Listen: President And Ceo, Robert Harwood, Blockchain discussed on Win at RETIREMENT the Harwood Way with Robert Harwood
"Now, Robert Harwood and Todd Schnitt ladies, gentlemen, Todd Schmidt here sitting right across over. There is Robert Harwood the president and CEO of the Harwood financial group at Bob. I think I speak for us. Both what we're going to instruct the listeners to strap in tightly. We have a lot to go over today. We're going to start with something that you are bombarded with your phone's ringing off the hook when you have client meetings. It seems that everyone wants to know what's the deal with this bitcoin thing it's up. It's down. It's a roller coaster. It's worth nearly twenty grand one minute. Then it drops down to fifteen sixteen then it hits seven thousand what are some operations some of the some of the big financial houses they're saying that bitcoin could be headed to zero. What do you say? Bob about bitcoin. Yeah. Todd. Let's talk about bitcoin. I'm gonna tell you something bitcoin or surrounding bitcoin is a great opportunity. I want people to know about it. And it isn't the bitcoin itself, but it's technology behind bitcoin. And this could be the next internet. I mean, this is huge. It's actually tremendous. So what I want to talk about today. I want to talk about a whole bunch of stuff. I wanna talk about bitcoin this phenomenon around it. I get a lot of questions. Should I be investing in it? How do I use? This. Can I make money with it? I want to talk about some real opportunities for investors, not bitcoin, but the technology behind it because it's phenomenal. I also wanna talk about look the markets. You know, the markets we've entered an area volatility. You know, we're starting to see up to downs. And all that stuff. I wanna talk about that. I want people to understand what's going on right now. We just did a newsletter to all our clients about market volatility. And and what to expect going forward? I it's a great news. I wanna talk about that. And I also wanna talk about one the bears are coming out of hibernation, right? You know, it's been a bull market for a long time. There's been a few hiccups but one of the bears coming out of hibernation. So that's our stuff for today. And let's dig into bitcoin. Let's go you. And I had a great discussion kind of before the show about bitcoin. And the fact is bitcoins. All over the place. A bitcoin is something called a crypto currency. And it's not the only crypto currency there's dozens of these out there. But it's a way of it's kind of like a digital credit card in a sense, right? That it represents money and you can use it for exchange. Now, I'm not a believer in bitcoin. I'm a believer in the concept of bitcoin, but not bitcoin as an investment way too volatile. This thing goes up and down thirty forty percent sometimes in a day. And here's what I believe with bitcoin. Bitcoin is never going to replace currency or money. And the reason it won't do that is governments can't allow it to happen. Remember if governments lose control. Troll of their currency. They don't have the ability to tax people were sure they're getting paid taxes. Right. Make sure money laundering isn't going on. And so although bitcoin is a really cool concept. It doesn't replace money or gold. I it's just kind of a cool concept. I do not believe I mean, we're already seeing it with South Korea. They're they're banning it. I do not believe that governments can allow bitcoin to be a normal way to change money because of the ability to control that you know, bitcoin is a way to move money around. It's hard to track money laundering. And there's probably going to be controls put in place, and maybe ten or twenty or thirty years down the road. All currencies. Look like this down the road. Because there's no reason why the dollar cannot be crypto currency, but that's not bitcoin that's a little different. So I'm not an advocate of investing in bitcoin right now. I mean, if you wanna go trade a little bit and and ride roller coaster. That's fine. But what I'm a big advocate of an excited about a great opportunity for all of you is that technology behind bitcoin. What is it that makes bitcoin work as h exchange, and it some they called block chain blockchain blockchain, then that's what makes bitcoin work and all these crypto currencies. And it's a real simple thing, blah. Blockchain is just simply a way of attaching ownership to a piece of information. So you think of a title on your house? You have a piece of paper, this notarize, a stamp. This shows you on it. And unfortunately, if there's a fire in the courthouse or flood that paperwork is now gone, but bitcoin is a digital record. And I can tell you that there are countries that are employing blockchain as a technology for titling property said attach it to the title and banks are adopting this as a way of speeding up transactions, but keeping them private secure, but in transactions, and I think what we're going to see is blockchain this technology being used everywhere healthcare banking government agencies. It's a way of digitalising your information, and attaching it so is there for you. So I think that blockchain is a wonderful opportunity. We're looking at it for our clients, and you always want to be a head of things not behind things. Kind of like investing in the internet years ago. And all these internet companies I've done phenomenal. You know, the the apples and the Google, and and the Amazons have really leverage in at well blockchain is ASO. Here's this great opportunity. I want to talk about with our our listeners. But here's what I'm seeing Todd. I don't see people really taken advantage or I don't see your advisers thinking ahead when it comes to investing, and I'm not saying to put a lot of money into blockchain technologies. I don't think you should put a lot of money in any one investment. But why don't we try to invest in a way that gives us great opportunities for growth in the future was taken advantage of these things. Okay. All right. Let's just review for a second. So bitcoin is the hot buzzed Herman people hearing bitcoin bitcoin. The volatility is all the charts. It's fluctuating ridiculous amounts. If if people jumped in at that high as it was approach. Twenty grand. Well, they're down significantly now. Now, if somebody wanted to mess around with a little bit of disposable cash with bitcoin that should be treated like rolling into a casino and betting on red or black. Right. I mean, that's that's a that's a coin flip is a bitcoin flip enough money in there to get hurt. That's all if you wanna do it do it with a little bit. All right now, let let's talk blockchain again now blocked blockchain the digitized record keeper the technology. Do we favorite could you give us give give us a snapshot. A picture of practicality. Something of blockchain that I can really grasp and understand what it is. Let me let me tell you that tug -nology has will continue to change our wives in medicine in communication the cell phone. I mean, listen, I remember pre cell phones eight to say that and and when TV's weren't quite so flat and in medicine there's easily imbalance that are making our wives better and good for us. Technology is driving efficiencies for the future. Block chain is a very efficient way of transacting. Whether it's a Bank transaction or purchasing a house. It's a way of connecting your information to the something kind of like a signature, and a notarized stamp on it that goes with the information, very efficient very easy to use highly secure. And and frankly, it'd be very hard for people to go in and hack into this. Because it carries an each piece. Of the chain. Think of it like Lincoln chain and each link in the chain Carey's your signature inside of it. So each piece of that chain only has a little bit of information. Little bit has your signature, it identifies it to you. And that works wonderful as the internet expands one for security to make things more secure and to expedient things and make them go faster, and it really applies to everything everything it could be your tax return and using this blockchain technology to file your tax return. More securely and identify with you and keep it hack proof. It could be your Bank accounts that could be how transactions are made on the internet. This is revolutionary technology. This is going to change a lot of things. Now. The question is do you want to get in earlier? Wait, right. It's it's an opportunity. The opportunity is the bitcoin. The opportunities that technology behind the bitcoin show. Give me an example. All of the technology behind blockchain, and I know that this might be over some people's heads are they're kind of going to the digital technology that is going to be used excessively in the future for secure digital transactions. Give me an idea. How how are you suggesting the listener or your clients potentially invest in blockchain what that's a great question. You know, we're doing this. Now, there are companies decorate the code four block chain. So rather than go buying a bitcoin and artificial coin don't buy the coin by the technology wasn't. It's a tesla store. You know, tesla has done very very well because of technology not because it's a car. So it's more like you're buying the brick and mortar it's more like, you're buying the foundation of the technology. Yeah. Yeah. Okay. Gotcha a future here. Here's a thing. What I'm talking about is we wanna look forward in the market and do well. And if you want good. Good investments and you want to do well, especially in challenging markets. You've got to think about these things. And what I'm seeing is your advisors aren't doing that for you. Well, listen, I think the beauty with your company is Bob that you deal with all aspects of investment and technology from regular stocks and bonds and annuities four, oh, one K planning you guys deal with everything. But also, you guys are plugged into all of the emerging technologies to come up with the best most rounded portfolio and recommendations for your clients, and you guys never stopped growing. You guys. Never stop looking toward the future. You never stop looking at the past to learn from the past. And it's a it's an amalgamation. You guys do a wonderful blend. Now, if we have listeners that are intrigued and any aspect of investing folks, whether you are five years from retirement, whether you're ten years from retirement, whether you are twenty five. Years from retirement you really should contact Bob and his team at the Harwood investment team. And you got to get a hold of the group and get one of their free CPR's, so hardwood financial group offers something called CPR complete planning review. And it's just how it sounds a complete planning review in Nabil's you to go in sit down with the Harwood team, and let them look at your current investment strategy, and let them make recommendations whether you're headed in the right direction or whether you're headed in the wrong direction. Do you have exposure in the right areas the wrong areas, what's your balanced, like if you've been with a broker Ord adviser for a long period of time? Folks. Bottom line is don't you want to get a report card on them? Don't you wanna get a second opinion on your investing, folks? The number is simple. You call the hardwood t. Team you call the office. You say, hey, I'd love to sit down with Robert Harwood and."