20 Episode results for "Schwab"
Schwab Goes Free
"It's Tuesday October. I welcomed the market fully. I'm back career and I am joined in studio by Motley Fool Endless Andy Cross and emily flipping. How are we doing today. Tuesday Tuesday starting a new quarter start of the new quarter and quite a start for McCormack spicy the spicy earnings Andy. Why didn't I buy this stock a long time ago. I don't know you could've bought it many year over the last years and I still don't own it very good money. Ah We'll talk about that. We're also in China but let's kick things off with Charles Schwab Schwab announcing that it is eliminating online trading commissions nations for US stocks ATF's and options now previously trades were four dollars ninety five cents starting October seventh trades will be zero as in free free shares Schwab down around nine percent at the time of our taping. Andy the ripple effect here e trae down around sixteen percent percent and TD Ameritrade down twenty three percent. What does it all me. I'll say first of all if for all the individual investors who are listening and members members of the Motley fool this is just fantastic news we've been talking about the fact that there is a race to the bottom when it comes to commission trade trade fees of interactive brokers real has really been leading over the last couple of years lowering fees and now Schwab as they've moved down to below five five dollars and fidelity is followed now. Schwab is really putting the out there and going zero for US listen stocks and Canadian listen stocks not ATF's and this is for for individual investors out there. This is great news because you should not be paying a lot if at all for your trades so fantastic news. Schwab is tiny together together with the book that has coming out by Charles Schwab who still chairman still owned eighty percent of the company MAC worth more than four billion dollars of the fifty billion plus company. His new book called invested is coming out tober seven so they decided to push the trade commission feed two zero and as you said this is having ripple effects because the other other brokers brokerage houses who have been following along this path over the years as costs are going to zero. They are not to follow along. This is not big business for these companies anymore the revenue that they will lose somewhere. Schwab is somewhere between three and four percent of their total revenues as these companies have moved much more to fee based solutions for their for their brokerage holders Schwab the biggest out there. They have more than three point seven trillion dollars of assets so it was very meaningful in the market okay. I'm going to push back a little though because you say it's fantastic news but when you eliminate all commissions don't you encourage over trading and if you encourage over trading are you going to have more and more investors stirs losing money the Metaphor I use if just because I enjoy fat free ice cream doesn't mean I have to eat like a dozen tubs is a night of fat free ice cream right so don't go crazy and certainly don't over trade but the the the fact that to invest in businesses we we have to right now at least use a brokerage. We shouldn't be paying for that that fact do that so for individual investors as Charles Schwab for for decades has been leading this push to opening to lowering costs democratizing investing ask the Motley fool has has been doing for for more than two decades. It's it's good news for Vigil investors who want to own business for long-term certainly matt good point. Don't use it to over trade. Please use it to over trade because that is one of the worst things as you can do for your portfolio returns forget the costs emily just the fact that trading. INADA stocks is not good for your returns the best way and tax money taxes but even if your tax free account or tax advantaged account over trainee. It's just bad for your investments because you tend to sell stocks at the wrong time and by the wrong time I'm so don't use this as an excuse to over trading but certainly uses an opportunity to try to lower your cost to be able to invest in businesses for the long term. You can't Kocides that enough. I mean I had a member post on the board today. For blast officers that I work on saying that because the portfolio had been squeezed I mean the market obviously over the past month or two months has just been volatile to say the least sold off almost forty percent of his or her investment and that's a problem right so if you have free trading it might incentivize Cintas. Is you to start doing stuff like selling when the stocks go down and that's not what you want to be doing. I mean we're buying hold investors and you look at the average returns for individual investors verses. This is the market it's always lower and that's usually always attributable to the fact that people are very very bad at timing the market very bad at making buying and selling decisions so the best thing you can do as always to buy and hold hopefully this just means that our members are not able to buy and hold for cheaper now. What's interesting about this from the market side. Mac is that so so some of the other competitors are Schwab down pretty significantly in the markets. Today Schwab is really probe from a from an expense to acid perspective the minute assets they have under management and with their their clients have with Schwab is by far the most efficient so from the cost side they can spread their costs and kind of swallow the hit the revenue better better than most of the players out there may be other than interactive brokers but so it is a real challenge to some of the other brokerage houses really get not just their revenue live from the cost the commission side but really continuing to use technology to improve the cost side and emily before the taping. We're talking about some other potential competitors who aren't yet public like Robin Hood the appeal of Robinhood. I know a lot of millennials and a lot of newer investors and younger investors use robinhood and the big selling point their free trade. What does does this mean for Robin Hood. I actually still think Robin Hood somewhat competitively positioned admittedly they got their start by offering free trade and nobody else was but they did a great job of building a mobile platform when nobody else had it and pulling in an entire base of young users people who otherwise never trade then had the ability to do so for a lot the cheaper and I think it brought in generation of investors that wouldn't have otherwise been in the market so I don't think Robin Hood is maybe as competitively positioned as they were. If everybody else was charging five dollars per trade but I will say that I still like the business. I still think there's a sticky base of users. These users are younger. They're less lucrative than the users users that big platforms have so just keep in mind. I will say I think to Emily's point that Robin Hood has a really nice attractive offering for the temple clients. They are ah yes they are bringing in and I think that's good and they have brought investors into the market. Hopefully investors long-term investors and that's good news. I think this is a challenge. I think this is a real challenge for them though I don't what they're private market valuation is today compared to what it was yesterday. I'm guessing it's a little bit lower. but Schwab twelve million active brokerage accounts one point seven million retirement accounts house three point seven more than three point seven trillion under assets so the real big player out there and they're getting more and more competitive league advantage with this move and in the use of technology and where they are pushing their their own business too. I think when look out long term I think that's those kinds of investments are going to pay off and and that might be a little bit more of a challenge than to to someone like Robin Hood than what it was. Maybe a few years ago when they got started and let's move onto spices. McCormick just is flat out getting it done once again. Shares up around five percent on earnings profits rising eleven percent for the quarter emily that has a lot of old bay that is a lot of a lot of spice their MAC yeah the real story here just operational efficiencies. McCormack sales have actually kind of had a sluggish start to the year. in this growth in sales was small much smaller than its growth in earnings so that is to say despite the fact that steals their their studies sales their you know their sound spices. They're doing their business but they're really showing that they have operational efficiencies kind of stemming back to their their 2017 acquisition vision of an butcher this reckitt Brechner yeah yeah so the Franks hot sauce people. That's what I'm GONNA call them. I did go to our our resident. McCormick expert before coming in Jason Moser gave me his insights and his thing was yeah McCormick the reason why it's been such an amazing performer as after that acquisition. I think it was something like four billion dollar acquisition. It was extremely expensive and people were concerned about the price at McCormick paid to to acquire them and they've actually done a great job of integrating that it's growing sales sales. I'm getting this operational efficiencies. His question was just okay what's next right so they need their their next newest greatest acquisition that might get the stock hammered again in short term like it did for record brechner but it also offers opportunity for them to grow sales and and further improve efficiencies in ways that they haven't been able to get in the brands let let me add the brands a lot of us think. McCormack and we look at all the spices in this mice rats but they're McCormick brands include McCormick French's gourmet grill mate's lowry's Zatarain's in Espanol so they have a lot of different sub brands within that McCormick umbrella yeah. This is kind of a company that when you look at history we we mentioned this the top of the show Mac. It's just been a wonderful stock performer but it's one of those companies that I think looking at the last five years able to grow revenues you know in the mid single single digits or you're talking like five to seven percent. They get these efficiencies. They continue to have kind of like cost reductions. Get a little bit more efficient on the distribution a little bit more efficient on the dish on the the manufacturing they make these acquisitions and you get a business that can grow their profits more like maybe twice maybe more along the lines of ten percent and you buy these stocks doc so the right at a reasonable price women when the market sells off did earlier this year after the announcement after earnings announcements or after the acquisition like that and you have a chance to really own very solid probably not as volatile stock in the market over many years. You just have to have the patients because it's not. GonNa get that the headlines that you might hear about from lots of the other larger companies especially larger Tech Company these days in the stock and as you mentioned his been an incredible in fact if you're out and about tonight you're hanging out with friends. You're at home with your significant other or your spouse. Here is a great conversation starter and by Great. I mean conversation. Ender McCormick has more than doubled over the last five years and is beaten the market over the last one five ten in in twenty year period so any it's not the sexiest stock and less market crushing returns are sex and they they are sexy. They're certainly spicy spicy. I mean when you think about just buying holding that the tax advantage behind that instead of trading in and out of positions and just letting that company in that management team do what they've done for many years and they have the brands and I mean it's very profitable they have great profit margins just a really good solid company by at the right price and hold on to it for the long term yeah and I just want to point out one thing in their Mac so look at the returns over one year beating the market right within that same period that had a drop of almost twenty percents so this is just a reminder reminder everybody going back to the point of not over treating these stocks will go up in down dramatically and they can still be good long-term investment so when a stock like like. McCormack's is down twenty percent because it had maybe a bad quarter. That's not your indicator. Now I can sell for free. I'm going to sell by later. No just hold that company and Yoga Market crushing returns. You know what's amazing about that. If you look long over the last five years the volatility of McCormick stock versus the market. It's much less volatile than the market so emily your your point is so perfect in between the course of certainly a day but up to a year any stock can be fairly volatile but a company like. Mccormick over the long term tends to be less volatile all told the market and for those investors out there who are really just looking for companies to generate returns for their make money generate returns for their portfolio. Maybe be a little less volatile. McCormack's McCormick's good way to go so if I'm a McCormick shareholder the stock goes down and I can make a free trade. I should necessarily make that okay. Do you have a favorite spice. I love all day. I'm I live in Maryland Old Bay and crab. That's that's the fastest connection right there for me. I'm obsessed asked right now with black pepper. I mean I'm looking. I am putting that on every I like that was discovered you say that as if recently discovered black black pepper normally I would sprinkle Bob. I am I am eating food that is majority flavored black pepper right now and do you. Do you grind it yourself or do you don't I don't so I have one that you grind and I have just this McCormack. Just the black pepper spice is just putting the black I don't really like doing that's ground is a little too papper. It's not consistent yes. I can't get my kids. I was telling you earlier. I can't get my kids to eat pepper and is making me driving me bomb while you're young. Give any advice vice there how to get my kids why I don't mean to pepper you at question here but why why is getting your kids to eat pepper because because Mac I love of spicy food and I want them to appreciate the nuances of Spicy Food and they are not doing it so if any advice out there please let me know my advice is to let them live their own lives. Is Anybody out there besides not about advice for me. It's not about us. Your glory days are over the long long long long. I don't take that from me. That's such a changed man by lot okay. Let's close with a couple of listener your questions on China now. Emily reports last week that the White House was considering de Listing Chinese companies from US stock exchanges now over the weekend. A A treasury spokeswoman said the administration is not considering delisting Chinese companies quote at this time in quote so we got a couple of listener sner questions on that Front Kathy owns a number of Chinese stocks that fools recommended and her question was if trump forces the delisting am I forced to sell and we also got a question on twitter from Andy W asking how force delisting would affect his ownership of those companies yeah I will well. I will say Mac when this news came out last Friday. I I saw it and I I just quit for the day I thought I broke out the box of wine a little bit earlier but I normally box. They called it a day and black pepper tasers pepper black pepper and the white wine. I I do at this point believe that trump is out to personally get my portfolio but I guess now other investors are starting to feel a little while but I will say this. it's great that they cleared up that statement it's not the Nasdaq for instance. It's a private company. So the idea of an administration forcing the delisting of companies buddies would really be unprecedented and to the extent that they could do that. It would have to be done in a regulatory manner now. The concern with Chinese companies have particular other than these companies just being being used as a political tool is the idea that they're not being held to the same accountability standards that American companies are and there are easier ways regulatory ways to get them to maybe maybe using a US based auditor for instance as opposed to using Chinese auditors a lot easier than forcing all of these companies to delist so I will just say that I think a take an act like this would be extremely unlikely. I think that's an overstatement saying unlikely. It's it's virtually impossible a lot of these Chinese companies. All of these trains companies are incorporated in the cayman the islands there are a lot of other foreign companies that are also incorporated in the Cayman Islands. So are you going there for ban all companies incorporated in the Cayman Islands inadvertently preventing the listing of other companies but let's just say so. I don't think it's possible saying the theoretical role that this did happen and all these Chinese companies are forced delays from American exchanges. Obviously this would depend on the regulations that were put into place and clearly we didn't get any color about that but if I can just ponder for a moment what that might look like it could mean that these companies would be forced to move to over the counter markets. It's it's also possible that over the markets but also be regulated. If that were the case what would likely happen. Is these companies within choose list on a foreign exchange. Hong Kong Kaku change is London stock exchange a different exchange and how that how they would handle that would likely be to retain your share ownership on a foreign exchange thin that goes onto your broker about how they're going to support that if not then it's possible that you would essentially be forced to sell your shares again. I don't think something like this is going to happen. I it's not a factor when when I think about buying these companies I think right now we're just seeing a lot of investors are personal portfolio is being used as a political tool right now and what is increasing tensions engines between the US and China agree with Emily. I think the chances are are are slight herb not very high at least again. Mac is just another example example. You see so much of the especially these days just a a lot of headlines out there that Dr Short Term Day trading essentially and we WANNA make sure investors out there who are listening truly molly. Full investors understand that you take the news headlines but you have to digest them. You have to understand what it means for looking at the next three hours of trade your free now trades are going free. Mac At least at one house right brokerage house right now and probably others are going to follow it so it does not mean you have to treat obviously so all jokes aside you. WanNa make sure when you see headlines like this because we know they're out there. You obviously take perspective that is healthier than just a day preferably three three to five years okay desert in question you know we don't really have a lot of stocks on this show so we could create some basket of Chinese listed companies or we you just say you're on a desert island for the next five years. You're looking at like McCormick or Schwab or black pepper. I'm not sure let's let's go. Let's go McCormick or Schwab. I can't say black pepper because I can't get my kids. EAT IT so I. I'm seeing Schwab. I just think it's it's a large cap company but the the scale they are building out in the size is they are at the at the rate in the size they are doing that. I think is just really impressive. Extra exceptionally well run very profitable with good returns on equity woody and a cost base especially low cost base that's getting cheaper as they use technology and is some point if interest rates to to move in the other direction. That's going to be good news for Schwab shareholders yeah. I'll I'll say McCormack. Actually I one of the things that we didn't mention is McCormick. It's a low dividend but it's a pretty steady steadily paid dividend in which is nice for investors and I. I personally think I consume enough black pepper to keep this business for the foreseeable future. Okay was always people on the show may have interest I in the socks they talk about and the Motley fool may have formal recommendations for against so don't buy or sell stocks based solely on what you hear. Andy and emily thanks for joining me. Thanks Mac thank you. That's it for this edition of market for the show is mixed by Dan void. I Matt Career. Thanks for listening and we will see you tomorrow breath.
Episode 30 Helping Clients Achieve Goals Through Charitable Giving with Kim Laughton
"The permission to succeed podcast is brought to you by Thomson. I am funds INC for more information about Thompson. Im Funds. Please visit Thomson. I am Dot Com Thompson. I am funds smart investing starts here. Hello and welcome to the permission to exceed podcast. We are live at the Schwab impact conference any background noise. You may hear is intentional. Because we are smack DAB in the middle of the exhibit hall at the Discovery Data. got a boost. This is your host. Doug hike in the permission to see. PODCAST is about learning from and being inspired by people who've been successful because they found that point in their lives to give themselves else permission to just go for it. The genesis of this podcast is based on the great appreciation for the lives of Mohammed Ali. and Dr Martin Luther King and their world changing impact the permission seat podcast is brought to you by Irish dot. XYZ The most helpful place advisers can come to to grow their minds and businesses. Power your advice at Irish dot. XYZ And our guest this morning is Kim. Latin who's the president of Schwabcharitable. Hey Kim thanks for having me. We're really pleased to have you because this is a really really great thing that Schwab does so you've been at Schwab for a long time. I have almost a quarter century next year. Goodness and the last ten years you've been burning charitable I've been part of Schwabcharitable for a little over ten years and running it for almost eight. So can you tell people exactly what it does. Sure so Schwabcharitable is the client philanthropy arm sponsored by Charles Schwab. It's a separate entity not because it's a charity and we help facilitate the giving of Schwab clients either directly or through their advisors So that they can help so tax help them to tax effectively. Give their money away. chuck founded Schwabcharitable in Nineteen Ninety Nine celebrating our twentieth anniversary This year and his vision at the time was that in addition to helping clients save and invest that that we should be helping clients to give their money away. And so that's that's it's been our mission for twenty years and Happy to report. It's it's been very successful. So why should advisors have charitable as part of the practices. Well a couple of reasons. I is that their clients wanted so The latest Ray benchmarking survey That's done by Schwab Advisor visor services. Every year showed the charitable planning Was One of the top. Three value added Services that advisors are offering Eighty eighty percent of advisors are offering this to their clients. And that's up from about sixty three percents just a few years ago so advisors need to be paying attention to this because if they're not ooh likely you know their peers. Their competitors are The reason that clients want help with this is that Number one it's just a it's another. You know use of their your finances I think more and more clients are thinking. You know if I've got all my money management one place and philanthropy something I care about and it's something I need to budget for. Why why can't my adviser help with that? So it's important for them. I think to be able to do things in one place. Secondly it also can be very much part of the tax you know tax discussion when advisers are thinking about helping their clients with their investments when they are making choices like they probably are Right now toward year end turned around rebalancing of portfolios when you have stock markets that have done as well as they have and people have capital gains There are ways that effective to charitable giving can help to offset taxes in so advisors need to incorporate that into their their conversations with clients so Clients want it and advisors need to be involved. The second reason I think advisers need to pay attention to this is that it really helps deepen relationships with clients in a way that you know discussing their their investment portfolio may not so as you start to get to know your client get to know what causes or or philanthropic issues important to them. It allows you to develop a deeper relationship. Perhaps you know go to some of the Galas of the events that that they That they that are important to them and really get to know them on a more of a personal level level. Allow that connect back that that personal attention can also extend to other family members. So you know what one example I use as my My my parents are very involved with a Charity and have had had a a number of advisors My father recently passed away and my working with my mother to see if we could pair down the list of advisers that she'd work with going forward and she was adamant that the one adviser who had consistently supported and you know bought a few tickets to their charity gala was one of the advisers that she was going to keep and so I think just realizing how important it can be I'm to your clients for you to really care about what they care about Something advisor should be paying attention to. Are you seeing the larger giving environment out there. Yeah we'll giving Fortunately has been on the rise For the past decade or so since two thousand eight and two thousand nine. There's a healthy growth in giving uh with tax reform. I think that the jury's out as to whether or not The higher standard deduction and some of the increased but changes in the tax code will be he good or bad forgiving last year giving fairly flat but overall giving has been robust and I would say for donor advised funds. Which is the vehicle that we offer? It's it's been a very popular vehicle because it allows people to be more strategic with. They're giving less reactive and really set aside Money in advance That allows them to maximize tax benefits but also be able to sustain the giving over time to their charities so our granting continues to go up by thirty percent or more every year here. And that's a that's a great sign. Prop clients are very generous and they continue to be an easy conversation for advisors to have with their clients and easy to explain works absolutely so that the simple explanation at least for a schwabcharitable account which is a donor advised fund account. That's very much like a specialized realized it's a specialized charitable account much like IRA's are for retirement or 401k's earth for retirement. Like five twenty. Nine plants are for college savings AH donor advised. Fund is a specialized charitable account allows you to put money in get a tax deduction to the extent that you contribute. Appreciated shares the smartest thing to contribute. If they've been held for more than a year you don't have to pay the capital gains tax on the sales of this year so very simple to move the money in can do it online advisers. I can do it through. Schwab Advisor Center Dot Com and then that money can be invested for future growth in grant and granted out so. It's a very simple thing to explain. Once people use the the account And oftentimes advisors will open their own account just to see how it works and they never go back. You never go back to writing checks or or using credit cards and having to the track down all your receipts for your taxes. Just have one central account. It works really well the record keeping there all the tax planning is there and it. It couldn't be easier to use. Have you seen any significant trends over the past ten years since you've been doing this absolutely so in addition to the growth donor advised funds of really grown quite a bit. And I think it's because it's just such a simple it's a it's a better product and service than you know doing charity the old way and you know private foundations for another another endowed style giving vehicle are still are still popular but you have to have a lot of money to make those worthwhile all you got to hire an attorney. You have to have an accountant. Do your tax return so I think donor advised funds have really democratized access to strategic giving vehicles. So we've definitely seen the trend in just donor advised fund growth because they are so easy to use. We try to make it even easier by integrating all of the experience with where where people are going already for their Schwab Account. So you know when you log in to Schwab Dot Com as as a client you see your your charitable account there when when you go into trump advisor center dot com as an adviser you see the charitable account so that's simple and easy and it's created a lot of growth the other trends I would say is in terms of the the types of assets. You can contribute to charity. We've made it easy to not only give cash and publicly traded securities which are very simple but also to give more complex assets Like real estate like restricted stock like privately held shares and businesses even crypto currency. Right so any EH. Anything that has appreciated in value and been held more than a year can make a good charitable gift and donor donor advised providers like us have the staff and the expertise not to sort of think through and work through how those can be accepted. And that's really a great service to the sector because to the extent that we can unlock some of that well pull it into to a charitable account and then people can grant out to their charities and they ended up getting a cheque right. They don't have to worry about the complexity of accepting all these assets. That's a great service so that that would be another big trend And the last trend I would say is the granting the mix of granting while while religion while health and social services those those are probably the toe in education the top three or four sectors. We are seeing an increase and international granting and that can have carry its own complexities. We work through how to do that to give international causes to ensure that they are Nonprofit entities so we have a direct international granting program And so that's that's been terrific so financial services pick you or did you pick it. That's a great question so I I started my my career in management consulting which I when I look back. It's sort of the quintessential kicking the can down the roads. Because you can't decide what you WanNa do it so you so you join a firm that where you have a variety of clients than you pick you know you you try them all out. But I had lots of different types of clients in my early days of my career and a few financial services firms and then I the way I financial services sort of found me because I we moved. My my husband had a job opportunity not overseas in Singapore and we had always said that if we could live overseas we would having traveled for our honeymoon a lot so we moved to Singapore. I had no job and as I was driving driving from the airport. This sign on the on a building said Citibank and I you know I can number one I can read. That sign turns out at that point. I didn't realize English was was was was the main language of Singapore. But I thought well you know I can read that sign. I think I would've bank is so I'll I'll apply there so I got a job at Citibank and that was my entree into financial services services and I I really really enjoyed it And I think one thing that I love about financial services is that its forces you to I think know what's going going on in the world on a daily basis right the markets Move and you need to understand why and you know and if you get excited about that just personal level and if you start to get excited about about investing your own money then I think that you're kind of person who can really help others do the same. So so you've been at Schwab quite a while l. and the company has grown so much. And you still love working there I do. Can You articulate how it's evolved old. Why absolutely so you know after my my entree into financial services at Citibank which I also enjoyed in Singapore once we moved back to the United States? And we're we're looking at settling in San Francisco Bay area. I thought you know I love financial services but I'd love to be with a company that is headquartered here where I can really grow my career ear and was very much that company and I would say that you know. It's been such a privilege to to to be at a company for twenty five years and never really think about wanting to go elsewhere and I I think a couple of things. Keep me here I was just the ethical mission and client focused nature of the Schwab culture so Schwab is always Looking through clients is trying to do the right thing making trade off decisions That that are always focused focused on the client and that has been clear. It's crystal clear. Chuck Schwab just came out with a book and it's been fun to read it as an employee. I wish that he has been able to ride it even earlier. Because it really gives you a sense for how laser focused he was on meeting. Client needs so that's been great. The second is the culture of the PEOP- The people are just wonderful perform. And so I think a lot of a lot of careers who you get to be with and who you work with. So if you're working with the ethical really mission driven company and you get to work with great people I've had various different roles both at Schwab and now at Schwabcharitable life couldn't be better so having a lot of fun and making a difference to helping people give give give money away. We like to say we we meet clients when they're at their very best right so they're in a position to be giving money away. We're helping them to do that. we we measure client satisfaction through through something called the net promoter score and and it's interesting and the charitable group. And I think we do we. We do a good job at the client. Promoter scores are among the highest around Schwa- which already has very good client promoter scores. Just because I think people enjoy the process of giving money away and when and you're helping them do that it's A. It's a good good thing to do day to day when you're when you're at work giving clients permission to be successful intro just and being able being able to facilitate right this is they're they're making the decisions and their resources but we're trying to make it simpler and easier and and at a macro for a level you know. We've got a lot of wealth and income disparity in our country and around the world and to the extent that those of us working charitable or helping in some small way. Get people people to unlock some of that wealth. Show them how they can give it to charity You know have them be able to reduce their taxes in the in the in the process but ultimately it's getting more money to charity and helping people who really need it. Do you have any advice for young people who are thinking about financial services now that you picked up. Yeah I would just say go for it and I know that the industry is getting more and more diverse right We see more and more women coming into it. I mean the Schwab's perspective is that we need our employee base to match our client base and we have a much more diverse client base now than we had decades ago A more ethnically diverse diverse More women who are in decision making Roles even within families and couples. You know the woman oftentimes are doing a a lot of the deciding and so we need we need just a more diverse group of people It's been my pleasure to to to wonderful woman at Schwab even I've helped to recruit and mentor Many women and I think it's it's a great career You need to enjoy you. Know you gotta enjoy the markets and you have to enjoy away. what investing housing Get a thrill out of helping people to to save to invest in and really make a difference in their lives if people are interested in trump terrible. They find you. The simplest way is through the website schwabcharitable dot Org Lots of great information there the ability to open an account online. If you want and also to contact us if you want any additional information You Know Minimum Account Open size five thousand we. I also have clients as large as a billion dollars so this type of service can appeal to the everyday investor and it can also appeal to very wealthy individuals individuals who are looking for more strategic ways to give and and need you know more sophisticated help and we have specialized teams to help them as well. Kim thanks so much for joining us today. Thanks so much for having me. Thank the folks at discovery data for having us in their booth and Charles Schwab for hosting such a awesome conference for everyone at Iris. mediaworks works and the permission is a seed production team. This is Doug hike in and thanks so much for joining the permission to succeed. PODCAST CAST is brought to you by Thompson. I am funds INC for more information about Thompson. I M funds please visit Thomson. I am Dot Com Thomson. I am funds smart. Investing starts here.
EBay sells off StubHub for $4B Uber gets cancelled from London Charles Schwabs Lannister-style acquisition of TD Ameritrade
"Nick this is Jack and this is snacks. Daily is Tuesday November twenty. Six happy day before Thanksgiving turns out. This is the best snacks daily. We've ever done before thanksgiving. I got my first turns in at sugarbush. Ski Resort in Vermont Neck is kicking in New York City. We're bringing new three great stories. Always Jack I jumped over six cobblestones to get to the studio. Can we start it off. Story Number One. What have you got ebay? Bought a company called Stub back in two thousand seven for three hundred million billion dollars and yesterday it's sold the company for four billion dollars. That's a nice flat bread. Their their company they sold the to Europe's Vigo Aka basically the same. Same thing is ticketmaster and step up. But it's in Europe and does the same kind of thing. Yeah they all charge annoying delivery fees for like forty percent when you buy tickets online. Yeah you're accessing the concert on my phone wise Taylor swift not getting this money. Where's that twelve bucks going away because I bought this tickets? second-story is Charles Schwab. It cut trading commissions two zero dollars last last month now it is dropping twenty six billion dollars to officially acquire its rival. Td Ameritrade interesting strategy here because it cut those commission fees as part of a a master plan to wound td Ameritrade before it acquired the company. This is like Jamie Lancaster stuff right. Their third and final story UBER got itself self a new. CEO It got new swagger. It went kind of global apology tour the last couple of years now. It's been banned in London Aka its fourth biggest market market in the world. That's the second like ban. We've heard of for Uber in London and it proves that public policy is the biggest threat for Uber. Before we jump into all that snappers we gotTa Talk Little Bit about driving etiquette that work. Jack Safe driving. I love talking about this drinking while driving. Of course not. That's banned never do that. Ever texting sting while driving. I tell my wife every day. Please don't text and drive like I love you. Just don't texture that check third and final one here shopping while driving. Shopping meanwhile driving we read a headline that this has become a thing. I didn't believe for a second and I want to dig deeper into this survey that Knicks about to tell you about I told Jack hold on one second I just got finish buying this microwave and then I'll put the car in park but before we could cover all this. We did a little more. Research turns out. Forty percent of Americans are shopping on their phones while they're drive arrive okay. This was a poll conducted by Harris Research. Funded by a car insurance company. Which immediately makes me question the results of this survey there they were asterix all over this thing but we did notice what there was? Apparently a rise in Americans doing this from last year to this year yes thirty. Seven percent to thirty nine percent of Americans had admitted that they have done some sort of online shopping from their phone while behind the wheel driving the car. That sounds terribly unsafe. Now now this can include like purchasing the product researching maybe even just checking the order status. Because you're really frustrated. Outdoor voices took five days to get something that was supposed to be two day delivery. It's knackers honestly honestly. There's one thing you should be doing while driving driving driving while driving is the best thing you can be doing while driving these second best thing you can be doing while driving arriving snacks daily snacking while driving. It's a wonderful thing rolls off the tongue. Let's hit our daily. We gotta it gives some rain. Food is candy. They don't reflect the views of robinhood family informational. Just so recommend commit any security is not a research report or investment advice. NATTA uproar sale of a security digestible business news video experiment financial. LLC member FINRA SLASH SIPC or first-week Ebay just sold off stub hub for cool four. A billion dollars not a bad day got acquired by via Gogo. Nick not to be confused. With Lavar Longo Gogo wireless or Tra vago. We actually dug into this deeper via Gogo via travel. Speak means layover. I'm going to New York via Cleveland and Joe Means no laver like direct Iraq. Now we tend to use ticketmaster stub up here in the US. If you're in Europe you're going to buy the tickets to the A C Milan match. Probably over via Gogo. The one thing that unites them all is you're paying gigantic ticket delivery fees that they only tell you about right at the end when you finish paying. So it's going to be twelve dollars extra because I downloaded this. That makes absolutely absolutely not no. Why only via Gogo the company? That's acquiring stubhub from Ebay. It's co-founder also co-founded stub Bob. While he was in business school. No Joke Let. Let's get the step-up co-founder was the CO founder via Gogo makes no sense it kind of messes with your mind. Here's the shocking stat of this story. Though Ebay Ebay got a thirteen x return. That means it paid three hundred and ten million dollars back in two thousand seven to acquire stubhub and now it selling selling it for four billion thirteen times as much the sexiest part of Ebay. That was probably step up because the company only made up eleven percent of revenues. But it was stub which you probably hung out with with more than Ebay now. Let's give this some context. Ebay has fallen way behind in ECOMMERCE from like twenty five years ago when my mom was listing instead of a garage judge Dale and Ebay Sale. Now Jack and I have a board we need to have up at our at our snacks dudes here. It's the nonstop ECOMMERCE rankings of. What's going on in the land of ECOMMERCE Amerson? Here's who he's got on top right now number one. You've probably heard of its Amazon. Who has forty seven percent of America's e-commerce market? Then if you go down a little further to see who number two is you're going to have to drop really far because the number two is really far behind six point. One percent is number two in that's Ebay but but it's almost getting passed by Walmart and apple which are like really really close behind in ECOMMERCE ranking. Maybe now that Ebay has got rid of stub hub. It can focus on its core business e commerce commerce. So Jack what's the takeaway for buddies who just got four billion dollars in cash over it Ebay. ebay is basically dropping off stub hub at college shedding tears and saying goodbye. uh-huh step up was like living at home. Not doing that. Much kind of like asking mom to make it cereal every morning. Sales barely rose last year as it kind of did nothing whether it's and that is unacceptable acceptable because stubhub has a duopoly. There's only two companies in the online tickets world it's ticketmaster stubhub and yes khloe. stubhub sales barely rose from last year. That's not stub hub needed to be free needed to live life and needed to be independent. needs to figure itself out. We've seen before before that leading a young growing company go free can result in boosting sales and more profitability. Even if you look at ebays old companies great case as example here two thousand and two Ebay buys a little company called Pai Pao and then ends up spinning it off. In two thousand fifteen pay pal is a separate publicly traded company he now has tripled in size since that. SPINOFF in two thousand fifteen. It's gone from forty billion dollars to now worth one hundred twenty billion dollars since Ebay dropped off a college and but pay pal do its own thing. That's exactly what could happen with stubhub. Once it gets independent it can focus on itself focus on growth invest and blossom us us like you blossom by taking that creative nonfiction writing class. Sophomore year. That totally. Change Your Life. This is Jack. I own stock of Amazon Four. Our Second Story Charles. Schwab just acquired not D. Ameritrade for twenty six billion dollars. One of the most rumored deals I've ever experienced as a host of snacks. Daily turned out the rooms. True jacket reacting to sit down because this was giving straight up Lancaster vibes. The strategy of Charles Schwab was brilliant. And it's akin to game of thrones house. Lancaster this is a game of thrones owns. Kill seeing if there were going to be like a season twelve or whatever we were on at that point I lost track. This would be episode. One ending. Finale freaking out spoiler no dragons begins in this story but quick historic context Charles Schwab. Yes created the discount brokerage concept in one thousand nine hundred ninety five when the typical stock trade caused forty forty nine dollars. That's just the fee to buy or sell a stock now. There's like all this competition you got E. Trade you got td Ameritrade you've also got robinhood which disclosure owns owns this podcast snacks daily. Yes Robin Hood brought the First Zero Commission trade. We saw now when it comes to Schwab Charles Schwab noticed. There was an Achilles heel. Jio that all his rivals tended to have Josh Schwab's rivals were more dependent on trading revenue than Charles. Schwab was so over this last year. Charles Schwab trading commissions nations. Like the money it makes when you place a trade on Charles Schwab and have to pay them a commission that was seven percent of their business. That's IT for E. Trade. It was sixteen percent of their business a bigger bigger than Charles Schwab and for. Td Ameritrade it was like thirty two percent of their business so commissions were a big thing for td Ameritrade so then Charles Schwab sees that its competitors are more reliance on trade commissions than it is so it makes a pretty epic move it weakened. Everybody's like showing up some castle and game of thrones poisoning. Everyone drinks including your own. And then everyone takes a sip trusting you because you're drinking the wine to everybody drank a little bit of the poison. That Charles Schwab poured into everybody's glasses including Charles Schwab and it's a brilliant strategy. That poisoned wine was actually when Charles Schwab eliminated trading commissions agents and drop them to zero dollars itself. Charles Schwab finally matched Robin Hood and gave customers the opportunity to buy and sell stocks without paying any fee as a result its core arrivals E. Trade and TD Ameritrade. They had to drop their commissions two zero dollars to just a month ago. Now here's what happened. All of these retail retail brokerages are just losing one of their revenue sources so Charles Schwab stock fell fifteen percent but td Ameritrade stock fell double that because the hit was twice. He says painful all right so now Charles Schwab has got td ameritrade on its knees. It's incredibly weak. But it's so weak that even a weakened Charles Schwab could finally ended end it. And that's what Charles Schwab did yesterday it bent. Td Ameritrade over the executioner's block. It brought out a massive sword. Acquired it for for twenty six billion dollars so Charles Schwab gets his twelve million. Td Ameritrade customer accounts which are worth five billion dollars in annual revenue. And here's the the best part those annual revenues from the TD ameritrade counts. It's more than enough to compensate for the loss. Trading Commissions Cinta cut trading commissions two zero era as a result. Charles Schwab stock is now up eighteen percent since it actually cut commissions just a month ago. So Wall Street freaked out when Charles Schwab cut one of its revenue sources but now the stock is even Higher Wall Street is. We're turning this. Brilliant Lancaster Situation Forget consulting insulting firms on the board this entire time. So Jack what's the takeaway for our buddies over Charles Schwab. There's only one word you need to know about this. Acquisition Acquisition Synergies Sanur. Geez it's a scary word was mentioned seven times in this press. Release about the whole deal in the press release. Charles Schwab bragged that they're going to eliminate nate overlapping in duplicate of roles at the two companies. That's what synergies basically due to some degree every acquisition has synergies and. This is why they're pretty important when you can do things better together and prophet more efficiently as one company instead of two synergies about making revenue or cutting costs like you don't need to accounting in departments you can have just one or you don't need to holiday parties you have just one either way you profit more together. It's a one. Plus one equals three situation situation for our third and final story. Uber just got punished for its misdeeds in London and now it's losing its license to operate in London again again. This is a big deal by the way because London is number four global market for Uber Three cities in front of London or New York. Yes Angela Angeles they area which not a city just an area well. That's why shares of Uber dropped six percent yesterday's because this is kind of a big deal. Here's the deal. Historically taxes have been regulated in the city of law. If you have taken around the London taxi first of all. They're huge. You could hang out with like six people in there. It's like like a Disney ride. I did downward dog and childs pose last time. It took a London taxi. Next time. Jack London and Agra were doing this pot from a London taxi so when Uber came along started disrupting the historically hilarious looking London. Taxicabs the city of London. Like sure Uber. You can operate but you have to follow the the rules now Jack. What was the claim that the city of London is now making against this? Said Uber has a pattern of failures and has put drivers and riders riders at risk of danger and the city of London was specific. Here's what they did nick. They knew they weren't authorized to drive uber and they were driving. There Uber Accounts. So they uploaded the profile pic. So that when you pick up your buddy at westminister yard or whatever. You wouldn't be surprised by the face of the driver you like. Hey Devon is that you the like no. It's not me it's toby I mean. Yeah it's Devon umbrella here that's may get in get in. We're GONNA have a great time so the result of this false identity scheme that's going on in London. For Uber Drivers it resulted in fourteen thousand rides happening with an unauthorized driver. And therefore no proper insurance for the ride God. Some of these even happened with band drivers so like London's acknowledged that Uber is trying but the mistakes continue to happen throughout London's announcement announcement. They kept on playing this safety first card. They said the decision is about safety of drivers and safety rights injures the Os word but uber's response on shocking talking. They said this was both extraordinary and wrong. which extraordinary is kind of a positive word but wrong definitely a network? Yeah so uber. Classic Uber is appealing this ruling thing and they will continue to operate in London while the appeal is going through the courts for all the history majors out there. Yes this is the same exact thing that happened. The last time buber got bandon which was about two years ago. The truth is it's very hard to actually ban something because I peels and lawyers delay the process for like two or three years. It's Sir also hard to ban something when it's got three point five million paying customers and forty five thousand a licensed drivers making the whole thing happen and all of those Uber's in London they're gonNA McKee. boob roaring. Law goes through the Appeals Court. So Jack what's the takeaway for our buddies over dubers- number one threat is public policy. And the best way to combat that threat threat is to have a good brand snappers. You've been following Uber Stack with us since it went public and you know that investors aren't quite sure about what the future of Oubre is now. That's a problem. The bigger problem politicians are unsure about Uber. They don't like it they just straight up. Don't like it. There's no question about that among politicians and that's why brand is so important because right now uber's brand it's kind of innovation situation it's gotta villain role and so new. Laws and Regulations Aka public policy policy are the biggest threat to Uber. Politicians love bashing newborn speeches and a more positive Branca change that Jack. Can you whip up the takeaways force over there. Ebay is selling stub hub for four billion dollars to a Swiss based competitor and stuff is probably worth more away from ebays network and grow and thrive and all those fun. Charles Schwab saw that its competitors needed trading commissions more than it needed trading commissions so portable poisoned for td Ameritrade and itself and then about the company for for twenty six billion brilliant. Maquiavelian game of thrones move third and final story. Uber is losing its license to operate in London again. And it's appealing feeling the deal but a better brand could have helped the situation now. snacker time for a snack today this once in a longtime snacker Amelia Garland from from the UK raised in Westport Connecticut Westport Connecticut home of Staples High School. I love this knack fact. If you're in eastport Connecticut it just back up. You've got a little too far west ports. A little further west tired snacker before Kale became like something you on a parody t shirt and we're obsessively passively eating bathing. It can use it as a sponge half the time right. It's Pizza Hut Pizza. Hut has been a Kale supporter through and through. It was the top buyer of Kale before became crazy in two thousand twelve. By the way in case you're wondering how they use it not on the pies was actually just like a garnish on the side to make the To make the salad bars. Rich and intense pizza hut hasn't verified that fact but I can say from personal experience. The Pizza Buffet was decked out in a bed of Kale they had no idea what interesting on snappers we loved. Having you with us tomorrow is our last snacks daily podcast before knickknacks. I'll take a little bit of time off. It's not that much we're taking like two days off. I'm going to be in New York City at home. Jack's going to be up north in Vermont. We hope you guys are going to have a fantastic thanksgiving but we got one more snacks for this week. Yes tomorrow part. Two of our live event at spotify. You're GONNA WANNA tune in snack. We're GONNA miss. You can't wait to catch tomorrow. Them talk to them. The Robin Hood. Snacks podcast you just heard reflects the the opinions of only the hosts who are associated persons of Robinhood Financial Llc and does not reflect the views of robinhood markets inc or any of its subsidiaries or affiliates. It's the podcast is for informational purposes. Only is not intended to serve as a recommendation to buy or sell any security and is not an offer or sale of a security. The podcast is also not a research report and is not intended to serve as the basis of any investment decision robinhood financial l._l._C.. Member Finra S._I._P._C..
Carrie Schwab-Pomerantz: How to Own Your Future
"Technology today has never been smarter. But smart only matters when you put it to good use together, we can build a smarter future for all of us. Let's put smart to work. Find out how at IBM dot com slash smart. I'm Kerry Schwab Palmer anthem president of the Charles Schwab foundation, which is the philanthropic arm of Trump Schwab. I am a long-term executive at Charles Schwab and personal finance and financial literacy for all Americans. If women or anybody for that matter has some type just a small nest egg financial security, then they can make choices in their life. They don't have to work for that company that doesn't share their values or they don't have to be in that relationship with somebody who doesn't treat them, right? They can pretty much do what they want. This is secrets of wealthy women from the Wall Street Journal, helping women empower themselves financially now Veronica dagger Kerry, Schwab Pomeranz is president of the Charles Schwab foundation and a leading advocate for money independence. She talks about how women can own their futures through financial literacy, carry your appearance, divorced when you were nine years old. How did that shape your view of money? So. So the time my dad was a struggling businessman. He had started a couple of businesses that did not take and my mom was your traditional housewife. She went to Stanford. She's a five beta Kappa says, she's brilliant. And so a lot of people think, oh, you know, you grew up with the man that we all know today. But it wasn't really well into my twenties that he became the household name. And and just seeing both my parents struggle, although years think really had an impression on me in terms of the importance of financial power -ment the importance of of every one of us being engaged with our finances and comfortable with it. So yeah, it was it was it was a struggle to see. But I probably a better person for it did a former view of entrepreneurship spending. My sister's actually an entrepreneur, I I was the oldest of an oldest child. Started working with the company when I was sixteen and really the company. He became like a family to me figuratively. And and I guess apples. Don't fall far from the tree because that Hashian I think just for it was in my DNA, and I've been able to have a very purposeful career in terms of taking it to the next level on for populations that aren't as well served by the financial services industry, petted wealth, change your life. I have to remember go back in time. There was definitely some ups and downs and rockiness. So it was not like, you know, my dad was just instantly superwealthy, but I will tell you that he is always my dad has very strong values fairly strong work ethic. And that he's imparted on me. You know, I've been working since I was thirteen, you know, starting with the paper out and babysitting and so forth. And I think seeing what he went through. My parents went through instilled in me, this whole notion of working and saving in having your own money. So I would say, you know, I guess a lot of people think I would be somebody different given who my father is. But I don't I don't look at it the way I look, you know, he he's his own success. And I am my own person. And it's really important for me to be have humility, which is something my dad really talks about he also talks about giving back. So I would say in a sense of I don't feel wealthy. I don't maybe my husband thinks I act wealthy. You know, how that is husband's always think you spend too much, but I love Lansky and loving helping others. And I guess that's really where it opened up my life. My husband would say I'm naive. And I would just say, I'm not paranoid. I don't look for relationships or worry about that. I take my relationships face value. And and certainly I can get detect somebody who's trying to use me. But, but I I think I'm pretty good about putting barriers on my, you know, around myself, not barriers, but, you know, some boundaries and in a for instance, I will tell, you know, only because of the last name, but I'll also running the Charles Schwab foundation. I will tell you. I get. Asked for money every day. And it does get really wearing on me. And it's funny. You know, even bring this up. I'm trying right now to figure out how do I say, no without the guilt because it really does take a physical toll on you. And that's because I do wanna help everyone and everybody has a great cause. So it's not about whether I trust people. I just look at it on face value, and I operate, you know, from my heart offensively, and the seems to work. What advice do you have for women who want to carve out their own identity separate from their family? You know, I'm a big believer in every woman. I don't really care, you know, single married, whatever you've got to be engaged with your finances. You know, we just conducted genders study of young women sixteen to twenty five years old, and unfortunately, stereo types, you know, society parents sort of carve out in an unconsciously, by the way and put us at a financial advantage. Studies show that young women are paid less than their allowance. We know women earn eighty cents on the dollar. We live longer. We tend to go in and out of the workforce. It's it's so we so we have less money right to play with or to save over time for our financial security. So I'm just a big believer that we as women have to be more disciplined and engaged to have the financial income our outcomes in the security that we deserve. How come me become more confident as women? Well, I, you know, I'm out there advocating for parents to bring their daughters along, but you know, obviously, not everybody had that opportunity. You know, I always always have serve joke that on my own little focus group at Schwab is all the women at Schwab. Their parents talked to them about it, their dads were encouraging and so forth. But I think you know, just sort of the, you know, Nike whatever logo just do it. And there's a lot of great. Financial experts firms that you know, I tau Schwab. We my dad built the company for every day Americans. Some people say for the little guy. I mean, my dad went use that word, but but you're firms out there that don't care how much money you have. They just wanna help you. And I think you if you could just, you know, make that phone call or go into that office, or, you know, talk to a friend and gets mad vice on who you know, who you might reach out to. But I think it's just a matter of dipping in. And it's really it's an it's an assessing for your security. First of all go in so many different ways. I mentioned, you know, get help. There's no shame in getting professional help. You know? I mentioned I you know, I have professional help. And there's plenty of people out there that somebody who can be your partner in it. The other is, you know, if you're one to want to go online, there's some great low cost asset allocation ones, you know, like robo funds you here and there, and they're they're well diversified and all the different sectors of society large and small companies international bonds and cash it again, it's it's picking something that's low cost it mirrors the market. You know, it is an equities is just about participating in the market and thinking of it long term. I always, you know, quite the stock market to like elevator where it goes up, but kind of jig Jags up, but it of overtime. It outperforms any every other sector, including cash or bonds. What's one misconception? You hear from women about investing a lot of people. On. It's not just as -sarily women. But I actually had a colleague who is not in investing. She's not investor, and of course, you know, Schwab's not all financial experts. Right. We've got people in technology in HR operations, and so forth in this woman was in her forties. And she and I worked side-by-side for almost twenty years. She was in her mid forties. And she went to the Schwab office to check in on her retirement and her 4._0._1._K and she came back. And I said, so how did it go? And she said, unfortunately, I'm I'm behind. I'm not, you know, I I'm behind them where I need to be given my age, and I want to say her name. But I said no way, you know, you've been working with me side by side. You know, how important it is to be diversified and participate in stocks and equities, and she said, I know I just had too much in cash, and I and I think what what gets in the way is the fear of of the stock market because it because it is vol. Title. And so people think that going into cash or mutual funds is a better deal, but that's just as much risk being in cash holds just as much risk as maybe picking that hot stock. And that's why we so recommend a diversified portfolio of equities because you know, it's like not putting all your eggs in one basket, right? It's a whole bunch of different companies and industries and so forth, and then you can use cash and bonds to, you know, balance the volatility a little bit, you know, during different different economic times financial firms have largely had a tough time connecting with women. Oh boy. I you know, that's a that's a good question. I will tell you that historically, you know, I mentioned Schwab Schwab, or my dad's started tried to start a firm that with more inclusive, and I think a lot of it might be have to do with. It's a high pressure sales of you know industry, and I think what? People have to realize is that you don't have to have work with somebody like that. It's really important potentially to work with someone who's fee-based. So they're not incented or motivated to churn your account by all these this stock that stock or push a products that their firm is trying to push in. It's not necessarily right for you. I'm a big believer in red. Well, I'm a big believer. Of course schwa-, but registered investment advisors. They're usually fee based so it's a percentage of your assets. And so because it's a percentage when you're account goes up there, they earn more. So so it's in their best interest to help you grow your portfolio. So I think compensation is a big differentiator, and to be honest to you. I think it's changed a lot since I've started it has become more women friendly. I also think that with the rise of the 4._0._1._K and that so many women are in the workforce in a way. It's it's a forcing us. To get involved with investing and become more familiar with it and comfortable. The Wall Street Journal podcast brought to you by trunk club. Drunk clubs personal stylist can help build a wardrobe of custom and ready to wear clothing for everything from Monday morning meetings to Friday happy hour. Get started at trunk club dot com slash Wall Street. Or listening to secrets of wealthy women from the Wall Street Journal, keep your husband engaged. Well, I mentioned to you that we were always do it yourself couple. So I have to I have to tell story. My husband is at journalist. He was sports journalist Lanta journal constitution, Washington Post, and so forth. And he always joked that he wrote the thank you notes, you know, and I manage the money, but it's just it's it's really important that you're you know, that he has total access to all our accounts. I think for whoever's really managing it or not managing it at the very least you need to know where your assets are what you're invested in and be involved with all the big decisions. And and it does help now that we do have third party adviser. And we do meet with them regularly, and Gary always included, and certainly I encourage him in. He knows the importance of it. So we're okay with. You know, it's I don't know that it's just women versus men. I have a good friend of mine who's a mailed. It's really struggling right now. And I you know, I can't help to think why isn't his well, his wife stepping in and helping defray that stress. I mean, it's definitely a joint effort. I think you kinda both have to be scrappy. I think it's also important maybe to sit down, and, you know, have a plan have have a budget have some agreements around. How you spend your money. I think it's really I also think it's important to have the hat have the hers and his and and yours. So I think if you look at money is reaching your goals, and your aspirations, I know my husband I used to talk about that all the time our hopes and dreams, but that's what makes the money part fun. If you could kind of be focused on that. And that can use that as your as your your path forgetting where you want together I feel very fortunate to be in the. That I was that. Again, I was not raised trust fund kid, and I have been trying to instill the same work ethic and value and savings with my own kids. I started them in an allowance when they were young. So they could experience money make choices, you know, value. It there were times when they just you know, like when I wouldn't pay for something they wouldn't pay forty because they realize their money with more valuable. I I taught him how to invest when when they were twelve I never talked about money. I remember we one of my sons, I don't know who's probably ten years old. And he he no he says, you know, the Smith making that I don't remember their name. They're really rich. And I said really, you know, and we just we didn't really we don't really talk about it in that sense. And I will you know, I have a story that I've told before when my son was sixteen some of his friends were getting BMW's. You know, we were living in Marin county at the time. Very wealthy community. And I was really kind of appalled to be honest with you. Because what I've taught my kids. It's not about NetWorth it's about self worth. And each one of my kids have always worked since they were sixteen years old again, I'm trying you know, I feel really good about what I've done, and and I have my confidence in personal self worth. And I wanted them to have the same. So they've always worked their big investors and in it's it's for us. It's not about the money. It's about having purpose and drive in life. How come the dial and financial literacy hasn't moved that much? Oh, it's it's it's changed them. You know, I've been working on this. A lot of years seventeen states today now require personal finance in in high school. It was fewer than that way. Back when you know, we have a lot of people lobbing it I I wish I could. I wish we could make it a culture, you know, financial literacy financial ownership a culture that we all readily. Except it's it's no doubt. We we have a lot of work to do. So you've got you know, schools aren't really teaching. And although it's getting better, you know, from our studies parents are starting to talk more to their kids. Another area is the workforce. You know, we provide retirement plans for corporations, and it was something I push when I was on President Obama's council and financial capability, the whole notion of employers, providing financial education and have tell you that my colleagues are telling me on the IRA business retirement business that more and more corporations are seeing that it pays off, you know, bottom line to educate and make sure that their employees are financially, you know, fit because they're more productive employees, happier employees. So it's slow, and that's why I haven't really stopped pounding the payment pavement one thing you'd like young people to learn about money while they're still kids the power of investing. I mean, like again, you know, we talked about it earlier. It's it's. It's wet creates. It's with creates wealth. It's what separates you it. You know, it fuels financial security new said turning fifty inflection point for you personally house up. It was time. Now, you know, I I've had a great career. But it was like this is sort of my second. I mean, fifties kinda still young, but what kind of affect can I have on people, and and and bigger effect. And how can I do my part on this planet? I had been running. You know, the Schwab foundation for, you know, number years, but then you know, what's the with sort of the next thing. And and that's when I ended up getting more involved civically, I had done some national stuff like a mentioned under Ashley President Bush and President Obama, but I raised my hand in the city of San Francisco, and and said, I you know, I wanna help. And so the mayor pointed me to the San Francisco commission on the status of women, and I'm taking my platform and my knowledge and trying to to promote financial impoundment in in San Francisco among women. The the focus had been on domestic violence and human trafficking. But if you think about it if women or anybody for that matter has some type just a small nest egg financial security, then they could make choices in their life. They don't have to work for that company that doesn't share their values or they don't have to be in that relationship with somebody who doesn't treat them, right? They can pretty much do what they want what inspires you to give back. Why can't help? But to think about the boys and Girls Club of America. I'm on the national board of governors with very like minded passionate people, and what drives me to give back serve. Several things is seeing somebody have a better life. That's what inspires me to to see people who didn't have the same opportunities that I have. Well, there's nothing more meaningful in heart warming, and and powerful than helping someone in need and giving them a leg up and seeing that they take that help. And then they just totally bloom. As an individual. I just you know, I think about when I think about giving a giving back I think of boys and Girls Club, which is the largest youth agency in the United States, and I worked very closely with them, and this organization has the breadth and depth of impact among youth in the United States, and and and they are very innovative and how they think about solving problems. And and they're very focused on metrics and impact they don't think about their everything's a winning formula. They're always trying to aspire and be better. And that's motivating to me. And I meet these kids, you know, all the time, and I'm thinking just around financial literacy, for instance, don't work at the boys and Girls Club and make maybe a couple thousand dollars, and they get so excited, and these are kids that their parents probably didn't even have a Bank account, and all of a sudden, they just see this little bit of money, and they start thinking about college. I mean. That you're just go from a little summer job to college. When these young people probably thought, they would just get a menial job outta high school and just, you know, live their life. But now opportunities come come to them. And that really feels me. Time now for your secrets. I'm Kerry Schwab Pomeranz, and my money secret, we lift off one paycheck. And of course, I can't forget to say it's all about investing in the power of compound growth. This episode was produced by tiny boost does Jon Wardak is the executive producer of WJ podcasts on Veronica dagger. Thanks for listening. What's your secret? Let us know. Right podcasts at Dow Jones dot com or on Twitter, use hashtag secrets of wealthy women.
"Hey, guys, rainy, Jason swat here along with. I'm Daniel van Kirk and guess what we are on H area. Yes, J. What's the address remotely H dot com slash dumb? People town. You'll see our page. We have new tears we ever mazing things available for you is a great chance for you to get more out of this podcast. Just go there. Check it out. We're there. We're live. Yes. Guys. We are on. Hey. Hey. From the creators of the murder minute app. Comes your new favorite fix for true crime. Welcome to the murder minute podcast with a Runtime of about a short commute. Murder. Minute. Is your no nonsense source for true crime? Each episode of the program includes a scripted narrative detailing crime preceded by true crime headlines. A brief true crime news update through meticulously crafted, storytelling and sound design. Murder minute delivers a unique and immersive listening experience. Subscribed today on Himalayas apple podcasts Spotify or wherever you get your podcast. Don't forget to download the murder minute app. Available on the app store and Google play and follow us on Instagram at Myrna minute for even more true crime headlines murderer minute your daily dose of true crime. Trying to think about but shouldn't we? I can't remember if we played the song before. But I can't remember being more excited for an album to come out this is vampire weekend. We are like man Pires staying up late at night on the west coast and the east coast watching tournament games into the night, the greatest time of the year furious sports fan certainly college basketball fan and C double A tournament wields its way into the second weekend, Sweet Sixteen a lot of blue buds bloods. It's the China. Blue buds. Blue buds Chaki of all Sweet Sixteen that I can remember doing in your bracket. Jay, I'm doing. I'm two hundred and thirteenth out of three ninety what some about in the middle of the pack. I made a lot of mistakes. I a lot upsets. Upsets to I'm like, I think I'm sitting with eleven out of twelve out of sixteen. That's not good whatever it is not good. But I could get I think my elite aids going around in nicely. And I think the my final four is going around in nicely. I could win because I picked up a little bit of an outsider to win. So good luck to you on all your brackets. I wanna talk about another college sport an interesting thing that happened just briefly before we get to the great how Schwab from stump the Schwab. I'm so excited SPN he's a fountain of sports knowledge, and we give it all to including tournament picks amazing after glorious segments. But I wanna talk about I took my daughter, Georgia, who's gymnastics in gymnastics. She's gymnast she's a gymnast, and I took her and her friend to go see the UCLA women's gymnastics team perform a team event. It wasn't a competition. No. It was come to against Stanford. Okay. It was a competition event against Hanford at Pauley pavilion, which by the way, once the event got started packed every seat taken every see taken. There are Olympia NHS on the. CLA? Kyla ross. We watched Kyla Ross. She's really tall. She's amazing because Rick Ross daughter did a straight up mob deep actually Kyla Ross. Catenary calorie Colorado's got a ten got a ten on. We we you saw perfect ten perfect ten on beam. And I'm telling you it was perfect to the place. Go crazy nuts like everybody started flashing their hands like, Dan. And everyone was going nuts as so what's amazing? Is you get the excitement of the actual feet, and the the it was on the beam or the vault was on the beam on the beam. Okay. By the way, is the scariest of all the things they do on the doing flips on the beam and their landing them. And so she's she nails this routine piece by piece as its building. And as she keeps landing the tricks, or whatever they're called to the things. Yeah. The crowd's anticipation is better. She does her dismounts. She lands it perfectly the place to exit like sticks it in the doesn't even bender knees. Just boom lands. It crowd goes crazy. Right. It was incredible. And so then there's the -ticipant as to what the scores going to be. So now, there's mounting anticipation in in the audience on believe crowd goes crazy. She gets a ten and wonder daughter, go crazy. Oh. All went nuts like me and her and my daughter, and I am this other girl, we all just kind of lost our minds. It was amazing. Then we saw caitland Ohio. She who I don't know many people who maybe don't aren't that familiar with college women's gymnastics, by the way, UCLA's number two in the country. Oklahoma's number one, I believe right? I think Oklahoma's number one and Oklahoma beat them by a quarter of a point earlier. And I watched the match on ESPN. So they're good and UCLA number two. They're gonna make it to the NC double A's, and it's happening right now. I don't know who won. But like. Kayla know, how she did a routine where she got a perfect town on the floor. She does she jumps up and just bounces on into a slits found sons with and jumps right back up. Again. She was she flip into a splits. No, she doesn't have to the flip. But her flips are unbelievable in her tumbling timely, telling passes are incredible shift so much personality. She's having so much fun. She looks like a normal person. She's not like this tiny tiny, she looks normal. And she's incredible. And the place goes nuts. She's a star superstar. It'd be like she's Zion Williamson for revision net and so's Colorado is like R J Barrett. Like, that's who they are. She's the last person they announced when they go down the team in the ovation goes incredible people love her and that videos were floor routine. Went viral incredible. Which is great for her except that the extra attention on. It you listen to her routine in the music she had in her routine included three or four Michael Jackson cuts like Vincent Price, laughing from thriller and another. A want you back, and you know, like the way you make the way make me feel. Yeah. Which you look back and listen to that song. And you're like so in light of fine of leaving Neverland. I walked into the place with my kids, and I just seen leaving Neverland. And I told you how I felt about seeing leaving Neverland. I literally was like yelling at the yelling at the TV in a way that I don't yell at things literally screaming at a TV every time. They said something that they did this. I was like, no, no, you didn't know, you didn't know, you didn't think it was a big deal to let my my son Sharon bed with Michael no do not know in my house by myself. That I walked in and they're warming up and that music is playing and I looked at Georgia. I was like that can't happen. How can they still be playing this music? Please tell me someone like can she be nimble? Now, I know this has been the music that's been a long a routine throughout the whole time before leaving Neverland came out. But like they got actually we knew that Michael Jackson molested kids, and we just didn't care. That's right before we heard the stories for your the details. So she took which we by the way, we're at the comedy store and heard a brilliant take comedian friend of ours. Jack night who said that the messaging on what he did. They were like he just diddled some kids even just using that word minimizes it so much getting having great lawyers. So the gymnastics fans obsessed and by the way, this clip of caitland, Ohio. She's performance was sent to us by our friends on that Email chain. Yeah. And so it was the her floor teen since the moment she unveiled it. But. On she she she took it out was her first ten of the year, but she went through and as proud she was retrieved she felt conflicted about following the release of leaving Neverland that good part HBO series about his sexual abuse of children. She no longer felt comfortable, which is what I felt when I walked in or an I heard that music. I was like how are we cl- because in the routine the crowd gets in and like? She goes up to the crowd and starts clapping to get them going. It's like what are you doing your cheering? If feels like we're chain for Michael Jackson. It just felt wrong. If felt wrong if felt the way the parents of those kids should felt when they went there when Michael Jackson was having a seven hour phone conversation with their seven year old kid. That's what they should have felt Kaelin. I've been talking about having to routines this year ever since the summer. It was a little bit of a hard decision. Once we saw how much people enjoy the routine could we top it was hard enough to get music that would top her routine, but UCLA former gymnast and dancer eight Berlin kept get prince. He was crazy. But at least I was consensual think so work on work a way it finally came up with something that Caitlin. I just felt was even more joyful, and the fact that it was all female artists made it a no brainer. Can't be Cardi B because she would drug dudes and rob him. She admitted to that. It really wasn't that aronie or momentous of undertaking. Because it was something we've been thinking about from on so kudos to her. I'm like, why is it that female athletes are just this just again furthers that they're more evolved that they're more willing to how can she come out? Having just gotten a perfect ten and say, you know, what I'm scrapping the song because it doesn't fit. Hey, washington. Why don't you say, hey, the Redskins thing is disrespectful. We had it for years. We understand its emotional place in your heart. We're calling our team the Washington warriors HALE high. Oh state. Why don't you say abuse against women is wrong? We can't be any part of this. Don't puff up your chest and be defensive admit that it's wrong. Like this woman did and move on caitland, Ohio. She showing us that she doesn't just get a ten on the floor. She gets Ted in life. Get a ten in life. Love the nobleness. Are we have a great show they phenomenal show? And of course, Jay. Drop little recross for little recross. Yes. Colorado's Aston Martin music. We got how Schwab guy who probably listens to a ton of Rick Ross as yet going through stats and information, you do not want to go anywhere to very interesting conversation about his rise to listen to his rise. The SPN his unceremonious departure from ESPN. And then we turnament talk tournament. You're going to want to hear it. Asna mart music. Splo- brothers is viewed from the cheap seats. Don't go away. All right, guys. 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Be happy about the way you're taking care of your mouth, which is one of the most important things ever. Get quip dot com slash cheese. Hey, guys Randy Jason swat here along with Daniel van Kirk and guess what we are on H J. What's the address? We're new patriot dot com slash dump people town you'll see our page. We have new tears we ever mazing things available for you is a great chance for you to get more out of this podcast. Just go there and check it out. We're there we're live. Yes. Guys. We are on. Hey, guys. Welcome back to the show as promised. This is someone that we admired when we didn't know him. And then we got to know a little bit and through through some friends and my admiration for him has only deepened one of easily. Always the smartest guy in the room. How Schwab welcome to view from the cheap seats. How you doing buddy? Randy. And Jason it's great to be with you. And I admired you guys for a long time. So I mean to be with you, we've been thank you. We have been around those rooms so to speak like at ESPN disrespecting in a number of different shows that weren't ours ares. Always a guy they always had one guy where everybody when they looked to sit. What what is the real the record on this? Or what is the glitz the stat on this? What's the history of this? What is the was? It was like when we were on Grey's anatomy. There was a medical expert and every. One went something was are we doing this, right? Is the surgery look the correct way and the person would just holding the scalpel right? You are the is e holy scalpels got right guy for sports, and it's very impressive. Impressive while I'm glad I don't have to do that. 'cause I don't know how to hold scou-. Thank you. Thank you. I wanna kinda know because I know a lot of people listen to our show where fans of stump the Schwab. And that's probably how they I found out about you. But raining, I kinda wanna hear a little bit about how you got to ESPN and sort of into the position that you got and then how stumped the Schwab came out of that? Well, first of all I came to US being because the guy. Who really was a mentor for me guy named Frank Ross the Frank, and I worked together at college pro football newsweekly, and he told me that he is pinned was looking for someone to help do research in information on college game day when Tim Brando hosted actually before that Larry Burnett, though, my eyes that's going. So that goes back. Yep. So this is eighty six eighty seven and. I went up for an I went for an interview first of all at the NFL draft 'cause I work for college. And pro and I met Terry linger and Steve Anderson, and we talked and then went to Bristol for formal interview. And sure enough got a job as the first researcher in effect. What year is end Zedi sevens. Becka those is back in the eighty six seven and Bristol was a very different place back in eighty six than it is small Bristol Darden seventy nine and I knew like trailers and stuff I got up there. There was small, but there were still a few trailers. It was really fascinating. And obviously a lot smaller than his today. Where now it's college campus did is it is like a college campus. That's fascinating. So you got kind of involved there. And then I'm assuming that it kinda started despite her out beyond just college football, and pro football there that were it stayed for while. Well, also college basketball. I mean, the start of the big east was a big deal as well. Big east basketball was a big Monday was a big deal. And remember it I mean those days back back right after Ewing Mullen. After that. It was like, wow. And was immature. Morning, Mattamy Matombo. Sure. And who else were those kind of the big players in the big east in the Syracuse head some guys in the late Kerekou snow the well, certainly Nova everyone remembers bacteria eighty five when they beat Georgetown. I'm in the eighties the mid eighties for the big east was with the coach the coaches put that in context with the current ACC. I mean people obviously the big ten is having a great season this year. But the ACC consistently delivers at certainly the top of that league the big east in comparison to the current ACC. Well, the biggie spec. Then was Louis carnesecca on Thompson, Jim bay Heim Raleigh mass amino. Yeah. So I mean, those four right their personalities personality able very different. I mean, the coaching personalities now are so different. I mean. When you had the when you had Raleigh. And and Louis and Abe lemons, for example, in Valvano shirts. So many personalities now their I mean their personalities, but I think it's a little different. Yeah. And the intensity level, certainly when you look at a coach K and a ROY Williams and Bill self Calipari Izzo. There's still certainly the intensity her. But I think the personality is a little different. Yeah. And I think what's also kind of different. And I certainly remember back into the eighties. When a guy would come in like a Patrick Ewing, or you know or a morning you'd be like, all right? They got this guy for three or four years. So this team is going to be great, and the coaches had a chance to sink their teeth into these players and say, I'm going to help mold this guy, and I'm going to have a center for four years, and you also had more mature players coming into the NBA. Right. The one and done has left you with kids who still have a lot to learn. And I'm curious to see I was I does wanna goes in the NBA. I was going to ask you about that will be I think he will be very good. But it will be still a learning process of the road trips. The the mature players going against the size the speed of the game could be able to Bill on different. Yeah. He's not gonna be able to bully people around blocked. A lot of shots are going. We talked to Gilbert arenas. We saw him around the podcast to DO awhile back. We're gonna have him on the show. But he was saying we'll get into it more with him. But I'm curious. You know, he said he said Zion. Williamson is six six which you know, everybody is always on in the program is an inch taller than than they than. They really are. Yeah. So if he's let's say you measure him at a at an NBA combine of sorts and he measures out at six six where does he play at the two? Is probably right is fast enough to be a two is e long enough to be three. I don't think he is. He's definitely not a four. So he's let's as the two he's a to his all handling skills. Good enough to be two. He can't shoot the probably not can't shoot the three like a to. I know. So it's whoever gets him. I is going to have a project more than they think, you know, what? I mean, he's kind of coming out with a lot of hype. But I don't know if he fits in where he fits in the NBA, maybe take John Maranto take Barrett. And you don't have that problem. That's right Barrett's, much better. And John Moran to me feels like a guy who's going to be a great NBA player. Just a Greg set way. I mean just looks that way, you know, playing at very St. you're not playing against the top notch teams every night here. That's that's the thing you have to wonder about. But certainly been enough players coming out of small colleges over the years that have following guy named Stockton was pretty good. Yeah. Steph curry pretty good. Pretty good. So, you know, Luke, Luke ridden our kidding was Oregon. Yeah. I don't know was he now resort. But all right. So you have to go I have to come back and answer euro, the quest show, stump the Schwab, still lovely call. I got called into an office one day and Mark Shapiro. The senior vice president we know very well. Yes. I know me and said, you know, why you're here you said, my guess is has something to do with Talbot. Who I worked with something with him? What's going on? We've decided to start a new show said, oh, really what it's called stump. The Schwab you're going against people. We know you're pretty smart. I said what? The Schwab with that question sorta like okay one deal. I went I went I lose lose. I'm not pressure on myself. And the one thing I did which was really smart about stump? The Schwab we went down to look at the set and see everything and they said, oh, we have stand ins for you. I said no I want I want to try this. I wanna see what the questions are like I want to see what the set is. Like, I wanna see what the chairs like. Yeah. I got very comfortable in five minutes. And I think I had an advantage in the studio bidding. They're being under the lights feeling the pressure of the seed to feeling everything and I felt really comfortable. And there are some people who were contestants on the show who clearly got nervous to clearly were not not set by by the lie. Lights and everything that was around them in the scenario. I think favored me in that regard. And it worked out pretty sixty four and sixteen amazing. I'll take that winning. Do you know the winning percentage? Do you know your Eljay eighty? What's really funny? But one time I was in Las Vegas. Casino with tau. Yeah. And a guy goes as stuff to Schwab, you grow as thank you pre she'd it he goes, what was your record? I said sixty four and sixteen. I know it was he goes you lost sixteen times. Oh my God. That's terrible. What if any coach in college basketball have that winning percent extrapolate that outs? Okay. Six hundred forty and one sixty of your basketball, coach or football coach that has that record UM many, millionaire all fame hall of fame, and if happy with I'm I I was only upset when I lost a couple of times one time I was upset because we get four shows in a day. And I was so fried. Yeah. I just wanna get out of there that I didn't. That's the disadvantage because you know. Yeah. That was that day. It was the constant. You're the constant. They have one they've afresh shot, you know. And then there was one time I lost where this guy was at noxious. I remember him to this day terrible. He just was through till he he was like trash talking. And I'll have notched and I wanted to shut him up so badly, and unfortunately, I lost him twice. And then the third time I really wanted to kick his butt, and then he lost in the first round of the final like, oh my God. I wanted to beat him. Yeah. Shine it was it was anticlimactic when I one though the kid was really nice who I'd beat in the final year. But I was like oh my God. I wanted beat this other guy. Well, let's the Prince Naseem may just not out really. But the truth matter is and what's interesting about the show. And I think one of the reasons Jane, I really related to the position that you're in is that not because we are guys with tremendous sports knowledge were not we love sports. But the idea that it's one of those things where people feel like, oh, I can do this. I can beat this guy. I can sit in there like you say under the lights in the chair with all the pressure. And what what the Schwab does isn't so difficult like his? His head for knowledge is it is what it is. I mine is better same way that people see people doing stand up comedy. And they're like I can do that with funny our ram of. And it's like, you don't understand all that goes into it. You don't understand how much you were that go-to person for so many years on shows where really the the best of the best when when it's crunch time, especially when you're doing live stuff people everyone, the producers in everyone look at you and say how he what's the what is the what's the deal here that we need the right stat. The right information coming out of our those datas pressure, and in you have like dealt with that, whereas regular people just haven't. So there's it kind of looks easier than it is. Did you feel that sometimes people kind of felt that way? A little bit. But you know, I just took it in stride. When I went and played. I just was like let me have fun. Okay. Let me think about things it came to me naturally. I was pretty happy with it. Were you present in the moment? Like as they were happening. Did you feel like you could appreciate what was going on? Sometimes sometimes I did. I did the shows. I mean, the, and it's funny you say the bit about standup comedians because I'll tell you what people think they're funny, and they tell jokes and stuff. Yeah. And or not. Yup. And the really I sort comedian. I don't know if you know, this guy, Sarge pigment. Yeah. We know. He is Sarge I knew Sergey work at ESPN. Oh, yeah. And great guy yet, and I just reconnected with him and saw him down in Boca Raton, Florida recently. Yeah. He did stand up for two hours. Unbelievable is great. I laughed my head off for to my wife, and I are sitting again. He's amazing. Yeah. And for to listen to someone for two hours and every single story is sterile every sin. Angleton you could relate to I think stand up comedy. What's great about? It is when when a lot of the comedians telling stories you go into that. Yes. Yeah. I've seen that. Yes. I've lived through that. Oh my God. That's so funny. That's true. And. When I was I was on the show, and I think back about it once in a while. I mean, I just love the environment. I loved the people who worked on the show I loved being in the studio, and it was just fun and actually the most fun with Stuart Scott the late. Great steward. Scott. Just sweet get one time. Stuart Scott got tell this. Yeah. Please. No one knows it because no one's ever seen video of it. Because I don't think video exists. I love it. We were rehearsing one day and the rehearsal is basically lights and people say, oh, they must give you the questions. No, they never gave. No. Are you kidding me? Never. They had lawyers around to make sure everything was above board. Of course. Like is the worth the game show? They didn't want. They didn't want. That's right for thousand dollar question. Oh, no. And I learned that right away. I was like, okay. Whatever. Good. Will Stuart Scott one day does gymnastics on the set. It was hysterical. Yeah. He literally did did a did a somersault as like, oh my God. And then what it led to in the first year? They had a stunt double do gymnastics and made believe it was me. It was historic. Video exists somewhere on YouTube. I've seen it. My where some they cut in a gymnast doing this thing. And then I stand up I'm there as if I just landed a triggering dismount. This stat is great that came about. Because Stewart did this one day. And it was hysteria store was just so much fun. He's get at all. So it was fun Stewart used to bring his daughters in. Yeah. And I saw them grow up before my eyes those early amazing that you had that experience connected with him. I mean, he's no longer with us. But it's just great that you were able to be connected with him through that. And it was a great. You know, like we had a great show on ESPN. It was it was wonderful and it had its time. And it lived long enough for people to really enjoy it. I think it's you know, as Mark Shapiro goes. It's like we know how a lot of those things get get thought up. We've actually sat in on brainstorming sessions with him in and how his brain works, and how you know, he gathers up smart people and says, what would be a great show that was just phenomenal idea for a show, basically showing the inner workings of the smart people at ESPN and picking that up against regular people. It was brilliant. And I love that you. Stayed on ESPN after that for years until obviously he'll unceremoniously let go at a time. Where I where a lot of people were in a lot of people us included felt like you gotta a eel here. Well, I did to the stair. I feel that way. But five years later instead of living in Bristol, Connecticut, I live in Fort Lauderdale, Florida, two blocks from the ocean yet married to a beautiful woman. Yep. And life is good. And I'm I'm working with dick by towel still buying the scenes great. And I work on FOX on bracket tall g the for two years and have enjoyed that. And I realized life is short and you got enjoy it. It's Bristol Connecticut was okay. I'm much happier down here. I mean, I was very happy ESPN because I love my work. I love the people and I don't kid yourself. The people at ESPN is what made that place. A hundred of course. Yeah. And what happened was the dollar counters decided, oh, we don't need some of these people. We we need to cut the budget because we're paying nine hundred billion dollars to the NBA for their games or we're paying expertise bell. That's right ex- to baseball or x to college sports, and the amount of money, they were paying and the fact of Mair is cable people cut the cord now and some of the the subscription base has gone down and some of the revenue has gone down. There was a point where ad revenues went down a little bit. So the network had to show a greater profit the Disney way and by doing that some very talented very important people got let go like yourself. I mean my wave back five years ago little over five years ago. There were few people I became one of the most known ones because of two things one. I put something on on Twitter on Facebook and Twitter yet. Saying listen, I got like oh because of money. The reason I did that was I wanted to get another job. And I didn't want people think they go because of indiscretion. That's right. That's right. And there were certain people who were let go because of indiscretions you may remember. The Phillips and the like yet. Yeah. And I liked Steve Phillips Steve gun job fine. But I just I wanted people know that I got like, oh 'cause the money and that was it. And by the way, I wasn't making seven figures I wasn't making ridiculous amounts of money. But you're paid for what you're being valued for what you did in. You certainly your talent in your ability to do what you do very few people can do it on the level that you needed everywhere as needed in. Every I could tell you a really funny story. One thing to have on stump the Schwab one time, I I lost. And I decided, okay. I'm in New York City. I'm by myself. I'm going back to tell. Yeah. I'm going to have a nice dinner. I had a steak I had a diet coke I salad nine desert Bill came to like seventy dollars. Yeah. Okay. New york. That's not so terrible for steak. Okay. I get a phone. Call from Disney excuse me, Mr Schwab per dam is forty five dollars. You spend seventy pardon me, two things number one. You don't call me. When I go and buy a hamburger for dinner, which I did several times, which is under the amount if we wanna ROY twenty. Yeah. I spent twenty several times. Yeah. So the one time I spent seventy you got witting by the way with tip. I get I said, are you kidding me? I said, well, we're very upset about this. And the bean said, pardon me, my name is Schwab. What's the name of the show? Oh, okay. I'm sorry. How dare I. Well, after that, I I talked to the production company said from now on I will submit my bills to you, and you will pay them, and we will never have this problem again. And that's what happened and it was fine. It's respectful in in many ways in in. Furious. Of course, I always try to at Disney. Be very careful about the way, I've spent money. Yeah. 'cause I remember George Bodenheimer who I loved as president is been said mate believe the dollar. You spend is your own dollar. And I that's stuck with me. I I was treated that way. I treat it with respect. One time the SP's vice president took us out to dinner ordered champagne wine. The Bill must have been several thousand dollars that I'm saying this this is ridiculous. But maybe that's how he treats his dollar. You never know how we treat his dollar whatever you ever now. All right. Let's take a break before we talk about the current NC double A tournament, which is going on right now with the Schwab. Don't go anywhere. You're gonna hear his pinks. You're gonna hear who thinks is going to move on. I can't help you really in your bracket building right now. But it's a good thing to check this'll be our public record. If he gets it. All right. That's right. He's the Schwab. Be right back. Do you take your science Intech news with a glass of wine? Josh I should start. Randy interested in space news and a good booze. Yes, I am the need to check out half hour. Happy hour ladies night each week and every week with Ellison Hayslett, we love her. She did our other podcast, and she's amazing mod Garrett, and Tom cry sqi. There you go about that Simpson. Simpson booze spit some news for about thirty ish minutes. It's perfect. They read the latest science news or anything. They find out of the ordinary like Austria is flying spider epidemic of two thousand eighteen terrified terrified never nowhere near that still terrified that what's going on with musk. Also, terrifying lawn must you call me live. And not going by the name you. What's the latest in the Russia in Nasr's race to build a moon base? Mandates the h h h h h crew. No, the h h h crew has got a covered subscribe to half hour. Happy hour ladies night on apple podcasts. Apples podcasts. Stitcher Himalayas Spotify. Or whatever you listen to podcasts. Check it out are welcome back guys. So so now, you are doing the like bracket tala g on FOX. And you know, let's just transition into because we're right smack dab in the middle of the tournament. This is gonna come out on Friday. So there will be some games that have already happened on Thursday. But this is the Chaki assed as they say Sweet Sixteen in recent. Meaning that you've got a lot of blue bloods, their favorite lot of top seeds, which we all love great upset in the Cinderella nature of you know, the UC Irvine of this world make the tournament. Exciting. The Murray stations world, but now you get into. The weekend to weekend three how excited are you for these every game is an insane match. And and then I wanna hear wh who you're who you're leaning on who you're liking. Sure. First of all the fact that you don't have loyalists Chicago this year and sister Jean like you did last year. Yeah. That's okay. Yeah. Because you know what? I and I get it. Oregon would be the one Cinderella because there were twelve seed, right? And they're still here. But they're good team. I think it's great because you have great competent the first main last weekend, the Saturday night was disappointing. Because I thought Purdue Villanova big game. I thought Auburn cans big they were terrible. Loom close loom out blow. I went to sleep at halftime of the Auburn Kansas game twenty six point game. Yeah. I said let me get some sleep by guy be up at five in the morning over. Thank God, it's over. But it was not great. I mean, the one game that was competitive really know worthy was the Kentucky Wofford game which was offered in the and then maybe Tennessee Iowa game became five point game. And then all of a sudden came back, right which was shocking but Maryland game. It's amazing to the mayor Maryland Ila. She was very good because they made the first week you had orbit New Mexico state became a game. Yeah. You had the drama of liberty in Callard by sure and Murray stage, so you had the upsets, but now you have is great match ups in great games and teams that have excelled it here. Here's a stat for you. I looked up. Yeah. Of the sixteen teams left fourteen the more in the. Preseason top twenty five. That's amazing. All day were expected to be here. Pretty much the includes Oregon yet Oregon loss bowl bowl, right? They were fourteen in the preseason poll. Yeah. So Oregon being here now is not a total shock except. It's impressive. They lost bowl bowl. And if they had him they would have been right really high. I agree. So now, you're looking at this. And you said blitz I mean Carolina do Kentucky miss Regina becoming a blue blood. If you what then you have power conferences, ACS five left big ten has three lift SEC four left such twelve of the sixteen or the three power up. I know we have the power conferences and also missing big east. None none. Villanova note worthy to. Yeah. You thought Villanova would be the team that would maybe emerged from there. But villain over Marquette. Marquette a Marquette just fell apart. Yeah. Seton Hall fell apart well in that game against Wofford the Saint John's I'm surprised made the tournament. Yeah. I sixty seven sixty eight when I projected won miss this my alma Mata. I hear about that enough on Twitter. I'm sure but not. But I mean, I think a lot of people were surprised they made it into the term. And there were a couple of notable snubs that that maybe could have been in in Saint John's place, and they proved it this they proved it, right? I mean, what's interesting is buffalo didn't go farther that I thought they would maybe have a chance to go. I thought UCF the UCF Duke game was unbelievable. A couple of nine was that was the best game of the tournament. Coming to mention that weekend that was by far the best game. I mean, go ahead. If you see has that dunk, they're up for that would make it. That's up six. Yeah. And it would be a different game. And the other one was the rebound that led to the three point play from Williams. Now, if delory it doesn't get that rebound to no one talks about that. Well, that's a great rebound. But RJ bear definitely pushed to push this university of center floor in the back to hands on the back. Think are the refs gonna call that right there. I mean that is Williams since two offense fouth. Yeah. The push off on the drive to. Yeah. Yep. And they're just not gonna call it. Because you know, you're probably gonna wind up seeing Duke Michigan state in that upper bracket, you you. You're gonna see you know, I see Tennessee, even though they had a rough couple of I think they might get back on track on here. What he says? But I want to hear yet where where do you see this thing shaking out for the lead? And then onto the final four in the championship game. And of course, the games that are played we won't talk. No, we. We are going to going to be great game. Right. And one of the problems Tennessee is their defensive late six straight games have given up seventy or more points. That's right. And before that their longest streak giving up seventy three this year. So you kinda wonder a little bit. Now granted last game was over time. So that drop, but. I kinda wonder if Tennessee's wearing out a little bit. I mean, there are very very much veteran club. And you think they're going to respond. The should've put Colgate away in Colgate. The kid burns nuts on or new that kid. And all of a sudden it's again the last game there had twenty five and then now produce different apple look with producer Villanova killed him. Carson Edwards has been the best player in the turnament yet sixty eight points in two games as I mean, but who arson Edwards? Are you gonna get the guy who shoots three for seventeen in his usages out off the charts? Or is he gonna actually are the are the tough shots. Gonna fall for him. Is is really the question. Well, so far they have. But he's had a great year. But he's up and down. You're right. The other element is the kid harms inside he has really stepped Ganic. He's moved his game. Up. He eighteen points s game. Yep. He's become a factor. Yeah. And I don't know if Tennessee counter said, Nope. So I think you're going to have a really good game. I picked Tennissee to win in my bracket. Yeah. But I tell you what I've been impressed by Purdue and mad painters to people realize Purdue was six and five at one point. He they lost to Notre Dame who had a bad year. Yeah. Michigan bloom. Michigan bloom out early blue amount, and they really they benched harms painter Benji arms for a couple of games. Put that other kid. I believe is name is Williamson Williams put him in. And I think it rattled him enough and shook his cage to the point where he now is coming back and came back at it. Harder painters done a great job with that group. And I mean for them to tie for the big ten titles for impressive. I I actually think produced gonna now win that game. Even though I picked Tennessee. Right. Of course, the game will be over by the time. We'll get to see in real time. How Michigan Texas Tech? That's an interesting game to great defenses. And the question is can Charles Matthew shut shutdown? Culver, you know. That's definitely a factor. Culver was great. The last game. John be line has to be considered one of the best coaches in America battering last Jerry's in last in the title game this year, he's back in contention. They were very good for a long time this year. They stumble a bit down the stretch against Michigan state twice. But three times three times three times overall Twi twice in a row in the latter stage. Right. But that's right. You're right. You're correct. Three times in a row. Let's be accurate. They're not playing you can state this time playing Texas Tech and text text defense, certainly one of the best in the country and crispier it has done a great job. Yeah. Actually, I think he's the coach you're in my. Because Texas Tech was picked seventh in the preseason poll in the big twelve. Wow. But now saying that Michigan find ways to win bre steak. Matthews. I mean say sending the step up Simpson. Simpson's benefactor, absolutely. Texas Tech is not as steep. Michigan. Have a few other players come off the bench and be more of a factor. Yeah, I'm gonna pick Michigan to win. But I wanna heck of a game is going to be a great game. And then the other game is gonna dagga Florida state, which that will be interesting. I don't think in zag has faced that long level of just laugh lettuces them and length at Florida state throws it you their relentless floor state has the dip to counter and also Florida state lasts you beat Gonzaga in the same round of the tournament. That's five to sixty and most of those players back. Unfortunately, for Florida state one who's not going to be there still cofer whose father passed away and the funeral. I believe is on Thursday. So, unfortunately, they'll be without him. And he's a score. But they were without him for a lot of the season because he was art early in the year. So they have certainly enough. Weapons without him. Terrence man has been playing great guns. Ag- was my pick before the year. And then after the Saint Mary's game, I filled out my bracket, and I picked Virginia when the whole thing. Wow. So I ain't washing now. Do you think is three bigs that could probably be in the NBA probably will be. I mean Tilly when he's healthy the super control outside go inside. Brandon Clark had thirty six last game against Baylor. He's on random Clark was not there last year when Florida state beat him. That's right. Which is why I think guns will be Florida state this time. Wow. That he is the factor. So then, of course, you and then if you move forward if Michigan beat them in and Gonzaga, they to advance the elite eight you think Inzaghi takes Michigan. And then goes in the final four, actually when I filled out my bracket, and I decided to pick Michigan, which okay, let's say Michigan state plays Duke and Xaver vizier Tillman who I believe is a fantastic defensive guy hat draws the assignment of trying to not get pushed around by Zayn Williamson. If Michigan state beat Duke and you set up a fourth time for Michigan. Michigan state to meet in the final four. I mean that would be epic. Pick duke. And you know what? After the central Florida game. I feel even more strong gonna get back to final four. This was the game for them to be beaten. And they rose every year every year you have a team. I remember Georgetown almost got beat one year. And it was like shocking. I remember back to NC state navy corre- the first round of the tournament. No one talks about that. I mean, the first round was against Pepperdine coach Jim Harrick with a guy named Dane suttle. Ten that game went double overtime. Member that game. I mean member those early games of Princeton, the Pete Correal teams that would play twitch town, and it would be forty nine to forty seven someone make a back door cut and miscellany up and there's the game, but it was a two point game. And there was no business beating them the prince well Princeton, Georgetown game we were in the studio at ESPN, John Saunders and vital. And I think Jimmy V was probably there. I got no, actually, no. I don't think he was now I think about it. But dick dick was definitely there in in John was there, and there was a guy named Thomas Jackson who went to Princeton. And dick said he would stand on his head if Princeton won the game and Georgetown won by a point. I believe was in providence. Yeah. Dick, also said that if Georgetown lost he would walk to providence. Put your money where your mouth that's unbelievable after the game, and George one by point dick actually, did do a hints stand on his head on which I thought he was gonna kill himself. But my actually oh, Jackie Tommy, Tommy O OJ went and got a Princeton sweater and made them wear it until areas. So it's okay. So let's get back to the final four. So you've got do Michigan. And who else and ten talkie, Kentucky cloth? Strong talk about. Yeah. You were saying blue bloods. I mean, this is kind of like modern blue bloods, Gaffey Bates mixed with a Trant grad transfer player senior. Exactly. Yeah. Well, you know with three Travis there Kentucky from Stanford. That would be pretty amazing. You have Carolina has Cameron Johnson from Pitt. Yeah. You you've got a lot of great the graduates things out of control. I mean, I've wondered seventy kids already in the portal, I know that for next year. It's crazy. I've always said this the satis most anticlimactic night is senior night at Duke. It's nobody. Or at or at Kentucky. So all right. So then you have UVA facing Kentucky, and you probably have UVA moving on against Duke. Is that right in the wreck? I do and you have Virginia beating Duke in the final while and all ACC final would be appropriate. They've those covered around number one all year and Virginia to have gone out. First round last year to a sixteen time hours time ever to be vindicated and come all the way back that vindicates. Tony Bennett a little bit. A lot. And that you MBC game was amazing because you NBC did everything. Right. I mean, they they drove the ball basket. They hit three pointers for you. Couldn't put the ball Neo Chian? It was amazing. It was scary. But so with all that we know that it does. Sometimes just come down to that. They just have a bad night. You can do you can do everything you can to get open looks and get the shots you want. If they're not falling and another team goes on a little bit of runner. One kid gets hot, boom. I mean, I watched that Gonzaga's Saint Mary's game. And I was like really Gonzaga that good. I can't tell Saint Mary's is just take him to the woodshed right now. And like it was like it wasn't even like a forty wasn't like a seventy one seventy three game. It was sixty three to forty nine. Like, it was an insane beatdown and on average ninety over ninety game nine. Nine. Yeah. Yeah. It's like what happened to contact with someone switched to uniform? But insane. You can have a night like that. Or a daylight? The difference of Vitel says is all in the Ben be a seven. You're not gonna see the upset. But when it's one game in one night. You never know Cinderella a five star team plays like a three star team as three star. Team elevates gaming plays like five star team. And that's how the upset and the end is right. And the answer is when was the last undefeated team you saw in college basketball as nineteen seventy six seventy six Indiana. Seventy sixty Dante nights, great teams. So teen, and yeah, Quinn Buckner and Bobby Wilkerson. Yeah. Teams don't go undefeated. You are gonna lose games during a year. Why? Because somebody's gonna be off to guys gonna well. There's also parody in college basketball. And there's also it's tougher to win on the road. You see a lot of teams they're great into blues on the road and the grand equalizer I feel like and you can agree or disagree with this is that a five star. Our kid who's a freshman playing against a three star kid who is a senior. Who's a man who's four years older who's been in assistant, whose maybe through the years like leveled up in some ways, certainly in a system like John beeline system or any Lakesha system. If there's a guy who's been there for a few years, which there aren't a lot. But that guy has learned a a lifetime of basketball knowledge within a few years and really take John Eski. You look at him as a freshman at Michigan guy could barely move. Feed. Looked like he was running in water. He was in slow motion. Now that guy is can splash out on a pick on on a on on a string a ball screen and get back in a heartbeat and defended guy against the rim as well. As anyone? Well, let's that's why veteran player four years of practice for years of learning. Your teammates for years of coaching and improving. It makes a difference like last year. Polish Cocco a lot of those kids were veteran kids we've been together for three years and the continuities factor. That's how they move on. And that's why the little guy deserves a chance. Sometimes it does that and all of this in my opinion adds up to this being the most wonderful time of the year. Just in terms of absolutely. I mean, we kind of lost the bowl season a little bit. I would love to see football get into a more expanded playoff type of deal. But there is nothing. There's nothing that compares to this tournament year in year out it, never disappoints. Well, first of all the bowl games number in this too many bowls number two. Now, you're having some kids say we don't wanna play in bowl games because they get hurt and it'll NFL draft stock. Yeah. Which I think is ridiculous. Because now you're banding your team. Yeah. I'm not giving example will Greer quarterback? It was for Jinya. Yeah. Who's not projecting? The first row. And now in most cases, but anyway, could've rear could have helped him out could have helped his team out in his own chances out. Well, he didn't play in the bowl game. His team lost the ball game. I think there would have been a little bit with him in in the game a little and instead of helping his team he he gets a little selfish. Now granted you don't wanna get hurt and football. Are you get hurt more Jedis check? But but can. Yeah. Oh, yeah. I remember. It's frustrating to me that a kid says, okay, guys, I've been with you for three or four months, let me back off now and caretaker myself and not get hurt. And by the way, what are the odds of getting hurt? I mean, the the it's not like it's fifty fifty. It's whatever it is. While you don't wanna take that risk. I get you don't want take that risk. You think you're gonna make a lot of money? But what about the flip side of what you're doing to your team? Yeah. Didn't you get a scholarship? Didn't you commit to be part of that team? Yeah. So what I'll I'll put it in this context. You are definitely making a sound decision for your future. But in making that decision you devalue the game and the season in your team. And it's suddenly makes the ballgames worse for everybody else, which you should be. We should be out there for yourself as a lot of money going on out there. But you look at college basketball, and again, I look at like a Steph curry like run, and if John rant would have had maybe one or two more games in this tournament. You might have seen a reprise of that. But Steph curry is coming out party. Obviously, we knew he was Dell Curry son, and we knew we had talent his coming out party was that tournament. And when you saw you saw him do what he did suddenly people weren't like this can't make it in the NBA. You're watched him on the stage. And you said, Yep. Yep. This guy has got something. And so that's why I just love this time of year where comp- seven pick on the drafting because. Where can people see they can see on Fox Sports? When will they be able to catch all of your analysis and your brackets and all that stuff? Foxsports dot com will they see on some of the recap shows and whatnot while they saw me on this one during the season now on FOX dot com. A little bit granted during the tournament and on Twitter quite a bit. And your Twitter handle for for everybody to follow at how we Schwab. And how shrub a Schwab? We love you. Thank you so much for taking your time with you anytime anytime guys a love at your knowledge is amazing. And we are just sitting here. Just drinking it up like it is just the most tasty smoothie we've ever we've ever had. Thank you have a great one. Enjoy the rest of the turnament. All right. Thank you guys. Take care. Bye. How about that j Schwab the fish? I love it. I love the people thought they were smarter than the Schwab. Yes. Sixteen people got him. But you know, what you probably again, it's like the tournament. It's one one shot one shot by the term is. So I love that. He shares our belief that the tournament is got from that interview, which I love when we come back. We're gonna have voicemail from high dick vitelle by dick mentioned many times that interview what you get from. How Schwab is how much he still loves the game. It's in there in him. And he's more than just a numbers guy. He's a real fan. That's right. So thank you to him for joining us. Let's take a break when we come. This is yellow brick by Rick Wilson is really good. We'll back with a special after this. Hey, guys. Welcome back to the show. Wanna remind people that we are going to be the moon tower Connie festival doing little moon tower action that's at the end of April so excited about that. We're going to do alive down. People town dumb people do tag it. That's gonna live towns. Friday night, seven thirty at eight hundred congress on the twenty six and then we're gonna do a show called tag it where we bring our comedian friends up. They do their set. And then we come on stage in real time. We're trying to write tags for their jokes. And we'll pitch them on stage. It is so fun. We did that show before can't wait to do to moon tower. We doing too goddamn comedy jams. So he turn on tournament. Just lots of fun stuff. So we'll see you guys in Austin, Texas, and that is April twenty fifth through the twenty seventh. And then in may we're going to the blue at in Bloomington. Indiana, the comedy addict, one of our favorite places may ninth eight mine in tenth and eleventh. So we're excited about doing that and the end of the month. On Friday and Saturday the thirtieth and the thirty first of may and the first of June. We'll be in Salt Lake City at wise guys one of our favorite clubs, Keith Stubbs is just the best in a great sports guy to he knows his sports superstars dot com. You can see all our dates. We just added we're going to San Francisco the twenty eighth and twenty ninth of June. How about that buoy? And we're going to be backed down in Huntington beach on the fifteenth at the rec room of June. So good stuff all the way around. We are sort of updating and and gonna start sort of revamping our Instagram to put clips and stuff, maybe called, cheap seats clips on their stand up clip. So if you're not an Instagram do it, we're at Sklar brothers. A great follow. You can see all the old content that we've ever done. Just give us a follow. We love to do that. Also, great merch in the store, you can go to super squats dot com. Good merchandise or go to fluffy, crate dot com slash Sklar. And you can see all the punch waterfalls stuff. You can get basically our logo on any type of merge that you want. It's really fun. And you can check that out. All right before we get out of here. We got a voicemail from high dick virus? Dick, vitality is just the greatest of the greatest and then there's five alternate universe via. Let's listen to that. Oh. Pick up your phone. Shabazz frenetic. Bam. Wanna talk to my friends. Chilly look in the mirror school borders Michou, especially the years. We'll get into the tournament. It's a serious won't everyone's but couldn't do. And why wouldn't as a superstar table has all India table. Upstart every position on the trip. Got Cam reddish, j I don't forget about slipper, gene coming off the bench. No slouch himself. You're gonna these guys baby. Jordan drawn edition kick. It out the slipper throws up. Boom. Don't Karoo ABC. Kids a painting. He's a PTP. Triple Mosman so percent elating six you know, what don't sleep on the table. It's gonna win. It all picking do. That's right. It's apprise upset on picking a kids from Reno Nevada baby about a Renault wolf park at all. All walls burpee this kids room. Believable. You got twins. Believable. You sweet Caroline come on a chip on his shoulder seventeen. That's too low. Maybe that's too low. They chip in the show some approve look to cut down the nets and all about a baby all about Nevada because out here while phones yet it hard for me in a bit. And I'll tell you why don't a little bit of God. Oh, and regarding Finco bird Abay fellows at some believable. I was in Florence. I was licking tones. Troy, some Komali. Oh, she's a beautiful lady. If you haven't tried that lick trial mall, you form. You form forever? Follows wanna live for rebel gonna find here in the black. Rob does it Nevada open ready for when those kids cut down the nets? And as the thing I got a little trick my sliver offering Vilmos he's gonna fill one of those high on the tone sort of an area spotlight. Hobie waiting for slot machine. Oh, Mr. Bella comes up Trump's pull on a slot machine. Ho come. I miss me. Baby gonna fist full Nichols in China show up every hold his buddy. This net goes baby. He's going to be so full Neko's. They're not gonna call a city gold. Oh, drug about the black. This punishment is an issue starting for all front most we drag up there. And it's not the burn Amandus partnership. Baby must his up on top apart a man, and it's no longer to. It's a barter man sixty four to five top spot to break down. But you gonna win that one burpee the number one sued. That's right, baby. Bill goes down on by going to Colan games deserved to be like, I should have all you know, all of your happy. March madness all of the school. All right. I think these in the spirit of things, right? Jay is in the spirit of things hopes. All right. I hope he's all right. I wouldn't even guess that. He's I think he's okay. Thanks, guys. Listen to this show. We love having you on. We have exciting new stuff on the rise in his well for this podcast, and and beyond which we can't wait to share with you this things percolating brewing. In the meantime, we say don't punch person go punch waterfall knocked me off my feet by soak. That's how Schwab did for us today. That was probably one of this song might is is in the clubhouse for my two thousand nineteen air. We South me off my feet by. So the squad rather view the chief seats thank you for spending your time with us and enjoy the tournament. Starving. A podcast network.
Voice In Canada - Crack the Code Clue #12
"She got skills. Hey there. We're down to the last three clues of crack the code. I hope that you are on track. You may even even already know what the final code is. If you have been following along since the beginning if you haven't good news is it's not too late. You just go to AOL A in Canada Dot C._A.. Slash crack the code. You can listen to all the previous flash briefings there and you can catch if you need to all right. Let's get today's clue today. I want to give a shout out to Nick Schwab. He is the guy behind invoked apps and they are known for their incredible catalogue of ambient sound skills. They've a huge catalogue of sleep sounds everything from a crackling campfire to thunderstorm to ocean waves and so on and if you enjoy to listen to those sorts of things when you are sleeping or when you're falling asleep then I would highly suggest that as you check out the A._l.. In Canada podcast episode thirty six what's interesting is that Nick has actually been extremely successful and he was actually featured in a major publication about how he has been able to monetize monetize this and actually by himself some really nice toys things like a tesla not too bad nick not do bad but the other thing is that this set of skills wasn't his first skill he actually had done to other skills prior to this and I'm sure a lot of the experience.
Ep. 421 - Trent365! - Door to Door Refills Business
"Tonight episode four hundred and twenty one I've trained three sixty five I asked the question is there a business selling refills door to door? We had a guy rook up office this week nineteen sixties door-to-door, sows, install right? He came these little bag of goodies. And he was trying to sell us dishwashing liquid. And I kinda thought at the time strange thing to sell door to door, but then officers used dishwashing liquid. So why not but as these random little interactions often? Do it kind of got me thinking in a world where we tend to focus a lot right now on reducing packaging, especially single use packaging. I wonder if you could build a business around going door to door homes and offices, whatever selling refills of these sort of household consumable type products in sort of liquids powder form, whether it's Schwab liquid or laundering, tergence household cleaners and cleanses even soaps and shampoos, and maybe it's a subscription model where you subscribe to the service. And then a couple of times a month will come to your neighborhood. You let us know if you need a refill, all you could even do it, Mr. whippy ice cream van stall. Right. You could play play your funky music, y boy and all the night. Is come running to top with buckets and tubs and bottles and to refill this stuff. So look like a lot of these crazy ideas. I have I haven't really fleshed out right yet. I don't know that there's a hundred percent something there. But I do feel like they might be something in it. So I would love to hear your thoughts on it. Let me know comments blow whether or not you think I'm crazy, and in fact, maybe more so how crazy you really think? I already today I'll be back again tomorrow. So you. So you.
Taking the Leap to Independence Heres how one advisor team reached their full potential.
"I remember waking up at three thirty in the morning was worried about letting Jilin Nancy down because at that point I was thinking. Oh my gosh you know I feel like I brought them down this road. And what if it doesn't work and that was the first time might confidence wavered a little bit meet? Dustin at that time he was a successful investment advisor at a large wirehouse firm and he decided to leave to strike out and start his own firm as an independent registered investment advisor and honestly. It wasn't the risk that was costing him his sleep. It was the fact that he felt responsible for his two closest office partners. Jilin Nancy who were leaving with him. What if the plan didn't work? I thought Oh man I could be ruining everybody's lives what he didn't know at the time was how much faith is partners had in him. He didn't realize how the power of having team is. What would help them succeed. Welcome to your insider's guide to becoming an independent registered investment advisor or RIA. I'm Jerry Cobb senior business consultant at Charles Schwab and this is how I became an independent. Ria An original podcast from Schwab Advisor. Services you get to the point you know what the risk I could take to even be. Independent is absolutely worth it by felt apprehensive nece nervousness but yet excitement. You know that you can see the light at the end of the tunnel. Really everything we wanted was possible even when it's hard or more than you thought you still got to do it. Everything that stopped me from taking that next step was just fear and that fear was in the way of me actually being fulfilled complete freedom and happiness is been the result advisors often take different paths to independence and find success some choose to go independent as individuals while others prefer to start a firm with a team. Today we'll look at how the independent Ria firm altus wealth group got off the ground. It's a story about the role. A team played in inspiring a successful transition to independence. We'll also check in with an expert on big transitions and the power of partnership and as always will get a little practical advice and bust a few myths about the Ria Journey. So you can learn from others as you consider your own path forward. So let's start with the decision. That almost didn't happen. Let's start with Dustin. My income is higher than most people. I've got two kids and a wife and a house and were doing the American dream and in it is beautiful and it's great. I go work I come home. Dustin is describing what life was like working at an investment firm in Colorado Springs. He was in his late thirties and had been with this company for over fifteen years. Work was predictable. The money was good. Life was great. It felt like we could keep along that path forever and that was fine. You know that was one way to live. Most of Destin's work. He did with two other senior financial advisers. Nancy and Jill. Jill had been at the company for most of her career. I had been there for thirty years and so I always thought I would stay there. I would retire. They're the same was true for Nancy. I never thought that I would be jumping ship. Let's let's put it that way. But as the months and years ticked by something. Intangible started GNAWING. Sometimes they talk about it Jill Nancy night several times. These conversation really well are we. We're happy we're all making good. Money clients are happy. The other side you it was. Am I really living up to my potential over time? The teams priorities shifted. Jill for instance bought a house in Michigan. Pretty far from the Colorado office she dreamed of working remotely but company policy meant that dream would be next to impossible. I was being given a lot of of restrictions which really made it such that. I couldn't work for the clients and do everything that I wanted and needed to do with them. Remotely Mansi also wanted more freedom. She was a seasoned adviser but felt like she was being treated like a novice. I understand that large warehouses have to protect their business on all levels but there should not be a need to have chains or restrictions that you can't do this and you can't do that and I think more than anything that's what I started to experience their frustration mounted all they knew was they wanted more wanted something better and it became ridiculous to us. You get to the point where you're like. You know what I. I'm met a place where the risk I can take to be so much better is is absolutely worth it. They have no idea what options existed for them. It was vision but without a plan. Dustin started some initial research. He learned about hybrid models independent broker dealer models. He explored opportunities at other wire houses but every time he came back to the team agree that it still didn't feel right. So here's what I will tell you. We'll be the shift for me. A day came when package landed on gills lap. It was standard marketing mailer. Any advisor might receive an in it. It explained the RIA business model and how it worked. I handed it to Dustin. She didn't WanNA head to me but but I was kind of the designated person and she knew is frustrated and I said you know if ever we were to do anything this would be the platform that I would consider and with that he was off. Dustin rolled up his sleeves and learned everything he could about the RIA model. I had lots of meetings with attorneys with compliance people with technology people and air all aspects. You know that. Make the Business Ron. And the more. He learned the more information he brought back to his colleagues and the more excited they became when Dustin started talking about it. I knew that okay. I have got to open my mind to this and learn and he was excited in had all kinds of information. Just very motivated. It was time to make a call. Stay or go. Dustin was out in his truck when Joe Garden on the phone and it was about of five thirty or six o'clock one one afternoons. In the fall I remember I was I was headed. I live in the mountains and so I'm driving up and I knew there was a dead spot just ahead of me. We were in this conversation of. Oh yeah this is a great idea. Kind of rehashing. What we'd already talked about and I'm going to pull over and we're finishing this tonight and so pulled over skit on the side of the road and dust is going all over and and my first question is if we're going to do this. Let's pick a date silence for a second and because I thought we don't pick a day then it's not real. The only thing that I remember is is in terms of a date. We said may thefts Cinco De Mayo. For whatever reason we would celebrate. Yes this was absolutely a go now. It was real now. They had to make it happen now. They had to get to work. There was plenty to do not to mention the responsibilities. They still had to their existing clients. You it to your clients to continue to do business as normal. 'cause you always want to give them your all and you couldn't say anything absolutely not months of checklists months of paperwork months of decisions on everything from setting up compliance to picking out office chairs that even though the path to independence had been blazed before and resources and infrastructure. Were there to support them. Dustin still felt anxious about the decision. I think what I was more worried about was leading Jilin Nancy. Down because at that point I was thinking. Oh my gosh you know I feel like I brought them down this road. And what if it doesn't work and that was the first time I I might. Confidence wavered a little bit and I thought Oh man I could be ruining everybody's lives doubt. Fear nerves all of that manifested itself at one point or another throughout their transition. Eventually the team had everything locked into place. We were ready. The officers ready I was. I kept checking things You know we had phone lists ready to call clients. All they really needed now was their license from the Securities and Exchange Commission. They did their paperwork than they. Wait and wait it. We did not know when the SEC would approve us every day. We were checking. Are We approved? Are We reapproved now? Every day doesn't have to print out those resignation letters and we were carrying with us. Then I start losing sleep over. What if what if our clients don't come? What if they don't understand or care about our story and and that was all scary for me constant level of stress and anxiety till we left definitely it really intensified because you're so close and but at any minute you now it can all blow up in your face fortunately they. How do each other's backs? It was such a great thing to have partners to lean on to talk through the difficulties as we as we came along so if one of us was kind of down other to pull us up I mean we would not allow each other to fail finally admit mid mate the SEC license came through it was time to resign and launch their independent. Ria for more all there at six thirty in the morning super nervousness. Like you're about to get on a roller coaster and your cited about it but you're also afraid. My stomach was just full of butterflies. Wanted to be there waiting so that we could resigned as early as possible and get a start on our day. And so you know you're wandering around the office waiting for the first manager to come in and it was a long moment as people are showing up to work. Were saying goodbye to everybody and telling them what we're doing. Our officers are cleaned out. They know they know we're not going to be there. I remember it was the operations manager and as soon as he saw us together she knew that was a weird feeling too. Because you know for me. Thirty years of working their hand him a piece of paper the resignation letter. I think I'd printed twelve times with differ dates. And they go okay. Hand me your keys. Hand them their keys. Okay thank you see you later. And he said you know I'm really sorry to see go and Gave Hogs and fowls it. Our feeling was just ecstatic. Walked out the door. We walked down to our new location. I'm walking really fast because I want to get open up the opposite when you get started you just want to begin your new life so to speak as an independent walked in that door then. It was kind of a feeling of how here we are then. It was immediate realization. This is what we did. Now it's time to work. Dustin Jill and NANCI opened the doors to altus wealth group. They're independently owned. Ria On may nineteenth two thousand seventeen. I'm sure you're wondering how's business right? Well we'll find out when we check in with Dustin a little later in the show but first let's see what we can learn from how this team managed their transition together. I think it's powerful that Dustin Jilin. Nancy saw themselves as a really strong unit Nicolay. Turner is a managing director of business consulting at Charles Schwab. She helps. Independent advisors are their businesses for growth and take advantage of opportunities overcome challenges. The reason why they felt like such a strong unit was because they shared a common purpose. And that's really important for our as to know their y or to have a purpose and that bans people together even if they have different ideas about how the business should be run or you know what its eventual future will look like and it's not only a shared purpose or vision. That makes a strong team so a high performing team is one in my opinion that first of all they have that component of trust but they also then recognize that each of them brings something different to the table. Have a diversity of talent. True team works interdependently and when they can leverage each other's strengths and talents an emotional support. Then they can create that synergy. Which is you know being able to get something greater from working together than they could from the some of each of their efforts and that is really. I think when that comes together and they create that synergy that's what creates these amazing thriving are as also obviously great communication being able to talk to one another being able to make things really explicit. That goes into that vision again. It's really about the clear picture. Not necessarily how grandiose the vision is and Dustin story is typical in that at the end of the day. His team felt a great sense of satisfaction about their choice. I think that in the going independent is such a success story because of what happens to the folks after they've gone independent so that sense of building their own business building their own firm. That pride in ownership is very common and really the freedom. It's oftentimes the freedom to do. What's best for clients? The freedom to be able to serve clients in the way that they have wanted to the way that they feel is best suited to their interest. They grow fast. They retain a high percentage of the clients that they were serving before so the independent story is really a success story. Mickley Turner is a managing director of business consulting. Charles Schwab if there's one looming anxiety that hangs over the heads of every advisor considering independence. It's questions about clients. Will they understand my decision? Will they follow? It's been two years. Since alters. Wealth Group opened. Its doors and I wanted to know how they tried to answer those questions for themselves. I ran numbers as low as twenty five percent of our clients. Moving almost like nobody was ever a false. I thought okay. That's as good as it's GonNa get but when I started to clients if felt like every single call everyone was excited was how do I move. And how does this work? That was super surprising to me. So it sounds like you were able to retain the the majority of not all of your clients is at that right. Yes I I run those numbers. A lot and I think is close to ninety five percent was the size of your business when you were at the wirehouse. And what is the size today? As measured by either clients or assets under management both so our assets under management today are higher than they were before manage right around two hundred twenty five million and our client number is lower. There are so many clients that we had to service at our former firm that we really didn't have a choice whether we service them or not. Now we do so now. We can provide better service to those clients and we're growing. What would you have done? Differently would didn't pan out the way you had expected. You know there are a couple different things that we relied on. One of them was our phones so I hired this via voip company of voice over Ip Company to get a phone numbers and we find out the first day. We're in here that although is our same area and it was a local number two hundred miles south of us and so when local clients were calling from their home phone they. Wh had to call a long distance number. It was a big deal. We do so much business over the phone that I thought we have just destroyed our business bought. It wasn't a big deal at all when we ended up having to change those numbers and I don't think anyone even remembers what those numbers were. The other part was we we hired a HR company do payroll for us and they didn't really understand our business. I think it was a call. We did just on price sell. Oh well they're they're the cheapest one there is just payroll for a few of us. We can let them do it. We ended up changing them out within a couple months. And what about For you and your team teammates there On a personal level. How has the transition impacted your personal lives? Nancy just had her second grandchild. She spent a month and a half almost away from the office. Still working remotely. Which was impossible before. Jill spends her summers in Michigan. Still working and her her winters in for me. I look at mostly my kids. I young two young children. They both want to be entrepreneurs. And that's something that they saw firsthand and it is really changed. Their outlook on life so kind of summing up. What would be the advice? You'd give someone else who might be in the shoes that you were in a couple of years back considering a possible move to the independent model. I would say if if you're considering it all dear self a favor and go talk to somebody who's already done it. Spent a few hours with them and go through all those aspects because it's likely the fears or the concerns that you have are not really founded. I believe that any advisor that has a good practice where they're trying to do the right thing for their clients. They're trying to build wealth further own families in themselves. There's not a better path than than this independent are a model. Dustin bench is one of the three founding members of ultras wealth group there in Colorado Springs. Colorado today's story focused on the power of teamwork. And if you're contemplating a similar cure are a few things to keep in mind. Anxiety is a natural part of change. You need a vision. And it only takes one person to keep that vision. Live for the others and remember. A strong team is built on trust. And it's that profound trust gives a team the confidence to take the League to independence. And when I hear Dustin Story. Here's what inspires me. Most I nearly all of their clients that the wirehouse followed them to independence and that actually alliance with Schwab Zone studies on average independent. Ria's retain eighty seven percent of their clients second. Dustin and his team's transition to independence allow them to build stronger client relationships and have more flexibility in their schedules. All while running thriving firm that is still growing and finally they found the freedom they were looking for to work the way they wanted to and live the life they've been dreaming about and they're not alone thousands of financial advisers across the country. Take the leap and become independent. Ria's each story and each transition is unique but the steps they take and the support they need is often the same learn more lots more about the our model and how Schwab Advisor Services can help you for your own path to independence find US online at Schwab Dot com forward slash. Ria or look for the link in the show description to this episode. I'm Jerry COBB and this is how I became an independent. Ria UNORIGINAL PODCASTS. From Schwab Advisor Services Schwab Advisor Services serves independent investment advisers and includes the custody trading and support services of Schwab. The comments views and opinions expressed in the podcast are those of the speakers and do not necessarily represent the views of Schwab they're provided for informational purposes only experiences expressed by advisers may not be representative of the experience of other advisers and are not a guarantee of future success the above mentioned firms and their employees are not affiliated with or in -ployees of Schwab unless otherwise noted. They should not be construed as a recommendation endorsement of or sponsorship by Schwab data contained herein from third party providers is obtained from what are considered reliable sources. However it's accuracy completeness or reliability could not guaranteed copyright two thousand and Nineteen Charles Schwab and Co Inc. All rights reserved member. Sipc independent investment advisers are not owned by affiliated with or supervised by Schwab.
S2E4: The Pioneer Who Upended The Investment Model By Putting Investors First: Charles Schwab
"You'll hear my conversation with the pomace discount brokerage firm Trail Blazer Charles Schwab a genuine pioneer but I as I look at the this is what's ahead and I'm Steve Forbes in a moment really a travesty of course the Chinese controversy will continue will we get a trade deal we may get one momentarily but maybe not it's still the land of the free for all of our flaws and faults we have those kind of things but the headlines We know will be dominated by October fifteenth Tuesday Democrats are having a debate so no mystery over the way Americans invest that subtitle is an understatement which is unusual for a book this man profoundly changed the way we invest then they'll be more on Turkey and its attack on the Kurds are one time allies who helped us defeat isis the president has abandoned the Driss but to be a friend is fatal and plenty of times in the past allies have found out we have not been a reliable partner mm-hmm which reminds one of a quotation from Henry Kissinger former secretary of state he wants said to be an enemy of America can be extinct that's Wednesday on Thursday we'll get a report on housing starts weekly insurance unemployment claims industrial capacity numbers all a special guest today Charles Schwab founder the Creator the Charles Schwab Corporation he's got a new book out called invested changing for the American economy the American equity markets always come back and people always succumbed to panic and miss the ride upward as and Hong Kong in the NBA. Plenty of grist for the mill there but it all underscores why people like to come to America a small town lawyer and taught me a lot of wonderful things mostly around discipline so your mother by contrast was more fun loving point out in the book if you invested in Schwab when you did your IPO reinvested the dividends You are what a mere twenty one thousand percent or something like that is that book will realize the life of an entrepreneur is not an easy one oh boy let me tell you lots of ups and downs that's another understatement but front runner will she be attacked by her opponents will the questioners go after her now that she is on top of the stack will wait and see we'll get it soon enough just what the debates gonNA cover impeachment Ukraine and it'll be interesting what kind of question for Joe Biden Get Elizabeth Warren is now considered the of the points you make in the book and we'll hit this theme again and again one if you're an optimist you can be a successful investor you have to be an optimist and so chuck thank you so much for joining us today thank you very much tv it's a real pleasure to be here this morning and you're one of the great entrepreneurs and anyone who read our family was measured around how much did it cost did we have enough and so forth we were modest income as a family and so as a kid I was but both had been through the depression and you say in the book my own attitudes about financial security and personal independence when I guess I was more entrepreneurial than you might have thought of the time but I wanted to help the family I wanNA make money want to make sure that in my life and make your way through but one course you did not do well in was human resources now here you're very friendly guy very gregarious people against that depression mentality described that mentality that you grew up with and you decided this was not going to govern your wealth through the forties and early fifties everything in the only way to survive frankly I spent a lot of time after school I I six years of my childhood I went to a school top by it learn to hire people who can do things you don't do particularly well well that was I think one of the advantages of understanding myself knowing that I could do work not only my multiplication tables but all my sounds and so forth alphabet et Cetera it was a struggle but fortunately I I do know the off bet now indepth you said growing up with dyslexia as it became to be called you learn to try harder and you learn to listen carefully well that was something's really well and a multitude of other things I couldn't do very well so I learned very early on how to delegate how to really surround myself and they come up with this wonderful word called dyslexia so I really got into studying that and I was very obvious that Michael got it for me and Chris but a strict disciplinarian my goodness he was a very dramatic gentlemen and a lawyer so he had all the legal background and so forth so he was edges and growth companies and I really began learning about the elements behind growth company how they did it what was essential it's almost you on my calculators capability so let's start with your childhood so you're born in California you describe your father as John Off with people who are outstanding in other subject matters others and so developing at team was critically important to me in my early beginnings of the business hi to your own company was don't maximize short term profits go for growth and the bottom line will eventually take care of itself all known at the time and you pay a price for it dyslexia was a word that really had no science around in the forties and fifties when I was new to act so you eventually left Laverne foster that was quite a story in an out but you start a newsletter that capital investment that you attract money and from that you work hard and maybe a deficit and then move on hopefully to profitability now anyhow so anyway I've found I needed to get helping out later on I develop a business one of the points you make in business is that thirty six thirty seven and that the science around dyslexia or learning difficulties renew in particular for my case didn't really ever had been married very young and so my first child was born that day I had three midterms one I got an A. in statistics another course similar and then HR investment advice and actually I worked for them I was going to business school at nights and on weekends just to make a few extra bucks along the way and but what they specialize is going forward that I didn't always have to worry about the budget now in childhood you have we we call it dyslexia but it was not what congratulate you go firm Cole Laverne foster yeah tell us About that typical brokerage firm that they did advice they gave me are human relationships human resources was the class I got an African I think it was just because I was exhausted but I I really wasn't particularly good at that funds and they were very disciplined oriented also so they kept me a lot of times afterwards at the blackboard was called back then with chalk and so forth and boy I had come about for another twenty or thirty years and so really I didn't really understand what it was all about I had my son my youngest son diagnosed all and how to analyze companies that Do that and do it well and so that was a great early experience for me that let me learn more there than in business school another partner twenty and other person outside investor sixty percent and you decide you want to buy them out you want to run the ship on your own and you dollars a year for this wonderful service and we were vising people on a twenty different stocks and growth stocks and some larger companies and also talked about markets cycles we did a lot analysis about that and thought we could sort of predict some market cycles and help people when they were buying when they were to sell a- actually I did as a matter of fact well the combination was pretty nice to and one of the things you've learned about growth stocks which you apply and a lot of symbols as well so despite the dyslexia an undergraduate at Stanford and you go to the Stanford Business School grow if you're going to succeed yeah that was early learning to say the least to analyze his company what it really took and how it was really what we call the investment in the company by them out but you find out that doesn't mean you live happily ever after no not at all at We struggled further and we had some other issues we had investment in the idea that investment in the product all those things are critically important that's why investing such a foundational thing in our system here in America's you recognized being a born entrepreneur that you wanted to be on your own and she sang the book entrepreneurs they are men and women who feel compelled Turned out much more difficult than we thought how did you get three thousand subscribers though well we advertise Barron's that back there and actually you probably don't remember like you but you you didn't what what was that all about see that was a combination of things I was in business school I Your Business School and Z. and it was a terrible time between sixty eight and seventy one seventy two and so we eventually sorta everything's for collapsed commission business and you had a key insight the whole Wall Street commission system you concluded worked against the investor the individual and had the idea about discount brokerage such there was changes in the wind the SEC congress everyone is moving towards the Fund by that time we actually had a couple of hedge funds actually As one when I was thirty one I was managing to hedge funds also plus a mutual fund and China's own weight so you have a lot of debt and a lot of debt you had a personal failure personal failure I was actually I was at the point of frustration I thought I don't know if this investment world is going to be my best base so I decided to go to law school while I was spent about two weeks Compensation was to the broker and it turned out to be a terrible conflict of interest brokers were just fraught with conflicts moving from fix commissions which were in place for two hundred years to negotiated trading in free-trade Sir speaking and of interest so I wanted to start a firm that had elimination of that so all our brokers at Schwab then and today are based on so I had lots of a broker who came to us with ideas when was it that vestment advisory firm and they're always selling stories big stories the station was caught hype and so one would finally got to the point say well I finally figured out the higher the commission was on some of these products the higher the because I said I wasn't able to sell very well anyhow and so I was would have been an unsuccessful stockbroker had even tried so it's more of an analyst are we compensation no commission whatsoever ever paid to our brokers Schwab and so that was a it was not easy because it was changing with the reputable you apply for membership on the Pacific Stock Exchange for crying out loud initially they turn you down because having a low commission on a stock about how we were going to get rich by buying their story and most of which turned out to be a lot of bs that was not correct and was never came to fruition investor explained that inside and how that motivated what you're going to do next well there were many as you analyze and since I had never been a stockbroker law school and find out that was not my career I couldn't read that many books that fast and so the stilts dyslexia issue sorry came to originally yeah yeah right so I fortunately that was by nineteen seventy three's when I really formed Schwab as the company to become a successful company and it went on I'll never forget one of the stories that I talk about a little bit we wanted to industry is always on for years and years and years and so we made that change and I think it's been well served our clients because of them but instead of being treated with rose petals and hailed as a hero you and other like firms as you put it were vaguely there was unethical I couldn't believe that I went to there before the committee and said how could you possibly come to conclusions unethical this is what everybody rented space way up on the twentieth floor and so that kind of threat was thrown at US along the way and a couple of calls the Justice Department helped always were on the forefront of technology you know they say pioneers get the arrows you're willing to take it because you knew you had to be one step ahead and serving your country wants so that question I actually eventually they did allow us to buy a membership on the Pacific suction was a little teeny regional exchange insane of early technology along the way and that was my only solution frankly was technology and I was we were adopted early on and spent huge sums another business but I got to really be familiar with people in the technology world and they said sure helping guided me along in some of the adoptions the moniker no salesman will call you tell us about that well that was all a part of the thinking that I thought people our revenues and expenses in terms of adopting new technologies now talking about marketing one of the things you did your first ad nineteen sixty eight yeah out to been the high of the moral high the Martian on our good friend President Nixon gave up his presence on the twentieth floor or something like that came back to set I'm sorry Mr Schwab the broker down on front street floor the main who growing we'd had two or three offices we want to open office in Seattle and the landlord who want renders the places of the Silicon Valley Growth and all my friends we were business guys also and most were technology somewhere in the wine business on mercer herbs or whatever might have been at the time that they wanted to have a place they could buy without some conflicted stockbroker looking over their shoulder so I think in many ways I was very lucky but a lot of things but I think one was I started the firm on the West Coast we were right in the heart but it was only limited only for those people who were did their own research for self directed who aren't believing in big fancy ideas I wanted to make sure people knew that they were coming to Schwab with someone who is really a a compensated by salary not by commission go off the charts for a conflicted commission relationship so anyway that was what I did in advertising or the challenges officer they have one hundred thousand square feet or was downstairs don't maybe not quite that much but your little two thousand square foot up stairs they're gonNA move out if we let you and I want to make it very plain direct to people so they would understand what the deal was at the time and it became very clear to most people this was a pretty good idea these two and so we were always moving ahead of our ability to create earnings and so that requires investment capital so unlike a competitor me out in that respect the Justice Department really called the brokerage firm backs at like hands off of that one but one of the things you did with your firm over the years was they turned down it was crazy but that was one of the many many things we had along the way that were someone blocks for us Sara vestment newsletter called investment indicators actually and we are high point we had some three or four thousand people and you charge to- each of sixty elect less quick quick and reilly you weren't so much concerned about profit margins you wanted growth and the prophets would follow but you want in people we need money for an office space we needed more office bait because we'd had more people we had more clients in that required more other week ahead here's what to expect there will be the usual figures coming out there'll be sales for retail and food services coming out on October I be able now we about twenty thousand but at the time we were growing quickly I tried to go to Wall Street and Wall Street when we were growing like crazy we were growing fifty hundred important for people understand success does not mean you can relax success has its own special you touched on is the point outgrowth outpaces sources of capital award tell us about the first IPO the failed ip well early on Simply did not want an any way to put money up to help for certain well that but also the competitor we were into the number one you had to be big I wanna be well sorry with five people wasn't hard to Asian I guess that's what we saw with C. Well who were very self directed investors who are looking for an opportunity to buy and sell things they had reached search the use value line or it can also ruin you absolutely you can get way ahead of your gross in different ways than an our case we needed more capital for money too Robert Stephen Tyson Forbes magazine let's re probably got two thousand eight now you've got us so at the at the time you own twenty percents prices and so that was that was way back in primitive ages of the one thousand nine hundred eighty s and so anyway that led frank who ran a savings and loan company under national so I don't know why they bought the savings alone itself way back in the seventies but Ashley because our growth rate was so high when Bankamerica came around with a I e that money from most unlikely Source National Steel Asociados actually Tony Take what was going on board member twenty seven members of the board who said something is wrong here and we better do something about seen too many crisis to say this this'll take it ah we all anticipated and of course it did orders came in and so that was the beginning of US moving to a twenty four hour overnight basis now seat on the board respectable Pooh Bah's on the board capital to grow and before we get to that you got some to the wrong places there was the international trade back shift South America shipping all of that stuff and they lost a lot of money bank of America you eventually strike a deal you're GONNA sell out to Bank of America this was going to be your ticket which was preserved by myself but any rate it was part of the in nineteen eighty we were growing so fast and they very unusual concessions from them that turned out to be a lifesaver. I didn't realize it frankly the time of protection my name likeness your own auditor keep your own team right extraordinarily army your mile lawyers and then I also became a member of but be of a went from being a savior and everything else to an albatross well in the eighties had big problems had lent money the board of Bank Murray the parent company and was at the time you're expanding IRA mutual funds you saw online trading eighty one I guess it was November of eighty one and I said this thing is going to be a landslide I wanna be open twenty four seven million dollars for the company itself I owned at the time I think about twenty five thirty percent of it and so that was a lot of money to me that Oh my that's more money so when I was turned down by Wall Street I went to Tony said look I'm looking for money I need about three million dollars and so sold twenty percent of the company to him for I was brought up as a kid as I said with no money and so they sorta dangled a nice number out there at the time I was fifty to fifty was do trading twenty four seven allowing that alison you love this when Ronald Reagan was running for office in nineteen eighty a million dollars and they're they're been very happy about that return ever since and you're even though he had this growth you're always innovating One of the things you did at that actually with twenty four hours was obviously on Tuesday election day I wanna be open all Monday night and Tuesday and we took a record number of orders as the landslide became more obvious for Reagan and the turnaround in confidence investment was really going to be picking up of manipulating their earnings the time in some says in my view they were they never conceded that but they were and so that was an sir go about a process how could I buy the company back so afterwards you do a successful IPO and talk about timing and the regulators were really unhappy with them and so that gave me the opportunity to talk about the only board member who was examining shoe in the regulators finally bankers finally came and have them a cease and desist on this thing and they had to comply with the the IPO was completed in September nineteen eighty seven eighty seven. Those of you who don't know your history what happened in October nineteenth nineteen avid sound now I- I presented to the whole board factor talk about that one very important board meeting in heroes loan voice my head was low I tell you and I thought this is place is not for me and it was actually shortly thereafter That I decided to resign from the board had it all put together on outside order really done your homework delight and Tusch confirmed all the things I was going through all their loan loss ratios were all they were wealthiest guys in Hong Kong but most of which was in real estate yet other liquid investment anyway he had lost a lot of money in by a recorder ever dreamt about so we made the deal with B. Avai we became a subsidiary of a continued on growing and allowed you to keep selecting a put and when put if you're naked puts and the market drops the put scope and value when just the Tori thank you for your presentation self as you put it in the book we went over like a lead balloon oh man I was Gonna shoot the messenger persona non grata walked out of the Oh and it was a chaotic time to see at least for our firm and me in particular are we had we had an issue with one of our clients the marketplace and so he had a large and growing debit balance such in with you not with us he had many other firms in Wall Street had were suffering the same issue with Teddy so anyway we finally resolve things with him but we lost a whole bunch of money because back over time and sure enough it always happens the same way most people get depressed they sell the market they lose all the opportunity to the upside. I'm calling to tell us about Teddy weady Teddy Wang who had very sophisticated way of making money at large portfolio one of the Berry there's the cell to run the cash it's just the opposite of what should happen. This should be the time that they should filter basket up with stocks and do the opposite busy Warren Things entrepreneurs are good at is seeing opportunity in the most unusual ways tell us how you realize there was a huge moments that were locked and closed and the markets were just were were not functioning and I couldn't defend that so we finally resolved involved or being obligated to traditional stockbroker so we introduced the Schwab Investment Advisory Services so we now have by eight the thing with Teddy Wang so yeah but also underscored again we'll see it again as you put it were wired for fight or flight national brokers that broker would bring the count into you and you'd pay all the commission's everything else to the the broker introducing the business while I was uh when you went to the internet or these other technological changes there are problems but you make the point you can't wait around for perfect Rosen advisers throughout the country uses as a custodian and they do their business was obviously pay four ninety five hundred transaction as great somebody said stocks are the only thing you want more of when the prices going higher and you WANNA dump when you're getting bargains exactly I it was crazy it is markets that declining TV guys are full negative news and everyone's feeling terrible about things so right at the worst possible moment people get the market out there and the growth of financial advisers. Well I sort of couldn't believe that we we noticed this the mid eighties that many in talk about that these independent advisors really wanted to have low costs for the customers they wanted to have great service custodial service they didn't want to have the interference of a stockbroker independence mall investment advisory firm began using Schwab as custodian and We noticed these statements and so forth going to the same outfit that copies for whatever fund you want or sell none of the paperwork none of the signing I know all the terrible paperwork things that happen you know years ago and a little bit of aggravation and as you the concept if you get the concept right and you prove the marketplace enough people come in you can get the other little D or their clients great for us and so it developed into a multi billion dollar business actually we have a Chilean now the example of Sir of that time period and I couldn't defend what was going on in the option world was the markets and the American Stock Exchange at the time had got to a point of this severe purpose that was like with mutual funds with your marketplace you as the individual didn't have to go to ten or twenty different firms to do trading in Merrill Lynch was was quite a Christmas it didn't last for very long let me tell you but there was a moment time on Wall Street we were Internet bubble moment and multiples of companies got to praise levels of course that's exactly what happened in two thousand nine hundred ninety nine following in two thousand seven one to the customer and went to the adviser and I thought this not possible because I thought all investment visor reserve in dear to me details I think salt if you work hard at it now the nineteen ninety eight December of nineteen ninety eight the value of your company exceeds can you just have to go ahead you gotta gotTa bite the bullet and if you're ninety five percent there are ninety percent there I usually say eighty percent you have to put up with the bad HR decision part and I regret it to this moment now you had a co CEO at the time and then realized even though he was doing much running the firm around two thousand four it's happened other companies like starbucks Nike realized were just not we needed new thrust and so made that happen I became CEO I was almost seventy I think at the time you're listening and you had to come back and run the ship well that was really a a motivation by the board the board came valued our market cap was higher than Merrill Lynch and that was
DPT Mini - Nathan Rabin - A knife to a cribbage fight
"Starving Jay was unaware they lack breaking down a half on with Komo's town Haitao these Friday episode of dumb able population. Raymond Nathan Raven joined in on the fun right there. Dude it is so good to see you We have been connected with you for years. Now you wrote about comedy and you wrote about Stuff that we're doing podcasts. We've done and then wrote just some amazing books including the one that I'm holding in my hands right here right now about someone who is near and dear to us. Yeah the comedy world and this show he's been on the show before a couple times live and then in Studio Weird Al Yankovic this unbelievable the weird according to what a great almost gotta correct. It's a Korean with you. Don't know maybe you don't like me. I wanted a name that so hard to get right. I screw it up those two weird accordion to terrible. Bit Of wordplay -scribed people as better than you hope he's going to be when he's definitely signs off on this book he wrote the forward. Is that correct? He did an anti copy edited. It is well did he was. He was side by the word crimes that I committed. Do you want me to use. Sir Copy Edit your book for free and he said let's change the title of your like he's like he's trying to get in the whole copy. Editing self published books. That's kind of the next stage for his career. I don't mind giving him a bit of a bit of a hands up in exchange for the free work he always. We've always said this that he should be the super bowl halftime show and it would be probably the greatest one that they've ever done. What Hampshire imagine him news petition would be just so feverish. We'll say chance the rapper at the Chicago. Nba All Star game. His off time was was pretty unbelievable. Well I'm excited to read this book. This is just the history of him. I've read about every single track every single album that he's ever done so the fourteen studio albums and the compilation album he did with Wendy Carlos. Can I write about like the tape that was sent into doctrine? Minto start with With Ricky I start off with the self titled Debut Album in Nineteen Eighty three kind of go through until the end of medium rarity. So my what I loved about it and then we'll jump into a dump story because the world is dumb and I actually think that weird. Al is so smart of out how stupid. He is brilliant at being highbrow about lowbrow. That's it you just you just nailed. It should be a writer. Smart About Stupidity. That's kind of one of the things he gets really really really is his. I mean have you heard Trapped in the is it travel yet. Dr Yeah have you like back. In the he goes back and forth with the way he describes a a mundane discussion between him and his wife about what to do for dinner for eleven minutes. is utterly brilliant. It is so brilliant and it makes fun of the right things and he's tapping the right ways and the truth is it's like we love him because we grew up on him and then we got to know him through the comedy world so we loved Him. Our kids who had no clue about all of that history. Listen to his music and they're like this is hilarious. Hold up yet. My my son is the same way where we have Sunday morning. Weird L. Dance Parties He'll put on in Three D. and they basically only have one dance where the spin around in a circle and then my five year old. They'll do it and then my eighteen month old we'll just imitate sure course and the crazy thing is like he loves these songs for which he has. No context Midnight Star. He loves. Don't download this song. He doesn't know anything about napster music but he's just likes James Hatfield. Yes so much contempt for the ads. All good people do Gore. He has a big problem. But the thing is yeah. You don't have to even to me. That is the sign of a great song. You don't even have to know the song that sending up see. I spent a launcher with my son. Like we would watch it. No I I was like. Let me show you beat it and let me show you the video. The videos were brilliant to let me. Now show you the video and show you each of the things the choices they made to go for mazing that he's remain will? Mtv was so huge. When we were kids we used to sit around and watch videos to the videos themselves were culturally iconic so them the video component to whatever he was doing with sending that up as well but now that doesn't really exist unless you could view to know another thing at the moment in one thousand nine hundred eighty three. He was the perfect. Mtv Guy and in two thousand and nine he was the perfect Youtube Guy. And I feel like one of the evolutions of his music has been going from television to technology. He's just GONNA kill you. Went FROM BEING? Watch WEIRD AL ON MTV. Now you binge watch him on. Youtube as my children do tick tock that'll be the next thing dot com down to all right well. The world's getting dumber and thank God. We have Weird Allan thank God we have you how important what's going on. Van Kirk. Let's jump into a story show sending by Mark D Robertson at md our rights W Rit es He did the right thing and went to Daniel van. Kirk Hashtag dump people on twitter. Send me your stories. Y'All we need. Dan's Bernard through all these sorts of shows. We got a lot of extra stuff happening Chris Stories okay. Ready to this cribbage game leads to assault to play cribbage to have you know to play in Florida vaguely bridge. Canasta is go. Non-jewish Mahjong. No cribbage cribbage in like euchre. Correct the same played. The Ven Diagram of I play EUCHRE. Oh I play cribbage. Almost a circle but Very big in Wisconsin. At the cavern hours we get drunk and play crib at best friend. Bradford and his wife Amanda. Who's also one of my closest friends who we will see in Milwaukee? We will Very known when they come to the cab who played cribbage Kripa. My only bad feeling is I forget every year and then I I love this game like even in the story I was like I gotta get back into the game. Can't it's a pet sword? You move your pegues around while you go. I just played this for the first time on your face someone played. They taught me how to play it. It was really good. You lose your burning men move around you get points based off what you do is get violent. Dummies can possible. Anything'S POSSIBLE AND DUMP PEOPLE. Talca bring a knife to cribbage. Fight Young here we go. I've lost it I'm back okay. A cribbage game. Also by the way this takes place in Missoula Montana. I don't know if we'd had a Montana Story. The senior is very pretty stupid. Things that people are. Do they drive very fast? And they cribbage very hard and Harrison. Ford is in the background. Getting Stout yes. Cribbage game allegedly gone sideways. Last December landed one man in the hospital and another charged with assault. According to charging documents filed Monday by the Missoula County Prosecutors Missoula police responded in September to the seven hundred block of South First Street West. Too many words to debate like does it have to shed too many directions running out of street names and Missoula southwest northwest. I corner wait. So is this the The only thing I know about Montana in terms of like anger issues is that like congressman. Who LIKE BODY SLAM? The reporters remember too. That was so maybe this is. What have you alluded to it? I don't know who does minutes. Do you have a lot of like just suggested. Speed limits. Right yeah there is no speed the audubon no surtees where you can have audubon yet. They hate Jews more there. Oh you can hunt humans for sport. That's certain things author with us. I've recently just thought about rereading dangerous. Game Dangerous I kind of want to watch the movies made with ice t the game so good and I think in with Charles's Dutton. So we did. We did a sketch on cheap seats. Which I don't know if you remember the old rock talk where it was stuff at the terrorists set up a show called rock talk that was in nineteen eighty public access. We were both smoking on the show that goes on in the middle of us. Were both smoking and people call talk about Raw Charles has tons rock character and then people would call in and be like hi crashing ignace. No no that's rocks talk. That's a different show. Like I have a question about John's rock for everybody who's listening to this and thinking it I have. I have a question about Jesse's girl that's talk about this. If you have questions about somebody who killed somebody? Then it would be appropriate I have a question about the Nicholas. Cage Sean Connery That is Everybody's thinking the chiefs sheets should come back like on Qube or ESPN plus like tick tock anything you guys can do. Little things is pleased with. Hey your loved everybody so everybody who who loves this podcast in who loves cheap seats go email at espn that they should bring cheap seats back with the two of us. Yes hashtag Dan. Devi care for Chili's. According to charging documents filed Monday as I said on South First Street West for reports of a man bleeding from his hat the apparent victim was stumbling in the roadway. When officers arrived and he said he was at Scott Boras House. I don't it's S. Z. W. A. J. A. Chamois asses Schwab. Schwab Schwab would make sure you're obviously showing slurring your words like I'm saying his name is that makes you south and dry like just saying his name and it makes you have to take a field. Sobriety which was boys what are they. They were like guy like this one like the Schwann man. No not the ship. Schwann man chicken with this guy. Do this tier album Dan. You have on the new album. So don't forget that the Schwab Schwab so I was at Schwab I wrote on man is a step away from Gigolo. Meet to your house. That is true. I just five minutes explain truck. He's like you want some chickens. The next level of the ice cream man Dr Mollie man door to door I know you can. I like sausage sausage pancakes on a stick by like chicken. You could buy every anything you want from the Swan Man. Schwab joke fighting all right. Thank you I feel so good right. Hey Sean is out? So this guy. Stumbling Roadway Michael Swat Guy Schwab Schwab where he said quote when suddenly a disturbance took place during game of cribbage that has made it sound like a haunting right like a disturbance in the force. To how many words can I put this sentence? Sober Jack Man. This much coveted living things. Let me say those slot there was a preponderance of evidence and they say it really fast. Slow the proposal nine words in this three words the man said that Schnauzer. The Guy who attacked him accused him of stealing. How much money. How much money do you think is being moved around? Cribbage game that somebody could wanNA fight someone else over lucid goal in Montana. That's Ju you Nathan you need. I'm taking pretty low. I'm going maybe sixties seventy dollars by the way. This is a lot. I forty two hundred and four hundred forty five hundred bucks five hundred bucks. The man said that Schwab accused him of stealing. We will find out right after a quick break. Yes sitting around down more. Hey guys welcome to the show We are here with the Great Nathan ray-ban our good friend fantastic author has a new book called the Weird Accordion to Al. It is Allie AK- vicks catalog explained all of his songs from all of his albums. Great stories about the songs and whatnot and weird. Al Tel edited out. Any facts about you. You don't love manning cannot he fact checked it so if you love Weird Al and actually so. I'm going to say to all of our listeners. After you get this book and then read this book go back and read your book about The insane clown posse and fish You don't know me but you don't like me. Yes I describe. Fantastic such a great book as well. All the stuff is available on Amazon de all those Amazon only at this always looking for labor. You don't like me had a very like hells angels feeling 'cause you you got into the scene and you would meet these immerse yourself into great. There's a great book by Bill Buford among the thugs we've talked about this. Maybe awesomely positively if you love or interested at all in British soccer and Premier League Zach hooliganism of it and so he joins I. It's crazy. He joins a club. A supporter had like goes into town and finds himself like amidst the violence and participating in. It's crazy how it overtakes him in a really weird way same thing. I think happens when I was writing this. I kind of thought of this as a follow up to Weird Al. The book because I wrote that with Al his direction he said of all the writers in the world. I have chosen you kind of realized was partially because it's took me three years to write and then in the middle of it. I went on seven Dates on the self-indulgent Vanity tour doesn't eighteen so I kind of toured the way did with fish used a lot of drugs Greyhound buses by the NFL. Agadir lived another one rides the bus and the biggest ball of twine in Minnesota. And what I kind of realized that this is actually kind of a follow up to you. Don't know maybe you don't like me because it's about the spiritual connection that people have with music and I feel like being a weird Al Fan and my God. He has super super super fancy finds you in the same way that being a juggle or being efficient and defines you. What's interesting is you have such a great. Tamwe how we got to know you. Is You had such a great Beat on the pulse of the comedy scene and then as well just about music and people would often say fish had such a great sense of humor and still does have a great sense of humor. They're funny but I wouldn't call them comedians. They're they're more music clever and funny in Insane Clown Posse is funny to their followers are funny. The whole thing is like there's calm but again there is a darker side and a non. You know it's it's not co whereas Weird Al Bridges the two. He is a great musician and he is a great comedy. Mind that merged together in a parody. Sort of a way that because he is who he is. Which is self self ascribed nerd? He is nerdy. I mean why didn't Nerdy is a song about him. He wrote this amazing that he writes that anthem. Recently right now over a decade ago did to still recent though a reasonable length of his career but that he is that he then becomes the voice for all those people who are like. I look like you I sound like you I am you people have told me. I'm not cool. But you're cool. What you just did was super cool and everyone loves you. Cool kids not nerdy kids off. Whatever you want to describe yourself how you feel like you fit into the social you know landscape. I feel like everyone. Pulls it's amazing that he's been able to connect with all different types of people like that and I feel like there's an icon so you come across Canada early in sort of your journey through our through music who of let you know that. It's okay to be different. Sc Weird. It's okay to be. You know your own person. If you like. David Bowie is totally heads. Burn I was just about say David Weirdo. Yankovic feel like early on. That's Kinda feel like I learned so much from from where it'll Yankovic about you know the mercenary nature of pop culture Television about technology pretension. The fact that the adult world is full of phonies. I mean that's another thing like mad magazine is another thing that's like. The adult world is full of hypocrisy so liberating and it's so like again. You feel like you know this thing for the first time. I cannot wait to the weird according to Al. I want everyone to coordinate in Cordell. Let's get back so we were guessing before we do though. Tell People Oh yes so Coming UP GUYS. We got we got. We Got Minneapolis. Saint Louis and Milwaukee coming March nineteenth in Minneapolis at the Cedar Council Center with Mystery Science Theater. Guys Show Heaven Murphy and Bill Corbett and then the cactus blossoms or playing music. They're fantastic. Sound like Hank Williams senior ten beautiful young brothers or they brothers. Yeah I think so. I think they're all there so a music for on the music alone Minneapolis. This show should be sold out by the time this episode two more the next night. We're in Saint Louis. Hometown San Hill del Mar Hall. We're going to be it's right next to the pageant Dave homes and Tim Conway and we're working on a musical guest and then in Milwaukee working on the comedy gas but we've got The field report Chris. Field fantastic artists in in Milwaukee. Favorite Son Chris Field GonNA be playing. Music with us is solar which will be fantastic. Oh come out to those guys go to the facebook page. You can get all the links for all the tickets or the directly to the facebook pages. We can get all the information tickets that you need to go to the dump People Tom. Page or just keep an eye on Daniel van Kirk Dot com the sklar brothers and then again go to Amazon the weird accordion to Al and come see me and Austin the Eleventh Twelfth and Thirteenth at the city comedy in that same weekend comedy on State. See the scars. They're going to be there the twelfth thirteenth and Fourteenth Madison. We'll tell everyone who comes to those shows next week. We got your plans for Friday now. An additional plugs. We've got a website neither ribbons. Happy Place This was kind of where this incubated. That's my name and an R. N. DOT COM. And then I have a podcast called Travolta cage and every episode Watch and talk about one John Travolta movie and one Nicholas Cage so much. Oh my goodness very very excited to re-experience the magic of of wild hogs. I'd yeah the next bud we've got Staying alive and raising Arizona. Least Panty on your head okay. So before we left we had guest. How much money do you think caused this assault to five hundred dollars? Nathan said sixty or seventy four. I will tell you this. That Steve Scott. Schwab accused him of stealing fifteen dollars. Alcott blows over by the way by you a two bedroom. Mom Dad chilies. Demand said that Scotch was accused him of stealing a fifteen dollars during the game and through the man's belongings out the front door. After you went outside to retrieve his items the man told police he turned back toward the door to get his shoes and was struck in the head so sh- WAJDA hit him in the head. When you look back to you. How dare you briefly that he was? He was respectful enough to take his shoes off with Eric. How the man was transported to Providence? Saint Patrick Hospital but reportedly left against doctor's orders. That so much of this guy shoes off house without getting stitches. Don't put for an object's and the doctor me Y- dodgers southern transplants. Up in Montana in an interview with detectives in November Scottish. Wajda said that the man and another friend were staying over at Scottish. Wajda's house that they were having a grown man. Slumber Party can't quit U. S. laws. Are you guys like what? Are You doing cribbage? Slumber Party cribbage cribbage board their holding my courage John Carlos good. The man wanted to play cribbage so they played three games and the man got angry when he lost the third game. Yeah Scott Schwab said. The man became quote boisterous. That's another why are you little boys drilling street? So Scott Schwab subsequently became agitated agitated. Asked him to leave and through his things out the front door. She said he grabbed a small bat when the man began became back and now so many bad day little tiny. Ask the worst thing you can give away at any sporting event. Hey guys here's blunt objects John. People enjoy these. Yeah he struck. This is what this is what. I Love Scotch Waza. This is what he said. He grabbed the bat. When the man became began to come back in the house he struck him once in the head not to hurt him but to quote bring his senses Bat. That's not that's not how I'm trying to get him. Smart China mustangs some sense. I can't do that with a flat screen. Tap The side of it. I love this. Schnauzer told the detective. It was possible. The man was coming back for issues so the cops I think. Maybe he wanted his shoe. Oh mind reader service do not hit him in the head. I'll never know Suaza whose age was not listed in court documents. How do you get away with that? Ageless because your share was charged. Yes yes was charged in. May Two man and could end up going to jail. He's not yet entered a plea to the charge to the head. Bop Bop but for good reason senses back into him trying to reset his system. Do you think this ever had before. Do you think like cribbage had gotten it. Bubbled up to a certain point. And it's like he knows. Look I'm no? I'm playing with fire by inviting this guy over. 'cause there's something inside of me. I was full context scrimmage. Everybody signed away. It wasn't that the song cribbage is GonNa get you. That was the working title. Mtv's which was celebrities playing cribbage MTV cribs warehouses. That's a whole different show really getting a lot of use of his hands say MTV cribs everyone thinks of one episode Iran Matt Redman with stacks of money on top. Yeah I think of every person who every rapper whose made it big who has like just walking out of humongous house and that's my mom's Day Joel Parody of MTV cribs and like the brilliant thing was. I didn't realize it Special Redman episode. This is where my mama stays is. That could have been what the show was. GonNa have this show this visit. Her of their families like the details like he had American movie on DVD. Imagine him getting high watching American movie. I'll put on balk drink. Just watching coven just low That is amazing. That'S THE WEIRD ACCORDION TO AL. By Nathan Rabies. Pick this thing up cannot wait to read it Nathan. Thank you for coming by my pleasure. Good luck with everything and Shit. We Dum dum dum. Dum Dum dum dumb Ala Starving podcast network.
Charles Schwab cuts commissions to $0, GoPros new moat problem, and Masco recession-proofs itself
"This is John. This is snacks. Daily is Wednesday October Second Jackie Filler. Well stocks took a dip. Yesterday was kind of a fall but this is still the best a it's actually the best you've ever done. Check what's going on. Go pros are I just unveiled the hero eight six but that doesn't fix its core problem. It's got no no Charles Schwab Aka Chuck Schwab Shuki. It made a strategic move is cutting its trade commissions for stocks. ETF's and options emissions are out in two zero dollars. The stock still fell and sort of all of its rivals like really big third and final stories the midwestern institution of the day around. It's about time we did this. We had a lot of Michigan beginners being like what's going on. You should ganders tricking you. MASCOW is the company it selling its windows and doors you pass the test so that it can focus on it sinks and cabinet ever. I thought we'd be saying that. It's next lovely little glad we're saying it on snacks daily snacks before we had all that we've got to talk about what's going on. You may her last week beyond Meat Inc to deal with Mickey. D's The burger is going to be called. The Lt Ronald's like smiling and he's going full Vegan on this thing so to make plant based P. Lt plant lettuce and tomato across all McDonald sounds like what you did there beyond me is GonNa need a lot of plant based Burger. You GotTa have that if you're GonNa make the burgers you gotta the peace and they got to be specific type. Appease are the key ingredients plant-based peas the Greenpeace intern for the role. They didn't get the job. It's going to yellow Peace Now. We're looking at the forecast here for beyond growth. Eighty percent of yellow appease are grown in just to stay congratulations Montana and North Dakota your the yellow pea capitals of the world as beyond me grows. It could have a bit a p probe. Are we thinking peapod cups over here. Maybe it could be the farmers are trying to transition a plant. AP's they're tweeting out HASHTAG. It Burns when I try plant based so so got an idea for beyond me truly does have a yellow p. Shortage take more burgers. It'd be a problem go beyond beyond exactly they need to introduce a plant based aced meat made with plant based alternative plants. My head just exploded so did mindless hippest restores by the way nick and I both own stock of beyond the daily food is C- Candy they don't reflect the views of robinhood family informational Jason so get recommending securities. It's not a research report or investment advice uproar security. That's next digestive. Gupta business financial. LLC member famously SIPC or first story go protest revealed a couple new cameras cameras earnings report. We're GONNA Focus Celtics procureur eight teams getting creative over there but I gotTa rewind this. I missed six seventy. BEEP beep backup. Cameras are priced under five hundred dollars and you can pre-order them starting yesterday so you know what that means but seriously where did this six and seven go out just in time for holiday gift critic. You're seeing all these product. Announcements is following putting it together. Tell you Christmas was the best thing ever for the consumer electronics industry. I'll tell you what hasn't I've been the best thing for Gopro existence for the last few years sales are down thirty five percent since its peak in twenty one fifty company used to be profitable now that is like a distant memory worry that like concussions can't even remember for a second in two thousand sixteen shortly after the IPO nick. This stock was up at eighty dollars. It was beyond Meat Status Golden Times over a Gopro Gopro the holiday party they'd strap on and be like Hey Tony. Can you pass the punch. You're being filmed. It's been a steady depressing decline since and now the price is just above five. You're not familiar with GOPRO. This is is like the Dongo of a camera. You can like strapped to your helmet. When you're going snowboarding a lot of different harness options run for your bike. One for your helmet kind of doesn't matter what it's filming if you've got one in your head people just kind of assumed like whoa good go pros problem or they're like well. Brad's at tourists. Go pros problem. Problem is mainstream versus X. Trial like what you did there. Jack smartphone cameras have been improving iphones like good enough now for all the mainstream people to just go for an iphone camera. It's good enough for your instant needs case in point. Reverend Mountain biking like a few weeks ago I did. We put it on instagram. Traumatic experience just a series of extremely close call now. We didn't have a GOPRO. We just pulled holdover pulled out the IPHONE and took a few guys with us. We're finding that we weren't strapping cameras to ourselves and then saying at the end of the hey. Let's gathering footage. We got if you falling in befalling. The iphones phones improved camera is the bane of go pros existence fourth go to say hey. If we can't capture the mainstream audience we're going to have to focus on the extreme audie so listen to the specs backs of this new gopro hero eight fourteen percent lighter twelve percent megapixel camera to improve low light. They hyper smooth feature stabilizing for bumps. So do you want the bumps in your video extreme your. I have no idea not falling any of these. I'm totally lost the whole megapixel thing extreme customers. The one that go pro has been forced to target is a smaller market market than the mainstream market that I don't write the mainstreamers not really caring about what a make a Pixel looks like so jack. What's the takeaway for our buddies who are radically doing things over at Gopro Gopro has got no exactly a moat. It's how you keep your competitive advantages picture. The literal thing game of thrones dragons can get in but like everything else it literally protects the the castle from the competition. Greg's Viagra had a patent it meant that you couldn't do exactly what Viagra did when that patent expired by Agra lost a lot of business think go pro oh my hat that because they're making cameras which requires factories but guess what Hallway Garmon made much cheaper versions of that are very very similar and then you get apple and Samsung Core Kirsten grabbing more and more of that mainstream audience so go pro is left with the few customers that need to buy a Christmas present for their extreme cousin. It's a quality product but it's a niche product for second story Jack. We talk about Mascow here because they just sold off their whole window to this yeah. They're in recession. Prep load and you never WANNA be in recess ord- you always want to be in recession problem. I don't think you want to be preparing for a recession. Never really wouldn't be preparing but I guess you always gotta be prepared when you're in the Housing Industry Mascow as you prepare for their base in lovely Lavonia Michigan with a cool twenty six thousand employees now my old boss Patrick Hartwig. He and I had mascow client when I used to work in the bag grady says Jack Someday someday you're going to own a home or you're going to build home and get ready because those kitchen cabinets. They're the most expensive part of the cabinets are like the unsung hero of homes are we're under appreciated holding a lot of weight there hanging over the counter. No one likes says Oh my God. These cabinets are incredible. How are you doing it. They are inexpensive expensive proud. They're like that one guy at the gym like just got us. Max Bench press and there's no one there to see him do the four hundred pounds and he's holding there for fifty years and then no one shows so let's get back to mascot got mascow is switching from New Home Company to home repair and remodeling. It's Kinda like giving itself a makeover here okay so it's got a division that selling off or a few divisions visions yeah the divisions that require new home construction so like if a new homes being built. There's some key things you're going to start from scratch kitchen cabinets doors and windows and it it turns out you don't ever replace kitchen cabinets doors or windows when the house is boss standards. You gotTa have been there for new homes now. What Moscow is going to start focusing tomorrow. On is divisions that are home improvement and repair depend. We're talking like the vanity makeover kind of stuff with a facelift house. Just needs to face you know. Maybe you want to change the color. ooh. That blue is kind of getting on you. Maybe go with a light dove grey Julia Roberts instead of doing the whole eat. Pray love showing. She could have just done house faceless. She could've just painted the place. That's what they WANNA. Famous move the lighting sconces throw in some chandeliers. That's what they're focused. Upgrade the sink the shower the toilets the whole thing. All you gotta do is like revamp those yes and that's kind of thing you don't rely on a new home for Mascow owns top home improvement brands like Hans Groer Great Great Pronunciation Delta Sancti at great pronunciation on Delta Air Air is also a German paint company very true and what they did on Tuesday with take action they sold its window division for seven hundred and twenty five million dollars to pennsylvania-based when you based company so Jack. What's the takeaway our bodies over at MASCOW MASCOW is trying to mitigate the biggest knock you can have on its stock the cyclicality cyclicality. Let's talk about cyclicality. Assist County is winning business depends fully on economic growth and when the economy's doing poorly it does really poorly to or example between two thousand five and two thousand eleven. The housing housing market was getting crushed and MASCOW got crushed along with it windows cabinets doors. Those are cyclical businesses sales only happen when new construction happens and new construction instruction only happens when the economy's growth if you're the executives over massacre like hey. I'm really sick and tired of Wall Street judge saying you're only important when there isn't a receiver Evans like Moscow's doing great now yeah but if a recession all those new homes are not going to happen mascow is going to be destroyed so now Moscow is selling off those divisions that are getting all the heat and it's only keeping it's more recession proof it division as good recession proofing mid western Putin's right there for third and final story Charles Schwab Chuck Charles Schwab just announced as it's going commission free trading nicknames. I'm totally out of that and then the stock dropped ten percent after Schwab made its own announced. It was actually a wild day. We're talking the fifty year old online brokerage so starting October seventh Charles Schwab is offering a one hundred percent off sale the signs are out for the trading of US stocks stocks ETF's and option so let's say you wanted to. Bri- a share of something it would cost you like four dollars and ninety five cents if you're going to do with Charles Schwab right so. Let's say the stock you wanted to buy. I cost five dollars the actual stock price. You'd be paying roughly five dollars for the right to just trade threat so you get a stock for five bucks but you're paying a fee for five bucks. Also ten dollars is out of your pocket and you only have a five dollar stock so shrubs coming around and hey. We're actually going to not charge you anything. When it comes to the commission the commission fees are going away for Charles Schwab now zero Charles Schwab is making a cool like roughly four hundred million dollars a year on the revenues from those kind of trading commissions but Schwab has been diversify FAC narrating commissions only represent seven percent of overall revenue for Schwa- so when the stock dropped ten percent people thinking. Maybe this is like a bad move or something. It's actually a trade off in the short term. They will lose revenues those seven percent that they make unconverted long-term Charles trump saying hey we're going to gain trust. People are GonNa like us. Navy will win customers from some some of our competitors that are more expensive to make up for the revenue lost on trading now. The fight against price-gouging for stock trading YEP started forty five years back doc. You know I love a good history lesson so this seemed to have happened really slowly starting in the nineteen seventies in one thousand nine hundred seventy five the average commission to buy or sell a stock was forty forty nine dollars forty nine dollars just to buy or sell a share or if you so you'd have to pay fifty bucks for that five dollar stock. We were just talking then some deregulation can start happening and an entrepreneur Charles Schwab in California said you know what I'm going to launch a discount broker. He cut the fees in half. That was disruption number. One happened back in nineteen eighteen. Seventy five disruption number two happened a couple of decades later when startups like Robin Hood Story Jumping. Yes Robin Hood is the Zero Commission APP based on technology that started in two thousand thousand thirteen and full disclosure robinhood own snacks daily and it produces this podcast exactly now there are a bunch of stock apps that are doing this these days and by two thousand fifteen eighteen these price to buy or sell stock the commission had come down to ten dollars on average from forty nine dollars in nineteen even closer to get more and more companies close a two zero charge for commissions movement. The trend is towards Zero Jack. What's the takeaway for our buddies Charles Schwab in a bunch of online brokerage. Companies and prophets take price wars but customers love that have you ever heard the term like you can't win on price a half or via win woods but you're not gonNA win again on price. It's because when when one competitor undercuts the price of the competition when the other competitor will undercut them and quickly. It's an undercutting race Jack. We're doing like a Ninja like one hand below the other on the floor at this point. You can't even see case in point. Td Ameritrade stock dropped twenty six percent yesterday. E-TRADE stock dropped up fourteen percent they are rivals of Charles Schwab and they do the same thing they charge a commission when you trade with them and that's because this smells like a price for td Ameritrade and E. betrayed they're going to be under pressure to drop their commissions two zero just like Schwab and it turns out twenty five percent of Td Ameritrade. 's revenues come from commissions exactly like these that now they have to eliminate. That's why this news hurt. Td Ameritrade so much more than it hurts Schwab also shows us by competition is great for you and us not as great for companies. Yeah I love of not paying a commission. Everyone appreciates good competition. Jackie whip of the takeaways for us over there gopro is a great extreme camera but not great for mainstream and niche product product. That's got a moat problem. mascow wants to recession proof itself so it's focusing on repair and remodeling home furnish not those insanely expensive kitchen cabinets we know for those midwesterners are known for. Schwab is lowering commissions two zero dollars for US stock and options trade. It's doing what Robina did six years ago. smackers occurs time for our snack fact that this one is a second submission from the well-known. Justin Cram of Fort Lauderdale Florida just didn't cram runner relation to Kramer no but on a roll here Justin this got us very now. The Michelin Man who I think makes a cameo in in ghostbuster and it's like the marshmallow got waking scary. He's is a scary guy. He Looks Really Nice. He is white and lumpy it looks like a stack of tires and he was created one hundred and twenty five years ago and the reason that he's white because tires used to be white tires used to be white they were like purely rubber pretty much and that was a white subs yeah apparently why the natural color of rubber became black that's when they entered some three little carbon in there when in nineteen twelve they added carb into the rubber to make it stronger and it acts as a preserve. It's just incredible history lesson from from one hundred years ago. Well played the more you now. snacker loved having you with us. If you haven't yet we love you guys drop a five star review in the APP that you're listening to snacks on. We'll we'll be back with you tomorrow. The Robin Hood Snacks podcast you just heard reflects the opinions of the host who are associated persons of robinhood financial. LLC and does not reflect the views of robinhood markets inc her any of its subsidiaries or affiliates. The podcast is for informational purposes only and is not intended to serve as a recommendation to buy or sell any security and is not an offer or sale of security. The podcast is also not a research report and is not intended to serve as the basis of any investment decision robinhood financial l._l._C. member Finra S._I._P._C.
The Battle For The Office Thermostat
"This is the indicator from planet money. I'm Stacey panic. Smith at I'm Garcia, and we're joined here today by our planet, money colleague, Sarah Gonzales, Sarah. Hey and Sarah, the reason we asked you to come into the studio today is because you and I share something, which is that we both have a little collection of, like work blankets Siri. You brought yours reminding them I've wrought my work blanket, and my fuzzy work designated works sweater. That's a nice blanket is that it's like a sports Lincoln. It's like a sports team blanket. It's just like small enough that it doesn't drag on the floor. Looks like a little airplane blanket. Yeah. It's like an airplane blanket. Yeah. I have my oversized sweater that I always keep under my desk, and my wool shawl. I mean, our offices pretty cold. Right. Don't you their offices pretty cold there? All cold. They're all cold. Yes. So Sarah, I always called the Cardiff you this is not something that you tend to experience. I know this because I asked you constantly, if you're also cold, no today, I think is quite common where. You've got like a shoal. You've got your blankets, and I'm wearing my white linen summer shirt in. Oh, I feel like maybe it's because I bring my own extra padding like body thickness. I don't know. I'm fine. I feel good. I I'm not cold at all. Do you consider the office cold or warm or like how would you characterize the temperature? Honestly, I almost never notice it. Unless it's really extreme. So on days, when you guys are cold, I usually feel fine or even a little bit toasty. Well, okay. So I mean this isn't a certain ways is like this workplace trope, right? Women are always cold and want the office to be warmer and men are always overheated and want the office to be cooler. Yeah. But worth noting that it's not just conventional wisdom's. This is something that has been studied. It's been documented women tend to like it warmer than men, do and all the, you know, seems like just run of the mill workplace drama, except this is apparently affecting Sarah Gonzales, our productivity, and the quality of our work of lax. And there's a new study out from two communists that actually measured this today on the show, we take on the mighty thermostat. We look at how temperature affects the productivity and cognitive abilities, men and women. And we look at how much that might be costing companies. Support for this NPR podcast in the following message come from Exxon Mobil, the company working to make carbon capture technology, more efficient and affordable, so it can be deployed at industrial sites worldwide. Find out more at energy, factor dot com. Support also comes from Charles Schwab Schwab wants you to question the way your broker works, do they offer low costs award-winning service and a satisfaction guarantee? If you don't like their answers ask, again at Schwab, visit Schwab dot com slash comparis-. To learn more. For today's indicator, I wanted to get a little bit personal. So Sarah Gonzales, what is your preferred office temperature? If you are in control of the thermostat where would it be eighty degrees? That's how I keep my apartment. And my husband will come home and be like it feels like it's eighty degrees in here. And I'm like, yeah. That's what I said, at eighty degrees here. Like I know. Right. Garcia eighty degrees I was hoping Sarah would say something like down in the seventy one seventy two rain. So there might be some room for compromise. What is your preferred? Thermostat. I like it to be somewhere around, like sixty eight to seventy seventy one right around there to give a little more scientific about this. I talked to Tom Chang. He's an associate professor of finance and business economics at the Marshall school of business and co author of a new paper called battle for the thermostat. Welcome, tom. How did you come up with for this paper? Well, a person who has. More immediately, though. They're really bad at getting the temperature right in my office. What do you mean? I've been having a bit of a fight for the past nine years with facility management, the temperature my office when I've gone, and has, has varied from a low of fifty five point four degrees. I have just under ninety three. What is going on? I mean wait. First of all, did you buy a thermometer to measure this? I do I have one of those sort of life. I naval thermometers, what made you decide to do that? So I would have data tobacco. Meister shen. Oh, I love it. A true conest at heart. It's been nice in my office, I must say for the past few months, and the way it worked is, basically got a bunch of us that were the most affected by temperature. And we went to the dean and we told her look, it's too darn hot somedays. It's the temperature so bad that, that we just go home. We can't work in offices, and that's not good for productivity. And so she got on it and within a few weeks, it was fixed. Enter. Tom. How did you measure this? How did you conduct the study 'cause it's it was pretty big. I think it had like five hundred people we would get a group of subjects and they would do an identical series of tasks as verbal task math task to add up five two digit numbers at a time with no calculator. And then the, the, the verbal task was they're giving a series of letters, and they would have to make as many German words, they were German tunes out of those letters as could the, the thing we did is before they would show up. We would experimentally manipulate the temperature the room to be anywhere from sixty one degrees to ninety one degrees. I think is about as hot as could get it. And what did you find? We found that as the temperature went up women did substantially better, especially in math and men did a little bit worse. So they did like ninety one degrees. Women were just like killing it. They were they were adding like it was their job. The biggest affects were if you went from like the sixties. To seventy five degrees. There's where you saw the, the largest effect on women going from sixty to seventy five degrees. It was like a ten fifteen percent increase in the performance of women when it came to the Matt task. And what about the men the men did slightly worse. Oh, they did slightly worse when it got warmer, warmer. Yes. And what about when it got colder in the sixties. So that's when men did their best when I was in the sixties and the performance steadily dropped as thermostat went up. So to go from the sixties the seventies like you said it was around ten fifteen percent increase in female performance, and it was about a three percent decrease in performance were you surprised at the degree to which people's performance was affected or was that what about what you thought or Ono it was much, much larger than I thought. Right. So obviously extreme temperatures will affect you but we're not talking about extreme temperatures. Right. I would think going from the sixties to the low to mid seventies is a pretty standard green for. An indoor environment and yet we're finding large effects there. Again, I don't want people to, to over extrapolate here but, you know, we're finding ten to fifteen percent changes improvements in in math before for for women. When you go from, you know, sixties to, to mid seventy what do you think is going on? I think the answer's pretty simple. I think it's just that, you know, and it's two hundred two cold. You just don't perform at your best to a recommendation actually, in the paper for workplaces. But so if you have a gender balance office, the optimal temperatures around seventy five degrees, so five arm that's way, warmer than our office, for instance. That's the skin melting. Oh, you hate this. You. Your own research. Oh, yes. My advice to business or any office would be looked temperature matters. Right. So if half your workers are coming to work with, you know, keep blankets in their desks or have illicit space heaters somewhere or alternate half your workers, waiting through the t shirts that something you wanna take seriously, what the research says, is is that if as a business you care only about profit, probably productivity should still take the comfort of your workers into account as it has the real potential to significantly affect your bottom line. Seventy four point six impossible. Absolutely. No way. That's true. And I don't I don't think this Thermo thing is right? I've had a problem with this for a while. Yes. Hundred percent sexist at the stage waving the thermostat at seventy five degrees in here. I mean just make a point. Because I want to stand in solidarity with breezing female. No. But this really is a tough one, because it is almost a very definition of zero-some game like every degree warmer in the direction of somebody who wants it to be seventy five or eighty degrees is wonder rewarm than, like I personally would like it except that it being warmer is not affecting your productivity at work, and it is acting hours. I mean little bit, not as much as women Javid, Sarah productivity, and everything. All right. Uncomfortable. Need to make a boy like professional shorts male work appropriate shorts? Or I could quit. This episode was produced by Constanza guy. Ardo fat checked by Emily Lang and edited by paddy Hirsch. The indicator is a production of NPR after more than fifty years of lies and silence witness to the attack on Jim rebe finally tells the truth about what she saw any know what they going to get off. Not. But I'm glad when they did even though they will give you new give him. They knew they it's white lies from NPR. Listen to describe now.
Making Times of Corona Work For You Humorist, author, international speaker Dr. Patt Schwab
"Hello welcome it's time to join DOROTHY WILHELM. Who had his very minute is swimming upstream. Because it isn't crowded there. This new show is for people who want to break away from the ordinary and live as if it mattered. Let's get going. Dorothy gets crappy. If You keep waiting well I. This is swimming upstream. Just like the man said I keep doing it just because you only meet interesting people upstream. I am Dorothy Wilhelm and I do have a special guest for you today. You know with everything that's going on in the world right now. I- everywhere you turn you hear about how hard it is it. I know I felt so isolated having to stay in by myself not even getting a hung or anything and so I invited Dr Pat Schwab. She just seems to have doctors. Pat Has the answer to all problems. She's an international speaker a humorous and an author now. She's written many many many many books but my favorite of her books is the obscure holiday. Handbook so you kind of know what we're in for and I've asked Dr Pat here today to help us make one of her humor sandwiches to try to find something fun in everything. That's going on around us. Dr Pat how does that work? Well just a real quickie. Is that humor? Sandwich is when you make your point seriously. And then you tell a little story or joke about what's going on not a negative joke but a little you know just a bit of humor and then you make it seriously again and I call that a humorous sandwich would turns out. Is that when you pass information that way? It is literally retained seven hundred percent or seven hundred times longer than if you were to just make the point with the fact and remember that on the other side of whenever you make people laugh in an audience is as we both had a chance to find out once they laugh. They're ready to learn just as extra in their energies up yet. You can actually feel the temperature. The room going up so given all of that because heaven knows we have had about enough of staying in. It's it's a hard time but you you alone Dr Pat you know. I don't want to put too much pressure on you but I do want to put. Let's start fighters some of the things that that. Let's start with folks who are alone because I feel really sorry for myself And what are people doing are what might they think of doing by themselves? That we care to imagine that Lift their spirits during these times well to precede that by saying that. I think it's important to find humor in these times. Because it's such a lousy situation and if we can keep our spirits up we can be more effective at supporting those people that are affected by the virus and you ran into something only the other to an end here. Here's a good thing. We should remind people that you don't have to like buy a book. Although if you would by Dr Pets book she would be pathetically think or mine. The fact is you couldn't find fun. Almost any place for instance you were telling me about going into a grocery store. It's of the high points of the corona virus season as you go into the grocery store as they are restocking toilet paper. This is like a total highpoint and for me it was even made higher because I'm standing there with this other woman waiting for them to finish second shelves and her little boys down there with her down because he was little and he's wearing a mask and and. I said you know. How do you like wearing this mask? And he says I love it. It is so cool. I can stick my tongue out at anyone. And they don't know it from the mouth of Babes. You know we. We might mention that in Washington state. You do have to wear a mask if you go out in public so And it's it's an uncomfortable thing you know. It's something that we don't really liked doing so it's fun to think that you know there can be a lot going on. Oh and didn't you tell me about not having to make up the lower part of your face? Yeah you don't have to do makeup. Certainly not lipstick but the really cool thing at least in my case is it covers. My Double Chin Said added plus to work. You don't have a double Chin but now let's seriously because I'm sitting here smiling. One of your Big beliefs in life for many years has been that it's important to make fight people smile by trade strangers smile every day. Why why and how can we do it? Well I the the why is that. It brings my spirit of There is something about power in one. I say I'm going to make you laugh. You are going to make you smile. There's a said to power but it also is just it it brightens up everybody around me if I can do that and and I did strangers because friends will laugh anyway just to be nice you know and my favorite favorite thing happened just recently where I like to compliment people on things that other people don't usually compliment them on and so What are the things that I've had a lot of fun with his posture? Compliments And couple days ago wiping down the aisle alone in and just me and my basket it at the far end is this woman whose back is to me. She's standing up excellent excellent cost. She's waiting for somebody. Apparently and all the way I went to the I'll I could feel my shoulders going back my head going up. My posture just improving. Then I got up to her and I and I said you have to know what it impact. You had me with your wonderful posture. Had she does beamed. It was so much fed another time I had complimented guy on his. You is stocking shelves and stuff there and not with toilet paper but he was dying with other things and I told him I just thought he had really good posture and he said Oh. Thank you you've got to call my mother in her now. What if you didn't WanNA compliment people people on posture? What else might you come? That color share wearing. I mean I've complimented other people again in the supermarket because that's about the only blaze these days but One woman had a gorgeous bright colored dress and I kept passing her kind of in the aisles and finally I just had to tell her. That colors are wonderful. They look great on you and she gave me a big pretend. Hug The air hugs. You know it was just beaming and just finding something you know. It might be the obvious. One is what a cute dog. You've got bureau but just looking for stuff. That normally doesn't happen in their world. I understand that you recently gave your whole post post office reason to smile so you get it. Yes I have wonderful post office. People in their being beaten upright left these days and so I brought in would six cans of Almond Roca. Because I couldn't bring him a box of candy and had to be individually wrapped candy so I brought in three two kinds of Almond Roca. Sorry but two cans of each and it was just fun and and the folks behind me in the line Waiting to buy stamps things. They just cracked up and were clapping. And I know that after I left. When they got up to the counter they were going to be complementing. The postal workers to and so it was just a nice feeling. I've done that twice now. We I think I think things like that. Stay you remember. You know it gives you a little little reason to go on and so but you were saying that you get also I. I think a lot of people are these days getting lift from gardening. Now that doesn't feel idea my son's at me a little garden in its it's eight inches square in a little box. And if we were on video I could show it and it has far little girl up bags and you're supposed to be rowing different herbs in these bags and I have had thing since Easter and it's got six little little spindly sad plants in it trying. Perhaps you've had a better experience of watering. I don't like to do that. They'll get expecting it. I no my thing is weeded. Do you like to lead? Oh well I only like a certain kind of waiting. I like it when you catch the we'd especially a big one down at the root and you pull it up in the entire route comes with it is just as sense of power. Look I have conquered the route. It keeps me going to call for another one but now that means if you broke off and didn't get the route you would feel sad and failed and all yeah absolutely and so then I either to dig in and try and get the rest of the route or what I usually do is cop out. Poll something else until I get a good ruth there is you have to have done it to know it but I needed just there. Is this incredible sense of power and control. My Garden is a better for this. Even as a wrinkled and dying burlap bags now another thing I liked that all of us can appreciate as if you find yourself doing online conferences which we mostly are. Do you have any even family meetings that you only have to be dressed? Well you say about wrestling to be dressed. Well guess nicely from the Waist Up. Because that's all you're going to see and and so you can wear your jammies in. I went to s though that. If you if you do decide to only dress the top that you stand up and take a good look at other people will be seeing because sometimes you don't want to be digging in anything unpleasant or whatever exactly exactly that's where the jammies or jeans with a suit top or whatever you know those things. They work one idea here. I just found it incomprehensible. No offense set the cell phone to ring every thirty minutes. Why would we do a thing like that? That's the last thing I wanted to do. I'll when when I say making the coronavirus work for you. This is what I mean because ever come up with this idea by word homebound so much and so I set my cell phone. It goes off thirty minutes. It's in another room. I have to physically get up and walk to it and when I get there I turn it off. I do a couple little exercises de bend stretches whatever and I ask myself did I spend that lasted or thirty minutes in the way I should have and do I want what do I want to do for the next thirty minutes and what. I sometimes what I WANNA do is to finish the project. I was working on that but other times. I just need a break. I need some fresh air or you know I need to to do some housecleaning rather than e mail cleaning said it has just been. It's a wonderful little ended. Just keep me on track and it didn't work when I had it in the same room on the counter next to me 'cause I just turned it off and keep doing what I was doing but if I had to physically get up and go to the other room then it gives me his space to think about it bad in the few minutes that we have less. Let's think about some groups you know. Some people is bad enough to be home alone. But a for instance I know mice my son and his family His his wife is working in one room. It's working in the room. The young man home from college has just taken over the bedroom. Shut the door and he never comes out. And then there's a middle schooler What what can families can groups do to kind of live and their time together when you don't after a while you can get to wish for a little time alone with their kind of two things. One is not necessarily living sing on zoom connecting with old friends. I have one friend who had Passover and she celebrated it with relatives in four different states. She said there's no way we would have ever gotten together. Have not been for as the lockup and and the fact that we had zoo the other one is But didn't tell me that speaking that she actually found the folks observing on the East Coast more devout than the that was fun. Yeah and I was like coming back home to resit. Should have been not like these loosey-goosey Western well. We are kind of that way up here. You know so That that's another one though that I wanted to tell you I'm trying to think of it now. Well let's let's move less no complaint with chance along and if you think of a good if you don't we can't take the time now. It's a used to do in restaurants but you can do at home too and that was playing charades with the menu. We used to do the restaurant because the waitress was in was ignoring us. And so if you play charades with the menu brings some really quick. 'cause they just WanNa shut ya but if you do it with your kids they can play charades to ask for somebody to pass something to them at the dinner table and I mean whatever favorite things ever was stuffed Icelandic flounder. I don't believe anybody ever ordered stuff. slamming while we all did after somebody did charade. It was just too funny. We had to do a but it was just just as in the flopping around as the flounder part you know it was just always just really a fun a fun event and and that's something kids love me naked. Act Out this stuff from get real silly and I want to. I want to string beans and make a full out and come up with something you know why. That's such a good idea to is that we always took like coloring coloring. Stop and things like that to the restaurants but this is something different that the whole family can do it as you say you could do that at home. You know. It'd be just as good so now I'll help you think of some other things you were going to think of another thing. This is a grace chopping to get out all the family games and the board games things like that and wonderful thing and you can do that online with friends or you can do it at home and play. You know the old game said you know Canasta. Checkers and chess was was a big one in my family because my dad had played it in while he played in his whole life but after losing World War Two and afterwards he had kept playing chess with two friends that he knew from the middle scary and they're alway- they played chess was they would write each other a postcard penny three sent postcards and all it would say is like roof to Queen for you. Know it wouldn't. It wouldn't say anything like how are you? How's the WAG kids? Nothing you know is just strictly the next move in and my dad had these choose sets of chess you know that we're perpetually up admit the move and right what his response to it and mail it ought if there's some fun ways if you play with you know the idea in certainly you can play sudden. Suddenly chess can be played online. I mean that's something you could do on zoom or skype or you know whatever you want to be used or get a new game to play. I just had delivered to my son's house this morning. The Star Wars monopoly game. That means that they are actually going to be able to buy. Tattoo in in all that. So we'll front now. I don't want us to get away without getting their one. One thing we wanted to tell about what your closet clothes club. That's right. Yeah I have a closet that I have for years talked about. It contains close in three sizes from hopeful to hopefully never again and since I am luckily in the hopeful category. That's I've lost weight during which is lovely. You're in this but I'm now sort of weeding out. The hopefully never again crowd of of clothing and It's really been been fun if there's an outfit that I really Kinda like with. It just doesn't work anymore. I generally wear one day to kind of say goodbye to it and then I wash it and I put it in the the box for charity Goodwill Salvation Army. Whatever and then I found Is really dating me. These this group of about six floor-length dresses that I actually wore even to work in the seventies and I and I thought these would not work in a general. You know. Nobody's wearing this now. Why don't I start around theaters and theaters? Especially the small ones are always hungry to get you know costumes. And and these are dresses. Will you seem one of them? It on that separate work. Will you know Pat Pat? This has been just great. I want you to think of your your last inspirational thought. But they'll give it yet How can people reach you? If they'd like to know more about what you do it that would definitely be an inspirational thought pat pat with two TS at fundamentals. The okay the negativity speaking dot com the ideas. You put the fun before the mental. Yes well yes. It's you know it's been really really really unhappy you here today and. I'm sure that we will want you back again soon so I hope you'll keep collecting idea. I know you really enjoy talking to people and finding out what everybody's doing in these times it so difficult that tell you earlier. I actually heard about a family that made a hug coach for their grandma for mother's today and it was a complete plastic shield that one family member after another could slip into put their arms in put them around her and give her a big hug which we'd Grandma's tend to like so any way this has been a Lotta Fun and at a time when we can use a Lotta Fun. We can if people who would like your books can probably find bottom online. Is that correct it Amazon Amazon? Scott them okay and and you want to find our conversation again or any of the swimming upstream and I appreciate it if you did. I can tell you you will find us at. It's never too late DOT COM or SOB radio network DOT COM and remember. Sob stands for spunky old broads. All the hosts women over fifty. And now my dear Dr Pat your inspirational closing word. Well look for opening the way you can win. Hey given day and I mean that win with the smile not win by beating somebody that little the little one more thing you can do that. Maybe you wouldn't have done at another time but now you can just reach out because this is the thing about smile that we maybe didn't fully People is that it stays with you like if somebody hurts your feelings that stays with you too but a smile is a different thing shop. All the phrase that I love is humor as tangible evidence. Approp- do and we've got to have hope that this That there's even a song which some wonderful parodies out there too. I thought thought you'd never did to Keitel's singing. I WANNA wash my hands. Yeah let's explain a parody. First of all that is when you would gather the family around. They have a little fun singing. You're putting words to a song. We all know well like save the Beatles. I WANNA hold your hand. Give us a little little little example. Where does it go inside your hand? Yeah I touch that something. I think you'll understand now. I need Scrubbing GOTTA WASH my hands. Do the corona one to the call. Hide you solve a problem like corona. Now how do you keep the kids in quarantine you can tell not a threat to any singer? It's been a lot of fun to be with you today. Please look for us again soon. Swimming upstream aid. We're getting kinda fruity but it's the best we can do this. They will see soon. Thanks for listening to swimming upstream back next week with more great guests. Great ideas no telling what she'll do next be prepared if you just can't wait contact or are swimming upstream facebook page or on the web at www it's never too late DOT com. This is the irrepressible sad longer.
Being Technical In a Personal World with Neesha Hathi, CDO of Charles Schwab
"Your finances are one of the most personal aspects of your life so the idea of trusting a robot or some technology to guide you on your financial journey might make you uncomfortable. Nisha hockey is the CDO of Charles. Schwab and she knows exactly how you feel at Schwab. Everything comes down to creating the best possible client experience and for Nisha that means finding a way to make the digital experience personal comfortable and intuitive yet still joined with the real life advisors and experts working for the company. It's a tough job but one. That is very much focused on a future. That is more technical than ever. Nisha discusses all of that and more on this episode. It visionaries is created by the team at Michigan Dot. Org brought to you by the salesforce customer three sixty platform the number one cloud platform for digital transformation of every experience build connected experience in power every employee and deliver continuous innovation with the customer. At the center of everything you do learn more at salesforce dot com slash plan. This podcast is created by the team at Michigan Dot. Org Welcome to another episode of it. Visionaries I mean phase on Chief Konta Nassir here mission dot Org and we are in Charles Schwab studio not our own which is Super Fun. He she has gone. It's gone gray. How are you? I'm just you know I am ready to talk. All Things Schwab all things digital and a bunch about your background. So let's get into it. I how did you get started in technology? Well you know funny. I actually started my career in financial services and that seems obvious because I'm Charles Schwab. I actually thought that the industry was horrible so I went to business school and I came out of business school and I went to a technology startup and that was my first taste of Actually I spent my summer at technology startup and then came out. India joined another one so I got the tech bug right out of business school in Flash forward to today what goes into being CD. Ocher SCHWAB WELL SO. It is a combination of a role. That's very technology driven but with a very business strategy kind of mindset so essentially the role that I'm in I'm responsible for Ensuring that our clients are served whether they're an individual investor or an advisor that uses our platforms through our digital channels seamlessly. And that means you know our mobile properties. Our web properties are trading. Business are Robo advice business. All of those things are all different channels through which our clients interact and so our teams work to improve those everyday. So do you have like folks internally that work on like building the product doting? It bill yet. Who MANAGES THOSE? How does that kind of go? In and around the the digital officer cannot landscape yes so So our team is predominantly composed of Product Managers User Experience User. Research Folks Strategy Folks We have a big data team The team works closely with our engineering team. to actually build and develop the experiences that we deliver for our clients so one of the things about Schwab and this is kind of was chuck's vision. Many many years ago is that we actually do a lot of our development ourselves so there are a lot of companies outsource lead their development. We have Over six hundred agile teams here at Schwab and so we have a very large development organization and so the product managers and You ex you are. All those folks helped lead those teams year. You know we talk a lot on the show about like who owns the customer experience you know and it's so interesting You know the rise of roles chief digital officer and things like that to figure out like how is data and forming what we do. How is this you know? Experience get improved get tweaked get worked on like what kind of your framework or philosophy around customer experience. Yeah I mean you know one of the things that what we found where Schwab one of the one of the things. That's I think really nice about the company that I as actually kept me at Schwab for so many years is that it's very client focused and a lot of companies. Say That but I I think chuck had a philosophy around client focus. That was quite different many years ago. And what that means. Is that when we're doing whether it's developing a new product or enhancing that we already have We do a lot of kind. We spent a lot of time on user. Research of ethnography is a lot of client. Journey mapping really the diagnostics to understand the client experience and I think we break it up into kind of the things that are around you know improving the baseline experience right. Simplicity intuitive experiences. Just trying to make it easy because investing is not easy necessarily And then there are things that we think are really value added where you know. Our goal is to be able to serve you. Know the mass affluent the average investor everyday person and help them get invested in. So how do we help provide guidance and help in a way? That's understandable and that's where I think some of those really Value added experiences. Like I think of our Schwab intelligent portfolios experiences are really about trying to take the everyday investor and give them that kind of helps to get them invested where it might have been daunting for them to shop and try to figure that all out on their own yet you know and I think with some of the cool tools that have been launched recently like the launch of intelligent income and things like that It kind of seems like the organization is really putting technology at the fingertips of Clients Psych How does that? How do those things? Kinda get you know story boarded. How do those things get? Worked on Are you trying to you? Know like Amazon's famous for the Trying to get everything to one. Click like other things like that that you use to try to figure out how to make a seamless client experience. Yeah I mean we do have some guiding principles like like things about ease and simplicity and you know intuitive removing the jargon I mean one of the things about Schwab we really focus on his. Try take all that investing jargon out of there and be very simple and basic about language to make it less intimidating and help a client feel confident But I think a lot of that gets figured out by the team in their in their Labs OR IN THEIR JOURNEY TEAM. So we do. We spent a lot of time. So for example our INNOVATIONLAB teams are teams of about twelve people. And they do weekly user testing on their concepts and they're really trying to focus on trying On making that experience as simple and streamlined and intuitive as possible for an investor and again the investors that we serve range spread the spectrum. So some are really sophisticated. Know exactly what they want but there are a lot of folks who want help and they don't know how to get it. You know another one of the things that I thought was so cool as the idea of of taking way fees. Can you talk through like from a digital experience with that was like yeah? Well when we make one of those decisions you know as a member of the executive committee we we. We had been thinking about that for quite a long time. And it's really part of our goal and has been for many years to try to democratize investing When something like that we decide to do it from a digital team perspective You can imagine that it becomes a very broad scale effort to actually implement so when you think about all of the very various trading systems the different web properties mobile properties both for our retail investors and our advisers There are changes that have to be implemented across and you can think about in the world of investing that means things that are easier like digital like or content right. That's easier but things that are also harder in terms of for example are back in trading systems are statements The CON firms. All of that has to change when you make a change like a pricing change. Yeah I am curious. How many different systems into you know years because out? Imagine there's just like a massive amount of digital. Yes your system. So it's like if you're making a change like that sound like you're making them on your. You have all sorts of partners. Ted Are GonNA ARE GONNA be hooked into. That's right and as I mentioned. We do a lot of development in house but we are also we try to be very disciplined about not assuming that we should do everything ourselves and we use a lot of great partners a lot of vendors for various parts of the the offering. So you know when it comes to something like You know the our provider that works on our statements. Well it's not just changing our system but also helped working with that provider to make sure that those changes get through They are so it is definitely an ecosystem and it's a you know something like zero commission change. That's an all hands on deck kind of Told experience especially when you're trying to keep it quiet Further marketplace and Nada and not leak the news before we make a change on. I think it's something that is obviously in a in a matriculate to every person that is a client obviously and everybody internal and in the organization and I'm curious like you know when you're looking at changes like that you know and you're you're everybody's kind of on this digital transformation journey or digital evolution and you're somewhere on that as well but I'm curious like when something like that comes and you have to make this sort of like okay. This is something we have to hit in a timely manner. You know and you can't stop. Yep stopped the journey right So how did you look at kind of implementing something of that scale? Those that important. Yeah I mean you can imagine not. Everyone's thrilled to drop what they're doing and say. Oh well let's move to this this priority. Now it's something this cool when we're leading the industry to something that is has been our mission. People get really excited about it. And I'm so proud of our team because when something like this comes down people just rally and and work collectively to figure it out And make sure it happens on time but it is you know it is kind of a very Requires a lot of program management to try to make sure that we get everything right and you know there's always something that gets missed and that you have to go back and fix and then I think it's kind of after you do it going back and picking up the work that you were doing before and making sure that that doesn't lose momentum either so you know when it's something like zero commission you can carve that out to a team and other pieces that you can come a carve out but it impacts a lot of folks a lot Across a lot of systems luckily not many of the things we do affect everybody so when we think about like Schwab intelligent income. You mention me something like that. We have teams that are have been focused on building out that offer for oh quite a while and when we go to launch at their lots of teams that are involved in that launch. But you're able to kind of categorize than carpet out a little bit not impact. All of the were going on across the portfolio. But it is you know. We have hundreds of initiatives going on at the same time so with to kind of balance that. How much do you work with helping choose and slight and implement internally for the employees issue? Yeah we We used to keep those internal platform separate from our client facing platforms actually so the digital team actually focused on the client facing channels and we had a different team that actually focused on the internal and one of the things. One of the big buzz words out there. The Omni Channel Experience Right But it really is. One of Schwab's key value propositions is that you shouldn't have to compromise between talking to a person who's an expert and being able to do things digitally when you want to and And we do both. We have great talented people. And we have this digital these great digital channels and so it felt really important over time to bring those capabilities in house And be thinking about. I think about the experience where financial consultant in the branch can turn the screen and be able to use SCHWAB DOT COM or shot. Mobile on the client's mobile APP to show them the experience or to help them learn how to a financial planner had a model out their income over time. Or whatever In so became really important to bring those technologies closer and so when it comes to things like for example our system document management or things like that. The team gets very involved. Yeah I mean there's kind of that level of employee experience which we talk about a lot of on the show where you have especially people like this were if they're at the front lines working with a client right if they're sitting there with them and they don't understand how to leverage the technology that's at their fingertips you know not only is that clan not gonna be super thrilled but It also just kinda limits your client experience overall right and there's not a lot of standardization they're like but things like a or bots or or or some of these tools that can really help the person on the ground be able to get faster. Results agree looking at. You know innovations like the absolutely and you're so right I mean it's I would say this. This has been a journey for us. I we were. We were way too silos in the way we thought about the channels meaning the human channel like the branch channel the call centers in the context centers and and the digital channels all kind of operated a little bit more independently but our value proposition brought position. Is when you bring them all together. That's the power of it and so Thinking about for example You know one of the capabilities that we that we've been rolling out over over. The course of the last. Several months is an income reporting and projection capability on trump dotcom and mobile. And it's really pretty cool if a if you're a client who's actually trying to basically generate income awfully your portfolio. You're retired or whatever and that's what you're trying to generate income off of It's an ability to actually project that forward and see kind of would we need to have enough money for what I what I'm trying to accomplish and the financial consultants are now using that. You know as a way to engage a client in a conversation about you know whether it is saving a little bit more or oftentimes clients actually have enough money. But they're so worried about it that they don't actually spend In there being more conservative than they need to. So there's a lot of power when they use the technology in the branch. The question about the The automation and one of the pilots. We have going on right now. Employees pilots is intelligent assistant which is a chat. Bot experience on the mobile APP and one of the key channels that will be using that is actually in the branch so there's an opportunity for sometimes when people come into the branch they have questions that are basic questions that you know. They don't need to walk into a branch for but we do have clients who just are so used to it. Total and so the branches are starting to activate clients. I'm using the mobile APP for more than just depositing their checks or whatever there might be used to will there. There's a really interesting Case study that someone did and I forget these case study but but basically like banks on. Fridays were full And the reason why was because a lot of the population that was going to banks on Friday afternoons was they were just lonely and they just wanted to go like hang out with the person young somebody in and talk about stuff and I always think about that of like what the utility is that you're providing especially in financial services where like part of it is to be the trusted adviser right so relationship. Yeah so if you if that person wants to come in and spend their thirty minutes in just like bs with you about you know a stock that they think is cool like it kind of puts you in it advantageous position to serve that that customer's needs while everyone needs something different and I think the thing about money and financial your financial life. It's very personal. It's actually very emotional. I think people think money is about the head. It's often about the heart And I think that Our ability to connect with people is GonNa be paramount in the long run. Because a lot of things can get digitize. You can automate a ton of things with a lot of the technology's use mention but you're not gonna be able to automate at least for quite a long time. That emotional connection with people and I think when it comes to their financial life sometimes they just Wanna be able to talk about what they're thinking or you know have the financial consultant. Ask them the question behind the question. Right and And you can't replicate that with technology but technology can enable that experience and make that that interaction richer if you can kind of show that client. Oh let me help you. Use that on the mobile APP. Look you can do this yourself if you want to. But if you want to come in and talk to me I'm here. Yeah and I think that there's a lot to be done to augment that kind of human experience where giving the person superpowers on the ground allows someone to build relationship and ask those questions. I think part of the thing And I don't know if you've seen any studies like this but just like people will you know essentially like B B. Like fabricate the truth when they're doing like financial reporting when they're like trying doing things like that right where They might kind of stretch the truth talking to a person whereas like you know if they're filling out a survey that might be a little bit more honest about it or vice versa. Like that and I just think with like massive amounts of data to be able to have some level of pro predictive analysis of like what people might be doing like what people might be saying That they are doing and then being able to show them kind of like the truth. That is hugely important to financial literacy. Yeah one of the things that we haven't launched this though one of the things we've done. A proof of concept is Is something we call pure benchmarking where To help an investor you know traditionally people compare their portfolio to a benchmark and benchmark can be you know the S. and P. Five hundred or some market performance benchmark and. We've been trying to educate people as well think about it. Relative your goal. It doesn't really matter if the SNP went up or the ESPN went down. Or you're just below at or just above it. What matters is. Do you have enough money to meet your goals. But one of the other ways to help a client understand if they're doing well or not well as actually helped them understand how they're doing against versus a peer group. Because I think when people see that hey I'm doing better than appear group or worse than a peer group it gives them another benchmark to think about Whether THEY WANNA save more if they're being too conservative and so we've done some work around that and it's very interesting. Clients are very interested in understanding how they're doing out against people who are similar to them whether it's professionally locally And we have such a large client base that we can really provide some richness in that data. Only talk a little bit about just chief digital officers in general This is something. That's purdue still yep I think you know whether it's the role of the CIO or CTO or CEO. Y'All these things are changing rapidly. What these things mean like. What what do you think the chief digital officer you know cannon should be doing of the future yeah. It's so interesting. So what I I've been at Schwab for Oh fifteen years and I've had a twelve different jobs and this one I've been I've been in for about two years. So we didn't have a chief digital officer role we created one when About a little over two years ago and If an at that time I you know started meeting other people who are chief digital officers at other companies and it's kind of funny experience because no no two roles are even remotely the same. I mean they're they're completely different. Some people have a marketing angle to the digital. Some people Have much more of technology and it's really more of a you know agile development. Some people don't even have a digital business and they're just trying to start one up and they're trying to put up a website. You know in a mobile APP. So they just vary so much I think in our company what we saw was that we were. We had a retail business and institutional business and we were making lots of progress because technology is always been hard at the heart of our value proposition. But we saw that. We had the opportunity to bring things together and focus on going faster and and maybe thinking a little bit further out into the future And bringing some of the newer practices around product management into the into the company in a more scalable way so to give you a specific example user experience with something that we pretty much use a lot of agency for So we we had. I would say a team of maybe ten twelve people a couple years ago Now we have a team about one hundred and fifty And so we built that team. Because it's so critical to the experience That we have great design And we really understand our clients that user research part as well but we were outsourcing a lot of that with lots of agencies and what it resulted in his kind of an experience that was not consistent across all 's that was not consistent across experiences. And so I think that the that the goal in our company was to bring these new practices in refine our agile development model incorporate more design become more outcome driven And Really I think digital is a little bit of the misnomer. It's really a transformation role because I think if if someone asks you know what is it that you are really trying to do. It's about changing the company and transforming the company and helping us be even more agile because the future is going to require our company to be more agile so the technology part or the digital part is just a mechanism for that but we need marketing to be more agile. We need each other to be more agile. We need our legal and compliance and risk partners to be more agile. Un So how do you? How do you partner with like business? Units and and and that other you know areas and business functions within the company when we bring them in Early and that's actually the had the the the model that we created when we when we started the organization was you know creating journey teams Initiative teams even the labs where our For example risk management partners were at the table at the very beginning. So if I think of the old way we used to develop. Will you know we do our discovery work and we'd ramp the team and the team you know. We were agile even even five seven years ago but the team was star building and on things and we didn't have a great and great amount of design and then we bring some of those partners in late in the game. And what would happen? Of course as you know. We're in a highly regulated environment. The team would be like you know two thirds down the road building something and be like they get some feedback from our you know information security partners or our compliance partners that they've built something that is not going to work and they would take a lot of time to rework that and kind of get it to be what it needed to be now when the team starts you know we use actually mention. Amazon we use the PR FAQ motto. We who we actually Do a lot of color shift left. A lot of discovery work a lot of Journey mapping those kind of diagnostic things we do at the beginning and our risk partners are marketing partners. Hr finance legal. Everyone's at the table when we do those things at the very beginning of the effort and so they're able to solution and understand the context of where we're going and I think it's improved. The efficiency of the product development cycle tremendously. What about your relationship with data You know obviously data being kind of at the center of Yeah Digital. Yeah so So that's kind of an interesting story here because Data actually when we create a digital data was not part of the Digital Services Organization. Earlier this year we moved all of the data teams into digital service and so And it was really a little bit of the journey so we when we started digital. We really wanted to focus on kind of getting our house in order like I said building. The team really kind of weak wanted to reset the expectations on what product management is and bring in some best practices around making sure that we were building you. We had consistent talent across the board. We hired a lot of new folks but the data piece was the piece that we were still kind of waiting to transform. I would say So we brought in earlier this year. And there's a few different components of the strategy that that we are focused on here. One is around democratizing data so we need our product managers if we're going to be outcomes oriented and driving through towards shared metrics. They need to have the data on their experiences. So that's just about access. The second is about data driven experiences. So that's around personalized experiences when it comes to your portfolio your digital experience whatever and then the third one in our environment is about regulatory privacy security because it's such a Our data so sensitive from that standpoint but those teams are now part of digital and they actually are part of those product teams right from the beginning that I mentioned so there at the table right from the beginning. When you're going to like lobby with you know the board or or with the leadership team about resources and things like that you know. Are you kind of are? There are some sort of metrics that you're using or something to say like hey this is like an Roi generating you know part of the company. Because I know like you know traditionally things like it in your has been a cost center and so you kind of it's just it doesn't end up showing those kind of business results but it seems like there's so many things that you're doing that directly impact the business. Yeah I feel very fortunate on this front and I think it's because of our that client focused culture that I mentioned You know if you and I know this was true fifteen years ago when I joined. I think it's still true today if you walk into a meeting with a team and they're talking about some new concept they'll talk about the client the talk about the experience talk and then after they leave the room. Some will say a wait. What about the Roi? Like he's like it's just not the where we start where we start is the client problem and the client need. And I think because of that. Kinda liberates us to innovate. And so I feel fortunate because there's not a lot of lobbying that I have to go do a because we're able to show such tremendous progress on things like client experience and that can be measured by us. Client promoter score net promoter score client easy score all the industry accolades that we've been getting We can look at we use a metric called minutes saved and that metric is really about our client facing teams saving minutes on the transactional manual work. They have to do because now we have a better digital experience so for example if a client trying to journal some money and they were trying to do it online and they were unsuccessful they would call into a context center. Will that's something they were trying to do online. So we actually create a bad experience if we can fix that experience all of a sudden we've actually improved declined easy score and we've saved minutes for our client facing team so we use client that minutes saved metric as well and then of course we use growth metrics such as net new acids share of wallet and other metrics like that that are really about. You know a client showing that they're gonNa you know step up and bring more assets to us. Let's get into the lightning lading fast and easy questions just like the salesforce customer three sixty platform number one cloud platform for digital transformation of every experience. Learn more at salesforce dot com slash platform. We Love salesforce. You will to check them out. Lightning round questions nature ready at are now. Am I ready number one. What apple using your phone? That's the most fun the most fine starbucks. Favorite Book podcast. Tv show movie that you've read or listen do recently. I I I'm a big podcast listener so I love how I built this. So good what about your favorite thing to cook or eat Welcome olien chips with Marguerite. Of course that's a great answer when you move to use plastic boxes or paper boxes. Oh we use paper so I just used plastic and I is like all tubs and it was a super expensive to bow these stupid tubs. But they stack really well and I feel like I'm a YA inverted. It's been pretty revolution. Oh Wow yeah I always feel bad than you have like these giant stacks boxes. I'm GonNa live with these going to be buried all of mine are recycled and I think Would you do for fun I have I have three boys So fond means Things like wrestling I went to University of Michigan. Undergrad as did my husband so we can brainwash our children without any guilt. So a lot of Michigan sports a lot of sports. Just generally I'm a fitness junkie. So I love a good Paladin ride or boxing class. What about you were best piece of advice? For First Time chief digital officer top down support is critical and And getting and transformation is really about the entire company so building that those relationships and getting your peers really bought in to where you're going helping them see the win for them in it. is really critical. And then of course everyone says this. But it's all about the team so Making sure that that team that you build because I think most companies have to do some development and some hiring I think it's huge. Would technology you most excited about experimenting with in the future personally or I swat. Oh you know put both I mean I think like I don't know how I don't know how financial services gonNA use it but I think augmented reality like Ha. If if we could help people understand what it would be like if they could achieve their goals and some more virtual way in some way. That felt more real. I think that could be you know I. It's hard I mean Saving money is like losing weight. You don't see the results for so long. So how can we bring it more to life for people? I think that'd be cool. Yeah like augmented reality. Walk in. And there's like boom. You're new couch like sitting there like. That's pretty cool. Mike Dang I gotta I gotTa put a quarter in the money jar. Yeah line investing a you know it's about growth over time and to see what can happen to your money as you invested and grow you gotTa help people dimension is that. What is your favorite animal? The elephants who do you know why say never forget. My last name actually means elephant healy and sell. That's why my family's very proud of this copy. Jails deal imagine this week I think phase on means to do or to make in French L. Really. Yeah I think so. I'm not positive of that but I don't really know. Were not really French but so somewhere along the line. But it's always cool when that elephants pretty pretty good so this is non financial investment but what investment in yourself. Have you made that? You were super proud of in the last year an investment in myself while I invest like. I said I'm a I'm a the way I my meditation is A my like my exercise addiction. My morning exercises so I would say might be investment. I make in that whether it's monetary or just the time feels like a luxury but it's super helpful to me. What question do you never get asked that you wish your ass more often maybe No one ever asked me about like what it's like to like raised three boys. What is it like in the city of San Francisco? It's mayhem it really is actually But but you know when when work is crazy in a job like mine it's there's always something They are awesome because they just remind you of what's important And when they're crazy. I'm lucky that I can go to work. let's it. That's all we got. Thanks for coming on. Ishai a super appreciated and you final thoughts anything to plug now. I'm I'm excited to Say That you know. There's a lot of people out there who are are getting their way to a better financial future and I'm glad we're able to play a part in that awesome. Take care thanks. It visionaries is created by the team at Michigan Dot. Org brought to you by the salesforce customer three sixty platform the number one cloud platform for digital transformation of every experience build connected experience in power every employee and deliver continuous innovation with the customer. At the center of everything you do learn more at salesforce dot com slash platform.
Italy Emerges From Lockdown. Slowly.
"This episode is sponsored by Charles Schwab in these uncertain times. Schwab remains invested in their clients by always striving to see the world to the investors is Schwab better offers personal guidance dedicated service and much needed clarity. Their commitment to these fundamental principles has helped their clients own their tomorrow since nineteen seventy-three learn more at Schwab Dot com on. How Schwab is ready to help in Milan? Italy grow Patera is coming out of a kind of corona virus induced hibernation. Yeah Yeah we actually from the lockdown right now until last week. Greta her husband. There are two kids in their dog. Have been under one of the strictest. Stay at home. Orders in the world the whole region has and then last Monday. Greta stepped outside her gate for just the third time since February. Does Italy opening up like this. Does it feel like a relief. Yeah okay in a certain way. It is a relief. It's beautiful to walk outside. It's beautiful to back. Some of our freedom. I was walking on the street by myself and I was loving. It was not as single thing that I forgot about a district. I gave my first kiss this other street. I try to in that house. In these these beautiful Tree Grad is getting wistful in this way because she can see the city around her changing. It's no longer the play she grew up. But it's not the insular world. She's inhabited for the past couple of months. Either there's a new feeling that found that is also you have in a cell of the lockdown too in a certain way. What do you miss? I miss the quiet now. I I'm back to the sounds like a trophy. The cars are beckon streets and I hear defending here. People chatting like a week ago The morning I woke up and McAfee coffee and went on my backyard and nobody was out and that was nice. That was something that we need. An advocate for Grad has gone through a metamorphosis to when she first went into isolation she was still wearing her warm woolen sweaters and when she walked outside last week she was down to just a t shirt it felt freeing but in the same time. It's carried too because you know the viruses still here so my friend wrote me and said she went out to when she had a panic attack because she doesn't know why she felt overwhelmed. And she doesn't feel safe anymore and I have that feeling too. They sometimes forget what we are going through and then bombs something else like you hear a sound of of the ambulance. They like Oh wait. We still very dangerous to be out. It's still lake. We can get sick again. Who Today on the show. The last time I spoke to Greta she offered a warning about how bad the corona virus could be at the time. Italy lead the world in Corona virus. Deaths now the US does so. I called Greenwich. Back to talk about what getting back to normal really means. I'm Mary Harris Listening to what next stick with us I'm Barry Land. A professor at Vassar college starting on May second slates podcast hyphenation. We'll take an eight part serialized dive into crime and punishment in America if you sell pork from a pig carcass. That has a pronounced sexual odor. That's a crime what I worry about. Is that feminism is becoming the thing that's staining car serologic. Mass Incarceration Arkin to believe that. It's really important for the police. To protect people. Virulent strains of populism people who do bad things deserve to have palm befall them if the state puts people in a position where it seems reasonable to break the law. Then it's in a weak position to blame people for doing those very things. True mercy is not the business of the state because it's not the business of anyone. We're going to question thing like what's worthy of being a crime whether justice requires punishment and how judges think about fairness in sentencing subscribe to hi nation. Now wherever you get your podcasts. How many days were you in lockdown in Your House? I was like luck down. Fifty days fifty eight year almost two months almost sixty days but my kids stop going to school the twenty third of February and so I will say the real lockdown for me started the march but We started locking down from the twenty first of February ache. Every day was a saying goodbye. Took on your free. No Italy's lockdown orders. Were much more extreme than what we've seen here just leaving the house required you to print out a little permission slip and carry it with you. You'd write that you're on your way to the grocery store that way. If the police stopped you you had an excuse without one. You might get a ticket. At the beginning people could run. That was another big issue. The runners and people could around then people could around anymore and we all were just in house. The only essential worker could go out and that we all have to wear masks mess everywhere outside in industry and in every place and if I have to say that now if you don't wear masks they look at you like you're a criminal so in Italy. They they called this original lockdown phase one. And now now you're in phase two. Which is this kind of opening up. Yeah it's a faithful but finally goes on twitter that college faith one point five so I one point five because is it because so many things are still. Shut down the yeah. Yeah Yeah Yeah because restaurants are closed barth will close and you can do like a pickup but you cannot go in harassment or in a bar and address or close Different stores are closed. So I saw a photo of people in an Italian restaurant with this plexiglas shield between them and they had masks. It seemed not Italian to me. Yeah that's another thing. We are very patchy affectionate population. The we like the we talk really close to each other. That's another thing that very thing. We Don rape. Naturally we not keep the descends every body sense so that's another we have to learn how to keep the desens- you what was that like the first day that restrictions were lifted was last Monday. I just wonder like did you have to catch yourself like getting too close to people or or like. Oh I wanna hug this person but I can't yes. It was very hard. We might parents when my parents was very hard. Also my my mom. I feel like she does well. She's worse than my children. For example my name younger children a child. She's two and soon as she says so my mom she ran like she. She ran away from us and went to hug. My mom and my mom took her keys. Serves no don't key sir? What are you doing well the same time I was like okay? It's fine like We can Eurocare with the kind of risk I they stay the thome as much as we did so I feel like we are safer now than we will be in two weeks. That's what I feel So when when the restrictions were lifted were you like at the door at six in the morning wanting to get out or was it different like what was it like that day when you woke up yes is finally the day for the night before we felt strange excitement. Fear like who is telling my mom to be careful because I'm scared for my parents and they feel like they feel safe and it's loud. We're not that city so late yesterday. Three hundred people died in Italy which they confronted with the number of the hugh weeks ago. We touched thousand that in the day. So you like three hundred. It's not bad but once they want to put work. I was really bad earthquake. Any tiny and three hundred people died and I was there working like I was reporting about earthquake and they so to younger people that in the same place and it's huge number so it's like you feel like in some ways were numbed by the enormity of what just happened yet. Yeah like saying three Andrew Hundred. It's it's it's a good number it. It's confronted two thousand but three hundred usually number will not fill in shape at say. And if you'd like reopened because it was an emotional and political need but all the scientists sad. It's still a little bit worldly. I'm kind of curious about your kids. I mean when we spoke before I remember you saying the last time you had gone out was to take them to the playground because he thought this outside. It's gotta be Kinda safe and then you got there and you thought bad call. What was it like to take them out on Monday? They were so excited like the my my younger daughter she does. She didn't want to go back home and she cried and she cried and she cried. Say now home now home. I'm to stay out and it's time to go eat at the. She really wanted to say out to see something different. You so exciting. She kept running around. She was and she they. She was exhausted and she fell asleep like really early. That was the first time she's left burdening the last two months and sad thing was that my daughter she had her birthday The first of May so two days ago and she was so sad because she can. She couldn't have any party and she can't have any party. She acted in K. All during the day and then she said to be honest. Say what? These party sucks that I can understand that. And she said I tried to be happy and act like it was fun to not do anything special but it was so sad and they said yes and so she said the first the fourth of me when the lockdown ended she said A. We're going to have the party now and it's hard to say again. No we still have way but as soon as we'll be able to go party will do party again. So are you taking them out like every day just to sort of get them back into the fresh air your now. We're going out every day. They could just walk. We not doing anything special because we cannot do anything special but we go through our. We sometimes go to my parents house would not we do not go in the in their house but we just best and say hi so. That's the big thing here in the states. There's so much anger. That's being reported on anger from people who are feeling anxious about the economy and getting back to work. Are you seeing that in Italy to not as I saw in what we are seeing in America it's scary and I told you before? My husband is from Michigan so we really were shocked by the images of people protesting in front of The building in Lansing where the capital Michigan and protesting with the guns and screaming crazy things and no. There's not that kind of things here longer. There's some anger because lots of activities are still closed. Also business are still closed and They do protest sometimes like I saw yesterday or two days ago. There was a protest in Milan. All business owners that were asking to reopen bars restaurants. How did that protest look different from what you saw in lansing all like the protests were so cool? They brought their chair in a big square. They kept the distances the meter and a half of distance between the chairs they sat and they protested sit in their shares. Now like because you cannot have a gathering people so they did respected distances and they tried to like prajit protests and respect the low the same time there is horrible things going on but nothing like the anger at so in America and also here and they keep seeing crazy. Sometimes I'm like I'm reading the anion or if Israel like it feels like that in the United States to sometimes yeah I read something about Huntington Beach California or somewhere in could afford. It was sore saying. Hey I don't care. I'm going to serve fake. Can't why what are you doing? They we all have to respect some rules that we don't like I don't like walking on the street then wearing my mass for an hour and a half. I can't breathe but there's a doctor that is spending twelve hours. Saving life of your mother is eighty years old. We the mask that these three times thicker than mine. And Not saying anything so what? I'm talking about We're all in the same terrible horrible book. People are dying. It's like we have a way to say this thing like you are pointing to the moon. But you're washing that your finger and of the is that an Italian phrase. I like the American phrases. You're missing the forest for the trees. Exactly yeah so as important your finger but there's the moon behind a business owner and you're struggling. I understand that and I know your kid is in school. Understand that it's possible. We're still stadium. Greta thank you so much for joining me Mary. Thank you for talking to me again and again when the school reopened Greta. Tara is journalist based in Milan Italy. Follow her on twitter she's at Greta Pre patera. And that's the show we've been asking all of you to give us a call and tell us how your life is. Changing during the pandemic Michael From stonebridge Newark called to tell us how he's making ends. Meet these days now that his regular work has dried up. Half of my income is normally derived from DJ. Who primarily raise at weddings from May to October? Most years I started looking for other ways. You make up that lost income and interestingly enough I just got hired yesterday or an online service which performs memorial services for folks who are unable to. You have OHL memorial services than teen roles in person. I guess the symbolism of going from in person celebrations of Loving Union to virtual celebrations of memorializing who have passed away is just kind of an intense metaphor for the time. If you've got a story about how your life is different during this pandemic we want to hear from you. Give us a call. Two zero two eight two five eight eight or just tweet at me. I'm at Mary's desk. What next is produced by Mary? Wilson Jason De Leon and Daniel Hewitt. I'm Mary Harris. We'll be back tomorrow with more what next.
020 The Power of Podcast Guesting w/Tom Schwab, CEO of Interview Valet
"Thanks for pressing play this is Christopher lockhead and today we have a very special eight international podcast day we've invited on Tom Schwab the founder component of your marketing and I've known Tom for several years this is the job and I thought it would be fun to invite him on to talk about this now our friends at spunk e L. U. N. K. dot com today that's spunk dot com and served this odd cast when you go to net sweet dot com slash different that's the podcast that helps you develop a lens for what makes legendary marketing and one of the best minds in marketing and the economists calls off putting to some each lists and I think one of the biggest problems we have today and I actually customers but the problem is to like breaking through the noise that I think has gotten to ask because it's a way to really connect with people right you're not he not yelling grandfathers would've understand podcasting even if they didn't understand the you know I'm I'm I'm new being guest on podcast podcast want to be a guest on podcasts and really exposure brings has either never done it well and never done it never done it tap into their audience for most of us you know writing a blog could be tough that's fun and the thing is is that you can do that it's scalable you can do it from anywhere sting as a key part of their overall marketing strategy ah logs and one of the hacks that we used to use was guest blocking right a trade journal it could be Washington Post Huffington post whatever it is it can trust getting introduced by someone that they are no organizer and you know he might be talking to one hundred five hundred people but yet it's really hard to repurpose that content but boy if you do a podcast interview you can I know the numbers better than I do what about seven hundred and fifty thousand overall seven hundred and fifty thousand podcasts total but the ones that have actually published blogs so as a as a proportion you know nobody says I'll check I've been on every sort of form of media you NBC by way of example it's a great thing for your business right and a great thing for on live only on for a couple of minutes at most and if you're not on live Oh media can give you massive reach there's very few of us that are going to be and one of the reasons that he loved podcast guesting because he could do it from any an hour in the green room and I'm probably on for three or four minutes of get in there and you get bumped for something so he looked at it as podcast interviews was and you know at the end of the day it's never been easier to sell something online trust you and that's really hard to do public thirty second clip or even a little but as a marketer it it represents a couple of things that I think are category sizes roughly if I remember we had Dan Grainger on from Oxford Road space or advertising space is is literally mouse nuts marketers don't get about podcasts I believe the level sponsor to be associated with certain podcast but that's my opinion university did their first conference last year on podcasting and they called and we're really get people to know them as opposed to between somebody going to about the owner page and actually buying explain that and not an ad but in an actual conversation gory right now it's a fraction trying to break through the noise on on email awed casting the other interesting thing to me from a pure marketing point of view is often in the business world business podcasting you're reaching probably read some of the major business publications business people look at the Wall Street Journal on what they say to you you're right and so my point is podcasting is intimate we don't have a lot of time and they're very hard to reach with decades ago when he was selling he said if he walked into somebody's office a C. Level A. and early adopter somebody that is taking action and there's nothing is that early adopter is that person looking for answers looking to take action would you drive across state to speak to a thousand which you jump on a plane reviews and even some people are introverts they don't WanNa talk to one that blows me away so there's the numbers right when we broke into the top two hundred there's a shit ton of people and it's true on a podcast overtime tens of thousands of people hundreds of thousands of people are going to consume this the other one that blows hundred and fifty one countries like we've been downloaded in Mongolia and not only are you being downloaded in different still refresh to them so it's an interesting medium and that's one of the spend a dollar on whatever the email campaign is you know what the results are the next day Oh Bali from the back links you'd get the exposure you get the social media from other people sharing Greg Cody that reported six hundred percent return on investment from podcast interview cost of customer acquisition down to the Penny and they report that podcast interview about how do you get on podcasts what do you do when you're on a podcast as a guest start at the very beginning if I'm an executive I'm author speaker I'm an accountant self in the shoes of the podcast host right what got to be friends so you've gotta figure out a way that you can add value to that you know make sure that you don't just send a cold pitch out there make sure agency which is sort of the Friends of friends and introduce you on aw but they are a great place to that know like and trust news ran fish in that said bats the legendary guests does right they stay focused on topics areas of expertise. Aw Tom let me tell you my first book Blah Blah Blah Blah Blah and when we developed we to your point the worst thing you can do on a podcast is actually come across as as can't tell everything you know in in one interview so always give them other resources mindset back there maybe it's case studies maybe it's other trainings that you've done they're maybe Rossi right be somebody who gives way more than they take and of your insights of hopefully your humor and sort of stupid they're going to Google you which sort of gives me to this point I wanNA underscore part of that today one of the most powerful things in in awed cast will now to your point they can click on that and begin to get to know you as the influence their marketing is and people don't know who Thom Schwab is but they know who you talk on somebody's stage physical or digital they have vetted you dance and they're like well when do you think is going to get to one hundred percent and I thought eh if that podcast is transcribed will they read it if it's put up on I asked him what does the pod Stanford podcasting they rolled their eyes and are like I dunno they do consume and so if I'm an executive and entrepreneur or do you think I should be doing or how how should I think about it I guess it my mix it really depends on what your goals are so some clients work something that is tied to time and so that they have all of the casts every month so they get those leads coming in on they get that constant a portion of the PR budget and really just focused on podcasts. Today what I WANNA do wrong I'll make this up what I want to be doing to podcasts. They had six different spokespeople for the company and they be different focuses in their business but I think that's steady stream that's when they're making their money other ones are based on a Europe they don't do podcast interviews If I was the CEO what I think I hear you saying is let let's say we had six on a regular basis etc so let's say at a high level you had six senior in your if your international head of Europe the head of Middle East Hell head podcast interview marketing strategy that looks a lot like a speaking strategy or so with that each one of them bring a little bit different viewpoint to it and talk about different if you carve out an hour you know most executives for this kind of exposure cities to get in front of your ideal audiences with different people in your company month so let's call that so let's yeah two dozen two dozen and if they're six primary spokes people in front stages and what's amazing is that I've done over twelve hundred podcast just a microphone that plugs into you be you know that's that's all it takes doc of worlds record to try to claim that that category and than not I have so I'll I'll I'll keep the claim on that you'll keep the claim table and other than not being overly promotional herself don't just stick with the talking points you WanNa do business with people they know like and trust and now our customers and at the end of the day after somebody he listens to me on a podcast interview is not what I need right now is that third group of customers that you tom with credit card in hand ready to engage you know I was speaking at an event and she said no not new leads or not costumers new leads and to from podcastone abuse closes so much quicker because they've already listened to thirty going and you will attract the right customers your ideal customers those that are more important to know who you're not for than who your four and actually this nine I began to realize that there are certain podcast me you know if they're like a a no swearing podcast a lot of not picky marketing podcast right and there's sort of very traditional and they're sort figure out not just sort of from a niche perspective who the right podcast is your near your niece or their audience is a good good audience for you to be in front of you go that extra step it always follow your different is find your different and go there too and the social media and the email how much they promoting it but then the fourth thing a rather big podcast and I would love to be on this podcast and he I'm gonNA listen to a podcast that starts out with Yoyo said it's a the sometimes the podcast I know sometimes I don't do your point you look at the website of a private plane next to a Lamborghini or you know and there's a lot of these sort I don't want to go on that podcast I don't care how many people listen to it I'm perfect for you there but you know I believe that the best podcasts listening in from the next booth it'd be rude to turn around and stare at him it'd be rude to get in we track everything I'm I'm a Geek and engineer and one of writs success quote what books on your nightstand that doesn't give anybody a chance to to be a part of because if you're not into it chances are you're not going to be interested it's very hard for me to consume a traditional highly edited nations and I also think as a guest there's no other medium other Michael Season were in in the United States I I really believe that era about a topic or you care about a candidate you know these debates and things we have on and with the CEO An entrepreneur thought leader and author or in this case politician even on television I I can't stand the talking heads but podcast and gives you the chance to to get a deep conversation that like you said timeless you know I don't know of a CFO could go on there and of what your vision is what your dream is what really drives you and I think that's company follow a candidate at much more than you know a ten second clip why and it's interesting to see for every action there's an opposite equal reaction engaging in it and unpacking it over to look at the success of you know a lot of these that a six or twelve episode podcast that's averages a very high level surface level but for whatever reason you're interested in Jeffrey seen story is to as everyone that listened to a podcast has opted in it's any to it if they're listening to the entire episode and if you've got somebody that is now this is something where they care deeply about it and I would argue that because if they're making decisions that fast they'll make the decision to go the other person I will hear your story and then start telling it you can always you can always of abundance and Mike Maples were talking about this and I shared this entire August and in this case they forgot that it was even my podcasts I do the view marketing Tom to me it's I think what's ordinary excited about the different things you're doing your customers want to hear last eight used to be tough and now it's gotten to be so easy and I would just encourage everybody if do both but share with what you know with the world to make a better place powerful strategy you know if you if you're not gonNA commit to doing a podcast as a company as Chase Tom Schwab's twelve hundred record start guest podcasts get your reaction before we wrap when when I first started in podcasting one interesting of course I've learned not only was I too late my timing it turns out was in the business space and I don't think it's too late at all as a matter of fact I think marketing well I agree with you and I've done broadcasting day just it's called podcast guest prophets how to grow your business with world on a on a podcast the same advice that I gave her everybody else it's never anybody on planet earth is finally GonNa have his own podcast since you Christopher are the person that came up with the and a great Voice for podcasting on to really take it up to the next level mind-blowing journey if you had told me when you and I met now is just starting in podcasting I really appreciate you both professionally and of course personally I really it's fun that we've the relationships and a podcast is such a great way to build relationships with with Tom the network that idea of six degrees of separation I really appreciate you guesting on this podcast and I look forward to chatting with you soon due to lockhead dot com and while you're there subscribe to our newsletter the thanks for joining us Tom and you can find him on the Internet at interview Valet Dot Com Bottleneck Dot Online WanNa help you scale yourself Their experts they if they want
NLU Podcast, Episode 315: Rob Collins
"Beater right club today. Yes that's better than most about. It is better than most than ladies and gentlemen. Welcome back to the no laying up podcast Today's interview I am so so excited to play it for you. We caught up with Rob Collins the designer and golf course architect of course for Sweden's cove we talk a lot about Sweden's co we talk about land man. We talk about the buck club. It's pretty encompassing. We've gotten bits and pieces of the sweetens. Cove story From rob on the podcast over the years and videos but we needed the whole thing in one place and that's what we got today and it got emotional at certain times he kind of teed up a little bit. I couldn't help tear up. You're talking about the story and I'm a sucker for a perseverance story of course. And Gosh he he tells it and you can see the effect that it's hat on their some shocking revelations about about that story so even if you're not familiar with Sweden's Cope. I think this that story is gonNA mean a lot to for people to hear so I wanNA give a shout out to our partner. Charles Schwab the Rob AND HIS PARTNER. Tad King are the subject of the late one of the latest study videos the Challenger series that they do you go to Schwab Golf Dot Com. You will see a series of the whole the whole lineup. For Season Two. For their challengers people that challenge the status quo imbues awesome films that episode four develops for them one of the subjects. You might recognize five of the subjects. You might recognize on that Web page but as well you'll see Robin Tad story on. They were going to tweet the link to that as well. Along with a link to this podcast. But they're the ones that kind of helped set up this this this network for the Challenger series of these podcasts. Were going to do. We did thing last year. Brought you might Kaiser and bill core and all kinds of Casey Martin. All kinds of great context Schwab's really doing some awesome stuff in the game of Golf Schwab. Golf Dot Com is where you can find all those and check out the kids video. We got a pretty sweet with. They came to kill House and made a nice little video on the five of us and turned out great. We're very humbled by that. One last shout out again to our friends at callaway of callaway golf dot com slash. The match they are. You can sign up to subscribe to the email for a chance to win a callaway. Seth staff bag signed by Phil. And there's some other signatures on that. I may say that you might recognize and you can also sign to win. A custom fit set of Calloway. Maverick clubs so keep an eye on their social channels throughout the week as they give you details on how you can win those you might even notice. They won the driver count at At the match of course is gaming. The Maverick but if you look closely in the bag of One of the quarterback. I'll just say the quarterback that was able to keep the ball on the planet. You might have seen a maverick driver in his bag and Also Chuck Charles. Barkley had had a maverick did he. I think he kinda threw under the bus. We're going to assume jokingly as he went to go tried at least make bogere better on the eighteenth hole kind the below bonus thing that they filmed early in the day. But Yeah if you look closely at the match. There was a lot of Calloway in the bag. And yes go to callaway GOLF DOT COM SLASH. The match the match has passed. But don't don't let this content go two ways there's good stuff on there fills podcast episode with. Calloway's up there and it It's it's classic. It's exactly what you'd expect from Phil but it's definitely worth your time so again. Go TO SCHWAB GOLF DOT COM. Go to callaway golf dot com slash the match without any further delay. Here is the man Rob Collins a while. I'll start this by saying you've been before you roam zach after the ringer a about a year and a half ago if we covered a couple things twice. I'm not worried about it. We're happy to welcome back. Mr Rob Collins. We are in the Sweden's house. Sweden's out the picture. A world that this something like this would exist. It people are buying real estate around one of your crazy. In fact Colton shed. Today he looked at me goes rob. This is just one of those days. Could you imagine this and it was when you know? Kisner was out there playing drew. Welcome and no couldn't have imagined this and here you guys are got kill. House north over here. The birdhouse believer got Sweden's wall to it. We we've been decorating. We built. You helped us built tells the front yard. What's in the Front Yard? We've got an awesome. The House next to the first green at Sweden's cove with with some friends of ours and we'll be renting it out to people over the of the years. It's the one that overlooks the first Basically the first of all the par-five so tell us what's in the front yard so the the guys had an idea forest to to help them build a little t in the front yard and one of our good friends Jesse Smith. A good friend of the program Got Him some sweet ASTROTURF. Got An excavator out here and got him a little flat spot. And then Justin Hill came out and dialed in a flat flat concrete pad and laid down the grass. So now the tenth attempt to is going the routing instead routing a good angle. Well it's funny. The the we were at the ringer I forget what it was about a year ago. I guess around this time and we're doing an alternate shot match and I won't through my partner under the bus but my partner hooks one. What would be on one? But it's everything's lateral here and it goes in this yard right next to a for sale sign and I had to hit it out of this yard and hit a hit onto the green as a wild shot and I came back and we like everyone's gotTa Buy House now and I walked in and to the clubhouse and I was like guys that House next number music art. Were already on it already. We already got the phone number. Down WE WANT WANNA buy. That's amazing out here. A couple of months ago with somebody and they were like I can't believe knowing that house. I knew I should have bought that house. So you had some you had some competitors and and I'm glad you guys swooped in nailed it. Well I WANNA talk a lot of Sweden's and we've done that before but I think people also have to know a couple of different projects you are involved in in in different parts of the process. Let's start with Landman for if someone is listening to this and has no idea what landman is What what is it? Where is it and what? What's the current Status Landman? Golf Club is a going to be a new eighteen hole course in homer. Nebraska which is about an hour and a half north of Omaha and is really on a wild piece of terrain sitting on a bluff overlooking the Missouri River and the analogy that I gave was like if sandhills and Shinnecock hills had a baby but instead of giving the baby straight milk they put some LSD MILK. This decide site that that's what they're baby would look like. It is insane like there's one tree on the whole site. It's just crazy rolling terrain. We got contacted by guiding Willy Anderson. His family owns a farm out there. And it's really important. Part of their family history has grandad used to own it and he's really good. Golfer loves golf and he contacted us out of the blue last summer and we went out there and saw in. Tatton our just like Holy Shit. Look at this place. I mean we've been fighting for five years to get that big break and we knew it right then when we saw it and it's funny because it's the opposite problem we had it Sweden's cove which was if you haven't played it. It's a dead flat piece of ground flat as tabletop and we had to pump everything up to make it interesting. We've moved two hundred and fifty. Three hundred thousand cubic yards of dirt in we you know built these features up to kind of create interest and contour. There were toning everything down and is it a site that would scare other potential architects. Is it that dramatic? It is that dramatic. I mean in fact there were Scare might not be the right word. I think it it it. It turned there was a few that were looked at it. There was one other guy who wanted to do a project there and fortunately we got it but there's another rather famous architect who looked at it and he felt like it would cost too much money to build a golf course there and he wanted to do a golf course down on a piece of property they have on some sandown by the Missouri River but when Tad and I looked at that site we felt like it was an interesting site but it had water table issues and we were doing and as it turns out. They had historic flooding in that area. This year in there was water all over that golf course. What would have been that golf course so we? We definitely made the right decision. And a site. Like landmines just really tailor made for us where we can turn gusts loose and let them do their thing and You know the end result. The end goal is to have everything tied down and look like we didn't move any dirt in have big broad. Tian's to do that and that's what we're GONNA do but in reality to build seven or eight holes seven or eight of the holes out. There require some pretty heavy moving just to make it work just to make in that like you said that softening. Its we're saw making your softening more dramatic the I wanNA make you repeat it because what you told me when I saw you last was describing. Forget I don't know what whole number it is but the sit walgreen you're designing landman the description of what that green at the the actual height in the elevations change within that green. Stunned me and I still struggling to understand. So what can you tell us about that? So if you don't know there's a famous green that Alister Mackenzie built at a place called Sitwell Park. And he received a lot of you know. Got A lot of FLACK FOR IT. But some people loved it but ended up getting getting demolished. But there's a picture you can Google Google sit. Well Park Alister Mackenzie. In this picture will come up. And there's seven or eight guy standing on different levels of this green and it's green. That's climbing this hill in. It's just insane green with all these different pockets and huge contours and Tad always wanted to do is sit well partnering. We've always look for place to do it. And we found this piece of land out there going to be the seventeenth hole and the end result is the green probably climbs twenty-five thirty feet from the very bottom to the top. And it's like it's GONNA probably end up being about thirty thousand square feet and it sounds insane but it I promise you it's actually going to work. I mean it's so big and so broad and it's a short par for so it works to a three hundred yard par four in you know if you get in the right spot you know you can make earlier eagle but it can punish you too so but it's just a different take on an old thing. We use the phrase their big break in. That was kind of something I wanted to talk about as well. What did it take longer than you thought it would have for a big break considering the success of Sweden's cove and especially It's it's a weird time. I WANNA do the time line here. But it was a long time before Sweden's cove got recognized by anyone but even once it started to be recognized it felt like kind of like he's got to be getting a big job at some point in. This feels like that big break to you. This is definitely our big break. There's no doubt about it and we you know we. We only do two jobs a year. Maximum this is our first great project on a great site for a great client and I was thinking about it last night. And it's like not only. Is this our first big job? We're like we've really got to hit a home run. So there's were trying really hard for that reason. But also for the Anderson family. I mean they gave us our break and we want to hit the biggest homerun ever for them. And so there's that side of it and then it's also just kind of reality that these types of jobs don't come along very often in we're just out there really buckling down. We're fortunate to have a lot of really talented people working with us. And I couldn't be happier about what I'm seeing so far. Yeah that's exciting. Well I don't we do some some sweeten stuff now because I've I've keep referring back to the lying four blog post by Wilbad while they did a great interview with you. And I'm not asking you to read to regurgitate everything word for word from it. But you mentioned we as in Your Group. I like you kind of describe. Your your firm is and who your company is and how that came to came to fruition and what your background in architecture is and how you ended up where you are today sure in in two thousand five two thousand six I was working for Gary Player is a what's called a design coordinator. It's basically like onsite architect carrying out the vision of of the senior designer from player and Tad Metal no project in Florida tacking. Tat-king my partner owner on a project in Florida called the area at Twenty Eagles which it's actually no longer in existence and Steve smyers ended up coming in redoing it but any long and short of it was and I were on that project and we noticed that there were real inefficiencies between the way things work between a contractor in the architect. I was having a hard time getting the contractor to do what do player group wanted. And every time you tried to make a little adjustment there was a change order and it was expensive and had looked at each other. We hit it off and got to be buddies and said look. Let's let's form a business. We'll call it King Collins and we'll be design build firm and we cut out all the BS in the middle and we'll have total artistic control and everything take take the whole project in the You know the the recession in two thousand eight really forced our hand and I moved home. Didn't have a job. I ended up having to do some landscape architecture work which was like pulling teeth for me not going to fast. Pass that you're in the middle of of constructing a golf course. That's right. I was exactly. We were doing a project up in wild stone. Cranberry British Columbia. Which I believe you you guys have played. I know tron splayed Neal's played it. It's a really neat golf course. We were right in the middle of that the day that was at Lehman Brothers collapsed and we were grasping the third very way now. I walked up to this guy named Ryan Kalinka who was grass in the hall and I just said Dude we're fucked. We're totally fucked. This is over and sure enough. You know month and a half later. We having a young family back to Chattanooga to live in my mom's house which is not the greatest feeling in the world is a point thirty three year old and so hey I did it when I was. I mean you know. I'm lucky we had a place to land but it was. That was a low point. You know I didn't this career that I was after was up in smoke and I didn't know when the next time I'd be able to do it was about a year later. Tad kept staying in touch and I said man. Let's just do it? You know let's go for it. And so in two thousand and ten we formed King Collins and right around that time we got real lucky and had this nine holder in the squashy valley pollen our laps. I mean he was A. It's a dream site for golf. There's already a great golf course right when you say population great market for Golf. So when you when I'm looking at this great picture of Terry D and it was a lot like the golf course is already there. Just we just push it around a little bit exactly so what? Gosh I don't even know where to start with it but what was here. What was here. And how did you end up convincing something someone this non existent for literally at zero work to its name correct to this point so hey let us design a golf course here? We got a really good recommendation from a local Chattanooga Golfing legend. A guy named Kingdom His family has a long history in golf in Tennessee. And he recommended me to the client. Who was the Thomas Stanley? The on a local concrete manufacturing company and they own the golf course which was the old squashy valley golf and Country Club in two kings always confused very confusing exactly. And so the Thomas is ended up hiring us to to rebuild this very decrepit nine hole golf course which at one time had been a really important part of the community here but had fallen on tough times gone through a couple owners and this is an important part of their family history and they wanted us to improve it. We set about doing that. We built a golf course in two thousand eleven. Two thousand twelve. It took us about a year to finish it. It's pretty clear early on that we had done. Something did had far outstripped the local market which we had been very transparent going into it. That was our intention. We I told reese I said look. Our goal is to build the best nine hole golf course in the world. If that's what you hire us if you don't want that hire somebody else. That's what we're that's what we want to do. And so they hired US and they had some difficulty on their end kind of knowing what to do with it and there are some differences of opinion about what to do with it and the golf course actually ended up getting abandoned in two thousand thirteen having never been open which the analogize give. When I tell the stories like that scene from Temple of doom when the guys Ritz heart out of people's just I mean I just remember that day. It was August thirteen. I just could not believe that. This golf course was finished minus some sand. Bunkers was not going to get open. And what how? How long had you been working on at that point? Well we We've grasped it out in two thousand summer of two thousand twelve in it was being maintained and I mean this little bit of a sidetrack here but the seed that we put out on the bunkers. If you've ever been to Sweden's cove there's like miles of bunker edge. It didn't germinate it was stored in a hot. This is trailer the framing around the frame around. The bunkers germinated in. So we were like well. I mean we've got a replant. It and I actually worked for free in all from like January to August of two thousand thirteen like redoing all the bunkers and helping the maintenance crew with other projects. Just just to get the golf course. Open we regressed all the bunkers and everything. And that's when that's when they pulled the plug but From It would have been. It was totally playable minus sand in the bunkers for the majority of two thousand thirteen. But that was at a time when it was. They just didn't know what to do with it so they were just kind of maintaining now is helping them maintain and helping them get the bunkers ready and everything and well. Let's let's backtrack a bit into. What is the golf course? What what became of the golf course. How what your inspiration was for it and how you came up with and how you would actually describe the philosophy of the golf course. It's unlike anything I've played before. But why is that well? It was really clear to me early on. I think there are a couple of factors outside of our control. That really helped drive the philosophy on it one of which is a nine hole. Golf course number two. It's in the middle of nowhere. And I told reese I was like look man. We've got to do something different. You know. We can't just come out here and do like something. That looks like nine holes at the honors. Course good as that may be we. We gotta do something different. We gotta be outside the box and one of my biggest architectural. Inspirations were heroes is strands and there's a lot of tobacco road out here. A huge fan of Pinehurst number to worship at the altar of Pienaar's number two. There's a lot of Pinehurst out here. There's a little bit of Pine Valley. There's I the original version of Augusta national was a big inspiration. Big Wide Corridors wild grains short grass everywhere. Tiny little windows where you really want to be in order to get the best angle you know you might have one hundred yard wide fairway but there might be a fifteen yard wide alleyway where you really. WanNa be and so. Those kinds of things were what we were thinking about. Which all that course handed down from the old course and Tad I wanted to basically mix it all up like if you put all these ideas in a blender and spit it out you might see something you'd say like Gosh. That kind of reminds me of Pine Valley or that kind of reminds me a her. I'm not quite sure. So everything in its. Physical representation is a little bit of a play on some of these things you've seen elsewhere and I think that's why it may feel familiar but different at the same time I don't like using the word easy with it but it is nothing. I don't WanNa say nothing intimidating about it because some of the slopes where you get the ball running away from you like hurt but I. I consider that the most enjoyable punishment in Golf. I hate hitting it. Ob I hate looking for balls. I hate hitting in the water. I I can't. I don't know anyone who loves going through multiple Gulf balls and around but you still want to be stimulated and challenged exactly at the same time. There's no shot. Almost no shots are. There's always a way to get to the holes here probably using some kind of slope. That's not right in front of you. That's right the first hole hits you right off the bat with? Hey like a big par-five you can come in with a five and you come with a three. Would you can come in with a nine hundred. Whatever you come in with but there are just eight different mounds around that Green Dunkin us to get to the whole hundred percent right and that. That's a lot of the philosophy behind it. And you know you. Lookit whole like number four. Which is a part three that semi-blind with the Twenty Thousand Square foot? Serpentine Green with all these mounds and falloffs and everything on its face. It looks crazy but what I was thinking about and what tad now. We're both thinking about during construction was like you know there's going to be easy. Pins on this. And there's going to be hard Ben's on this it's all about variety but also we were thinking. Okay let's say you have one hundred and seventy yard just standard par-three with a bunker on the right and it's angle bit in a bunker. Behind your average fifteen handicap is going. They play that whole Tin Times is going to have an average score of what maybe four or four and a half something like that and I mean they're going to. They're going to be a bogey Golfer on it in. I feel like that's basically the same thing that happens to you on number four at Sweden's cove even completely different. Awful like a fifteen handicap is probably gonNA average a for a little bit higher but one day they might just get absolutely ejected eaten alive in make like a six and then the next day they might have a little tap in Birdie. But it's like there's so many different options and so many different ways the game can play out on that that canvas that it's just it's more interesting and you know first time around you might look. This IS MICKEY MOUSE FOR. This is stupid this is this is too much but after you start to realize that you know. There's a lot of thought that went into it and it it asks things of you that maybe you're not accustomed to were you afforded a gosh. I was getting ready to say afforded luxury but I. That's just the wrong word to use in this whole entire time period but were you afforded the luxury of during this weird time period. Shortly after the financial crisis. There wasn't a lot of jobs to be had so that you had the possibility the time to basically extend your timeframe that you worked on this into making it a masterpiece under tight timeframe in doing this. Does that sound right? That's that's basically correct. I mean we did have a budget and we did have a timeframe within which we wanted to finish the golf course in do it under a certain budget but at the same time it was a home game for me and then Tad move down here for the last four months or so of it so we were able to dedicate ourselves one hundred percent of this thing in. That's a rare thing in in golf architecture. I think at the time there was maybe five or six golf courses being constructed domestically in the United States and the weird thing is to two of them were nine hole golf courses in eastern Tennessee. The other being the SALONA Golf Course. Right near where. I went to college just thirty minutes up the road from here and so that was kind of a weird quirky thing but we you know it was everything to us. I mean the thing that kept resonating in my mind was like if we screw this up there is no number two. We will never get another. I'm GonNA end up doing something I hate for the rest of my life. We cannot mess up and actually carried around this Carrying around two pictures my wallet. I got this golf holiday calendar for Christmas the year before and there was a golf course somewhere. I can't remember where in the northeast by I won't say the name of the architect in it was the most bland bunkering just total closure is no artistic input whatsoever just is a big waste bunker like the kinds of ones we're building out. Sweden's but it was just lifeless dead behind the eyes and I had a picture of I can't toured the golf course. The Fourteenth Boston Golf Club were the thirteen. Th You know that hold swoops down that really cool what the big artistic bunker gallon. Jim Did the punk in the middle of the centerline bunker and they took it out. That's Tugwell by IT'S A. I think it's a par five but it's got this amazingly artistic bunker along the left hand in I knew is obvious how much they tried. How much effort they put into that. I said this is. This is what we got. You know not necessarily on exactly copy that look but we're copying were or were deriving inspiration from that effort In construction to really build something special and so for me personally. One of my main responsibilities on the project had finished all the Greens and tees and fairways. I did most of the bunkering we had a assist from a core crenshaw shaper named Dan proctor who was awesome to work with to but when it all came down to it at the finish it was just me and Tadic in some local guys and every square inch of bunker out. There was ended up being hand edged by me and it was like I didn't care if it was like the back of of bunker island on the side of number three that you're literally never gonNA see unless you like duck hookup ball in their if it's like in front of number nine green everybody's GonNa see like all of it mattered to me. The exact same and that that was just the constant push was like just the more put into it. The more I wanted the more I wanted it the more I put into it and it was just became the snowball and it just it became part of me and I couldn't let it go. I could not let it go in. It just consume me. Yeah that's why I just felt like I owed it to myself like fucking work my ass off here you know. I got A. You can't stop now okay. That bunker doesn't look right. We'll get back out there and make it look right. Yeah even when I didn't want to or it was harder I wasn't you know I was working for free. Explain that you're working for free. I mean we had the client. Had you know completed their obligation to King Collins. They were they were great client. I mean I credit reese Thomas Our main contact with the he has as much responsibility for the existence of Sweden's cove. Is anyone I mean. He turned US loose. And let us go. And I'm just remarkably ca grateful for for that you know we we were done in two thousand twelve and it was declined at that point to get the golf course open. But as I told you the story about the bunkers and everything you know they were on a budget and there wasn't a budget to pay me but I was like well if I want it done right. I gotTa do it myself and so you know. I've had a few just like random landscape architecture jobs that I could do on the side to help pay the bills but basically all of my working time in two thousand thirteen was coming out to Sweden's and I was not getting compensated. How's that work within your family as well come days you know. She trusted me. A lot with this is really supported me. I mean it's not been easy for her. That's what I think. People can kind of tease people. That are part of the sweetens. It's a cult. I think at this totally recall but the story behind it is what makes it what it is. I mean and that's just that's one punch you got what are some other examples of just punches. You received along the way because that's not the only one. Well HERE'S A. Here's a humorous Poncho. We got probably in like June or July of the thirteen year. I came out in the morning. And if anybody's been spending any time around the Patrick Boyd friend former. Gm calls me the most hydrated man in America. I drink like two gallons of ice to you. I don't know why but I do and I came out in the morning and I had to pee really bad in I pull up. And there's a mobile drug lab that's GONNA test all these guys that are working for the concrete company. And why well? I don't know why but they were there. It was it was through the company in if those guys had gotten tested we had. We had a bunch of guys out there. At that point we had to like a pretty big crew going to help us get these bunkers right. I'm like if these guys get axed like. This isn't going to the WE'RE NOT GONNA finish. Yeah we need their help because you know every single one of them smoked weed or whatever and they were. They were going to fail. So I filled up the reason why the bunkers look so good exactly exactly so. I filled up a you know very own brand marion. County like twenty ounce mountain dew bottle with my own urine in took it down to the place where they were supposed to be in the cup. Every single one of them poured it in the cup in the past except for one guy who said Rob sprinkle a little bit of mine in there. And it's like why did you do that? He's anyway and I mean that's just one just one. That's just one example. I mean you know the biggest Gut Punch was the leaving them leaving the golf course and I actually got approach that day and they said Rob. Do you WANNA take over. I know you're the one who is most passionate about this and first reactions like well Hell No. I don't want to take it over. I want you guys to run it and thought about it for a day. I talked to I talked to Tad. I mean there's no precedent for that. No I mean I just I needed like one one millionth of a mile an hour wind behind my back to have I was going to jump off the cliff and so within twenty four hours. I decided I was going to in fact take it over. I needed a partner though in a look for a partner. Look for a partner in November of thirteen. I met architect nerve the founder as scratch golf in Patrick Boyd. Our Future GM. They came out to tour. The golf course of course has been abandoned for three months at that point in our he was like yes. Sure I'll do it and Mike sweet and so we got a break. We got real serious about the negotiations and then finally in May of fourteen. We took it over on our own. And and it was me and Ari and then and time we brought on some more people a huge kick in the teeth was we were chronically underfunded. We knew that we needed financial help. There was no way for me to do it ourselves and we had talked to a developer out Knoxville and that ended up falling through and we opened the golf course in October. Two thousand fourteen. I have some really funny pictures from that. Like Ron Whitten. The preeminent golf architecture journalists in the world and Adam Lawrence another one of the most minute golf architecture journalists in the world. He's from England. He was in the squad valley. For God's sakes to come to come to this opening in it was just the most cheapest opening you've ever seen in. My dogs are walking around. We had crackers. I mean was there. There's nothing you know. There's a blue porter let maybe in in case you're not familiar with Sweden's there's no. There's no food stand the clubhouse Yang shed. There's no bathrooms or any of that. So that does this House that the yeah exactly and so you know. We had these really important people in the world of golf architecture there just to see this opening and we ran out of money that day and I had to. You had to let the maintenance we had no more money in then so tatton. I maintain the golf course by ourselves. into like December Tad had to go home and go to another job ended up getting a job like in Jordan or some place in I continued to maintain the golf course for myself through the remainder of fourteen and then in early fifteen we raise some capital to kind of help us move on and we hired When you say maintain the golf course yourself. Are you mowing are you? Well it was. It was in the wintertime. And so there's a lot of bunker work the grass wasn't growing but it gets cold here in so you have to put tarps on the Greens and I'd have to pay out of my pocket to get three or four guys to help me put the tarps on the Greens. And it's an absolute beast trying to put tarps on these. Greens and and we did all that. Patrick and I have a funny story of Patrick's one of the most loyal guys ever in Patrick's like rob I believe in you. I believe in this place I wanna be the GM. I know you can't pay me now but just pay me my back pay. I'll sit up in the in the shed and so Patrick. We were open so patrick would sit in the shed not receiving any compensation on the hope that somebody would invest before April world around Because once the grass starts growing if you're not then you're then it's done if you're not getting play exactly and we weren't getting any play at the time and so even drum up play. Well we we were just scrambling so hard to get the word out but we would make a hundred and fifty dollars a day or something and all that money was going to the bank to keep the equipment package. We were way behind on our lease payments and they were threatening to take the equipment. They took the equipment we were done. Which was going to be compounded by me. Probably having to file personal bankruptcy and all this other stuff and so we just kept maintained. The golf course. We'd get some money and we raise some money in February. Would like right in time when we hired brand still our superintendent and as an awesome job out here and we open with you know very very limited maintenance crew and we got caught up on our lease payments and and then we just kinda just barely just one foot in front of the other for for a long time. But it's still I mean fourteen and then the you tell me the time line into fifteen where you know. You're getting play your your German on veterans money's not flowing in no not at all in fact we were hemorrhaging cash and we. We were losing losing losing money. All through fifteen lost money lost money in sixteen which we have this thing right now called this the summer. Sixteen that Sweden's where we've changed our way. We're running the business where we limit the number of people on the golf course on the weekends. We it's like the summer sixteen. Riyadh like this really well. Maintain Golf course but nobody was on it. It was like this magical time. I mean the only thing that sucked about it was we were constantly worried about going out of business but hopefully you've got some playing we you exactly got a little play in it was it was just a kind of a wild time to go out there on like a seventy degree day and it would be. There'd be like ten people on the golf course and the courses in perfect shape and it was very stressful and then fast forward to two thousand seventeen at the end of two thousand sixteen. I took one last insane financial risk that was just I mean. If it didn't succeed I was really in big trouble personally. And the golf course was definitely done. And we were just blasting through money in two thousand seventeen even with a shed on top of the hill of minimal maintenance crew. We just could not make the dollars work in golf course business highlighting. How freaking hard? It's really hard why you don't WanNa manage it yourself really hard in so. I had gotten to be friends with this guy named Dylan to chair. Who Now writes for for Golf Magazine and Long Story Short? He calls me and says that was right. Wanted to write a story about Sweden's Govan. He was gonNA shoot for the stars and try to get it in the New York Times and it was like sleep. Go for it. Good luck with that. They'll probably end up in. You know who knows what publication but he called me and early August the two thousand seventeen and said that he had done it. The Times was GONNA pick it up and this was at a time when I was working on a project tad down in Florida and I was in full panic mode. I mean I was absolutely freaking out. It was we were done. I was convinced that we were done. And we had just a tiny little bit of money in the checking account. My last minute gambit had not worked at veiled we were failing in that thing went in the times and it just it saved it. What what we started cash flow and at that point. What was the uptick? After it was immediate. I mean we two straight months. We actually broke even or made a little bit of money and it was Patrick and our just in our other investors were just beside ourselves like Oh my God. This could actually work. You know like we just got this tiny little glimpse of light at the end of the tunnel. We just Kinda kick the door down. Do I have this right and I guess as wills articles well to this day you've never drawn salary from Sweden's cove. I've never made a penny to this day. I still haven't made a penny made anything as insane. I understand that okay so all right so fast forwarding now twenty seventeen in near two thousand seventeen kind of when you start positive. Twenty eighteen is a good year when he was you know we. We did okay in Twenty Eighteen. But it wasn't you know we we were growing aren't quite connecting yet. But it was. It was like it wasn't to the point of losses. Where you were you know. I could put some money in from you. Know if King Collins had a project I could you know I could take some of the money I made from that and put it in prop it up for a month or two and that kind of thing but you are actively looking to be out of the man one hundred percent of data we were in that was the whole thing all along was like Rem Patrick and iron or other investors. Like we've got A. This is a great golf course. People love it storing to develop a following. We know that there's somebody out there we know it in. That was the whole intention. Was We gotta find that we talked? We had talked to so many people in Chattanooga so many people you know across the country and I mean I'd to develop a little bit of a chip on my shoulder about it with respect to the Chattanooga thing I'm just like I cannot believe that there's somebody in Chattanooga who doesn't want to get involved out here I mean I I can't understand it and the the more knows we heard the more pissed off. I got in the more at Doug Matt heels in the bunkers like the more up into the harder on stuck my feet in the ground which something. I've always noted with you. Is You have a tremendous pride in this place in a confidence in it you know it was not like Oh maybe it's not that good. Maybe it's not worth it. It's always like no no. This is my thing and it's great. It is great. I always admired people. That are it confident enough in what they've done to be proud of it in that way you wouldn't have risked everything. Yeah no absolutely I mean it was like this place is totally worked in it and it will work. I know it'll work in. I know we can make it work. We've just got to find the right person. In the fact that it took four years four or five years was just just a total head. Scratcher I but if you were to make a wish list of people that you would want to be a part of this ownership group in the state of Tennessee. What would that wishlist look like? Well I want you to tell the story in sequential order so your dream you will. Yes so Patrick. Are Dreaming in two thousand sixteen seventeen eighteen and we would sit on the porch and talk about people and like man if we could ever get paid manning in interested in this like he's a cool guy. He loves golf. Who knows I mean he would? He'd be the ultimate guy. I mean the list was Peyton manning at number one and then the number one hundred ninety nine summit somebody else I mean. It's just there's no way he was the one that we ultimately want more than anyone. So there's rumblings. When do you start hearing some rumblings that you have some interest in a potential and potential buyer or investor? Group went and kind of walk us through that time so I was sitting in the shed working checking people in September of two thousand eighteen. Kind of the season's kind of winding down and I got a phone call out of the blue from this guy named Mark Rivers. Who's a partner with another guy named? Skip Bronson they have a ton of real estate. Experience skips really into golf and marks talking to me about this project that he's interested in King Collins doing in New York and I thought well. That's that's cool. I'd love to meet this guy and mark comes out and we hit it off and I'm giving you mature around sweetens and he starts asking me questions and I'm like I don't think he's only interested in this project in New York. Just the way the things he was asking me and then very matter of factly at the end after he bought some merchandise. He looks at me goes. Yeah I think we'd be interested in getting involved here too and I was just like. Oh Yeah here. We go in We had just come off a very serious conversation with another golf developer. Well Known Golf Developer. Who had made a very serious offer to us to take. Sweden's off of our hands in. He just wasn't offering enough and we said no. We walked away from that point in time. We were like it has to be the right fit right at this point. We've we've kind of. We'RE NOT MAKING ANY MONEY. But we're not gonNA have any destitute either. We've got an asset. We've got to find the right person so we were. We knew we needed the right group in the conversation. In the tenor. The negotiations with mark in skip in Were completely different than anything I'd ever encountered the first three years it was always just total dismissal from people like oh they'll never work. You're basically an idiot for doing this and then it was like. Oh yeah this place is amazing. We WanNA steal it from you mark. Skip were like we want to be partners and we want to give you the rocket fuel that displaced needs to really take off and as it turned out we cut a deal with them and mark was really good friends with Andy. Roddick and Andy was part of the group and the in. Another guy named Tom Nolan. Who is really well connected in? The golf industry used to run the golfs. Ralph Lauren Division and is very well connected. He's part of the ownership group. It was just a dream the dream scenario and that all came about right around the time of the the ringer in in believe it was in March of Nineteen We were kind of ceiling that deal up sealing the deal up and so you go out to dinner with with mark. I believe that's right now to settle it. Well we we actually mark and I. We had a deal in place and I was going to get to go meet. Tom Nolan for the first time. I'd never met Tom Marks. Let's go we're going to go out to dinner and Tom's coming in town and we're GONNA meeting. I'm like okay. Great that's awesome so we went to this. Ruth's Chris Steak House and I'm sitting at the bar with mark and my back's to the door and mark goes. Oh Hey they're here in a thought they that's kind of weird thought. We only meeting Tom and I turn around in walking towards. Is this guy. That's one guy that I assume. Was Tom Nolan. The other guy. That definitely wasn't Tom. Nolan was peyton manning in paid. Walk Up to me and goes peyton manning and I said Hey I'm Rob Collins and mark goes and he's your fifth partner and I'd just like Holy Shit come believable in walking through a crowded restaurant on a Thursday night and Chattanooga to a back room behind Peyton manning and looking at the looks on peoples faces covered seen I mean. He's you know people just like. Oh my meaning you know he had. He has a way in the states own for sure. But it's like how do you go from everything you're talking about from twenty thirteen to that moment so it was insane texted denise and? I said you'll never guess who the fifth partner is. She texted back and she goes peyton question. Mark in an senator this Gif of one Payton in one of those commercials where he's not in his head and and then I texted Brent Brenta huge Tennessee. Fantasy said you'll never guess who the fifth partner is and he goes. Oh Shit I'm going to Shit Peyton. That's like just wait till tomorrow. You'll see and I believe you relate the story of you call and Patrick. Give Patrick a call and say asked him. The question. Like who's WHO's the one I said Patrick who's the one guy we want. Peyton unbelievable it was. Just I mean every time I read wills piece. I get choked up in the restaurant thing. I mean it gets me every single time. I just can't believe that happened. We were so close to dying so many times in then to like hit a walk off. Grand Slam in the bottom of the ninth. The world series like out of the Stadium Bat Flip Insane. And now you're onto landman now now we're on the land man and you know. Sweden's is The analogy I give is it. It's like a fruit bearing tree and it took a long time for it to bear fruit but now it is in in now. We're getting those phone calls that we always wanted and I always used to get kind of triggered an ad spout off on twitter every now and again about you know. Oh you know so and so's doing a golf course in. Well they're gonNA look David McLay Kidd core crenshaw and in Tom Doak and now they might cowgill Hans to and it's like big fucking surprise. Really you know but you know sweetens just kept growing in everything that Tad have is. Thanks to Sweden's I mean the leads that we get. I just talked to a client today. You know looks like there's something that could happen to that was thought was shelved and that's thanks to Sweden's landmines. Thanks to Sweden's wills buddy. Cj knew all about Sweden's go will actually hadn't heard of it and so you will interviewed a few other architects and and everything and Jaysekulow colleagues guys did Sweden's Govan so we'll emailed me and I emailed him back and that's how it happened. You know. No Sweden's no nothing. Well what would you? Who have done if you. It's hard to say. Now you landing in such a great situation finally after so many years of perseverance. But what would you have done differently? Man Gosh I don't know I think the perseverance was an essential part of it but You know without that. It wouldn't happen but like maybe we could have been a little more proactive here and they're trying to talk to different investors but it was always a hard conversation but the funny thing about it is is like if I had done something differently. The history may be completely rewritten. And we wouldn't have gotten that grand saying we would have liked. Hit a double off the wall. Butterfly Effect is to. Yeah it's too. It's too much we didn't win did I? Don't remember this until recent years. When did the flu? We kinda hinted at the top. When did the flooding hit you? When it CA- where does explain to US WORSE? Weeden sits and what happens periodically up here in Ny Sweden's in a in a flood plain next to a creek call battle creek that spills into the Tennessee river and periodically. The Golf course floods. We had one flood during construction and it was rather harrowing that the first time he just can't believe that all this sand and all this shaping that you've put together like water and we all panicked and then it goes away. Goes down through the drainage system and it goes away and normally when you put the word flood and golf course in the same sentence. It's like this brings up these really bad images but traffic at a stop out of images like like the greenbrier where there's rocks all over the Greens and stuff. But that doesn't really happen here. Kind of just comes up slow and goes away and like this year was just the worst year we've ever had with letting it flooded eight or nine times in in and I feel so bad for Brenton guys. I mean they've got to go out there and put it all back together and I mean it's funny. You look at their certain parts of the golf course like over by number three and number five where the water comes across and it comes across it the exact same point every single time. It's been doing it for thousands of years and it just rips of Santa Right out of the right out of the bunker and they have to go and put the sand back in that same spot and nine times a year and you clean all the debris off in the fish out of the catch basins. And it's just a nightmare. But it's a resilient course to it survives me buying it today. It was in incredible shape. I I couldn't complement Brenton. Those guys enough. I mean for the condition that Sweden's in right now with all that water. They've done a remarkable job. It was fast and firm and degrees are incredible right now all right well. We're almost fifty minutes into this chat and we haven't talked about the buck club yet which has been we. We had you on the podcast a year and a half ago with Zach. We're someone talking about. We got to answer talking about the Book Club. The plans for it I think at that time Zach insinuated that the dodgers might would hopefully start in. May of twenty nine thousand nine. Yeah that did not happen job but the club is active in running so tell us about where things currently stand so zach has had his eye for a couple of years on piece of land in the sandy piece of land in the southeastern United States where he could potentially launch the buck club and of course it was always considered a Utah project and that was the intention but as we got into trying to make the numbers work between a very expensive land purchase in a very expensive construction because that golf course on the upper one hundred side out in Morgan. Utah needed to be sand. Capped you needed drainage and it was double the amount that it's going to cost to build even more holes in the southeast on sand. It's not possible to just put sand down on US soil and had it be the way you WanNa play. It just takes a long time in cost money. I mean you have to bring that sand in Zach found sandy site which is the ideal you know soil for golf. Course it requires less drainage so it costs half as much as it would've cost to build it out in Utah and when you start talking about those kind of differences in numbers you get into a place where were economically. The but club starts to make sense in so Zach is secured. This really remarkable piece of Land Sandy. Four hundred seven acres rolling terrain. It's pretty funny. Zach Zach has one of the most creative minds of anyone I've ever met in. He's always tweaking around with the routing in the whole designs and stuff that he's putting together and he'll send me these these voice text messages and I was listening to one the other night and denise goes. Oh here we go again. He's got his voice. It's very distinctive. And he's okay. Here's what I'm thinking on number three so got fucking sick. Dogleg and this and that and those necessary. It's it's so fun to to go through that process with him and He's actually got a lot of founder commitments already. I just thing is happening. It's really happening. How many holes? Where is it disclosing? The Zach has a absolutely brilliant concept This was his idea. We were out there two weeks ago. Walking around originally we thought we were GONNA do thirty six and then it was going to be eighteen. We were trying to route the best eighteen holes in Zach looks at me and goes I think we ought to do like four different loops of of six also twenty four holes. The clubhouse is going to be cited kind of in the middle of the property so that lot of times the halls are kind of coming back to the middle of the to the clubhouse and his idea is to have a championship routing then off of that. There's like three or four different routings. Were you could play a like a sixty eight hundred yard. Par Sixty nine coarser a. You know six six courses. There's a short course. And there's all these different iterations of the routing in those twenty four halls and so what the concept is in the mornings. You'd play the quote unquote you know championship. Pbc course the you know kind of the big one and then in the afternoon on Monday. Let's say it's routing number be and then on the afternoon on Tuesday it's routing see on afternoon following dates routing de so you kind of get always getting a different different look and then the way the cabins are going to be set up. It's really cool. You can come out the back of your cabin and play quick. Three or four or five whole loop. It's just tons and tons of variety. Great piece of ground there in a square inch of that four hundred seven acres. You couldn't easily build a golf hold on. So he's got tons of potential. Everything's lined up with financing and Landon everything. It's you guys are way further along. We're a lot further along than we were in Utah. He's he's working on the financing side of it but he's he's raising that right now in. The land is is lockdown so he's not funding it just from selling hats correct. That's right yes exactly. We got real real exactly real serious founder commitments of a real dollar figure completely private so if I missed this can well My understanding at the moment is to have a private time of year and then also a public time of year. Okay so it's a little. It's a little bit of both okay. So so everybody would get a chance to play with Nicole the original routing of the BUCK CLUB IN UTAH. We have it hanging up in our in the. I want to know how much of that the ideas you guys came up with their. How much is bleeding over into the new routing? How many holes are similar notes completely? Different piece of land is completely scrap in separate or I would say I would say that the the holes are not necessarily transferable but the mindset in the design philosophy behind it is is the same know. The Club in Utah was all about you know multiple avenues to the whole width. And you know all kinds of different playing scenarios short grass everywhere. It's a similar concept but just more fit to this different site. That's exciting. It's GonNa be fun to follow. It is pumped about wrapping wrapping all this up in kind of summarizing your career in golf your life in Gulf. What's what's your overall message about it. How do you? How do you summarize tied together? Everything you've been through and where you currently are it's just. It's been a unbelievable ride. You know I get phone calls and emails and stuff from guys who in turn with this which I wanna do I wanNA pass. Pass the buck along to people who helped a in. I always say guys like you know you're going to hear and the word no ninety nine times for every time you hear the word yes and if you really WanNa do something in golf or golf architecture just focus keep working hard keep plugging in good things happen and I think I believe that's true. I think you focus and have own in goal and and don't give up you're GONNA get good results well in my head. I like to give us credit for how hard we work to like. Build our brand but in in comparison like we haven't really faced adversity. I don't I don't know if I can actually pretty confidently say. I don't know if I would have lasted as long as you did. As far as getting punched in the face as many times. And we all get to. That's what I kind of think I said this at the end of the video that we made at the ringer. Sweden's thank you for building. That brings a lot of. It does bring a lot of people together and it could have very easily very very easily not gone away well and I always say you know to you guys that Sweden's would not exist without knowing up period would not exist tron played it with Neil in two thousand fifteen and sixteen and we're in Patrick and our working out in the shed all those days. We always ask you. Where where did you guys hear about it? And I mean every single day even when it wasn't crowded. Oh we heard about it from from laying up or the fried egg and in you guys are a huge part of the reason that we're here in the fact that you guys have this House. Here is like the perfect. You know it's story okay. Awesome so we. We both equal contributions to Sweden's Co. We oughta go hit some shots and we should go play. We grab a couple beers. Have you got to do it? But thank you for finally sitting down and doing the whole story of guy you big hug at the end we do corona fake exactly welby eighty real hugs but thank you rob Collins and let's go right club today. That's better than most about that is better than most.
When Coronavirus Came to Navajo Nation
"This message comes from what next sponsor Charles Schwab no matter? What tomorrow brings. Some things won't change like Schwab's commitment to see the world through clients is that commitment is why. Schwab is always here for clients with clear guidance and committed service to help maintain focus on achieving long-term goals. So whatever happens today Schwab remains invested in you visit Schwab Dot Com to learn how Schwab is ready to help back in March. Well he'll at Johns started sending these letters pleading for help. Is it possible for you to read the one of the not sent? Yeah let me see. Did I send it while? Halo is Navajo. She was writing to the president of the Navajo Nation. This is march nineteenth. I said yet a president. Jonathan Nez. Thank you for all. You're doing in response to covid. Nineteen I'm writing to encourage you to take one step further and put a shelter in place order for all of the Navajo nation. I know thousands of our people are not getting covid. Nineteen information Especially how life threatening viruses and I would strongly encourage you and your administration to put shelter in place order. Did you get a response? I didn't Hilla splits her time between Oakland California and Black Mesa Arizona in California. She was completely locked down talking to her relatives back in Arizona. She worried they weren't locked down enough a few days before she wrote to the president dozens of Navajo. Church leaders had gathered together. One Pastor was coughing after the group split up more people began getting sick. The information wasn't out there. I mean a lot of families don't have wi fi. They don't have cell service. I was worried about like how how much of our leadership is getting information to communities and taking this seriously so people can self isolate and not have gatherings now the lockdown on the Navajo nation is one of the strictest in the country from Friday to Monday. No one's allowed to travel without risking a fine but the corona virus is still spreading in the last week the Navajo nation surpassed New York and New Jersey to become the place in the US with the highest per capita infection rate in the country. I notice you the first thing you said was. I think it was a greeting. How did you address the President President Jonathan as an means the whole like Air Sky? And so you're acknowledging everything not just like some person but everything the whole what we see in front of us signaling the person but also kind of placing them in the wider world. Yeah Yeah is how we one another that? Everything's going to be good everything has not been good on Navajo nation. Not For the past few months not for a long time today on the show what the pandemic has laid bare and how what's happening now is the result of generations of neglect. I'm Mary Harris. You're listening to what next stick with us. This episode is brought to you by Sun Basket. If you're looking to reduce unnecessary trips out or just trying to avoid sold out grocery stores check out. Sun Basket. Sun Basket delivers healthy. Delicious meals straight to your door. They make it easy and convenient. They've got breakfast lunch and dinner covered with everything pre portioned and ready to happen. Cook you can enjoy a dinner full of organic produce in cleaning gradients in as little as fifteen minutes. No matter how much experience you have in the kitchen each week basket offers a wide range of recipes to choose from you can try dishes like roasted salmon and me so glazed eggplant or Black Bean tostadas. Diablo with cabbage slaw and Guacamole. You can order any recipes across their menu. Skip a week whenever you need to or even double up on your favorite recipes right now. Sun Basket is offering thirty. Five dollars off your first order when you go to sun basket dot com slash white next and enter Promo Code. What next at checkout that Sun basket dot com slash wet next and Promo Code? What next at checkout for thirty five dollars off your first order sun basket dot com slash? What next and enter Promo Code? What next well he'll John's is used to shuttling back and forth between her home a Navajo nation and her home in California. She runs a green energy company. She's been working to bring solar panels to thousands of homes on Navajo and Hopi reservations. But now because of the virus shut in California and her days are filled with phone calls not about her solar company but about p. p. e. and how to get more of it to her community during normal times. How often are you going back to Navajo lands? I would say about fifty fifty spin here and then I spend on Black Mesa where I have a home right before Shelter in place when into effect here in Oakland. I just got back from Navajo. So I've been here for. I don't know maybe eight or nine weeks Does that feel weird to be in the same place for so long? Yeah it definitely does. I was planning to go back for a lot of April. Definitely weird the last time you're out the Navajo nation. What did it feel like? Because it was just the beginning of people beginning to think about lockdowns and quarantines so could you feel that while you were there Not so much I I'd been. I met with a few chapters in our communities about building partnership in doing my work offered solar. Could you do green energy work? Yes in the caught. The conversation kept coming up and I think yeah. I don't think people were prepared like it's kind of weren't taking it as serious but I told my parents and I told my family like. Hey you know you all should stock up on food and You know make sure to wear masks and gloves. Wash your hands like always wash your hands. don't go to gatherings when you have those conversations. What were they like? Because I know in the early days when I talked to my parents. Everyone is sort of like doing really have to do this. Yeah I remember having a conversation with my parents We were in Albuquerque. New Mexico because My nephew plays basketball high school basketball. And I was trying to figure out if I could stay longer so I can watch his championship game at the State Finals and my parents told me that they the governor had cancelled the basketball game because it would draw thousands of people from all over because of Kobe. Nineteen and I think that's when everyone was like what was a big surprise because a lot of people come from the reservation to me a big thing on Navajo nation But also all tribes and the state playoffs are huge. You know and Lots of our teams from Navajo Nation. Make it into the state playoffs and my nephew plays and so they cancelled the game and my parents were there. We were sitting. You know in. We were in the Hotel Room. And they're like wow this is this is wild and then the other piece was just. I think it was almost like a surprise that how quickly Cova came onto Navajo in a way. Because it's were such rule isolated communities and you know once we heard about the first few exposures than it's like wildfire. You've said that stay at home. Orders are specially tricky on Navajo. Why is that it? It's hard because if you have to go get water depending on how much you use. You have to take two to three days. You have to go get water for your animals or for your homestead. So there's that planning that you have to do. Make sure you have enough water if you have to. You have to haul water. And and then we live in food desert have about thirteen grocery stores on Navajo. Nation that cover. Our land is the size of West Virginia. Most families they when they do shopping. They go off the reservation at Walmart. At Sam's Club you know and so Because that's where the big box stores are and so that's typically. What families do that? What I do is is stocking up on water stocking up on food. People live close together to right. Yeah it is. It's it's tough to self isolate when you live in. A homestead was usually multi generational family members all living under one roof and then sometimes like we have homes. That are one room homes. Hogan's you know. I understand that your great uncle and his wife died of COVID. How how did they get sick? I don't know you know that one was a huge surprise when we heard that they weren't feeling well. We just kept up our prayers that they're going to heal from this that they're going to they're going to overcome this. Sorry losing someone to this virus It's you know it's heartbreaking. It's so sudden and for me being so far away from my family in you lose relatives. There's a process of gathering and supporting each other through this tough time and I think being away it's hard to do that and degree you know. Mourn is the rest of the family well. I don't know I think I have to have a have to check in with them so I don't know listening to you talk. It's clear you're really sad about what happened with your relatives. I wonder too if it makes you angry though. Yeah I mean I think I mean I've seen the similar feelings from different people who are writing as people of color and low income men the marginalized communities right about when they do lose loved ones in the situation It could be prevented and The kind of sadness and anger I feel that with our nation for a very long time. the fact that you know. Kobe has highlighted the lack of infrastructure. In the lack of everything. And it's it's not legat it's too little. They're like little anger. But it's just like a Kinda had a feeling that you know people were just not ready for this you know for pandemic there's history here and and it's not because we choose to live this way at all You know there's definitely a lack of support from the federal government. Yeah I mean I I read this article in The Washington Post and it was about what Georgia looks like as its opening back up the report was up an outdoor mall where people were having drinks having a beer. And there's this one quote that I can stop thinking about from a guy like sitting outside with a friend saying I think you have to live life and his friend says when you start seeing where the cases are coming from and the demographics. I'm not worried then. I wonder when you see comments like that. If there's if there's something you want to say to people who are thinking that way yeah I mean I I mean that's all that's not new. You know I think that when you talk about this country you know. We've given up lots of land indigenous peoples here in the United States for what in exchange for horrible healthcare for like you know not having basic infrastructure like water and power. That's crazy to me and I think like comments like that are just you know? I feel sorry for those people and I feel sorry for you know That we have built a country around ignorance. They don't understand the interconnection that we all have. That is like that. Is You know that will make us stronger as a nation. Hello John's thank you so much for joining me thank you Mary. Mahela John's splits her time between California and Navajo Nation. She is the CO founder of native renewables an organization that brings solar power to Hopi and Navajo homes. All right. That's the show. What next is produced by Mary? Wilson Daniel Hewitt and Jason De Leon. We help every day from Alicia Montgomery and Allison Benedict. Thank you for listening. I'm Mary Harris. I'll talk to you tomorrow.
How To Become Wealthy
"Walk the money for the rest of us. This is a personal finance show on money. How it works? How to invest it and how to live without worrying about it? I'm your host, David Stein. Today's episode two fifty two it's titled how to become wealthy. This past week. I was sent to surveys one is modern wealth survey. The other is by Spanish, which is an investing app where you can start investing with as little as five dollars. Typically when surveys are sent to me, there's a press release from their PR firm. Here's what Schwab's PR firm for this particular survey Eshelman, the tide of the Email said national survey finds fear of missing out fuels consumer spending. I line over third of Americans admit that their spending habits have been influenced by what their friends share on social media. The next survey stash their PR firm is boasts bar boss bar, perhaps the Email said millennials say they'd risk the lottery as their retirement plan. I line new data from stash reveals that eighteen percent of Americans are basing their retirement plans on winning the lottery and nearly sixty percent. I'm Legno stink. Lottery is a good plan for their retirement, these surveys. You always have to step back, and I see how they were constructed. And then how was the question asked, particularly the fact that sixty percent of millennials are basing their retirement plans on the lottery. But if you actually look at the question how it's phrased it's how do you plan to retire? Select all that apply. So you get to choose multiple answers. So they add up to more than one hundred percent. And the choices are hope to win the lottery, I expect my children to help move to new country where it's cheaper move in with family members. Get a part time job doing something. I love I'll live off my social security, I'll marry someone rich and live off their money out live off of the savings in my retirement account. I don't have any retirement plans. Twenty two point eight percent don't have any retirement plans. According to this survey now both of these surveys were online surveys. The Schwab survey was adjusted to essentially be demographically, Representative of the US population, the stash it looked close. But it they didn't mention that. It was actually scaled to to match the demographics of the USA tried to say that what's the margin of air plus or minus three percent in terms of these percentages. We'll use these surveys as well as some data from the Federal Reserve to look at what does it take to be wealthy? How does one become wealthy to start? The schwab. Survey said fifty nine percent of those responded consider themselves savers, they like to save sixty five percents that they're willing to sacrifice spending to save for later yet with new. Nearly two thirds being willing to sacrifice to save for later. Fifty nine percent said they live paycheck to paycheck in two thousand sixteen. The Federal Reserve survey of consumer finances showed that fifteen percent of families reports spending more than they receive in income, which I guess would be worse than paycheck to paycheck. Typically, they make up that gap by taking money out of savings or investments or borrowing. According to the Schwab survey, forty four percent, usually carry a credit card balance or struggle to keep up with bills and payments. This'll be important when we look at what does it take to be wealthy? Obviously, you're not going to become wealthy. If you can't even meet your existing expenses like fifteen percent of the US population. And you're never going to be wealthy. If indeed you're living paycheck to paycheck and not able to save. Now. The stash survey said sixty five percent of their. Responders were living paycheck to paycheck. But then they had different granularity there in which some said they were living paycheck to paycheck. But we're also saving which in my mind, if you're saving, then that's not really paycheck to paycheck. Schwab survey asking well, how much money did you spend on non essential items in a typical month, and they define that as spending on things like eating out, entertainment luxury items or vacations in other words, apart from rent mortgage in basic necessities. The amount was four hundred eighty three dollars about six thousand dollars per year. Only about ten percent of the average income reported by those respondents, I actually thought that was fairly low. But we're going to talk about what does it take to be wealthy? And so the logical question is how much does one need to be considered wealthy Schwab ask that and the answer was two point two seven million dollars. That was the average response against those. That responded sixty percent of those that are responding are optimistic. They will be wealthy someday. Ape percent. Already considered themselves wealthy. Another seven percent within a year. Seventeen percent in five years. Twenty percent ten years and Apor sent within twenty five years. How wealthy though are US households. Before I answer that I may pause and share some words from one of this week sponsors wicks wicks is the website platform. I used to build the website for my upcoming book money for the rest of us, but comes out in October. And we've used wicks to build money for the rest of us book dotcom. Very easy to do. And one of the things I like is there drag and drop builder for example, right now, we're getting endorsements from other authors, we're going to add those to the existing endorsements from early readers plus members, it's real easy to and that section to the website bovine one hundred and forty million people use wicks for their website, and you can start and publish for free. Choosing from over five hundred stunning templates or start from scratch to get started. Now, go to wicks dot com. That's W. I x dot com slash podcast to get ten percent off at Twix dot com. Slash podcast. The Federal Reserve does a comprehensive report every quarter. It's called the z one reports it's take the financial accounts of the US has transaction level, data asset and liability data full balance sheets including net worth for households and nonprofits, and so schedule one on one dot h of that particular report, I guess be out one one dot h shows the balance sheet of households they had this is a year in two thousand eighteen total in the US one hundred thirteen trillion dollars of assets fifteen billion in liabilities and a net worth assets, minus liabilities of ninety eight trillion dollars. Now, that's huge but tip to recognized as one hundred twenty eight million households in the US. So the average net worth of households in US is seven hundred and sixty eight thousand dollars. The median which means fifty percent have below this amount is a hundred thousand dollars. Now. That's well short of what individuals in that. Schwab survey said one needed to have the Nancy to be wealthy. They said it needed to be two point two seven million dollars. Now, certainly some people are that wealthy the top one percent. The average is ten point three million dollars in net worth that average of the one percent in greater is thirty million dollars. The ninetieth percentile has one point one million dollars. So they're less than that two point two seven million dollars. The vast majority of the US population is not wealthy, according to the expectation set out in that survey the average wealth of the bottom ninety percent. In terms of net worth is one hundred and ninety four thousand dollars and the bottom. Ten percent now has a negative one thousand dollar net worth. Now. It isn't all bad news because these net worth or these balanced type studies what they don't include is the value social security. This is a huge retirement benefit both in the US as well. As other federally sponsored retirement plans in other countries studied by the Federal Reserve estimate that the median social security wealth for households in the bottom fifty percent is one hundred and seventy two thousand dollars. That's the sort of taking. Future benefits putting them in to today's dollars, which is a huge component because the median retirement, well, so defined contribution plans defined benefit plans for the bottom fifty percents only sixty five hundred dollars half the population is just that they haven't saved hardly anything for retirement. The next forty five percent. So not the top five but between fifty percent tile and the ninety fifth percentile they have on average two hundred eighty eight thousand dollars in private retirement. Well, again defined benefit plans to find contribution plants, then they're estimated security wells about three hundred forty three thousand because the more you earn the more potential benefit and social security and then finally the top five percent. According to reserve has seven hundred sixteen thousand dollars on average in. Private retirement well with an estimated value in terms of social security, four hundred seventy eight thousand dollars. So that's kind of where things are in terms of the level wealth. Most are far short of that in terms of this two point two seven million dollar amount. What I thought was interesting though, when we look at how does one become wealthy because one of the things when we look at the distributions what's known as wealth share. In other words, the top one percent there percent of that ninety eight trillion dollars in total net worth of the US population. Their shares going up while those in the bottom ninety percent are going down. For example. So in one thousand nine hundred ninety the top one percent had thirty percent of the total net worth in the country. Now, it's thirty eight point six percent. The next nine percent. So the next time percent within the top tenth percentile. There's has stayed about the same at thirty eight and a half percent. But the bottom ninety percent has gone from thirty three percent of net worth in one thousand nine hundred down to twenty three percent. Now, the pies getting bigger total household net worth in the US has grown from twenty one trillion dollars in one thousand nine hundred ninety to ninety eight trillion dollars through twenty eighteen. So it's increase at about a five point seven percent annualized rate. We do have more concentration of wealth. The top one percent have a bigger piece of the pie. That top one percent. Their net worth grew five point four percent per year on an annualized basis that next nine percent grew at four point five percent per year. And then the bottom ninety percent only solder their net worth grow by three point one percent per year on an annualized basis. So we're getting more concentration of wealth because the net worth of the top one percent. And really the top ten percent is growing faster than the bottom ninety percent. How do we get there? How does one say you're in your twenties your thirties, and you want to be wealthy? How do you accomplish that? Well, one of the things that became very clear in this survey by Schwab is having a plan having a written plan twenty percent of the individuals that responded to the survey heavy written financial plan in of those that do sixty three. Percent. Feel more financially stable forty six percent have thought about goals, but have no written plan. Now, I would have fallen into that category. As I was building. My net worth. I had goals thought about goals, but I just didn't write them down. Twenty six percent have no plan at all. Now. This is important at something having at least thought about a plans important because when they contrast planners versus non planners, seventy eight percent planners pay their bills and save each month while thirty eight percent of non planners do sixty eight percent of planners have an emergency fund only twenty six percent of non planners, seventy four percent of planners automate a portion of their income to go into savings could be an automated transfer into the 4._0._1._K or some other savings vehicle only twenty five percent of a non planners do that. Forty five percent planners. Never carry a credit card balance and make other loan payments on time or have no debt or is only twenty seven percent of non planners do. So it's important to have a plan. It doesn't have to be an elaborate plan. It doesn't have to be a comprehensive financial plan. It can be very simple plan. The couple of books out there. One by Carl Richards called one page financial plan. Another by Helaine Olen and herald Polack called the index card. Why personal finance doesn't have to be complicated? These plans can be simple really there's three steps to a financial plan to get wealthy. The first is increase your income. You're not going to achieve at two point two seven million dollars of net worth if you're making twenty five thousand dollars a year. It just no way to save enough. Not even possible. I believe making the median of sixty thousand it needs to be to where you're making a hundred thousand dollars or more per year. How do you do that? You get better. What you do? So people pay you for being you as opposed to being upon our cog or a commodity. Sometimes you have to be social initiative at my own investment firm. It was clear who had initiative, and they get paid more. Sometimes you have to ask for a raise. I have sat down with my boss in the past and set him up paid enough, and I need more money. I developed a compensation plan at my Old Firm. So that we got paid a percent of the revenue if you can structure idea with your firm that you get a percent of the revenue you can significantly increase your income. You can start a side business. You can do that start aside project to generate income, but the idea is to get to the point where you're making more than six figures of income. That's step one. The simple plan next is increase your savings percentage. How much of that higher income amount? You're getting the stash survey showed that forty one percent of those responded save less than five percent of their income. Thirty three percent say between five and ten percent. Fifteen percent of those responded. Save ten to fifteen percent. And only eleven percent. Save more than fifteen percent. If you want to become wealthy you need to save more than fifteen percent. Ideally, more than twenty percent with the company match if you are participating in a defined contribution plan, and if you have one you should participate, but that's important you need to save a high percent of that growing income the other way to do that is as your income goes higher. You just don't raise your standard of living. You don't buy a fancier car? You learn to live in a way that feels wealthy without having to spend a lot of money. Find experiences that make you feel rich could be a travel experience. But you don't have to go take a very very expensive cruise to have a rich travel experience. There's many ways to do this. But the key is you find a comfortable standard of living, and you maintain that the mount you budget for groceries or for eating out, particularly. Eating out doesn't go higher significantly as you make more money. Before we look at a third aspect of a simple plan to become wealthy. Let me pause and share some words from this week sponsors. We are back in Idaho for the summer and one of the things I miss from Arizona is our sleep number smart bed. I just sleep better on that bed. The sleep number three, sixty smart beds, or they're smart. They sent your every move in automatically adjust you keeping you sleeping comfortably throughout the night. Sleep never has been ranked highest in customer satisfaction with mattresses by Jd power for twenty eighteen award information. Visit JD power dot com. If you come in now during the Memorial Day sale, you can save a thousand dollars on a new sleep number three sixty special edition smart Bedford temperature-balancing comfort at an exceptional value. You'll only find sleepnumber at any of the five hundred and seventy five sleepnumber stores nationwide. Find the one nearest you at sleepnumber dot com slash David. The third aspect of the plan. Then is to increase your investment return. Those that are wealthy generate higher investment returns. We've seen that their net worth is growing faster to combination their incomes growing faster. They're saving more. But they're also generating higher returns on their investments. The stash survey showed that seventy four percent of those that respond there do not invest in stocks outside of the retirement account. You got it invest outside a retirement account, you need to open account at a brokerage firm. You can open account with a stash app, and they're not sponsoring this episode of the just sent me the survey, but there's ways that you can invest outside of your retirement account. And that's really the only way you're going to be able to save more than twenty percent of your income. Now, what's stopping people from investing? Well, the stash survey show that fifty seven percent said they don't have enough money. To invest. That's just not true. I mean, you can start with five dollars. It's developing the habit of investing as part of your simple financial plan. Twenty nine percent. I don't have expertise in find it overwhelming. And it can't be but you start small you're buying extreme in index fund. An index mutual fund you by an exchange traded fund investing doesn't have to be complicated. Nine percent say they don't have time. Thirty one percent think it's risky. It's not risky. I mean, there's risk there's uncertainty. But if you build a diversified portfolio. You can grow your wealth and risk is not volatility risk is financial harm caused by losses. But if you're just starting out, and as you grow your wealth, you can you can manage that volatility, and you can avoid the personal financial harm by having a diversified portfolio. And this was probably the most shocking thing about this Schwab survey, I looked at this data. It said only fourteen percent of investors are diversified twenty percent planners and nine percent of non planners, that's odd. So I actually wrote them back that PR firm and tickets will you send me the question. How did they determine? Whether someone was diversified or not here was that question when it comes to your portfolio with to the following asset classes, do you invest in the choices were stocks as an individual companies mutual funds and our ATF's bonds and other fixed income. Cash or cash equivalents like money, market funds or CDs. Crypto currencies and I'm not sure to be diversified. According to the survey, they said you had to Mark at least stocks bonds and cash so he ended up Mark three of the four. What wasn't on? There was real estate. So it was kind of kind of an odd question. They probably could a phrase that better. I believe more than twenty percent of US investors or those that spin in the survey are diversified. How are US households invested overall? I took a look at that balance sheet data the household balance sheets as compiled by the Federal Reserve did some calculations and found that on average households in the US have thirty percent in cash and short-term investments. Now, these are just financial assets were excluding real estate at this point thirty percent in cash and short-term investments. Thirteen percent in bonds. Now that makes sense to skew more toward alter short-term because you're getting paid two and a half percent to own and essentially a cash like investment thirty day T-Bills. And if you go out and invest in ten year treasury bond or equivalent type fund you're getting paid about the same amount. So roughly forty three percent in cash and bonds two percent loan. So they've lent out money the receiving interest and fifty five percent and stocks. So roughly fifty five forty five in terms of the stock bond and cash mix if we include real estate as part of the net worth calculation sixty one percent on average of US households are invested in financial related assets. Stocks bonds and cash thirty nine percent in real estate. So I thought that was interesting back to a seven we looked at how the mega rich invest. They tend to have less than cash. The alter high net worth have ten percent cash. Fifteen percent bonds the high net worth have two percent cash and thirty three percent and fixed income all DRA. High net worth have twenty nine percent stocks and forty six percent in alternatives. Now alternatives is broad category. Includes private equity so investments in. In startup companies in buyouts. It includes hedge funds. It includes real estate as part of real assets. But these are investments where they're trying to earn generally stock like returns more than six percent or so and so with less volatility, but the idea is to generate a higher return. So their lower returning investments only make up about a alter high net worth about twenty five percent. The law returning investment of just focusing on financial assets. So we're going to real estate, I think most households the real estate allocation would be the primary residence. So we look at that on average U S households have roughly forty four percent in lower returning investments. So non stock like investments whereas ultra high net worth have twenty five percent in. Those lower returning investments now, it's not an easy comparison sort of new might be a little apples to pair type comparison. But the reality is high net worth alter high net worth are generating higher returns than those. That are not. They tend to be I'm not gonna say they're more sophisticated investors. They tend to have more return drivers, they're more diversified. And they have more in higher returning investments. Now, if you're just getting started the way, you do that you just have more in stocks. Because yes, they're more volatile. But you can withstand that with volatility because you're just putting money to work as you build your wealth. Then you can be more concerned about how a major draw down and the stock market can financially harm. You. A simple plan. You need to generate more income you need to increase your savings, and you need to become a better investor to generate a higher return, and we can make it overly complicated. I've talked in the past about we're not trying to optimize performance. We we don't optimize. You cannot optimize in an uncertain. World optimize, something when you know, all the probabilities that can be opposite optimizes, simple know, what the chance of something happening. You know, all the aspects of it that can be optimized can optimize a machine for production. You can't optimize an investment portfolio. Instead, you just want variety different return drivers. It's like a garden. You don't optimize flower gardens you creatively? Make them a beautiful thing are performed Leah's on optimize. We add. A variety of acid types and high net worth individuals tend to have a greater variety of asset types because they learn as they go sometimes they have advised, but oftentimes as you invest more, you can't say I'm not going to because I too complicated or I don't have enough money. You can learn to invest. So those are the aspects of a simple financial plan crease. Your income increase your savings rate increase your investment returns, one of the most gratifying things about this survey, though is they asked this is the Schwab survey, what is your personal definition of wealth? Seventy two percent. So the way they live their life. That's how they define wealth. Twenty eight percent said a specific dollar amount. It's nice to have a plan to achieve some level a net worth. But we need to live our life in a way, we feel wealthy now. And that's by the choices. We make experiences. We have live like you're already rich is one of the teams of this podcast. So it's great to have a financial plan as simple financial plan. Maybe put it on index card, but make daily choices to make your life wealthy time with friends and family the service to give to others just learning new things being curious finding ways to create additional income not so much to create income. But just learn how to do that. And find the satisfaction selling something that you made. That's what we can do to become wealthy. You can get show notes for this episode of money for the rest of us dot com while you're there please sign up for my free insider's guide Email those links to. The week. I also Email some type of article that I write an essay personal essay on money investing in the condom. You can sign up for that at money for the rest of us dot com. Everything I've shared with you in this episode. It's been for general education. I'm not considered your specific risks situation of not provided investment advice, simply general education money investing and the economy every great week.
10.1.19 Schwab eliminates trading fees; Using your credit card overseas; Getting married in a diamond store
"It's great to have you with us here on the Clark Howard. Show where it's all about how you and yours. I want you to learn ideas to me so you can save more spend less and no way when ever rip you off. Speaker which coming up in today's Clark -rageous moment visa mastercard are apparently conspiring with retailers and restaurants to rip you off on exchange rates if you use your card outside the United States. I'm GonNa tell you what you need to know. In today's Clark -rageous moment and coming up pat later you want to get married on the cheap well now you can buy your wedding band and get married at the same time and and the total cost to your wedding is just the cost of your ring. I'll feel yen and I want to mention briefly that there is is a new wintertime sale from southwest airlines that is good for purchase today tomorrow and Thursday and offers zone pricing around the country. A most cities are forty nine to seventy nine dollars one way you go further distances offensive starts jumping into more than one hundred dollars one way but this is typical of the slow travel season good for travel into do the mid part of winter no travel around. Thanksgiving or Christmas new years but a great opportunity for you to buy very inexpensive tickets tickets if you can find them available in South West speaking of getting inexpensive buying stocks selling stocks so there's APP. I've been talking about for Gosh. I don't even know how many years now Robin Hood Robin Hood APP spent around around. Maybe four years I don't recall exactly that was revolutionary at the time because Robin Hood allowed you to buy and sell stocks for free on your phone and you could do so in tiny quantities. He didn't have to be somebody with big money to do it and it's been pretty much a robin hood exclusive in the marketplace but today and all out price ward is zero is underway with a smaller broker called interactive brokers and then a giant Charles Schwab both announcing that they are ending commissions on stock trades and so you'll be able to buy and sell shares of stocks or war. ETF's which is like a modern mutual fund you'll be able to do those free of any commission and this this will lead to a move across the investing world where at least with the discounters the discount will go to zero. This started off earlier this year with fidelity offering. It's called the fidelity's zero which are certain fidelity mutual funds the you can buy commission free fee free no management fee at all and no account minimums minimums required and so the idea of you being able to invest at zero cost is taking hold hold in the marketplace fidelity and Charles Schwab both trying to deal with Vanguard Juggernaut the vanguard which which is a CO OP basically operated for the benefit of its investors kind of like a Credit Union for investing his ended up taking virtually virtually all the market share gains in investing for the last seven years so fidelity and Schwab both trying signed to come up with ways to compete to say hey wait. We're a bargain to and so is these three behemoths. Mus fight you win regardless of which one you go to wish Schwab Fidelity or vanguard what sits out there just clear is could be though is the people who continue to invest with bank investment arms full commission stockbrokers doc brokers or insurance companies are paying massive fees Shine Norma S- fees that have not responded to marketplace replace pressures at all and the people that are discount oriented or discounting all the way down to zero. It's up to you due to make the choice that works for you but I want you to understand being able to invest for no cost means that your money much more is going to work for you. Instead of whatever company you are using to invest with. I wanted to say something. Foy for stock returns moving forward. You know they're more and more signs that we're. GonNa have a rough time. Economically parts of the Midwest came out today are now in recession and number of countries overseas are in recession. The United United States economy is slowing state governments having to cut spending because tax receipts are declining and a lot of states and so we're we're in a time. That's not friendly to stock investing the reality. Is You need to keep investing. If you're in the market for the long haul really anybody under fifty years old needs to keep putting your money in through your employers 401k or whatever way you invest Roth. IRA whatever and don't say hey. I'm going to sell all my holdings till things get safe. WanNa I wanNA give you an example from a time that was totally to Mulch Office for the United States the one thousand nine hundred seventies so if you WanNa see why y you stay put if you don't know the history the nineteen seventies were an era of absolute chaos financially and we ended up with near hyper inflation in the United States followed by an extremely severe recession interest rates on mortgages that went to near twenty percent. Try to imagine that and we were we had one economic calamity. After another. We face a two oil embargoes where we didn't have enough fuel to fuel our economy. I mean it was just one terrible thing. After another so there was an example I saw from a financial writer about if you put a thousand dollars into an index index fund on January first nineteen seventy before so much bad stuff happened and you just left it there and ignored all all the bad news today that would be worth nearly one hundred forty thousand dollars so you don't run because time suddenly or chaotic because what you're investing for the long run in your life and you can't pick can choose when the best moment is to get out and when the best moment is to get an that's a game. That's virtually impossible to win. Niles is with us on the car coward show. Hello Niles Hamer's close great. Thank You Niles. So what year are you in college junior and college and what are you studying. I'm studying marketing and information systems so I will place a bet. I don't gamble either that the irs minor is what's going to help you get your first best job out of school after you graduate next year that's what I to do so the marketing will come to be an advantage for you later but in the the immediate term the is is what will get you the work definitely well. How can I be of service to you today. So so Scott I wanted a college student and I wanted to know how Bill College Credit and also wants to know what is the best credit card out there for current college students so the most aggressive player and the college student market is discover. Nobody even thinks about discover but discover has a college student program because generally the first credit card that people take out they they stay loyal to for a long time or a lifetime so discovered that doesn't have a lot of market share wants to be the first card in any college student gets college. Students are extremely profitable market for credit card companies because college students generally don't pay their balance in full and run up big interest charges but very seldom default on their cards so discover or has a student program most issuers most big issuers have a college student program but discover is one that that I have recommended as the Go-to as a good starting point okay. That's exactly what I'll look into. Thank you got another question for you. Do you have have you seen your credit report. Do you have a credit score yet. No Sir all right. Have you ever heard me mentioned a website called Credit Karma and like you to set up a credit Karma account and see if you show up in their system okay because if you don't show up at all it may be hard for you to get that card or to get any other student card if you don't show up as having being a credit file then I want you to look at another cart and this applies both to nine college students as well. You don't have to be a student for this. One called called the Pedal Card P. E. T. A. L. Card Dot COM pedal. Card is a visa card that doesn't use traditional methods to decide who the issue too and so if you don't qualify for student card that would be my next favorite thing for you to look at Ellen is with us on the Clark Coward. Show Hi Ellen Hi Clark. How are you great. Thank you Hell Ellen. You have a question for me about an impossible to buy right product talked long Term Care Insurance Right right my husband seventy three and I'm sixty five and we're retired educator so we have you know luckily guaranteed retirement until death. You know we don't have much. We don't have any debt and we have a substantial amount of baby but we're just very concerned about you know what could happen in the future and we were hoping to pass some of that savings along our kids we we were just trying to protect ourselves if there's a way to help with that so the long term insurance market has been busted for awhile insurers made a bad assumptions in the past when they sold the policies and there was just a report about an insurer raising people's. People's rates eight hundred percent the premiums are not guaranteed with long term care insurance so it gets to be a very dicey thing to by so I wanted to suggest an alternative for each of you can call and it's a different kind of product called longevity insurance okay. Is that a term. You've heard of just on your show. I heard you mention it. Maybe once or twice but I'm not really real also major with what it is. How it works is cheaper for you than your husband. You you give an amount of money to an insurance company. Whatever amount you can afford to do and then at age either eighty or eighty five they start paying you money every month and so we're with Long Term Care Insurance. You have no idea what they're gonNA do to premiums and there's a chance you will never need it with a longevity Javanese insurance. If you make it to the age you don't have to worry about money really as long as you live because they send you a pretty hefty check every month which would be really appropriate to be able to use four stay in a long term care facility or for care in the home which is often in what people get is that been noodling as. I've been noodling what to say to people who call me like you have have about long term care insurance in how broken the market is have kind of gravitated to this where often when you need expensive long term care goes on for the rest of your life. It tends to be later in your years and that's why I like the longevity insurance. They're counting running on you. Not Living to that age are long past it but if you did have long life then you know you've got that money. That would be there to pay for the care. You might need later in life. Okay well that really helped will definitely explore that a little bit more and she okay how that works for US thank you. I hope you do that and not a lot of people are excited about selling it to you because there's basically no commissions commissions for selling longevity insurance so you've got to do a lot of the leg work yourself to find the policies but I really like them as a replacement for the difficulties with Long Term Care Insurance Right now wanna hear something amazing discover matches all cashback you earn at the end of your first year automatically dollar for dollar with no limit on how much you can earn amazing. It's kind of like being showered with cash from above which would also be pretty amazing in fact. It's so amazing that millions of people a year are getting their cashback matched. They just can't get enough so whether it's raining down in your head or raining into your bank account it's your cash back and discover is matching. It discover cash back match. What are you waiting for. Learn more at discover dot com slash cash back match. I Have Clark -rageous moment for are you. If you have a desire or tend to travel overseas there's a rip off that has become very common if you use me he's a mastercard for purchases outside the United States lot of times when you go to pay for something the EH register the credit card processing machine will automatically convert your charge from the local currency wherever you are in the US dollars if you've heard me talk about this before I've had questions from people on it this is done because they rip you off off with a massively unfair conversion rate in to US dollars from the foreign currency never ever are ever say yes when they ask you if you want to pay for the item in US dollars be aware that a lot of the visa as a mastercard banks are now automatically putting up the purchase in dollars and you have to override it and do it and local currency the difference for your bill could be as much as maybe ten percent you gotTa. Watch closely and definitely before you sign any any charge slip you. WanNa make sure that it does not have the charge processed in dollars. You want it always in local currency Consi today. It's really easy for you to get a credit card. That doesn't charge foreign currency junk fees and you want to not turn something as great into something terrible by having that posted in dollars costing you. Maybe another ten percent on your purchase. These mastercard should not allow American. Express does is not and this is ridiculous. I have a guide on Clark Dot Com. If you travel overseas to things you need to know like this they will help you avoid having your wallet eaten up taking advantage of that's on Clark Dot Com. Thanks so much for taking time out of your day data join us on the Clark Howard show where it's all about you learning ways to keep more of what you make Clark. Dot Com is our main website. CLARK DEALS DOT com. Tom Is where you go to save money each and every day so speaking of saving money survey says this is an absolute stunner a people under a thirty eight under over ninety percent say that they would consider eloping instead of having a traditional wedding. Why are people doing that or saying. They want to do that and such jain norms numbers. I mean think about that over ninety percent number one to save money number two not having to deal with all the wedding planning and number three to make the event more personal more intimate. I think about these weddings that people are having that they faded in popularity but for a minute the big thing was doing these destination weddings because by doing a destination wedding you might curtail the number of people who had attended wedding from. Let's say two hundred to twenty five people or twenty people. Most people aren't gonNA spend the money or the time to go to a wedding at a distant location and it can be expensive going as a guest somewhere versus Joe showing up at a wedding. The destination wedding thing turned out to be well still pretty expensive for a the couple of getting married so the latest idea is courtesy of Hells Bergh's diamond. That has a service where you can get married as you buy your rings. So you go you buy your rings. You walk out. You're married. Susana joke says a Saturday night live skit. This is real that you just decide you want no HOOPLA. I think it's kind of like they've always been people who have run off to Vegas to get married because simple quick and cheap and this is nine even having to go to vegas he just go to the mall and go to ellsberg diamonds and they marry you and you're done so I saw an item post in the New York Times that Ellsberg signed up or had sign up up to become people who are ordained to be able to Mary Seventeen hundred hells Berg employee's volunteered to sign up to be marrying diamond salesman and so they can they can sell your ring and turn right around and Mary you and you're done so who knew that over ninety percent of people now who are in Primary Age in their twenties and Thirties Wanna just get it done like that and not have any big ceremony Germany or anything at all so Joel. You are barely still in the demo. It's true I'm aging up. I think about when when you started with us you looked like you were twelve and your nickname here was was. That's pretty disrespectful baby. Hey let's that was fine with it. You refined being called and now you're you're about to be Middle Age. That's true. Do you know you have contemporaries who are doing this. That are just like saying forget it. They're going the courthouse or whatever and just getting married having no ceremony no expense. You know some folks. Some folks seem to kind of have like a party afterwards. That's were they get married. They do their own thing and then maybe even a party in their backyard six months down the road or something like that so it does seem to be kind of more of a trend to put less pressure and less money and less. Hullaballoo blew into weddings in general. Just remember if you are having any kind of post celebration. Do not tell anybody here calling got quotes for anything that it's in any way connected to a wedding. Just say you're having a party because the second you say the word wedding adding everything goes way up and cost everything involved with it because it's just the way the whole wedding business operates rates that you take whatever the quote would be normally and multiply times three the second you say. Wedding Ryan in is with us on the Clark Howard Show on Yeah Clark Krishna over time you I'm trying to set up a five twenty nine for a grandson grandson and you have mentioned as far as soon as the ownership should be as far as affecting grants or uh loans and things like one time. You said the grandparents should on it and then another time. You said that they shouldn't on it. Let me explain so why would I give both answers so when a grandparents should own the five twenty nine on a grandchild is when you don't trust the the adult children the kids to properly handle the money for the grandkids. Okay it'll be a problem problem yeah so if you if you're comfortable with your son and daughter daughter-in-law or daughter and son-in-law if you're happy with them and you think they'll be responsible with the money it's better for you to give them the money and have them put it in a five twenty nine account that they own for the benefit of the grandchildren. Can you still add more to it or do they. Yes you can give of any person fifteen thousand dollars and you have to be a relative fifteen thousand dollars each year for any reason and there's no tax implications Asians no gift implications at all so only the Ferret has to open the open up the account right so the parent owns the account for the benefit of the child they have and if they have more than one child they open a different five twenty nine account for each child they have help with them being the owner and the child being the beneficiary of each account and the the time that a grandparent apparent would want to own the account is if a grandparent wants to put aside huge money for a grandchild. You're allowed to do seventy any five thousand all at once without gift tax implications where you can't really do that giving money to a parent to to your your child. The parent of the actual grandchild can the ownership be changed like the grandparent owns a spark with going to be changed over the parent later not easily the system's not set up to do that worker so you can change the beneficiary fairly fairly easily but not the ownership niece opened up okay right and I have a guide on Clark Dot com where I go through the legal documents for every commission free plan and the country every year and I come up with a list of the best plans is to put a child's money into yeah. That's what I was looking looking like New Yorker. Ohio is a better one so yeah. There's the number of good clans has gone up significantly. The plans used to be very high cost and the plans now are overwhelmingly low cost. There are some that are extremely low cost and those are the ones that make it on my best list that you saw right there but if a grandparent owns owns five twenty nine for the benefit of a grandchild if you ended up deciding to do that generally it's best to wait to use any of that money money for grandchild's education till the grandchild's our junior because then you're far enough along the you're not going to affect their eligibility not for financial aid and grants and things like that if you wait till they're junior allen's with us on the car coward show. Hello Hello Alan thanks for taking my call certainly Alan you have disturbing thing happening at your house and tell me what it is because it's confusing and just just want yet okay so we've been getting mail starting about a month ago of six weeks ago addressed correctly to our house but is in his address to someone who have never met and was never lived at our house and could not possibly be a prior tenant because we built this house and no one else has ever lived at our dress so and all three of these are from well once from an insurance company tour from retailers and all three of them. Have something like welcome to the neighborhood. Welcome home. you know so apparently someone has established a new address and it's our so. I'm wondering if there's a fraud angle here ashby aware of so it could be a fraud angle. There are many innocent explanations for right but if you if you go on and you hit a search engine Google or whatever and you ask about this you just can't imagine and how often this happens now. How many posts there are with people wanting to know is. Are they having their address used commit commit some kind of fraud. What do you do about this. People are generally unopened sending the mail back. You know addressee the unknown returned to sender and that's the best way to try to alert someone who maybe someone's going to try to scam that the dress they have on record is not valid. Okay Yeah Mo- most of the I I I would call them what third class mail where it's intended for. Solo or current resident something I I guess they don't say that so if it's third class mail not first class then all you can do is throw it away so there is nothing specifically. You're going to be able to do but it. I would look look on your credit report and see if this name is showing up as an also known as on your credit file. This is obscure and hopefully not anything that's happening but there's something known as synthetic identity theft synthetic identity theft is where somebody uses a different name your address your social security number to commit identity theft left by buying things not as if they're you but under your social security number which causes a lot of havoc havoc later and it's called in the in the banking industry synthetic identity theft so if you are you signed up with Credit Karma or credit sesame no. I haven't been checking my credit reports but I'll have to get my wife and daughter to check there. Is it because this is a female name. Okay that'd be a great idea and again for free. You can see your credit file at Credit Karma. Yeah Okay so free registration. It'll be able to see a representation kind of an approximation of your credit score. I mean it'd be this would be a situation though with getting mail to your address under a UFO name. It'd be a great circumstance to set up. Credit Karma counts and see if any weird stuff is on their specially and also known as that would be extra concerning in that case immediately a freeze your credit each of you if you all three haven't done that yet justin's with us on the Clark Howard Show Hi Justine Sten Clark. Thanks for taking my call certainly so I the reason for my call is my wife and I we've we've kind of become a little credit verse back in December we found ourselves thirty four thousand in debt and so we just decided to hunker down and this month we got paid off but wow you gotta paid off and nine months nine or ten months yeah. It's been a lifestyle that's okay. I'm really really proud of you. That's outstanding. Thank you cards and but what is Kinda Kinda let to though is you know with instead of chasing points. We're just trying to you know spend what we have and everything's kind of electron onyx. Do we've been using our debit card but now everything's paid off. We're getting your like we have a big race a to ourselves and we have all this money it coming into the account and I wanNA keep it secure and so good different places and normally I'll try to or in my in number and you can choose cancer or some other option. Have it run as credit in case people can see my pin but a few places. I've noticed especially at gas stations. It won't give even I'll say. Is this a debit card and honestly say yes. You have to put in your pin. There's probably choosing that or if you have any other recommendations nations so what I would recommend is what you WANNA. Do you WanNa make sure you don't go into debt again. I want you to look at the account secure of course right. I I want you to something called steady. Pay A new online deal S. T. E. A. D. I P. A. Y. Steady pay DOT com. Tom And it allows you to use a credit card. Which gives you a protections consumer protection. You don't get with that debit card and end at the same time not go into debt. I it's a convoluted thing where they debit your checking account. Every time you use it like a debit card would but you're able to use a credit card and have all those credit card protections. It's a much better way for you to keep from going into debt and not be at risk like you are with fraudsters and things with a debit card because the debit card system is not secure and the law does not protect you anywhere close to how a credit card does. It's time for Clark. Dot Com slash assets when you post a question June for me and then one thing you can check the box and you can go on the air with me or you can have Joel. Ask Your question for you we at Clark Michael's guy when he says I've got a Roth Roth. IRA with a big bank that I wanNA move to one of the big three discount brokers draft sell the securities that I own or can I transfer them to the new account. Most securities will transfer right over and when you go into an office at the brokerage you WANNA move to you. Take your most recent statement with you and there's a procedure where the accounts electronically transfer and you're holding transfer with that right into Wendy or new account however you could have some what are known as proprietary funds in there and those will normally have to be sold and move move is cash rather than move as security holding hector says how can I find good home and car insurance broker Clark so what you look fours. You look for an independent agent unless they are an independent agent. There's even assemble for independent agents. They are generally assigned the captive agents that they only quote a single company that they work for a represent. An independent agent can quote multiple companies for both auto auto and homeowner's insurance. You're listening to the Clark Howard. Show thanks for joining today. The Clark Howard show is produced by Kim droves Joel Lars Guard Debra Reese and GM shares and remember twenty four hours a day where there to serve you were Clark Dot Com and card deals dot com. You WanNa hear something amazing. Discover matches all the cash back you earn at the end of your first year automatically with no limit on how much will match millions of people a year. We are getting their cash back. Matched discover cash back match. What are you waiting for. Learn more at discover dot com slash cash back match.