Bigger Insights Finance Podcast - Cover Art

Welcome to Bigger Insights Finance

Intro

Welcome to the Bigger Insights Finance podcast, where we’ll help you build a life you don’t need a vacation from. The goal of this podcast is to give you the education and insights you need to plan your financial future, as well as grow and protect your assets. We’ll essentially be discussing all things personal finance, but some of the most notable topics include:

  1. Budgeting and saving
  2. Debt management
  3. Retirement planning
  4. Investing: Stocks, bonds, real estate, commodities, gold, silver, cryptocurrency
  5. Business development
  6. Tax planning
  7. Tax-favored accounts: 401(k), IRA, HSA
  8. Risk management
  9. Asset protection
  10. Estate planning

Bigger Insights, LLC is an Ohio limited liability company founded in 2020. In addition to producing blog and podcast content, we provide one-on-one consulting services for our clients on the topics of Finance, Privacy & Security, and Technology.

Podcast

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Welcome to the Bigger Insights Finance podcast, where we’ll help you build a life you don’t

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need a vacation from.

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The goal of this podcast is to give you the education and insights that you need to build,

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and just as importantly, protect your wealth.

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We like to emphasize protecting your wealth here at Bigger Insights because we think that

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this is often overlooked.

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Everyone wants to build wealth that’s very obvious, but what’s less obvious to people

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is how risky life is, which begs the question, what good is building wealth if you don’t

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know how to protect it?

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And when we say protect your wealth, we mean securing your purchasing power from taxes,

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confiscation, scams, hacking, estate problems, inflation, market risk, on and on.

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In this podcast, we’re going to be discussing pretty much all things personal finance as

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well as some economics and perhaps a little bit of politics as they pertain to your finances.

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Some of these topics will include managing debt, budgeting and saving, tax strategies,

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asset protection, retirement planning, tax-favored accounts, saving for large purchases, whether

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that be a home or a car or saving for college.

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But one thing that you’ll notice is that we are going to be talking about taxes quite

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a bit.

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Now, personally, we hate taxes.

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We don’t really want anything to do with them.

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But the sad reality is that for many people, they are our largest expense and we get a

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great deal of satisfaction out of saving on our taxes and helping other people reduce

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their tax burden.

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Our philosophy toward finance is we’re basically here to try to help teach you how to fish

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rather than just tell you what to do.

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So from that standpoint, we’re going to try to avoid having any really strong opinions

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about something like, you know, we’re not going to name any names, but if you follow

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other people in the personal finance space, you’ll hear a lot of things like, “Get out

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of debt! Cut up your credit cards!” You’re not going to hear things like that here at

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Bigger Insights because we’ve learned over the years that there’s a time and a place

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for pretty much everything.

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So rather than treat you like a child who has no self-control, we’re going to do our

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best to give you the full picture about things like credit cards, for example, so that you

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can make financial decisions that are better suited for your circumstances.

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We started Bigger Insights because there is such a serious lack of quality financial

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education in our homes, schools, and even on the internet.

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The internet is absolutely riddled with clickbait that’s just so shallow that it has very little

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value.

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This is a lesson that unfortunately I had to learn the hard way when I entered adulthood.

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I didn’t take finance seriously up until this point because I didn’t know what I didn’t

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know.

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When I started having to deal with things like taxes, retirement planning, tax-favored accounts,

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and so on, it eventually became clear to me that I was inadequately educated.

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I remember encountering many uncomfortable questions like, how much car or home can I

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afford?

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Which tax-favored accounts should I contribute to,

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and how much should I contribute?

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How much should I be saving for retirement?

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What health insurance plan should I choose?

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And one of the things that bothered me the most about this was I had pretty much no one

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that I could turn to to get these questions answered.

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I have more of a technical background, although I also have an MBA, and I’ve always had some

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interest in finance because, let’s be honest, who doesn’t want to be wealthy?

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But there were two things in particular that, you know, despite making good money in a technical

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role, it became very clear to me that I needed to invest more of my attention on my financial

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future.

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One of those things was the Great Financial Crisis (GFC) of 2008.

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I remember that event very well, and one of the key lessons that I learned from that event

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is that no matter what you do, you need to be financially savvy to grow and protect your

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wealth.

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A lot of people’s wealth got decimated in the GFC despite having virtually nothing to

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do with the financial industry.

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Not to be a negative Nelly or anything, but it appears we’re on the verge of a very similar

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or perhaps worse situation here in 2023.

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It’s very clear to me now that people who ignore finance, macroeconomics, financial

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history, and politics suffer greatly when the economy rolls over, the banks get bailed

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out, and people get laid off en masse.

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So if you want to have a bright financial future, you need to pay attention and make

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that happen.

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Wealth and success don’t just happen, you have to make them happen.

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The other major wake-up call for me was, I used to be like most everyone else.

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I believed what I had been told about finance for as long as I could remember.

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Get good grades, go to college, get a good job with good benefits, avoid debt, and everything

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will just magically work out.

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Well, unfortunately, it doesn’t really work that way.

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If you’re just looking to not go broke, this is a great strategy.

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But if you want more out of life, you need a more sophisticated approach, especially

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if you want to have and enjoy some wealth before you start collecting Social Security.

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I’ve been keeping track of my finances ever since I graduated college.

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After graduating, I always had some excuse for why my wealth wasn’t growing as much as

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I thought that it should.

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I had student loans and other large one-time expenses that I had to service.

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And what I found out was, the mistake that I was making here was not challenging my assumption

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that having a good job and saving and investing a decent chunk of my income was going to be

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sufficient.

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When I paid off those large expenses, I still wasn’t satisfied with my financial situation.

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So one day I sat down and created a spreadsheet model that projected my financial situation

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out into the future.

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Now, admittedly, this was somewhat crude, but I think it was sufficient for just giving

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me a rough peek into my financial future.

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I set a range of expectations for salary raises, inflation, return on investments, and savings

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rates. When I performed the projection from my base case, my jaw literally dropped.

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I felt sick to my stomach.

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Even just talking about it now, I feel sick about it, and I’ll never forget how sobering

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it was to see how much of a gap there was between my assumptions and reality.

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I didn’t have in mind any really hard numbers for what I was expecting to see, but these

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were not good. I’m not going to say what those results were. They were in the millions

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in today’s dollars, but considering my education, skillset, and savings rate, they were disappointing

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to say the least.

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And it wasn’t even just the final numbers that bothered me. Even more disturbing was

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how slowly my portfolio was expected to grow. It wasn’t even until about age 61 until I

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was projected to start seeing significant portfolio growth due to compounding. So in

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other words, if I just continued doing what I was doing, which was making good money, in

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an area that has a relatively low cost of living, and saving at an unusually high rate

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and encountering no major setbacks, I was going to end up doing just okay by the time

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I retire. Now, I don’t know about you, but I refuse to accept that. And right about now,

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some of you might be thinking, “Oh, well, retiring with millions isn’t such a bad thing. What’s

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the big deal?”

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But again, this was under the assumption of saving and investing almost all of my income

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after taxes and basic living expenses for decades. Who wants to do that? That doesn’t

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sound very appealing, not at least not to me. So it became abundantly clear to me that

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if you want to have and enjoy some wealth before you need a hip replacement, you need

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to do more than just have a good job and save and invest a big chunk of your income. So

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these are just some of the reasons why we started Bigger Insights. We are here to help

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you come to these realizations as well, and give you the tools and inspiration you need

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to build a more fulfilling future. Along these lines, we would encourage everyone listening

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to this to do what I did and set down some time and challenge your assumptions. You know,

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if you continue doing what you’re doing, what does your future look like? The answer will

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probably disappoint you. So before we go on, let’s go over a few caveats real quick. First

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of all, some of this information is subject to change as our business evolves. For smaller

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changes, we might just revise the description of this episode or maybe add some information

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to it on our website, biggerinsights.com. But if more serious changes need to be incorporated,

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we might just revise and republish this entire episode. We’re going to do our best to try

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to keep things in our podcast as civil and friendly as possible with regard to language

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and politics and things like that, because we recognize that young people need to hear

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this information as well. The sooner someone gets on the right financial path, the better

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off they’ll be. We’re going to do our best to avoid political discussions. But this is

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an increasingly difficult thing to do. As time goes on, governments and central banks

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are effectively nationalizing greater and greater shares of the economy. People ask

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me questions like, “Are we going to have inflation or deflation?”, or “Are gold or stocks or

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cryptos going to rise?” And unfortunately, the real answers to questions like those is we just

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need to be educated and vigilant so that we can quickly adapt to changes in policy. Because

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let’s be honest, we don’t have a free market. We don’t have capitalism. We have what’s

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increasingly becoming a centrally-planned economy. So there are no simple answers to

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questions like these anymore, because fundamentals are becoming less and less relevant. However,

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we’re not going to take sides here because our political woes with respect to finance

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are nonpartisan. Another caveat that we want to emphasize is that some of the items that

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we discuss might not be applicable to your situation, your jurisdiction, or might change

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by the time you actually hear it. So for example, we like HSAs, so we’ll probably be talking

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about them quite a bit, because they’re not well understood and can be very powerful.

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However, HSAs might not even exist in your country. And if you live here in the US, HSAs

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are taxed differently depending on what state you live in. If you live in California or

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New Jersey, as far as we can tell, those are the only two states that tax HSA contributions,

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interest, dividends, and capital gains. So if we’re talking about, you know, how an HSA

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can save on your taxes, you might be kind of confused if you live in those states, because

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some of those tax breaks don’t apply to you. All right, let’s switch gears for a minute

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and talk about Bigger Insights the company. Bigger Insights is an Ohio limited liability

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company founded in 2020, everyone’s favorite year. Considering how much of a dumpster fire

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2020 was, we figure Bigger Insights is perhaps the best thing to come out of 2020. We’re

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located in the Cincinnati area, but don’t get hung up on that because we do remote work

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almost exclusively, so we can serve clients almost anywhere. We have a website, biggerinsights.com,

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which you should check out. It contains our blog, contact information, resources, FAQs,

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and we also publish all of our podcast episodes up there as well, which you might want to

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take a look at because that might include some blog content, video content, or transcriptions

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that you might not be able to see on whatever platform that you’re listening to this on.

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In addition to our podcast and blog content, we provide one-on-one consulting services

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for people like you. And if you’re not familiar with our work, we do more than just finance.

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We also provide content and consulting services in the Technology and Privacy & Security

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space. So go ahead and take a gander at that content as well. We publish our Technology

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and Privacy & Security podcasts to our website, Apple Podcasts, and Spotify at this time,

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but we may publish to other platforms in the future. Google Podcasts has also gone ahead

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and published an aggregation of our podcasts without our knowledge or consent, if you can

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believe that. You can find the links to all of this on our website, biggerinsights.com.

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So right about now, some of you are probably thinking that this sounds a little bit strange,

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like what do finance and technology and privacy and security have to do with one another?

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Why not just focus on one thing? And our response to that is we believe that no matter what

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you do or who you are, all of these things work together and they’re important if you

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want to live a prosperous and secure life. So in other words, Bigger Insights is about

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sovereignty and resilience. If you can master these topics, we can pretty much guarantee

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that you’ll be more sovereign and resilient. This is something that makes us very unique.

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We can see the forest through the trees to an extent that a lot of others in this space

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simply cannot. For example, I just saw the other day that a lot of celebrities, YouTubers,

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influencers, and whomever are being sued in a class-action lawsuit for shilling FTX.

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Now if we’re going to give them the benefit of the doubt and take the position that they

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just had no idea what was going on, we can honestly say that we’ve always advised against

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our clients using centralized exchanges, KYCed services in most hot wallets. We obviously

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can’t see these types of fraud either, but we’re a big believer in the “play stupid games,

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win stupid prizes” philosophy. A lot of people in the financial space don’t seem to have

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the slightest clue as to what the privacy and security ramifications are for a lot of the

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investments they’re making and the services they’re using. If you’re going to hand over

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your digital assets to some startup, especially one that’s overseas, you’re playing a stupid

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game and you’re at high risk of winning a stupid prize. So think about it this way.

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If you can master technology, you can be more productive, you can make more money, and ideally

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not be replaced by AI like ChatGPT. I’m going to read a quote that I like about technology

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by someone named Christian Lous Lange or whatever. Sorry if I mispronounced his name. He said,

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“Technology is a useful servant but a dangerous master.” And that was a very prescient thing

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that he said, especially considering I’m pretty sure he said that in the 1930s. This is the

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thing that we need to keep in mind about technology. It’s extremely useful. But if you’re not

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keeping up with and taking advantage of technology, we’re afraid the technology is going to take

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advantage of you. And this applies almost no matter who you are or what you do. You know,

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whether you’re in finance or you’re a dentist or a baker or whatever, you’re going to find

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it difficult to compete if your competitors are making better use of technology than you

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are. If you can master finance, this will obviously help you manage, grow and protect

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your assets. And like I alluded to earlier, if you’re ignoring your finances and just

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assuming that everything will work out well for you because you have a good job, just

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like I did, you’re probably going to find out the hard way that that’s just not the

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case. We like finance. We believe it’s very important and we think that everyone should

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take it seriously. When speaking to friends, family and clients, we sometimes hear things

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like “Money isn’t everything!”. And if that sounds like you, I hate to be the bearer of bad

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news, but it actually kind of is. I’ve been hearing things like this and “Money doesn’t

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buy happiness!” all my life. But the statistical reality pretty much says otherwise. Wealthier

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families tend to be happier and healthier. Their children tend to do better in life.

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Money issues are the number one or number two leading cause of divorce. So you can believe

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whatever you want to believe, but the data is quite clear. Like Jim Rickards says, “You’re

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entitled to your own opinions, but not your own data.” We’ll probably do an entire episode

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on this someday. But just as a thought experiment, sit down sometime and think about all of the

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important things in your life or the things that you value. How many of those things aren’t

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significantly impacted by your financial situation? Your health, education, leisure or hobbies?

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Those things ain’t free. The only remotely credible response we usually hear is love.

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But at least in terms of romantic relationships, the data doesn’t quite agree with you there

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either. Like I said, money issues are a leading cause of divorce. I have personally been in

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a relationship with someone who not only spent all of her time and money, but she made my

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life a living nightmare trying to force me to blow all of my time and money as well.

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If you’re married and you still don’t believe me, next time your spouse brings up buying

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discretionary items or going on an expensive vacation or modeling the house or something

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like that, insist on saving and investing that money instead. Keep that up for just

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a little while and I can almost guarantee you that you’ll be made painfully aware as

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to how important money actually is to your relationships. I’m going to read to you one

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of our favorite money quotes from Malcolm Forbes. He says, “Money isn’t everything as

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long as you have enough.” Now naturally, a lot of people will focus on the first three

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words, “money isn’t everything”, which we’ll agree with. But the second half is also important,

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“as long as you have enough”, which we also agree with. If you have plenty of money, then

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it is definitely not everything. But if you don’t, it suddenly becomes everything. We

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also believe that privacy and security are not only very important, but too often overlooked.

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Regardless of what you have, we all have something to protect. And obviously, as your wealth

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and assets grow, so too do your risks. This is not news. Wealthy people have obviously

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been using things like insurance and LLCs and trusts and estate plans to protect their

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assets. But what’s changing is that everything is going digital. Everything is connected

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to the internet. The law and your lawyers and your trust and your LLCs can only protect

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you so much. You know, your lawyer isn’t going to protect you from ransomware. The law is

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not going to protect you from being harassed or doxxed online. You know, the landscape

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is changing so quickly that a lot of people are having a hard time adapting and seeing

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the risks that we face going into the future. So if you care about yourself, your family,

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your business and your assets and your future, you need to start taking your privacy and

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security very seriously, and as soon as possible. If you make a mistake, that could cost you

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your job, that could cost you your business. You know, I see these articles pretty regularly

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about entire businesses getting closed because they got hit with ransomware, because Karen

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and accounting open an infected email attachment or something like that. Or someone loses

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millions of dollars in crypto assets because they got SIM-swapped because they didn’t realize

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the dangers that SMS two-factor authentication and account recovery pose. This is what we’re

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here for people. This is why we exist. We’re here to help you not only build your wealth,

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but prevent becoming a victim of scammers, hackers, government and other ne’er-do-wells.

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I’m going to read a quote about privacy that we like from Tim “Apple” Cook. He says, “This

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is the golden age of surveillance that we live in. There is more information about all of

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us. So much more than 10 years ago or five years ago, it’s everywhere. You are leaving

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digital footprints everywhere.” Now he should obviously know, so you should take that seriously.

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But just think about that for a minute. This deserves its own episode, but one of the weakest

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links in the chain that protects your accounts and assets is your privacy. If you’re leaving

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your digital footprints everywhere, not only does it leave you vulnerable to an infinite

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amount of exploitation possibilities, but this allows anyone who knows your information

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to potentially gain control over your accounts and assets. If you’ve ever gone through an

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identity verification challenge before, you’ve probably gathered that they’re pretty easy

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to pass. “What’s your mother’s maiden name? What city were you born in? What color is

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your car?” It’s seemingly benign information like this that might be the only thing keeping

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someone from exploiting you. So take your privacy and security seriously. Just to give

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you kind of a comical example of this, I saw a story a while ago about a guy who went out

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of town for a while, like a month or something like that. And when he came back home, he

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was surprised to see some random family in his home. So what happened there, you might

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be wondering? Well, somebody pretended to be him, got into his home and sold it while

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he was gone. Now, admittedly, I don’t know all of the context behind that story, but

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it’s pretty safe to assume that whoever sold his home knew a thing or two about him. For

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example, that he was going to be gone for quite a while. I mean, you obviously wouldn’t

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try to sell someone else’s home while they’re at work. So whoever did that had to have known

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that he wasn’t going to be there for a while. We see stories like these every day, and we

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expect them to become so prevalent in the future that they’re going to make peoples’

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heads spin. So if you don’t want to end up in the news like this, you need to get up

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to speed and protect your privacy and security. And you might be thinking, at least with regard

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to finance, “Well, I have an accountant or financial advisor and he takes care of my

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finances, so I don’t need to worry about it.” That’s great, and having an advisor on your

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team is probably a good idea. But we would argue that you still need to be educated on

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pretty much anything that has a significant impact on your life and future. This reminds

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me of what Robert Kiyosaki says in some of his books. He says something to the effect

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of, and I’m kind of paraphrasing here, I don’t remember the exact wording, but he says something

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like, “The poor want to know a lot about a little, but the rich want to know a little

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about a lot.” And our interpretation of that is that being an expert on something definitely

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has its advantages, but gives you a very narrow focus and leaves you vulnerable in the sense

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that you’re very reliant on the skills and advice of other people, who may or may not

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know what they’re doing, or may or may not have your best interests in mind. Knowing

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a little about a lot makes it easier to make connections that others can’t, as well as

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helping you assess which professionals are better suited for your situation. Because

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let’s face it, how are you going to know if someone is a good financial advisor, if you

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don’t know anything about finance? How are you going to know if they’re good at their

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job or if they’re giving you a good value? When I’m in the market for a new professional,

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I like to shop around and ask them some questions to see if they really know what they’re talking

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about. For example, I’ve met an attorney who claims to be an expert on real estate who

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didn’t know what a land trust was. I met a business attorney who very clearly didn’t

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understand the difference between a corporation and an LLC. But I can do this because I’ve

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invested the time and money educating myself in these areas. If you don’t do that, you’re

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really flying blind and just trusting that anybody that you’re dealing with knows what

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they’re doing. So now let’s talk about who we are not. We are not CPAs, CFAs, CFPs, RIAs,

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attorneys, fiduciaries, or other financial experts. However, note that we do consult

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with these experts. But one of the differences is we don’t charge you $400 an hour. And like

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I alluded to earlier, having one of those certifications is not a guarantee of anything.

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It’s pretty scary how often we come across experts who don’t seem to understand some

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of the most fundamental concepts of their chosen industry. Another thing that we notice,

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which is really quite strange is a lot of professionals really don’t enjoy the work

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that they do. Either that or they are just not interested in it or they just don’t believe

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in it or something like that. It’s very strange. But we would argue that you probably don’t

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want to be doing business with someone like that. For example, we’ll meet realtors who

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don’t invest in real estate. It’s completely bizarre. I mean, I get that, you know, being

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a realtor is a job, but still, I mean, it gives you such a huge advantage over other people.

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Not to mention real estate is an attractive asset class or at least it has been. It’s

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looking kind of shaky right now. But when I meet a realtor who doesn’t invest in real

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estate, it just really makes me wonder whether they’re even interested in their career or

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if it’s just a paycheck to them. And if it’s just a paycheck, then I would wonder how useful

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they’re actually going to end up being to me. You know, we’ll also see people in the

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financial industry who are, you know, up to their eyeballs in debt and who hardly invest.

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It’s just, it’s a very strange phenomenon that we’ve seen. And we would recommend that

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you keep this in mind as you shop for a professional advisor. And that might sound kind of harsh,

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but like, just just think about like this, would you hire a software developer

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who doesn’t develop any software in their free time? Another thing to keep in mind,

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at least with regard to the financial services industry is many of those professionals won’t

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even give you the time of day if you don’t have a lot of assets for them to manage. For

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example, a lot of the advisory firms that we’ve seen won’t take you on as a client if you

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don’t give them at least $100,000. We don’t do that because we don’t manage people’s

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money. We give you education and insights so that you can build and manage your own

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money. And this is something that’s very interesting in the financial services space. Because if

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you think about it, somebody who has, you know, six figures plus in assets to manage

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probably knows a thing or two about finance. And at that point, they might not really need

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an advisor, although it might still make sense for them to hire on so that they can focus

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on other things. But ironically, it’s the people who have less than $100,000 in assets

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that need the most financial help. And that’s where we come in. We’ll help teach you how

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to fish and get that ball rolling so that once you do get up to hundreds of thousands

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of dollars in assets, you can either manage it yourself and do quite well, or hand that

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off to a financial advisor. So now let’s talk a little bit about what we do. In addition

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to making podcasts and blog content, we serve clients just like you in one-on-one sessions.

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We charge an hourly rate, which we don’t normally disclose for a number of reasons. I mean, one,

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it’s liable to change, especially with, you know, who knows what the dollar is going to

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be worth in a year. And hourly rates can also be quite misleading, because they don’t quite

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make it clear what you are or aren’t getting or what’s charged and what’s not charged.

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So for example, we do some pro bono work from time to time. A pretty significant amount

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of our time is spent helping clients with quick requests for free over text. So for example,

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just the other day, I was helping one of our clients configure how her accounts were linked

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in the Fidelity app. We didn’t charge her for that, and that was around midnight. This

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is actually pretty common for us. Sometimes we help clients as late as three in the morning,

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and sometimes for free. So good luck trying to find someone else who will do that for

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you. And you know, obviously, we can’t guarantee that for everyone, we can only do so much.

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But we are very reasonable about keeping costs low, especially for quick requests. So if

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for example, you were to ask us if we like gold right now, you know, we would chat with

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you about that. But if you were to ask how you should plan for retirement, you know,

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that’s something that we would do a billable session for. And finally, on the billable

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rate issue, we like to discuss what we offer in more detail when we sit down with the prospective

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client. And we also like to talk about how others can be misleading with their hourly

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rates, which of course makes it difficult to compare professionals apples-to-apples,

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like what Warren Buffett said, he said, “Price is what you pay, value is what you get.” We

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may not necessarily charge the lowest hourly rate, although it’s definitely not the highest.

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But we believe that we’ll give you the best value. And you might be thinking, “All right,

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well, that sounds great. But like, what does a meeting actually look like? Like what, what

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would I reach out to you for to get help with?” And what we typically see from our clients

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falls into three basic buckets. The first one being acute issues. So you might have

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a very specific request like you want help evaluating a large purchase, for example.

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That might be a car or a home or something like that. So in that case, we would sit down

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with you and talk about your financial situation, your goals, your risk tolerance, and other

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considerations to help you make a prudent decision. For example, when one of our clients

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is considering buying a home, first of all, we’ll assess whether that’s actually the

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right move or if renting would be more appropriate. Then we’ll help them come up with a budget

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and talk about other considerations, like how this will impact how much driving they’ll

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need to do. You know, your time is incredibly valuable. So we really try to steer our clients

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away from moving out to the sticks, just to save a few hundred dollars per month. We’ll also

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talk about other things that they might not be thinking about, like whether the jurisdiction

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that they want to move to will give them 100% credit for the taxes that they pay to the

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city where they work, because some of them do not. And you don’t want to find out about

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that until after you close and end up doing your taxes and find out that you’ve got a

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bigger tax bill than you were planning on. Some of the requests from our clients are

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purely educational. You know, someone, for example, might ask us just to know a little

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bit more about the tax code. So we’ll sit down with them and explain certain portions

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of the tax code that are applicable to their situation, as well as some ideas to consider

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which may help them reduce their tax burden. The third type of request that we typically

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get we could consider to be ongoing maintenance. So for some of our clients, we’ll sit down

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with them on a regular basis and do things like give them portfolio rebalancing suggestions.

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Now we’d like to emphasize the word “suggestions” because again, we don’t touch your money. We

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don’t manage your money. We don’t want to do that. The only money we touch are the fees

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that you pay to us after we give you service. So we might say that we think that you should

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reduce your stock exposure and buy a little bit more gold or something like that. You

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know, you’re free to do or not do that. We’re not going to go into your Schwab account and

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you know, start trading and racking up fees or something like that. That’s just not the

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business that we’re in. All right, so that’s a good segue into going over some of the details

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about what we do not do. We do not give financial, tax, legal or other professional advice in

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this podcast or on our website. And again, we do not manage client assets or accounts.

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We do not recommend or sell insurance or any specific securities. Now if you want to ask

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our opinion on specific securities, we’ll give that to you, but we’re not just going

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to come out of the blue and say, you know, you should go put all of your money in the

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ARK Innovation ETF or something like that. Another thing that we do not do, and we want

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to make this very clear, because we highly respect the privacy of our customers’ data.

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We do not sell your data, and we do not sell or recommend sketchy products or services.

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Now we’re not opposed to recommending products or services, but we’re not going to do that

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if we think that they’re risky, or if that we don’t trust them for one reason or another.

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Now let’s talk a little bit about what makes us different from our competitors. You’ve

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probably picked up on some of this, but unlike some of our competitors, we take a very comprehensive

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approach. We believe it’s insufficient for a financial advisor or coach or educator or

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whatever you want to call them to only focus on finance. You’re liable to get very risky advice

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like, “Oh, open an account on FTX and start trading Bitcoin and FTT tokens” or something

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like that, or to hand over all of your sensitive information to an app like Mint or Personal

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Capital or You Need a Budget (YNAB) or some of these other things. We have the technical and the

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privacy and security background to help you avoid the dangers that some of these apps and services

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pose to you that a lot of financial professionals just don’t see. Another thing that makes us

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different is we focus on our client’s individual needs. Every client’s situation is different in

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terms of risk tolerance, threat model, family matters, health issues, income security, etc.

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And for that reason, every strategy we develop is fine-tuned and tailored to each client’s specific

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needs. So like what we were saying earlier about credit cards, you know, credit cards can be an

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amazing tool for some people and they can be a disaster for other people and we’ll help you

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figure that out and make the best of that situation. We are also very flexible. You know,

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a lot of our clients, and this might apply to you as well, have a nine to five JOB. Well,

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if that’s the case, how are you going to work with most other advisors because a lot of them

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only work nine to five Monday through Friday as well. A big chunk of the consulting services

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that we provide are actually after hours. And oftentimes that can include, you know, late at

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night, or on the weekends or on holidays. You know, how many professionals do you know who are

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willing to do that for you? As far as our financial services are concerned, because we don’t have a

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fiduciary obligation, we can be very creative about how we help our clients. We can give you

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ideas that are truly best for your situation. Have you ever noticed that most financial advisors

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push clients into traditional assets like stocks, bonds, and annuities? The reason for that is

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because their compensation is usually based on a percentage of the assets that they manage,

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or on commissions or trading fees. So you’re hardly going to hear a peep out of them about,

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you know, buying a rental property or buying some gold coins and

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putting them in a safe somewhere, because they don’t get to charge you money for that.

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We charge by the hour, so we’re free to talk to you about pretty much anything. Another thing that

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really sets us apart is we’re very honest with our clients. We tell them what we think that they

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need to hear, not what we think they want to hear. Now, I have about a decade of experience in the

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professional services industry, and I can tell you with certainty that it is absolutely riddled

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with advisors who will only tell their clients what they think they want to hear. It’s a huge

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problem. If you work in that industry, you’ll hear these things all the time, like “Perception is

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everything”, and “It’s easier to beg for forgiveness than ask for permission.” And when people say things

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00:40:17,800 –> 00:40:23,240
like this, what they’re really admitting to is the belief that they think it’s okay to take

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advantage of their clients as long as they’re just not aware of it. And if they get caught,

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then they can do some damage control and try to talk their way out of it. And that’s one of the

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reasons why I left that industry and started Bigger Insights. I was tired of seeing things

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like that, and I didn’t want anything to do with it. So we’re not going to take advantage of you.

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We’ll tell you what we think you need to hear. And if we think for whatever reason that we’re not

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the organization for you, we’ll recommend that you seek the help of someone else that’s better

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suited to your needs. And finally, one of the things that makes us very, very unique, especially

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in the financial services industry, is we take your data and your privacy very seriously. This

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starts with collecting minimal information. For some of our clients, we know virtually nothing

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about them. And that helps protect them. And that helps protect us. So even if we were to get breached,

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for example, or if law enforcement was to make a request, we have very little information to give

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up in the first place. And with very few exceptions, our customer data is stored locally on encrypted

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00:41:36,200 –> 00:41:43,880
systems that we physically control. We do have accounts with various cloud providers. But that’s

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not where we store our customers’ data. Some exceptions to that would be like if you email us,

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then obviously that information is stored on our email provider’s servers. And also if you fill out

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00:41:56,760 –> 00:42:02,920
the form on our website, that information is stored on our website until we clean it up. But even in

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00:42:02,920 –> 00:42:08,440
those cases, we clean that data up on a regular basis. Alright, so to start wrapping this up,

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let’s go over some action items. If any of this sounds interesting to you, why don’t you go ahead

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00:42:13,400 –> 00:42:20,200
and visit our website, biggerinsights.com, where you can check out our podcast, our blog content,

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our contact information, or to reach out for an initial consultation. If you would like a

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consultation, you can go to our website and fill out the brief form at the bottom of the page.

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00:42:31,240 –> 00:42:36,680
Go ahead and subscribe to our podcasts, plural. Just go ahead and subscribe to all of them. We

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00:42:36,680 –> 00:42:41,800
think that they’re great. And you know, we think that these topics are all interrelated. But,

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00:42:41,800 –> 00:42:46,440
you know, some people don’t see it that way. So I’m sure some listeners will only subscribe to

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00:42:46,440 –> 00:42:52,040
our Finance podcast and really not care about the Technology or the Privacy & Security ones, but

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00:42:52,040 –> 00:42:56,840
you know, we’re not exactly cranking out episodes every day. So it won’t hurt you to go ahead and

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00:42:56,840 –> 00:43:02,920
subscribe to all of them. And finally, go ahead and reach out to us. We’re very easy to contact.

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00:43:02,920 –> 00:43:10,440
We’ll talk to you. You can talk to us through Signal, Session, Matrix, email, SMS, Mastodon,

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00:43:10,440 –> 00:43:16,760
Twitter. You can contact us if you just want to say hello, or if you want to request a consultation.

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00:43:16,760 –> 00:43:22,280
But we would also ask that, you know, you give us feedback, requests, like if there are certain

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topics that you want us to discuss. You know, please contact us if you have any questions,

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00:43:27,480 –> 00:43:33,320
or if you notice any errors, which is important by the way, if there’s an error, please contact us

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00:43:33,320 –> 00:43:39,080
and give us the chance to fix it. If it’s serious enough, we might re-edit and republish the episode.

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00:43:39,080 –> 00:43:43,720
Don’t just, you know, flame us with a one star review over something simple, like,

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00:43:43,720 –> 00:43:48,280
you know, we screwed up the contribution limit for a Roth IRA or something like that.

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00:43:48,280 –> 00:43:54,360
Give us a chance to fix our mistakes. And also contact us if you think someone might be

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00:43:54,360 –> 00:44:00,200
trying to scam you by posing as someone from Bigger Insights. There’s a lot of that going on.

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00:44:00,200 –> 00:44:05,880
And you know, we’re not going to reach out to you and, you know, ask you for Bitcoin and we’ll

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double it and send it back to you and one of these other stupid scams that are going around.

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So if you see any of that, please let us know so that we can do something about it.

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All right, that’s it. Thanks for staying until the end. Make sure you subscribe and go build some wealth!

Disclaimer

We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, or other advice. See our full Disclaimer for more details.

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