):
what the ultra wealthy do and I bring it to
the blue collar market and it's working out very well.
Speaker 5 (10:22):
Okay, for those of us that are not ultra wealthy,
what do the ultra wealthy do?
Speaker 3 (10:27):
What the ultra wealthy do is they utilize a section
IRS code like a four to oh one. K is
a section IRS code, right, it's the four to oh
one code. Well, I specialize in IRS code seven seven
zero two. That code is way down compared to four
oh one. Right. That code allows clients to build liquid
(10:50):
tax free, soup proof, divorce proof in most states, accounts
where they can't lose, averaging fourteen percent tax free annual
returns documented over the last fifteen twenty years by companies
that have survived the Civil War, World War One, the
Great Depression, World War II, never needed federal money. It
(11:11):
has disability, long term care, life insurance. You can become
your own bank, which is one of the three books
I've written on Amazon, and it allows my clients to
leverage their money. Right, speaking of Elon Musk, Right, if
Elon Musk needs to buy one hundred million dollars SpaceX rocket,
he has two choices. He can sell two hundred million
(11:32):
dollars of Tesla stock, pay one hundred million dollars in taxes,
lose out on two hundred million dollars of future growth
of that said stock. He sold net one hundred million
by the SpaceX rocket. Rich people don't do that. He
takes one hundred million dollars of Tesla stock, brings it
to a bank, gets to collateralize loan on it, still
(11:52):
owns it, and it's earning interest on it while it's leaned.
And historically the interest that he earns on is more
than a loan rate he's paying on it because it's
a loan, it's tax free. That's one hundred million buys
the rocket. So you see the difference of a few
of those moves over your life, whether it's purchasing vehicles,
purchasing real estate. I work with real estate developers. They
(12:13):
dump in millions of dollars into my strategy, then lean
the money out and still oar an interest on money
that's not there. It's in a real estate deal, earning
them twelve percent. So now they're able to have two
streams of income on one dollar by being able to
leverage money tax free and the guarantee of non loss
while its being fully invested in the market using option contracts.
(12:36):
So I know, I just spoke Spanish to most of
your listeners. But what this strategy does. It is superior
to a four toh one k IRACEP simple pension of
for con four fifty seven five two nine four h
three B. It's great for college planning all three of
my children have. It doesn't disqualify you from grants, scholarships,
lunt trace to loans, financial aid. So when you're talking
(12:57):
about how do I retire, the ERIC is how do
I put money away? How do I get out of
the cancer in my financial life, which is my high
interest debt? So I turn away a lot of clients
because they're like, Joe, I want to put one thousand
bucks a month five. You know, I'm like, until you
get out of your twenty nine point nine to nine
(13:17):
percent credit card debt, I can't get you twenty nine
point nine to nine tax free. Those dollars are better
off going there. Then, once you're out of debt and
you solve that, you need to get a budget. You
need to figure out where every dollar is going. And
if you don't know where every dollar is going, the
dollars are going to tell you where they're going. They're
going at drunk texting on a Friday night, buying crap
(13:38):
on TikTok you don't need. They're going into a bar
when you could buy. Like I buy some cruisers. I
pay two dollars eighty cent some cruise. You go to
a bar there eight bucks, ten bucks. So I'm smart
enough to say, well, hoy would I do that? I'll
just buy them and drink them at my house. Right,
So when you have that same thing with coffee, right,
who wants to go to five bucks. Right, everyone wants
to go to five bucks. You can make a cup coll
(13:59):
for thirty eight cents house right. So people need to
understand that if you're not saving for your future, and
you're only concerned with enriching your present self, you are
harming your future self because you're the only one that
can benefit your future self. Nobody else can unless you
have an inheritance from a parent or something. So when
you understand that, and you understand the facts, because men lie,
(14:21):
women lie, numbers don't lie when you look at the numbers.
The best way to build a long term retirement account,
which again I don't want to ever retire. I love
doing this. So when you build that amount of money
up and set it up right, you are going to
have the ability to win because you will never ever
go in debt again with your own bank.
Speaker 1 (14:44):
So I'm going to equate it to fitness.
Speaker 2 (14:47):
You know.
Speaker 5 (14:47):
They often say that you can't outwork a bad diet.
Can you out earn a lot of debt? I think
a lot of people if I make more money, I
can out earn my debt.
Speaker 3 (14:55):
I did it. I'm on all the DraftKings commercials nationwide
in twenty twenty one, I gambled thirteen million dollars in
one year, So yeah, you can. Is it fun? No,
it's not fun because you have a spiritual life, you
have a mental life, you have an emotional life, you
have a physical life, and all those lead to your
financial life. And if you're spending all your time like
I did for twenty years and your financial life, your
(15:16):
marriage goes down, your relationships, your children go down, your
weight goes up, your health goes down, your debt goes up,
and it's a and it's not long term sustainable. And
I always had I always had money as my all
time high because my wife hasn't worked in thirteen years.
I have three children fifteen, twelve, and ten. They all
(15:36):
do sports. I live in a expensive talent in Connecticut.
I live in an expensive house, and we drive brand
new cars and mucky. I paid for those in cash.
But those are things that when you live that that
lifestyle just takes one bad year to wipe everything out.
So you have to have that strong financial foundation set up.
And if you don't have that strong financial you know,
(15:58):
foundation set up everything your work, working for every day,
sacrificing your emotional health, sacrificing your mental health, sacrificing your
physical health. I used to have a six pack, Now
I got a keg. But I go to the gym
three days a week. Now, you know, I have a
physical therapist. Now I have a a personal trainer. Now
I have a you know, a psychotherapist now. And I'm
(16:18):
working on myself since about March of twenty twenty four.
And oh my god, I'm so much stronger. I feel better.
I have so much more money. When I when I
took money out of my all time high and put
Jesus there, my whole life changed. It wasn't even close.
Speaker 1 (16:35):
Nice.
Speaker 3 (16:35):
We're in Connecticut, Art, I'm in Cheshire, but I grew
up in Fairfield.
Speaker 1 (16:39):
I grew up in Richfield.
Speaker 3 (16:41):
Okay, Yeah, we played you every year in football high
school football. Nice, and you kicked our butts every year.
Speaker 7 (16:47):
So yeah, Joe, I think what you just said is
probably resonating with a lot of people present company, included
about kind of that workaholic mentee.
Speaker 5 (17:01):
And I remember, you know, I grew up in the
eighties and nineties and my dad had a nine to
five job and he went to work in the morning
and he came home or when he came home, he
was home. It wasn't a time where he was getting
work calls in the middle of the night or preoccupied.
His work day was over and he had a good job.
He made okay money. We were never wealthy by any means,
but I feel like we always got by when did
(17:24):
I know? There's always been workaholics, But I see now
and maybe it's it's technology. Maybe it's because we all
have these devices in our hands. Are you seeing in
the lifespan of what you've done less of a boundary
between personal and work life? And how do we rectify that?
Speaker 3 (17:41):
Absolutely, the burden as providers and do I say as
men because we're three men here as providers and protectors
of your family, especially if you have a spouse and children.
The weight that is on you, and knowing colleges come,
Knowing a car payment is coming because all three of
(18:02):
my kids want to drive, Knowing car insurance for sixteen, seventeen, nineteen,
twenty year olds coming, which is a mortgage payment just
for the damn car insurance. Knowing that all this is
coming and may not feeling unprepared is a burden that
we carry. It's a silence, suffering as men and providers
and husbands and fathers that we have. So there's a
(18:23):
part of us that deems priority. And then when you
have priority, it's like, how do I prioritize the money
versus my marriage versus my relationship with my children? Because
all three are very important. But if money is not there,
you're gonna lose everything. So it almost money takes over
as the priority when you don't want it to, but
it needs to be because if it is not, how
(18:44):
are you going to feed the people you love? How
are you going to shelter the people you love? How
are you gonna protect the people you love? And how
are you going to grow spiritually, mentally, emotionally, physically, and
financially the people you love? Unfortunately, you need money. So
we're in this rat race. We're in a slave life
where we are slaves to the federal government. So what
I do is I break out people to say listen,
(19:07):
stop going with government sponsor retirement accounts because half of
your money doesn't belong to you. On the way up
in a four oh one pay or any qualified account
IRACEPT simple pension for a comp you have fees Twelvey
one fee class I share fund fee, money manager fee,
and you account femage fund expense fee. What do you
get for those fees? Absolutely nothing? And it's one and
a half percent compounding. And yes, I worked in Wall Street.
(19:29):
It's very demonic and we can go down that road later.
So you pay one and a half percent compounding, Well,
what's one and a half percent simple times thirty years? Like,
what is just one point five times thirty that would
be forty five percent? Well, what's compounding? That's way more
than forty five percent. So on the way up you're
paying more than half of what you're contributing. And on
(19:51):
the way down, when you take money out, you have
federal tax, state tax, fight club, medicare, unemployment, social Security tax.
So on the way out you have half your money
being stoned from you from the federal and state government.
So why would somebody handcuff their money? Would a ten
percent penalty get a slap on your wrist because you're
a little boy, you can't touch your money to you're
fifteen nine and a half or Uncle Sam's gonna take
(20:12):
it from you. Why would you put yourself there? Sprainwashing?
Sprainwashing from our government? And guess what the what Wall street.
Is it is an arm of the irs. They're taking
half of your stuff on the way up, and then
the IRS is taking half your stuff on the way down.
So do you think wealthy people do that? Think about it?
Do you think if shohe Altani it's a seven hundred
million dollar baseball contract to go from the Angels to
(20:34):
the Dodgers, he's gonna put his money in a bank
with a two hundred and fifty thousand dollars FDIC insurance
on his money. No, so he can put it in
a four oh one k where you can put twenty
four thousand in. No, it's gonna put it in a
set a simple funt employer pensioning you put seventy thousand in.
Speaker 5 (20:47):
No.
Speaker 3 (20:48):
What they do is they put their money in the
strategy I've been doing for twenty two years, which has
articles on Forbes written by accountants. This is not new.
What it is, it's hidden. It's hidden away from the
general public because the govern needs to be a partner
in everybody's four oh one case, so they could continue
their reckless spending. And once people wake up and get
(21:08):
the government out of their finances, out of their retirement
and they take ownership of their money. They trust hundreds
of year old A plus mutual investment insurance companies that
are trillions, and they invest in a way that shields
them from loss, shields them from increased taxation, shields them
(21:28):
from higher inflation and interest rate hikes, gives them the
ability to lean the money out. And it's sue proof.
Are you kidding me? Why not do that? It's because
the average American is ignorant to finances because we're intentionally
not tadd it in school, so you could be taken
advantage of by that said government that's there to protect us.
Speaker 5 (21:51):
Yeah, And I just felt my blood pressure spike a
little bit when you talk about that, because I think
about the money that you're paying into your four oh
one can is derived from your paycheck upon which you've
already been taxed, and then to take out your own money,
which has already been taxed, to be taxed again. It's
it's unconscionable, and it does create a situation where, yeah,
(22:13):
the government wants to be your nanny. They want to
be there you dependent on Social Security and Medicaid and
be dependent on the government until the day you die
and then leave your children a whole lot of.
Speaker 3 (22:22):
Debt and repeat and rinse and repeat.
Speaker 5 (22:25):
And I think about it as I look through the generations.
I think people you know in our age group, look
at our parents. What I see a trend of is,
you know, people in their their forties. I see incomes,
you know, especially with young professionals, as being a lot
higher than they were for our parents generation. But we
feel like we have less money we do. Is that
is that coming down to cost a living debt? Why
how come my father could have made in nineteen ninety
(22:48):
could make sixty thousand dollars a year support a family
of four, put our you know, my sister and I
through college. But if you did that, now you're on
food stamps.
Speaker 3 (22:56):
It's called inflation. So inflation is a silent, deadly tax
that every American pays. So it's called the purchasing power
of your dollar. So if let's say a house, your
parents bought their house originally for thirty five grand in
nineteen seventy five, Well, now that house is worth six
hundred grand. Well that that's two thousand percent increase twenty times,
(23:19):
right for every one times one hundred percent, So that's
a two thousand percent increase right, So you would have
to make if your father was making thirty grand back,
then you have to make six hundred grands to have
the same quality of life your father had in nineteen
seventy five or grandfather. So these are the things that
people don't understand. They look at numbers, and they look
(23:39):
at numbers as is. Numbers are variable, they move in
regards to the value right. Numbers are constants. Why I'm
a numerologist. I love numbers. I'm eleven light Path number eleven,
which is in my opinion, one of the best. But
those are the things that a lot of people overlook
and they don't understand that, Hey, I have a dollar.
(24:00):
Well do you remember penny candy, Well, go to Target.
It's three forty nine for a kickcat. So if you
understand what is going on, you're realizing that I need
to make more and more money to have less and
less quality of life. And god forbid, I make less
money when inflation going up. Now you're really going to
be living in poverty. So they put this on us
based on all the money that was printed from COVID.
(24:24):
They bailed the market out. Well, they didn't bail the
market out. We bailed the market out and we got
none of the market returns. Huh. They used our dollars
to bail out the stock market, and we didn't get
dividend checks from Apple, from Google, all the companies they
bailed out. Where's our where's our return? Oh, we don't
get the return. They get to keep the return on
(24:45):
our money. So if you understand that, get your money
the hell out of the government. They're not your friend.
Starts doing what the ultra wealthy do. Period. Because at
the end of the day, like I said, men lie,
women lie. Numbers don't lie. You match what a four
to oh one k is. Oh, well, I get a
write off. Joe, my accountant says, if I put away
fifteen thousand a year into my four toh one k,
(25:08):
I say five thousand dollars today, he's right. You're gonna
enrich your presence self by screwing your future self. How's
that so, Joe, Well, that fifteen thousand dollars that you
rode off today, well half of that now belongs to
the government. That's gonna grow. So when that fifteen thousand
dollars thirty years from now is worth three hundred, you
just took five thousand dollars from the government to pay
(25:30):
them half of three hundred thousand, which is one hundred
and fifty grand later to save five thousand dollars today.
The government doesn't do anything that benefits you. They do
one hundred percent of rules and regulations that benefit them.
So do you If I said, hey, Eric, Bob, I'm
gonna give you five grand today, cash, the only different
(25:50):
the only caveat. You're gonna owe me one hundred and
fifty thousand on that five thousand I've gave you today,
thirty years from now. You guys want that.
Speaker 1 (25:57):
Deal, absolutely not if you put in those terms.
Speaker 3 (26:00):
Know, but people, many tens of millions Americans are taking
that deal blindly. I can't tell you doing this for
over two decades. How many retirees come into my office
and they slap down a four oh one K statement
and they're like, Joe, I'm a millionaire. I have one
point five million in my four oh one K. I said,
you're a seven hundred and fifty thousand are I said,
(26:21):
if you really think you're a millionaire, cash it out,
cash it out. Take it. Oh. Well, I have the
income tax, I have the federal tax, the state taxes,
the fight of the medicaid I could probably not about
eight hundred time. Yes, you're not a millionaire. You are
holding seven hundred thousand dollars that the government's going to
steal from you, and you had nowhere near seven hundred
thousand dollars in write offs. You'd be lucky to have
(26:43):
had forty or fifty thousand dollars of net write offs
while you accumulate that over thirty years. Great job, you
screwed your future self by saving a couple thousand bucks
when you're in your thirties and forties a year, so
you have People don't understand this. What I'm saying is
not false, it's real, And people have done saying, oh,
well we have a roth ira. Sure, the government says
(27:03):
we'll give broke people a wroth ira and will limit
what you could put into it. Oh, you can put
seven thousand dollars into a roth You you have to
make under one hundred and fifty thousand dollars a year
as combined what would a family one hundred fifty thousand.
You're literally lower middle class to mid middle class, right,
So okay, I'll do a wroth Well, the RAS still
has a fifty nine and a half year role, still
(27:24):
has a ten percent penalty, still has a fight of Medicare,
unemployment sociecurity taxes on early withdraws. And why would the
government put a ten percent penalty on your retirement if
they knew so many Americans were going to use it,
if nobody was going to take it out, why would
they put the penalty on Because they know that tens
of millions of Americans are going to take withdrawals from
(27:46):
their four oh ok Ira scept simple pension to third
comp four to fifty seven five to two nine CHET
four H three B before they are fifty nine and
a half, they wouldn't bother putting a penalty on it.
So why would you do that when there is a
strategy that is far superior, and it's been proven for
over one hundreds years to be better. Why wouldn't you
(28:08):
look at that strategy for your foundation and then use
your retirement as your bank. Why would any entrepreneur or
business owner or high income owner want to handcuff their
money for thirty years, but they want to use that
to increase their dividends. Maybe in real estate, buy a
rental property. Maybe they want to buy when the market's
(28:28):
low and not lose because you're not going to buy
Apple minus forty percent to buy Google minus forty percent.
That makes literally no sense. So having the ability of
a pilot cash allows my clients to buy competitors. This
is while they're working. By the way, buy competitors buy
more rental properties, which is just more income because what's
(28:48):
more important? Assets are income? Well, everyone's going to tell
you assets are more important. And if I said, hey,
I'll give you ten million bucks, but it's a piece
of land that you have to pay forty thousand dollars
a year and property taxes are or I'll give you
two hundred thousand dollars a year. Which one do you want?
People are like, no, I want more apt. Assets are
liabilities in the sense I have to manage them, I
have to maintain them. I have to pay taxes on them.
(29:11):
I have to pay you know, managerial annual fees on them.
And then I get to net some money. And then
I got to pay an accountant to show the government
how much money I make, which lowers my bottom line.
Just give me a damn income, right, So I build
incomes for clients. When people that save up their retirement
I roll those into income annuities over one hundred million
(29:32):
a year. They're paying eight nine percent right now, guaranteed
for life. So if you had a million bucks bone,
there's eighty eighty thousand a year for the rest of
your life, no risk, and if the market does well,
you take out more. If the account goes to zero,
you still get eighty thousand dollars a year for the
rest of your life on that one million. So these
are the strategies the ultra wealthy are using. You're talking
about a trillion dollar industry and annuities and a trillion
(29:53):
dollar industry in IUL whole life, different permanent life insurance policies,
which at IRS code is bedded in the death benefit
of and you put the wrapper around your money. But
the average American doesn't really know about it. Hmmm. Do
you think a trillion dollar company can afford a Super
Bowl commercial for two point two billion dollars to say, hey, everybody,
we have a better way than a four O one? Kay?
(30:16):
They could easily afford that, can they? It's against the law?
Why because the government makes so much money off of
your retirement account and they know they would lose over
ten percent of the GDP if they allowed that message
to get out to the masses.
Speaker 5 (30:31):
So an annuity, like, when I think of an annuity,
I think of like my in laws that are in
their seventies sitting down with their financial planner. Is this
something you have to wait until you're ready to retire
or is this something you can do when you're in
your peak running years.
Speaker 3 (30:44):
The new annuities out there right now are ridiculous. Almost
five hundred billion dollars has gone into two annuities in
the last tweole months. Well, why the new annuities out there?
They have zero cost you know, some of them have
an optional one depending if you want higher returns, but
most of them are zero costs. There's no cause whatsoever. Right,
So you're like, it's not more expensive, Okay, So an
(31:06):
IRA or forum ok is more expensive? Okay? Oh you
can't lose? Oh well my FOURU one O K I
can lose and my IRA I can lose. Okay, that's better.
What are the returns? Like, Oh, because we're using option contracts,
calls and longs on volatility controlled funds or just SMP
five hundred, you're going to average the same or more
centrates are high you get to hire a participation rate
based on the option contracts make more money in an
(31:31):
annuity than you do in the stock market with downside
protection where you can't lose. And they have ones that
have long term care income doublers. So let's say you
turned on that eighty thousand a year, They're gonna give
you one hundred and sixty a year if you need
long term care. So these are the things that the
people need to understand are out there. And I understand
ninety percent of the average American can't even afford a
(31:53):
five hundred dollars new set of tires tomorrow. I get that,
but I'm still want to get out there and tell
people there's a better way than what you're doing, even
if it's one hundred dollars a month. I have clients
that give me five million dollars a year, and I
have clients that give me two hundred and fifty dollars
a month. At the end of the day, I try
to help as many people as I can because God
has blessed me with a great life, great talent, you know,
(32:16):
for what I've done and having zero complaints in two decades.
Just google me, you know, go to the Better Business Bureau.
When you have a strategy where I've never lost a
client a dollar in twenty two years, and I never
charged a client a dollar in twenty two years. My
time is one hundred percent free forever for my clients
because I get paid a percentage by bringing the money
(32:37):
to the investment and insurance companies. So when you understand
it's set up that way, there's no way to get screwed.
You cannot lose if you follow my strategy guaranteed in writing.
Why not do that compared to what you're doing with
all specultive risk high fees, can lose, could be sued
and divorce. Half of it's gone, if not more, why
not protect it and shield it?
Speaker 5 (32:56):
So what happens if you have a traditional four oh
one k right now? Can you roll that over into
an annuity?
Speaker 3 (33:02):
Yeah? So if you're over fifty nine and a half,
I have a strategy which I haven't found anybody else
in the entire country doing my strategy right now, where
I rolled into an income annuity. Well, why would I
do that? I don't need the income. What we're gonna
do is, if you're over fifty nine and a half,
you don't have the ten percent penalty. We're gonna drip
the money in over time from your taxable account into
your non taxable account. We're gonna put that into an
(33:23):
overfunded IUL. So now what I'm doing is I'm taking
let's say a million dollar qualified account. I'm dripping out
eighty thousand a year. I'm paying the twenty thousand and
taxes on it every year. So you're getting sixty sixty
thousands going in to buy either a second to die
policy for a legacy play for your grandkids. If you
never need that asset, if you're wealthy enough, you don't
need it. If you do need it, then we're going
to create an IUL, which is a bank where you're
(33:45):
building a tax free pool of money with your taxable money.
This needs time. Right If you were let's say under
fifty nine and a half and you're like Joe, I
have a couple hundred thousand by four om O kay
or an IRA, you can throw that into a growth annuity,
a growth innuity. Right now, fixed index growth annuities. Those
that are averaging their five year option contract through Morgan
Stanley is averaging sixteen point seventy nine percent annual returns
(34:09):
and you can't lose. So when you compare that to
the S and P five hundred, the IUL is averaging
about four hundred percent net higher returns, and the annuity
is averaging about two hundred percent more than the SP
five hundred over the last twenty years.
Speaker 5 (34:25):
And I think, and this is all I am taking
this in because as much as this is a podcast,
this is a very personal learning experience too. But I
got to ask, how long would you say, looking at
market trends and inflation trends, how long would you say,
if you had to advise somebody, how long should you
spend preparing for retirement?
Speaker 3 (34:43):
Realistically, you need that minimum twenty years. You need to
put ten percent of your money away. If you want
to build wealth, there's only one way. There's only one way.
If you want to lose weight, there's only one way.
Eat less glories. Right. You can't outrun the fork, right,
So there's only one way that you could save money
is below your means. The average Americans want to do it.
They want to keep up with the Joneses. They want
to impress people don't even like them by buying cars.
(35:05):
They can't afford living in houses. They should have no
reason to lit thirty percent of your income after tax
for a house. Your nuts like, why so people want
to overspend. So we spend as a country one hundred
and two point one percent of our GDP, so we
bring in one hundred dollars been one hundred and two
dollars as a country. So that's why our debt is
forty trillion, and that's why most Americans debt is in
(35:27):
the tens of thousands of dollars. That's why we're seeing
car payments late. We're seeing the most foreclosure since when
two thousand and eight happening where people are back on
their mortgages. Again, funny how that works. So if you
understand what's going on, you have to protect the people
you love, whether it's just yourself. Because that we're with
a lot of single guys that are in the woods.
They had a couple hundred thousand gold and silver, and
(35:49):
I'm like, what the hell you doing? Cash that out?
Throw your money in here. You're gonna make way more return.
You can lean the money out safer than that actually
in holding gold and silver, believe it or not, Because
insurance companies have never failed. There's been one insurance coming
ever failed those AIG in two thousand and eight, and
guess what, they were bought out within what a week?
And then people were rioting and they were mad that
they got bought out because the top executives got like
(36:10):
bonuses and bought helicopters. So, if you really understand, the
safest place to put your money is even safer than
gold and silver. Oh well, I tangibly have it. Yeah, Well,
what if you have a mental issue and you hit it?
Is your family going to know you have it? What
if you get robbed and it's gone, well, you're gonna
get it back. So the safest place to be honest
for you, even though cold and silver to be kicking ass,
(36:30):
you know, excuse my French, with returns and good for
people holding it. It's doing very well because the dollar's
doing really bad. That's why bitcoins also doing well. And
if you understand, the dollar's going to turn around because
Trump's not going to let it fall. But sorry, I
went on a tangent. But so when you understand what's
going on this strategy from a foundational standpoint, you take
(36:50):
a percentage of your monthlier annual income, you drip it
in there's a flexible premium. It's not like a whole
life plan where it's rigid you got to pay your
five hundred dollars every month. Of their consequences. It's set
up where as long as it's built right, with the
right carrier, the right structure, you can make you will
save millions of dollars in taxes, you will save hundreds
(37:12):
of thousands of dollars in interest, and you will save
hundreds of thousands of dollars in losses. And that's why
that strategy to averned fourteen in the SMP, Well, why
is the sp on the average is seven and a
half Because you had a forty percent loss that you
don't have with this strategy. You had a twenty four
percent loss you don't have with this strategy. And what
the average American doesn't know, which is not your fault,
(37:32):
is that if I gave you Eric, I'm I'm gonna
give you an investment account, You're gonna lose fifty percent
year one, but then you're gonna gain eighty percent year two.
Do you want that account?
Speaker 1 (37:44):
I don't know.
Speaker 3 (37:46):
Well, the average American say, oh yeah, if I lose
fifty and then gain eighty absolutely, it's like you're still
down ten percent. Yeah, how well, if I have one
hundred dollars is fifty percent, I'm at fifty bucks. If
I gain eighty percent back, that's eighty percent of fifty,
which is forty forty plus fifty is ninety, I'm down
ten percent. So peop don't understand is if you lose
fifty percent, you have to gain one hundred percent to
(38:06):
make nothing, because one hundred percent of fifty is fifty
and fifth plus fifties back to you one hundred that's
you lost. So the average American is so uneducated and
ignorant to the market that Wall Street is in your
left pocket and the government, state and federals in your
right pocket, and you get crumbs.
Speaker 5 (38:23):
Well, Joseph, I think there are a lot of folks
out there that are going to be calling you because
you have opened our eyes to something that you know,
thirty minutes ago, forty minutes ago, I thought, oh you're
four oh one k.
Speaker 1 (38:35):
Yeah, that's that's where it is. And so the when
we so you.
Speaker 5 (38:39):
Think, because we're such we think in such short terms
that if I put you know, fifteen twenty twenty five
thousand in my four oh, one, K, I'm getting a
huge tax break.
Speaker 1 (38:49):
But there's no such thing as a tax make you
are paying that on the back end.
Speaker 3 (38:52):
And the people heard right. If you win a coin
toss in an NFL game, do you win the win
the second half? No? You defer your kickoff is now
a receiver of receiving. So if I defer my money,
doesn't that mean I have to pay it later because
I deferred it.
Speaker 5 (39:08):
Yeah, And then as you and your retirement are drawing
that out, you're getting r taking their money back.
Speaker 3 (39:16):
But Joe, but but, but Joe, I'm gonna be in
a way lower tax bracket in retirement. Okay, let's play
that that fairy tale they sold you. So you're making
the most money you ever made your forties, your fifties
or sixties, your quality of life's the best it's ever been.
Then you're gonna retire, drop your your your income by
what seventy percent of being a lower tax bracket, You're
gonna live in poverty. That's your strategy for retirement. Nobody
(39:39):
does that. And now we have inflation to worry about.
Nothing's going down. Your your electric bill is not going down.
Your car payment's not going down. Your gas is not
going down, your groceries are not going down. Overtime Trump
may help, you know, lower it in the short term,
but I'm talking long term. I'm talking ten to twenty
thirty years in retirement. So that whole bs that the
government so told you your countant sold you. Look at
(40:02):
the facts. The facts are you're not going to be
making the most money, living the best quality of life
in your sixties, retire at sixty eight, and then live
on half the income and live in poverty. It's not
going to happen, I'm telling you during this twenty two years.
So now you're going to be a higher tax bracket.
Then the money wrote off on more dollars at a
higher percentage because taxes aren't going down. We owe thirty
seven trillion dollars before the big beautiful Bill is going
(40:25):
to push us to forty trillion dollars. Taxes in the
nineteen eighties highest marginal seventy percent in the United States.
How about the nineteen sixties ninety two percent highest marginal
in the United States of America. Fact check me. Look
it up. Type one hundred year federal tax bracket picture
go to Google. So if you understand where things are.
(40:48):
You understand that history rhymes, it doesn't repeat, it rhymes.
Taxes have nowhere to go but up. We're in the
second lowest tax environment, believe it or not, since the
end of World War One, the Great Depression, than the
end of World War Two? And why do you think
the neo cons are battling so hard for World War three?
Do you know how much taxes went up world War One?
They went from seven point seventy five percent to seventy
(41:11):
five percent and forty eight months federal. How about World
War two went from twenty five percent to eighty percent
in forty eight months? Why do they want world War
three thirty nine and a half percent to eighty five percent?
And if all your money is in real estate taxable,
business equity taxable, four one ks iras taxable. If you
(41:33):
have no tax free assets besides the cash you have
in your bank and taxes shoot up, you are screwed.
What are you doing about that risk?
Speaker 1 (41:41):
They're calling you, Joe, They're calling you. I am blown away.
I love guests like you.
Speaker 5 (41:48):
I love guests that legitimately speak to me and teach
me things. I have a lot to do and a
lot to reconsider as far as my financial planning goes,
and those that are similarly situated, where can they find you?
Speaker 1 (42:00):
How could they reach out to you and bring their
financial wows to you?
Speaker 3 (42:04):
Absolutely so. I'm at iron Hawk Financial on everything. My
website is iron Hawkfinancial dot com. If any of your
viewers wants all three of my books for free PDF,
I'll also send you the two Forbes articles on my
strategy when written by a public a certified public accountant
at slot when written by a financial planner, I'll send
you my articles, my YouTube video, my radio show, my website.
(42:26):
Just write an email to Joe at iron Hawk Financial.
That's all you have to do, and just say, hey,
saw you on Save America and Cool for free. I'll
send you everything for you to review, fact check me,
you look me up, and then if you realize I'm real,
which I know I'm real. I just was in the
Bahamas two weeks ago beating the number one broker in
the United States of America for a company called National
(42:48):
Life Group. And I don't even work for them. I'm
just They're just one of the carriers. I used to
have a really good long term care strategy. You know,
I can save you money in taxes. I can give
you guaranteed downside protection. I can teach you how to
buy all your vehicles for free. So think about this.
If you had one hundred thousand dollars in my strategy,
(43:08):
I said free right by one hundred thousand dollars in
my strategy. Let's say want to buy a ninety thousand
dollars car or a piece of equipment or whatever. You
take the ninety thousand instead of taking out a loan
for seventy two months. The average loan for a car
payment at nine point seven percent, the average interest rate
over six seventy two months comes out to about forty
five thousand in interest, and you're earning fifteen percent. Call
(43:30):
it fourteen for simple math, that's what it's averaging. With
a five percent loan rate, you're netting nine percent on
that ninety thousand. That's not there. Look up non direct recognition. Okay,
they nonrecognize the loans, non directly recognize a loan to
take the money out. Okay, So if you're making nine
percent on ninety thousand, that's eighty one hundred, ear one
eighty one hundred, ear two eighty one hundred, year three
(43:51):
four five and six. Well, what's eight thousand times six
six years, seventy two months forty eight thousand, what's forty
eight thousand plus forty five thousand ninety three thousand? How
much was the car ninety So at the end of
six months, you found a way to get the vehicle
for free. And again, it's not guaranteed. The market has
to return historically what it did in the past, which
(44:11):
is no guarantee of passerforms, no guarantee of future results.
The worst case scenario, you're still guaranteed to pay less
because you're going to pay a five percent loan right
instead of nine. So worst case scenario, you have a
four percent spread on ninety thousand, which that would be
thirty six hundred dollars in savings. And on top of that,
you have the ability, if the market does well, to
actually make money and have a negative interest rate where
(44:34):
you're making money on the car note instead of blowing money.
And by the way, when you put money in the strategy,
you were an interest on it until you die, whether
you borrow it out or not. When you spend money
out of your bank, it's gone forever. So which one
would you want? Look at the facts. Look at what
one strategy is doing for you? And why are people
becoming rich and maintaining their wealth? Well, everybody is barely
(44:56):
getting by. Do you ever think about that? Because they
built their own four oh one K for the rich?
Do you want that seven seven oh two, which is
what it's called. Where do you want the four oh
one K for the broke? Your choice?
Speaker 5 (45:10):
I think it's I think it's a no brainer. And
I wish people knew about that, And you're one hundred
percent right.
Speaker 1 (45:17):
They do not teach that.
Speaker 5 (45:18):
And it's it's you know, programs like this and people
like you speaking out because you're not going to get
this on c SPAN, You're not gonna get it on MSNBC.
You're not going to get it listening to you know
Kramer or any of these guys on TV. They're not
going to tell you this. And you could change a
lot of lives. And I think you could simplify and
make a lot of people happier in retirement and also
(45:39):
make the prospect of retirement real. And there's a market
out there, there's a real market out there for people
in their forties in their fifties that are thinking I'm
going to work till the day I die, and you're like,
that doesn't have to be like that.
Speaker 3 (45:52):
And I have a strategic partnership, so I have licensed
agents across the country, but I also have a lot
of normal people that have nine to five or business
is that send me deals and I can legally reciprocate,
you know, money back. So I actually helped fund some
of my client's retirement accounts with the referrals I get back.
(46:13):
Once they realize it's real, they realize it's legit, and
they realize it's not a scam, they're like, holy crap. Okay,
I gotta tell all my friends and family. Well, if
you're gonna help me a food on the table for
my family, I'm gonna help a food on the table
for your family. And that has exploded my company really fast.
Speaker 5 (46:29):
Ladies and gentlemen, Joseph Lombardi of Ironhawk Financial, listen to
what this man has to say, seek out his advice,
and go forth and prosper.
Speaker 1 (46:37):
Thank you, sir for joining us today.
Speaker 3 (46:39):
Thank you for having me.
Speaker 5 (46:40):
Take care, have a great weekend. Holy smokes, Bob. I
love having guests like that because I'm sitting here forgetting
that we're broadcasting to tens of thousands of people. I
feel like I'm having my own personal meeting with a
financial planner. That's remarkable.
Speaker 1 (46:55):
I seven to seven oh two.
Speaker 5 (46:58):
I didn't know that existed. I like to think I'm
a fairly savvy human being. I had no idea that
that existed. So that's got me thinking, get out of
the four oh one k game and get.
Speaker 1 (47:08):
Into the annuity. Yeah, you should remember Joe at iron
Hark Hawk Financial.
Speaker 5 (47:14):
Joe at Iron Hawk Financial, guys get his books, articles, everything.
I know what I'm doing when we log off today.
This is and this is like it's one of those moments.
We've had a handful of guests on the show in
the six years that like kind of change the way
you think.
Speaker 1 (47:29):
And this is one of them.
Speaker 5 (47:30):
I'm blessed to have him. I'm going to thank uh
whoever reached out to me and recommended him. I'm gonna
send him a basket of flowers or something. Guys, thank you,
thank you for joining us. And just remember, you know,
these guests aren't coming on, you know, giving us anything
in exchange for their platform. We like to talk to
interesting people. But go go check him out. Go check
(47:54):
Joe Lombardi out because that's something that's just deeply personal
for me, because I look, you know, I look. My
father never got to enjoy his retirement because he passed away.
I'm watching my in laws retire, and it's we are
you know, it's I don't want to be in that
situation where I've had this nice, comfortable life and then
my quality of life falls. I want to have a
nice I want to enjoy. I want to enjoy life.
(48:18):
I don't want to live on a shoe string just
because I'm no longer working, and I don't want to
be in a position where I have to work until
the day I die. Life was not meant to be
that way. It was not meant to be that way.
We overcomplicated everything God gave us this planet. There's food
in the trees, there's food in the ground, The game
is abound, and we created credit scores. What the hell's
(48:41):
wrong with us? Enjoy life. God loves you and wants
you to be happy. Remember those terms. Remember that.
Speaker 1 (48:50):
Thank you guys for joining us. We will see you
next week. Any closing words, Bob.
Speaker 5 (48:56):
God loves you, and I'm emailing Joe. Yes, sir, Amen
gonna do that guys, have a great week. We'll see
you next week. Thank you all. Take care, guys.
Speaker 3 (49:07):
Yeah, I keep them.
Speaker 1 (49:10):
America, keep America.
Speaker 2 (49:15):
We'll keep American, Gray, I'll keep America.