7/1/25 Big Numbers, Bigger Impact: Senate Tax Cuts, the Billion vs. Trillion Reality Check, and America's Debt Problem

The Moneywise Radio Show and Podcast Tuesday, July 1st BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Guys" podcast call: 661-847-1000 text in anytime: 661-396-1000 website: www. MoneywiseGuys.com facebook: Moneywise_Wealth_Management LinkedIn: Moneywise_Wealth_Management

• 0:00Speaker 00

  From the Garo Ellis padded radio room off Stockdale Highway, here is Money Wise.

• 0:05Speaker 01

  Call or text into the show 24/7 at 396-1000.

• 0:39Speaker 00

  Here is Money Wise.

• 0:40Speaker 01

  Money, money, money, money.

• 0:44Speaker 00

  Welcome to the Money Wise Show. We are live from the Garo Ellis padded radio room of Stockdale Highway on ESPN Bakersfield, 1230 a.m., 101.1 FM, and always streaming at MoneyWiseGuys.com. You can call or text into the show 24 hours a day at 661-396-1000, 661-396-1000. Today, we are your hosts, Sammy Abiyawie and

• 1:07Speaker 02

  Justin Leland.

• 1:08Speaker 00

  Justin Leland. It's been a while since we

• 1:11Speaker 02

  I've never sat on this side of the desk from you on the show.

• 1:14Speaker 00

  Hey, get used to it.

• 1:21Speaker 00

  No, this is exciting for me, actually.

• 1:23Speaker 02

  It's a good one.

• 1:24Speaker 00

  To lead the show with you, a veteran on the other side.

• 1:28Speaker 02

  Hey, got two vets in here.

• 1:30Speaker 00

  So I'm very excited. We've got a bunch of stuff to talk about.

• 1:33Speaker 02

  That's okay. I'm grading you over here.

• 1:35Speaker 00

  Yes, please, please do.

• 1:36Speaker 02

  Checklist over here.

• 1:37Speaker 00

  I don't think it's going to be as hard as my son, though. When I give him the things to listen to, he just hammers me.

• 1:43Speaker 02

  Do you ever listen to yourself on the

• 1:44Speaker 00

  Oh, yeah, I do. I do. I'm very, I critique myself, but not as hard as my son. I thought I was very hard on myself, but my kid is just blunt.

• 1:52Speaker 02

  Kids, kids can be pretty brutal.

• 1:55Speaker 01

  Well, wait until you have your wife on tomorrow. See how that goes.

• 2:01Speaker 02

  Somebody's in the doghouse.

• 2:02Speaker 00

  She she listened to a show I was doing with Sherrod and said Sherrod is a very knowledgeable man. I'm like, oh, yeah, yeah. Oh, yeah. All right. Good for you. Let him lead the show tomorrow. I know. I know. Sherrod, brother Sherrod.

• 2:15Speaker 02

  Sherrod.

• 2:17Speaker 00

  What's what's what's up? What's going on with the market, Justin?

• 2:19Speaker 02

  You know what? Mixed day today. Couple of things going on. I don't know if you noticed in the news, but the Senate finally passed the the big, I don't know what you want to call it, bill.

• 2:29Speaker 00

  Huge, beautiful bill.

• 2:30Speaker 02

  Huge, big, beautiful bill.

• 2:31Speaker 00

  That's right.

• 2:33Speaker 02

  Don't know how beautiful it is.

• 2:35Speaker 01

  That was that was good.

• 2:36Speaker 00

  That was good, right?

• 2:37Speaker 01

  Yeah.

• 2:38Speaker 00

  It was a good impression. Yeah. I'm hoping I can get picked.

• 2:41Speaker 02

  Yeah.

• 2:41Speaker 00

  And, you know, and maybe get invited by the president just to do that in front of him.

• 2:45Speaker 02

  Yeah, you look just like him.

• 2:50Speaker 00

  I'm the brown version of Trump.

• 2:52Speaker 01

  Don't get him started. Halloween's coming up.

• 2:54Speaker 02

  Oh, boy.

• 2:56Speaker 02

  Mixed market on the markets today. Actually, markets were actually in in pretty good territory most of the day, but then when the when the bill got passed in the last hour of the trading, markets kind of took a little bit of a turn down. So the Dow ended up for the day by about a percent. S and P was relatively flat, down by 0.1%. NASDAQ was down by about 8 tenths of a percent. And that's a good, you know, I guess what we would say in the the beginning of the second half of the year is a bit of a rotation out of the kind of mega cap technology names into more of a broader market rally going back into some of the more cyclical names.

• 3:40Speaker 02

  So you're getting rid of some of the tech stuff and going back into more cyclicals. So that's kind of what's going on in the markets today. It was just kind of a kind of a weird day after the that bill got passed and we're still looking at Federal Reserve Chair Jerome Powell. What are they going to do? He got near a microphone today and said, yeah, we're still going meeting by meeting. We don't know what we're going to do. And we're not going to show our cards too early, right? And it still is that the Fed is going to be data dependent. They don't. Don't know what the, um, uh, you know, inflation numbers are going to look like, uh, for the month of June. Uh, those numbers will be coming out later on, uh, later this week. Um, and then the, uh, the jobless numbers, uh, for the month of June.

• 4:26Speaker 02

  So we'll need to see those numbers and what they look like. And then they'll be able to make a determination on whether or not they lower interest rates.

• 4:33Speaker 00

  When is their next meeting?

• 4:35Speaker 02

  Uh, end of, end of July.

• 4:36Speaker 00

  End of July?

• 4:37Speaker 02

  Yeah.

• 4:37Speaker 00

  Well, uh, watch and see, I think is that policy is, uh, instituted or he's following right now. So it's.

• 4:44Speaker 02

  It's a wait and see.

• 4:44Speaker 00

  We're gonna watch and see.

• 4:46Speaker 02

  We're gonna watch and see.

• 4:47Speaker 00

  In the meantime, I think he's been stress testing the large banks in the U.S.

• 4:51Speaker 02

  They have been doing that.

• 4:52Speaker 00

  Twenty-two of the largest banks in the U.S. have been stressed or stress tested and they all passed.

• 4:58Speaker 02

  Which is a good thing.

• 4:59Speaker 00

  It's a huge thing for us. Because stability of the financial market, especially the banking industry is essential to our economy and how we conduct business. So it's great news.

• 5:08Speaker 02

  So what, what goes into the actual stress testing? I've always kind of wondered this about the stress testing of banks. Like, do they just walk in and like, you know, hands up, I'm robbing the bank, kind of a stress test?

• 5:19Speaker 00

  No, no, it's very stressful for the banker.

• 5:21Speaker 02

  Okay.

• 5:22Speaker 00

  Like, um, if I, if I'm the receiving, on the receiving end of the exam, it's very stressful. Because now, what, what you do is you take deposits, people's deposits, and you lend them.

• 5:33Speaker 02

  Right.

• 5:33Speaker 00

  So.

• 5:34Speaker 02

  Usually it's what, seven or 10 to one?

• 5:36Speaker 00

  And the regulators want to come in and make sure that these deposits that you're lending are sound. Your practices are sound, they, so they compare your policy to the reserves you have, to the rating of these loans and make it, to make sure that you have adequate both capital.

• 5:51Speaker 02

  Liquidity.

• 5:51Speaker 00

  Liquidity and all that to make sure that in case something happens. And in this case, what they stressed for is an employment rate hitting like 10%.

• 6:00Speaker 02

  Ooh, which is like more than double where we're at right now.

• 6:03Speaker 00

  What happens then?

• 6:04Speaker 02

  Yeah.

• 6:04Speaker 00

  Right? Or capital requirements, what happens? So the fact that they've passed is good for us. If you remember, uh, maybe we did not have these sound practices back in 2008. And that's the reason why we had that huge debacle.

• 6:20Speaker 02

  Yeah.

• 6:20Speaker 00

  Called 2008 financial crisis.

• 6:22Speaker 02

  Mm-hmm, the global financial crisis.

• 6:24Speaker 00

  That's right.

• 6:24Speaker 02

  Yeah.

• 6:25Speaker 00

  So the fact that these banks are sound is music to my ear as an ex-banker. It's really, really good.

• 6:31Speaker 02

  Now. Multiple different things that they tested for, right? It wasn't just like, hey, we're looking at unemployment. They they stress test for a multitude of different things, right?

• 6:40Speaker 00

  Correct, correct. Like I said, I mean, part of it is just unemployment. They look at your deposit to loan ratio.

• 6:48Speaker 02

  Okay.

• 6:49Speaker 00

  Is that adequate?

• 6:50Speaker 02

  Okay.

• 6:51Speaker 00

  They look at your deposit composition. How much, you know, interest-bearing accounts versus non-interest-bearing accounts? They look at your efficiency ratios. There's a bunch of stuff that they look at in order for you to just pass the exam. The main thing for them is to look at the loan policy and make sure that the loans you're making are following that policy.

• 7:11Speaker 02

  So that's why you left banking, because all the loans you made were probably a little bit.

• 7:15Speaker 00

  I've never lost a loan in my 25-year career. Never. A $50,000 loan potentially.

• 7:22Speaker 02

  Yeah.

• 7:22Speaker 00

  Couple of mistakes here and there. I would probably say three.

• 7:26Speaker 02

  Three?

• 7:26Speaker 00

  And and two of them were not good borrowers.

• 7:31Speaker 02

  Yeah.

• 7:31Speaker 00

  They they they gamed the system.

• 7:34Speaker 02

  Yeah.

• 7:35Speaker 00

  And so, no, I did good in my banking career.

• 7:38Speaker 02

  No, yeah. And so, you know, it's. I always wonder about that, because when when you're going in for like a signature loan or you're you're going in for.

• 7:47Speaker 00

  You lost me there. We didn't do those.

• 7:49Speaker 02

  Any no signature loans? Any any kind of business loan or anything like that, you know, all the collateral and all the information that you have to go in in with as a lender or as the as the borrower.

• 8:03Speaker 02

  I'm always kind of like, well.

• 8:05Speaker 00

  So here's what here's what lenders, a lot of the, a good lender, I'm gonna, I'm gonna. A good lender does not just look at the collateral. The collateral is the last thing you want to look at as a lender. What you want to look at first is character. That this person, do you believe this person has the ability to pay you back? Regardless of whatever happens to their business, economy, or financial situation.

• 8:26Speaker 02

  So that's why I don't get the loans.

• 8:28Speaker 00

  Yeah, yeah, you have it written on your face, Justin. No loans.

• 8:32Speaker 02

  No loans for this guy.

• 8:33Speaker 00

  No loans for this guy. No, no. It's just character has a big, big weight in the lending equation. How do you assess character? And when you look at the credit history, you look at the name in the industry and in Bakersfield, we're a big town, but we're also a small town. Your reputation matters. And if you, if you, if you played a couple of banks or if you did not pay your bills.

• 8:55Speaker 02

  Your name is gonna get around.

• 8:56Speaker 00

  That's right. That's right. And it's, it's gonna be known and, and the decision is gonna be, hey, uh, you're not gonna receive a loan.

• 9:04Speaker 02

  Yeah. So pay your bills.

• 9:05Speaker 00

  Pay your bills. Pay your bills. We, uh, we have a couple more questions. One of them actually is a follow up from, uh, yesterday, but before then, there's a couple of birthdays and this one is very important to me. Missy Elliott's birthday is today, Steve.

• 9:17Speaker 02

  Fifty-four years old.

• 9:18Speaker 00

  Fifty-four. Missy Elliott, man.

• 9:20Speaker 01

  What's more important is Pamela Anderson's birthday.

• 9:23Speaker 00

  I didn't want, I didn't want to say that.

• 9:24Speaker 02

  The Baywatch babe?

• 9:25Speaker 00

  Yeah. I didn't want to say that. Also.

• 9:27Speaker 01

  That was my first love.

• 9:27Speaker 00

  Princess Diana.

• 9:29Speaker 01

  Yes.

• 9:29Speaker 00

  Princess Diana was.

• 9:30Speaker 02

  The late, great Princess Di.

• 9:32Speaker 00

  That's right. But, but me, I was just looking at Missy Elliott and the songs and the things that she's done in early two thousands and late nine.

• 9:39Speaker 02

  Liv Tyler? Wow.

• 9:42Speaker 01

  You knew Liv Tyler is?

• 9:43Speaker 02

  Yeah. Liv Tyler, uh, Steven Tyler's daughter and, uh, Er- Erwin from, uh, the Lord of the Rings trilogy, right?

• 9:49Speaker 01

  Is it really?

• 9:50Speaker 02

  Yeah.

• 9:51Speaker 01

  I always think of Armageddon.

• 9:52Speaker 00

  I always did not know you were a nerd, but.

• 9:55Speaker 02

  I am totally a nerd. Yeah, I'm a, you know, I actually have a T-shirt that says nerd squared.

• 10:00Speaker 00

  Seriously?

• 10:00Speaker 02

  Yes.

• 10:01Speaker 00

  No, the, I mean, I, I, I liked Lord of the Rings, but I, I did not know the.

• 10:06Speaker 02

  Yeah.

• 10:06Speaker 01

  He's our Sheldon.

• 10:08Speaker 02

  Yeah.

• 10:08Speaker 00

  Yeah.

• 10:09Speaker 01

  He's our Sheldon in the office.

• 10:10Speaker 02

  Mm-hmm.

• 10:11Speaker 00

  Huh. That's cool.

• 10:13Speaker 02

  Yeah.

• 10:13Speaker 00

  Well, happy birthday to all these ladies.

• 10:15Speaker 01

  I don't know what cool.

• 10:18Speaker 01

  I don't know about that.

• 10:20Speaker 02

  Hey, happy Ba- Bobby Bonilla Day.

• 10:21Speaker 01

  Yes, Bobby Bonilla Day.

• 10:23Speaker 02

  Happy Bobby Bonilla Day. He still gets that for another, what? Nine more years?

• 10:28Speaker 01

  I believe so. In the thirties, right?

• 10:30Speaker 02

  Twenty thirty-five, I think, is his last payment.

• 10:32Speaker 01

  Turns into the Otani Day, right?

• 10:33Speaker 02

  Yes, then it'll be Otani Day.

• 10:35Speaker 00

  So we have this question. We heard the solar guy you had on that. Uh, the payback period for solar has changed dramatically under NEM three point O. Can you explain what that means in plain terms for someone who installed solar just a year ago versus someone doing it now?

• 10:53Speaker 02

  Great question.

• 10:54Speaker 00

  Well, I have a little bit of expertise in this because I sat with on the board of a solar company for a little while. And NEM 3 versus NEM 2. Here's differences.

• 11:06Speaker 02

  Yeah.

• 11:06Speaker 00

  So under NEM 2, you actually have a true up, a true true up at the end of the year. Basically, you're selling the extra energy you don't use back to the grid and they give you credit for that.

• 11:19Speaker 02

  Right. You don't get a check at the end of the year, right?

• 11:21Speaker 00

  No, that's under NEM 1.

• 11:23Speaker 02

  NEM 1, you'd get a check. NEM 2, you don't get a check, but at least you get some kind of credit.

• 11:27Speaker 00

  That's right.

• 11:28Speaker 02

  Right.

• 11:28Speaker 00

  So you get, you get a credit that you can apply towards your extra uses.

• 11:32Speaker 02

  Future usage, yeah.

• 11:32Speaker 00

  Or what? NEM 3, that went away. Why? Utility companies claim that because there's so much solar dumping electricity on the grid.

• 11:45Speaker 02

  Oh, boo hoo.

• 11:46Speaker 00

  Exactly. We don't know how to manage that. These people that are selling all this, they don't pay the same rates as the people that are actually paying to maintain all this grid. So they came up with NEM 3. Requiring the homeowners to have some type of storage instead of dumping the extra electricity onto the grid.

• 12:08Speaker 02

  So they have to have batteries now?

• 12:09Speaker 00

  That's right, which increases the, the, the cost of your investment in the solar being put on your roof.

• 12:17Speaker 02

  Yeah, I'll quite buy quite a bit.

• 12:19Speaker 00

  So, so he's asking, what's the difference between now and a year ago? There is no difference between now and a year ago. The NEM 3 started in January 1st, 2024.

• 12:31Speaker 02

  That's right.

• 12:32Speaker 00

  Okay, so if you did solar June of last year, it's the same as solar today.

• 12:36Speaker 02

  Right.

• 12:37Speaker 00

  Exactly what I did. I had to put three batteries or two batteries and I added the third just in case because of the size of the family I have. So there's, the, the main difference is the rate you're selling.

• 12:51Speaker 00

  To PG&E.

• 12:52Speaker 02

  It's changed.

• 12:53Speaker 00

  It's changed dramatically. So I think it's in the like nine cents a kilowatt. Versus what you pay PG&E, it's in the twenty-two to twenty-nine cents per kilowatt based depending on the time of the day you're using electricity. And that's to me, the major difference. It's how long it's going to take you to recoup your investment. Now, instead of nine and a half years on average, it's going to increase about fifteen years.

• 13:19Speaker 02

  Fifteen, sixteen years.

• 13:20Speaker 00

  Depending again on the size of the investment you're going to make.

• 13:22Speaker 02

  Yeah.

• 13:23Speaker 00

  That's to me, the major thing. And also, you're not getting a true true up at the end of the year. You're not getting back anything.

• 13:31Speaker 02

  Well, then also you have to take into account the, the increase in PG&E. Like, so on my house, I have a complete one hundred percent offset. I don't pay PG&E other than about eleven dollars a month just to be on the grid. Right? All of my electricity is offset.

• 13:52Speaker 02

  But

• 13:54Speaker 02

  so, so with that one hundred percent offset, I don't, I don't pay anything for it. But I also know that if I didn't have that solar, when I installed it like eight, ten years ago, I would have been paying about three hundred and fifty to four hundred dollars a month on average for my electricity. Today, I'd be paying closer to eight hundred dollars a month.

• 14:13Speaker 00

  Yes, because?

• 14:14Speaker 02

  Because PG&E has increased their rates every single year. It's like you said, I think it was in the last two years, it's gone up about.

• 14:20Speaker 00

  Join half years, forty percent.

• 14:22Speaker 02

  Forty percent.

• 14:22Speaker 00

  David, the, the guy from Castro, Castro yesterday said forty percent in the last two and a half years.

• 14:28Speaker 02

  With.

• 14:28Speaker 00

  It's insane. An expected increase in the next, next four years to come. They're not slowing down.

• 14:34Speaker 02

  Right.

• 14:35Speaker 00

  Cost of electricity is not going down. That doesn't make sense to me because we're dumping so much electricity on the grid. One might, might think that, hey, with all this electricity coming from these rooftops.

• 14:43Speaker 02

  Yeah.

• 14:44Speaker 00

  Why don't you just sell it to people that don't have electricity? But I guess.

• 14:48Speaker 02

  Supply and demand.

• 14:49Speaker 00

  Yeah.

• 14:49Speaker 02

  Yeah. You could see the opposite.

• 14:51Speaker 00

  Because they can.

• 14:51Speaker 02

  Yeah, because they can.

• 14:53Speaker 00

  Only game in town.

• 14:55Speaker 00

  Have you heard about that, say?

• 14:57Speaker 02

  Yeah.

• 14:57Speaker 00

  The only game in town, Justin.

• 14:58Speaker 02

  It's called a monopoly.

• 15:00Speaker 00

  We'll take our first break. When we come back, there's more to come.

• 15:03Speaker 01

  Need to get your financial fix on the go? If so, subscribe to the Money Wise Podcast and catch up on all past shows whenever.

• 15:12Speaker 00

  Let me work it.

• 15:17Speaker 00

  The great Missy Elliott. Happy birthday.

• 15:20Speaker 03

  I'm so glad I can't see Justin's face right now.

• 15:26Speaker 03

  It's gotta look like mine.

• 15:29Speaker 00

  You guys don't can't believe that I listen to this stuff, huh?

• 15:33Speaker 03

  I can't believe anyone does.

• 15:38Speaker 00

  We're back. The Money Wise Show. I'm Sammy Abiyawu with Justin Leland. Justin, we have a question. I think you might be able to answer this one.

• 15:46Speaker 02

  This ought to be a fun one here. So this one sound might sound a little odd. My dad passed away. Sorry to hear that. Last month at 78. He worked with an aircraft company in Wasco and later drove trucks until he retired. He'd been getting social security, but I'm not sure exactly what. Someone mentioned earlier about survivor benefits. I'm 55 and still working. Is there anything I should be looking into or doing? I'm not sure where to start. Okay, so I think what maybe you're asking here is would you be able to get survivor benefits on your father's benefits? The short answer to that is no. The survivor's benefits are only for your spouse.

• 16:32Speaker 02

  Or for minor children. You're not a minor if you're 55, last I checked.

• 16:40Speaker 02

  So yeah, you would not be able to get survivor's benefits for that, unfortunately.

• 16:46Speaker 00

  Yeah, thanks for that answer, Justin. Keep if you have a follow up question.

• 16:51Speaker 02

  Yeah.

• 16:52Speaker 00

  Please, please send it back and we'll if we have time, we'll take a look at it.

• 16:56Speaker 02

  We just got another one popped right up here. So so we pay a small true up payment with our solar, but we still way cheaper than we were paying to PG&E. But not sure if we're a two or a three, but thank you for covering my question.

• 17:08Speaker 03

  Yeah, I was the original person.

• 17:10Speaker 02

  That was it.

• 17:10Speaker 00

  All right. Good work. Um, Justin, we talked about the bill early in the show.

• 17:16Speaker 02

  Yeah.

• 17:17Speaker 00

  But, but you mentioned a number that just caught my attention.

• 17:21Speaker 02

  Yeah.

• 17:21Speaker 00

  The bill is gonna add how much to the deficit?

• 17:24Speaker 02

  So, there's a couple of different, uh, numbers. Uh, CBO, the Congressional Budget Office, said I think it was like 2.6 trillion. There's other, uh, numbers floating around upwards of 3.3 trillion. Um, yeah, there's, over the next 10 years, the Senate, the bill that was just passed by the Senate, which, mind you, it still is not gonna go to the President's desk. It still has to go through what's known as reconciliation. Uh, the House passed their version of the bill. The Senate has now passed their version of the bill. It now has to go to conference and go through reconciliation to basically, you know, hammer out the differences, right?

• 18:05Speaker 00

  I see.

• 18:06Speaker 02

  Um, before it then goes for another vote and then goes to the President's desk. So, how much is 3.3 trillion dollars?

• 18:17Speaker 00

  Just sounds a lot.

• 18:18Speaker 02

  That's a lot of dough, right? So...

• 18:23Speaker 00

  Compared to something.

• 18:24Speaker 02

  Yeah, so let's think about it. Like, what, what is the difference between, like, if you were to ask the question, what is the difference between a trillion dollars and a billion dollars?

• 18:35Speaker 00

  Lot of zeros.

• 18:36Speaker 02

  Uh, almost a trillion dollars. Right?

• 18:40Speaker 00

  That's right. Almost a tril- that's, that's right.

• 18:43Speaker 02

  999 billion dollars.

• 18:45Speaker 00

  Yep.

• 18:45Speaker 02

  Almost a trillion dollars. So, if, if you were...

• 18:55Speaker 02

  If you were to buy every single piece of real estate in all of Manhattan...

• 19:05Speaker 02

  All 1.1 million residential and commercial properties. And you bought them twice. Based on recent valuations. It'd be worth 3.3 trillion.

• 19:18Speaker 00

  Wow.

• 19:19Speaker 02

  If you bought all of Manhattan. Twice.

• 19:22Speaker 00

  Now, I about six, maybe eight months ago, we looked at the billionaires list.

• 19:27Speaker 02

  Yeah.

• 19:27Speaker 00

  Top billionaires in the world.

• 19:29Speaker 02

  Musk, Zuckerberg.

• 19:31Speaker 00

  Zuckerberg, the guy from Louis Vuitton or Dior or whatever.

• 19:34Speaker 02

  Jeff Bezos, who's a little bit, who's a little bit poorer today since he got married over the weekend, right?

• 19:40Speaker 00

  Oh, yeah. Yeah, I didn't, I didn't look at that. That just does, it's not appealing to me. Stuff like that is not appealing to me to watch. But that's, that's. A lot of these billionaires, if you combine probably all of their wealth, it's not going to be 3.3 billion dollars or close to it.

• 19:56Speaker 02

  3.3 trillion.

• 19:57Speaker 00

  Trillion, yeah.

• 19:58Speaker 02

  So, yeah, if you were to take Musk. Larry Ellison, Mark Zuckerberg, Jeff Bezos, and the next 18 richest people, that's 21 richest people on the planet. Then you'd have 3.3 trillion.

• 20:12Speaker 00

  How about if you hit the lottery?

• 20:14Speaker 02

  Ah, okay, so this was a good one. If you were. So, i- i- if you were born today. And you played the lottery every single day since the day you were born.

• 20:30Speaker 02

  And you played every single game in every US state. Every single day.

• 20:36Speaker 00

  Then you won every day?

• 20:37Speaker 02

  And you won every single time that you played.

• 20:40Speaker 00

  Oh, yeah.

• 20:42Speaker 02

  From scratch off to Powerball to. Normal, all of the lottery games. It would take you 75 years to rack up 3.3 trillion dollars. That's assuming you paid all the taxes on your winnings.

• 20:55Speaker 00

  75 years.

• 20:56Speaker 02

  Take you 75 years. You'd be a 75-year-old man or woman. If you won every single lottery jackpot. Every day. Of your life for 75 years.

• 21:08Speaker 00

  There you go, folks.

• 21:09Speaker 02

  That's a lot of dough.

• 21:10Speaker 00

  3.3 trillion dollars and what it compares to. I can, I, I bet you I can stack them up and get to the moon.

• 21:18Speaker 02

  Uh, pretty close. Pretty close.

• 21:23Speaker 00

  Seriously?

• 21:24Speaker 02

  Yes.

• 21:24Speaker 00

  Hundred dollar bills or one dollar bills?

• 21:26Speaker 02

  Uh, if you took hundred dollar bills.

• 21:28Speaker 00

  Oh, my.

• 21:29Speaker 02

  Hundred dollar bills, you could stack them, it would be, uh, 2,200 miles high. So that would be past the orbit of the International Space Station, late end to end. Yeah. So, yeah, if you, yeah, you'd be a ways up there. Not quite to the moon, but close.

• 21:45Speaker 00

  What about pennies?

• 21:46Speaker 02

  Yeah.

• 21:47Speaker 00

  You get to Mars.

• 21:48Speaker 02

  Yeah.

• 21:48Speaker 00

  You can get there comfortably.

• 21:49Speaker 02

  Shoot.

• 21:51Speaker 00

  They build a bridge. My God. 3.3 trillion dollars and the comparison in numbers with that.

• 22:00Speaker 02

  You know, and, and this goes back to like, we talk about Doge and, you know, the, the fraud, waste and abuse and how much we're spending and everything. And while I get it and I'm, and I'm always one to say, look, cut out fraud, wherever it is. But we wind up getting so angry over this hundred thousand dollar or million dollar or 10 million dollar grant over here. When there's hundreds of billions of dollars in, in corporate welfare over here, right? And we're, we're getting, we're getting angry and riled up over the wrong things.

• 22:38Speaker 02

  Cause that, that little tiny thing over there is not even a, a, a flea on a horse.

• 22:47Speaker 00

  Yeah, you're getting into how to present things. Sometimes things get presented a certain way where you get the buy-in. It's all about vision casting, right? So if you're a true vision caster and you can sell your products, you're going to be able to sell the products. And people are going to believe what that product has.

• 23:04Speaker 02

  Again, how, what, what's the difference between a billion and a trillion? Almost a trillion.

• 23:09Speaker 00

  That is true. Now, one of the things, we talked about solar, right? And the impact of this bill on solar, we talked about that.

• 23:15Speaker 02

  Basically, it almost goes away.

• 23:16Speaker 00

  Almost gonna go away. I mean, I think there was talk about solar just going away and the tax credits. Now for, I, I read for the, the purchase, the power purchase agreements.

• 23:25Speaker 02

  Yeah.

• 23:25Speaker 00

  Those don't get the tax credits anymore.

• 23:27Speaker 02

  Uh, starting in 29?

• 23:30Speaker 00

  28, I think.

• 23:31Speaker 02

  28, yeah.

• 23:32Speaker 00

  But then there's a phase down of the tax credits.

• 23:35Speaker 02

  Right.

• 23:35Speaker 00

  And, and they're gonna be. A little bit faster now under this bill versus what it was earlier. So there you go, folks. $3.3 trillion in the comparison to other things.

• 23:48Speaker 02

  Just play the lottery.

• 23:49Speaker 00

  Yeah, for the next 75 years.

• 23:51Speaker 01

  Don't listen to him.

• 23:55Speaker 00

  Steven, let's take a break. When we come back, there's more to come.

• 23:58Speaker 01

  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.

• 24:21Speaker 00

  I'm gonna guess this is for Justin, Steven.

• 24:24Speaker 01

  For all of us.

• 24:26Speaker 00

  Not for me. I don't know what this is.

• 24:29Speaker 01

  You don't know Jimi Hendrix?

• 24:30Speaker 00

  Ah, yeah, I'm just kidding. Because you made fun of me listening to Missy Elliott, so I got to...

• 24:36Speaker 02

  Did you, Steven, did you see the video of Danny Carey playing this with like a high school band at a gym?

• 24:42Speaker 01

  Really?

• 24:43Speaker 02

  Yeah.

• 24:43Speaker 01

  No, I haven't seen that one.

• 24:44Speaker 02

  Yeah, you gotta pick it up on YouTube.

• 24:45Speaker 01

  I did see an old video of Jimmy playing here at the convention center.

• 24:50Speaker 02

  Oh, yeah?

• 24:50Speaker 01

  And, uh...

• 24:51Speaker 02

  He rocked it?

• 24:52Speaker 01

  Yeah, he rocked it.

• 24:53Speaker 02

  I think my stepdad was at that concert.

• 24:55Speaker 01

  They said he, uh, that the cops had to come out.

• 24:59Speaker 02

  Yeah, my stepdad was at that concert.

• 25:01Speaker 01

  They said the cops had to come out to unplug the equipment because he wouldn't stop playing past curfew.

• 25:06Speaker 02

  Yep, kept going.

• 25:07Speaker 00

  That's crazy. Well, welcome back, folks. We're back at the Money Wise Show. This talk about trillions got me thinking about the debt level we have, the consumer debt level we have in the US.

• 25:19Speaker 02

  Yeah.

• 25:20Speaker 00

  In comparison to our deficit, in comparison to what this bill is gonna create as an additional deficit, our consumer debt.

• 25:30Speaker 02

  Just you and me?

• 25:30Speaker 00

  Let me just ask you, what do you think that debt level is at?

• 25:35Speaker 02

  If you're taking into account student debt, car debt, house debt, credit card debt, uh, medical debt, everything, I'm, I'm thinking you're approaching somewhere close to 20.

• 25:49Speaker 00

  You're very close. Good guess. 18.2 trillion dollars of consumer debt.

• 25:56Speaker 02

  That's a lot of debt.

• 25:56Speaker 00

  Breakdown, your, I mean, your breakdown was also good. Mortgages, 12.8 trillion. That's close to 13.

• 26:04Speaker 02

  Almost 13 trillions mortgages. Wow.

• 26:06Speaker 00

  Auto loans and student loans, close to each other, 1.6 trillion dollars.

• 26:11Speaker 02

  Yeah, I knew student loans were up there about 1.1, now the 1.6 you're saying though, right?

• 26:16Speaker 00

  Yeah, 1.6.

• 26:17Speaker 02

  Wow.

• 26:18Speaker 00

  And credit cards at 1.2, almost 1.2. And guess where the delinquency of these loans is?

• 26:26Speaker 02

  Are we approaching 4%?

• 26:29Speaker 00

  No. It's, I'm, I'm talking about the age group that's delinquent the most.

• 26:34Speaker 02

  Oh, the age group that's delinquent the most? Probably you're looking in your twenties to 25.

• 26:38Speaker 00

  Yeah, that's probably because of the student loans and also.

• 26:42Speaker 02

  Default on loans, yeah.

• 26:43Speaker 00

  Yeah. So 20, the, the age group of 25 to 35.

• 26:47Speaker 02

  Okay.

• 26:47Speaker 00

  Is, has the, the.

• 26:50Speaker 02

  Highest default rate.

• 26:51Speaker 00

  Yes, the highest default rate. Um, the, the, the challenge, I think here, that, that, why there's more usage of, of debt and leverage is probably, and I'm just gonna guess, salaries not catching up to.

• 27:09Speaker 02

  Inflation.

• 27:10Speaker 00

  Inflation.

• 27:12Speaker 02

  Although.

• 27:12Speaker 00

  Which might get worse, I think, if these tariffs take hold or take place.

• 27:18Speaker 02

  Yeah, and I, but there are some, there is some data out there that has shown that wage growth has. Happened over the past five years with the inflation numbers and that actually wage growth has actually been a driver of some of that inflation, right? So that is, you know, wage growth is a inflationary pressure. So I think that, you know, with, with the unemployment rate having, you know, after COVID unemployment rate was in the threes for a very long time, right? And it was very, very difficult to find good employees.

• 27:55Speaker 00

  Yeah.

• 27:56Speaker 02

  And so you had employers that were poaching.

• 28:00Speaker 00

  Yes.

• 28:01Speaker 02

  They had to. And how, how do you poach a good employee from another good employer?

• 28:06Speaker 00

  You pay more.

• 28:08Speaker 02

  Right. So the wage.

• 28:10Speaker 00

  And we've seen it, especially in, in Bakersfield. We've seen it.

• 28:12Speaker 02

  Yeah.

• 28:13Speaker 00

  Almost across the board for every industry.

• 28:15Speaker 02

  Across the country.

• 28:15Speaker 00

  Medical, banking, accounting.

• 28:17Speaker 02

  Everywhere.

• 28:18Speaker 00

  Uh, we've seen that happen. I think, I think you're, you're right on that and I would agree with that.

• 28:23Speaker 02

  Yeah. And I think that that was part of the, you know, part of the drive for inflation, again, with other things causing inflation, which was, you know, supply chain issues and everything else. Inflation is not just a one, a one piece number. But then with, with that, I, I do agree with you that because things are so much more unaffordable, I guess you could say, they're less affordable than what they were before, you know? And we as a society still tend to be very much instant gratification.

• 29:01Speaker 00

  Yes.

• 29:02Speaker 02

  We do not want to wait for things of, hey, I can't afford that dining room set. Uh, I can afford it in four more paychecks, but I can't, but I want it now. So I'm just going to put it on my, you know, my credit card and I'm going to pay twice the amount for it today than I would if I just were to wait.

• 29:23Speaker 00

  Yes. I think some of the, the.

• 29:29Speaker 00

  Some of the things that take place is this facilities or credit facilities that we have, Klarna for instance, I don't know how we call those. But making it super easy for people just to pick a TV, dining set, a couch and say, hey, let's just put it on payments instead. Well, you're paying close to 20% north of that.

• 29:53Speaker 02

  Right.

• 29:53Speaker 00

  Interest.

• 29:54Speaker 02

  Easy more than that.

• 29:56Speaker 00

  And that eats at your savings. Right? I mean, to start with, we're not a saving society anyways. We don't, we have difficulty saving money. It's kind of like it burns our pockets. We want to go and just.

• 30:08Speaker 02

  We're a consumer society.

• 30:09Speaker 00

  Yes, we are. We are.

• 30:11Speaker 02

  I think our savings rate's somewhere right around 2%. As a nation, I think we're something, we're very low.

• 30:20Speaker 00

  Yeah, I don't know if it was you or somebody else that said this before, like the average American cannot afford a $400 emergency.

• 30:28Speaker 02

  You're absolutely right.

• 30:29Speaker 00

  That kind of like stuck with me when I heard that.

• 30:33Speaker 02

  Yeah.

• 30:34Speaker 00

  The only way to avoid stuff like that or things like that is to learn how to save. Now, it does not start late in your 30s.

• 30:42Speaker 02

  It has to start very early.

• 30:43Speaker 00

  It starts like in your teens, your parents, your school even getting involved in some type of financial classes, which I think we do a poor job at. I don't think we do our teens favors by just providing everything. And when they get out of college, they are used to a certain lifestyle. And then they get hit. I have a, you know, student debt, I need a car, you know. You can only ride an electrical bike so far.

• 31:12Speaker 02

  And it's too easy. And if you see on some of these college campuses, you know, the very first week you're on a college campus, the predators are there.

• 31:22Speaker 00

  Yes, yes, yes, yes.

• 31:23Speaker 02

  Right? The tables are out with the flags and the merch. And it's like Citibank over here and Chase over there and.

• 31:32Speaker 00

  So it's funny you say that. I was doing my blood work last week and I paid with my American Express. And the gentleman that took my blood told me, oh, I lost my privileges with them. I'm like.

• 31:44Speaker 02

  How do you lose privileges?

• 31:45Speaker 00

  With American Express because once you go delinquent with them, they never give you.

• 31:49Speaker 02

  You're done.

• 31:49Speaker 00

  That's it. So he was, he was, he was early, he was in college, to your point.

• 31:55Speaker 02

  Yeah.

• 31:56Speaker 00

  He got a credit card. And he abused the credit card.

• 32:00Speaker 02

  Hmm.

• 32:00Speaker 00

  And he was not able to pay it back.

• 32:02Speaker 02

  And they.

• 32:03Speaker 00

  And they closed it down and he lost that privilege.

• 32:06Speaker 02

  You're you're donezo.

• 32:07Speaker 00

  That's it. But he was young. And I said, well, uh, like, let me ask you a question in college or or in high school. Did you learn a little bit about credit cards and impacts like? No, man, none of that.

• 32:18Speaker 02

  No.

• 32:19Speaker 00

  Uh, none of that. My parents did not teach me. I didn't learn this in in in college nor in high school. So it was just me getting a credit card and all of a sudden I had this spending. You know, ability.

• 32:30Speaker 02

  Yeah, you have the burning the the, like you said, the money's burning a hole in your pocket, even though it's not yours.

• 32:38Speaker 00

  You know how easy like when I first came came to America, you know, swiping the card? Like you, I came from a cash society and all of a sudden you can swipe the card and it's so easy.

• 32:47Speaker 02

  Now you don't even have to swipe.

• 32:49Speaker 00

  No.

• 32:49Speaker 02

  You could tap.

• 32:50Speaker 00

  Yes, that's right.

• 32:51Speaker 02

  I could tap my phone.

• 32:52Speaker 01

  Yeah, I double click your phone.

• 32:54Speaker 00

  That did it. And so I think we do our teens a disservice by not teaching them how to manage or how to budget.

• 33:01Speaker 02

  Mm hmm.

• 33:01Speaker 00

  I encourage parents to do that. I I would love for our schools to do that. We at Money Wise, we volunteer a lot, actually, our time with nonprofits and and and and stuff to go and teach families how to budget.

• 33:15Speaker 02

  Right.

• 33:16Speaker 00

  So so, uh, definitely something to to be aware of, something to just pay close attention to. And don't let leverage guide your life because that's the kiss of death.

• 33:25Speaker 02

  There's there's certain things that are good debt.

• 33:27Speaker 00

  Oh, yes.

• 33:28Speaker 02

  Right? Like I I'm OK with, you know, obviously mortgages. You're not going to come up with $500,000 to buy a house. You're just not gonna do it. Um, you know, if you if you can, good for you, I guess. Um.

• 33:41Speaker 00

  So here's a fact for you.

• 33:42Speaker 02

  Again, a car.

• 33:43Speaker 00

  Mortgage.

• 33:44Speaker 02

  Mortgage.

• 33:45Speaker 00

  Mort. Gage.

• 33:46Speaker 02

  Mortgage.

• 33:47Speaker 00

  Yeah, so it's a it's a it's a two word.

• 33:49Speaker 02

  Yeah.

• 33:49Speaker 00

  Mort is mort in French, which means.

• 33:52Speaker 02

  Dead. Death, yeah.

• 33:53Speaker 00

  Yeah, so you're gonna. You're gauging your death.

• 33:58Speaker 00

  You're not going to pay that off until you die.

• 34:00Speaker 02

  That's why it's 30 years.

• 34:01Speaker 00

  That's right.

• 34:02Speaker 02

  Yeah. And then, you know, the other good debt really, um, and a lot of people would argue with me on this is, is maybe a car. Right?

• 34:10Speaker 00

  Yeah.

• 34:10Speaker 02

  You know, the, you need transportation to be able to get to and from a place of work. Now, obviously you're not going to go out and buy a, a, a brand new Beamer and have a $1,200 a month car payment. You know, that Honda Civic is probably going to do you just fine.

• 34:28Speaker 00

  If you're gonna use, I, I like what, I don't know who, if it was the listener or somebody told me this. I just need the car to take me from point A to point B.

• 34:35Speaker 02

  Exactly. And back.

• 34:37Speaker 00

  And that's it. That's all I need. But I agree with you. I think because you go and you sit in front of a car salesman. And they bring the four square. Hey, what do you think your monthly payment should be? That's where they start.

• 34:51Speaker 02

  Yeah.

• 34:52Speaker 00

  Oh, I can afford $500. Okay, let me put you on this thing. But I cannot do the 500. Can you do 675?

• 34:59Speaker 02

  I hate that. I just get up and walk out.

• 35:02Speaker 00

  If I don't eat, if I don't eat out twice, yes, I could do the 675. Now, that's all we're thinking. We're not thinking about, maybe we need to increase our savings from the average 2% to maybe 15, 20%.

• 35:14Speaker 02

  Right.

• 35:15Speaker 00

  So we can afford the car that we want without a lot of leverage eventually.

• 35:19Speaker 02

  Those are the moments I just get up and walk out and then the salesman's like chasing me down the street.

• 35:23Speaker 00

  Yeah, that's what you get. You, you do the bizarre tactics. You walk away and then they start chasing you and just, I'll just give it to you for 400.

• 35:32Speaker 02

  Come back to me when you can do 375.

• 35:39Speaker 00

  All right, Stephen, we're going to our last break. When we come back, there's more to come.

• 35:43Speaker 01

  Have you been putting off your finances? Seize the day. Call the Money Wise office at 661-847-1000. Or email [email protected] for more information.

• 36:01Speaker 02

  What's with this Moroccan music?

• 36:07Speaker 00

  Don't be a hater. Don't be a hater. Welcome back to the Money Wise Show. Um, Justin, uh, when we were off, uh, we started talking about Hummer and

• 36:19Speaker 02

  Oh, yeah.

• 36:19Speaker 00

  Electrical cars and, and, and you said that, you said, you said something about.

• 36:24Speaker 02

  Yeah. So, uh, I just saw this, came across that, uh, the electric Hummer, which is made by GM, General Motors.

• 36:31Speaker 01

  That's un-American.

• 36:33Speaker 02

  That's un- it's un-American?

• 36:34Speaker 01

  An electric.

• 36:35Speaker 02

  An electric Hummer.

• 36:36Speaker 01

  That doesn't even make sense.

• 36:38Speaker 00

  Uh, yeah. I, I don't know. I've seen them and.

• 36:41Speaker 02

  They look pretty nice. It looks pretty cool.

• 36:43Speaker 00

  Yep.

• 36:43Speaker 02

  That's a pretty look.

• 36:44Speaker 00

  I don't know how much they cost, but they look pretty cool.

• 36:47Speaker 02

  Actually, it almost, almost outsold the Ford F-150 Lightning, the electrical light, the electric Lightning.

• 36:56Speaker 00

  Americas.

• 36:57Speaker 02

  Uh, yeah. So I was looking into this and I'm like, okay, wait, so

• 37:03Speaker 02

  General Motors and all of their electric, their EVs are

• 37:10Speaker 02

  doing really well, right? The, the Hummer is doing well. The Equinox is come, you know, the, they've got some pretty good, uh, vehicles as far as the electrics are concerned. Contrast that to Ford and Ford is actually seeing a 31% drop

• 37:30Speaker 02

  in electric vehicle sales in the second quarter of this year.

• 37:34Speaker 00

  What, what do you think? Is that because of their charging stations or lack of charging stations or the network or?

• 37:40Speaker 02

  Maybe it's the infrastructure, it's, uh, the pricing. I, I wonder if maybe even partially the, the issue is, uh, some of these tax credits and, and people wondering, are some of these tax credits going to go away?

• 37:56Speaker 00

  Yeah, that's, well, if they had bought the car before.

• 37:58Speaker 02

  It would still be, it'd be fine.

• 38:00Speaker 00

  It would still be in effect, but definitely I think you bring up a good point. I think with the new bill and the volume of the bill, I think definitely this sector is gonna suffer. You told me, I think also during the break that Tesla's stock went down 5%.

• 38:12Speaker 02

  Yeah.

• 38:13Speaker 00

  Today?

• 38:13Speaker 02

  Today, down five, five and a half percent.

• 38:15Speaker 00

  Is that because of the bill or is that because of the feud because the two men?

• 38:19Speaker 02

  Yeah, it's probably because the bromance is dead. Um.

• 38:24Speaker 00

  I think Trump is gonna deport Musk. What do you think?

• 38:27Speaker 02

  I think maybe Musk needs to buy him some chocolates or Big Macs or something.

• 38:31Speaker 00

  I definitely think, he might deport him, man, to South Africa.

• 38:34Speaker 02

  Maybe. Pull his, pull his green card.

• 38:37Speaker 00

  No, I think he's a citizen.

• 38:39Speaker 02

  Is he a naturalized citizen now?

• 38:41Speaker 00

  I think so.

• 38:41Speaker 02

  Okay.

• 38:42Speaker 00

  Yeah, I think so.

• 38:43Speaker 02

  Revoke his citizenship.

• 38:45Speaker 00

  Unconstitutional.

• 38:46Speaker 02

  Yeah. Does that, that stopped him before?

• 38:49Speaker 00

  Yeah. Going, going back to the Hummer though, I think it's just a prettier car than the F-150.

• 38:56Speaker 02

  But I would agree with that. I mean, as, as a, a point of opinion, I think it's a better looking vehicle.

• 39:01Speaker 00

  I think so. It, it just looks nice. I, I, I looked at some of the statistics between the two. The range.

• 39:08Speaker 02

  Is better.

• 39:08Speaker 00

  Is better.

• 39:10Speaker 02

  It's also got the four-wheel steering.

• 39:12Speaker 00

  And 1,000 horsepower.

• 39:13Speaker 02

  Yeah.

• 39:14Speaker 00

  And the Hummer versus 580 to 775 in the, in the F, the, the, the F-150.

• 39:21Speaker 02

  Yeah.

• 39:22Speaker 00

  So there's superiority, superiority there. I think that's, that's, people are doing their research and like, hey, well, I want this instead.

• 39:29Speaker 02

  Yeah.

• 39:29Speaker 00

  Now, price-wise, I think you can get a very cheap F-150 Lightning, like the base.

• 39:34Speaker 02

  The base model.

• 39:35Speaker 00

  In the 40, maybe 50,000 dollar range versus the Hummer.

• 39:38Speaker 02

  Yeah, you're looking 100K. For, for a good one.

• 39:42Speaker 00

  Yeah.

• 39:43Speaker 02

  Yeah. It's, it's, it's, it is pretty.

• 39:47Speaker 00

  I wonder, I wonder if we can get past what we talked about earlier and money, money that you don't have and you can spend it on something that you really, really want.

• 39:54Speaker 02

  Yeah, the, the.

• 39:55Speaker 00

  Really, no, don't need, but you really want.

• 39:58Speaker 02

  Yeah. Burning a hole in your pocket?

• 40:00Speaker 00

  I can show up here in front of MoneyWise and just, just like, hey, you wanna go on a ride?

• 40:05Speaker 02

  No.

• 40:05Speaker 00

  In my Hummer?

• 40:06Speaker 02

  Yeah. Nope. I'm gonna leave that right there.

• 40:11Speaker 00

  On a serious note, I really think the EV industry.

• 40:15Speaker 02

  Under some serious pressure. Yeah, they're, they're gonna be in for a real challenge. I think. You know, with the, with this bill, um, that's been passed, uh, and with the political headwinds that the electric and, and the alternative energy sources are going to be facing, what we already have an issue with infrastructure.

• 40:35Speaker 00

  Yes.

• 40:35Speaker 02

  That infrastructure is not going to get any better under this bill.

• 40:38Speaker 00

  Correct. Look, you look at, people invest in money. They're not going to invest in something that has risk.

• 40:45Speaker 02

  Right.

• 40:45Speaker 00

  And this has a huge risk because it survived based on those tax credits.

• 40:49Speaker 02

  Right. Subsidies and everything else. Yeah.

• 40:51Speaker 00

  If those are pulled, then it's going to be very difficult.

• 40:54Speaker 02

  Yeah. You're not going to be throwing that money in there if there's not going to be some kind of a subsidy that's going to be able to bankroll you.

• 41:00Speaker 00

  Yeah. Now we live in a state that believes in the EVs and they're going to find a way how to maybe, if, even if the federal program goes away, they might.

• 41:07Speaker 02

  The state might subsidize something, right?

• 41:09Speaker 00

  You know, the, the.

• 41:09Speaker 02

  On a state level?

• 41:10Speaker 00

  But I don't think that's the answer though.

• 41:13Speaker 02

  Right.

• 41:14Speaker 00

  You know, the, the, have, having this challenge, we need to have a long-term solution for the challenge. I still like EVs or some sort of EVs. What I do not like is the fact that we have now a date of 2035.

• 41:30Speaker 02

  That's been pulled though, I think, uh, through the executive actions, right? So.

• 41:34Speaker 00

  It's, it's in court.

• 41:35Speaker 02

  Yeah, that's going to be going.

• 41:36Speaker 00

  The state is suing for that.

• 41:37Speaker 02

  Yeah.

• 41:38Speaker 00

  But I hope, I hope that just falls. I still do believe in EV or some type of renewable energy over time.

• 41:45Speaker 02

  Right.

• 41:46Speaker 00

  Cause I think we have a finite amount of oil that's eventually going to go away, but it's not going to go away in the next 50 years.

• 41:51Speaker 02

  Yeah.

• 41:52Speaker 00

  I don't think so.

• 41:53Speaker 02

  But we also, as we were talking again off air, was that there's a certain thing that we believe in, in this country, which is called freedom.

• 42:00Speaker 00

  Yeah, we're talking about that too.

• 42:02Speaker 02

  There's a freedom of choice. If I want to buy an EV, that's my choice.

• 42:06Speaker 00

  And if I want to have a gas guzzler like I do.

• 42:09Speaker 02

  If I want to buy, buy an old, like 1965 Oldsmobile with a 454.

• 42:15Speaker 00

  Man, let me.

• 42:15Speaker 02

  I'm going to go ahead and buy it.

• 42:16Speaker 00

  That's why.

• 42:17Speaker 01

  A real Hummer.

• 42:18Speaker 02

  The real, the real Hummer.

• 42:19Speaker 00

  Do they still make those?

• 42:20Speaker 02

  The one that takes up two lanes.

• 42:21Speaker 00

  They, they don't make those anymore, Stephen.

• 42:23Speaker 02

  They, they drive them in the army.

• 42:24Speaker 00

  Those, they, they stopped production of those when Mr. Elliott stopped production of music.

• 42:29Speaker 01

  Thank you. Even trade.

• 42:33Speaker 02

  I think that was fair.

• 42:34Speaker 00

  Yeah, but but I I really don't know where this thing is gonna go between Musk and and President Trump. I it's it's it's.

• 42:42Speaker 02

  Somebody needs to send some roses and some chocolates.

• 42:45Speaker 00

  Yeah, yeah, it's just nonsense really at the highest level, in my opinion.

• 42:51Speaker 01

  Put him in the celeb, what is it, a death match?

• 42:55Speaker 02

  Yeah.

• 42:55Speaker 01

  Let him box it out.

• 42:56Speaker 02

  Yeah, the old MTV.

• 42:58Speaker 00

  Octagon, I say UFC.

• 43:00Speaker 01

  That'll work, I'll pay for it.

• 43:01Speaker 00

  Yeah, definitely, that would be worth watching. I think Trump, I think Trump will win.

• 43:07Speaker 01

  He's 78 years old.

• 43:08Speaker 00

  Doesn't matter. Have you seen, have you seen, what's his name on the, his boat? The, ah, you know what, dude? I think Trump will take him. I'm, I have my money on Trump.

• 43:19Speaker 02

  Diaper and all?

• 43:22Speaker 00

  I think Trump will take him. Let's take a bet, Justin. We took a bet before.

• 43:26Speaker 02

  Yeah, right.

• 43:27Speaker 00

  And you won, I need my money back.

• 43:28Speaker 02

  You need your money back because that's a fight that would never actually happen.

• 43:30Speaker 00

  I want money back, man.

• 43:32Speaker 01

  Vegas would put some bets up.

• 43:33Speaker 00

  Definitely, definitely. Well, great having you back on the show, Justin. Hosting with you was fun. Steven, who do we have tomorrow?

• 43:41Speaker 01

  We have Mary Ann and Ashley from Legacy Staffing Solutions joining. You might know her.

• 43:47Speaker 00

  Yeah, I've known her for 21 years. She's living with me. She's my roommate.

• 43:51Speaker 01

  She's your roommate. She's gonna slap you tomorrow. On the air, we'll be getting down to business tomorrow, live from 2 to 3 right here on the Money Wise. Guys, until then, be smart, be safe, be money wise.

• 44:12Speaker 04

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