1/30/26 Fed Talk, Tech Pressure, and the Costliest Colleges

The Moneywise Radio Show and Podcast Friday, January 30th BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Radio Show & Podcast" call: 661-847-1000 text in anytime: 661-396-1000 website: www. MoneywiseGuys.com facebook: Moneywise_Wealth_Management LinkedIn: Moneywise_Wealth_Management Guest: Michael George, Executive Vice President - Marketing at Safe 1 Credit Union website: https://www.safe1.org/ The opinions voiced in this podcast are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Michael George and Safe One Credit Union are not affiliated with nor endorsed by LPL Financial or Moneywise Wealth Management].

• 0:00Speaker 00

  Live from the basement inside the historic Woolworths Building in downtown Bakersfield. Call or text in at 661-396-1000.

• 0:38Speaker 00

  Now, let's start the Money Wise Show.

• 0:42Speaker 01

  Welcome, welcome, welcome, welcome to the Friday edition of the Money Wise Show. From the basement here at historic Woolworths Building downtown Bakersfield for the next hour, you're here on K G E O Money Talk.

• 0:57Speaker 01

  1230 a.m. 101.1 FM and always streaming at MoneyWiseGuys.com. Steven,

• 1:06Speaker 01

  you got what you dreaded for the Super Bowl, right?

• 1:12Speaker 01

  Steven was not happy with the, with the outcome of the, of the championship games. He was hoping for,

• 1:21Speaker 01

  you were hoping for the Rams and

• 1:22Speaker 00

  Bring him on.

• 1:23Speaker 01

  I'm sorry?

• 1:24Speaker 00

  I love seeing the Patriots lose in the Super Bowl.

• 1:28Speaker 01

  No, but you were, you were pulling for the Rams.

• 1:30Speaker 00

  I was

• 1:31Speaker 01

  And Denver.

• 1:32Speaker 00

  For, yeah. I mean, I would like anybody but a team in the AFC East that's not called the Miami Dolphins.

• 1:37Speaker 01

  Well, and I was pulling for Denver just because of Garo.

• 1:40Speaker 00

  Yeah, exactly.

• 1:41Speaker 01

  That was, that was who I was pulling for because it was like, I don't have a dog in this race anymore. Right? Since my Packers lost to the damn freaking Chicago Bears.

• 1:51Speaker 00

  It could be worse.

• 1:52Speaker 01

  Dog bears.

• 1:53Speaker 00

  Team couldn't, you know, not make it at all.

• 1:55Speaker 01

  This is true. Could be a Raider fan. They could. This is right. Ouch.

• 2:00Speaker 00

  There is one Raider fan here.

• 2:02Speaker 01

  Yes. But you.

• 2:04Speaker 02

  Missed it by about 10 games, though.

• 2:06Speaker 01

  Yeah, you were, you were out of it by only by nine and a half games.

• 2:09Speaker 00

  I mean, if we're gonna talk football, I mean, there is teams hiring coaches. What, what is up with the Raiders?

• 2:14Speaker 02

  We, uh, we don't believe in that.

• 2:15Speaker 00

  You don't need a coach.

• 2:16Speaker 02

  Because we just fire them anyway.

• 2:17Speaker 00

  Stinking coach.

• 2:18Speaker 02

  Yeah.

• 2:18Speaker 01

  We don't need no stinking coach.

• 2:19Speaker 02

  Hey.

• 2:20Speaker 01

  We hire them and six weeks later, we fire them and we try again.

• 2:23Speaker 02

  Hey, the inmates run the asylum there anyway, so what's the matter?

• 2:26Speaker 01

  They are all inmates.

• 2:26Speaker 02

  They are. They are. It's a mess.

• 2:29Speaker 00

  Mark Davis is like, what?

• 2:30Speaker 01

  It's a very beautiful prison. That's prison they got there in Vegas.

• 2:33Speaker 00

  Mark Davis is like, we're already paying for four coaches. What do you mean? I gotta get a fifth?

• 2:37Speaker 02

  People always ask me like, what's the problem with your team? I say it starts with the owner's haircut. If you don't know what he looks like, look online. That explains it all.

• 2:44Speaker 01

  That's his decision making process.

• 2:46Speaker 02

  Exactly.

• 2:47Speaker 00

  Came out and Mark Davis had a shaved head, you'd be happier?

• 2:49Speaker 02

  Um, you know, he should just hide the whole face, really.

• 2:52Speaker 01

  Like, honestly, yeah.

• 2:54Speaker 00

  So you judge a man by his hair, right? So if you see someone in public with a disheveled haircut, you're gonna think, oh.

• 2:59Speaker 01

  Oh, that's not disheveled.

• 3:01Speaker 02

  I don't judge, I don't judge a man by his haircut. I judge that man by his haircut.

• 3:05Speaker 00

  Yeah, got it.

• 3:07Speaker 01

  Like, literally, the billionaire bowl cut.

• 3:10Speaker 02

  Yes, it's a bowl cut.

• 3:11Speaker 01

  It's, it's, it's amazing that he has the supermodel wife that he does. And she, he's.

• 3:17Speaker 02

  Messy.

• 3:17Speaker 00

  For his personality.

• 3:19Speaker 01

  He always claims, oh, she had no idea. Oh, she knew. She knew.

• 3:23Speaker 00

  Definitely wasn't the looks.

• 3:24Speaker 02

  His pretty smile.

• 3:25Speaker 01

  Right.

• 3:26Speaker 02

  He had a handsome smile.

• 3:27Speaker 01

  He had a handsome smile.

• 3:28Speaker 00

  He got a pretty mouth.

• 3:29Speaker 01

  Bull.

• 3:31Speaker 00

  Deliverance throwback. Interesting.

• 3:33Speaker 01

  Good poll, Stephen. All right. Well, I'm your host, Justin Leland, here with.

• 3:38Speaker 00

  Seth Perry.

• 3:39Speaker 01

  Seth Perry. And joining us today, our good friend, the COO of Safe One Credit Union, Mr. Michael George. How you doing?

• 3:47Speaker 02

  Thank you. Great. Thank you for having me. Always have a good time.

• 3:49Speaker 01

  The coup.

• 3:51Speaker 02

  Oh, the coup. There you go. I like that. Yeah, yeah.

• 3:53Speaker 01

  The coup.

• 3:53Speaker 02

  Yeah.

• 3:53Speaker 01

  Chief Operating Officer.

• 3:56Speaker 01

  Of Safe One. It's great to have you. We're going to get down to business here with uh with Safe One here in a moment. We're going to talk about uh really expensive colleges and universities when we get back. But what we're going to talk about now is we're going to get down to business. We're going to get down to the numbers. Seth, what happened to the markets today? It's the last trading day of January, right? So we're done with the first month of the year.

• 4:15Speaker 03

  Yep.

• 4:15Speaker 01

  Kind of, thank God. We're done with the first month of the year. But here it is. What happened?

• 4:21Speaker 03

  So the good news is year to date, we're not quite flat. We're up, we're up 1%. So hey, average that out. It's a, it's a decent year, right? But today it did come down about half a percent. That's the S and P 500, the 500 biggest companies in the US. Still the one year look back. So what's been made in the last year, up 14%, which is awesome. The Dow is down 4 tenths of a percent. And NASDAQ down almost a full percent. And there's just a lot going on, particularly with

• 4:50Speaker 01

  The Fed.

• 4:51Speaker 03

  And precious metals.

• 4:52Speaker 01

  And precious metals. And I think that's partially because of what happened with the Fed.

• 4:56Speaker 03

  Absolutely.

• 4:57Speaker 01

  So kind of put the, the S and P 500, the last year in perspective. So anytime that we have a 1% growth on a monthly basis, average that out, that winds up being about a 12 to 13% year over year growth in the S and P 500. What is the average S and P 500 rate of return for the past 100 years?

• 5:24Speaker 01

  Anybody know?

• 5:25Speaker 03

  I'm gonna say I always hear nine to 12 and then there's different.

• 5:29Speaker 01

  The average for the past 100 years is 9.8%.

• 5:32Speaker 03

  Okay.

• 5:33Speaker 01

  Okay, roughly 10%, just under 10%.

• 5:35Speaker 03

  So we're above average.

• 5:36Speaker 01

  So for the last 14, you know, 12 months or so, we're at 14%. So again, if you're getting a 1% return per month, that's not horribly bad. That's actually quite good. On average, we should be around 0.8, 0.7 per month. So we had a good month of January. Even with all of the volatility and the craziness of, you know, tariff and this and that, oh, we got a Fed chair change and this and that. Strip away all of the fluff and the, the, the noise and you start looking into, okay, let's broaden our horizons rather than just looking at the myopic like we're looking at day by day by day.

• 6:19Speaker 01

  Let's look at it broader. Let's take it out to a week. Let's take it out to a month. Let's take it out to a year. And all of a sudden, things look a lot better. So, think about that when you're looking at things and when you see the markets are down a half a percent or, you know, at one point today, the Dow was down over 500 points. Yep. And it rallied back. It's, it's still down by a hundred and something points. But it's just kind of ridiculous when you're like, oh, day by day, I'm, oh, it's red. I gotta sell. Oh, it's green. I gotta buy. No, it was wrong.

• 6:47Speaker 03

  They want people, they want to grab people's attention. I think they, I think they reuse the same types of pictures. It's always the, the guy like going crazy on the market floor when times are bad.

• 6:56Speaker 01

  The big yellow jacket or whatever.

• 6:58Speaker 03

  Jacket and there's, you know, paper flying through the air. That's always, man, it was a bad day and they just, they want, they want views just like the internet.

• 7:05Speaker 01

  They want maximum casualties at the end of the day is what they want. So, yeah, so,

• 7:13Speaker 01

  I'm, I'm really kind of interested with this nomination of Kevin Warsh to, doesn't it sound like I'm in Boston talking about my washing machine?

• 7:27Speaker 03

  Yep.

• 7:28Speaker 01

  Yeah. Kevin Warsh.

• 7:32Speaker 01

  Donald Trump named this Fed Governor Kevin Warsh as his nominee to lead the Federal Reserve. It's no secret Donald Trump has not been a fan of Jerome Powell.

• 7:44Speaker 01

  Newsflash, Donald Trump actually nominated Jerome Powell, right? It's, it was his nominee to begin with, but now he's fallen on, you know, he's, he's no longer, he's persona non grata, right? Wants to fire him, can't fire him because it's not legal. But his, Jerome Powell's term ends in May. So at this point, it's time to nominate a new successor and that's Kevin Warsh. So who is this guy? This is what's kind of caused the markets to kind of go a little nutty. So what is the biggest

• 8:21Speaker 01

  concern that Donald Trump has had for wanting to fire Jerome Powell? Why is it that there's been this real push to get rid of Jerome Powell? The answer is Jerome Powell was not lowering rates fast enough.

• 8:37Speaker 01

  Right? The president and the administration wanted interest rates to drop faster. The Federal Reserve is based upon data and numbers, and so this data is coming in and it's not warranting doing that. But there's still a decision to be made. There's 12 other governors and they all vote. And they vote to leave things alone like they did. What was it yesterday or Wednesday? We got the, they did not lower interest rates.

• 8:59Speaker 01

  So we nominate this Kevin Warsh. Well, if Jerome Powell was the not, was persona non grata because he wasn't lowering interest rates fast enough. It's not gonna help. It's, you just nominated the same guy.

• 9:15Speaker 01

  Because Kevin Warsh, who is already a, you know, a Federal Reserve Chair.

• 9:24Speaker 01

  Which one is he out of? I want to, is he Chicago? Or he was, he was in and out as a Fed Governor, but basically former Fed Governor. He's now the nominee for the Federal Reserve. Well, traders are saying this guy's a little bit more dovish. Now dovish means not willing to lower interest rates. Well, we're getting rid of a guy who didn't want to lower interest rates and we're getting a guy that doesn't want to lower interest rates. So the, the traders in Wall Street are looking at this and saying, oh, yeah, wait a minute. I thought you were going to get a guy who was going to lower interest rates like lickety split. We were going to drop by two percentage points like overnight. Like that's what you kept saying you wanted to do. And yet you end, you bring in a guy who's

• 10:10Speaker 01

  basically Jerome Powell 2.0?

• 10:15Speaker 01

  Okay.

• 10:18Speaker 01

  So that's kind of rattled markets a little bit. So that means now that people are assuming, now maybe this is wrong, but the assumption is based on this guy's track record, he might be a little bit dovish and a little bit slow to raise interest rates or lower interest rates.

• 10:35Speaker 01

  He might be quick to raise interest rates if inflation kicks in, but slow to bring them back down.

• 10:42Speaker 01

  Well, that's kind of going against what the administration's always wanted. They want the interest rates to be dropped faster. So in the markets, that's caused a little bit of a pressure for precious metals, gold, silver. You saw today that gold and silver were down, what, 3%?

• 10:59Speaker 03

  Gold price suffers biggest decline since 1980. And it's, again, that's kind of, kind of misleading.

• 11:08Speaker 01

  It is.

• 11:09Speaker 03

  Because it's what's gone up 60% year to date or something crazy.

• 11:12Speaker 01

  So it was down this today, how many, how many percentage points?

• 11:15Speaker 03

  Oh, gosh, what was it?

• 11:18Speaker 01

  It was, it was substantial, 11%.

• 11:20Speaker 03

  Yep.

• 11:20Speaker 01

  So everybody who is out there trying to buy gold, thinking, oh, gold, gold, gold, gold, gold.

• 11:26Speaker 01

  This nomination just wiped out 10% of your holdings.

• 11:29Speaker 03

  Yeah.

• 11:30Speaker 01

  Right?

• 11:33Speaker 01

  Same thing with silver, silver was down, what, 12 or 15% as well.

• 11:40Speaker 01

  And it'll be interesting to see that he's just been nominated. He still has to go through the Senate and get confirmation and they got to go in through the process and ask all the questions and make sure that this is the right guy for the job.

• 11:51Speaker 01

  That's above my pay grade. I'm not a senator, but he's been nominated, he has to go through the process.

• 11:59Speaker 01

  I can say Donald Trump could have made a worse choice.

• 12:05Speaker 01

  Like this is an actually, I'm looking at this and I'm, I'm not seeing a really bad choice here. Okay.

• 12:12Speaker 01

  But it'll be interesting to see how he, how he runs the Fed. I, I would, I'd real, I'm actually interested to see the Senate hearings. I, I want to, I want to see the questions and how they're asked. Right? And how, how they're answered.

• 12:27Speaker 03

  Would you want that job? Would either of you want that job for?

• 12:29Speaker 01

  I'm a.

• 12:30Speaker 03

  How, how much would it take for you to do that, honestly?

• 12:32Speaker 01

  I'm a policy wonk.

• 12:33Speaker 03

  Could you imagine?

• 12:34Speaker 01

  I would, I don't know if I could do that job. I don't know if I want it.

• 12:37Speaker 02

  I, I, I think, uh, my brain's not up to that capacity. I mean, you're talking about the, I mean, whether you, you agree with Powell or any of the Fed governors.

• 12:45Speaker 01

  Right.

• 12:45Speaker 02

  They are, they are the smartest minds in that field, not just in the country, in the world. Well, so man must know his limitations, but they paid me enough, I gave it a shot. Why not, you know?

• 12:56Speaker 01

  Couldn't be worse than the other guys. No, I don't.

• 13:02Speaker 01

  The good news about those jobs is you have such a huge staff of like the reports that are being pulled.

• 13:07Speaker 03

  Oh, yeah.

• 13:08Speaker 01

  The numbers that are coming.

• 13:08Speaker 03

  No doubt.

• 13:09Speaker 01

  The sheer amount of data that is coming your way. Now, granted, you still have to make the decision, but you've got 12 other governors that you're also compiling data with, and it's a consensus. It's not like one person

• 13:21Speaker 03

  Yeah.

• 13:21Speaker 01

  says, hey, we're going to lower interest rates 50 basis points.

• 13:24Speaker 03

  Pardon my ignorance, so I'm not a big, you know, I don't keep up with this granular with economics in terms of who's managing what. So when you say governor, it's clearly not, you know, a governor of California.

• 13:35Speaker 01

  Yeah.

• 13:35Speaker 03

  Or is it that way that there's 50 or is there just like a cabinet?

• 13:38Speaker 01

  There's 12.

• 13:39Speaker 03

  So there's a cabinet of federal governors.

• 13:40Speaker 01

  There's 12.

• 13:41Speaker 03

  It's been a while since, what was it, 8th grade math?

• 13:43Speaker 02

  Yeah, exactly.

• 13:44Speaker 01

  Civics or whatever?

• 13:45Speaker 03

  Yeah. Federal history.

• 13:47Speaker 01

  So the Federal Reserve, there are 12 governors. And big cities like Chicago, New York, Atlanta, St. Louis, San Francisco. Each has a governor over that region.

• 14:00Speaker 03

  Gotcha.

• 14:00Speaker 01

  And each region specifically handles a certain part of the economy, or at least tracks the data for that particular part of the economy. So I think Chicago, because of the Mercantile Exchange, pays a lot of attention to agriculture and those types of things for futures markets and those types of things. New York, obviously the largest and pays the most attention to global trade and everything. So each one winds up having a separate niche, but that governor is getting all that data and then they compile that data and the Fed governors meet, you know, eight times a year or so.

• 14:42Speaker 01

  And their consensus is, do we raise interest rates? Do we leave interest rates alone? And remember, the Fed has a dual mandate. There's two things that they pay attention to more than anything else, and this is what they're what they're trying to govern. Remember, they're not a quote unquote central bank, right? They are, but they're technically not.

• 15:04Speaker 01

  Their job is to keep us as close to full employment as possible while keeping price stability as possible, right? So, you know, low unemployment, uh, high wages and low inflation. Really those two things, high unemployment or, uh, low unemployment, low inflation.

• 15:27Speaker 03

  That's it.

• 15:28Speaker 01

  How do they, how do they maintain that? Through manipulating interest rates.

• 15:32Speaker 03

  Mm-hmm.

• 15:33Speaker 01

  And I don't, I don't say manipulating in a bad way. I'm just saying.

• 15:35Speaker 03

  That's how they control money supply.

• 15:36Speaker 01

  They control the interest rates, they control the money supply, and that's what creates, creates or loses jobs, taps the brakes on the economy or hits the gas pedal a little bit on the economy. That's what they're trying, they're trying to really fine tune what's going on in the economy long-term.

• 15:50Speaker 03

  I was talking with my daughter last night. She's, uh, going over something about her, she's doing, studying US history right now. She's a junior. And, you know, I find some of these basic lessons that I had back then, now as an adult, I find them fascinating. You know, it's like, sometimes I wish I could go back and retake some of these basic high school courses and really now that you've been in the.

• 16:11Speaker 01

  In the trenches of the real world.

• 16:13Speaker 03

  Trenches for 30 years, you know?

• 16:15Speaker 01

  Yeah, it's, uh, but yeah, the Federal Reserve, it's, it is a fascinating, um, you know, it's only been around since, you know, 1913 or, or 1930. Uh, but yeah, it's, it's, you know, the, you know, after the, uh, 1929 crash and everything, I mean, and the amount of science that goes into, you know, if we maintain or manipulate this interest rate in this way, it's going to pull the lever in such and such a way that's going to cause the economy to move in this direction.

• 16:44Speaker 03

  So what does this look like for those who've been on the sidelines waiting to buy a house because they're waiting for rates to go down? Does this, what do you guys think?

• 16:52Speaker 01

  Well, and this is where I think this is a good question for our friend Alan Maderos, uh, when he comes in, but essentially the Federal Reserve has no impact really on mortgage rates, right?

• 17:07Speaker 03

  It's different, yeah.

• 17:08Speaker 01

  It's different. Now.

• 17:11Speaker 01

  In an indirect way, the Federal Reserve might have some indirect influence on mortgage rates and credit card rates and all these other things. But the mortgage rate is really tied to the 10-year Treasury.

• 17:28Speaker 02

  Exactly.

• 17:28Speaker 01

  So if the 10-year Treasury is trading at 4.3 like it is, add 2% to that and your interest rates are going to be for a mortgage, a 30-year mortgage. It's about 6.25 or something like that, which is about where the rates are right now.

• 17:41Speaker 02

  Yeah.

• 17:41Speaker 01

  Right? Not that, that far off.

• 17:42Speaker 02

  No, that's about right.

• 17:43Speaker 01

  Yeah. So, you know, essentially, if the Fed lowers interest rates, it will flow through the system and eventually maybe have an effect on the 10-year. But it's not an immediate, because really the Fed funds rate is an overnight rate. It's what, it's what Wells Fargo pays to the Federal Reserve when they loan money out. It's, it's an immediate thing, right?

• 18:04Speaker 02

  No, it's totally right.

• 18:04Speaker 03

  Interest rates are always like a double-edged sword. They're, they're good for somebody and bad for someone else. And, and I always remind my clients, say, yes, it's, it's more costly now to borrow money for a mortgage, but that means if you have your money sitting at one of the mega banks earning 0.1%.

• 18:19Speaker 02

  Right.

• 18:19Speaker 03

  There's a lot of viable options to go out there and get 3% to 4%.

• 18:23Speaker 01

  Yes, money markets, municipals, whatever.

• 18:26Speaker 02

  And just from a historical standpoint, you know, when people say mortgage rates are high.

• 18:29Speaker 01

  Right.

• 18:30Speaker 02

  It's because they're thinking of the recent past when they were two and a half.

• 18:33Speaker 01

  Right.

• 18:34Speaker 02

  You know, historically, you know, the mid-sixes is good. When I got, when I, you know, I bought my first home in 98, 99, it was seven and a quarter.

• 18:43Speaker 01

  Right.

• 18:44Speaker 02

  And I thought, you know, that's fair. That's more than fair. But different striking now, yeah.

• 18:49Speaker 01

  Yeah, well, my parents.

• 18:50Speaker 02

  Talk about your parents, sure.

• 18:50Speaker 01

  My parents bought their first house in the late 80s and it was like 8.5%.

• 18:54Speaker 02

  Yeah. I remember in the late 70s, uh, when, uh.

• 18:58Speaker 01

  Probably closer to 15, 12 or 15.

• 19:00Speaker 02

  It was 18.

• 19:00Speaker 01

  Yeah.

• 19:01Speaker 02

  It was 18% in the late 70s. So.

• 19:03Speaker 01

  Wow.

• 19:03Speaker 02

  You know, so I don't want to tell people like, don't whine or don't cry because it's six. But, you know, historically.

• 19:09Speaker 01

  Historically, it's still low.

• 19:11Speaker 02

  Yeah, yeah, it's low. It's historically low, absolutely.

• 19:14Speaker 01

  So that's.

• 19:15Speaker 02

  I think the other side of the equation that housing prices are up. So that's.

• 19:17Speaker 01

  Right. You, you would normally hope that housing prices might.

• 19:21Speaker 02

  Dip.

• 19:21Speaker 01

  Decrease a little bit while the interest rates are high, but unfortunately, that's not the world we live in.

• 19:26Speaker 02

  Exactly, exactly.

• 19:27Speaker 01

  So it is what it is, but we have a couple of questions that popped in, but what we're going to do right now, Stephen, we're going to take a quick break. We'll come back with Michael George, COO of Safe One Credit Union, and we'll talk about some pretty expensive colleges here in a little bit.

• 19:42Speaker 00

  If you're a business owner who provides a retirement plan for your employees, contact Money Wise Wealth Management to see if you're maximizing your options and minimizing your liabilities. Money Wise 401K plans are customized to you and your company's needs. 661-847-1000. That's 661-847-1000.

• 20:14Speaker 01

  We got our new car.

• 20:18Speaker 01

  Get them up, back in. That's Jim Rome for you. Friday, baby.

• 20:24Speaker 01

  Welcome back to the Money Wise Show.

• 20:29Speaker 01

  We got a couple of messages that popped in over the past few.

• 20:31Speaker 00

  How hard it is for me to turn this down?

• 20:33Speaker 02

  That's a great shot.

• 20:34Speaker 01

  Just let it fly, baby. We'll talk over it. Yeah, no worries. Can we touch on what we were talking about really fast before we hit the question? So we were throwing things around. We were all right. The question was, you know, how many jobs do people have these days as a typical American? And you were sharing, you know?

• 20:53Speaker 02

  Yeah, like how many jobs they have during their career? I remember when, you know, like our dads, my dad, it was one or two, one or two jobs.

• 21:01Speaker 01

  The loyalty was there. You had a pension, you'd go for 30 years.

• 21:05Speaker 02

  Oh, yeah. And then when I got out of college, I remember reading that was four to five. And but I know that's changed dramatically now. You were saying you've read some things.

• 21:14Speaker 01

  Yeah, I think some statistics where it's like people will change careers, and that's a different thing. Changing careers two or three times within their work life.

• 21:23Speaker 02

  Exactly.

• 21:23Speaker 01

  And which means you'll probably have eight, 10, 12, 15 different jobs.

• 21:28Speaker 02

  Exactly.

• 21:29Speaker 01

  Over those three careers.

• 21:30Speaker 02

  Yeah.

• 21:31Speaker 01

  Yep. So baby boomers, yo, you nailed it. Two to three distinct careers, right? Baby boomers, fewer job changes, often stayed with one or two employers for a very long time. Nailed it. Gen X, 10 to 11 jobs.

• 21:43Speaker 03

  Millennials, 12 to 15, and then for Gen Z, it obviously is too early to tell, but trending toward even more.

• 21:52Speaker 01

  I think Gen Z is gonna top out at like 60.

• 21:55Speaker 02

  Yeah.

• 21:57Speaker 01

  They're gonna have a new job every year. They'll just start a new one every nine months.

• 22:02Speaker 03

  Well, you actually do have to work at a job, young man or young lady.

• 22:07Speaker 01

  Right. Yeah.

• 22:08Speaker 03

  All right.

• 22:09Speaker 01

  I will say that Gen Z is a much better generation for saving in their 401k. I've told you this before, Michael.

• 22:16Speaker 02

  Yeah.

• 22:16Speaker 01

  That from anecdotal evidence, from my own research, from my own 401ks that we manage here at MoneyWise, I will say that the younger generation, those that are in the 18 to 25 Gen Z category, are saving at a higher percentage rate than pretty much anybody else in the plan, unless they're a highly, you know, if you have somebody that's a highly compensated employee that's later in career and they're doing catch-ups, different story.

• 22:42Speaker 02

  Right, right.

• 22:42Speaker 01

  But I'm saying early in career, you got these Gen Z folks that are doing 8, 10, 12%.

• 22:48Speaker 02

  You know, my son's only 18, works a part-time job and already has a IRA.

• 22:52Speaker 01

  Yeah.

• 22:53Speaker 02

  And contribute, you know.

• 22:54Speaker 01

  Contributing to it. Good for him.

• 22:55Speaker 02

  We gotta do a thing because he maxed it out, but it turned out he didn't make enough money last year to max it out. So we've got to reverse some money out of it, you know.

• 23:02Speaker 01

  He only made $7,000. He put $8,000 in. You can't do that. It's like only to the extent that you have the money to make.

• 23:07Speaker 02

  Yeah, yeah. But he's doing great. It's to your point, man. Gen Z, I totally believe it just from watching my son.

• 23:15Speaker 03

  So rabbit trail off of a rabbit trail, this could be really good for our social security system if you think about it. And because they're gonna have a lot of extra savings, maybe these young people are easier to tax? I don't know.

• 23:25Speaker 01

  Uh, I don't know.

• 23:26Speaker 03

  Maybe, possibly, who knows?

• 23:27Speaker 01

  Maybe.

• 23:28Speaker 03

  But maybe the financial education is, is paying off.

• 23:32Speaker 01

  Potentially paying off.

• 23:33Speaker 02

  There you go. That's valid.

• 23:34Speaker 01

  I think one of the things that's actually really helping Gen Z is the advent of Roth 401k. So if you're in a low tax bracket and you're really not being taxed at a high level anyways. You're putting that money into a Roth, you got 40 years to let that grow.

• 23:48Speaker 02

  Exactly.

• 23:49Speaker 01

  Completely tax-free. Yeah, I'd do that in a heartbeat.

• 23:52Speaker 02

  Yeah.

• 23:53Speaker 01

  Anyhow, Mr. Michael George, thanks for joining us.

• 23:57Speaker 02

  Thank you.

• 23:57Speaker 01

  The COO, Chief Operating Officer from our good friends over there at Safe One Credit Union. And we got a list here.

• 24:05Speaker 02

  That's right.

• 24:06Speaker 01

  And I'm deathly afraid of what this list is gonna look like in 10 years when my little guy

• 24:15Speaker 02

  Oh, yeah.

• 24:16Speaker 01

  finally goes to college.

• 24:16Speaker 02

  I'm experiencing it now. My son is a senior at Stockdale.

• 24:21Speaker 01

  Uh huh.

• 24:21Speaker 02

  He'll go away. We'll know in the next couple of months where he's going away to college.

• 24:24Speaker 01

  And it's not one of these 10 schools.

• 24:26Speaker 02

  It better not be.

• 24:29Speaker 02

  Otherwise, he won't be going.

• 24:31Speaker 01

  Oh, man. You're gonna be triple shifting, man.

• 24:33Speaker 02

  Oh, man.

• 24:33Speaker 01

  Oh, man. Okay, so hit us with it. What do we got?

• 24:36Speaker 02

  Hey, we're gonna go over the 10 most expensive colleges in the United States. It's, you know, like I said, my son's getting ready to go. And whether it's you going away to college, or you're sending a loved one to better their knowledge and their lot in life. Post-secondary education is expensive, regardless of whether you go to one of these 10 schools or not. But we gotta remember, college is not a cost, it's an investment. So you're gonna pay a sizable investment if you go to one of these 10. So what I'm gonna do is I'm gonna read some hints to you.

• 25:06Speaker 02

  And I'll let you try to guess. Now, I gotta be honest with you. We're probably only gonna guess a couple of them. Some of these are some schools that were very obscure. But I think what's most interesting is what people... Now, these are just tuition costs. When I tell you at the end what the annual tuition, that's just tuition. That doesn't include room and board and entertainment or any of that. This is strictly just the tuition. All of that, all of that, man. But if you want, we'll start at number 10.

• 25:29Speaker 01

  Okay, hit it.

• 25:29Speaker 02

  Okay, so this private university is located in New Orleans. It was founded in 1934. It's organized into 10 schools focused on individual subjects such as liberal arts. Now, as we go through this list, you're gonna hear liberal arts over and over again.

• 25:43Speaker 01

  Right, right.

• 25:43Speaker 02

  Sciences, it also has, and other topics of study. Current enrollment is 8,600 undergraduate students. And here's a hint. It was the site of the first Super Bowl held in New Orleans. It wasn't at the Superdome, it was at this university.

• 25:56Speaker 01

  Oh.

• 25:56Speaker 02

  Super Bowl IV, but in 1970 between the Chiefs and the Vikings.

• 26:00Speaker 01

  But it's in New Orleans?

• 26:02Speaker 02

  It's in New Orleans. And this university was also in the college football playoffs. They lost in the first round, but their team made it.

• 26:12Speaker 01

  It's not LSU, because that's.

• 26:13Speaker 02

  No, not LSU, not LSU.

• 26:16Speaker 01

  I can't name a bunch of colleges.

• 26:18Speaker 02

  I'll give you an order of that. You ready? Newt Gingrich, Lauren Hutton, Amy Carter.

• 26:22Speaker 01

  That doesn't make it any easier.

• 26:23Speaker 02

  And Paul Michael.

• 26:28Speaker 02

  They're the Green Waves.

• 26:30Speaker 01

  Oh, oh, oh, oh.

• 26:33Speaker 02

  Want to tell you?

• 26:34Speaker 01

  Yeah.

• 26:34Speaker 02

  It is Tulane.

• 26:35Speaker 01

  Tulane.

• 26:36Speaker 02

  Tulane University.

• 26:36Speaker 01

  That's a good one.

• 26:37Speaker 02

  By the way, do you know who Paul Michael Glazer is?

• 26:39Speaker 01

  Yeah, never heard of him. Yeah.

• 26:41Speaker 02

  Starsky, Starsky and Hutch.

• 26:43Speaker 01

  Okay.

• 26:44Speaker 02

  Annual tuition, you guys ready? Sixty-eight thousand, six hundred and seventy-eight dollars.

• 26:48Speaker 01

  That's number ten?

• 26:49Speaker 02

  That's number ten.

• 26:49Speaker 01

  Wow. Oh, my God.

• 26:51Speaker 02

  Yeah.

• 26:51Speaker 03

  Now, let's clarify for our listeners. Ladies and folks, that is tuition. That is the cost of.

• 26:57Speaker 02

  Yes.

• 26:57Speaker 03

  Education. That is not room and board. Room and board is.

• 27:01Speaker 01

  And I doubt that that tuition even covers the books.

• 27:04Speaker 02

  Yeah, and it doesn't cover the books either.

• 27:06Speaker 01

  That's another thirty grand.

• 27:07Speaker 03

  And technology fee and all those. It's crazy, man.

• 27:10Speaker 02

  Exactly.

• 27:11Speaker 01

  Wow, thank you.

• 27:12Speaker 02

  Yeah.

• 27:13Speaker 01

  Okay.

• 27:13Speaker 02

  So, we're gonna move up then. We're gonna go from sixty-eight. We're going to the next threshold. All these, these next few schools are gonna be over sixty-nine thousand. So, here we go. This first one, it's located in Portland, Oregon. Believe it or not, it's a liberal arts college founded in nineteen oh eight. That makes it one of the newest colleges on this list. In fact, the newest one, with roughly forty bachelors of arts programs. This college has a student population of fourteen hundred, with the promise of a small class size and low teacher to student ratio, which it better if it only has fourteen hundred students. Okay, their school mascot is a griffin. You know what a griffin is?

• 27:45Speaker 01

  Yeah, it's like the gargoyle that sits on top of the building, right?

• 27:48Speaker 02

  You got it. You're totally right. It's the mythical creature with the body of a lion.

• 27:52Speaker 01

  Yeah.

• 27:52Speaker 02

  Head, wings, and talons of an eagle.

• 27:53Speaker 03

  Michael Scott, head of a meerkat. Remember that episode, Office?

• 27:57Speaker 02

  I didn't know.

• 27:58Speaker 03

  Sorry. Let's keep going with that.

• 28:01Speaker 02

  And then the griffin off would pull like.

• 28:02Speaker 01

  I'm guessing these are all private colleges. These are not state schools.

• 28:05Speaker 02

  Um.

• 28:08Speaker 01

  I'm gonna, I'm gonna go on the line here and say that these are not state schools.

• 28:12Speaker 02

  You're, you're correct. They are all private.

• 28:13Speaker 01

  They're all private.

• 28:14Speaker 02

  They are all. You are absolutely right.

• 28:15Speaker 01

  Just go to public school. Go to in-state tuition.

• 28:18Speaker 02

  Exactly. Uh, one of the hit, uh, Steve Jobs took calligraphy at this school, which influenced his approach to design and aesthetics, and he did drop out after one semester. But he said, uh, the brief stint that he has had as a Griffin had a profound impact upon his life.

• 28:32Speaker 01

  I have no idea.

• 28:34Speaker 02

  Annual tuition, sixty-nine thousand, forty dollars. Reed College.

• 28:37Speaker 01

  Reed College.

• 28:38Speaker 02

  Never even heard of Reed College.

• 28:39Speaker 01

  Yep, never. I, they obviously don't have a football team.

• 28:42Speaker 02

  And I'm glad I didn't hear of it because then my son would have heard of it and I'm not paying sixty-nine grand a year.

• 28:46Speaker 01

  That's not gonna happen.

• 28:47Speaker 02

  Can't afford it.

• 28:47Speaker 01

  Nope, not doing it.

• 28:48Speaker 02

  Now, number eight, though, this is one we, I think we'll get.

• 28:51Speaker 01

  Okay.

• 28:52Speaker 02

  This is one of the ones I was able to get. Ready? Uh, it's a private university, to your point. It started just as a single location in Malibu, California.

• 29:00Speaker 01

  Oh, easy.

• 29:01Speaker 02

  It's in our back, go ahead.

• 29:02Speaker 01

  It's our backyard.

• 29:03Speaker 02

  Go ahead.

• 29:03Speaker 01

  Pepperdine.

• 29:03Speaker 02

  Pepperdine, that's right. It still serves, uh, the Malibu camp's still its main campus, but it has, uh, several locations worldwide. Forty-six majors, forty-seven minors are offered as part of a, its undergraduate program for thirty-six-hundred students. Another sixty-three-hundred graduate students are also part of the Waves community.

• 29:19Speaker 01

  Uh huh.

• 29:19Speaker 02

  Which includes Montel Jordan, Brandy.

• 29:22Speaker 01

  Oh, yeah.

• 29:23Speaker 02

  And Kim Fields. You know who Kim Fields is?

• 29:26Speaker 01

  No.

• 29:26Speaker 02

  Tootie from Facts of Life.

• 29:28Speaker 01

  Facts of Life.

• 29:28Speaker 02

  Yeah.

• 29:29Speaker 03

  When I was, uh, a member, right?

• 29:31Speaker 02

  There's somebody else.

• 29:32Speaker 03

  Tia and Tamara were there.

• 29:33Speaker 02

  Really?

• 29:34Speaker 03

  Oh, yeah. And then, uh, Adam Sandler would come down and, and play pickup games and it wasn't, like, he was, he's a baller.

• 29:40Speaker 01

  Oh, yeah.

• 29:40Speaker 02

  Oh, yeah, he's a baller, yeah.

• 29:41Speaker 03

  And if you like, try to talk to him or get his, like, he would bully you off. I didn't play basketball, but my, one of my buddies did and, yeah, he would just go there just to strictly ball and play pickup games and.

• 29:50Speaker 02

  Wow.

• 29:51Speaker 03

  Everything. Now, one thing about these.

• 29:52Speaker 02

  So you're an alumni?

• 29:53Speaker 03

  I'm an alumni, yeah.

• 29:54Speaker 02

  There you go. We need Adam to the list. Set to the list.

• 29:56Speaker 03

  And so one thing to keep in mind, folks, thinking about these, these private colleges, they are more expensive, but if you do the research, they typically give away more money. They have more of an endowment to give back and so don't always be afraid.

• 30:07Speaker 01

  I will say that, like, I was, I was at one point looking into getting an MBA and I was trying to figure out, like, how I could do it, like, online and I was thinking about Cal State, but then there's other ones like, you know, Syracuse had one and Pepperdine had one and they all had these different MBA schools where it was all online. Pepperdine for their MBA was like a hundred and twenty thousand dollars and I'm like, nope. Incorrect. Wrong answer.

• 30:30Speaker 02

  So, so here, so for, uh, the undergraduate, ready? Sixty-nine thousand, one hundred and thirty dollars. So we need to start hanging out with Seth and his family a little more, but like I said, you get the assistance, you get the financial aid and all that.

• 30:42Speaker 03

  Yep, we've got tons of financial aid and, and, uh, think about this for your kids and your grandkids, listeners, you know, it, it had a lot to do with our church affiliation at the time and they were willing to give, give money away for that. And, and on the topic of this, if you have a young person, this goes for you too, sir. If you have a young person, their part-time job this summer should literally be 15 to 20 hours a week, minimum, applying for scholarships. There's so much money that doesn't get redeemed.

• 31:10Speaker 02

  We're doing that. Um, you know, one thing we can talk at the end is that, you know, in addition to when you go down this path, uh, get with a financial advisor, like someone at Money Wise, but also get someone who's in the education sector. So my son wasn't really interested in college, but we, um, I think you've had Cat close on here with, uh, March Consulting?

• 31:27Speaker 03

  Yep, yep.

• 31:28Speaker 02

  What a difference. I mean, a parent, you can say something to your child, but when March Consulting tells your child that same thing, it's got more validity to them.

• 31:36Speaker 03

  What is that again? Remind me, uh?

• 31:38Speaker 02

  March Consulting?

• 31:38Speaker 03

  What do they do exactly?

• 31:40Speaker 01

  They help, they help you put, so basically.

• 31:42Speaker 03

  They're like the matchmaker kind of between the liaison?

• 31:44Speaker 01

  Cat basically will interview the student. They put together their brag sheet. They help you with, uh, how do you write your ass essays?

• 31:51Speaker 02

  Exactly.

• 31:52Speaker 01

  Like, how do you, like, go through, what classes do you need to take in high school?

• 31:55Speaker 03

  She'll actually be on the show here in March.

• 31:58Speaker 02

  She's great.

• 31:59Speaker 01

  March Consulting coming in March.

• 32:01Speaker 02

  Yeah. How about that?

• 32:02Speaker 03

  Maybe I could swap with somebody. I want to learn about that, man.

• 32:05Speaker 02

  Oh, it's, it's fabulous.

• 32:06Speaker 01

  She's great. She's great.

• 32:07Speaker 02

  And she'll talk about her story and how she got involved, uh, in doing this, but, um, it was, it's night and day. Once my son got there, she keeps us on schedule. And I have to say one other thing before we move on, is that as a parent, I don't know these deadlines. I can't keep up with them. She does it for you.

• 32:23Speaker 01

  And she knows, I could ask her a question about one college, random college.

• 32:28Speaker 02

  Oh, yeah.

• 32:29Speaker 01

  In Iowa.

• 32:30Speaker 02

  Oh, yeah.

• 32:30Speaker 01

  And she'll know the answer.

• 32:32Speaker 02

  Oh, yeah.

• 32:32Speaker 01

  Without even having to look at, it's uncanny.

• 32:34Speaker 02

  Oh, she's great. She's great. She's great. Now, the one thing about Pepperdine, though, if you go there, it is an ugly campus, so.

• 32:40Speaker 03

  Yeah, don't, yeah.

• 32:43Speaker 02

  All right, we're up to number seven. You ready?

• 32:45Speaker 01

  Let's do it.

• 32:45Speaker 02

  Uh, this is, these next three are really tough. We probably won't get them, but this one was founded in 1813. It's a private, imagine this, a liberal arts college located in Waterville, Maine. They're known as the Mules. That's their, uh, their nickname, their mascot. Has an admission of only 6%, highlighting the generous, what you were talking about, Seth. Financial aid packages, as well as waiving of other common admissions practices they do. 2,000 students currently attend this college in 54 fields of study, meaning there must be like four or five students in each field of study, which is amazing.

• 33:15Speaker 01

  Yeah, probably, yeah.

• 33:15Speaker 02

  Yeah, which includes, okay, among the alumni. I don't think this is one to brag about, but Billy Bush. Um, when Billy Bush is your top alumni, it's something to think about.

• 33:25Speaker 01

  You probably shouldn't put that on your calling card.

• 33:28Speaker 02

  Annual tuition, $69,600.

• 33:31Speaker 01

  I wouldn't be able to answer this if you gave me the answer, right?

• 33:34Speaker 02

  Colby College.

• 33:35Speaker 01

  I've never even heard of it.

• 33:36Speaker 02

  Me neither. When I think of Colby College, I thought they make cheese. I do not know.

• 33:40Speaker 03

  Can I, can I toss in a disclaimer there? Just so you all know, liberal arts doesn't have anything to do with their political affiliation, just so you know.

• 33:47Speaker 02

  No, no, it doesn't.

• 33:48Speaker 03

  But our, our listeners may not know, right? And so the, the word liberal comes from free, which is free thinking that started back in,

• 33:55Speaker 02

  No, no.

• 33:56Speaker 03

  Back in Rome. Just to remind folks, because it can get a little spicy out there.

• 33:59Speaker 02

  It's not political when they say liberal, yeah. Uh, you know, because, you know, if you go liberal arts, I guess that makes you a liberal artist. I guess, I don't know. But no, there's generally several fields.

• 34:08Speaker 01

  It's mostly humanities.

• 34:09Speaker 02

  Exactly. A lot of people get into, um, uh, social work, uh, teaching.

• 34:15Speaker 01

  History.

• 34:16Speaker 02

  History, exactly, exactly. So, no, no, no, no political affiliation. You are correct.

• 34:20Speaker 01

  It's mostly underwater basket weaving for $70,000 a year.

• 34:23Speaker 02

  Exactly, exactly.

• 34:24Speaker 03

  Hey, how'd you know what my degree was?

• 34:27Speaker 02

  So, okay, we're number six, and we're still above that 69,000 mark. Uh, this is exclusively an undergraduate.

• 34:35Speaker 02

  Liberal Arts College.

• 34:37Speaker 01

  Okay, so no grad schools at this college?

• 34:38Speaker 02

  No, just undergraduate. It's founded in 1821. Their mascot, they're known as the Mammoths. It's a highly selective college, has 42 majors and an open curriculum. This is interesting.

• 34:48Speaker 01

  Is it in Utah?

• 34:49Speaker 02

  No.

• 34:50Speaker 01

  Well, because Mammoth, I mean, I was thinking like a hockey team.

• 34:52Speaker 02

  Yeah, yeah. But this school actually allows students to essentially design their own interdisciplinary major. Big mistake, but they obviously know what they're doing.

• 35:00Speaker 01

  Yeah, they're 18 years old. They totally know what they're doing.

• 35:03Speaker 02

  What majors? I'm just, make up whatever major you want.

• 35:05Speaker 01

  Whatever.

• 35:06Speaker 02

  Yeah, that's the inmates running the asylum. With the current enrollment of 1,900 students, this college is located in a Massachusetts city, for which it's named and boasts an eclectic group of alumni. So.

• 35:16Speaker 01

  I'm thinking it's gotta be kind of like a Ivy League school, like a Harvard or?

• 35:20Speaker 02

  It's not. It's not. It's not an Ivy League.

• 35:23Speaker 01

  Okay. It's not an Ivy League and it's 70,000 a year?

• 35:27Speaker 02

  Yeah, 69,820. But here, let me tell you the alumni. Calvin Coolidge, former president.

• 35:33Speaker 01

  You know what?

• 35:34Speaker 02

  Burgess.

• 35:34Speaker 01

  I know it.

• 35:35Speaker 02

  Go.

• 35:36Speaker 01

  Okay, because I read a book on Calvin Coolidge. He went to Amherst.

• 35:39Speaker 02

  Yep, Amherst School. Or Amherst College, I'm sorry, Amherst College, absolutely. Let me tell you a couple other alumni.

• 35:44Speaker 01

  That gave it away. Calvin Coolidge gave it away. Sorry, I'm a nerd.

• 35:47Speaker 02

  You got, no, most people, I didn't get it. So I would have never guessed it. So that's good. Burgess Meredith, you remember Mick?

• 35:53Speaker 01

  Oh, yeah.

• 35:54Speaker 02

  Rock, he is. Natalie Cole, Nat King Cole's daughter, who I think her big thing was they did do Wetswear. Her dad died, but they, she stole the songs.

• 36:01Speaker 01

  Yeah, exactly. But she sang good.

• 36:03Speaker 02

  She did. Dr. Drew Pinsky. And this is interesting, Teller, from Penn and Teller. And believe it or not, his major there was public speaking, linguistics and English.

• 36:12Speaker 01

  And he doesn't speak a damn bit.

• 36:14Speaker 02

  I don't know, I'm just kidding. He doesn't say a word, so I don't know. Annual tuition, 69,820.

• 36:20Speaker 01

  Yikes.

• 36:21Speaker 02

  I'm impressed that you got Amherst.

• 36:22Speaker 01

  You know what? I did read that biography on Calvin Coolidge. I know, I'm a nerd, but that was one of the things that stuck with me.

• 36:30Speaker 02

  That's great. So we've got five. You want me to go number five?

• 36:34Speaker 01

  Hit it.

• 36:34Speaker 02

  All right. You ready? This is a tough one, and then we're going to get to one that I think we're all going to get.

• 36:40Speaker 02

  Number five, this college was founded in 1833 in Pennsylvania and goes by the nick. Their nickname is the Fords, which is short for the school's name. The educational focus of this, what kind of college? Liberal Arts College is based upon the discussion and debate of ideas, which I thought all colleges.

• 36:56Speaker 01

  Yeah.

• 36:57Speaker 02

  But this makes them special. Yeah.

• 36:59Speaker 03

  I doubt it. A lot of the state schools, I doubt it.

• 37:02Speaker 02

  Okay, you don't think they're just getting the degree?

• 37:05Speaker 03

  I don't think they're thinking as critically as they could.

• 37:08Speaker 02

  Oh, okay.

• 37:09Speaker 03

  Being on a lot of the campuses over the last couple of years.

• 37:11Speaker 02

  College prides itself on.

• 37:13Speaker 03

  Yeah.

• 37:13Speaker 02

  You know, yeah, that we're all free thinkers and bettering ourselves. And well, with just 1,400 students, this college still offers more than 50 majors. So again, we're talking to, if you did that, there's just a few kids in every major.

• 37:23Speaker 03

  100 people in every major.

• 37:24Speaker 02

  Exactly.

• 37:25Speaker 03

  That's the theme, huh? Tall, very small, which some people love, some people hate, but I loved it, man.

• 37:30Speaker 02

  It's better.

• 37:30Speaker 03

  You know, it's like, but there's a problem with dating. You guys can probably figure it out.

• 37:34Speaker 02

  Yeah.

• 37:35Speaker 03

  If you date someone, you've kind of ruined your chance of dating that whole friend group. And so now you're down to.

• 37:40Speaker 02

  Yeah. One other friend group.

• 37:45Speaker 02

  Former students include Chevy Chase and Judd Nelson and annual tuition $69,884.

• 37:52Speaker 01

  There's no way I'd be able to, you said the Fords?

• 37:54Speaker 02

  You have Fords. You ready for the college? Haverford College.

• 37:58Speaker 01

  I would have guessed Fordham or something like that.

• 38:00Speaker 02

  Oh, Fordham would have been a good guess. That would have been a good guess, yeah. Haverford, Pennsylvania, the Haverford Fords.

• 38:06Speaker 01

  Interesting.

• 38:06Speaker 03

  Makes no sense to me, but.

• 38:08Speaker 02

  Yeah, that's their name.

• 38:09Speaker 01

  Oh, man.

• 38:10Speaker 02

  They're not very creative. It wasn't a, it's not a creativity.

• 38:12Speaker 01

  Not a creative liberal arts college.

• 38:14Speaker 03

  So what is the, obviously not Ford, the motor company, but what would a Ford mascot look like? I wonder what their mascot is.

• 38:20Speaker 02

  Oh, I don't know.

• 38:21Speaker 03

  A penguin?

• 38:21Speaker 02

  We're gonna have to look it up.

• 38:22Speaker 03

  We'll look it up.

• 38:23Speaker 02

  Yeah, that's

• 38:23Speaker 01

  I'm on it, guys. All right.

• 38:24Speaker 02

  There we go. Yeah.

• 38:26Speaker 01

  All right. What's number? That's number five, right?

• 38:28Speaker 02

  That's number five.

• 38:28Speaker 01

  Number four.

• 38:29Speaker 02

  Okay, number four, we're gonna get.

• 38:30Speaker 01

  Okay.

• 38:30Speaker 02

  Okay, I'm confident, because this is a name and a school that we're all extremely familiar with. From their much heralded and beloved football team to academic success in the areas of medicine, arts, film, and photography, this university is well ranked in regard as one of the best universities in multiple respective industries. Okay, industries. This'll give it away. Located in Los Angeles, California, this school has an undergraduate enrollment of 20,700 students.

• 38:55Speaker 01

  It's huge.

• 38:55Speaker 02

  Yep. Making the largest school with the largest sports programs on the list.

• 38:59Speaker 01

  That's USC.

• 39:00Speaker 02

  USC. You're absolutely right.

• 39:02Speaker 01

  Yeah, that's USC.

• 39:02Speaker 02

  Alumni are numerous. John Wayne?

• 39:04Speaker 01

  Like, every single one of them.

• 39:06Speaker 02

  I know.

• 39:06Speaker 01

  Everybody went to USC.

• 39:07Speaker 02

  It is famous.

• 39:08Speaker 01

  Yeah.

• 39:08Speaker 02

  Yeah. There's John Wayne, George Lucas, Jeannie Buss, Judge Joseph Wapner, but who's probably the most famous?

• 39:15Speaker 01

  Steven Spielberg.

• 39:16Speaker 02

  Steven Spielberg went there too? Okay.

• 39:17Speaker 01

  Yeah, Steven Spielberg went there.

• 39:18Speaker 02

  Who'd you say is the most famous?

• 39:21Speaker 01

  USC grad?

• 39:23Speaker 02

  Yeah.

• 39:23Speaker 01

  Todd Marinovich.

• 39:24Speaker 02

  Yeah, exactly.

• 39:27Speaker 01

  Steven in there losing his mind.

• 39:28Speaker 02

  Career.

• 39:31Speaker 02

  OJ Simpson went there too. You might have heard of OJ.

• 39:33Speaker 01

  The juice is loose.

• 39:34Speaker 02

  The juice is loose. That's right.

• 39:35Speaker 01

  Yeah, the juice is loose.

• 39:36Speaker 02

  Tuition costs. You ready?

• 39:38Speaker 01

  Oh, my gosh.

• 39:38Speaker 02

  $69,904.

• 39:40Speaker 01

  Yeah.

• 39:41Speaker 03

  USC is so beautiful. Man, it is a great campus.

• 39:44Speaker 01

  Wonderful campus. But there's no way.

• 39:47Speaker 03

  Just don't leave campus.

• 39:48Speaker 02

  Yeah, I know. Don't wander.

• 39:50Speaker 03

  Drive half a block away.

• 39:50Speaker 00

  Marcus Allen go there too, right?

• 39:52Speaker 02

  Marcus Allen, yep.

• 39:53Speaker 01

  Yeah.

• 39:53Speaker 02

  He went there. They had that scandal a couple of years ago, the Full House.

• 39:59Speaker 01

  Oh, yeah.

• 40:00Speaker 02

  Girl's daughter, yeah.

• 40:01Speaker 03

  We should make that a radio topic.

• 40:03Speaker 02

  They were, she's on the rowing team. She never rode in her life.

• 40:06Speaker 01

  Funny story. I was at an event and Kat Claus was there and that notice came up on my phone for the news and I was standing next to Kat and I'm like, what the heck is this? And it's like,

• 40:17Speaker 02

  And Becky?

• 40:17Speaker 01

  The scandal breaks.

• 40:19Speaker 02

  Yeah. Yes.

• 40:20Speaker 01

  This scandal breaks.

• 40:21Speaker 03

  We watched the documentary of the guy. It's fascinating.

• 40:23Speaker 02

  Oh, yeah.

• 40:24Speaker 01

  And she's like, Like she's like, oh my goodness.

• 40:28Speaker 03

  So Stephen, can you do me a solid? And on another Friday, where is it possible, even if it's three months out to have us all, us four, with that as our show topic and?

• 40:37Speaker 01

  Full house?

• 40:38Speaker 03

  Yeah, well, the scandal itself is fascinating.

• 40:41Speaker 01

  It is fascinating.

• 40:42Speaker 03

  It's a hundred percent about finance and everything.

• 40:45Speaker 02

  Oh, totally is, totally is.

• 40:46Speaker 01

  Yeah.

• 40:47Speaker 02

  Wow.

• 40:47Speaker 01

  Yeah, like taking pictures and like cropping your daughter in onto a rowboat. So, yep, she does, she does rowing. Yeah, that's what she does.

• 40:56Speaker 02

  And then, yeah, we won't get into it.

• 40:58Speaker 03

  She played with the Ripper's?

• 40:59Speaker 02

  I had no idea. I had no idea that I got a scholarship like that.

• 41:02Speaker 03

  Jesse and the Ripper's? Who said that, dude? Remember? Oh, yeah. Jesse and the Ripper's.

• 41:07Speaker 02

  That was my whole childhood.

• 41:08Speaker 03

  Michelle smiling. Remember that song?

• 41:11Speaker 02

  Yes. Stop that.

• 41:13Speaker 03

  Dude, that was Friday night, man. Popcorn hanging out and TGIF. Little Steve Urkel. Anyway, sorry.

• 41:21Speaker 02

  He's living memories, that's great.

• 41:23Speaker 03

  By the way, it's not a rabbit trail. It's a squirrel trail. The black squirrel is the unofficial mascot of Haverford because I guess the campus is loaded with squirrels.

• 41:35Speaker 02

  It's a black squirrel and they're called the Fords.

• 41:37Speaker 03

  Yep, the Fords. Yep.

• 41:39Speaker 02

  Wow, that's.

• 41:40Speaker 03

  They've been taken over by the black squirrel and the campus is basically run by them, according to my research.

• 41:45Speaker 01

  And they're actually the professors at the school too, for $70,000 a year.

• 41:48Speaker 03

  Yeah. They've been driven by CSUB to see what's going on at their squirrel population.

• 41:52Speaker 01

  It's pretty, pretty heavy.

• 41:53Speaker 03

  Ever since they got rid of the soccer fields, ASO and all that, man, it's gnarly. It's heavy.

• 41:58Speaker 02

  It's.

• 41:59Speaker 03

  All right.

• 41:59Speaker 02

  It's a little rough as you drive by.

• 42:01Speaker 01

  We're down to the final three.

• 42:02Speaker 02

  Yes. You ready?

• 42:03Speaker 01

  Okay, let's hit it.

• 42:04Speaker 02

  Let's do it, man. Okay, you might get this one. Uh, I didn't get it as I was, as I was looking at things, I was, I would have never got this, but um, this is the home of the Tigers and they're located in Colorado Springs, Colorado, and it's founded 1874.

• 42:18Speaker 01

  It's not the Air Force Academy.

• 42:19Speaker 02

  No, imagine this, so it's a private liberal arts college.

• 42:21Speaker 01

  That's probably more expensive than anything. You just signed away for seven years of your life.

• 42:25Speaker 02

  It has long been considered a highly selective college with only about 11% of the applicants admitted. Despite having less than 2,500 students, uh, this college still offers roughly 80 majors and minors. Again, just a few in each one, with economics serving as its largest enrollment. School alumni includes, include Liz, Liz Cheney and Peggy Fleming. Annual tuition, we hit the 70,000 mark now, 70,224. Oh, man. Man.

• 42:53Speaker 01

  Liz Cheney, she was, she's from Wyoming, right?

• 42:57Speaker 02

  Uh, I do not know.

• 42:58Speaker 01

  I think Liz Cheney's from Wyoming.

• 43:01Speaker 02

  And then she-

• 43:01Speaker 01

  It's gotta be-

• 43:02Speaker 02

  Travelled all the way to Colorado for college.

• 43:04Speaker 01

  Oh, okay. Well, yeah, Colorado Springs, like, um-

• 43:07Speaker 03

  Big hint.

• 43:08Speaker 01

  I, I don't know. I, I wouldn't be able to tell you that-

• 43:11Speaker 02

  Colorado College.

• 43:12Speaker 01

  Okay.

• 43:12Speaker 02

  Yeah. They got created with their name, too.

• 43:14Speaker 01

  But that's not a, that's not a state school, right?

• 43:17Speaker 02

  No, no, no.

• 43:18Speaker 01

  I know they have Colorado University.

• 43:20Speaker 02

  Correct.

• 43:20Speaker 01

  That's a state school. They have Colorado State at Boulder.

• 43:23Speaker 02

  Yeah.

• 43:24Speaker 01

  But this is Colorado College.

• 43:25Speaker 02

  This is Colorado College.

• 43:26Speaker 01

  Alright.

• 43:27Speaker 02

  Yeah. I, I, I would've got it. And these last two we'll go over just because of the, I'll give you some hints, the dollars. These are tough. Uh, number two, you ready?

• 43:35Speaker 01

  Yeah.

• 43:35Speaker 02

  In seventeen eighty-seven, this college was founded with a financial gift from Benjamin Franklin, and it merged with another college in eighteen fifty-three to become the organization it is today. As such, it's known as something and something college. It's not William and Mary.

• 43:47Speaker 01

  Okay.

• 43:48Speaker 02

  I'll just give you that. Um, and it-

• 43:49Speaker 01

  Well, if it started by Franklin, that's probably Franklin's in part of the name.

• 43:52Speaker 02

  You're right.

• 43:53Speaker 01

  I don't know the school, though.

• 43:54Speaker 02

  You are correct. Franklin's the first part. Franklin and something college.

• 43:58Speaker 01

  Who else was the other benefactor?

• 44:00Speaker 02

  Um, I'll tell you in a second.

• 44:02Speaker 01

  Okay.

• 44:02Speaker 02

  Uh, because this, it is one of the oldest colleges in the, in the United States. It's an undergraduate, believe it or not, it's a liberal arts college, and it has a student body of approximately twenty-four hundred. They're known as the Diplomats. That's their nickname. And, and it has sixty fields of study. It's located in Lancaster, Pennsylvania, and the school was home to a former alumni, and they're, okay, Roy Scheider, you know who he is.

• 44:24Speaker 01

  Okay, yeah, yeah.

• 44:25Speaker 02

  And the other one is an actor named Treat Williams. So it goes back to the fact that if these are your big alumni, what is going on here?

• 44:31Speaker 03

  Time out. You have two hundred and forty years.

• 44:34Speaker 01

  And these are your two guys?

• 44:35Speaker 03

  And your, and your top dog is Treat Williams.

• 44:38Speaker 02

  Yeah, exactly. Who was in like, I don't know, three movies or something.

• 44:41Speaker 03

  How are they getting away with charging so much?

• 44:43Speaker 02

  I don't know. Not because, I don't get it.

• 44:45Speaker 03

  Like, OJ, I can understand.

• 44:46Speaker 02

  Yeah, exactly.

• 44:46Speaker 03

  You know, I went where the juice went, but-

• 44:48Speaker 02

  Yeah, it's hard to believe. Annual tuition, you ready? Uh, it's seventy thousand, five hundred and sixty-six dollars. To your point, uh, Franklin and, I don't know who the other benefactor is, but it must have been a guy named Marshall. Franklin and Marshall College.

• 45:01Speaker 01

  We got a message, somebody popped in, said Franklin and Marshall.

• 45:04Speaker 02

  Oh, they got it.

• 45:05Speaker 01

  This is fun. Somebody, somebody, somebody texted in and got the question right.

• 45:08Speaker 02

  That's awesome. That is awesome. They do deserve something for that.

• 45:12Speaker 01

  Either that or they're sitting on Google right now and they're just putting everything.

• 45:15Speaker 02

  Yeah, we could, we could have, we could have someone who's an alumni and they're bad mouth in my school. I love Treat Williams.

• 45:20Speaker 01

  Yeah, Treat Williams is a bomb.

• 45:21Speaker 02

  He's why I went.

• 45:25Speaker 01

  Alright, number one.

• 45:26Speaker 02

  Number one, okay, we, we've hit the, beyond seventy-one thousand, number one, we're actually just below seventy-two thousand.

• 45:31Speaker 01

  Oh my goodness, I can't even imagine doing this, per year.

• 45:35Speaker 02

  Per year.

• 45:36Speaker 01

  It's insane.

• 45:36Speaker 02

  Per year. And that's if your kid doesn't eat, you know? Crazy.

• 45:40Speaker 01

  Top ramen, baby.

• 45:40Speaker 02

  Exactly.

• 45:41Speaker 01

  Ten cents a bag.

• 45:43Speaker 02

  We all did it. That and, um, uh, like those Quaker crackers, we ate a lot of those.

• 45:47Speaker 01

  Yeah, the, the saltine crackers.

• 45:49Speaker 02

  Well, you know, the, the, um, Quaker, uh, like little cakes, the little cakes, you know, they're like.

• 45:55Speaker 01

  Oh, yeah, yeah, yeah, yeah.

• 45:56Speaker 02

  Yeah, rice cakes, like a rice cake.

• 45:57Speaker 03

  You know what I would do for protein my freshman year?

• 45:59Speaker 02

  What's that?

• 46:00Speaker 03

  You get a can of protein, right into the, right into water with the, remember the old white hand blenders? And I would drink a water tuna shake, cause you could get three, three cans for a buck in nineteen ninety-eight.

• 46:11Speaker 02

  That's right.

• 46:12Speaker 03

  Now, there were some, yeah, it, it created an unpleasant environment at times for my roommate.

• 46:20Speaker 01

  Cheap protein though, baby.

• 46:21Speaker 02

  The only thing we did was, uh, you know, tells you how long it goes, for ten bucks, we could go down the street to the local Chili's and get two beers and a queso dip and that'd be, you know, there's your nourishment for the day.

• 46:31Speaker 03

  Three dollar hat, three dollar value mills, remember? Burger fries and drink, two ninety-nine, that's when it all started, nineteen ninety-eight.

• 46:37Speaker 01

  I, I remember doing the Domino's pizza where you'd buy like a, a large pizza for like six bucks.

• 46:43Speaker 03

  Oh, yeah.

• 46:44Speaker 01

  Right? And you could, you could stretch that for four days.

• 46:46Speaker 02

  Yeah, you'd keep it as long as you could, yeah.

• 46:48Speaker 01

  Two slices at a time.

• 46:49Speaker 02

  Yeah.

• 46:49Speaker 01

  Like, cause you had eight slices, you have two slices, so that was, that would feed you for four days, basically, right? And then the ramen for lunch, but the dinner was, uh, two slices of pizza.

• 46:58Speaker 02

  The treat, that was the treat, the two slices of pizza.

• 47:01Speaker 01

  Six dollars.

• 47:01Speaker 03

  You guys say, well, we did buttered bread.

• 47:04Speaker 02

  Oh, yeah, that's, that's how you make it, man.

• 47:07Speaker 01

  Right, George Foreman.

• 47:08Speaker 02

  All right, you ready for, okay, number one, you ready?

• 47:10Speaker 01

  Yeah.

• 47:10Speaker 02

  Okay, there's not much to do in Gambier, Ohio, but this college consistently ranks as one of the best, you ready for this? Best liberal arts colleges by US News, how about that? Founded in eighteen twenty-four, this college is one of the oldest colleges in Ohio. Approximately one thousand eight hundred eighty-five students and roughly fifty majors, so again, four or five kids, uh, uh, uh, uh, discipline there. They're known as the Owls, and the Owls of Lebanon include Paul Newman.

• 47:36Speaker 01

  Oh, okay.

• 47:36Speaker 02

  Rutheford B. Hayes and William Rehnquist, so they've got some, you know, they've got some dogs going there, that's pretty good.

• 47:42Speaker 01

  That's not Miami of Ohio, is it?

• 47:44Speaker 02

  No, no, it's not, good guess?

• 47:46Speaker 01

  I'm thinking, I, uh.

• 47:48Speaker 02

  This is, uh, annual tuition is seventy-one thousand nine hundred and sixteen dollars.

• 47:52Speaker 01

  Man, I, I'm drawing a blank, you know, I don't know these private colleges, right?

• 47:59Speaker 02

  Want me to give it to you?

• 47:59Speaker 01

  Sure.

• 48:00Speaker 02

  Kenyon College, most expensive college in the United States.

• 48:04Speaker 01

  I'm surprised that this list of the top ten did not have, did not have Yale, did not have Harvard, did not have Brown, did, no Ivy League school on this list.

• 48:14Speaker 03

  And only three thousand dollars separates them all, which is pretty peculiar, you'd figure there'd be always be one outlier, no, they're all tight, right there in that little cluster.

• 48:22Speaker 02

  And they're all, um, they're all, a lot of them, I shouldn't say all, a lot of them are small schools.

• 48:27Speaker 01

  Yeah.

• 48:28Speaker 02

  And evidently, if you want to be in liberal arts, this is the list to look at, because they're just, they're all of them, so.

• 48:35Speaker 01

  Oh, man, but they're all private, and obviously, and I, I'm, I'm still, I'm shocked that there's not, you know, Stanford.

• 48:45Speaker 02

  And that's up there, too.

• 48:46Speaker 01

  Right, I'm, I'm looking at this, I'm like, you don't see Stanford, you don't see Colorado College of Mines.

• 48:51Speaker 02

  The School of Mines, yeah, yeah.

• 48:53Speaker 01

  You don't see, like, some of those colleges are like.

• 48:55Speaker 02

  They're up there, too, man, yeah.

• 48:56Speaker 01

  Goodness, they're expensive, too, but they didn't even make the top ten list.

• 48:59Speaker 02

  Yeah, no, and I, but here's the deal, you know, this list is always changing, we, if we did it again next year, who knows, one of those might be in there, but all those ones you just mentioned, uh, we didn't have my son look at those either.

• 49:10Speaker 01

  Yeah, man, heck no, nope, you're going to a state school, kid.

• 49:12Speaker 02

  Exactly, let's be realistic here.

• 49:14Speaker 01

  So let's, let's try to. And then you'll matriculate.

• 49:16Speaker 02

  Yes.

• 49:17Speaker 03

  Let's sneak in a couple of questions, uh, something about getting He-Man in a headlock, hold on here, it says. Heard the show yesterday and was wondering what an S block and HELOC are. Reminded me of He-Man, but never heard of either.

• 49:31Speaker 01

  He-Man and She-Ra.

• 49:33Speaker 03

  He-Man and She-Ra.

• 49:34Speaker 01

  Yeah, I remember watching that when I was a kid.

• 49:36Speaker 03

  The flowing hair.

• 49:37Speaker 01

  So here it is, to answer the question, what is an S block? What is a HELOC? That's an acronym, okay? HELOC stands for a home equity line of credit. We were talking about mortgages. A HELOC is basically a second mortgage, but it's treated as if it's more like a credit card. Right? It's a line of credit that you're using the equity on your house.

• 49:57Speaker 03

  Exactly.

• 49:57Speaker 01

  To be able to use that as purchasing power, right?

• 50:01Speaker 03

  And if you never pay it off, what's the penalty to the client? They put a lien on their house, right?

• 50:05Speaker 01

  Put a lien on the house, whatever. And typically those interest rates are higher than your normal mortgage rate because it's a higher risk. It's a second lien.

• 50:12Speaker 03

  Yep.

• 50:12Speaker 01

  So HELOC is a home equity line of credit. What is an S block? That is a securities-backed line of credit. Now we're talking about somebody, maybe you have a brokerage account, not your 401K. I'm talking a brokerage account, an investment account of some type where you have stocks, bonds, you know, other different securities in there and you're using those securities as collateral to take out a line of credit. Interest rates on that would be very similar to a HELOC, but you're not tying up the equity in your house. You're tying up the equity in the stocks, bonds and things that you own.

• 50:51Speaker 03

  While you have, let's say you have a hundred thousand dollars worth of Amazon stock, right? And then you get an S block. So the Amazon stock is the collateral.

• 51:02Speaker 01

  Correct.

• 51:03Speaker 03

  Does the Amazon shares you have stay dormant? Like when you take a 401K loan or they continue to ride with the market?

• 51:11Speaker 01

  They continue to ride with the market. So basically.

• 51:14Speaker 03

  And if you default, they're going to sell the shares and pay off the bank.

• 51:16Speaker 01

  Exactly, they're going to sell the shares. And so the S block typically is only going to loan out or have a line of credit that's associated with roughly, what, 60% of the value of that portfolio to be able to protect the bank. So if you're in a situation where, hey, I have a million dollars in a brokerage account.

• 51:38Speaker 01

  I might have a line of credit on that million dollar account for roughly 600, maybe 700,000 dollars. That means I can be a cash buyer if I wanted to buy real estate or something like that. And I didn't want to go through the whole traditional method of, you know, getting a loan or for that. I can use that as collateral, buy that and then refinance that potentially later. Right? So I've seen that happen where S blocks are used as a way to get into a business or a real estate or something like that quickly because you have the line of credit and you can write the check. And then you go through the process of let's refinance it later, figure it out. Now, now we've paid off that securities back line, but I've used the credit that I have to be able to buy that item. Right? So

• 52:22Speaker 02

  Totally right.

• 52:23Speaker 01

  Uh, that's the way that works. Do we have another one there or real quick?

• 52:26Speaker 03

  We have a couple of, we'll fly through this one. Reports are saying we're on the verge, verge of, uh, we might not have time, but reports are saying we are on the verge of another government shutdown. Are you kidding me?

• 52:35Speaker 01

  Uh, yeah. Because our Congress can't seem to get their heads out of their butts.

• 52:40Speaker 03

  They don't like each other.

• 52:40Speaker 01

  They don't like each other.

• 52:41Speaker 02

  Yeah, we're probably in the final hours of this.

• 52:43Speaker 01

  Yeah.

• 52:44Speaker 02

  They have until 11 o'clock Pacific time.

• 52:47Speaker 01

  It's like tomorrow. Yeah, something like that.

• 52:49Speaker 02

  Something, yeah.

• 52:50Speaker 03

  It's good. It is what it is. They're using a government back line of credit.

• 52:54Speaker 01

  G block. Yeah, we all are. It's all taxpayers. Hey, thank you so much.

• 53:00Speaker 03

  Great show. Thanks, man.

• 53:02Speaker 02

  Thank you. Thank you guys. Thank you for having me.

• 53:05Speaker 01

  Just please don't go to any of these colleges. If you want to be money wise, don't do it. Not the right way to go. Yeah. So, uh, thank you so much. Like I said, Michael George, uh, chief operating officer at Safe One Credit Union, bringing the fire today on colleges.

• 53:18Speaker 02

  Yes.

• 53:19Speaker 01

  Awesome expenses and everything. Uh, anyhow, have a wonderful weekend. Be smart, be safe, be money wise. We will see you on Monday.

• 53:32Speaker 04

  Securities offered through LPL Financial, member FINRA, SIPC. Investment advisory services offered through LPL Financial. LPL Financial and Money Wise Wealth Management are independently owned and operated.