Ep. 106: Creating a Personal Investment Philosophy
The X's and O's
In this episode of Retirement Plan Playbook, host Brent Pasqua and Matthew Theal delve into the significance of creating a personal investment philosophy.
They discuss key elements such as risk tolerance, goals, and time horizons while sharing their own investment strategies.
The hosts also review the latest financial headlines, including the implications of the Consumer Price Index drop and Costco's membership fee hike.
They emphasize the importance of consulting a financial advisor for portfolio management and offer practical tools and tips for researching investments.
00:22 Summer Plans and Personal Updates
01:43 Hot Take Headlines: Consumer Price Index and Fed Rate Cuts
05:38 Costco Membership Fee Increase
07:06 Creating Your Personal Investment Philosophy
08:55 Investment Strategies and Risk Tolerance
17:34 The Importance of Staying Invested
27:38 RPA Recommends: Social Media and AI Tools
31:11 Closing Thoughts and Contact Information
Connect With Evermont Wealth:
Transcript
Brent: Welcome to retirement plan playbook. I'm your host Brent Pasqua founder of Evermont wealth And I'm here with Matthew Theal, certified financial planner.
Today we're going to get into creating a personal investment philosophy, and I think it's obviously extremely important to have an investment philosophy as an investor to have a plan. But before we get into this fantastic topic summer's like halfway through. Are you going to go anywhere for summer?
Matthew: Potentially in August, I would like to go to Hawaii. But my, Littlest son who's 15 months. I don't think he's a five hour airplane ready. I think he's you know more of like a two hour car Kind of guy so we're gonna have to probably do a local vacation. What about you?
Brent: I my son is playing baseball for he's on the all star team and it's gonna be strictly contingent on how far we go But we have our finger on the pulse that if we lose in the next tournament, assuming we get there, then we will be on vacation somewhere.
It's either going to be Cabo or Hawaii somewhere before they go back to school. Our kids go back to school the first week of August. That's too early. So we do not have a lot of time left and we definitely need a break because it's been all baseball, all sports, all summer long. And We'd warrant a little time off.
Matthew: Yeah. Well, hopefully you get that trip in way too early. I don't know who voted to make the school start the first week of August, but that's a bad decision.
Brent: Yeah. It's, it's not fun for them. Cause August is so hot for those guys. Most of the time they're on inclement weather anyway, so I mean they came and go outside to play because it is too hot So I don't know.
I don't make the rules. All right, let's get into the hot take headlines The consumer price index for all urban consumers fell 0. 1 percent in June This month and over the last 12 months CPI rose 3 percent not seasonally adjusted The index for all items, less food and energy increased by 0. 1%. And that rose over the year 3.
3%. This was released by the U S bureau of labor statistics. So what do you think about these numbers?
Matthew: This is big news, Brent. This is really big news. So here's what this means for everybody. We now think we could get some fed rate cuts going right because inflation has has slowed significantly There was a pickup earlier this year that stopped the fed from being able to cut interest rates And now it's decelerated enough and not really rising anymore that They think they're in the safe zone where they should be able to cut interest rates.
And now, This, this news came out Friday I don't remember, a couple Fridays ago, and since then, now there's been a 90 percent chance of a rate cut being priced in in the financial markets for the month of September. So people are expecting the Federal Reserve to cut interest rates in September, and I think this is great news for everybody, and the stock market's been going up, bond market's been going down.
Now's the time that if you're holding a lot of cash in your investment portfolios or you have a lot of cash on the sidelines, you're going to want to get that money in
Brent: a lot of questions. I have from investors and clients are when the feds actually do cut the rates that day or when they announce it.
Does the market get adjusted at that moment? Is the market going to shoot up or is it already being priced in right now like it's going to happen in september?
Matthew: I think it's being priced in right now You can see in the bond market and in the stock market for instance in the bond market You know, we've been running bond ladders for a lot of clients for the last couple days We've been you've been if you reinvest in a 12 month bond, you're now reinvesting below five percent You're reinvesting like 4.
It moves daily
Brent: and
Matthew: that's
Brent: been You
Matthew: Above 5 percent for what? Two years
Brent: now.
Matthew: Yeah, for, I don't know if it's quite been two years, but you know, almost probably 20 months, 18 months, somewhere around that ballpark.
Brent: So anybody waiting to invest their money based on the announcement of rates getting cut are probably going to miss the boat on returns in the market.
Matthew: Absolutely. Yeah. You're, you're behind the curve. And now's that time the fed does a really good job of signaling. They signaled last time when they were going to raise interest rates. They're signaling now, Hey, we're going to cut interest rates. It's the one thing this fed does really good is they're very slow and they, they signal to everyone.
They let them know what they're going to do. There's no surprises here,
Brent: but the feds have said that they're watching all of the statistics very, very carefully and all the job numbers. And. All of that is subject to change, correct?
Matthew: It is, but it does look like all that data is starting to soften, which gives that fed the green light, like, Hey, we could cut rates now.
And the whole point of this is when you cut rates, if you're in cash, if you're sitting with a bunch of money in a high yield savings account, or even you're, you know, sitting in short term T bills. When you reinvest that money again, your rate's going to be lower. Like we have a ton of clients, for instance, who've done those bank CDs, those nine month CDs at like 5 percent that even the big banks started offering in the last few months.
You know, when those start maturing for you in October December, sometime next year, you're going to, You're not going to reinvest back at that 5%. The bank's probably going to offer you three or two and a half.
Brent: Right. And the problem with that too is most people don't know when their CD is going to automatically renew or they forget and the bank doesn't have a lot of leeway on when, on forgiveness.
If your, your CD is coming up for renewal.
Matthew: Totally. Yeah. So basically the point is feds cutting rates. Now's the time to be meeting with your financial planner and your advisor. To figure out how to get your cash invested in a way that fits your,
Brent: Risk tolerance. So let's get in the other headline.
Costco announced that it will be raising membership fees for the first time since actually 2017. This will take effect on September 1st of this year. The basic membership is increasing by 5 from 60 to 65 and the executive membership will be increasing by 10 from 120 to 130. Like what's your thought on this increase?
Is this just a sign of the times? Well,
Matthew: it's about time. I mean look they haven't raised it since 2017. So I think it's good from that angle you know costco membership. It's one of the it's kind of like an amazon prime or netflix It's like wow, it's you know, well worth it Like, you know, what would consumers pay 100 120 a month?
Like you get some really good perks for costco and costco has that cult like following right where? People absolutely love it. Like if you're a costco member you like You talk about it, right? It's like part of a club.
Brent: Yeah. And I, I would wonder what the numbers look like on how much they make from memberships and how much it does impact their bottom line.
But I'm, I'm assuming, you know, if you haven't raised your membership since 2017, it may price out some people. I mean, I know not everybody has, and we've talked about this before has Amazon prime, some people turn on their Amazon prime and then don't renew it. It could be like this with costco though true,
Matthew: but I just it's not a significant sum of money I I personally think it should be over a hundred dollars a month.
I mean a year because it's this is an annual membership, right? It just does. Yeah. Yeah, this should this should
Brent: cost a hundred dollars at least All right. Let's get in the retirement plan corner today we're going to discuss how to create your own investment philosophy And why that's important is that as you think about making investment decisions You You really want to stay focused on your main goals and remain calm during market fluctuations.
And it's important that you have some sort of philosophy as you're building your portfolio. Philosophy is, is what it sounds like. Obviously it's like a mindset and a plan and how you're constructing of that overall philosophy of your portfolio. But you also have to have a goal of what you're trying to do, what you're trying to accomplish.
I remember when I very, very first started in the industry and I started my own investment philosophy and I was creating one for myself and for clients and building out our own portfolios. Like I started going through charts. I started going through a mutual fund. Historical returns, their fees, their costs, what they did, who their managers were.
And I started picking out 5, 6, 8, 10 funds that I thought were like the top 10 funds out there. But a lot of that data was also based on historic returns. So when I actually started putting the portfolios together, like their future returns in the beginning, weren't as good as what we see now. Totally.
Matthew: Yeah. You're talking about Morningstar reports, right? When we're working with Mark and some of those other guys, and we'd go through the Morningstar booklets and select funds, gold funds for clients. F that's fun, but you're a hundred percent right. That's all past looking and what an investment philosophy is going to do for you.
Is it, it's gonna lay the groundwork of how your money should be invested and you should ultimately stick to it. So philosophy plan, they kind of mean the same thing, but I think this is a really important topic. I'm excited to chat about it. Stock market's at all time highs and You know, we don't want our clients or listeners making mistakes here.
Brent: So the first thing I have is, you know, like, how do you start to build and understand how to do and make an investment philosophy?
Matthew: Good question. So the first thing is just like knowing what your goals are right. So is it long term money if it's long term for retirement? Is it short term? Like you're trying to buy a house or, you know, or is it just like, get me wealthy money, you're trying to build as much wealth as possible.
And I think what people need to ask themselves and you have to take a deep reflection to be able to do this and a Lot of people can't do this. They're not capable of doing this But what is your personality type? Let me give an example brent.
Brent: Are you a risk taker yourself personally knowing the market?
Personally outside of investing you're talking investing or just as a personal life
Matthew: in your personal life Are you like do you gamble on sports? So you don't gamble on sports. What about when you go to Vegas?
Brent: No, I'll, you know, take a few hundred dollars and gamble, but nothing of any magnitude that's going to make or break my day or weekend.
Matthew: Okay.
Brent: That's good. And I also just don't really enjoy it that much. Like money's hard to make. And I feel like I have a ton of respect for how hard it is to make. And I just don't get a big thrill out of winning or losing. So you don't
Matthew: have a gambling personality, but you do own a business. So you are, you do take risks, right?
You've taken a lot of risks to get where you are in your career. Correct. You know, you're my client. I'd say like, Hey, you could probably accept, you know, a high percentage of your portfolio being stocks just based on the fact that, you know, you own a business and you've made those sacrifices that most people don't want to make.
Right. Most people are very happy just collecting a paycheck in life.
Brent: Right. And when I think of. My ability to take risk. I think that I'm comfortable taste taking risk when I know that it is, it is beneficial for a long term outcome. And that is, I think something that people have to take into consideration.
I think some people, when they're thinking about investing, they're thinking short term.
Matthew: Totally. Yeah. And they get, they let the short term emotions get in the way, right? You know, presidential election You know, feelings about the economy feelings about, you know, their own, you know, personal situation.
And instead of having that long term picture like someone who, like you would have, so, so that's good.
Brent: So my, my first question though, that I have is like, if somebody is creating a portfolio or managing their own money, how do they think, or how do they create their own investment philosophy?
Matthew: So risk tolerance, right?
Can you take a lot of risk? What are your feelings on risks? Are you okay with potential losses? Are you okay with market fluctuations? Some people don't like watching their balance drop. Like I deal with this all the time with new clients. I'm working with a new client. I get their portfolio set up.
Maybe they only are putting in a couple thousand dollars to get started, right? And they're checking their account daily. They're like, Oh, I made a dollar and 50 cents today. They're just watching it so closely, like a hawk where then, you know, on the flip side, we have clients who have millions of dollars with us and their, their portfolios are going up and down by a hundred grand a day.
Brent: Right.
Matthew: And they're not checking. So it's all about that risk tolerance. Next is what are your goals? You know, for most people who are investing, you're probably going to have a long term time horizon. That means that you could be a little bit more aggressive. You could be in stocks.
Brent: I think that's the big one for me also is the time horizon, because what that means to me is if your duration of investing.
is a longer time frame, then you are able to have more stocks potentially in your portfolio. Yes, you'll be subject to more risk. Yes, you'll be subject to more downturns in the market when the market is going down, but we've seen it time and time again from client portfolios. Any slight tick up in equity holdings or stock holdings that you have in your portfolio You usually generally see a slide or higher increase in your return.
And so there's just that direct correlation between how much stock you have in the portfolio and what your returns are.
Matthew: A hundred percent. And you said something interesting, and I think that people, it's all about framing. A lot of people view stocks as risky, which is, that's correct. That's a textbook example.
But another way to frame it is I think you're taking, it's risky not to own stocks. You're harming yourself, right? You're not getting that wealth generation that everybody else is getting who's in the stock market. And that's why we have in our country today this has vs. have nots. You know, all these billionaires, multi millionaires, they've made their money through businesses, most likely through the stock market.
And they all invest. So you're harming yourself by not taking that risk by putting it, your money in the stock market.
Brent: Yeah. And I think, you know, having conversations with people, just either clients or people just talking to people who have questions about investing, when I say that you're holding a higher percentage of stocks in your portfolio, that doesn't necessarily mean you need to know what individual stocks to go find out there.
Like you're, it's not just saying Google or Apple or Amazon or Facebook or Tesla. We're talking about like you could own the S and P 500 fund. I mean, it could be as simple as that. And that's the percentage that you're holding 80 percent of your portfolio. You could simplify this whole situation.
Matthew: Totally.
So like now we're getting into the investment strategy angle and what you're talking about first, when you're selecting those stocks, that's that active management, right? Which is a lot of fun. I like active management, but then you're also talking about, you could just own the S and P 500, which is passive.
I think both of these make a lot of sense for, for people. Personally, I do both. I have a trading portfolio that I invest in individual companies and stocks like you're mentioning Google, Apple you know, a lot of the names that we know and love today, but then also with my funds, my retirement funds, I'm very passive, right?
So I'm going to own index funds, Vanguard style funds. And I'm just going to let the market ride my account up over time so you could do both
Brent: Yeah, I agree and I think that that's what makes for good investing because if you can create let's call it 60 70 80 percent of your Portfolio, that's passive slow steady wins a race You want consistency.
You don't want to ride massive volatility. And then you could add a little bit more of that active investing where you're picking some of the stocks, maybe of stocks, companies, you likes companies, you use things that you think are going to go up, stuff that you'll speculate on, know that you'll pick some losers and know that you hopefully can pick some winners.
That could also be, you know, the, the, the investment strategy that you move forward with.
Matthew: Yeah,
Brent: What are the key components that should be included in a personal investment philosophy?
Matthew: That's a good question. So let's start by, you know, maybe you write down what you're trying to accomplish. And we've talked about risk tolerance. We talked about your personal situation and we talked about having a goal for the money.
What's the goal? So that's probably step, step one. Step two, knowing that personality type, right? Are you a risk taker or are you prone to emotion? And it could be, I'm a little bit of both. So that's maybe where you blend it, right? And you're doing something where you're passive, but then you're also active as well.
Me personally, I don't know about you, but I'm pretty prone to emotion. You know, me, I go hit up on swings, right? Predictions. Yes, you do. But thankfully I do a passive strategy with my retirement, so I don't touch it. Right. Cause I need those retirement funds in my sixties. I don't need them right now.
So that, that's one way. And then you're kind of like, think of it like you're taking a self assessment of yourself, kind of like a doctor, like a scorecard or a blood test putting together and then coming up with what works for you. And you're not going to get the perfect investment philosophy from listening to today's show.
It's going to take time. You're going to have to go through it and make mistakes, especially if you don't have an advisor. For instance, let's talk about 2008 in 2007. I had just started investing and I was like three or four years into it and I sold all my investments. I went to cash. Ask me when I got
Brent: back
Matthew: in.
Brent: When'd you get back in? Not until 2012. So you missed the whole rise in the market that just rebounded over a few years.
Matthew: Not the whole rise, but I missed a big chunk of easy money to be made because I was scared to invest.
Brent: But the good news is, is you did get back in and over the last decade and two years, the market has just been on a great stretch.
Matthew: And that's the point. And so as I was learning to invest, I really wasn't sure in my personality type. And I did, I made the biggest mistake you could possibly make. I took my money out of the market. So how should people research? There's a lot of great tools to research. Yahoo finance is a good one.
There's actually pretty good videos on like YouTube. As well, like beginner marketing, investing videos. And, you know, there's always Instagram and Twitter. Those are good spots. But there's also some pay services you, you could use. Like we use a company called Y charts here for all of our research.
And I mean, it's professional grade. It's very expensive. But some people might be willing to pay that price for it. But you know, just using the free apps that come with Google or Yahoo, like I think is a really good starting point.
Brent: My feeling too is on all this, I do believe that there's a lot of people out there that have moved jobs and they have old 401k plans. And they move money over to a regional institution like a bank or just a national institution, a large custodian, and it never gets invested properly. And I hear time and time again from people that they've have this money.
They've. They moved it over, but it's not invested because they don't know how at that point, if you're doing that, probably creating an investment philosophy is not what you want to be spending, doing most of your day on, I would say, say, seek advice from a financial advisor, call us. Sit down with us and let us create that, that investment philosophy with you and for you.
And then along with that, we create that financial plan. So there's so much more detail in depth to everything that's going on in your financial life besides just the portfolio. But at least know that that portfolio will align with all of your views without you having to do all the research yourself.
It's not really probably worth the time and effort because it took me being in the industry probably a good seven to 10 years. Right, Matt? Don't you think? Yeah. For us to really figure out and to really get into the depths of how to do proper portfolio management.
Matthew: It totally, it takes a really, really long time to learn how to make money in the market.
And if my toilet was broken, I wouldn't try and fix it myself. You know why? Cause I'm going to mess it up. I could watch a YouTube tour tutorial. I could Google it and I could probably follow the step by step instructions. But I guarantee I'm not going to do as good as a job as just calling out a plumber.
And then how much time did you waste doing it? Exactly, exactly. But going on your point about clients, it's funny you say that. I got off the phone today with a client. You know, it's a client that always isn't very active in, in our firm, you know, doesn't really meet with us all the time like we like to.
A little bit difficult to get a hold of, but what this client was telling me was that they still had their money at one of those banking institutions you're talking about in their IRA, 100 percent in cash, not invested yet. And I first started working with this client in 2014 and it's been like that the whole time despite me trying to get them to invest the money.
So again, I do think it's worth having, like you're saying that active relationship with an advisor to help you get over whatever fear it is. That's holding you back from investing.
Brent: Yeah, I, I agree with that. I mean, I think that that happens so much out there where money doesn't get invested properly. And we hear so many stories of people who have had their 401k sitting in a stable value fund or in a money market fund or.
Some kind of cash management fund inside their 401k plan that may right now be earning three or four percent Which they could right now be happy with but what about the 12 14 18 20 percent that they didn't get Year over year over year and some of those stock funds for the last decade. I mean that is Putting you in a position to have to save so much more.
And I think, again, people invest for a number of different reasons. I hear so many people say, well, I want, I want my money to work harder for me. I want my money to make money for itself. I want my money to help me grow. And I want my money to work for me. And then you also are going to need your money though.
One day when you stop working and you're only on either a pension or social security, you're going to need a supplement. And unless you want to go back to work and make more money, you're literally going to have to be dependent on your money. And if you're going to be dependent on your money, you're probably going to want it growing right now so that it has enough time to accumulate to something much more than what it is today.
So that in the future, when you go to take it out, you're able to take it out so that it lasts longer and you can live more comfortable and do things that make you happy. Retirement is also a lifestyle and a lifestyle that you probably want to enjoy. I mean, you're thinking about the last potential 20, 25 years of your life.
And most likely like you don't want to be strapped for money after you worked your whole life and worked hard. To do nothing. Like literally most people want to be either on cruises. They want to be the grandkids. They want to be traveling all over the world. They want to be doing things that excite them.
You
Matthew: know what they call that? That's financial freedom. And that's why we invest. We invest for financial freedom. For most people that hit that financial freedom mark in their sixties, when they retire. But it is possible to do it earlier. It's possible to do in your forties or your fifties. You just need to start investing early, make the right investments, follow philosophy, and you too can achieve that financial freedom you're talking about.
Brent: It is my opinion that there's a subset of people out there who are and can, or want to create their own investment philosophy and they can manage money on themselves with, for themselves. That's fine. For the most part, 90 percent of people. It does not make sense for them to manage their own money because either one, they don't have the knowledge or time to do it.
And number two, they become too emotional and up or down markets. We have checks and balances in here when there's a fund in the portfolio that's not performing, or there's a stock in our own personal portfolios that we're thinking about trading. We're constantly bouncing ideas and discussions with each other off of each one of those situations.
We cannot make irrational decisions when investing. You have to be concentrated. You have to understand the ups and downs. You got to also understand the risk of selling or keeping. And that becomes very very thorough when you're managing either a lot of money or a small portion of money Because each one of those transactions trades or changes can can honestly cost you thousands of dollars
Matthew: Yeah, and the big one is pulling out of the market and never getting back in.
Yeah I mean you hit the nail on the head That's why it'd be worth it just to have an advisor and make sure you never get out of the market if
Brent: we Pulled client portfolios out every time a client thought that we were at the top of the market Pretty much nobody would ever be invested or ever make money because you cannot time the market So many people have thought so far this year that hey, I shouldn't go But I shouldn't add more money into stocks because we're at the the peak I shouldn't add I shouldn't buy this stock Nvidia because we're at the peak and guess what the market even today just keeps going higher And so you can never time it perfectly.
If you're sitting on the sideline, don't be deterred by not knowing that the market is going to go up or down. Just get in, get invested, let your money grow. And that's not that is not for everybody. That is not a statement for everybody, but that is for those who are wanting to invest towards a retirement.
Matthew: Yep. Sounds like what you're saying is capitalism is the truest form of wealth creation. Correct. And that's what we are here in the United States of America. All right, Brent, any final thoughts here on this investment philosophy? You want to tell everyone how you invest or
Brent: would you rather keep that? No.
So I think the best way, in my opinion, to invest is have a foundational passive investment philosophy where most. Of your portfolio. Let's call it 80 percent of the portfolio is built off of slow and steady wins the race. The consistency of buying the overall market at a very low cost. So passive, passive investing with about 20 percent that's active.
Actively traded and that's your picking stocks, right? You're picking stocks. You're picking stocks. You're holding them long term It could be you're trading them out when you want to it could be some some short term in there But for the most part you're buying some stocks and you're actively making decisions And that could be somewhat emotional or not depending on your investment strategy But some of it has to be picked off the long term and I think most of it is built off of that that passive strategy
Matthew: Amen.
And I think that's a perfect way to invest. And, you know, that's obviously our firm's philosophy. So good to hear it. Okay. So any closing thoughts on your
Brent: investment philosophy?
Matthew: No, I think we have the same one. You helped me a lot. Actually, you've made me a much better investor. So I thank you for that.
I was a pretty bad investor when I met you. But yeah, you've taught me a lot and it's good to bounce ideas off of each other. And you know, I think it's important for people to know that as it's good to have somebody to talk about your investments with
Brent: some of the best stocks that I've ever bought with them.
The best returns are, you know, stocks that you told me to buy that you actually never bought yourself. Yep, that sounds about right. I mean, back in the 2010, 11, 12, 09, 08, I mean, going back as far as that, some of the Apples and Googles and Amazons and some of the tech stocks that I bought. And you weren't even holding them and I bought them and held them.
So, I mean, I've learned from you also,
Matthew: you know, Brent, I was, I was early in Apple and Tesla and like, I, I saw both of the rises of those companies. And if I just would have put all my money in both of those, I wouldn't be here on this podcast with you today. I would be enjoying financial freedom.
Brent: Let's get into our RPA recommends.
What do you have for us today? Let's say let's get into Evermont recommends. Let's get into the Evermont recommends. What do you have for us today?
Matthew: All right. So I am going to recommend a social media platform today. I'm going to recommend getting on X or, you know, formerly known as Twitter. And the reason I'm making that recommendation is.
It seems to be the only spot in the world today where you could get two sides of information. And you could get really good breaking news, but you could also get two sides of a story. And unfortunately in the mainstream media, there's not two sides to the story being reported anymore. And so for everybody, the world is happening on, on Twitter.
You get both sides of the story and you could make your own, you could. Take that and make it your own opinion. So I recommend starting an ex account for everybody. You can get politics, sports, business. There's even some really good fitness content on there that I've been really enjoying. So. Me and my recommends today is starting an X or a Twitter account and you know, just starting to follow information there
Brent: So you're starting to build muscle now from your Twitter your X content on muscle building?
Matthew: Yeah, I mean it's for me I'm trying to get fit dad summer going So I've been trying to already
Brent: halfway through summer. Well, maybe it's for next summer, maybe it's summer 25. You know what? If you're trying to work towards next summer, that's a good goal to have, but anyways Twitter I recommend that I'm, I'm on that same path as you.
My recommend was actually another app. And we've talked about this a lot, obviously on the pod, but there's an app for chat GPT. And my feeling is like, I don't really Google anything anymore because why am I going to Google it? If I could just ask chat GPT a question and I'm not going to spend five minutes.
Trying to figure out the answer through what comes up on Google. When chat GPT is just going to scour the whole internet and give me the right answer. And I don't have to even put much other thought into that and reading a bunch of articles. Cause I'm just going to have the answer right there.
Matthew: Totally.
What, one thing on your recommendation though, for everybody listening is you do have to pay for it to get the live internet searching capabilities. So I think it's 1999 a month for chat GPT, but it's well worth the investment.
Brent: Correct. And you could do so many other things with it. I mean, it could save you time with work.
It could save you, Time searching for anything it could, you could ask a question. So it'll tell you the responses. And I mean, it just makes life so much easier. I would recommend, I mean, how long do you think it's going to be until everybody's actually using it? Like mainstream life?
Matthew: A couple of months.
Cause Apple said they're rolling it out, right? With the iPhone. So it's coming. But here's another example how you could use it. Like. You know, let's say you're looking for a present for your grandkids and they're 10 year olds. So you could search, you could type into it. What are good presents for like a 10 year old who likes X, Y, and Z.
Now, boom, you get this pre populated list of the best presents for a kid that age.
Brent: Right. Or you could say, Hey, I want to go on a retirement trip and spend 10, 000. What are the top 10 places that I can go at this budget price? And it's going to give you all the best places. Yep, absolutely. I mean, it does pretty much anything that you can ask for it to do.
It's pretty incredible. I'd recommend people start to implement that into their daily routine. So we got Twitter and we got chat GPT. I think those are perfect recommendations. Yeah, I think those are two life changing recommendations. All right. As advisors are passionalized in assisting others. It's the very reason we've chosen this path.
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