November 12, 2025 • 35 mins
On today’s episode of The Jon Sanchez Show, we discuss the risks couples face when only one partner understands the household finances. The conversation covers how to organize key accounts and documents, what to consider if a partner becomes ill or passes away, and ways both spouses or partners can feel more informed and prepared.
This educational discussion is designed to help listeners in Reno, Nevada and beyond think about financial planning as a team and encourages them to consult with a qualified financial professional about their own situation.
👉 Watch this episode on YouTube: www.youtube.com/@thejonsanchezshow
👉 To learn more about retirement planning and wealth management in Reno, visit: sanchezgaunt.com
Compliance Disclosure: This program is for informational purposes only and should not be considered investment, tax, or legal advice. The views expressed are those of the participants and may not reflect the views of Sanchez Gaunt Capital Management. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Always consult with a qualified financial professional regarding your individual situation before making financial decisions.
This educational discussion is designed to help listeners in Reno, Nevada and beyond think about financial planning as a team and encourages them to consult with a qualified financial professional about their own situation.
👉 Watch this episode on YouTube: www.youtube.com/@thejonsanchezshow
👉 To learn more about retirement planning and wealth management in Reno, visit: sanchezgaunt.com
Compliance Disclosure: This program is for informational purposes only and should not be considered investment, tax, or legal advice. The views expressed are those of the participants and may not reflect the views of Sanchez Gaunt Capital Management. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Always consult with a qualified financial professional regarding your individual situation before making financial decisions.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:04):
Good onesday afternoon to you. Welcome to the John Sanchez
Show on News Talk seven to eighty k whitch. It's
a pleasure to be with you and a pleasure to
be with my partner, Jason Sanchez. Got Capital Management names
right and then last name is right in the name.
I mean, it just it just flows.
Speaker 2 (00:17):
It's just tough to sell, you know.
Speaker 1 (00:20):
It is amazing how many people have a hard time spelling.
Speaker 3 (00:23):
It is surprising. We talked about it before. They're like, gu.
Speaker 1 (00:27):
No, totally.
Speaker 3 (00:29):
There were certain restaurants that when we would go to
as a kid, my dad would always say grant because
they could pronounce it better instead of exact.
Speaker 1 (00:37):
So so you just need to comme a name like
Sanchez anders Spanish. Everybody knows it. Everybody knows all right,
my friend. Well let's have some fun here, all right.
Let me tell you what Jason I have lined up
for you. We had some big earnings numbers coming out
of Cisco today right after the clothes. Want to tell
you what that stock's doing in the after hours, maybe
help us out a little bit, giving update of course
(00:58):
on the government shut down, which you know, yeah, I'll
just do that right now. We don't know anything. The
votes expected here in about an hour at seven pm
Eastern Standard time is when the House is supposed to vote,
So we'll see about that. But I do want to
cover one thing when we get to that subject, Jay,
and that is why the market didn't get more excited
about it. And I brought this up on one of
(01:18):
the stock up dates this morning with Ross Mitchell, and
I said, you know, as you and I always talked about,
the market is a forward looking indicator. It's already predicted
that the government's going to reopen, so they're not going
to get excited, you know, if and when it actually
does happen, right at least that's kind of the way
things transpire today. So we'll touch on that. But here's
the fun topic we're going to get into this afternoon.
(01:39):
One of the biggest risk hidden risks, as we like
to call it, in any relationship, is when only one
partner knows the finances. Lord, let me tell you, we
deal with this all the time. What happens when that
partner becomes ill, what happens when that partner passes away,
what happens if they get a divorce, whatever the case
(02:02):
may be, All of a sudden financial chaos erupts. Right.
We deal this a lot with clients. When a spouse
pauses away, usually it's the man and the wife is left.
And you know, she was never part of the finances.
As much as we preached that a spouse needs to
be involved, for whatever reason, she wasn't. And so not
(02:24):
only is she left with the loss of her loved one,
her beloved husband of you know, many many years, but
now she's got this financial burden that is dumped upon her.
And so what we want to do this afternoon is
talk about why it is so important that both partners,
both of you are empowered, informed, and most importantly financial
(02:44):
secured together, not one, not the other, but together. And
so we've compiled some really important steps that we feel
will help you get through this if and when that
time ever happens. Maybe you're going through it right now.
But Jason, it is again such a common problem because
when we kind of use the word separation again, it
can be so many different things, right, like I said, death, divorce,
(03:06):
whatever the case may be. Or as we deal with
a lot, you know, mental incapacitation, right when one spouse
was always handling everything and you know, maybe Alzheimer's starting
to set in, or dementia or something along those lines.
Regardless of what it is, that financial burden is dumped
on the spouse that usually does not have the knowledge,
and not because they're stupid by any means, but because
(03:27):
they never got involved in the family finances, and we
want to make sure that doesn't happen, you know, to
those listening this afternoon.
Speaker 3 (03:34):
Yeah, what I find more often than not is it's
the person who doesn't do the finances. It's because it's
a source of anxiety for that partner ry it, and
that makes it even more of an issue when the
other partner passes away or there's a divorce, et cetera.
You know, well, I mean I've seen this and the
(03:55):
blame game kicks in.
Speaker 2 (03:56):
Well, she used to do all the.
Speaker 3 (03:58):
Finances, and I wouldn't have done this, and it becomes
more of a he said, she said, right where, Even
just for healthy marriages, it's good to, you know, make
sure that yes we have roles, but ultimately the other
person is aware of what's going on, you know, the
decision making process, and you don't feel out of the loop.
Speaker 2 (04:17):
It's just the normal.
Speaker 3 (04:18):
Sharing, but it is it's an anxiety, you know, if
maybe he isn't comfortable with money or it causes him
sort of angst or worries about things too much, so
it tends to fall.
Speaker 2 (04:28):
To her vice versa.
Speaker 3 (04:30):
It's pretty even, Like I find just as many times
where the man's the you know, the pocketbook holder, or
the woman is.
Speaker 2 (04:39):
It's fairly even.
Speaker 3 (04:40):
But in all cases, if the one who was in
charge of it passes away, the remaining one tends to
be a little you know, certainly concerned or confused as
to how the whole mix works. And you know, a
lot of respects comes from it too.
Speaker 2 (04:55):
Yeah, Wow, she did a lot.
Speaker 1 (04:57):
Yeah, when you said it's kind of even in the
man of the woman, I think I'm going to disagree
with you on that, at least in the most recent
ones I'm thinking back on. It was the woman that
was that was handling the family finances. Most men, especially
in the older generation, a lot of them don't have
a clue right from day one, and that you know,
(05:17):
sixty seventy year marriage, the wife handled everything, and if
she passes away, the man is i mean, completely at
a loss. Now let's reverse roles. If the the man
passes away and he was handling finances. I find that
the women, because women tend to be smarter than us men,
they can adapt a lot more. Yeah, you're gaving that too.
Speaker 3 (05:39):
Yeah, I definitely agree with that part because I mean,
you know, the men come in, they have no idea
how to feed themselves, theirselves or you know, not a
clue if they weren't doing the finances. It's pretty difficulty
in general, you know. But it we laugh about it,
but it is a you mentioned when John came up
with this topic earlier. This This is one I like
(06:01):
a lot normally, just you know, always helpful to have
these conversations. We try to educate everyone on the show.
John does such a great job of educating all the
listeners on these types of things, and a lot of
these are things you hear us talk about all the time.
Speaker 2 (06:13):
But it is important to talk to yourself about.
Speaker 1 (06:16):
Something we're all gonna deal with. I mean, every single
one of you. If you have a spouse in your life,
you're gonna be dealing with this at some point. So
let me this real quickly and then we'll move on
and thank you for the compliment. Well, here's what we're
going to kind of discuss We're gonna get a bunch
of points we're gonna run through with you, but I
want to just give you an idea how deep we're
gonna get with this thing. So we'll talk about why
one sided financial control creates serious risk both in life
(06:37):
and in the relationship. We'll give us give you, guys,
some real examples that that we go through. I think
that's one of the best ways to learn. We'll talk
about transparency through communications, some practical steps. Okay, so now
we've outlined the problem, but we always like to give
you a solution, so we'll talk about what we call
shared access and systems. We're gonna get a little emotional
(06:58):
with you. We're gonna have you go on a money
date with your spouse. That's right. And then something that
is very much overlooked in the estate planning process and
in life, the old financial binder, or more importantly, the
digital vault. Yeah, think about this for a second, folks,
you die tomorrow. You know all the passwords and everything
to get into your wife's account, but if she's doing
(07:19):
all the bills, do you know how to get into
your bank account? I just dealt with this with my
ex stepmom, right, and my dad died. As everybody knows,
she had no clue how to get into her bank,
into the bank accounts, no clue even he left her
again passwords or not, she had no clue how to
do it. She'd been out of touch too long. So
give you some stories on that. And then also we
(07:41):
want to try to touch on understanding the investment and
the insurance side, right, the insurance is really really important.
And then how we as advisors help our clients overcome
all these challenges. So a lot of great stuff that
I promise you're going to walk away and go on,
Holy well, I never thought about that. So with that said,
let's get down to business. Jan let's talk about this
stock market activity. Dow another strong one today. The record
(08:02):
closed up three twenty six, but where there were some
intermittent periods where it didn't quite look like it was
going to be that way. And just like yesterday Dow
was up, now's that goes down? Take it away.
Speaker 3 (08:11):
Yeah, there's a rotation right towards quality right now. Right,
the why the Dow tends to pick up its head
a little bit. You've got industrials, you've got healthcare, you've
got financials. Those areas are doing quite well as people
are rotating away from a winner, which was sort of
high end, high beta technology AI trade sensitive things. Metow
(08:32):
was down another almost three percent today. Google down percent
and a half, you know, Amazon, Tessela. So you did
see that rotation happening underneath the curve, which is a
good thing, right, not everything's moving down together. I like
it when the Dow is up and if the market has.
Speaker 1 (08:49):
To, Yeah, can I hear the again? Can we hear
that again?
Speaker 2 (08:52):
I do, Yes, I.
Speaker 1 (08:56):
Loved when all like my down record levels. Of course
you do.
Speaker 3 (09:01):
It's like my friend called me the other day from
New England and said, you know, sort of forty nine
or jokes saying how well they looked during a certain drive.
And I said, who are these forty nine ers you're
speaking of. I'm a Patriots fan.
Speaker 2 (09:13):
Now they're eight and two.
Speaker 3 (09:15):
But no, it's it's healthy to have this rotation. We're
on the flip side, lily, you know, banks, United Healthcare.
The market is moving to other areas that they think
have some either defensive characteristics or growth potential, and that
is very symptomatic of a move after a big run.
And I think you know, airlines were strong, so it
(09:38):
wasn't a sense that the consumer was melting down. Airline
could be just because of the government getting back open,
and then people's fears of the reduction in flights made
weighing a bit. But there's lots of things going on overall,
thoughts of what maybe we'll get some data here soon
that could read somewhat bearishly, which could continue.
Speaker 2 (09:59):
To have the bed on the rate cut path.
Speaker 3 (10:03):
But overall, not a scary day with tech down, especially
given some of the more quality areas of the market
held up.
Speaker 1 (10:09):
Absolutely. Why don't you tackle the Cisco numbers real quick?
I'll tell you, first of all, there were good numbers, folks.
Let me share it with the socks done after hours,
and then Jason can get in the numbers, and then
after the break we'll come back and hit some of
the big movers today and then get into our topic.
So Cisco today, remember, folks, down component seventy three dollars
ninety six cent close have two dollars and twenty five cents,
(10:30):
about three point one four percent. Right now in the
after hour session, it's at seventy nine dollars and forty
two cents a share. A five dollars forty six cent
gain seven point three eight percent, so very very strong
numbers taken away.
Speaker 3 (10:41):
Yeah, I mean the numbers were good, and I think
people were somewhat cautious into it, especially given the stocks
now at back to all time highs.
Speaker 1 (10:49):
Uh.
Speaker 3 (10:49):
They're going to be sensitive to the data center build out,
switches and networking and so on and so forth, and
they've they've been a bit of a dark horse. The
stock has been had been underappreciated and to be reappreciated.
Their guidance look good for the second quarter. Look like
they're guided to a buco one to a bucko three
versus the street at ninety eight cents and revenue north
(11:10):
of fifteen billion in the street was at fourteen and
a half. So they're not one to go out and
over promise, and I think from that standpoint, even conservative
guidance is better than where the street's at. And you
may see continue folks chasing Cisco because it hasn't done
quite as much as the others have.
Speaker 2 (11:29):
One part along those lines, you've seen weakness in.
Speaker 3 (11:31):
Oracle over the last couple certainly several weeks, but more
concerned today around some of the debt in AI sensitive
names CDs, which is the credit default swaps. We're perking
up a little bit in terms of people worried about
Oracle's debt. I think it's more smoke than fire, but
you're starting to hear a bit more of that, So
(11:53):
maybe some rotation out of there as well.
Speaker 1 (11:56):
Yeah, worries about debt, CDs swaps, the whole nine yards
cockroachs theory. Where there's one, there's many more.
Speaker 2 (12:05):
Michael Berry sent hi pictures of Michael.
Speaker 1 (12:07):
Burns the big short. Yeah, we'll we'll leave it there,
but yeah, it is one of those days concerned about
tech and yeah, pretty big losses, as we'll share with
you dollar wise, not percentage wise. It some of these
big tech names. So yeah, it's just amazing we have this,
you know, teeter totter back and forth. One day the
world loves tech and the next day it hates it.
Today was the day it hates it. So but what
(12:27):
we've seen in the past is those days tend to
be some pretty good buying opportunity. So hopefully took a
little bit of advantage of it today. I know you
did it all right, my friend. Let's take this break.
We'll come back. Turn over Christen Snow my wonderful friend
in the right now traffic center. How are your best friend? Fantastic?
(12:48):
Welcome back to the John Sanchez Show on News Talk
seven eighty K, which what Jason gott all right? As
we said, it was a record setting day for the
deal with a close of three hundred and twenty six
point game point six to eight percent, finishing that forty
eight two fifty four lost sixty one or about a
quarter percent on the NASDAK closing at twenty three four
oh six SMP at four points closed in at six thousand,
eight to fifty Rough day for oil. Gonna feel good
(13:09):
at the pump if it holds two dollars and fifty
two cent loss fifty eight to fifty a barrel. OPEC
playing around with some production numbers and outlooks and things.
Was the culprit there? Strong day for gold jay ninety
seven dollars game or getting back up there again four
thy two thirteen. Any comments on that one.
Speaker 3 (13:25):
I think that's the reopening right inflation thought with economy
potentially getting back home and again. But that's just my
conjecture more than anything else.
Speaker 1 (13:36):
Okay, very good and once again Bob market down four
basis points that you'll close a four point zero seven
percent after being closed yesterday. All right, once again, we're
going to get out our topic. When only one knows
the hidden financial risk in your relationship, you're not communicating
about money, spouse dies, you're left trying to figure out
what to do. We're gonna help you get through that.
We'll tackle that when we get back here in a moment.
(13:56):
But first let's go to some of the big movers.
As we mentioned through Jason's summary of the market, that's
kind of hit some of the big news individual names.
So start off with the Dance micro Devices. Big move
on this one, up twenty one dollars and thirty seven cents,
nine percent gain, closing at two hundred and fifty eight
dollars and eighty nine cents. They had a big financial
analyst day yesterday. A company projected one hundred billion dollars
(14:18):
in data center revenue over the next three to five years,
and they expect a one trillion dollar dollar total addressable
AI market by the year twenty thirty. Think about that.
Those never just mean that's a lot, it's a lot
of money. Navidia to day is sixty four cent gain
quiet one ninety three eighty. Let's see Microsoft. It was
(14:38):
down earlier this morning when I did my local report,
finished a day up slightly two dollars and forty six
cent rise five eleven fourteen, but met up down eighteen
dollars and seven cents two point eight eight percent lost
six so nine oh one Google Google down four dollars
and thirty one cents, about a one point four eight
percent finish at two eighty seven forty three. Amazon down
four dollars and ninety cents. Tesla down another day, nine
dollars and two cents. Let's see Eli Lillly, as Jason
(15:01):
was mentioning, the healthcare is a strong, strong sector today,
group is up about one point four percent. Lily a
big contributor to that two point ninety five percent rise,
up twenty nine dollars and sixteen cents to one thy
seventeen seventy eight. U n H United Health helped the
dial out with that three and a half percent rise
up eleven dollars and sixty one cents. And if you're
wondering where the CEOs of your bank are at this evening,
(15:23):
I can probably tell you very good accuracy they're having
dinner with the president. That's right, the president is dining
this evening with JP Morgan, Chase's CEO, Jamie Diamond, other
top financial executives, so on and so forth. Don't know
what they're.
Speaker 2 (15:37):
Meaning about Nary Cole.
Speaker 1 (15:39):
Yeah, yeah, yeah, it's a it's a who's who, who's who? There? Uh?
You mentioned airlines did well again on the anticipation of
the government opening. Delta is an example, at four point
seventy three percent two dollars and seventy cent two dollars
and seventy three cent rise to sixty forty seven Southwest
up about four point two eight percent. All right, let's
(16:00):
talk a little bit about the government shutdown, the issue
bring up to date if you were hard at work
today and get a chance to hear. But before I
get to that, I want to mention something that we learned.
The market really didn't have much negative reaction. Jay I thought,
oh boy, when this news came across the wires, it
was going to hit it. That market breast it aside.
We had White House Press Secretary Carolyn Lovett. She said
that the October Jobs and CPI report will likely never
(16:23):
be released. Repeat that October Jobs and CPI may never
be released due to the government shutdown, and added that
fourth quarter GDP will likely be two hundred basis points.
That's two percent lower due to the shutdown. Not good
news there, let's seet. Kevin has said, of course, the
(16:45):
National Economic Council of iders said he believes rate cuts
could be a lot lower in regard to that FED
and so on and so forth. And like I said,
on the government shutdown side of things, the House is
supposed to vote on it. Mike Johnson said today very
confident that we'll get the vote. And then you set
back and go, okay, So what was really accomplished? Not
a damn thing. You know, they're kicking the can down
(17:07):
the road to I think January thirtieth is the latest
indication so that did accomplish anything but icing on the
cake today, Jason, as all these people you know have
lost their snap benefits, have been put out of work.
There was a phenomenal article today I didn't get a
chance to even tell you Wall Street Journal citing the
amount of autodelinquencies. Now I want to I want to
(17:30):
put this in perspective from an old Repool guy, meaning me, Okay,
let me see if I can get these, if the
stories is real quickly still there, it looks like they
moved it anyways. Autodelinquencies now, Jason, six point like three percent,
it was over six percent delinquent. Let me put this
(17:52):
in perspective late eighties when I worked for GMAC repolling
cars and doing collections, we had our butts chewed out
by management. If we were like above point three point
four right around there, not even a full half percent,
they lost it. I can't imagine now with delinquencies due
to the strain on the consumer over six percent. Mind boggling.
(18:15):
Mind boggling.
Speaker 2 (18:16):
Yeah, it is.
Speaker 3 (18:17):
And unfortunately it's just a case that credit gets too
easy sometimes, right, and that's the thing that people start
to default on first, especially a depreciating asset, which is
an automobile, so exactly.
Speaker 1 (18:32):
And then the funny, little fun tid Yeah, the fun
a little fun tidbit I have for you is in
this bill that they're voting on here, and you know,
about half hour or so, Jason, there's a little provision
in this bill that says members of Congress can now
be reimbursed up to five hundred thousand dollars each for
(18:58):
security protection. Isn't that a great use funds when people
are going hungry and out of work, half a million
dollars they're going to give themselves half a million to each,
not for the whole group of senators.
Speaker 3 (19:12):
Each each each. I mean, you got to have a
good security detail, do you really right? Well, I mean,
if you don't do your job at all and you're
terrible at it and then you get.
Speaker 2 (19:23):
Really yeah, you need someone to protect you.
Speaker 1 (19:25):
I guess at some point it's at the Yeah, it's
at the taxpayers expense exactly. Oh the joys of Washington.
So we will see real quick before we go to
break you know again, as we said at the beginning
of the show, lot to get your take on it too.
I just think that, you know, it's basically a foregone conclusion.
This government is going to open back up. You know,
we'll say in the next twenty four hours whatever. Maybe
(19:46):
I don't think it's gonna be that big of an event.
I mean, yes, it's going to be nice to finally
get our hands on some economic data and things, But
as far as a big market rally, I don't see
anything major happening with it.
Speaker 3 (19:55):
You no, I mean unless they open up and say
that they're gonna give it trillion dollars to open AI
or something.
Speaker 2 (20:02):
Probably not. Yeah, I don't. I don't think that's the
sensitivity at this point, right.
Speaker 1 (20:06):
Yeah, not at all.
Speaker 2 (20:06):
Bad datas could get us the rates lower.
Speaker 1 (20:09):
But yeah, I think yesterday was the day. You know,
that big five hundred plus point rally on the Dow yesterday.
I think I think that was a lot of pent up. Man.
We came off the weekend and you know, when we
learned that things were going pretty well for as the
government reopening and stuff, and you know, back on Monday
and then Sunday, et cetera. So yeah, I think I
think that train's left at this point. So all right,
(20:31):
when we come back, let's uh, let's get down to business, folks.
Let's talk about once again when only one knows, we're
talking about the family finances. What are some of the risks,
what are some of the things that happened, what are
the solutions. We'll cover that first. Jack Saban has news,
traffic and weather. Hey Jack, looking back at the John
Sanchez Show, and just talk seven eighty k waights with
(20:53):
Jason Gunn once again. A three twenty six record closed
on the dew at forty eight fifty four and now
I was like last sixty to in the smp Hire
by four. All right, we're gonna get into a topic
that all of us, at some point in our life
will most likely deal with, and that is the loss
of a loved one. We're getting into the issue that
Jason and I and other financial advisors deal with all
(21:15):
the time. And most I know many of you probably
have dealt with this either in your life or friend's family.
And that is when one spouse controls the family finances
and that spouse is no longer with you again, death, divorce,
whatever the case may be, and you are left trying
to unwind the financial burden and puzzle that was left
(21:38):
for you. So we're gonna run through these points. We're
gonna give you solutions. Here we go. Now, first one,
Jason is really the main one. I'll cover this one,
which is, if you look at it this way, a
one sided financial life, meaning finan one sided financial control
really creates a serious amount of risk. So what we
(22:00):
look at, of course, and we deal with is this
one spouse handles everything. They pay the bills, they monitor
the investments, they know what's in the bank accounts, where
the bank accounts are. Insurance do we have life insurance?
Do we not Social Security benefits, etc. They do it all.
They're what we like to call the family CFO. But
(22:20):
then all of a sudden that person dies or they
become incapacitated. Right, It's not not always death, like I
said earlier. They could start losing their mental faculties due
to dementia or Alzheimer's, whatever the case may be. And
then all of a sudden, all of the responsibility of
being the family CFO goes to the surviving partner and
(22:40):
they most likely have no idea how to do this.
They don't have any idea how to access the money,
they have any ideas how to pay bills. And again
it's not just emotional chaos, it's financial paralysis. I'm going
to jump real quickly, Jason to the story, and then
I want to hear if you have any just dealt
with this with a family friends, And what's it been now?
(23:01):
Four months ago, long haul truck driver never was home.
All the man did is work, work, work, and his
wife stayed at home. She worked, but she also did everything,
handled all the family finances. She wakes up this is about,
like I said, about four months ago. She wakes up.
He's on the road. He's way back east, you know,
(23:25):
three or four days drive away. She wakes up, she
stumbles down the hallway, she collapses. Their teenage daughter, Founder
rushed her to the hospital brain aneurysm. Roughly a week later,
she's dead. He has to come back and figure out
He literally did not know, and not an old man,
you know, we're talking early sixties. Literally did not know
(23:45):
how to write a check, had no idea what the
bills were, no idea what they owed on credit cards,
the balances, and the icing on the cake was. He
had no idea that she had taken out unbeknounced to him,
forged his signature a home into the line of credit
for about one hundred thousand dollars that he is now
responsible for. Yet no idea how much life insurance there
(24:06):
was zero zero zero. So now the man just lost
his life, his love of his life, and now he's
trying to figure things out what to do financially. So
I stepped in, gave some advice, and so on and
so forth. But that was my most recent scenario. Do
you have any stories that come to life with friends,
family clients that stand out.
Speaker 3 (24:26):
I mean mine sort of a sidebar, you know, where
husband and wife, you know, husband basically ended up racking
up hundreds of thousands of dollars of gambling debt and
basically liquidating their portfolios to pay for it without her knowing. Yes,
that led to a divorce. Wasn't a friend of mine,
(24:47):
but a very good friend of a friend of mine.
But I think both of these stories, you know, will
highlight and all the doesn't mean that one person shouldn't
do it. Like ultimately somebody enjoys it.
Speaker 1 (24:59):
Again.
Speaker 3 (24:59):
Personal story, literally this morning, sitting in bed, I'm on
my laptop updating Quicken because guess what, folks, I truly
do eat my own cooking.
Speaker 2 (25:06):
I like doing this stuff.
Speaker 3 (25:08):
Time of the morning was like four o'clock, four or
fifteen probably, and my wife looks over.
Speaker 2 (25:14):
I mean, she's like, do you sick?
Speaker 3 (25:16):
Doesn't that give you like anxiety doing that? This is
her exact words, And I'm like, no, like I it's
ironically the flip side.
Speaker 2 (25:24):
I enjoy it.
Speaker 3 (25:24):
It's a feeling of you know, process and progress and
you know, but control with everybody that someone is going
to end up doing. I think as we go through
these bullet points, you just need to be making sure
that your spouse or partner is aware and understand sort
of what the plan is and what you guys are
doing together. So I think that's a major takeaway for everybody.
Speaker 1 (25:47):
Right, and we'll cover that point number four. You're absolutely right.
All right, Well, I thought I knew you well, but
I didn't know you set up at four o'clock.
Speaker 2 (25:54):
In bed in the morning, fifteen four or fifteen.
Speaker 1 (25:57):
Do you at least have a couple of coffee next year?
I did?
Speaker 3 (26:00):
Yeah, okay, so I guess it was four twenty because
our coffeemaker starts at four ten, so it's around.
Speaker 1 (26:04):
Four twenty, but another five minutes. All right.
Speaker 2 (26:08):
It's not every day. I just happened to be to that.
Speaker 1 (26:10):
Yeah, okay, all right, says the man who sends his
partner texts at two o'clock in the morning sometimes or
email responses at one sometimes.
Speaker 2 (26:17):
And that's because I waited.
Speaker 1 (26:18):
Yeah right. I know they weren't skilled. I know they
were sill those times. All right. Again, we can all
share stories. We could spend hours talking about different stories
we've dealt with with our clients, But you get the picture.
And one final point I'll mention on this one, Jason,
and that is what I tend to see and I
think you agree, is the longer a couple has been married,
(26:38):
the more they start moving in opposite directions on the finances, right,
because obviously you trust them. You know, Hey, you know
my boy, and I hear this all the time. You
know what, my wife pays the bills, She's got everything handled.
I've got great credit. I handled my paycheck, you know,
through story. I just gave her my paycheck. I don't
even know. I mean, you know that when we ask them,
you know, how much money do you make? It's like, honey,
(27:01):
how much money did I make? So and again, the
longer you're married, younger couples don't tend to have this
problem that the younger generation is definitely much more you know,
my stuff, your stuff, our stuff. Okay, So let's go
to our third point now, building the financial transparency through
the number one reason that people get a divorce or
(27:23):
they stay together, either they have communication or they don't.
So how do we build financial transparency through communication? So
we're gonna use a real sexy word here. We're gonna
call this financial intimacy. That's right. Financial intimacy very important,
probably as if not more important than emotional intimacy with
(27:43):
your spouse. What do we mean by financial intimacy?
Speaker 2 (27:46):
This is like we throw money on the bed.
Speaker 1 (27:49):
Yep, you could do that, throw some rose pedals, throw
some money on there, and talk about balance set exactly
anything you want to, I can do this. Yep, there
you go, and see I need you to like the strategy.
So with financial intimacy, what we do is we encourage
couples to have open judgment free, judgment free, judgment free
let me repeat it four times, judgment free money conversations.
(28:12):
How much do we have? Where is it? What are
our goals? Who in the heck are our advisors? Because
you see what happens, folks, is when people and couples
start to share this information, they create stability, and most
importantly besides communication, they create trust. Nothing is worse. Have
any of you ever been in a relationship boyfriend, girlfriend,
(28:33):
or god forbid, husband, wife where you did not have
financial trust in your spouse? Nothing is worse. It's like
having trust that they're going to go sleep around on your,
cheat on you, or whatever the case is. Financial intimacy
or financial trust is probably even worse than you know. Again,
thinking your spouse is cheating on you very very important.
But it's so easy to solve again just by having
(28:55):
the open communication. I'm going to squeeze in number four, Jason,
since we're so, I'm sorry number five while we're on
this subject, and this is I love this term. You
came up with the money date concept. Actually, I'm not
going to steal your thunder explain the money date concept.
Speaker 3 (29:10):
This is really good. I just talked you know, where
you sort of sit down and you know, this can
be as nerdy as you want it. But to have
to have something once a month where you guys can discuss,
or even once a quarter where you you don't go
through see any passwords on financial accounts have changed right
where you can write down, you know, any thoughts on
upcoming expenses or trips or anything like that. Just at
(29:32):
least so you're collaboratively budgeting, right. I mean you mentioned
earlier the who's our advisor?
Speaker 1 (29:38):
Right?
Speaker 2 (29:38):
And I think that's something that's important too.
Speaker 3 (29:40):
Uh. You know, I often say John often says, unfortunately,
fortunately we deal with folks passing away here all the time, right,
so having someone who knows your family situation that isn't
your spouse is always a good thing too that they
can fall back on when times are tough and you're
going through a stress full time. But that that money
(30:01):
day concept is just again just to communicate around the
goals and the dreams. It tends to move in all
kinds of different corrections and.
Speaker 1 (30:09):
But Drimian too kind. I mean, folks, this is like
again money date. Right, two things. We're talking about money
and we're having a date. You put this on your calendar,
whether it's once a week. We have some clients that
do this weekly. We have something that do it monthly.
SENDI I think at least monthly. And again you go
okay on the whatever the fifth of the month, Wednesday,
the first Wednesday of every month, we're going out to
(30:30):
dinner or hey, we're gonna have a nice dinner at home,
glass of wine, set back, relax and open up. How
often have you talked to your spouse about money, your dreams,
your goals, your fears. Folks, We've had situations where we've
uncovered with clients. You have a husband and wife sitting together,
and you know you'll get like when we start talking
about risktol Tright Jason like wants supposed to say like
the wireless Yeah, spouse, wife says, man, I am really conservative,
(30:53):
you know, I can't stand any loss of husband's like, oh,
let's you know, put it all on red and go
for it. We dig a little bit deeper, kind to
find out the wife the husband didn't even know. The
wife was raised by grandparents who were Depression era of people, right,
and that value was transpired into her husband didn't even know.
See that all the time. That's why you have to
have that communication and that money date concept. Now, once
(31:14):
we have all this, where are we going to put
it all? We'll cover that one point six. Let's wrap
it up with Christen Snow the Right Now Traffic Center. Kristen,
Welcome back to the John Sanchez Show on Newstalk seven
to eighty K, which has a quick reminder if you
missed any of our shows, by all means, please pick
up our podcast at your favorite podcasting company. News. Just
a few moments ago, the House of rep Has headed
(31:34):
towards a vote. They passed it on the procedural side.
Trump said he's going to sign the bill. So again,
the Securitage of the passage of the bills expected occur
between now seven to seven thirty Eastern Standard time. At
around well twenty minutes to our time, they had an
hour long comment period on the Continuing Resolution to fund
(31:55):
the government begun. So we will see, we will see,
all right, talking about once again, when only one knows,
when one spouse knows everything about the financial life of
you as a couple, and they are gone, they're out
of the picture. So two final pointsho, we want to
mention number one, how do we keep track of everything? Well,
again we've told you to have the date night and
(32:15):
the financial intimacy and all that stuff, right, create a
financial binder, or better yet, a digital vault. You see,
every single one of you should have a central location,
whether it's physical, digital or both. That include things like
accountless all right, my bank account, my brokerage account numbers,
everything there, my contact information for my advisors, your insurance,
(32:36):
your CPA, you're legal, your financial every advisor's name, fund number,
addresses should be there. Copies of insurance policies can't tell you.
Like that story mentioned about a friend ago a minute ago,
he didn't know if there was any life insurance on
her turned out luckily she did. He didn't know we'd
run across that. Make a photocopy of your insurance policy,
put it in this notebook or in your vault passwords.
(32:57):
Oh my gosh, living trust nowadays they actually have a
sex in there regarding storing and how who can access,
for example, a trustee if they can access your digital passwords? Right,
you have passwords to everything now from social media, your
bank accounts, et cetera. Got to write those down. Spouses
don't know a lot of times. And then again the
trust documents that should be party for your notebook. So
(33:17):
if one partner has gone tomorrow, the other should be
able to absolutely pick up the financial ball and run
with it down the field. It's the easiest way to
do it. And again I'll leave it up to you
whether you want to do a financial binder, digital vault,
whatever it is, or combination. But bottom line, record it,
share it, tell and not just tell your spouse, Tell
you know, maybe your children, whoever you trust in your
(33:38):
life where that information is, because God forbid if you
and the spouse pass away, all right. Jason rapp Us
up at number eight.
Speaker 3 (33:44):
I think it's real quick if you're having a tough
time getting any of this to happen. Having an advisor
involved is helpful too, right, we do this. I do
some financial matchmaking and almost every meeting that I have,
so sometimes having an intermediary someone who can explain the
things that are important, you know, reach out and take
a look, see if an advisor fits for you, but
certainly something that makes sense to at least explore as
(34:06):
you guys are building this out.
Speaker 1 (34:07):
Yeah, yeah, it's like anything, folks, it's hard to do
on your own. Yeah, you need that that objective third party,
right meaning us or another financial advisor to help you
out on that side of it. So it it works,
it really. If you want to reach out to us,
just give us a call at the office seven seven
five eight hundred and eighteen oh one seven seven five
eight hundred eighteen oh one Online of course, that Sanchez
(34:28):
gont ga U n T dot com. You can make
an appointment right there, virtual or in person, and we'd
love to sit down and chat with you about making
sure that what only one knows now, we're going to
make sure more know about it. No more guesswork, no
more wondering where everything is. Your financial life will get
dialed in. That was a lot of fun, Jason, great job.
As always, I appreciate all of you joining us. We
(34:50):
will be back with you tomorrow on the John Sanchez Show.
God blessed and have a great afternoon. John Sanchez is
a registered investment advisor, and the opinions expressed by Sanchez
Gone Capital Management, LLC on this show or their own
and do not reflect the opinions of News Talks seven
eighty or its parent company, Cumulus Media. All statements and
(35:11):
opinions expressed are based upon information considered reliable, although it
should not be relied upon. As such, Any statements or
opinions are subject to change without notice. Information presented is
for educational purposes only and does not intend to make
an offer or solicitation for the sale or purchase of
any specific securities, investments, or investment strategies. Investments involve risk, and,
(35:33):
unless otherwise stated or are not guaranteed. Information expressed does
not take into account your specific situation or objectives, and
is not intended as recommendations appropriate for any individual. Listeners
are encouraged to seek advice from a qualified tax, legal,
or investment advisor to determine whether any information presented may
be suitable for their specific situation. Past performance is not
(35:55):
indicative of future performance.
Good onesday afternoon to you. Welcome to the John Sanchez
Show on News Talk seven to eighty k whitch. It's
a pleasure to be with you and a pleasure to
be with my partner, Jason Sanchez. Got Capital Management names
right and then last name is right in the name.
I mean, it just it just flows.
Speaker 2 (00:17):
It's just tough to sell, you know.
Speaker 1 (00:20):
It is amazing how many people have a hard time spelling.
Speaker 3 (00:23):
It is surprising. We talked about it before. They're like, gu.
Speaker 1 (00:27):
No, totally.
Speaker 3 (00:29):
There were certain restaurants that when we would go to
as a kid, my dad would always say grant because
they could pronounce it better instead of exact.
Speaker 1 (00:37):
So so you just need to comme a name like
Sanchez anders Spanish. Everybody knows it. Everybody knows all right,
my friend. Well let's have some fun here, all right.
Let me tell you what Jason I have lined up
for you. We had some big earnings numbers coming out
of Cisco today right after the clothes. Want to tell
you what that stock's doing in the after hours, maybe
help us out a little bit, giving update of course
(00:58):
on the government shut down, which you know, yeah, I'll
just do that right now. We don't know anything. The
votes expected here in about an hour at seven pm
Eastern Standard time is when the House is supposed to vote,
So we'll see about that. But I do want to
cover one thing when we get to that subject, Jay,
and that is why the market didn't get more excited
about it. And I brought this up on one of
(01:18):
the stock up dates this morning with Ross Mitchell, and
I said, you know, as you and I always talked about,
the market is a forward looking indicator. It's already predicted
that the government's going to reopen, so they're not going
to get excited, you know, if and when it actually
does happen, right at least that's kind of the way
things transpire today. So we'll touch on that. But here's
the fun topic we're going to get into this afternoon.
(01:39):
One of the biggest risk hidden risks, as we like
to call it, in any relationship, is when only one
partner knows the finances. Lord, let me tell you, we
deal with this all the time. What happens when that
partner becomes ill, what happens when that partner passes away,
what happens if they get a divorce, whatever the case
(02:02):
may be, All of a sudden financial chaos erupts. Right.
We deal this a lot with clients. When a spouse
pauses away, usually it's the man and the wife is left.
And you know, she was never part of the finances.
As much as we preached that a spouse needs to
be involved, for whatever reason, she wasn't. And so not
(02:24):
only is she left with the loss of her loved one,
her beloved husband of you know, many many years, but
now she's got this financial burden that is dumped upon her.
And so what we want to do this afternoon is
talk about why it is so important that both partners,
both of you are empowered, informed, and most importantly financial
(02:44):
secured together, not one, not the other, but together. And
so we've compiled some really important steps that we feel
will help you get through this if and when that
time ever happens. Maybe you're going through it right now.
But Jason, it is again such a common problem because
when we kind of use the word separation again, it
can be so many different things, right, like I said, death, divorce,
(03:06):
whatever the case may be. Or as we deal with
a lot, you know, mental incapacitation, right when one spouse
was always handling everything and you know, maybe Alzheimer's starting
to set in, or dementia or something along those lines.
Regardless of what it is, that financial burden is dumped
on the spouse that usually does not have the knowledge,
and not because they're stupid by any means, but because
(03:27):
they never got involved in the family finances, and we
want to make sure that doesn't happen, you know, to
those listening this afternoon.
Speaker 3 (03:34):
Yeah, what I find more often than not is it's
the person who doesn't do the finances. It's because it's
a source of anxiety for that partner ry it, and
that makes it even more of an issue when the
other partner passes away or there's a divorce, et cetera.
You know, well, I mean I've seen this and the
(03:55):
blame game kicks in.
Speaker 2 (03:56):
Well, she used to do all the.
Speaker 3 (03:58):
Finances, and I wouldn't have done this, and it becomes
more of a he said, she said, right where, Even
just for healthy marriages, it's good to, you know, make
sure that yes we have roles, but ultimately the other
person is aware of what's going on, you know, the
decision making process, and you don't feel out of the loop.
Speaker 2 (04:17):
It's just the normal.
Speaker 3 (04:18):
Sharing, but it is it's an anxiety, you know, if
maybe he isn't comfortable with money or it causes him
sort of angst or worries about things too much, so
it tends to fall.
Speaker 2 (04:28):
To her vice versa.
Speaker 3 (04:30):
It's pretty even, Like I find just as many times
where the man's the you know, the pocketbook holder, or
the woman is.
Speaker 2 (04:39):
It's fairly even.
Speaker 3 (04:40):
But in all cases, if the one who was in
charge of it passes away, the remaining one tends to
be a little you know, certainly concerned or confused as
to how the whole mix works. And you know, a
lot of respects comes from it too.
Speaker 2 (04:55):
Yeah, Wow, she did a lot.
Speaker 1 (04:57):
Yeah, when you said it's kind of even in the
man of the woman, I think I'm going to disagree
with you on that, at least in the most recent
ones I'm thinking back on. It was the woman that
was that was handling the family finances. Most men, especially
in the older generation, a lot of them don't have
a clue right from day one, and that you know,
(05:17):
sixty seventy year marriage, the wife handled everything, and if
she passes away, the man is i mean, completely at
a loss. Now let's reverse roles. If the the man
passes away and he was handling finances. I find that
the women, because women tend to be smarter than us men,
they can adapt a lot more. Yeah, you're gaving that too.
Speaker 3 (05:39):
Yeah, I definitely agree with that part because I mean,
you know, the men come in, they have no idea
how to feed themselves, theirselves or you know, not a
clue if they weren't doing the finances. It's pretty difficulty
in general, you know. But it we laugh about it,
but it is a you mentioned when John came up
with this topic earlier. This This is one I like
(06:01):
a lot normally, just you know, always helpful to have
these conversations. We try to educate everyone on the show.
John does such a great job of educating all the
listeners on these types of things, and a lot of
these are things you hear us talk about all the time.
Speaker 2 (06:13):
But it is important to talk to yourself about.
Speaker 1 (06:16):
Something we're all gonna deal with. I mean, every single
one of you. If you have a spouse in your life,
you're gonna be dealing with this at some point. So
let me this real quickly and then we'll move on
and thank you for the compliment. Well, here's what we're
going to kind of discuss We're gonna get a bunch
of points we're gonna run through with you, but I
want to just give you an idea how deep we're
gonna get with this thing. So we'll talk about why
one sided financial control creates serious risk both in life
(06:37):
and in the relationship. We'll give us give you, guys,
some real examples that that we go through. I think
that's one of the best ways to learn. We'll talk
about transparency through communications, some practical steps. Okay, so now
we've outlined the problem, but we always like to give
you a solution, so we'll talk about what we call
shared access and systems. We're gonna get a little emotional
(06:58):
with you. We're gonna have you go on a money
date with your spouse. That's right. And then something that
is very much overlooked in the estate planning process and
in life, the old financial binder, or more importantly, the
digital vault. Yeah, think about this for a second, folks,
you die tomorrow. You know all the passwords and everything
to get into your wife's account, but if she's doing
(07:19):
all the bills, do you know how to get into
your bank account? I just dealt with this with my
ex stepmom, right, and my dad died. As everybody knows,
she had no clue how to get into her bank,
into the bank accounts, no clue even he left her
again passwords or not, she had no clue how to
do it. She'd been out of touch too long. So
give you some stories on that. And then also we
(07:41):
want to try to touch on understanding the investment and
the insurance side, right, the insurance is really really important.
And then how we as advisors help our clients overcome
all these challenges. So a lot of great stuff that
I promise you're going to walk away and go on,
Holy well, I never thought about that. So with that said,
let's get down to business. Jan let's talk about this
stock market activity. Dow another strong one today. The record
(08:02):
closed up three twenty six, but where there were some
intermittent periods where it didn't quite look like it was
going to be that way. And just like yesterday Dow
was up, now's that goes down? Take it away.
Speaker 3 (08:11):
Yeah, there's a rotation right towards quality right now. Right,
the why the Dow tends to pick up its head
a little bit. You've got industrials, you've got healthcare, you've
got financials. Those areas are doing quite well as people
are rotating away from a winner, which was sort of
high end, high beta technology AI trade sensitive things. Metow
(08:32):
was down another almost three percent today. Google down percent
and a half, you know, Amazon, Tessela. So you did
see that rotation happening underneath the curve, which is a
good thing, right, not everything's moving down together. I like
it when the Dow is up and if the market has.
Speaker 1 (08:49):
To, Yeah, can I hear the again? Can we hear
that again?
Speaker 2 (08:52):
I do, Yes, I.
Speaker 1 (08:56):
Loved when all like my down record levels. Of course
you do.
Speaker 3 (09:01):
It's like my friend called me the other day from
New England and said, you know, sort of forty nine
or jokes saying how well they looked during a certain drive.
And I said, who are these forty nine ers you're
speaking of. I'm a Patriots fan.
Speaker 2 (09:13):
Now they're eight and two.
Speaker 3 (09:15):
But no, it's it's healthy to have this rotation. We're
on the flip side, lily, you know, banks, United Healthcare.
The market is moving to other areas that they think
have some either defensive characteristics or growth potential, and that
is very symptomatic of a move after a big run.
And I think you know, airlines were strong, so it
(09:38):
wasn't a sense that the consumer was melting down. Airline
could be just because of the government getting back open,
and then people's fears of the reduction in flights made
weighing a bit. But there's lots of things going on overall,
thoughts of what maybe we'll get some data here soon
that could read somewhat bearishly, which could continue.
Speaker 2 (09:59):
To have the bed on the rate cut path.
Speaker 3 (10:03):
But overall, not a scary day with tech down, especially
given some of the more quality areas of the market
held up.
Speaker 1 (10:09):
Absolutely. Why don't you tackle the Cisco numbers real quick?
I'll tell you, first of all, there were good numbers, folks.
Let me share it with the socks done after hours,
and then Jason can get in the numbers, and then
after the break we'll come back and hit some of
the big movers today and then get into our topic.
So Cisco today, remember, folks, down component seventy three dollars
ninety six cent close have two dollars and twenty five cents,
(10:30):
about three point one four percent. Right now in the
after hour session, it's at seventy nine dollars and forty
two cents a share. A five dollars forty six cent
gain seven point three eight percent, so very very strong
numbers taken away.
Speaker 3 (10:41):
Yeah, I mean the numbers were good, and I think
people were somewhat cautious into it, especially given the stocks
now at back to all time highs.
Speaker 1 (10:49):
Uh.
Speaker 3 (10:49):
They're going to be sensitive to the data center build out,
switches and networking and so on and so forth, and
they've they've been a bit of a dark horse. The
stock has been had been underappreciated and to be reappreciated.
Their guidance look good for the second quarter. Look like
they're guided to a buco one to a bucko three
versus the street at ninety eight cents and revenue north
(11:10):
of fifteen billion in the street was at fourteen and
a half. So they're not one to go out and
over promise, and I think from that standpoint, even conservative
guidance is better than where the street's at. And you
may see continue folks chasing Cisco because it hasn't done
quite as much as the others have.
Speaker 2 (11:29):
One part along those lines, you've seen weakness in.
Speaker 3 (11:31):
Oracle over the last couple certainly several weeks, but more
concerned today around some of the debt in AI sensitive
names CDs, which is the credit default swaps. We're perking
up a little bit in terms of people worried about
Oracle's debt. I think it's more smoke than fire, but
you're starting to hear a bit more of that, So
(11:53):
maybe some rotation out of there as well.
Speaker 1 (11:56):
Yeah, worries about debt, CDs swaps, the whole nine yards
cockroachs theory. Where there's one, there's many more.
Speaker 2 (12:05):
Michael Berry sent hi pictures of Michael.
Speaker 1 (12:07):
Burns the big short. Yeah, we'll we'll leave it there,
but yeah, it is one of those days concerned about
tech and yeah, pretty big losses, as we'll share with
you dollar wise, not percentage wise. It some of these
big tech names. So yeah, it's just amazing we have this,
you know, teeter totter back and forth. One day the
world loves tech and the next day it hates it.
Today was the day it hates it. So but what
(12:27):
we've seen in the past is those days tend to
be some pretty good buying opportunity. So hopefully took a
little bit of advantage of it today. I know you
did it all right, my friend. Let's take this break.
We'll come back. Turn over Christen Snow my wonderful friend
in the right now traffic center. How are your best friend? Fantastic?
(12:48):
Welcome back to the John Sanchez Show on News Talk
seven eighty K, which what Jason gott all right? As
we said, it was a record setting day for the
deal with a close of three hundred and twenty six
point game point six to eight percent, finishing that forty
eight two fifty four lost sixty one or about a
quarter percent on the NASDAK closing at twenty three four
oh six SMP at four points closed in at six thousand,
eight to fifty Rough day for oil. Gonna feel good
(13:09):
at the pump if it holds two dollars and fifty
two cent loss fifty eight to fifty a barrel. OPEC
playing around with some production numbers and outlooks and things.
Was the culprit there? Strong day for gold jay ninety
seven dollars game or getting back up there again four
thy two thirteen. Any comments on that one.
Speaker 3 (13:25):
I think that's the reopening right inflation thought with economy
potentially getting back home and again. But that's just my
conjecture more than anything else.
Speaker 1 (13:36):
Okay, very good and once again Bob market down four
basis points that you'll close a four point zero seven
percent after being closed yesterday. All right, once again, we're
going to get out our topic. When only one knows
the hidden financial risk in your relationship, you're not communicating
about money, spouse dies, you're left trying to figure out
what to do. We're gonna help you get through that.
We'll tackle that when we get back here in a moment.
(13:56):
But first let's go to some of the big movers.
As we mentioned through Jason's summary of the market, that's
kind of hit some of the big news individual names.
So start off with the Dance micro Devices. Big move
on this one, up twenty one dollars and thirty seven cents,
nine percent gain, closing at two hundred and fifty eight
dollars and eighty nine cents. They had a big financial
analyst day yesterday. A company projected one hundred billion dollars
(14:18):
in data center revenue over the next three to five years,
and they expect a one trillion dollar dollar total addressable
AI market by the year twenty thirty. Think about that.
Those never just mean that's a lot, it's a lot
of money. Navidia to day is sixty four cent gain
quiet one ninety three eighty. Let's see Microsoft. It was
(14:38):
down earlier this morning when I did my local report,
finished a day up slightly two dollars and forty six
cent rise five eleven fourteen, but met up down eighteen
dollars and seven cents two point eight eight percent lost
six so nine oh one Google Google down four dollars
and thirty one cents, about a one point four eight
percent finish at two eighty seven forty three. Amazon down
four dollars and ninety cents. Tesla down another day, nine
dollars and two cents. Let's see Eli Lillly, as Jason
(15:01):
was mentioning, the healthcare is a strong, strong sector today,
group is up about one point four percent. Lily a
big contributor to that two point ninety five percent rise,
up twenty nine dollars and sixteen cents to one thy
seventeen seventy eight. U n H United Health helped the
dial out with that three and a half percent rise
up eleven dollars and sixty one cents. And if you're
wondering where the CEOs of your bank are at this evening,
(15:23):
I can probably tell you very good accuracy they're having
dinner with the president. That's right, the president is dining
this evening with JP Morgan, Chase's CEO, Jamie Diamond, other
top financial executives, so on and so forth. Don't know
what they're.
Speaker 2 (15:37):
Meaning about Nary Cole.
Speaker 1 (15:39):
Yeah, yeah, yeah, it's a it's a who's who, who's who? There? Uh?
You mentioned airlines did well again on the anticipation of
the government opening. Delta is an example, at four point
seventy three percent two dollars and seventy cent two dollars
and seventy three cent rise to sixty forty seven Southwest
up about four point two eight percent. All right, let's
(16:00):
talk a little bit about the government shutdown, the issue
bring up to date if you were hard at work
today and get a chance to hear. But before I
get to that, I want to mention something that we learned.
The market really didn't have much negative reaction. Jay I thought,
oh boy, when this news came across the wires, it
was going to hit it. That market breast it aside.
We had White House Press Secretary Carolyn Lovett. She said
that the October Jobs and CPI report will likely never
(16:23):
be released. Repeat that October Jobs and CPI may never
be released due to the government shutdown, and added that
fourth quarter GDP will likely be two hundred basis points.
That's two percent lower due to the shutdown. Not good
news there, let's seet. Kevin has said, of course, the
(16:45):
National Economic Council of iders said he believes rate cuts
could be a lot lower in regard to that FED
and so on and so forth. And like I said,
on the government shutdown side of things, the House is
supposed to vote on it. Mike Johnson said today very
confident that we'll get the vote. And then you set
back and go, okay, So what was really accomplished? Not
a damn thing. You know, they're kicking the can down
(17:07):
the road to I think January thirtieth is the latest
indication so that did accomplish anything but icing on the
cake today, Jason, as all these people you know have
lost their snap benefits, have been put out of work.
There was a phenomenal article today I didn't get a
chance to even tell you Wall Street Journal citing the
amount of autodelinquencies. Now I want to I want to
(17:30):
put this in perspective from an old Repool guy, meaning me, Okay,
let me see if I can get these, if the
stories is real quickly still there, it looks like they
moved it anyways. Autodelinquencies now, Jason, six point like three percent,
it was over six percent delinquent. Let me put this
(17:52):
in perspective late eighties when I worked for GMAC repolling
cars and doing collections, we had our butts chewed out
by management. If we were like above point three point
four right around there, not even a full half percent,
they lost it. I can't imagine now with delinquencies due
to the strain on the consumer over six percent. Mind boggling.
(18:15):
Mind boggling.
Speaker 2 (18:16):
Yeah, it is.
Speaker 3 (18:17):
And unfortunately it's just a case that credit gets too
easy sometimes, right, and that's the thing that people start
to default on first, especially a depreciating asset, which is
an automobile, so exactly.
Speaker 1 (18:32):
And then the funny, little fun tid Yeah, the fun
a little fun tidbit I have for you is in
this bill that they're voting on here, and you know,
about half hour or so, Jason, there's a little provision
in this bill that says members of Congress can now
be reimbursed up to five hundred thousand dollars each for
(18:58):
security protection. Isn't that a great use funds when people
are going hungry and out of work, half a million
dollars they're going to give themselves half a million to each,
not for the whole group of senators.
Speaker 3 (19:12):
Each each each. I mean, you got to have a
good security detail, do you really right? Well, I mean,
if you don't do your job at all and you're
terrible at it and then you get.
Speaker 2 (19:23):
Really yeah, you need someone to protect you.
Speaker 1 (19:25):
I guess at some point it's at the Yeah, it's
at the taxpayers expense exactly. Oh the joys of Washington.
So we will see real quick before we go to
break you know again, as we said at the beginning
of the show, lot to get your take on it too.
I just think that, you know, it's basically a foregone conclusion.
This government is going to open back up. You know,
we'll say in the next twenty four hours whatever. Maybe
(19:46):
I don't think it's gonna be that big of an event.
I mean, yes, it's going to be nice to finally
get our hands on some economic data and things, But
as far as a big market rally, I don't see
anything major happening with it.
Speaker 3 (19:55):
You no, I mean unless they open up and say
that they're gonna give it trillion dollars to open AI
or something.
Speaker 2 (20:02):
Probably not. Yeah, I don't. I don't think that's the
sensitivity at this point, right.
Speaker 1 (20:06):
Yeah, not at all.
Speaker 2 (20:06):
Bad datas could get us the rates lower.
Speaker 1 (20:09):
But yeah, I think yesterday was the day. You know,
that big five hundred plus point rally on the Dow yesterday.
I think I think that was a lot of pent up. Man.
We came off the weekend and you know, when we
learned that things were going pretty well for as the
government reopening and stuff, and you know, back on Monday
and then Sunday, et cetera. So yeah, I think I
think that train's left at this point. So all right,
(20:31):
when we come back, let's uh, let's get down to business, folks.
Let's talk about once again when only one knows, we're
talking about the family finances. What are some of the risks,
what are some of the things that happened, what are
the solutions. We'll cover that first. Jack Saban has news,
traffic and weather. Hey Jack, looking back at the John
Sanchez Show, and just talk seven eighty k waights with
(20:53):
Jason Gunn once again. A three twenty six record closed
on the dew at forty eight fifty four and now
I was like last sixty to in the smp Hire
by four. All right, we're gonna get into a topic
that all of us, at some point in our life
will most likely deal with, and that is the loss
of a loved one. We're getting into the issue that
Jason and I and other financial advisors deal with all
(21:15):
the time. And most I know many of you probably
have dealt with this either in your life or friend's family.
And that is when one spouse controls the family finances
and that spouse is no longer with you again, death, divorce,
whatever the case may be, and you are left trying
to unwind the financial burden and puzzle that was left
(21:38):
for you. So we're gonna run through these points. We're
gonna give you solutions. Here we go. Now, first one,
Jason is really the main one. I'll cover this one,
which is, if you look at it this way, a
one sided financial life, meaning finan one sided financial control
really creates a serious amount of risk. So what we
(22:00):
look at, of course, and we deal with is this
one spouse handles everything. They pay the bills, they monitor
the investments, they know what's in the bank accounts, where
the bank accounts are. Insurance do we have life insurance?
Do we not Social Security benefits, etc. They do it all.
They're what we like to call the family CFO. But
(22:20):
then all of a sudden that person dies or they
become incapacitated. Right, It's not not always death, like I
said earlier. They could start losing their mental faculties due
to dementia or Alzheimer's, whatever the case may be. And
then all of a sudden, all of the responsibility of
being the family CFO goes to the surviving partner and
(22:40):
they most likely have no idea how to do this.
They don't have any idea how to access the money,
they have any ideas how to pay bills. And again
it's not just emotional chaos, it's financial paralysis. I'm going
to jump real quickly, Jason to the story, and then
I want to hear if you have any just dealt
with this with a family friends, And what's it been now?
(23:01):
Four months ago, long haul truck driver never was home.
All the man did is work, work, work, and his
wife stayed at home. She worked, but she also did everything,
handled all the family finances. She wakes up this is about,
like I said, about four months ago. She wakes up.
He's on the road. He's way back east, you know,
(23:25):
three or four days drive away. She wakes up, she
stumbles down the hallway, she collapses. Their teenage daughter, Founder
rushed her to the hospital brain aneurysm. Roughly a week later,
she's dead. He has to come back and figure out
He literally did not know, and not an old man,
you know, we're talking early sixties. Literally did not know
(23:45):
how to write a check, had no idea what the
bills were, no idea what they owed on credit cards,
the balances, and the icing on the cake was. He
had no idea that she had taken out unbeknounced to him,
forged his signature a home into the line of credit
for about one hundred thousand dollars that he is now
responsible for. Yet no idea how much life insurance there
(24:06):
was zero zero zero. So now the man just lost
his life, his love of his life, and now he's
trying to figure things out what to do financially. So
I stepped in, gave some advice, and so on and
so forth. But that was my most recent scenario. Do
you have any stories that come to life with friends,
family clients that stand out.
Speaker 3 (24:26):
I mean mine sort of a sidebar, you know, where
husband and wife, you know, husband basically ended up racking
up hundreds of thousands of dollars of gambling debt and
basically liquidating their portfolios to pay for it without her knowing. Yes,
that led to a divorce. Wasn't a friend of mine,
(24:47):
but a very good friend of a friend of mine.
But I think both of these stories, you know, will
highlight and all the doesn't mean that one person shouldn't
do it. Like ultimately somebody enjoys it.
Speaker 1 (24:59):
Again.
Speaker 3 (24:59):
Personal story, literally this morning, sitting in bed, I'm on
my laptop updating Quicken because guess what, folks, I truly
do eat my own cooking.
Speaker 2 (25:06):
I like doing this stuff.
Speaker 3 (25:08):
Time of the morning was like four o'clock, four or
fifteen probably, and my wife looks over.
Speaker 2 (25:14):
I mean, she's like, do you sick?
Speaker 3 (25:16):
Doesn't that give you like anxiety doing that? This is
her exact words, And I'm like, no, like I it's
ironically the flip side.
Speaker 2 (25:24):
I enjoy it.
Speaker 3 (25:24):
It's a feeling of you know, process and progress and
you know, but control with everybody that someone is going
to end up doing. I think as we go through
these bullet points, you just need to be making sure
that your spouse or partner is aware and understand sort
of what the plan is and what you guys are
doing together. So I think that's a major takeaway for everybody.
Speaker 1 (25:47):
Right, and we'll cover that point number four. You're absolutely right.
All right, Well, I thought I knew you well, but
I didn't know you set up at four o'clock.
Speaker 2 (25:54):
In bed in the morning, fifteen four or fifteen.
Speaker 1 (25:57):
Do you at least have a couple of coffee next year?
I did?
Speaker 3 (26:00):
Yeah, okay, so I guess it was four twenty because
our coffeemaker starts at four ten, so it's around.
Speaker 1 (26:04):
Four twenty, but another five minutes. All right.
Speaker 2 (26:08):
It's not every day. I just happened to be to that.
Speaker 1 (26:10):
Yeah, okay, all right, says the man who sends his
partner texts at two o'clock in the morning sometimes or
email responses at one sometimes.
Speaker 2 (26:17):
And that's because I waited.
Speaker 1 (26:18):
Yeah right. I know they weren't skilled. I know they
were sill those times. All right. Again, we can all
share stories. We could spend hours talking about different stories
we've dealt with with our clients, But you get the picture.
And one final point I'll mention on this one, Jason,
and that is what I tend to see and I
think you agree, is the longer a couple has been married,
(26:38):
the more they start moving in opposite directions on the finances, right,
because obviously you trust them. You know, Hey, you know
my boy, and I hear this all the time. You
know what, my wife pays the bills, She's got everything handled.
I've got great credit. I handled my paycheck, you know,
through story. I just gave her my paycheck. I don't
even know. I mean, you know that when we ask them,
you know, how much money do you make? It's like, honey,
(27:01):
how much money did I make? So and again, the
longer you're married, younger couples don't tend to have this
problem that the younger generation is definitely much more you know,
my stuff, your stuff, our stuff. Okay, So let's go
to our third point now, building the financial transparency through
the number one reason that people get a divorce or
(27:23):
they stay together, either they have communication or they don't.
So how do we build financial transparency through communication? So
we're gonna use a real sexy word here. We're gonna
call this financial intimacy. That's right. Financial intimacy very important,
probably as if not more important than emotional intimacy with
(27:43):
your spouse. What do we mean by financial intimacy?
Speaker 2 (27:46):
This is like we throw money on the bed.
Speaker 1 (27:49):
Yep, you could do that, throw some rose pedals, throw
some money on there, and talk about balance set exactly
anything you want to, I can do this. Yep, there
you go, and see I need you to like the strategy.
So with financial intimacy, what we do is we encourage
couples to have open judgment free, judgment free, judgment free
let me repeat it four times, judgment free money conversations.
(28:12):
How much do we have? Where is it? What are
our goals? Who in the heck are our advisors? Because
you see what happens, folks, is when people and couples
start to share this information, they create stability, and most
importantly besides communication, they create trust. Nothing is worse. Have
any of you ever been in a relationship boyfriend, girlfriend,
(28:33):
or god forbid, husband, wife where you did not have
financial trust in your spouse? Nothing is worse. It's like
having trust that they're going to go sleep around on your,
cheat on you, or whatever the case is. Financial intimacy
or financial trust is probably even worse than you know. Again,
thinking your spouse is cheating on you very very important.
But it's so easy to solve again just by having
(28:55):
the open communication. I'm going to squeeze in number four, Jason,
since we're so, I'm sorry number five while we're on
this subject, and this is I love this term. You
came up with the money date concept. Actually, I'm not
going to steal your thunder explain the money date concept.
Speaker 3 (29:10):
This is really good. I just talked you know, where
you sort of sit down and you know, this can
be as nerdy as you want it. But to have
to have something once a month where you guys can discuss,
or even once a quarter where you you don't go
through see any passwords on financial accounts have changed right
where you can write down, you know, any thoughts on
upcoming expenses or trips or anything like that. Just at
(29:32):
least so you're collaboratively budgeting, right. I mean you mentioned
earlier the who's our advisor?
Speaker 1 (29:38):
Right?
Speaker 2 (29:38):
And I think that's something that's important too.
Speaker 3 (29:40):
Uh. You know, I often say John often says, unfortunately,
fortunately we deal with folks passing away here all the time, right,
so having someone who knows your family situation that isn't
your spouse is always a good thing too that they
can fall back on when times are tough and you're
going through a stress full time. But that that money
(30:01):
day concept is just again just to communicate around the
goals and the dreams. It tends to move in all
kinds of different corrections and.
Speaker 1 (30:09):
But Drimian too kind. I mean, folks, this is like
again money date. Right, two things. We're talking about money
and we're having a date. You put this on your calendar,
whether it's once a week. We have some clients that
do this weekly. We have something that do it monthly.
SENDI I think at least monthly. And again you go
okay on the whatever the fifth of the month, Wednesday,
the first Wednesday of every month, we're going out to
(30:30):
dinner or hey, we're gonna have a nice dinner at home,
glass of wine, set back, relax and open up. How
often have you talked to your spouse about money, your dreams,
your goals, your fears. Folks, We've had situations where we've
uncovered with clients. You have a husband and wife sitting together,
and you know you'll get like when we start talking
about risktol Tright Jason like wants supposed to say like
the wireless Yeah, spouse, wife says, man, I am really conservative,
(30:53):
you know, I can't stand any loss of husband's like, oh,
let's you know, put it all on red and go
for it. We dig a little bit deeper, kind to
find out the wife the husband didn't even know. The
wife was raised by grandparents who were Depression era of people, right,
and that value was transpired into her husband didn't even know.
See that all the time. That's why you have to
have that communication and that money date concept. Now, once
(31:14):
we have all this, where are we going to put
it all? We'll cover that one point six. Let's wrap
it up with Christen Snow the Right Now Traffic Center. Kristen,
Welcome back to the John Sanchez Show on Newstalk seven
to eighty K, which has a quick reminder if you
missed any of our shows, by all means, please pick
up our podcast at your favorite podcasting company. News. Just
a few moments ago, the House of rep Has headed
(31:34):
towards a vote. They passed it on the procedural side.
Trump said he's going to sign the bill. So again,
the Securitage of the passage of the bills expected occur
between now seven to seven thirty Eastern Standard time. At
around well twenty minutes to our time, they had an
hour long comment period on the Continuing Resolution to fund
(31:55):
the government begun. So we will see, we will see,
all right, talking about once again, when only one knows,
when one spouse knows everything about the financial life of
you as a couple, and they are gone, they're out
of the picture. So two final pointsho, we want to
mention number one, how do we keep track of everything? Well,
again we've told you to have the date night and
(32:15):
the financial intimacy and all that stuff, right, create a
financial binder, or better yet, a digital vault. You see,
every single one of you should have a central location,
whether it's physical, digital or both. That include things like
accountless all right, my bank account, my brokerage account numbers,
everything there, my contact information for my advisors, your insurance,
(32:36):
your CPA, you're legal, your financial every advisor's name, fund number,
addresses should be there. Copies of insurance policies can't tell you.
Like that story mentioned about a friend ago a minute ago,
he didn't know if there was any life insurance on
her turned out luckily she did. He didn't know we'd
run across that. Make a photocopy of your insurance policy,
put it in this notebook or in your vault passwords.
(32:57):
Oh my gosh, living trust nowadays they actually have a
sex in there regarding storing and how who can access,
for example, a trustee if they can access your digital passwords? Right,
you have passwords to everything now from social media, your
bank accounts, et cetera. Got to write those down. Spouses
don't know a lot of times. And then again the
trust documents that should be party for your notebook. So
(33:17):
if one partner has gone tomorrow, the other should be
able to absolutely pick up the financial ball and run
with it down the field. It's the easiest way to
do it. And again I'll leave it up to you
whether you want to do a financial binder, digital vault,
whatever it is, or combination. But bottom line, record it,
share it, tell and not just tell your spouse, Tell
you know, maybe your children, whoever you trust in your
(33:38):
life where that information is, because God forbid if you
and the spouse pass away, all right. Jason rapp Us
up at number eight.
Speaker 3 (33:44):
I think it's real quick if you're having a tough
time getting any of this to happen. Having an advisor
involved is helpful too, right, we do this. I do
some financial matchmaking and almost every meeting that I have,
so sometimes having an intermediary someone who can explain the
things that are important, you know, reach out and take
a look, see if an advisor fits for you, but
certainly something that makes sense to at least explore as
(34:06):
you guys are building this out.
Speaker 1 (34:07):
Yeah, yeah, it's like anything, folks, it's hard to do
on your own. Yeah, you need that that objective third party,
right meaning us or another financial advisor to help you
out on that side of it. So it it works,
it really. If you want to reach out to us,
just give us a call at the office seven seven
five eight hundred and eighteen oh one seven seven five
eight hundred eighteen oh one Online of course, that Sanchez
(34:28):
gont ga U n T dot com. You can make
an appointment right there, virtual or in person, and we'd
love to sit down and chat with you about making
sure that what only one knows now, we're going to
make sure more know about it. No more guesswork, no
more wondering where everything is. Your financial life will get
dialed in. That was a lot of fun, Jason, great job.
As always, I appreciate all of you joining us. We
(34:50):
will be back with you tomorrow on the John Sanchez Show.
God blessed and have a great afternoon. John Sanchez is
a registered investment advisor, and the opinions expressed by Sanchez
Gone Capital Management, LLC on this show or their own
and do not reflect the opinions of News Talks seven
eighty or its parent company, Cumulus Media. All statements and
(35:11):
opinions expressed are based upon information considered reliable, although it
should not be relied upon. As such, Any statements or
opinions are subject to change without notice. Information presented is
for educational purposes only and does not intend to make
an offer or solicitation for the sale or purchase of
any specific securities, investments, or investment strategies. Investments involve risk, and,
(35:33):
unless otherwise stated or are not guaranteed. Information expressed does
not take into account your specific situation or objectives, and
is not intended as recommendations appropriate for any individual. Listeners
are encouraged to seek advice from a qualified tax, legal,
or investment advisor to determine whether any information presented may
be suitable for their specific situation. Past performance is not
(35:55):
indicative of future performance.
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