Pooled Employer Plans & Fiduciary Risk with Rosalyn Brown

[0:00] JD: Our. [0:00] Chad: We don't care that our families hate us because of it. [0:06] JD: Oh, we. [0:06] Rosalyn Brown: My baby, £70 and furry. He's. [0:11] Chad: Oh, very cool. [0:12] Rosalyn Brown: Sleep at the moment. [0:13] Chad: This is several of those running around. Do you think. Do you think Will Hackler cares when his family's upset that he goes down in the basement, drinks 12 beers on a Thursday night? I don't think so. He's a bowler. I'll tell you the headline, everybody. I owe you a. An apology and a sincere one. I. I put this out on the Internet, and. Oh, I'm getting a little nervous just thinking about it right now, but I. I want to look deep into all your eyes and give you a formal apologies. My PR person. Helped me write this, and. Ladies and gentlemen, I stand before you today with a heavy heart and a profound sense of regret. It is with the utmost sincerity that I offer my deepest apologies to the retirement plan industry and the dedicated listeners of the podcast Retireholics. I understand the disappointment and frustration that you all must feel. Sometimes I get in trouble on the show. Rosalind. I want to make it unequivocally clear that there are no excuses for my oversight. I take full responsibility for the lapse in my duties. My failure to deliver on my commitment to you all was not only unprofessional but also disrespectful to the trust you have placed in me. I deeply regret any inconvenience, disappointment, or frustration that my actions may have caused. To the listeners of Retireholics, you people, I am deeply sorry for letting you down. Your support and trust mean the world to me, and I will do everything in my power to regain your confidence. To the retirement plan industry, I extend my sincerest apologies for any disruption or inconvenience my actions may have caused. I understand the seriousness of the work that you do, and I'm committed to being more diligent and responsible in my future endeavors. In conclusion, I humbly ask for your forgiveness and understanding. It is true I failed to have a wheel of ice on the previous retireholics. [2:30] Justin: Oh, my God. [2:33] Chad: I am fully aware of the gravity of my oversight, and I'm committed to rectifying the situation and making amends. The amends will be with. We will spin the wheel today and we will drink. The loser will drink two Smirnoff ices. [2:48] JD: No, no, no. [2:48] Chad: Spin the wheel twice. [2:50] Mark: Oh, yeah. [2:50] Chad: I hope that in time, I can regain your trust. Please accept my heartfelt apologies. Brandon, spin the wheel of ice. Unless he was drinking two of those, [3:02] JD: It's gonna be me. It's gonna be me. [3:04] Justin: I just know I'm locked out of the house. My options are limited. Mix that is fixed some B. [3:15] Chad: You're gonna become the new Chad. Justin, this comes at an unfortunate time. I wanted you to instantly guess. Did you have something prepared? [3:25] Justin: I do, but figure it out. Your stuff, man. [3:28] JD: Well, I think. [3:29] Chad: I don't. I think we. [3:30] JD: Oh, my God. [3:37] Justin: I didn't know he had. [3:38] Chad: Clearly. Clearly the wheel knows who needed to do this. My gosh. [3:46] Justin: I can't see it. Is he actually drinking? [3:49] Chad: Yeah. [3:51] JD: Wow. [3:52] Justin: Wow. [3:54] Chad: You know, like 30 minutes. Justin. [3:57] JD: Justin. That was so. That was so good. I think we'll play that at your funeral. [4:03] Chad: Like everybody out there, this is that time during the show, and Justin is going to introduce our guests. And you're going to rate Justin on 0 to 10. So, chat bar, pay attention and give us your scores. Justin, take it away. I don't feel so good. [4:16] JD: I've never been so proud of you, Justin. [4:18] Mark: All right, in case you haven't seen your LinkedIn feed this week, this chick is clearly loved by her peers. It's no surprise she's drawing a bigger crowd tonight than Hacker could ever dream of. She's a fellow youtuber. Be sure to check out her Channel your wealth guidance. She knows our world left, right and center. Is here to tell us just exactly where we're sucking ass. She's a member of the crew and senior business development manager for a large commercial bank. So secretive. Ladies and gentlemen, this is Rosalind Brown. [4:46] Chad: Yay. What he not doing? The Wheel of Ice is not some sort of joke that deserves a real public apology. Let's talk about a headline from the plan sponsor magazine. The title of the article is the I'll drink for this Is the UAW Demand pensions A realistic ask. Let me drink so this makes news. I'm sure you guys are aware of this. This is the United Auto Workers. I'm pretty sure I'm getting that right deal there. And they're in this strike right now. But what I want to focus on is not all their other demands. Although I thought it was interesting that retiree healthcare is kind of cool. And maybe we could talk about that. But when what they really want back is their defined benefit plan. They had a defined benefit plan with the company back in 2007. It was the 2008 global financial crisis where General Motors and Chrysler went bankrupt, if you remember that. And the union at the time agreed to the shutdown of the defined benefit plan. What do they have instead of the defined benefit plan? Well, we all know that's our gig. They replace it with a 401k profit sharing plan. They've tried this before. When I say they, I mean the union in 2019. They're trying to get the pension plan back. Those negotiations failed after a 40 day strike. Roslyn, I'll go back to you, you know, as our guest. An employee, or I guess I should say, no, an employee or an organized group of employees. Hahaha. Is it cool? Is it okay for them to say, hey, I want. Nay, I demand the old days of a defined benefit plan and a pension plan. Screw this for 1k thing. I want you to cover me in retirement. Does that seem like an outlandish request to you? [6:51] Rosalyn Brown: It is absolutely a request that as an employee you can make, yes. Is it a financial request that might actually be awarded? Probably not. And the problem is we're not in the same industry that we were. Detroit isn't the king of all automakers anymore, unfortunately. And even if you look at the strike today, it's not having the same impact that it would have had 50 years ago. They're like, oh well, we'll just continue to ship these cars from somewhere else. And so I think until especially the cars are more competitive. I mean, you talked about buying a new car that is definitely not a UAW type car. And if we look at bring her [7:38] Chad: up, we don't explain the rules anymore. Rosalind. But if you say any acronym, acronym, acronym or initialism, you must drink from your penalty drink. What do you got there? [7:51] Rosalyn Brown: This. I'm gonna make an espresso martini. But actually I am team Pumpkin spice. And so I put a little pumpkin spice in here. [7:59] Chad: Wow. [8:00] Rosalyn Brown: And you can see my little coffee [8:03] Chad: beans in there floating in the top. [8:06] JD: Might be the fanciest drink we've seen on here before. [8:09] Chad: Roslyn, you just. [8:10] Mark: Hey, jd, I demand a db buddy. Bring it back. [8:13] Chad: What's that? [8:13] Mark: I demand a db. [8:16] Justin: That's two. [8:18] Chad: That's why you just crush out extra insights there that were very true. Like the automobile industry has changed. I'll read you a quote from someone at the car companies. I think this is a real sticking point speaking to the defined benefit plan. Oh, sorry. The restoration of the defined benefit plan and the restoration of the retiree health care, says this person. Quote. These are non starters from the company's standpoint. I think if the union insists on getting those things, they're going to be in for a long strike. It goes on to say that the automakers have released statements that agreeing to the pension Restoration would likely bankrupt the companies. You know, simply saying, look, we don't have the financial ability to do this. Which I think is kind of interesting. Like Chad, to you, you're a math guy, you're a nerdy guy. So. So they had the ability financially to do this kind of stuff back in pre 2007, or I guess I should even say like in the 80s and the 90s. And I don't just mean the automakers, I just mean companies in general. But today it just would be too expensive. I mean, what does that say about the comparison of a defined benefit plan to a 401k? [9:39] Justin: That's where my mind originally went, which was what's the difference in dollars going in currently to their 401k profit sharing plan versus what the obligation would be for a small pension plan obligation. I can't imagine it's too different. I think the issue where most get themselves in trouble with, especially in the large pension space is they don't appropriately manage the benefit, they don't manage the investments well. They get used to good flush years where they're not making deposits and contributions because the market's covering their nut needed to meet the benefit requirement. Then all of a sudden you have a 2008 where you've got to start putting in your tens of millions, hundreds of millions of dollars that they didn't budget for because they haven't made those contributions in four years, five years, six years. So I, as I read that article, I was curious what the actual difference is, but I think it's the fear of the obligation that they're scared of, not the dollar amount going into the requirement. [10:35] Rosalyn Brown: That's a great living longer too. Like if people would just, you know, expire earlier, it would that. [10:42] Chad: Was that from Dude? Dude said that in the comments there is that. Yeah, that people are living a lot longer, which that has to factor in. I mean that's going to increase the cost substantially. Yeah, yeah. [10:55] Justin: So it was, it was super interesting for me too to see that they, as they're looking at other benefits and they're talking about kickouts to the, to the retirees, they're still talking about, about increasing the benefit formulas to people who are already retired receiving benefits. [11:16] Chad: They said that's a different world. They said the average of those pre 2007 United Auto Workers was they're getting like on average 18,000 a year in that, that pension plan and they want more for their people. I mean, you know, we can move on from this. I, I can't blame workers whether they're part of a union or not part of a union for asking their employer for benefits and pay that they think is reasonable. I don't think anyone, like, thinks that that's not okay. It just, where push comes to shove is like, doesn't make financial sense. You know, can the company actually do it? And when a company also, I'll jump on the side of the union workers here. When a company comes back and says, look, we're not going to be able to financially pull this off like, it would bankrupt us sometimes. This is not usually my style, Rosalind, but I'll jump on the side of the little guy. Sometimes I think it's like, okay, well how much are you paying your executives and what kind of private jets are they flying in? And like, when you talk about. [12:19] JD: Yeah, let's talk about that. [12:21] Justin: Yeah, let's have that conversation. [12:23] JD: Please fill us in, buddy. [12:27] Rosalyn Brown: How much is your jit? [12:29] Chad: So, you know, that could be a problem, but very. I did think that it was interesting to hear a strike bring pension plan back into the mix. And obviously that's our industry, so that's why I brought it up. Let's go to a second headline. Shapiro explains the National Financial Partners new pooled employer plan. This is on the. The. How do we refer to this site? The. The 401k wire dot com. It's the Illuminati of 401k bigwigs. Like, only the special people get access to this site, meaning the people that pay the fee to do it. But. But I've noticed lately if four OMK wires listening and I know they do from time to time. Y' all motherfuckers are obsessed with Pepsi. I'll drink for that. But Jesus Christ, like, every, every other headline you have is about pooled employer plans. And I think you guys should diversify a bit. Just my advice to you guys. I'm not a journalist. What would I know? This one, however, is our buddies at Retirement Plan Advisory Group. Although I know National Financial Partners, Retirement Plan Advisor Group, Vince Giovanni, I forget his last name. He's an icon of the industry and, and the whole group. I'm not trying to throw shade at them. Like, I, I'm very. I think they crush it. I think they've done a great job. I think they're huge in our industry. But this is their pulled employer plan. And here's my question to you. It kind of centers around this sentence in this article. And I'll put this to you, Rosalind. National Financial Partners in this pooled employer plan is acting as a 338 investment fiduciary makes sense to me in this pool and player plan that they're calling. By the way, this is the title of it. Your 401k retirement plan. Pep, I'll drink. That's the name by the way. Cool and creative marketing. I like that. They threw 401k into the pooled employer plan name. Good for them. Smart marketing. I like that. Anyways, let me continue. While the standard will serve as the pooled plan provider, the 402A fiduciary plan administrator, the 316 fiduciary. Get this, the record keeper. I'm not done yet people. I'm not done. And the third party administrator. Holy fuck, are you all okay with this self serving bullshit? So my question to you, Roslyn, is do you consider this a con? How much time first do you spend thinking about pooled employer plans? And then two, if you do it all, how do you feel about one company being so many roles in a pooled employer plan? [15:26] Rosalyn Brown: You know, one of the things I think about is every now and then there is something that is like flashy and you know, maybe glittery in the industry. [15:36] Chad: I think I'm going to love your answer here. [15:39] Rosalyn Brown: But it ends up being a bit of a dud. So when you think about like as there are updates and changes and plan documents and disclosures and we're like, oh my God, this is going to change the game. And it's like, oh, I don't even remember that a few years from now. And so as much as it has been hyped and I think it's a great solution for small employers. But there was a solution that was, you know, kind of there anyway. But now it's just like, hey, we're gonna zhuzh this up and make it seem like we're taking on all this fiduciary liability and add another layer. Add another layer. It's like when you call the cable company and they're like, and if you want this channel and this channel and this channel too, and all of a sudden you're pay the same amount as if you had your own plan or [16:36] Chad: you're probably paying more. Roslyn. But I digress. Chad, do you have a, do you have an issue? And you don't need to jump on my bandwagon here, but are we telling plan sponsors employers that with these pool and employer plans they're getting this kind of level of fiduciary oversight and that we're relieving them of this responsibility to look over all these things, then how does the standard look over itself? How does the standard be the pooled plant provider and then look over. You know what I'm saying? [17:08] Justin: Yes. And I do have an issue with it. And for years we've been trying to get away from all the proprietary side of our space that existed a decade plus ago. And here we are going back to saying we're going to do it all. One shop's going to do it all. Everything's under it, Fees are good, we're doing a great job, don't worry about it. We're watching ourselves. No big deal. Fox in hen house. Yeah, I do, I do have an issue with it. And I think that if you in an NFP side of things, if your thought is I'm going to create this and I'm going to do so in a way in which one party is covering everything. I'm just the 338. I kind of have some issue with them making that decision for that being their offering and telling their advisors that this is what you should be doing in this space. [17:59] Chad: Can I go one more layer with this and this, by the way. I'm not picking on National Financial Partners or Retirement Plan Advisory Group or Flex Path in any way. Like I. [18:11] Justin: You are picking on Standard because this is like the third one. [18:14] Chad: Fair enough. The gloves are off the Standard. I'm totally picking on the Standard. That's true. But here's my, my secondary issue with this. It goes deeper than this. This is a partnership between National Financial Partners and the Standard. So they're, they're literally the reason why the Standard wants to work with National Financial Partners is because their wings spread wide across the country. They have influence on their own advisors to put product in front of them and their advisors to sell this, this said product. So do you really think that the Standard as a pooled plan provider is somehow going to oversee even the 338 component of this thing and then say to NFP, I'll drink because I want to, hey, appreciate you doing this with us National Financial Partners, but we're going to replace you with Cap Trust because they have a better map. No, that's never gonna happen. So I think this is all, and no offense, they just invited me up to their conference and then Dana Point, here I am talking shit. Sorry guys. Like I said, I respect what you're doing. And this is not specific to just them. This is kind of a trend that's happening in pooled employer plans all across the country. It's A very common thread. And so I'm definitely not isolating them. What's going down? [19:40] JD: Oh, no hacklers. The next apology. [19:44] Chad: Yeah, someday, you know, someday I'm going to get in trouble. I'm going to have to give a real apology on this show. That's going to happen for sure. Let's. Let's revisit an old friend of ours. Remember Ron Serz? The old dude out of San Clemente who does so much research on the target dates. [20:03] JD: The old dude. That's not okay. [20:05] Chad: Hey, I'll say that out of respect. I think he's okay with that. He literally has a podcast called, like, Boomers or something. So our boy Ron Serz is pointing out that target date funds in 2008, you know, were crushed. [20:21] Justin: They. [20:21] Chad: They lost 30%. When I say they, that's the 2010 funds, you know, the ones that were close to retirement, if you will, or that retirement date. And then if a 2008 type of crash, if it happened today, the destruction would be 17 times worse. And we can kind of get into those numbers. He makes the comparison between. [20:44] JD: Please explain those numbers. [20:45] Chad: Yeah, I will. He makes a comparison. [20:47] JD: I didn't read the article, J.D. [20:48] Justin: i'm just going to say. [20:49] JD: So tell me. [20:50] Chad: What. [20:50] Justin: What. [20:50] JD: What does it say? [20:51] Chad: I read this one because I knew you wouldn't Droby, so I read it for you. [20:54] JD: You sent it to us 35 minutes ago. [20:56] Chad: Okay. That's how we roll. That's how we roll. [20:58] JD: Yeah, right. [20:59] Chad: He makes a comparison between World War II nukes and the nuclear power today. And by the way, the difference between those two is only five times. And this one is seven times. By the way, quick side note. Anyone out there see Oppenheimer? Anyone in the chat bar see Oppenheimer? I thought it was pretty good. Chad has seen it. Yes, Danielle's seen it. The loss, if we had a crash like 2008 today, would be more than $1 trillion. Back in 2008, the loss was 60 billion. Okay, so that's. I mean, that's a big deal. Between 60 billion, 1 trillion. Why is that? There's seven times the amount of people in target date funds today than there was in 2008. When I read that, that made perfect sense to me. Like, we all know we work in this industry. Like, target date funds have been exploding over the last two decades. So that's 37. [21:54] JD: Good pun. [21:55] Chad: That's 30. [21:56] Rosalyn Brown: Sorry. [21:57] Chad: That's 37 million people. And the boomers are especially vulnerable right now, even more so than they were in 2008 just based on their kind of timeline, evolution of where they stand, who we define as a boomer. So here's, here's Ron's point. Safe target date funds, ones that would protect these boomers, are not popular in the marketplace. And his opinion is they're not popular because they're not as profitable for those mutual fund families as more aggressive target day funds. And I want to be clear, this is not a comparison as when we had Ron on this show and we were talking about 2002 and kind of the correlation between bonds and fixed income and equities and how target day funds kind of got hammered because both those things felt the same time. This was not the story in 2008. Right. It was just a classic market crash. And the reason why the 2010 target date funds didn't go well is because they had equity exposure and the markets were down. Lastly, sorry, I'm just setting the table for you all to have a conversation. I'll shut up. Ron says that the industry is 85% risky. I say industry, what does that mean? Target date funds and target date funds close to retirement are 85% risky. I don't totally agree with him because he, he groups bonds and fixed income in with equities in that proportion because he thinks we should find alternatives to bonds that are safer to put in target events. But let's put that aside for a second. From an equity standpoint, these target date funds have about 50 to 55% risky, meaning stocks and equities. So, Roslyn, you counsel people, you sit down with them. I'm sure some of them are older and closer to retirement or, or even just empathize with the ones all across the country. Are these target date funds with 50 to 60% equity, I just embellished 50 to 55% equities. Are they a concern for these people if we have a crash, which inevitably we'll have one someday? [24:09] Rosalyn Brown: Well, my favorite old person, my mom, unfortunately her. And this almost goes back to the first article we talked about the uaw, like why they want a defined benefit plan. Pumpkin spice. [24:29] Chad: That's awesome. [24:31] Rosalyn Brown: But they want to define benefit plan is because putting together a portfolio sucks. Like nobody wants to do it, nobody wants to keep going to do it. Nobody wants to check it again. They're tired of getting these postcards in the mail. They're not calling to do the one on ones. Like they're just not. And I've been in this industry for almost two decades at this point. And my mom took investment advice from her coworker and she doesn't work for. And so in reality there has to be something that someone does it for them. And the target date fund was the easiest do it for me. Because what was doing before? I mean you would look at something and they're all in cash or you [25:24] Chad: know, hold on, wait, wait. [25:26] Rosalyn Brown: Ten of them or whatever. [25:27] JD: We have to go back slightly. Did this co worker lead your mom in on the right path or was. Did it end up shooting her? [25:35] Rosalyn Brown: Absolutely not. [25:38] JD: Hey, I'm just curious. [25:40] Rosalyn Brown: My mom wanted to know why. Why she got a bill in the mail from the irs because she didn't understand if she took money out. [25:49] Chad: Hey, Internal Revenue Service. Oh, damn. Drink twice. Yeah. [25:57] Justin: I feel like we have two separate discussions. One about the validity of a target date fund, which I agree is good. And what the chat is all saying is if we didn't have them and we left people up to building their own portfolio, things would be shitty. [26:11] Chad: That's not really Ron's argument, is it Chad? That's not wrong. [26:14] Justin: No, it's not. It's. It's about the exposure when we get to retirement. And is the target date the right solution as you approach that age? [26:23] Rosalyn Brown: But we have a station of two versus through, like that whole. Do you die [26:30] Justin: as an advisor then? Do you put a two inside strategy in the core menu and educate people as they approach the target date of their retirement that they should be switching from the through strategy to the two strategy? I think what I wanted to say and circle back to is we've chatted week after week after week now about these guaranteed income solutions on the back end of people's accumulation phases. I think that Ron is supporting that story whether he realizes it or not, more than he ever has is that people have accrued this benefit now and they need some sort of guarantee when they get there that their money will continue to last and to Daniela's point, have some growth opportunity to hedge inflation to keep up with inflation. We'll say. And so is the target date fund right in a growth phase? I think so. Is a target date fund right in a decumulation phase? I don't think so. [27:26] Chad: And I want to be clear. We're seeing more and more of this comments in the chat bar. I don't think Ron Cers is against targeted funds. Well, I know he's not because he's got his own. That's why he's putting out these types of articles. He's got a different type of target A fund. Nor am I against. I've talked a lot of shit tonight. I'm not against target date funds. I totally agree with Rosalind's comments. Like people don't want to build their own portfolios. Target date funds have been amazing but that doesn't mean that as an industry we should just stay status quo with the way that they're built. And I think what Ron's also saying is a lot of these large mutual fund families are driven by the almighty dollar and it's up to us as an industry to pressure them to make changes to their methodology that is more in line with our clients and our, and our customers. And so things change. You know, it's, it's been 20 years since Target date funds have really. Am I getting that right? Have hit the, the market and, and they can improve in the chat's point, maybe it's guaranteed income, I don't know because there's fees which associated with that that I'm not so certain about. But the, the big risk. Rosalind, I loved how you jumped back quickly earlier and you said but hey, two verse through and people don't die at age 67. You know, we still have to invest their money. And I know you know this the next big argument is the sequence of returns risk. Right. Everyone's worried about this kind of window when you're, you're right there before it or right there after it and, and how you might approach that window. People like Michael Kitces and, and really like smart people out there. And so that's all I'm saying to the industry out loud through this beer drinking podcast right now is let's, let's push for some novel ideas like some new things in target date funds. Roslyn, you look like. Sorry. [29:18] Rosalyn Brown: The only thing is, you know, when we talk about guarantee income, people start to think annuity and, and people are like either they've had it, they've been burned by it. They, you know, and it's hard. It's going to be hard. Get away from. When you say guaranteed income, people automatically go back to when you say people [29:42] Chad: do you think the consumer, your clients or financial advisors or both the clients. [29:48] Rosalyn Brown: I think hell, financial advisors love annuity. I mean what pays better than an annuity? [29:55] Justin: Come on, the lottery for everybody. [29:57] Rosalyn Brown: You get one, you get what you. I hear you but plenty of clients, if they've touched it, felt it, their mom, dad, cousin, brother, sister, it's, it's hard to, I mean the marketing folks are gonna have to get some, some work in like oh, they're working hard on guaranteed Income is not catchy enough because people are like, is that we. [30:22] Justin: I can't. [30:23] Chad: Do you see why Roslyn's on this show? [30:26] Justin: Yeah, I do. And I can't. I can't leave this behind because we all gave. I can't remember the guests. We gave them a bunch of. A few months ago when they talked about re enrollment. As you reach this window that we're talking about, JD And. And I thought in my mind was like, oh, I love it. I love it. If people default into a target date fund, if they default to manage to count, how awesome is it that we would re enroll them into something that's more appropriate for their. For the stage of life that they're in at that stage. If we all are under the assumption that target date funds are not it, then I think that. That they have a chance to opt out. But I think they need a nudge. They need to be encouraged to go to what we believe is right for them because the average worker has no clue that. Why do you think we don't let them build a portfolio? Because we know they're going to fail at it. [31:17] Chad: Here's where I push back on that. And people have heard me say this on the show. Like, I think if you're in the guaranteed income business right now, Roslyn, if you're one of those companies that wants to. Has built something, wants to get it out there, your only real option, kind of to your point earlier, of like, people will see this as an annuity and they'll want to steer clear of it, both, you know, the clients. And so your only option is to create what Chad just talked about, which is like a default where, look in a foreign. And they're pushing really hard for this. And anyone could put on a tinfoil hat. Anyone could put on a tinfoil hat and kind of get freaked out about that, but I do, and I don't trust the industry enough. When I say industry, I mean the record keepers and the investment providers to give them that kind of leeway to start defaulting people into guaranteed structures. That a smart person's got to dig into the revenue and how that works. Anyways, I. I just think that's a little sketchy, but so keep your eyes up. [32:22] Rosalyn Brown: I think Schlecter would love that. [32:24] Chad: No. Did she freeze on us? Rosalind, Say that again. [32:27] Rosalyn Brown: Oh, I think what's his name out of St. Louis? What is it, [32:34] Justin: the boogeyman? [32:36] Chad: That's a great point. Not only is he gonna love that, Roslyn, he's gonna Love those pooled employer plans we talked about earlier and all that conflict of interest. Oh, my God. [32:47] Rosalyn Brown: Probably in the office right now, like drawing up paperwork. [32:51] Chad: I don't know. [32:51] JD: Is. [32:52] Chad: Is Nevin still here or was he here? I thought I saw him earlier. I. [32:57] Mark: He's gone. [32:58] Chad: He bailed. I. Schlichter's moving on to like group health stuff or something. I feel like, really? Someone in the chat bar backed me up on that. He's kind of. He's. He's resetting his sights. [33:11] Rosalyn Brown: That's a new challenge. He said this is too easy. [33:15] Chad: I wouldn't say he crushed it in our space. I. I'd love to do. [33:19] Justin: He crushed it for his practice. [33:21] Chad: Did he? [33:22] Justin: He made hundreds of millions of dollars. [33:25] Chad: Okay, I forgot the whole math on that. I mean, he spent a decade or more trying to do that. Costs a lot of money. But. Okay, let's. Let's play a game, Rosalind. Let's play a game. You ready to play a game? [33:39] Rosalyn Brown: Sure. [33:40] Chad: This is the totally original. Was never, never copied. Another game. I thought of it all on my own. It's the Noper dope game. [33:50] Rosalyn Brown: Okay. [33:55] Justin: Mark your face. I love it, buddy. Every time. [34:05] Chad: Okay, Roslyn, this is going to go to you first. And it's pretty simple. You're gonna let me know, is this. Is this dope or are you. Nope. You know, thumbs up or thumbs down about this. Some people out there might say, lamer game. That's something I might come out with too. A version of this game. And then give us a little description of why, especially you. So this happens in my family. I go into the refrigerator, or maybe it's even like peanut butter in the cabinet. We should talk about freezing or refrigerating your peanut butter, but that's for another show. Okay. So I grab a jar, I open up the jar. It has been opened by one of my family members before, but they. You know how jars have that little protective kind of peel back layer on the top? I'm kind of a school of thought, like you peel it back and then you put it in the trash and then you put the lid back on the top. But apparently there's a lot of people out there that like to kind of little keep that layer happening inside there. Where do you fall in this camp? [35:11] Rosalyn Brown: I actually think it's cut and dope. Unless. Unless I need to microwave it. Because sometimes at the end of the peanut butter, you might have to microwave it to get the last little bit at the bottom. [35:22] JD: What? [35:22] Rosalyn Brown: Or if you're gonna. If you're gonna mix it into yogurt or pour it over ice cream or something like that. Like, you. You need to microwave it a little bit, so you got to get that part off. But, yeah, other than that, you know, keep the freshness. And I need to know that people are messing with my stuff because my food is my food. I don't care who else is in the house. [35:38] Chad: Like, you're for it. Chad, if you agree with her on this. [35:42] Justin: No, not at all. Like, the times that the flap falls down on your hand and hits the back of your hand when you're trying to get into the jar. Oh, my God, it's terrible. It's terrible. No, throw it away. But, Rosalind, I can't skip past warming the peanut butter for ice cream. [35:59] Mark: Brilliant. [35:59] Justin: Or yogurt. [36:01] Rosalyn Brown: Yeah, so you gotta take the whole thing off because it'll spark a little bit if you don't. If you don't. When you put it in the microwave. [36:06] Chad: That's all. [36:07] Justin: Oh, I'm so into this. I can't wait to try it tonight. [36:10] Chad: Justin, this must upset you, because. Here, I'll give you an extra detail. Usually when you peel back that little layer, it doesn't come clean in one thing. Like, you get little sides that tear off and things like. It's just not a very OCD I'll drink thing. So, Justin, how do you feel about this? Thumbs up. [36:31] Mark: I just take a knife and cut around it if that starts happening. But, yeah, that thing goes in the trash. I'm just more focused on the melting of the peanut butter. My favorite ice cream is chocolate peanut butter. You know, with the hardened peanut butter swirls inside. [36:43] Chad: And that is great. All right, Robbie, where does your household. [36:50] JD: I'm. I'm just making sure I didn't hear what I thought I heard. Are you. Did you say you keep your peanut butter in the fridge? [36:59] Rosalyn Brown: Not me. No, no. I'm a room. [37:03] JD: Okay. I was just making sure. [37:05] Chad: I thought maybe that was a thing. [37:08] JD: Another problem. If that was the case. Yeah. [37:10] Mark: No. [37:10] Rosalyn Brown: No stuff. [37:11] JD: No rip. Rip the thing off. It's easy. What are we talking about? [37:16] Chad: Okay. [37:16] Rosalyn Brown: All right. [37:17] Chad: Roslyn Nobody. Number two. You're. You're shopping at your local. Local grocery store, and you got a cart full of stuff. You know, like you're. You're loading up for everything you need back at your house. But, you know, you're thirsty. You know you're thirsty, and so you grab that. I don't know, maybe it's an iced tea off the shelf or it's A water bottle or you know, who knows what. And you're going to pay for it. And you can easily put the cap back on it. It's a screw on cap, but you have not paid for it yet because you're going to continue to shop, but you're going to crack that baby and drink it while you shop. Like, is this. Nope. Or dope. Are you okay with this or is this theft? [38:01] Rosalyn Brown: No. Hell no. Like, no. I keep a water bottle with me at all times. I have my. My whip and water mug. [38:10] JD: Oh, cool. That counts. [38:12] Chad: That counts. We inspire. Promote. Network. [38:16] Rosalyn Brown: Network. [38:18] Chad: All right. You gotta drink for that. [38:19] Rosalyn Brown: So keep you some water with you and drink what you've paid for until you've paid for it is not yours. [38:25] JD: Wow. [38:26] Chad: Are you gonna pay for it? [38:28] Justin: Yeah, you're gonna pay for it. [38:29] Rosalyn Brown: Going to pay for it. That's not enough. [38:32] Chad: I was gonna pay for it. Chad, how do they feel about this in Missouri? [38:36] Justin: I'm 100% in at the store. Like a week ago, I hadn't had lunch yet, so I opened up the top of the Chewy Chips Ahoy and I ate cookies while I walked. [38:46] Chad: That's next level. That's next level, Chad. [38:49] Justin: I mean, I'm gonna buy it. It's like pumping my gas, right? I slide my credit card, but it doesn't mean that I've paid for it yet. [38:55] Chad: Chad, you've. You've opened my eyes. Next time I'm just gonna unwrap that sandwich and start eating it down the aisle. Justin, what do you do? [39:03] Mark: I'm gonna start. I'm gonna start doing that beer. [39:06] Justin: Hey, when you go to the. Where have we been this whole time, guys? I mean, hey, when you go to a bar, do you not open a tab, drink your beers, and then close it out later and pay? [39:15] Mark: But they have my money. They have my money. [39:17] Justin: You gotta pay for it. [39:18] Chad: Robey, I want you to be honest with everybody, Not. Are you okay with this? Have you ever done it? [39:25] JD: No, I have never done it. Never will do it. I think if you do it, you are a shameful person. I think that. I think. I think that. Oh, yeah. Rub your hands together, buddy. Hey, listen, listen to me. Listen to me. The only time that that's reasonable, go to Costco and get samples, all right? If you're really that hungry or thirsty, [39:51] Chad: people don't know this out there. You think rogue guy's this rebel. He goes scootering in towns and gets black eyes and wears a robe on stage. But he's actually very conservative. Like he's very. [40:03] JD: I am scared to death of doing anything wrong to get in trouble. So no, I would never open something before I pay for it because I feel as if the minute I turn that, aisle number three, there's going to be police there. I'm getting arrested. [40:17] Chad: Okay, hold on. [40:19] Mark: But you're not going to. [40:20] Chad: We'll end it with that. I had a couple of duds, but I want to get on to some other stuff. So that was another edition of no Per Dope. Roslyn. Thank you for your insights on that. I, I titled this next next topic Roslyn's World. I don't know why, but let me try to explain why. I was at a conference to everyone out there listening with Roslyn. She was sitting a few rows behind me and, and some subject matter came up and I don't know if she stood up or. [40:53] JD: This is the one you got kicked out of? [40:55] Chad: Sorry, what? [40:56] Mark: Was this the one you got kicked out of? [40:58] Chad: No, no, no, I didn't get kicked out. [40:59] JD: Okay. [41:00] Chad: And, and we were just talking about general retirement plan stuff and she got up and she started in on this very passionate, kind of level headed, logical, smart take on the retirement plan industry as a whole and how we, for lack of a better term market to the consumers, right? Like teach them, hey, you need to save more. You need to put this much percent of your pay away and you put this much, you need to have this much money by the time you reach retirement so you could live this quote unquote retirement idea of two senior citizens walking on the beach and sailing away to Paris, France or whatever it is that they do. And she passionately described a different methodology. And I, I think Roslyn won that. Focus more on people's current life and their current day and, and next week and next month and not 20 years from now. Because I think you said like, and as someone who's been in this industry a long time, you said something like, they don't care about what's going to happen 20 years or 30 years or 40 years from now. They care about what's happening now. And I was kind of like, wow, that was so simple, but so true. And I immediately was thinking to myself, like, this chick has to be on retireaholics. Like the way you looked at it from a different headspace. So anyways, I'd like to talk a bit about that and then we'll get into kind of some other stuff. But can you share with everyone your day to day job and, and how you teach people to to how they should look at finance as opposed to the way our industry kind of does it. Is that a fair question? [42:46] Rosalyn Brown: Well, in our industry, you know, not for nothing is a bit boring and it's a bit disconnected. Like, people who want to talk about retirement is typically because it's within arm's reach. Like, I'm about to retire next year. Can you tell me if I have enough? Like, they probably don't have enough, but, like, now I'm ready to talk. And my niece. So I always say I have, like, tons of stories and my family is huge and crazy, so they give me great material. So my niece says she is working. She is 19. She is working at a sandwich shop. So thank God she had a job. And she is making, you know, good enough money working at the sandwich shop. And she says, I've been saving. I don't know what I'm saving for. And I'm like, well, darling, what would you like to do? And she's like, I don't know. And I said, well, have you started saving for retirement? Once again, she's 19. Why? Why now? Why? She doesn't want to buy a house, she doesn't need to buy a car. Like, none of these things. She's in college, all those things. And so really, there was no motivation for her to start saving for retirement. And so I changed it up. I said, why don't you save for a day that you just want to take some time off work? [43:58] Justin: Right, right. [43:59] Rosalyn Brown: That could be a month, a year. It could be the rest of your life. [44:03] Chad: I almost did a. I almost did a headline today. It was on 4K, Specialist magazine. It was how Taylor Swift and Beyonce concerts are killing it in the billions of dollars because people are coming out in droves to these concerts. And so, like, something like that, like, oh, I want to go to a concert in the summer and get a nice seat. Like, save for that. [44:23] Rosalyn Brown: And it's freedom. At the end of the day, money is freedom. People who have money get the freedom to say crazy stuff. They get the freedom to wear weird stuff. They get the freedom to name their kids apple and orange and pear, and, you know, they get a chance. Those are the people that are out day drinking. Those are the people that are at games. Those are the people that have the freedom to get up and go. And the less money you have, the less freedom that you have. And so I'm always like, well, girl, what you want to do? Like, what's important to you? [44:53] JD: I don't know. There are a lot of people who don't have money that seem to be very free. I will say that much. [45:00] Rosalyn Brown: Are they. But that's. [45:01] JD: They're run. They're running around here everywhere. [45:03] Justin: I'm just saying. [45:04] Rosalyn Brown: Well, so I'll tell you, I actually used to volunteer for an organization for trans people in transition. A lot of times they were leaving prison, and so they were reintroduced to the workforce and so forth. And I would be their budget mentor. And so as we're looking at the way that people manage money, they're in this moment, and depending on the life experiences that you've had, you can't look 20 years out. For sure, you are in this moment. So when you're saving, it's a lot easier to conceptualize saving for a Beyonce ticket than 65. And when I'm going to retire, like, it's just not realistic that [45:46] Chad: Rosalynn Roslyn, the way. The way you presented it at that conference to the group that was there was like, look, if we want to get everyone's attention and if we want them to work with us on their financial literacy and their financial planning and all this kind of stuff, we need to stop talking to them about this. This imaginary day way out in the future. This was the. The simple but, like, blow my mind concept with what you said. And we need to then instead change our entire narrative to, like, what you're talking about. Like, maybe it's a concert coming up. I mean, Chad. Well, is there logic in this? I mean, could you see industry promoting this more? As opposed to VOYA Putting a seven figure number on TV that you carry around with you? That's 1.7 million, you know. [46:40] Justin: Two thoughts. The gibazillion commercials from. From ING back in the day, which is not an Ackerson mark. [46:47] Chad: Oh, yeah. [46:49] Justin: It's hitting a specific target. It's not. [46:52] JD: If JD says hit the button, I hit the button. I'm just doing what I told there. [46:59] Chad: The N is for Netherlands. The N is for Netherlands. I can tell you that. [47:03] JD: Okay. Yeah. [47:05] Justin: They're targeting people that have assets. It's a different story. Rosalynn, I absolutely love what you're saying and agree wholeheartedly that this is the way we need to communicate to. I'm gonna say people my age and younger, 40 and younger. Like, this is where we need to be having the conversation because it is hard to think about the future. Webby said in the chat bar, I started saving at 23 for my retirement. Well, Webby, you're in our space, and I need. I need. [47:31] Chad: Maybe he wasn't when he was 23. Maybe he wasn't when he was 20. 23, Chad, but I get your point. [47:36] Justin: I need this kind of shock back into it. We get so deep in our retirement acumen and the life that we live that we forget the average person we're talking to does not even like the term retirement. They don't. It's not something they can think about. So bringing it down to something that is more relevant is incredible. But the question that kept popping in my mind as you were talking, though, would be, do you still encourage them to use the 401k for that savings? Or is it, hey, you need that money sooner, you want to go to this concert, so do something different. [48:09] Rosalyn Brown: So in my opinion, saving is a muscle. It is just like all exercise. [48:14] Chad: Great answer. [48:15] Rosalyn Brown: So sometimes you actually have to get to the point where you can save, and then it becomes easier to do. So, I mean, if you've ever, you know, worked out, all of a sudden it becomes easier the more you do it. So to save for the Beyonce tickets, I did it. We went. I was in all my, you know, sparkliness, and, you know. [48:36] Chad: Did you actually go? Are you just talking? Did you actually go to Beyonce concert? [48:39] Rosalyn Brown: I didn't, but if somebody wants to donate some tickets, somebody wants to do some client entertainment. So that. That puts you in a mindset of, I can do this. It becomes something that you can do and you can build up on, but it's working that actual muscle to get you to the point where this is not crazy, this is not absurd. I mean, when you start talking about you need to save a million dollars, hell, I might as well live today because a million isn't going to happen. [49:10] Chad: And so people are like, he won't do shit. Right? [49:13] Rosalyn Brown: Yeah, there's no need. If I say I need to lose 300 pounds, people are like, listen, I'm never going to lose. [49:20] Chad: Yeah, I get it. [49:21] Rosalyn Brown: Let me order donuts. [49:22] Chad: Like that. [49:23] Justin: And so what do we do as an industry? Rather than creating content like you're describing, we just say, don't worry about it. We'll auto enroll you. It'll be a requirement moving forward, which is not a bad thing. But I do feel like we have to change the way in which we pitch what people need to be doing so that they can exercise this muscle and see benefit out of it. [49:44] Rosalyn Brown: But we're not really creating content that people can relate to. I mean, I. I tell stories. I always say, you know, I have enough mess within my family that I can give you, like, a story about any product that you're trying to sell. I think I shared at that conference, the Sway conference. So check out Sherry Fitz there. But I shared a story about my sister. And my sister was 39 years old. [50:06] Chad: We're not going to share this story again, are you? I'm going to. Go ahead. [50:09] Rosalyn Brown: You're going to cry. Okay, so I shared a story about something that happened to her. [50:13] Chad: No, no, Rosarin. Sure, sure. I'm not. [50:16] Rosalyn Brown: I'm like, I don't. [50:17] Chad: But you were going to share it. Please share. I wasn't trying to stop because. [50:20] Rosalyn Brown: So I have a community for black women. And we are all on our journey towards financial independence. And most of us are like, save money. You know, can we make more money? All this kind of stuff. But one thing that a lot of people forget is the estate planning side, because we're young. Like, what's going to happen? You know, we got plenty of time. We know grandma lived to be 80, 90, whatever. And so my sister was 39 years old, four children. She had a massive stroke in the bathroom of her job at 39 years old. This was January of 2020. My sister still does not walk, still does not work. I can understand what she's saying, but she is not really functional in the way that she was at 39. And so I remember being like all this, you know, when you turn 40, like, what are we gonna do? Like, all these milestone type things. And so I remember having a conversation with the ladies about, what if you don't die? Because oftentimes we're like, great, get life insurance, write a will, but what if you don't die? And so for my sister, she unfortunately was on her third marriage, so she had children from a marriage, children from a marriage, children from a marriage. And I remember my niece's father was in the military station in Korea. And I'm literally messaging him, asking him to sign documentation so I can take care of my nieces, because my sister stayed in the hospital for nine months. [51:45] Chad: You're just trying to take care of the kids. You're just trying to take care of. [51:48] Rosalyn Brown: And so we are trying to step in because that documentation didn't actually exist. She was on her third marriage to a man that she had married for less than probably, I think, at that point in time, they had been married about six or seven months. And so by default, he is her next of kin, which means he can sell her property, he can liquidate accounts, like, all of these things. The what if you don't die? And I chose to phrase it in that Manner. Because a lot of times we think about if I die, but what if you don't die and the default is your brother that you don't get along with, or your mom or your spouse that you're actually not living with or don't like anymore, and you all are thinking about a divorce, but it didn't actually happen. What if you don't die? Have you thought about and spelled out what happens? Because what if you get better and all of a sudden everything that you worked for you can't recover from, and it was all legal and. [52:48] Chad: And it's not just about you. It's. It's about the. Your children, too. Like, anyone who's a parent out there knows, like, you care less about your own situation and more about the situation of your kids. And so if you don't plan well and then they're screwed in some way, because that's heavy. Roslyn, Ed commented like five minutes ago that you were the best guest we've ever had. And I don't know if you know Ed even. I mean, I don't, but I love it. And Ed has been to lots of these shows. I'm gonna back him up and say you've been intelligent, charismatic. You kind of just diving right in with us like, you're phenomenal. And then you go and share this heart wrenching story, and I hate you for that shit, but that's good. So anyways, you're crushing it. We're not done yet. And I'm not just trying to be nice to you. Like, you literally are killing it. So thank you for bringing your shit to our show tonight and in working with us on this. It's awesome. I think the takeaway there. And who am I to give Rosalind's takeaway here? But is that as an industry, of course, we've been focusing on this date out in the future, and we should learn from Rosalind a little bit and start to change our message, our narrative, our talk, and try to help people with stuff that's more right in front of them. [54:27] Justin: Relevant. [54:28] Chad: Yeah, well, sure. Relevant. And. And more. More interesting to them. More, you know, like. Like things that they would actually pay attention to versus, like, way, way out in the future. And so, Roslyn, when you stood up and you said that in that room, I. Obviously, it's not a crazy, complicated concept, but the. The way you put it out there made me someone who lives, breathes, and sleeps this industry. Stop and pause. And I was like, wait a second. The way that she kind of said that Like, I agree with her. Like, why aren't we doing that? So let's see if we can give more fuel to your fire. And, and maybe our industry can start to do a little more of that. And people that are listening, that are here tonight live or that are listening out on YouTube or in the future, everyone can do their own part, right, to start to kind of change the, the way we execute this thing called financial planning and, and wealth management. And Roslyn, I appreciate you, you sharing that, but what you might want to do, probably not. I'm just kidding when I say this, but what you might want to do is tell the people, you know to pay attention to Rogue Guy when it comes to investing because we can't, we [55:42] JD: can't transition from that [55:48] Justin: time out. Hold on. [55:50] JD: We. What we never do very well. Shame on us is again, Roslyn, everything that JD Said, obviously we echo all of that. But more to the point of shameless, plugging yourself is where can people find you? Because I think the chat bar is going to want to follow along. I heard Justin mention something about YouTube. Like, what are you doing content wise, if you don't have a podcast? I'm just saying, like, Roslyn in the robe might be a good concept for a podcast. We could just like spit all that later. So plug yourself few different places. [56:28] Rosalyn Brown: So of course you can look me up on LinkedIn. Roslyn Brown, super simple there, my YouTube channel. So I created a community for black women on their financial independence journey. We talk about financial independence in a way that looks more unique for us. It is not the boring retirement journey. So it's a lot of different stories. Some of them are not just for [56:48] JD: white dudes drinking beers. That's not what it is. [56:51] Rosalyn Brown: We don't drink beers. But we have talked about people transitioning careers, even in different industries. I'll leave it at that. And that's called your wealth guidance. And so that might be, you know, leaving the United States. It might be. I know people who are doing Airbnb in Senegal, people who are moving to Mexico, people who are doing all kind of different things. So that's the, your wealth guidance. And then of course, you can always find me through within. So we. [57:24] JD: I'm not going to, I'm not going to penalize you for that. [57:27] Chad: Spice. Pumpkin spice. I'll drink for that. I'll drink for that. She's got a little. [57:34] Rosalyn Brown: So be sure, you know, to check us out on the w I p n.org because can she spell it out [57:44] Chad: like that or Do I have to drink? [57:47] Mark: You gotta go. That's the third one. [57:49] JD: I'm just gonna keep telling you to drink. [57:50] Chad: Katie. God damn. [57:54] Justin: I'll help you, jd. I'll take one. [57:57] Chad: Yeah. [57:58] JD: What is that? Chad? [57:59] Chad: I think we'll talk a little bit of the we inspire and promote network in a quick little after show, maybe. But yes. Mark, thanks for giving our guests a chance to promote themselves. I appreciate that. But I'm here to promote robe guy. Because, Roslyn, you don't know this. You look at him in that silly robe and that backwards hat and you think, what the fuck does he know? The guy? [58:28] JD: Nothing. Nothing. [58:29] Chad: The guy, he was born, he came out of the womb uttering ticker symbols of stocks that people should buy. He literally like wakes up in the middle of the night and his wife is like, robey, what are you saying? And he's just. He's just spitting out tickers of, like, new stocks that people should buy. This guy knows how the market works. He sees into the future. He's a God damn savant. Brannon, play the video. [59:13] JD: Yeah. [59:13] Chad: He told you by Netflix when it was 199. It's 384 now. He told you by Apple at 142, it's 173. He told you by Twitter before, right when Elon bought it. We all know how that turned out. That was a 24. No. Yeah. 24 gain for everybody. Home Depot. He said buy, that's up. Peloton. He said sell. That's down. Down big. By the way. Larity said sell, that's been cut in half. Birdie said, sell, that's been cut in a third. I mean, rogue guy, you're. You're a freak show. Has he gotten a few wrong? He said Budweiser, and it's flat. You know, he said, buy Budweiser in the middle of all the drama. We know the drama. He said, look it, we're gonna go back to drinking Budweiser. Don't worry about it. It's been flat. I think the. The jury's still out on that one. He told you to buy Nvidia when It was like 355 and had been on a terror. And everyone's like, what? This guy's crazy. The stock's been like tripling, quadrupling, whatever. And he's like, buy it. It's a 410 now. He missed out on Levi. I don't want to give all the good news. Levi Strauss, he's at 15. He wanted you to buy it. It's down to 1282, but you know, he can't. What? Robey. Did I get that wrong? [1:00:32] JD: I for sure did not say buy that one. [1:00:34] Chad: Oh, so Disney. [1:00:39] JD: He did say I shouldn't say that. Go back to the tapes if I was really. [1:00:43] Chad: Yeah. Someone checked the tips. Inebriated Tony says Disney was a cell. So you crushed Disney to. Or Levi too. Sorry. Levi was a cell and then Disney at 90. You said it's crack for kids. In a good way. And we should buy it. And it from 90. It's now 82. But hey, I don't have to do all the math. [1:01:03] JD: I'll take that. I'll take that. [1:01:05] Chad: I don't have to do all the math for everybody. Kid's been fucking on fire is what I'm trying to say. The kid's been on fire. All right. I got a new stock for you, Robbie. The ticker is D A S H. And I'll drink for that. And it trades on the New York Stock Exchange. It's got a current price of 75.61. It actually had a 4% drop today. Yes. Sherry Fitz, you're on the right track or you're not on the right track. You're on the actual track. It had a high of 90 at the end of July this year. It's currently again 75 61. It traded in the 50s throughout 2022. It had. Let's see, it had revenue in 2019 of just under a billion. When did Covid happen? 2020. Right. And it was over 3 billion. Surely that was fuel to the fire. 2021, it was just under 5 billion. In 2022, it was $6.6 billion in revenue. My son started jumping on an app and ordering food and. And I thought it was embarrassing that he was asking someone else in their Toyota Corolla with rust around the wheels to drive down to the local taco shop and bring him a burrito supreme or whatever it was. I was like, this does not feel right to me. Like, I don't like this. This cannot make economical sense. And now I use that shit like it's going away. I'm a. I'm obsessed with it. I'm working on my keyboard. I'm like, doordash. I shit. Bring it to me. I got important work to do, man. Like, I love this thing. And then I. I tip like a goddamn beast mode for those people because I'm so embarrassed that someone's bringing me food. But sorry, I'm getting a little wasted, people. Doordash is the is the stock. Robey, take it away. What do we do here? What do we do? [1:03:19] JD: So I mean this is one where you have to kind of, you gotta think about it, bigger picture, right? Because I agree, the, the first off, the concept is phenomenal, right? The fact that you could be on feeling like garbage, whether that be ill, like actually sick, or maybe you just drank too much that the night before and somebody will literally bring you, you know, like Taco Bell. I mean it's, it's great. That's such a, that's such a great concept. Now what I don't like is that, you know, I've used, I've used it before and I'll go on there and go to order a couple of things and then it's like, oh yeah, service charge this, charge that charge. Now it's like $30 more than like I could just go down the street and pick it up, right? Like it's so. I'm like, ah, it feels like. [1:04:12] Chad: Excuse me, Rob, Excuse me, Brandon, can you take that chart to like a five year or a one year? Go on. [1:04:17] JD: Sorry. So I. First off, Sherry, I'm not stalling. I like to give a little insight. Usually I just go for it. But I think that at the end of the day, right, I'm all about safety and who am I thinking about right now? You just said it, J.D. i'm thinking about your son. He goes out to the Miami bars, he's having a great time. He gets home probably through an Uber, hopefully, right? He's safe. Nobody wants anybody on the road or out there finding food at that time. And I, who shouldn't be. So what's the best option? Have somebody who's in a state of mind to be able to do that in a safe way and bring you that food. I'll raise my hand. Have I ordered a food in that state? Yeah. Have I woken up? Have I woke it up the next day and ate none of it? Yeah. You know, it happens to the best of us. So here's my long. My long winded answer is you buy the out of this stock. This is a great buy. It's. I can see by the chart brand showing it's down right now. It's at a low buy low sell high. Get in there, buy it now. It's football season, people. Everybody's sitting in their underwear on their couch doing nothing but watching football and drinking beer and they're like, oh, I forgot to unthaw the chicken wings in my freezer. Boom. Buffalo wild wings is there on your doorstep in 15 minutes to an hour and a half. It depends. So buy it. [1:05:46] Chad: All right. Doordash. It's a buy post Covid. Robbie thinks this trend continues and we keep having people deliver stuff to our homes. By the way, I have all my booze doordashed to me before the show then. [1:06:01] JD: Okay, so that's the other thing I was gonna mention. Thank you for remembering. When you think of someone bringing something to you, I don't say, oh, I should have that. Ubereats to me. Oh, I should have that something. I'd be like, you like the name? The name? Yeah, yeah. It has more. [1:06:17] Chad: Okay. [1:06:18] JD: Recognition. [1:06:19] Chad: Back you up, Roby. Can I back you up? [1:06:21] JD: Yeah. [1:06:21] Chad: You guys, you guys all know I used to drizzly alcohol and now since I doordash all the time and someone mentioned the chat bar, we doordash our chat bar champions. I've realized, oh, I can doordash alcohol to my house. So I. So I do that. And I did that before the show. So anyways, well done. Yes. [1:06:45] Justin: A quick story to know why a group like Doordash can be more profitable on smaller margin too, is that folks like mark will order 17 Mexican pizzas and 37 tacos when there's only four people in the house. So there's a. There's a. There's a. What's your point, Chad on that for quantity? [1:07:03] Mark: What was that bill? [1:07:04] JD: Oh, my God. When it's on the company card, what do I care, Dustin? [1:07:11] Justin: It was like a first time sign up. Get $15 free if you spend a hundred. And I'm pretty sure Mark hit a hundred dollars at Taco Bell for my wife, his wife, and the two of us. [1:07:23] JD: Chad, I ordered. I ordered Domino's from your hot tub. Okay? Don't ever count me out. All right? [1:07:30] Chad: Can you imagine if we could actually audit the financials of the Chat Bar Champion prizes? Like we should guess what you're talking about. [1:07:41] JD: They're talking about a pooled employer plan not having checks and balances. You're the one who audits that. [1:07:47] Chad: I'm just telling you, we spent a lot of money on that. All right, Roslyn, I started pre drinking before this show. So I had a Budweiser, then I had a White Claw, and then I had an Old Fashioned. Now I've been drinking some more Budweisers. I ran out of my Old Fashioned. I've been having Casamigos tequila. But my point is, I don't remember who won Chat Bar Champion last time we had this show. So I apologize to that Person. [1:08:20] JD: Well, I was not. We weren't here. Justin. [1:08:22] Chad: Who won? [1:08:24] Mark: I. I don't remember either. [1:08:25] Chad: Someone go find out and we'll give them their proper was. I hope it was Hackler. If it was Hackler, I'm like him. He's family. Who cares? [1:08:34] JD: Hey, it's Kush on the big TV again. Oh, sick of me already. [1:08:48] Chad: Actually, that's perfect. We'll deliver Kush, his chap, our champion. Prize at wealth at work, because he'll be there. [1:08:55] Mark: Oh, nice. [1:08:56] Chad: In Washington of the District of Columbia on the show. I don't know. Maybe. Maybe he talked about it. I don't know. Kush. Kush. Is he here? He's here, right? [1:09:06] Mark: Is here. [1:09:06] Chad: Okay. Anyways, every week. Every week. Every other week. Roslyn, we actually, if I want to be specific, it's the first and third Thursday of every month. We choose a chap, our champion. It's just someone in the audience that you liked or didn't like or just want to vote for or whatever. Whatever you want to do. You do you. Who is your vote for Chap, Our champion. [1:09:32] Rosalyn Brown: So this is pretty easy. This is actually the person who introduced me to we inspire. Promote network. It's Daniela. [1:09:41] Justin: Oh, my God. [1:09:43] Chad: She shouldn't be getting votes for friendship. Her last name. Hey, hey, Rosalind. Her last name is actually pronounced. That's how you pronounce it. Justin, your vote for Chapo champion. Ackler the Hackster. [1:10:03] Mark: Yeah, that zinger. [1:10:05] Chad: Okay, Robbie. [1:10:10] Mark: Dang it. [1:10:10] JD: It's not here anymore. I wanted to vote for dude because I just wanted to unveil themselves. [1:10:18] Chad: Dude bailed. [1:10:19] JD: I can't help but think of that movie. [1:10:22] Chad: We went long. We're going. I know. [1:10:23] JD: It's my. It's my fault. You know what? I'm just gonna piggyback here off Roslyn. Daniela is fantastic. [1:10:30] Chad: Daniela and Hack Chad. [1:10:33] Justin: I already wrote it in the chat bar earlier. Hack. Singular. Comment on JD's setting up another apology was enough for me. It had me laugh out loud. [1:10:43] Chad: Okay, okay, okay. I'm not gonna with that. Let's go head to head. Let's go head to head, shall we, Robi. [1:10:53] JD: Oh, no. You know the drill. [1:10:55] Chad: Everybody out there, you know the drill. We got Hackler, we got Daniela. By the way, those are two titans of the channel. [1:11:02] Justin: Those are. Those are original gangsters right there. [1:11:05] Chad: So Daniela and Hackler, like, take your time. Don't feel, like, pressured. But I mean, if you're prompt, that might give you a little more points. I mean, I don't know it all Depends on the judges. So you need to finish Roby's sentence. You know how this works. And you will get the big prizes. And I want to put this out there right now. When I say big prizes, I'm claiming this head to head because it's two champs. Like, it's two goats. And I'll drink for that. Like, this is gonna be a big prize. Like, this is gonna be, like, big prize. I'm. I'm reaching into the Amex and throwing down some on this. Some. This is gonna be big time. Okay, so bring it. [1:11:47] Rosalyn Brown: So bring it home, Daniella. [1:11:49] Chad: Mark, let's go. [1:11:51] JD: Oh, gosh. Oh, no, no, no, no, no. [1:11:55] Justin: Think of your football, Mark. [1:11:57] JD: Struggling. [1:11:57] Chad: Don't flex them, Daniela. Stretch them, Stretch them. [1:12:02] JD: Oh, gosh. Okay, I need some help. Your voice. I'm struggling. [1:12:12] Chad: No, you don't. [1:12:13] JD: Yeah, I. I might have to phone a friend on this. [1:12:18] Justin: Give them a. Would you rather. Mark, you always come up with good. Would you rathers? [1:12:21] JD: Yeah. Okay. No, because that. That's the. I'm giving them the answers for that. [1:12:27] Chad: Okay, We've had a great show. [1:12:31] JD: I'm ruining it now. [1:12:32] Chad: You're ending it in a shitty way. Like. [1:12:35] JD: No, no, no, no. [1:12:37] Chad: Can you. Can you be a professor? Do your. [1:12:39] JD: Gotcha. I got you. I gotcha. Okay, if. If you could. If you could visit. No, no, no, no. Not going there. Okay, how about this? I'll make it simple. What would you order? JD from Taco Bell right now. [1:13:08] Chad: Okay. Took you a long time to get to that, but that's okay. That's not bad. Tony says, kind of lame, but, you know, very lame. Yeah, Robi, stay sharp. We're professionals at this. What did Brandon say? Resume. That's solid. That is solid. Oh, wait, Danielle is in. That's pretty good with a. But Flaming gordito. [1:13:42] Justin: Go. [1:13:45] Chad: All right, Roslyn, you're going to want to vote on this. [1:13:49] Justin: Diabetes. [1:13:51] Chad: Roslyn, who's the winner? A butt? Flaming gordita or diabetes? [1:13:56] Rosalyn Brown: You know, the flaming gordita. And I will say, because if you haven't watched the History of Flamin Hot Cheetos, I think it's on Netflix. Check it out. I love that guy. [1:14:09] JD: I've heard. I've heard. [1:14:10] Rosalyn Brown: And how he was able to just take his career and move past middle management when they didn't want to give him the opportunity, he actually made the recipe with his kids and his wife in the kitchen. [1:14:23] Chad: You think that that's what Daniella is referring to? [1:14:26] Rosalyn Brown: Yes, of course. In honor of Mr. God. And he's still married to his wife and everything. Flaming hot cheetos. Yes. I love him. [1:14:35] Chad: I love her. [1:14:36] Rosalyn Brown: I love that answer. [1:14:39] Chad: Daniela, were you referring to this, this concept? Because I, I want to overrule this. No, we're all taken. I. I've never done this. Roslyn, I respect you. I'm very thankful that you came on this show and I don't do. I've never done this. I'm overruling your decision. I'm giving it to diabetes, Diabetes, diabetes. Roslyn, for everybody in that total disrespect to you that I just did, I'm gonna flip it now and say thank you so much for spending Thursday night with us and for as Ed put it. And we kind of back it up. We don't say this to our guests. Being the best guest ever on retireholics and we've been doing this shift for eight years or something. So thank you so much for being our special guest and for now, you are ever in the retireholics community. Okay? You're part of our family. I know you got lots of those. And then to you, Chad, can you figure out how to get power to your house so you can be on the show? That would be helpful. [1:15:56] Justin: My in laws just brought 150. [1:15:58] Chad: No one wants to hear your excuse. [1:16:00] Justin: So I'm hoping the power's back on there. [1:16:04] Mark: Is it the whole block or just your house? [1:16:06] Justin: It's everywhere. The. The field at the school was out scoreboards. [1:16:10] Mark: Like you guys need solar power there, man. [1:16:12] Chad: Justin, whatever happened, I love you. Thanks for being here. I didn't do anything I approve of. I always approve of the color of your shirt choice. [1:16:23] Justin: Yes. [1:16:25] Chad: And Robi, you're on thin ice. Like, your job is to be like the charismatic one, the one who's ready with the funny, you know, like, that's why you're here. And so when we get to the end of a phenomenal show, a phenomenal show, and then we're waiting to put the explanation point, why is that hard? [1:16:50] JD: That was. That was a tough one for you. [1:16:54] Chad: I can't say you need to come through, bro. [1:17:00] JD: I know, I know. [1:17:02] Chad: I screwed. [1:17:03] JD: I admit when I'm wrong, man. I. I screwed up. [1:17:05] Justin: I'm sorry. [1:17:06] JD: I'll do better. I'll do better. [1:17:08] Chad: Maybe, maybe. And only if. If Rosin will stick around for a quick five, seven minutes or something and after show. But thank you everybody for tuning in our holics. We'll see you in two weeks with another guest. And I can't remember right now. So it's somebody. But they're coming. I. I don't remember. And yes, Devin, the Giants do suck. And thanks, everybody. [1:17:31] JD: Thank you, Roslyn. [1:17:32] Rosalyn Brown: Thank you. [1:17:33] Justin: Thank you, Roslyn. [1:17:34] Chad: Thank you for tuning in. Brandon, please. [1:17:35] Justin: Want to get a beer? I'll be back. [1:17:38] JD: I gotta go to soccer practice. I gotta roll. [1:17:40] Justin: Bye, Mark. [1:17:40] Chad: See you later. [1:17:41] Justin: Bye. [1:17:42] JD: Bye. [1:17:43] Chad: What is Brandon playing? Oh, wow, There's a Pirate. That's a new team. [1:18:13] Justin: Make my back. [1:18:16] Rosalyn Brown: And I place it. [1:18:20] Justin: Make my back. [1:18:21] Rosalyn Brown: Make my back.