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Full Show 12-11-17

Dec 11, 2017|

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This is the financial exchange with the very Armstrong and chunks of you're exclusive look at business and financial news affecting your day you're sick leave your world. Stay informed and up today about economic and market trends plus get breaking business news every day. And now the financial exchange with the Barry Armstrong and chuck Exxon. It's going continues to dominate the news cycle started trading on the Chicago board of exchange last night at 6 PM. University president's making more than two million dollars a year are they worth it. In the bed is gonna raise rates this week it's roundly expected that the Fed will raise rates on Wednesday. Hi everybody it's Berrian truck with you here on a Monday morning. And as hard as we might try chuck we can't get away from that. No we can't the the CBO we launching futures yesterday for bitcoin. In order to enable more accessible trading and allow more people to participate not in this trading. And what we saw is that in the effectively twelve hours since that launch occurred to him. Bitcoin rallied about 20% actually triggering circuit breakers twice. On the CBO we've because of the rapid moves in prices so be on the Chicago board of exchange how does that make it more readily available to investors that it was on Friday. What it does is it allows. Firms that required 88. A holding to effectively be registered securities and to affect trade these futures and it also opens up the total dole out the window. Of institutional investors can now because most of the investors in bitcoin have been people almost exclusively right now hedge fund. Or private equity firm could say we're gonna buy ten inch ten million. Bitcoin what are your ten million dollar for the but yet it also allows potentially for the development of exchange traded funds and things along those lines. A couple different ETFs have been shot down recently trying to build a bit coined back DT up. But now you have these features that you might be able to to use those futures in order to build something. That meets with the regulatory approval. The last big change the EC as a result of this. Is is going to become much. Easier to short points let's talk about that because the guy that's driving to work today may never have. Shorted a stock right knee deep beam me up be familiar with short with shorting entails. And I think folks it's under important that you understand this because it will. Undoubtedly. Result in increased volatility for that one party scene we have been going been volatile. But all the volatility that's part been on the upside you know what what what shorting a stalker shorting a security entails is you borrow that stock from someone else you don't owe it to begin so to 181001 of so would I don't want it pays what you thousand dollars and I let them or I had a bit. Okay you say chuck I want to own a short that bitcoin what you would do. Is you'd say chuck I want a bar your big point now I have to be creditworthy in order to borrow that from me because I'm borrowing effectively 181000 dollar for. Correct in what I'm going to do is I'm gonna charge interest on that is on the losing out on the ability to hole so I have to have an account yeah right. So like if I wanna buy and eat there if I wanna borrow an 181000. Dollar bit coin a prime have to have an account with what 40000. I do it depends on the exact margin requirement is depends on who your brokerage that we brokers but let's. Does a lot of times it'll be 50% margin rates so you have to have. 36000 dollars of cash in order to borrow. 181000 dollars with the equally. Exactly so what you would do is you would borrow that big point for me and you would sell it out into the open market and so you sell that eighteen what you are betting on. Is that the price is going to go down. In the you'll buy it back at a lower pricing given back to me right so let's just go back to our example I've borrowed from. An 181000 dollars if it goes down to 101000 what you do is you buy it back and give it back to meet and you've made that 8000 dollars because effectively. You only bought attend but you sold added eighteen initially but I have to pay you interest on the eighteenth. Walt while you're still bar when exactly now the danger in shorting a soccer any type of security so let's say that you sell into the open market city team. Imagine if all of a sudden it goes up to 45000. Right now you've gotta buy that back at 25000. And then you owed 27000. Dollars to close at that position or he can just keep paying the interest on it and bring you know hope that that it comes down and it never does your pain that interest in perpetuity exactly and the interest isn't cheap on things like is more for something like this that's expected to have a high short interest you can be paying easily double you double digit interest rates 20/20 530% per year. Right well the I hope that clarifies for him because I had a number of people asking me. What the significance was of going on the Chicago board of exchange the other thing it you need to remember is it to a December 11 today. On December 18 chalk it goes on the Chicago Mercantile Exchange yes so yet one more exchange where it will be available. Yes that's going to be happening a week from today and so you have both of the major US futures exchanges. Allowing for bitcoin futures to be traded so there's no doubt give some legitimacy. I do. As I do think that this has the potential to change the game somewhat in allowing institutional investors to move in whether that's a good or bad thing I don't know at this point. But be careful. You don't. I don't know what kind of race you go out last year but if you didn't get a 9% pay increase he probably went into the wrong line of work. Presidents at America's private universities. Saw their pay increased by 9%. In the year 2015. With several compensation packages exceeding. Two million dollars in earnings these are. University presidents were talking about here folks yet average comp package for a school present. It was 570000. That includes salary bonuses and other benefits. And there were 48. Presidents who made at least one million dollars and ten of those who made more than two million dollars which is up from eight the year before and now one of those ten who made more than two million dollars right here in New England Boston university's Robert Brown's total comp of that 2.4 eight million dollars. And so you hear clearly seeing that yes some of these effectively chief executives at these colleges and are earning neo. Pay that would be no not surprised not surprise you would be surprised to see it from a chief executive. The question today are poll question is do you think university presidents are overpaid and I suspect the overwhelming majority of our listeners will say yes university presidents at two million dollars a year are grossly overpaid. But we are the ones that facilitate that how do we do that well we eat we get all. Hyped up about making sure that our kids get to go to the best school and evidently Boston University must be the best school because they pay their president two and a half million dollars. Largely. The responsibility. Of the university president. Is to keep the school out of the news in terms of bad news or you know you don't want negative news but if you ever talked to a university president or prep school. Dean their jobs fundraising that's all they do its fundraising TV you know you would think oh they're involved and academics or maybe they're teaching where they they might but. Very rarely are they involved in that capacity most of the work that is done. By a university president is that I would call it an ambassador. For the school. Yeah it's it they are out at different events looking to fund raise for the school and and project an image for the school. In order to facilitate that fundraising that's that's the main job that they have as far as actually teaching her anything academic related. You know you have Deans of academic affairs and so forth to actually run those things and they report up to the president. But the president's job. Is largely to be that figure head in make sure bill. I Z a bigger programs whatever it is make sure those problems are dealt with. In order to not disrupt operations. Now it alive in the the pay will be there as long as we clamor to get our kids into the schools and is that that they're always gonna make that kind of money. Verizon Tucker Silva brought this story to my attention Verizon is paying billions of dollars to stream NFL teams on mobile devices. I will confess. I have never watched. Hockey game or a football game on a mobile device have you guys ever watched a at a football game on your phone. I did once I watched part of football game once part of it yet an entire. With the one sided it was the first time that Yahoo! had the streaming rights not just one I was curious more than anything else I just want to see what it would look like tonight if I have an all mindful can I somehow hook that up to my television yes. I you know what selling mirror something gay you can it mirror it or yeah there's a number of different because of the how do picture quality. It's not quite as you're not very help. I saw Joseph watched my fault if it's not quite as good as if you're watching Justin appears stream because you're having to bounced again and so there's another level of compression that happens. On the this deals can be 2.5 billion dollars over five years about a 500 million dollars a year if I'm a Verizon customer don't have to pay for this is an added feature doing just it is free you have not had to pay for it to this point does not mean that they will not charge you for in the future but would deems to do anything I want after. Sounds like it's 500 mil a year yeah I believe on an NFL mobile I believe it was anything any teams that you want to hear is now are so it's you know what it allows its for a live in market NFL games people watch any game you want but the games that are scheduled to be on in your market you're able to walk with my trial like let's say a Boston resident. Buy it on in New Jersey for the weekend Dubai does that mean watch. The giants game it's typically based on where you are where your contract is held in Sofia the contract in New Jersey you're gonna get the jets game feel the contract Ian. Minnesota you're gonna get the vikings game. So you're saying like yesterday. There are games and CBS were out there as the Panthers and the vikings game or that was fox sued mesa yes yeah I watched that game you know get to games that are scheduled be broadcast in your home reached our production. You don't of the game I was watching was the the vikings game so if the Eagles. And Eagles and rams LE. Wouldn't say the vikings yet Eagles pray it was I was a good game the Eagles. Are her unbelievable team this group now. All the actors their quarterback got her up lunch at the Carson once done for the year. He was I'll tell you what he's had to go and he's good I never watched him before he's good but he he blood as a seal depth potentially. I. I'm your C with the ratings are yes there won't get those probably Tuesday is my guess but they were yet to head games. Thank those of normal the Carolina game was good and and the head into the sun and a game wasn't that good. Yes 3930 anyway if is good game if you're Steelers this case ultimately. Anyway. When we come back we're gonna talk about the tax man come. The Senate's bill marginal rates could top 100%. For some people now. We're supposed to be getting a tax cut Richard Rubin. From the Wall Street Journal's going to explain that some people are actually getting a massive tax increase based on what the senate is doing. To the trump tax plan. That is our next topic from the financial exchange radio network. Berrian judge have the latest every day beginning at ten only here on the financial exchange radio network. Many of you listening to the legal exchange know that Todd lets you spent his career helping people just like you with their state planning needs a common theme among his clients as the question of legacy claiming. We all leave our children in the best possible shape but gifting our assets being a home or vacation property in creating huge capital gains tax problem that the kids used to sell the home. The problems can become disastrous if one of the adult children has creditor issues or goes through divorce you know the old adage you can't take it with you and that inspires people to start giving assets away as gifts it can be a good strategy but the devil is in the details Cushing in Dolan has written a brand new guide that explains gifting strategies it's pretty by calling 8668485699. You can also download a copy on our website at legal exchange showed dot com just click on the guides an article stab you worked a lifetime accumulating wealth. Now you should spend a few hours making sure it stays in your family though right way. Call 866845699. Or downloaded right now have legal exchange showed dot com. Hi this is very Armstrong and if you're a regular listener to my show you know that I talked a great deal about Smart retirement planning each year certain limits are set by the government and these key numbers are critical for you to understand if you wanna maximize your savings I'm not gonna bore you with the numbers but this information can help you. Plan accordingly and alleviate a lot of unwanted and unnecessary stress call my office at 803934001. And asked for my brand new guide it's called the key numbers for 2018 it's chock full of charts and statistics that can help you and areas of retirement planning that you might be the most that number again is 803934001. Or you can download the guide right now at our strong advisory dot com. Security suffer through securities America incorporated member finreg SIPC and advisory services overthrew securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated representatives of securities America do not offer legal or tax advice always seek the advice of a professional familiar with the laws in your state. Hi everybody it's Barry Armstrong and Jake two million were talking about a program called Z rent. This is specifically. Designed. For those of you who wore landlords and used to collect your checks. With paper checks are gosh maybe still do well Z rent allows you to collect checks electronically. 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Only here on the financial exchange radio network. Some high income business owners could face marginal tax rates exceeding 100%. Under the Senate's bill. That's far beyond the listed rates in the Republican plan. Joining me to explain that statement is Richard Rubin from the Wall Street Journal Richard welcome to the show. So what is the highest rate that a small business owner could face under the Republican tax. Well nominally that that operate under the senate bill's going to be 38 point 5% bit. That's not always doing these things work still stood defects we talked a bit in the story really only applies to small group of people. What you're doing work Q Scott. State senate has passed through business deductions so so these businesses can do that get essentially get 2.3 percent discount on their tax rate. In any business can get it the long term incumbent under a 100000 for married couple. Apple once you start getting over that 500000 pierce service business consultant don't warrior back an accountant beckoning. Certainly losing that deduction. And so that creates as you're losing that devotion and also paying regular tax rates and paying your state lecturing and potentially losing part of the child tax credit. That decrease when an effect or really large marginal tax rates but that means it is. To next start hearing come might be subject to 758090. Amid a couple cases that we certainly are out of this story over a 100%. Yeah because I read date the example. There's a guy make in 650000. Dollars. And his tax rate was a correct me if I'm wrong total including state was going to be a 104%. Put it again look let's just turn distinguishing average and and Marshall that would be the next day roughly on the next hundred dollars you pay under him five. Two. The federal and state government tonight case. But it wouldn't be his overall picture detector and it kicked in Japan of dumping of incumbent would be where your lower back. But marginal rates matter there would affect your decision making their what incur high marginal rates encourage tax avoidance right if you're. Imagine if your business owner and you can get money out of that that top line essentially just had something that sort of looked like a personal stent called a business expense in the that the payoff for that becomes much greater when the marginal rate too much higher. This almost sounds as if a mistake was made in the past Andy because we need to think about it logically. It it's completely the opposite of what one would want to do if you're revamping the tax code. It is edited pictures but it stems from its stems from the fact that they're trying to give out. Broad benefits so the ability for service businesses and people with children to get to get tax breaks all the way up to 500000 dollars of income. But they're also trying to deny those same benefits to people who were above that into the break straight out of that phase out the same time to. It's not the epitome stayed I don't know there's they're looking at doesn't make me change it before the final version has done. But it's really a byproduct of the design which is in exactly that combination of trying to provide breaks for people but also not trying to return to keep them relatively targeted to the people wanna provide breaks to. Richard is this only going to current high tax states like I think of New Jersey. And New York is being high tax states or think of California is being high tax state. So is this an extreme example big if you're a low tax state like Texas is this type of problem possible. Yeah it is maybe not over a hundred means the top new Jersey state tax rate of eight point 97% so back that out and that that's what you'd be facing if you were in this same situation and a no. Income tax state I would certainly not why it is extremely it would be in new York New Jersey California. Book. But this seemed kind of affected fairness somewhat smaller scale elsewhere potatoes there was breaks for pastor businesses and for the child tax credit are. Our national. So where we where are we with the tax plan B you make I know they're trying to get through for Christmas is that still possibility. Yeah I think you know they're hoping they cannot tell us. Final version of the house and senate can agree on that sort of put out something by the end of this week and have both sometime next week so this speech into this is going to be here. They look quite so far this morning that expect a lot of attention a lot of detailed cost that's coming out of the next. Five to ten days. Erica Susan Collins over the weekend said she's not sure Phil hope for now based on some of the changes she's hearing about. Pregnancies you know that's. A lot of legislators hold. Talk that way understandably to say look I voted for a thing that I saw now it is going to be something but I haven't seen yet so I don't wanna commit to voting for. Did you say they do have one vote to spare in the senate that would make you think of guilt and it still likely to look a lot like the kind of built for just that reason that. You would want to go to go back tenors and they looked you you voted for this. Version two is not really got a different from what you voted for so both emergency. So that's. And that will vote to spare that that's likely where they'll about but there's things that are going to be to be changed in the senate bill. Both for technical reasons have to get sports throughout members. Very good Richard picture for your time the Persian yeah. Chuck if you have Susan Collins wavering. You've got Bob Walker voted against it. And how with the special election in Alabama in the the Alabama election which happens tomorrow has the potential. To play a huge role. In whether or not this tax villains of getting through right now Republicans in the senate have a 52 to 48 majority which means they can afford to defections. And then by Carter got one defection yet and then vice president pence effectively vote to throw breaks the Tynes is okay we can push this through. If you do seed Doug Jones Wii and in Alabama tomorrow what's the polling on that. The polling is a train wreck at this point so we had two new polls that are out today. One polls from Fox News and showed that Jones had a ten point lead fifty to forty point oh wars or Democrat Jones is the Democrat. There's another one I think for Emerson that came out. That had more within nine point lead over Jones so to polls done over the same time period. That are. Mirror images of the so nobody has any idea that no one has any idea because no one knows how to mulled the selection no one has any idea how to pole. I wouldn't be surprised if this is a landslide either way so it could be cork or Collins. And Jones. That could hold this up if Jones were to win if Jones or were you would absolutely hold up as he's not going to vote for you you can pretty much put that in bull New Orleans. I I don't know by the president's campaigning full time ignores a little bit of a wild card. You know they coming up we're talk about how much retirement savings the average 55 year old that's next. From the financial exchange rated. Like just on FaceBook and follow us on Twitter. Show breaking business news is always first right here on the financial exchange radio network. 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Or visit leader banks dot com member FDIC's equal housing lender and MLS number 449250. Subject to credit approval leader bank a step ahead. Many of you listening to the legal exchange know that Todd lets you spent his career helping people just like you with their state planning needs a common theme among his clients is the question of legacy claiming we all leave our children in the best possible shape but gifting our assets be at home or vacation property and creating huge capital gains tax problem that the kids choose to sell the home. The problems can become disastrous if one of the adult children has creditor issues or goes through divorce you know the old adage you can't take it with you and that inspires people to start giving assets away as gifts it can be a good strategy but the devil is in the details Cushing in Dolan has written a brand new guide that explains gifting strategies it's pretty by calling 8668485699. You can also download a copy on our website at legal exchange showed dot com just click on the guides an article stab you worked a lifetime accumulating wealth. Now you should spend a few hours making sure it stays in your family though right way. Call 866845699. Or downloaded right now have legal exchange showed dot com. 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Or email BB EO -- -- bank dot com for more information member FDIC equal housing -- Time now for Wall Street watch a look at the market's performance so far today thanks to Darian jug right here on the financial exchange radio network. Mike Armstrong a witness now for Wall Street watch him like let's start first century late what's the news coming out of them today. So essentially accept a five year contract with the commonwealth of Pennsylvania to write data networking. Products. To all day all the state agencies that looked to be a pretty big deal percent trailing Jimmy you know partner with Comcast business on this. Stock is up to about a dollar and twelve cents or over 7%. Keep in mind the company was lost more than 40% of its value just in this year alone. So small move them in the positive direction to that. Talk a little bit about bitcoin I know we've been chatting on for the last week or so as we've seen this big run up. But in news happening overnight without futures now able to be traded. Yes of futures are now currently trading on the Chicago board options exchange which really opens up this could do currency to. Serve a whole different group of investors right now bitcoin is trade 96% of its traded by individual retail investors rather institutions. He's severely allows more institutions get into the you know betting on the rise or fall of decline although you know. Could possibly just add to the volatility have already seen two. Circuit prayer hall meeting it's you know gone out so quickly that they need the market had to stop and halt for a couple minutes. And so just could be adding two more volatility around bitcoin what would happen. Good thank you Mike. Mike Armstrong with Wall Street watched you know I saw an article in the Motley Fool in the headlines for got my attention. The average 55. Plus worker does not have enough retirement savings to live on and then it goes on to ask the question. Do you. And this number is shocking. The average retirement Satan as the study was done by the Federal Reserve. In 2016 and it was a survey of consumer finances that was done last year. Said that the average retirement savings accounts it was a 135000. Dollars so what you depictions. Year. Approaching age 65. And you know you're gonna get a modest Social Security check I think the average Social Security check. Over 214100. Well that's for somebody who's collecting now be average but if you're. Re hiring of year you might be getting 1812200. Maybe a little more pure higher earner. See gonna get a check you know for call 18100 dollars maybe your wife's getting checked for a comparable amount. Ending of a 135000. Dollars on top of that. How do you live in the you know hey how much income can you produce per month and 135000. Dollars. Yet if you're looking to do to you do this in a sustainable way you're only talking about maybe generating somewhere around 400 dollars a month in income off that simply because. You don't sit there and say G have got a 134000. I can take 25000 a year you can only take out maybe four to 6000 per year at that level in was out running their. Fashion right without running the risk of a bit you know exhausting your cap I think this truck is why UC. A lot of people who were 77 to five years old continuing to work why they're getting that Social Security check of 18100 dollars. Maybe they're getting I don't know 400 dollars a month or 5000 dollars a year from the retirement account. But they know darn well that hey I'm still pretty healthy. Young gonna go take a job. And and work so I can bridge the gap and make make ends meet so they may not be working full time and did you see this a lot you see a lot of it. 75 year old Sydor you know or they're working twenty hours a week. Then I do and it just to get out of the house many of them are doing it to bridge the gap the retirement income. Well and part of it also is the generation that's retiring right now the baby boomer specifically kind of the later stage baby boomers. They are the first generation that is not had pensions for the majority of people right and so what happened was. You know in the ninety's and early two thousands company said okay we're gonna stop you know taking care of your retirement four we're gonna push this burden onto you. And people just didn't say for the retired they they they just did not see if for their retirement and so. For those of you who are older workers to you're remembered he's talking about he had a recession. That started in the late eighties in new England and New England was hurt more by that particular recession than any other real in the country so. You had a lot of people chipped. That were 303540. Years old in 1989. That word devastated from in terms of their career longest for five years. Then you had another crash in 2000 dotcom bubble again another crash in 2000 so. You know new englanders have lived through three pretty traumatic. Financial crisis in the last thirty years it in the problem is that. Most people simply just do not have enough saved to be able to live on well and requirement eat you know what I saw a lot of and I continued to see it is. You know people that are 58 today he had if you get into an honest conversation with them they'll say you know I I was doing pretty well until 1991. And then I had to cash in my savings plan to my retirement plan to pay the mortgage. Or is doing pretty well into 2008 minutes take out the money from my 41 K to make the mortgage payment or pay the tuition bill. Yeah that there's definitely some of that I think the bigger thing we see and saving treats people don't say. Leo we we we know that people are not good at saving money I I have no doubt that there are. There's a big chunk of people who simply you had bad walked in and had to pull money out when they didn't want to. But there's a huge percentage of people that don't save anything. The lottery and you should be. He should be saving ten or 15% of your income every month but it's hard to do. Don't project leader bank is the only thing where you can buy your Christmas presents in the form of the gold coin or precious metal for that loved one. Let's say you're going to see you're on to and she's loaded and you say you only get the woman who's rich right knee and it is hard to buy for older people it's hard to buy for people that are rich. Well tell you what you show up with a gold coin they're gonna be impressed that will be an impressive Christmas present for anybody. I can tell you Whittier richer for a gold coin is a pretty nice Christmas gift while you can walk in any leader bank location. And buy gold coins and precious metals the phone number is 8776917900. He could also bite Lakshmi. Gold bars these are. Gold 24 karat gold bars and they contain a purity of 99%. If eat the Indian by one ounce Lakshmi gold bars I I haven't bought any of those I tend to go gold points. You know also by ten gram Lakshmi gold bars. There are also available give a call if you know what you wanna buy and make sure they have it at the branch that you're gonna go to purchase. 8776917900. To learn about leader bank's gold coin program or just walk into a branch and have a conversation war. The third way to do it against would be go to leader bank dot com Peter bank dot com. Would be how he could learn more about their school program. The Fed is meeting this week. They start their meeting to moral images roundly assumed that they will raise rates by one quarter of a percentage point. And that announcement I believe chuck is gonna be made on Wednesday at 2 PM. Yeah and so you're going to see the third and final rate hike for the the year for twelve for 2017. Happening on Wednesday. And then the big question is hey you've got done Jerome Powell coming in and taking over next February when Janet Yellen Sturm Ann's. What are the expectations next year and in the 2019. I'm pick in next year. I'm a bacon another three next year. I'd say the second meeting. And fourth Ed I'd say too is three more hikes next year analysts Powell says you know what. Race and half a point Asif. If you look at the GDP. Right and you look at the stock market performance how you don't know the pals gonna stick with a quarter point he could say half a bit at their own patent point and I'm done. I'm on goal with four hikes for I I think that we have the potential in the first six and nine months next year to outperform. Well GDP. Right it GDP strong and we haven't seen wage growth at this point and I I just I feel that it's. Calming it's the it's it's getting to the point where you have to see it in order to do you feel like Charlie Brown. I'll be Charlie Brown eventually see Lucy keeps poll that eventually I'm gonna kick that football maybe but you know what EU EC product inflation. But the problem is if you're selling something let's say so on apparel shoes or bathroom scale hurricanes right. He hit a lot of competition and it's really easy for me is the consumer to price Jackie. Right so that tends to keep prices of goods. Depressed wages are depressed because all people are retiring in their being replaced with cheaper young workers. If you look at the rate of inflation year over year truck ran one point 6% up I ate. I think something's coming the the logic behind rate increases would be to normal as I get that. The other logic would be the stock market is on fire rate it's it would meet may be callebs down stock gains. And and you've got room on the dollar to the dollar still is weaker this year you know. That's the risk you run that was an EU EU Jack up the the treasury to two and a half 3% over the next couple years and all the sudden foreign money starts coming in all of a sudden are manufactured products the looks heart. No say it if you do see the dollar strengthen that much but look we've had three hikes this year and dollars a week in 10%. And what that's telling you mean is there's enough economic activity elsewhere the people still see you know premiums going elsewhere saying hey. I'd rather take my money invest in China right now because I feel there's more growth there I'd rather take my money. Back over to Europe because Europe starting to turn around emerging markets yours you start to see you know worldwide. Some additional growth that's taking place at this point in so. From my perspective I think they have. If you would just based on the numbers that are out there they've got the go ahead to be able to do three or four hikes they want to know why. Not to half a point you know we've been married to this quarter point theory but it in the old days sees the move a half point all the time think about oh yeah back to the eighties. Half a point was not the day it they would do point. Oh yeah I mean even you don't even have to go back that far you know you go back I mean you go back to early ninety's you saw half a point even in the you know it in 04 through 07 when the economy was still doing well in the run up to the housing crisis even during that time. It was a quarter point at a time it was every meetings it was six times he you know was it was every six weeks you were having one of these so. You know at this point it has been a very slow pace. Out of rate hikes and then largely it's because of I think the slow pace of the recovery. I wouldn't you if you wanna do half a point next here I go Hud. What may be something that Powell does to differentiate himself or if he's looking at GDP running say get this tax bill through. In all the sudden you're projecting GDP at 44 and a half 5% which is what the objective basis that's the president's game play yet is to get GDP growth. To 45%. Up. That happens. I I think there's in inordinate amount of pressure on the Fed. And yet new Fed Chairman who's got a five year contract right so he's sticking around to the next administration yup. I I I'm not sure we don't see half a point next year and and I would I would welcome. Because I think a half point move. Is an indication of extreme confidence. The other thing that you do have to factor in this is the Fed is tapering their balance sheet. Yeah their start and unload some of those bonds they bought in. You know backe in 20103. Point thirteen sit there start to unload some of those that does almost. Have the impact of a rate hike is well does it doubles down doesn't so they sell a quarter point half point out by the Fed moves down. Are coming up. We will be talking with Alec Lucas from Morningstar. What you should do is grab a pencil paper because on every Monday show. We share with you a mutual fund that is researched by Morningstar that is next from the financial exchange radio network. The financial exchanges all over New England to go to financial exchange showed dot com and search for the station closest to you this is the financial exchange radio network. Hi this is very Armstrong and if you're a regular listener to my show you know that I talked a great deal about Smart retirement planning each year certain limits are set by the government and these key numbers are critical for you to understand if you wanna maximize your savings I'm not gonna bore you with the numbers but this information can help you plan accordingly and alleviate a lot of unwanted and unnecessary stress call my office at 803934001. And asked for my brand new guide it's called the key numbers for 2018 it's chock full of charts and statistics that can help you and areas of retirement planning that you might be the most that number again is 803934001. Or you can download the guide right now at our strong advisory dot com. Security suffered through securities America incorporated member finreg SIPC and advisory services overthrew securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated representatives of securities America do not offer legal or tax advice always seek the advice of a professional familiar with the laws in your state. If you're landlord looking to find an easier way to collect rent payments than you need to hear about leader bank's online rent collection product called zero and it's a great service for landlords allowing them to collect tenant's rent payments electronically and he rent dot net without the need to collect checks mostly in the reduce local neighborhood banks to do their business and now a collection of local banks are offering this unique program including leader bank and stolen bank member FDIC. If you're a landlord and are interested in having your bank acquired does he ran technology tell them a cold as he ran team at 7816418691. That's 7816418691. Or visit Z Rand dot net stop chasing down late payments and running to the bank to make your deposits at your bank to add zero to its list of offerings. Visit C Rand dot net or call 7816418691. For more information that 78164186917816418691. Or zero rent dot net. Everybody it's Barry Armstrong and I'm joined by estate planning attorney Todd what's key from the law firm Cushing in Dolan. We're talking about. Gifting assets can you explain Todd the differences. Between gifting assets away from an IRS perspective. Vs gifting assets away from Medicaid. Perspective this is a great question because two things one the amount you can give away for and I RS purposes is 141000. Today and com 2018 the news is it's gone up to 151000. Seems to go up about every three or four years yeah it's got to make up by a thousand or eagle eyes so. There will be 151000. You can give away. And what that means from an IRS perspective is that you. Do not need to file a gift tax return and you do not need to Pena gift taxes and you will not use up any of your gift tax exclusion. It is an out right freed me. 151000. Dollars to. Anybody you want to give it to do IP to clear as the recipient that's a question out and yesterday you know. Mom gives their son. 101000 dollars and then that subtle call means settlement on Gaby do you 101000 dollars to have to declare that anywhere amendment you know absolutely nothing for the recipient and most importantly nothing for the gipper. However the difference is for Medicaid purposes. It will be eight disqualifying transfer. It doesn't matter that it's not taxable for the IRS if you think you can give away 151000 dollars and protected from the nursing home without creating a five year waiting period. You are incorrect. Folks it's important to learn how to properly if you're assets you don't run afoul of the Internal Revenue Service or Medicaid. Call Cushing handle an ID 668485699. Or download the guide right now and legal exchange showed dot com that's. Legal exchange showed dot com or if you wanna call. You can do so by dialing 8668485699. The financial exchange with Barry and judges live on FaceBook and YouTube every morning beginning at ten and this is the financial exchange radio network. The financial exchanges live across doing that every day but if he can't hear us live from ten to noon. Don't know BIR radio app on your phone or tablet and follows when you're able just search for the financial exchanged anything your individual segments. Or full shows when ever you want them. Alec focus from morning star joins us now on a mutual fund Monday and Alec thanks for coming on the house. They strapped me wonder we talked about it. Talk about at great focus which is a focused portfolio of roughly twenty to thirty stocks. It's run by act capital management. Located middle bird Virginia it's a boutique asset management firm with one fund all three managers invest more than a million dollars of their own money in the fund and it's got to hi fi that's the main detractors here. But the managers have shown they've got the ability to overcome that he hurdle they've got consistently good result in very good results this year despite owning. They do not own from the more prominent names that have driven the market like an Amazon. Or FaceBook they don't know them. It picks stocks that are a little bit off the beaten path relative to those they had been done very well that dog out for a long time. So let's talk a little bit about what they do one of the first things that stands out to me the top five holdings in this fund make of about 50% of the overall assets. They're taking some concentrated positions here. Yeah they they stocks specific risk is significant here and they knew they had owned businesses that in some cases they're pretty similar so like visa and MasterCard. They're gonna keep those positions under 25% of assets but nonetheless you you're taking on a lot of stock specific risk. What the managers do those they pay very close attention to their holdings they're looking for superior businesses ones that have hiked pre cash flow. Good management and an ability to reinvest their profits that high rate of return the pay real close attention to their holdings of the fun doing very well. This year in part because the managers. They essentially tripled the fund number of shares in O'Reilly Automotive when it shares sunk pretty dramatically in July and that stock has subsequently rebounded and so that got really good performance that they showed conviction of their names they they paid attention close attention to the market's volatility it will exploit opportunities. Do you see any additional volatility in this cell holding due to the limited number of positions or did they still managed. To kind of balanced things out in such a way that they're not overexposed and anyone area. So I mean they. Pastors is not necessarily indicative of the future but their their standard deviation has been mature your low materially lower than the overall market. That they they tend to pick stocks that. That that just continue to churn along they stay away from ballclub and some of the market leaders that have really pushed the market higher trading at very lofty valuations they don't know. Not yet they've been well. Able to keep pace so if you're going to go with a focused portfolio that entailed a certain amount of tolerance for risks that come along side that so a lot of egg that. Our brother QA. And in the basket. If you have that kind of tolerance for risk of this is the kind of funny you should own. You mentioned the expenses on this fund are high exactly how high are the. So the retail shares are one point 33%. Sport I believe 42 basis points above the median and so it's pretty high. Speed have come down at that have gone up but. They remain high they had been in the mid cap growth category where that he. Comparison group does not quite as competitive as the upon current large growth category the relative to peers. You're paying a premium but again they've been able to clear that key hurdle. And all the managers are putting their own money in response to the so that's a benefit here you don't have a large institutional. Firm behind this ball kind of wholesalers and money going all the places and it just a large lineup where there are some good some bad. This is that this is their central strategy and amenities are investing alongside you. Alec about thirty seconds left here where do you see this fitting into someone's portfolio. Take it you first somebody who preferred to have index on holding this could be a satellite holding where you're taking an active management risk. Or or foreign investors who. Want to put their money they're worried about market valuation they want to me is very skilled this could even be it be a core holding for someone I would necessarily recommend that let somebody has a real good understand the capital markets that it had a real good appetite for risk. But I think it it it can promote the most investors service as a as a satellite holdings something where they they want a little bit of a differentiated performance. And unique unique portfolio. Good thank you well. It Alec Lucas from Morningstar in the fund that we're talking about there. Ginn is the act re focus retail the ticker on that. Is eight K or. Back in the ninety's you would see funds like that returned 40%. In a year. Focused funds so we clearly have to when he holed exempting massive positions in those twenty companies. The other thing I'll say that I like is that managers are eating their own cooking and you'll easily see that he said that meat you eat it we didn't spend much time on it but when a. Fund manager puts their money into the same thing you're investing in that is generally a very bullish indicator. The Dow Jones Industrial Average is up sixteen points the NASDAQ up eighteen the Russell's up just about a point. And the S&P 500 is up four point seemingly we have recovered from the terrorist act that occurred in New York City this morning. Struck a very financial exchange. Are you financial advisor who lacks a formal succession plan you're not alone according to investment news 43%. To financial advisors are over the age of 55 and many have no contractual agreement to care for their clients once they retire hi this is very are strong and we might be interested in buying your practice you work hard but now it's time to find a successor the -- drug advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both our ace and transactional oriented firms with a solid stable of young advisors who will put your client's needs first and provide them with -- service and attention to which they've become accustomed if you're interested in talking with us please call me at 803934001. That's 803934001. Or visit us online at Armstrong. Advisory group dot com securities offered to securities America incorporated members in SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. It's not too late to get a great raid on a whole mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917900. That's 8776917900. Workers at leader bank dot com. Member FDIC equal housing lender and MLS number 449250. Subject to credit approval leader bank a step ahead. Your dream home is within reach with a Jumbo mortgage loan from leader bank they're jumble loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases and refinances all originations are managed by leader bank's local underwriting processing teams traditional information call 8776917900. That's 8776917900. Or visit leader bank dot com. Member of the NC equal housing lender and analyst number 449250. Subjective credit approval leader bank a step ahead many of you listening to the legal exchange know that Todd let's do you spent his career helping people just like you with their state planning needs the common theme among his clients is the question of legacy claiming. We all leave our children in the best possible shape but gifting our assets being a home or vacation property can create huge capital gains tax problem that the kids choose to sell the home. The problems can become disastrous if one of the adult children has creditor issues or goes through divorce you know the old adage you can't take it with you and that inspires people to start giving assets away as gifts it can be a good strategy but the devil is in the details Cushing in Dolan has written a brand new guide that explains gifting strategies it's pretty by calling 8668485699. You can also download a copy on our website at legal exchange showed dot com just click on the guides an article stab you worked a lifetime accumulating wealth. Now you should spend a few hours making sure it stays in your family though right way. Call 86684856. Now. Tax numbers that are going to change in the year 2018 regardless of what congress does with tax reform. And Chaka wanna talk first of ball. About the personal and dependency exemptions and then also that change in the terms of the standard deduction amount you know let's start first on those personal and dependency exemptions goers are effectively deductions that either you received or your dependents receive and when you were filing and what's happening next year. Is that numbers going from 4050. Dollars a person. Up to 4150. Person suits and increased. Of a hundred dollars a person so that means that for you your spouse and any children that we have for you get effectively an extra hundred dollar deduction let's look at the standard deduction how is that changing next. Yet the standard deduction is increasing as well so what you're seeing is on the be married filing jointly it's going from 121713. Thousand if you're single it's going from 6350 up to 6500. C get. Effectively an extra 150 dollars a person. In extra standard deduction next year's well. And so between that and your personal dependency exemptions to baton extra 250 dollars a person that you can deduct there are some changes coming. 22018 tax code if you'd like. 803934001. That's toll free 800. 3934 zeros or one. Or if you want it right now good Armstrong advisory group dot com he can download the guide on our website. Armstrong advisory group dot com or call toll free 803 34001. Security suffer through securities America incorporated member finreg SIPC and advisory services overthrew securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated representatives of securities America do not offer legal or tax advice always seek the advice of a professional familiar with the laws in your state. Precious metals are Smart meaningful investment one ounce and 110 ounce silver and gold bullion coins are now available at all leader bank locations bank locally and buy your gold locally it just makes sense of leader banker called and learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency god guaranteed by the bank and may go down in value leader back. A step ahead hi this is very Armstrong and if your regular listener to my show you know that I talked a great deal about Smart retirement planning each year certain limits are set by the government and these key numbers are critical for you'd understand if you want to maximize your savings I'm not gonna bore you the numbers that this is information that can help you plan accordingly and alleviate a lot of unwanted and unnecessary stress call my office right now at 803934001. And asked for my brand new free guide called key numbers for 2018 it's chock full of charts and statistics they can help you and areas of retirement planning that you might need the most that number again is 803934001. Or you can download the guide right now at Armstrong advisory dot com. Dirty suffer through securities America incorporated member finreg SIPC and advisory services are with the securities America advisors incorporated Barry Armstrong represented if Armstrong advisory group the securities America companies are on affiliated representatives of securities America do not offer legal or tax advice always seek the advice of a professional familiar with the laws in your state. Assuming there are better than one that everyone knows that that's where offering two gallons per one ticket. You can he added tax and wildcat mountains in the same day Imus. There's just twenty minutes apart in the number ones out in the heat. To mount anything. Once again WR downhill this winner at added tax and wild cat nap. Cricket dot com for more information hi this is very Armstrong and I've told you for years about my relationship with leader bank I've been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out -- bank is offering in -- savings account providing free online banking with a one point 15%. Annual percentage -- this is an online product only and there's no minimum balance required so logon to leader bank dot com and sign up today this rate may change without notice -- don't -- log -- to leader bank dot com get all the information about this great offer and sign up today before the rates change get free online banking with leader banks in new. 15%. Annual percentage -- and no minimum balance and remember this product is only available on -- so logon to leader bank dot com right now -- leader bank dot com -- -- a step ahead. And. This is the financial exchange with the Barry Armstrong and sharks done us. You're exclusive look at business and financial news affecting your day you're sick leave your world. Stay informed and up today about the economic and market trends plus get breaking business news every day. And now the financial exchange with Barry Armstrong and sharks done us. It's all big calling here at the financial exchange. Bitcoin. Rises in the news well last night at 6 PM you began to. Trade that cooling on the Chicago board of exchange. And it was roundly expected that this would involve a lot of volatility. Not proving to be the case right now bitcoin trading at 60599. Fell. For point. And as a special feature we're going to be speaking to shock and Tucker about. There infertility. Or their potential in fertility so it's all credit. Chuck and talk you're not implying that we're together. Correct. I'm Lance possible down my business who you guys this is what I was similar with Arnold Schwarzenegger where he got pregnant balls down was up on DeVito. Yeah. That is a bit not tweet what was it called it was one word some stupid a look at off. It was an twins a definite was towards nine months know those junior. Area junior and sort of that's the one it was junior an American class debt Schwarzenegger DeVito and Emma Thompson. Aside I 941 of the best movies of the year I'm not to veto. Bitcoin. Trading at 161599. Dollars per point. And the significance in big point today is that we as we sit here observing the treat. Is that. You can now short bit you can you can borrow shares in big point and then. Sell them or buy them in six months at potentially lower price and make yourself a big profit. I don't know if there's any of that activity going on or not but for the first time it's legal to do it this weekend you can negotiate that tree guy. I haven't seen any volume numbers for bitcoin or anything along that it anything along those cell lines right now but. You clearly the move into futures does allow large institutional investors to start taking some pretty big positions if they want to. The big thing is that individuals only have so much money they can and fast there's there's there's only so much retail money that's out there. My big fear. Is that some institutional investor comes in you know some big hedge fund and says. I'm gonna please a billion dollar bet against. Bitcoin and just wipe out a whole bunch of individual investors billion dollars wouldn't do it it's 250 dollar 250 billion dollar mark and couple billion Indian you can move just the number of orders that are out there to see my gets in PE firms and some hedge funds they could pollute. Quote it right if you had five billion command on the short side. It would it would wipe out half the value easy and and you know that the big thing that you always have to remember it. I think a lot of people don't understand that the league by. My impression of the bitcoin buyers are fact in the previous hour we had somebody text in. And so you know their son had bought. Some that poignant hey here it is nights having my son bought five points a year ago he just told us recently we know nothing about the stock market what do we do now. You know so here's a guy right. It sounds like a relatively novice investors bought five that was made a ton of money right by old boatload of money out it's worth like eighty grand. And doesn't want to do. Yep and and at the big thing is you have to be careful because. What people don't realize people's elbit coins the other 250 billion dollars and that point there's 250 bot billion dollars in. It's worse to fifty because that's what the market says that whereas orders or balanced that's what somebody's won't pencil that's what someone's willing to pay for today. As we saw what the army puts go back and talk about oil couple years ago. The supply of oil had a 5% imbalance. In prices fell by 70%. So you know win if if someone were to come in. Big institutional investors was 34 billion dollar saying candidate shortness and whacked this thing down to 4000 dollars per bitcoin. The individual investor can't do anything to stop. And you're powerless. But any rate bitcoin trading today on the sheet CBO we end it starts on the Merck the CME. One week from today on December 18. So us season these guys about infertility. And the reason I bring it up as women are having children much later in life. And so there's a lot of money being made in freezing your eggs and doing all kinds of fertility tests lot of money being spent by your generation and a lot of money being made by the companies that are in this business. And turn and look this is some talk about people so who you know bring it up and go to our. I don't know of anyone who's necessarily doing this I'm sure some of my friends are and I just don't know about it and but it's it's a a huge business now is the big thing as you mentioned. People having kids later and later and you pay for this this is is something that you can now keep your health insurance company it's a hey we UP. Like there's this one test track it's a 950. Dollar genetic test it's called fertile. Residue and it it just checks for certain conditions. Linked to fertility problems so you can run this test on yourself or your wife. To find out if she's gonna have any. Problems if you don't but here's the problem if you look at charts. You your prime birthing yours if your woman. When your teenager. It's like in 1920 years old it's early twenties yeah yeah and and then by the time to 25 still very few health problems associates 35 is kind of where they start to creep out and that's based on previous generations too so if a woman is until we have the basis of course they like the but if a woman. Health generally and life expectancy over the last. Thousand years is always improve right there are longevity. Has improved for it's it's like a good at the margins though it's it's primarily fueled the two biggest factors in why we're living longer it's because we don't have as many babies dying. And because people in the 70s80s are getting better care in the middle there's not a whole lot shift there actually. You know the there's a theory. That women are having children older and they are. But if you backed out teen pregnancies. The actually the birth date that it has changed the is that right yet to take a look at a chart I was reading something. And as the kind of fun thing I do weekends while reading that teen pregnancy the but it weekend. Teen pregnancies to take soccer to do some research Dohmann way if you doubt me very busy but teen pregnancy. Over the last thirty years the decline in teen pregnancy has been nothing short of remarkable which is a good. Yes because a lot of these teenage women were having chip children that way. Yes so the the rate for teens aged fifteen to seventeen. Having babies back in 1960. Was about four point 7% a year. Today and it's going up to 2010 it's down around two point threes that rates and cut in half. From aged fifteen to nine. Tina Burnett when you guys are in high school. Did you have any of the girls that were were pregnant like in my high school I was a high school in I was in high school back in the seventies. I mean every year there were at least six high school girls that are having kids. I want every year I want Syria three to four or something like that you're put in and around seventeen years old yeah back in in my graduating classes maybe 300. I'm but it was it was very cop movie and it was it was like it happened one year in and didn't happen for company is consistent was consistent now you look at those numbers he said fifteen to seventeen is down as 50% is down 50% if you look at fifteen to nineteen is down about 50% as well. Eighteen to nineteen is down around 70%. So I just death. The bite my point is if you're looking for investment opportunities. The business of freezing your eggs right you like you are free or are you wanna get into vitro fertilization with back cost vitro fertilization like tens of thousands dollars 121000 bucks now. For in vitro fertilization spills I. But it's it's a function. It's a function of women having. Children later in life and in their focus on their careers or maybe it was difficult for them to get their careers launched due to the poor economy. I'll freeze my eggs. How curious are you guys about your right your news your lineage in New York. Your parents and your grand parents and you know our use it to the year you your kind of and that's very and a lot of different bullet and made up my uncles Steve he you don't into the depths of her answers street's very interest and what actually. Discovered community can do it testaments of genetic test the DNA test. Are really yes he did this this is the latest thing that people are doing it's called political 23 in me if there's a whole there's like five or six of these that are out now that the the test range anywhere from like ninety box up to a 250 years so the you can check kind of what you or Israel. Like I think I'll northern European. Meg but then my grandmother when told time told me and we get some on Indian blogging. Like filled the night. I kind of all of its true or not right Elizabeth Warren at the same problem. You know I'd love to use this on is like the person like all of us have one of these friends who says on what you're Italian or appear Irish are pure and they are used on that person be like actually you're not here Italian nearly 72% Swedish yeah like yeah exact crossed feel like just something let. I'd love to use it on that person just because we all know someone like that is just you know they've got the tattoos and this and that and I don't know but as our architecture is like check you and your girl next. We gave you your not in my dad's side among moms on on my mom's side is like all over Eastern Europe which side is Jewish my mom's all right so I've got like Ukraine Poland Russia get all kinds of Eastern Europe over there and you dad is my that is all talent sue that would be initially test yet but definitely if it if I were betting I would say I probably show about 50% Italian. Point percent Ukraine 50% Russian tent pole in five of god knows we knew he learned is that we just had very promiscuous. Predecessors. There's a theory out there that gained as con is in one of Blake. Ten of loss. Really it's something like that it's something ridiculous to salute as they keep us all over into Alex's qualities test costs couple hundred bucks a couple of terrible and I'm thinking about it. That they can do it then we'll do it on the show. Here's my wife is like oh your horse is going to be like I do like a family need to find out like okay lake. I'm not related to this person like I was adopted actually learned. When my wife is like she's this old stodgy Yankee. And she's got like we have a mayflower certificate. The date so you know does that mean. It's a letter. Stating that one of her relatives came over on the may float RC can apply for scholarships and all like and they've scholarships became only absolutely at a cost though I'll bring the latter enough treatment gives them an. These mayflower society yet it never heard of the make our society have to like where in the know that the used to be a mayflower. Prostitution. Or really mayflower madam in fact in New York in the eighties only in the eighties. The single. Not going there I'm stunned I'm not going to. A lot of friends listened to the show remember the mayflower I mean on saying you must of aged very well text us churn out she wasn't in her eighties. It was back in the nineteen eased. In Cuba raised Wheldon to know she was running that's even longer that's 400 years shoes running a prostitution ring it was called she was called. The main form of it was a high end call girl service in New York City. Back in the 1980s and was famous because of her list of italics the average village like her clientele was back in time he had a very. Impressive play it's obviously. Texas if you remember that may form. They plan. From Bloomberg we're gonna go from the mayflower madam to a conversation about Medicare. Medicare should start at age fifty well here over fifty you understand why should that's our next topic from the financial exchange rated network. Barry Armstrong. Chunks and breaking business news every day right here on the financial exchange radio network. Hi this is very Armstrong and if you're a regular listener to my show you know that I talked a great deal about Smart retirement planning each year certain limits are set by the government and these key numbers are critical for you to understand if you wanna maximize your savings I'm not gonna bore you with the numbers but this information can help you. Plan accordingly and alleviate a lot of unwanted and unnecessary stress call my office at 803934001. And asked for my brand new guide. It's called the key numbers for 28 team it's chock full of charts and statistics that can help you and areas of retirement planning that you might be the most that number again is 803934001. Or you can download the guide right now at our strong advisory dot com. Securities are for your securities America incorporated member finreg SIPC and advisory services overthrew securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are on the affiliated representatives of securities America do not offer legal or tax advice always seek the advice of a professional familiar with the laws in your state. And he spent the last thirty or forty years building your financial planning business he worked hard and your clients rely on you but what about when you retire you have a team of dedicated professionals who will care for your clients in the same fashion as you do every dot about a succession plan for your clients our firm the Armstrong advisory group is a regional firm based in Massachusetts and we're looking to build our business through acquisition. We are affiliated with an award winning broker dealer RI AA and we have superior service capabilities we work with clients in all six New England states and offices throughout the region making it easy and convenient to set up meetings if your interested please contact us through our website Armstrong advisory group dot com or call 803934001. Our advisors have over 100 years of combined experience in the financial services industry call us today at 803934001. Or visit us online at Armstrong advisory group dot com securities offered to secure America incorporated member and SIPC and advisory service is offered for securities America advisors incorporated burials are represented at arms or advisory group in the securities America companies are. -- -- hi this is very Armstrong and I've told you for years about my relationship with leader bank I've been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out -- bank is offering in -- savings account providing free online banking with a one point 15%. 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The problems can become disaster support of the adult children has creditor issues org goes through divorce you know the old adage you can take it with you and that inspires people to start giving assets away as gifts it can be a good strategy but the devil is in the details Cushing in Dolan has written a brand new guide that explains gifting strategies it's pretty by calling 8668485699. You can also download a copy on our website at legal exchange showed dot com just click on the guides and articles that you worked a lifetime accumulating well now you should spend a few hours making sure it stays in your family though right way. Call 866845699. Or downloaded right now and legal exchange showed dot com. Vote on our daily poll question. Had financial exchange showed dot com while you're there fire of the media player and watch the show while you work. This is the financial exchange radio network. Faith slam wrote an article for Bloomberg that I came across. And it indicates that Americans. Over age 65 have very poor health compared to. People over age 65. In the other eleven developed economies throughout the world she joins us now on the financial exchange they welcome to the program. So why or how does the America of the health of Americans senior citizens compare with senior citizens and other countries like Canada. Well I I. And has been a basic and common not on and they. You'll number of comparative survey. Other italics I end. They US is by spending more money on health care than other country. And that would work health outcomes of this latest. The survey added eleven developed countries and we. Were last played it and chronic diseases and the American and you die earlier at eagle putt and well. What kind of diseases are you referencing here. While bailout it it indeed a bike hard that these diabetes paper and we are considered chronic. If there this season that you candidate that can be treated that can't be cured. When I talked to doctors say I nieces and nephews that are either in med school or in or are practicing physicians now and friends that are physicians. They tell me a lot of the problems that seniors face. Are based on a lack of preventative maintenance in and I liken it to not getting the oil changed new car. For 50000 miles right you have problems in the car you don't change your oil sounds like the same thing with a Americans help. I think part of it you know I I out. I can't find out what the experts was going on why Americans were thicker. And it left survey focused on American over five and that eight that this is an apt the line age group where people. You get universal health care we get Medicare has yet we're ill behind. And one hand it Tibetan people. Under that age group with chronic disease is more. Board so that people in other. Because we start to fall apart at age fifty deal went late fifties kind of worried and it's a pretty rapid slide and I'm not speaking to you as a 58 year old that. I mean it's gotten pretty ugly in the last eight years. Well no that's how I. Look at about and it is armed camp their candidate pat retton. Is that the biggest risk factor it up and they are sixty and it isn't practical and then by you expert on each hand. One of them put it IE. EE compared it to collect things and high. I didn't see your even more ideas relic batting her body. High. The biological back there I'll animal. That light and a. They're kind of ends when we stop making babies right. Well yeah outside and predict a light pan am I have Alley at puberty ran. When that stops reproduce and so are other. This is on and they aid plan it nothing your program is IE 88 so much is that. Your body's early program survived the port that in many here on the and it can go Robert Buchanan you take good care of your. Now they can and they do. Is Lisa Knight who situation it it seems though. That a lot of the medical problems we have. Are based on people. Skipping care in not getting their prescriptions are not going to the doctor because of financial issues and you referenced that your story based on the study. Yes so that's the big problem year it everywhere they other country but at worst years that people. People under 65 or are on and who have a high deductible while they don't go to the doctor and and then they come up a lot of people even Medicare. Couldn't afford the co pays and deductible so they ended up. Hi eating not filling prescriptions or not you know not it you know complete prescription because they couldn't afford it and instead or get things doctors. Wind and ultimately that ends up costing much more right because they knew you have expensive procedures. Late in life. That's generally is that hey according to the expert site not yet that the longer you let go up but more. X and they're city treatment that is that the earlier you catch you to baby. They easier is ill. They thank you very much for your time we appreciate your your own research on the article very helpful. I think I have an anecdote. They flam and and you know struck the. The theory behind her which use things that Medicare should be made available to people over the age fifty and I can tell you. If he talked to other. You know fifty year old or the 62 year rules rather 64 year olds. You know. Your you can't appreciate this as your third. At thirty you don't need to go to the doctor more than once every few years for death but when year. Which we knew it dearly fifties a sudden the docks like my doctor now he wants to see because I'm on medication he wants to see me twice a year now. Because he's monitor he wants to check my liver function in my kidneys because I've taken meant to. That. That changes and if you don't do that kind of maintenance when you're in your fifties would ends up happening is the right time your into your sixties Europe mess right and that's. That's why our health sucks. The week we rank eleventh. Adam like compared to. Canada Great Britain for it we re rank eleventh because a lot of people between the ages of 1564 can't afford insurance. Also there's fat. While our lifestyles. If contributes the problem. Haywood we come back we're talking about eight passenger drove it a lot one of these I'm ordering mine today. The financial exchanges of live on FaceBook so make sure to like your page and watch the guys break down the latest on the markets every day beginning at ten on the financial exchange radio network. Whether you're celebrating a milestone or diversifying your portfolio precious metals are Smart meaningful investment one ounce and 110 ounce silver and gold bullion coins are now available at all leader bank locations bank locally and buyer gold locally it just makes sense of leader banker called them learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency not guaranteed by the bank and may go down in value leader back. A step ahead hi this is very Armstrong and if your regular listener to my show you know that I talked a great deal about Smart retirement planning each year certain limits are set by the government and these key numbers are critical for you'd understand if you want to maximize your savings I'm not going to be for you the numbers that this is information that can help you. Plan accordingly and alleviate a lot of unwanted and unnecessary stress call my office right now at 803934001. And asked for my brand new free guide called key numbers for 2018 it's chock full of charts and statistics they can help you and areas of retirement planning that you might need the most that number again is 803934001. Or you can download the guide right now at Armstrong advisory dot com. Dirty suffer through securities America incorporated member Jenrette SIPC and advisory services are with the securities America advisors incorporated Barry Armstrong represented if Armstrong advisory group in the securities America companies are on affiliated representatives of securities America do not offer legal or tax advice always seek the advice of a professional familiar with the laws in your state but he spent the last thirty year forty years building your financial planning business. He worked hard and your clients rely on your. But what about when you retire you have a team of dedicated professionals who will care for your clients in the same fashion as you do every dot about a succession plan for your clients our firm the Armstrong advisory group is a regional firm based in Massachusetts and we are looking to build our business through acquisition. We are affiliated with an award winning broker dealer RI UID and we have superior service capabilities we work with clients and all six New England states and have offices throughout the region making it easy and convenient to set up meetings if you're interested please contact us through our website Armstrong advisory group dot com or call 803934001. Our advisors have over 100 years of combined experience in the financial services industry call us today at 803934001. Or visit us online at Armstrong advisory group dot com securities offered to secure America incorporated member and as a BC and advisory service as a securities America advisors incorporated burials are represented arms organized a group in the securities America companies are unaffiliated. Jimmy are better than one that everyone knows that that's where offering to balance the one taking. You can he added tax and wildcat mountains in this game day Imus. They're just twenty minutes apart in the number ones out in the heat. Q now in the once again WR downhill this winner and added cash and wild cat nap. Beckett dot com for more information everybody it's very Armstrong and I'm joined by estate planning attorney Todd what's key from the law firm Cushing and dole and we're talking about. Gifting assets can you explain Todd. The differences. Between gifting assets away from an IRS perspective. Vs gifting assets away from Medicaid. Perspective this is a great question because two things one the amount you can give away for an IRS purposes is 141000. Today and com 2018 the news is it's gone up to 151000. Seems to go up about every three or four years yeah it's got to make up by a thousand and our legal guys sell. There will be 151000. You can give away and what that means from an IRS perspective is that you. Do not need to file a gift tax return and you do not need to Pena gift taxes and you will not use up any of your gift tax exclusion. It is an out right freed. 151000. Dollars to. Anybody you want to give it to do I need to clear as the recipient that's a question out and yesterday you know mom gives their son. 101000 dollars and then that subtle call me settlement on gave me -- 101000 dollars to have to declare that anywhere from you know absolutely nothing for the recipient and most importantly nothing for the gipper. However the differences for Medicaid purposes. It will be eight disqualifying transfer. It doesn't matter that it's not taxable for the IRS if you think you can give away 151000 dollars and protect it from the nursing home without creating a five year waiting period. You are incorrect sorry folks it's important to learn how to properly if you're assets you don't run afoul of the Internal Revenue Service or Medicaid. Call Cushing and all and at 8668485699. Or download the guide right now at legal exchange showed dot com nets. Legal exchange showed dot com or if you wanna call you can do so by dialing 866. 8485699. Like us on FaceBook and follow us on Twitter pax TFB show you. Breaking business news is always first break here on the financial exchange radio network. I get your checkbook ready because you're gonna want. One of these it's called him he detained. Drones I'm looking at one right now I'm thinking about placing an order 248. Dollars and 95 cents it's being. Produced in the Philippines. Now got to pay 85 dollars that ship. Why do you want us well I can circumvent it you view your bid drew and I want when he. Yes and I driven you mean walked right back to write it or or try going try driving. From. You know Madison Connecticut to Milford in a 195. Is invariably if you analog traffic but if I had one of these drones. By the way Tucker this drone can carry up to 220 pounds and a way to. In the average speed is 37 miles per hour and it'll run for 25 minutes. So what you said this is going for 200 dollars well you'll be cheering you is that we have Armisen doctor Eric. Does it cost 200 dollars outlets oh there's something wrong notes at the two bucks there that's a model and now. That I wanted to entice went with an infinite. EEH a NGG. And it's a Chinese company and they make a lot of drones now you can buy drones from them. Here's one a ghost drone for 822 dollars but you can buy drones from eating now. And they're going to be making drones in the NB selling them they say the first placing us a lot of news in Dubai is gonna cost between 20300000. Dollars in a little bit 200. I got one for my mouse I have an outside and yes but like Whitney. Eat if it was a little less expensive wouldn't want I don't know I I am a firm believer in clear skies. I. Drew zipping around it would excitement in your life in the you'll you'll seriously be concerned about with the it'll live on the way to work. Are they eat which is different from once when he how. Good point I just think the you guys I told you this was coming. That drones would be. You know transporting human beings in this I told you this. Heated this year last him every every of that conversation you guys aren't noted they'll ever do that they won't it won't solve our active missile model if wolf we cost effective. Even if you're form. There that's obvious element of new outlets are heated by this 200000 dollar drug you're not gonna be seeing this on 128 has it's against the law parole right. Probably OK you can buy. Well they don't you know those enter into an airport and you seen those little planes and a hearing go do what they called the you've seen him but he says and is known on the re lease you don't need a pilot's license or anything for help me out guys 680 succeed these attacks number. Small plane and a quieter now it's it's kind of like a glider but it's got a lawn mower engine on news. Like to hang gliding things that you pretty much is slightly down in. No but it's got a motor ultra lights ultra lights that yeah yeah okay. So I need you would do that either you like take one of those who work. Nothing stopping you right now I only bit that's legal that. I don't think you'd land that at a significantly and that when he. I think you won them get in trouble yes. So should not pulling away and exit tough part that's the problem. Right taking off season you know it's physics lately and he is is the hard part ending that's why he I can take office just I've never trained on landing. I I did some you know the promise how'd you train if you mess up once we have a pilot with you nick and others do it might pilot training. Flat Norwood airport and used to do where called touch and you know that is clear it up in. In an idea on those that one didn't end well so. What you mean demand that while it's not asleep at planet a tie off there you forgot the wheels. He did it but it didn't end well they asked not come back but so what do you mean you're down if a had to do with the flaps and they don't forget Cushing and dole and during the month. Of December is giving away a guy. That'll help you through the gifting process I was actually talking to somebody over the weekend and you're gifting away stock now this is highly. Appreciated. Stock in the it in a private corporation and they wanted to understand with the tax ramifications torso was in public stock whose private stock. Anyway if you would like to learn more. About the gifting process and the tax ramifications. And the Medicaid planning ramifications of making a gift as we all do every Christmas we make. Well if you'd like to learn more call Cushing handle toll free 8668485699. It's the guide to gifting assets if you don't wanna call it gonna get to guide right now. He go to legal exchange showed dot com which is the way I believe the vast majority view procedure guides. Legal exchange showed dot com or call them tool free 866845699. Millennial rules. Are tracking their kids' whereabouts. And the Internet usage on their faults I guess this isn't good our bill deals are becoming. Renny. Said that there were coming helicopter parents and it's it's it's not good. You see an awful lot of people I've seen this actually. People have kids that are you know. 89 years old. And they put a phone on the kid just they can track where they are at all times and selling a bad idea it's no we. Come on now you wanna know where you can really Reese arrived in every week we survived you can even have any idea we are doing how god look what happened he has gotten a lot of trouble and I agree to these days but really don't I don't stories I've built wealthier parents and they told me. You both were kind of what you need to know where your kids are every moment of the day like you've got to learn how to be independently collect your Q do their own thing and that's a danger to herald the I I fully agree with hey if you want to you know track what they're doing online because it I had. An eight year old kid I would make darn sure. It especially if they had full which I don't think any option apple would it would aged kids get the blood get him like eleven or twelve. I would I would I think is way too world I would absolutely put a tracking device on kids. You guys would do not know. I don't wanna our I don't want to the headache of checking mites tense status every you know half hours on them I would you know why I would like whenever they think about during the day your work all day rate your kid comes home. You can check ought to make sure they're in school right personal that's one reason is that true and that's just does not like the job of teachers tell you for kids not in school reality you know what they do is if your kids at school would they did called the truant officer calls the house rate did that doesn't help you know an immigrant killed in the NEC get the second class he'd do that again your. Don't sleep now in the garage but if you know if you have an on their phone or face say there say you know here's what a lot of kids do the snake while boating Jimmy's house. Two to hang out really they're going to their girlfriend's house and some bad things might happen. Now never talk about teenage pregnancies and I say they can't I guess I rates are way down. I maybe that's why agency Fitch detracting. The among her whereabouts. I I one nothing and do that I have no problem with that as a as a grandparent. I I I would. I would do that'd be one of the things is right. I would like to know where the I know they would I know say build my kids told me they went to certain places and they weren't there so let me ask you this you wouldn't tell them that you're tracking them. Or would you disclosing your truck tell aka the only gonna do is leave the phone where they say they're known because yes exactly and yeah I feel like stupid kids yardages anyway it's a Smart you are getting get a chance implanted in my granddaughters and and like this little chicks like a dictatorship there might be aware of last night literally you know so I can tell where there. Yeah of America aware of parents might be opposed. I don't it would be you think it was yes there would be opposed didn't ambulance or do. And a little girls I I I wanna know there. Bloomberg is making the move to settle. There rape victim's lawsuit now this is the one in India right yes was the big issuance cased as this one. They this was actually one of the things that Travis climate in trouble. At that the big issue on this case was that apparently over executives ended up getting her medical records in a clap as guys in yet not not through like asking her for them but pretty much go through back channels and illegally obtaining them. And that's known that you can't do Allen V it was is if you don't remember. And Hoover driver in India and they didn't. I think the allegation was a good screens and yet they they re properly screened him a man and half later this this passenger. And then who were over these executives. Effectively stole her medical files and also said that her claim was an attempt to sabotage Hoover that was orchestrated by the Indian competitor. They. Pay you settle the case it's just it's just awful and then. We knew we reported. I think it was last month as it December night and day it was either last month for October. That Hoover was getting thrown out of London. And there license was revoked and to operate their business in London. Because. Of employment law. Now they have to weeks we learned last night they have to wait until April of 2018. In order to appeal the loss of that license. Yet the appeals can be held in April what that means. Is that Cooper can continue to operate in London while this is while this appeal is pending at this point they can still I could still operate while the appeal is pending and but effectively they're operating with a suspended license. Did just while they wait for this appealed. Wonder at how that shakes out because I think there's more and more of a push globally. To have these drivers declared. As employees as opposed to contractors that seemed struck when I went especially I think they are really tough putt in Europe. Yet we Europe's where it's going to be tougher I think just because the laws regarding employees first contractors more stringent and certain states here even in that. In the con we've got California making a big push. On the case down in Texas actually that strangely saw I think I'll choose its could be one states a hundred analyzed rate wouldn't doing genetic it would be right. Yep I won't be surprised you're you're gonna see a whole bunch turn over and and this just exacerbates the push that they have to try to get rid of drivers and moved towards driver was vehicles. Yes yes it did just that the more problems that they have with drivers. The more you're gonna see the push towards getting towards drive it was just a matter of whether they can get the technology to work. Before these labor problems like that where there they're all trying to raise money like if you look at the two big ones right. Hoover and lift they both just raised a lot of capital. And the the sale to that the venture capital firms is. Look help us make it ten. 20/20 12020. I don't know with the years yet if we can make it to. Some un known date in the future we can fire all the drivers and save. You know. I don't know 50% of the cost that we have right now and it's a again it's it's coming soon we know the GMs can be testing vehicles next year Google's testing vehicles next year. It's were getting to the point where you're going to see these become a regular occurrence I do like to be a driver for UPS with this technology. And they're effective pretty tired this time a year late but I think what it does is it'll change what you have is these. Little trucks that are driving around by themselves and then you'll have men in the back people in the back. They're sorting the packages it might be too. Runners in each truck right greatly that truck pulls up in front office building two guys get out all the packages they run drop them off they get back and they're not driving the vehicle on it it might actually speed up deliveries because instead of having to you know stack them up for the building party out now instead he said there's a cable cars driving we can stack him up on the Dolly and just pop right out with everything loaded you know have to lock the truck and you re litigate those guys go through whole routine. They coming up we're to be joined by Tim Stevens from the CNET Roche we're gonna review the 2019. How we don't when he nineteen. And we're gonna be reviewing the 2019 Volvo X C forty that's next from the financial exchange radio network. The financial exchanges line on FaceBook and YouTube watch Berrian chug discuss the issues of the day and see which one smiles the most. Days as the financial exchange radio network if you're landlord looking to find an easier way to collect rent payments than you need to hear about leader bank's online rent collection product called zero and it's a great service for landlords allowing them to collect tenant's rent payments electronically and he rent dot net without the need to collect checks mostly in the reduced local neighborhood banks to do their business and now a collection of local banks are offering this unique program including leader bank and stolen bank member FDIC. If you're a landlord and are interested in having your bank acquired does he ran technology to Obama called this he ran team at 781 at 6418691. That's 7816418691. Or visit Z Rand dot net stopped chasing down late payments and running to the bank to make your deposits at your bank to add zero to its list of offerings. Visit C Rand dot net or call 7816418691. For more information that 78164186917816418691. Or zero rent dot net. Hi this is very Armstrong and if you're a regular listener to my show you know that I talked a great deal about Smart retirement planning each year certain limits are set by the government and these key numbers are critical for you to understand if you wanna maximize your savings I'm not gonna bore you with the numbers but this information can help you. Plan accordingly and alleviate a lot of unwanted and unnecessary stress call my office at 803934001. And asked for my brand new guy. It's called the key numbers for 28 team it's chock full of charts and statistics that can help you and areas of retirement planning that you might be the most that number again is 803934001. Or you can download the guide right now at our strong advisory dot com. Security suffered through securities America incorporated member finreg SIPC and advisory services overthrew securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are on the affiliated representatives of securities America do not offer legal or tax advice always seek the advice of a professional familiar with the laws in your state if you're landlord looking to find an easier way to collect rent payments than you need to hear about leader bank's online rent collection product called -- -- it's a great service for landlords allowing them to collect tenant's rent payments electronically and see rent dot net without the need to collect checks most landlords used local neighborhood banks to do their business and now a collection of local banks are offering this unique program including leader bank and stolen bank member FDIC. If you're a landlord and are interested in having your bank required to zero and technology tell them the cold as he ran team at 7816418691. That's 7816418691. Or visit Z Rand dot net stop chasing down late payments and running to the bank to make your deposits at your bank to add zero to its list of offerings. Visit C Rand dot net or call 7816418691. For more information that 78164186917816418691. Or zero rent dot net many of you listening to the legal exchange know that Todd lets you spent his career helping people just like you with their state planning needs a common theme among his clients is the question of legacy claiming. We all leave our children in the best possible shape but gifting our assets be at home or vacation property in creating huge capital gains tax problem that the kids used to sell the home. The problems can become disaster support of the adult children has creditor issues or goes through divorce you know the old adage you can't take it with you and that inspires people to start giving assets away as gifts it can be a good strategy but the devil is in the details Cushing in Dolan has written a brand new guide that explains gifting strategies it's pretty by calling 8668485699. You can also download a copy on our website at legal exchange showed dot com just click on the guides and articles that you worked a lifetime accumulating well now you should spend a few hours making sure it stays in your family the right way. Call 866845699. Or downloaded right now have legal exchange showed dot com. Security suffered two securities America and member Sandra SIPC. Advisory services arbiters securities America advisors Gerry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. They say video adds ten pounds. But don't tell Berrian jogging the financial exchanges alive every day on FaceBook and YouTube this is the financial exchange radio network. This segment of the financial exchanges brought to you by leader thank you you're looking to diversify your portfolio. Precious metals are Smart investment gold and silver bullion coins are now available. At all leader bank locations or call 877. 6917900. Or log on to lead a bank dot com for more information member FDIC. Joining us now is Tim Stephens from CNET road show could talk about the 2019. Volvo X the forty Tim thanks for coming on. Mark Timothy exceed forty completely new vehicle or just a redesign. Obviously. A new vehicle from Volvo is couldn't compact SUV competing incident like Audi Q3 ordered BM WX want this group of really good the first fourth new ball from all of that kind of habit we invention. Poland on the heels of the exceed sixty. Looking at this vehicle what exactly are the strong suits habit of your chances spent some time and it. I haven't yet but it some members of my team have been described as a department would have quit a bit and really one of the greatest into the cause a massive drives. A lot of these compact between these can be kind of still. In terms of provide comfort and maybe lacking some creature comforts as well. They're supported the super Libby not over the packet both in terms of Ron Paul the interoperability. But also because of technology we are active safety features and compatibility it's been like include auto. And a couple of you've been in debates on possession a really nice well rabbit caught. Starting at a pretty formal quite certain about third 2000 dog which for the sudden they exit what looked to for short which. You mentioned that starts around 32 what what's it run up to one the top and it probably gets into the forties or close to fifty. I know actually it's. Yeah about mid forties to even there would be the online which is supported design was an option is also greater detail and options as it is not confident. I'm but what graduating this will be how low can go onto the will be achieved the ball available with all wheel drive that would engine. Becoming a public about a year's it was great crop it down to maybe even high twenties I was so when you about that it was brilliant thing that you that you don't have to buy this car. Also launching a new program called care by Volvo we can actually. Kind of rent a car policies or like a Muppet payment almost like a Netflix plan for cause we pay. He was six or seven underdog to an open was critical for everything that's included insurance all mate if everything you need big weeks of protests which include at a price. The pretty interest in way to go about owning a car. It it definitely is you said that all maintenance and on surge is included not as well. Absolutely right into the market responsible for will be canceling any taxes in use in your state. But it wasn't Gulfport either twelve or 24 month contract in the speculative short term leaves. I don't know about that yet there that he basically step into any car you want to and you'll have to you are responsible for any company that aren't going that. Any mileage restrictions on that Tim the MB and our 2000 a month or them. But it does certainly. Will be somewhere waiting on all the formal veto of exactly what the limitation will be determined that open corporate sure. And what Lou where's it going to be made. Are these cars are made. In China has until all is of course as Swedish company but that event should be doing more more than manufacturing job. Tim looking at this vehicle any downsides that you've seen at this point any rough patches. Not really up partially compared something like the Audi Q3 or the BM WX one via the exit forty seems to drive that sort of more standard features. I guess probability that that. Would you like music you all the wonderful world truck or you cannot get that just yet again that's not an important year or so in terms of selling it looks that test because most. It's got all the technology the launch was really look at what the result. Very good Tim thank you very much for the time. Tim Stephens from CNET roach who talk about the 2019 Volvo X. You know you think about the snow we have all periods Saturday night Sunday up. That that's nice to have unity easily if you eight out of care view we have view of two wheel drive car up front or we deal. It's tougher in the south wider consumers now all wheel drive and remodel. Those do well now smell him even with a little base the the night as the new tires this year man I was cut right through that stuff is true. It took for the trafficker. We when you go five miles an hour you don't cut through to march years watching the buffalo game yesterday. That was pretty wild thing I tell you lots of snow there in the game has us on that now so hated Dow is up 23 points the S&P is up for. And the NASDAQ is up 25 point. It's very. Shock and Tucker signing off from the financial exchange radio and.