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Full Show 3-19-18

Mar 20, 2018|

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This is the financial exchange with the very Armstrong and chunks are now. 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 give breaking business news every day. And now the financial exchange with the Barry Armstrong and chuck saga. It is highly unusual to have a strong economy. Win fewer homes are being built per household. Net at almost any time in American history. Everybody gets buried chuck with you here on a Monday. And the numbers that we are green as a relates to housing. Are just quite contrary you've got a strong economy by any measure unemployment. Record load numbers job creation very strong GDP he looks like it's cook and along at a high rate. Even interest rates mortgage interest rates remain low yet. Housing continues to lag of talking about the construction of new single family homes. It's very chuck with you here and at tape Checketts its usual time to see the numbers that we have come across that tape as it relates to house. Yet the numbers continue to be somewhat disappointing I think in in particular if you are an entry level buyer trying to get into a new home. It's it's born disappointing it's it's kind of scary actually could you said that they're saying. Do you know what to build in the kinds of properties that I want to move into if if you look at the types of properties that are being built right now. There's very little that's being built that the use two bedrooms there's a handful that are three bedrooms but a lot of the construction that's going on right now. It's four bedrooms and open when you are a family. In your late twenties trying to buy a place that's more house than he needed frankly in a lot of cases to morehouse and you can afford as well. It's than usual to see you think about everything that's gone on within our economy in the last. You know thirty to fifty years. We're building fewer homes now than any time since World War II now World War II we can build new homes because we had mobilized to in and we became a large munitions factories country. It's he can understand why we were building homes then but you know he's still a population growth rate you still have these new immigrants coming into the country. Yet builders are building and you know it seems like there's a a lot of contributing factors one land costs are high. To labor is short of it's hard to find workers in in that area. And costs you know when I talk to build their new head these conversations that they'll tell you that the regulation. That the towns in the states in the federal government are putting them through. Is adding to a tremendous amount cost to the cost of new news to the price of a house. It is we've seen at the Acosta regulation is just about doubled over the last decade. As far as the permitting process and so forced the average is now some warn north of 50000 dollars per property as opposed to previously were it was about 2728. House. So there are significantly higher costs. On that front in addition and when you add up the of that plus building materials plus labor. For someone to go out in build a property that they're going to sell for 175000. Dollars. Isn't feasible in a lot of parts of the country now the northeast being one of them especially if you're around a major. Metropolitan centers so. You look at it kind of what we're seeing here but I do point out the homeownership rate right now. As about 64%. You know that's pretty much what we averaged prior to the housing boom. In the late 1990s and early 2000 so that the number of people that we have in homes right now percentage wise. Is about where it's been historically. I think part of it is you know we we got in our head that everyone needs to own a home. And quite frankly that's not the case it's just we talk about this with college sometimes not everyone needs to go to college you know sometimes there's a better path for someone else there are plenty of people. Who don't need to own homes because they want to be mobile or they want to have flexibility. And so. And that the big the big problem I think right now is that the homes that were building our about the kind of homes that we need. Would go back to hear your conversation as a relates to your comments as it relates to education. Do you think that's a contributing factor at the you know we have a lot more kids now going to four year colleges and universities than we had fifty years ago. In fifty years ago truck you had a lot of kids that would come out of high school or even during high school. They were studying liken it when I went to high school. We we we had as options you could study. You know to be an electrician or carpenter or plumber goes right inside of my high school. And if you wanted to specialize in that you went to regional high school. Where where you could develop the skills to be to enter one of the street it seems like we've gone the exact opposite it with our academic system everybody's. You know you're either studying to be a social worker a lawyer a doctor or nurse. But not very much. Direction towards the traits. Know that there's a lot of direction there and that certainly has hurt in terms of getting the number of people or acquired into the construction industry right now and I think a lot of people were also scared off. By what happened in construction coming out of oh wait you know and if you eat there are a lot of people whose parents might have been in construction and and said I'm not going anywhere in years this just because of what they saw happened so I think that's probably a coup contributing factors well. And look we know that there's a delay. Ian young folks these days buying properties it's you know it doesn't happen as quickly and part of that also gets back to what he spoke on. Like give back you know fifty years ago didn't go to college and so they had four more years where they were earning money where they were able to start saving money. It's they don't starter Mario 22 were 23. And they got a pilot debt and we got hit a debt off first you know you think about if you if you enter trade at eighteen right. But it's time you're 22 you yours through your apprenticeship program in you are now licensed electrician in essence plumber. Like if the steel worker whatever whatever might be whatever your traders. You're making a good wage a reality you look at a licensed electrician today their Macon you know few of your full license you're making a lot of money. Need a full license especially if you have been like a union job around Boston suffering. Do you make me good really good wage. So I think the reason I bring a housing is I came across a story. About a new Massachusetts housing down payment program that eases the staying. Of the first time home purchase in this outs later this really bothers me massive housing is introducing a new program. That would lower that down payment on a property. Up to 3% so with Peter in view with their implementing your truck as I understanding you correctly from wrong. With their implementing. Is for somebody like Tucker years somebody like you would young person who Wear hasn't purchased a home and don't necessarily have to be millennium you might be. Forty years old and you never bought a whole. What they're doing is they're saying don't worry about the down payment. We'll. Give you 3%. Down payment loan at 1% mortgage rate right so you get a fifteen year. Let's say you know let's use an example you're buying a 400000 dollar home. So 3%. A 400000 dollars 121000 dollars housing. Will lend you that 121000 dollars at 1% interest rate and you have to pay it back. Or over a fifteen year period of time and then on top of that for the other 97%. Good FHA so effectively what NASA housing. Is doing not only are they endorsing it they are. The they've implemented a procedure that allows people to buying homes up to 400000 dollar homes. With nobody down. You don't like it. No it at the V here in like. Those eat you studied history at Dartmouth I mean those who do not study history are destined to repeat it this is what we did back in 20045. And six. And what happened chuck was. Back in those days you work when you're still in college and you might have even dated high school but would occur Dan was. People were buying homes with no money down. And then when the economy took a downturn they had no skin in the game chuck they had no money invested in that property of their role. They've not sacrifice they hadn't saved up a 20% down payment check they had saved up 10% down payment. And so when things got rough they just walked away from home I think that this program. Being invoked by mass housing is going to incite the same type of problem that we had. Fifteen years ago. Well look let's talk a little bit about you know ideal down payments I always say that in a perfect world you wanna put at least 15% down okay. But I'm somewhat hypocritical and actors are only put three and a half percent down on my first home purchase OK so you know. I wasn't buying my own cooking then I put down. Wait less than a lot of people would probably recommend and you know hey it worked out for me and I realized that it doesn't work out for everyone necessarily. But one of the biggest problems for a lot of young people today. Is saving a down payment for a home. It is M not buying I'm not I just I I am not buying that argument I made a dump you. While because you know Larry I I've looked at young people today. And you know I remember when that when I my wife and I were saving for down payment to track I mean we both worked overtime. We've had second jobs. We scrimp and save that mean it was it was a sacrifice it we didn't just wake up one day in arm armament that wrote us a check to buy a house. I mean we we we had to make personal sacrifices. And I really question as to whether or not first time homebuyers today are being asked to make the same personal sacrifices. That baby boomers had to make when they bought their first homes 3540 years ago. So the counterpoint to that is that during the time when you were going out in trying to save a down payment. He help the cost of a home compared to the enough income on average with significantly low. And so so the big thing is that someone today and we see this with college as well just put it in again that the reason why. We we see this is because interest rates are still low if if interest rates were at the same place they were when Jabari first home what was the year. 1985. Mortgage was what 1213%. I know I had an adjustable and solos in that 910% range so if if rates were in that same ballpark. A home that today is going for 400000. Will be 200000 so instead of needing. 80000 for a 20% down payment you only need forty. Forties a lot more manageable than eighty. In and that's I think where that the crux of decision comes in even getting to 10% okay. If you only needed 20000 dollars to put down on a home for 10% as opposed to forty. That's a big difference when you're talking about people that are earning 5560000. Dollars a year. Trying to save you know 80000 dollars to get to 20% on that income. Eating easy I'll tell. They beat maybe you don't have to go 20% but. I mean they're they're wit mass housing news endorsing truck by this program is they're saying 0% down. And this is for people with incomes up to a 103400. Dollars so. You could be you know if EU could come at a college in Europe software engineer or get in your beat you know year. You're going to be bacon a high degree rape seed beat make it a 103000. Dollars and they are saying you don't have to save it down payment it's OK your special. Well gee whiz if your make it a 103 grant you should be of the save a down payment now I've granted it may take you two years it may take you for years of a ticket five years but. I mean that's that's personal sacrifice. Then when you buy that house struck you or invested in that house because you've made that personal sacrifice you've waited the five years to scratch together that down payment. You've worked on weekends and you've taken side jobs and orders to to accumulate cash. I I tell you mark my words Peter this may not become a problem to laughter rom. Long retired death but mark my words this in my opinion is a big mistake as a matter of fact it actually leads into our poll question today. Which is on our website financial exchange showed dot com. Should the Massachusetts housing authority provide a down payment program for first time home buyers. You can go to our website or you can text us if you if you wanna text your response to this if you feel strongly about it or text number is 63. 566. I actually. I think it might be good to hear what people think about this by the techs like chuck I think that's a great way for people communicate. Please vote in the poll it's on our website financial exchange showed dot com. Should mass housing provide a down payment program for first time home buyers it sounds like you you might be okay with this. I think as long as they do the underwriting and you know on a capable way that it it's talking about a you have to have certain minimum credit scores you can't go over you know income thresholds and so forth. Again I'm a case by case basis I think you can make sense lake again would you recommend that I would buy a home with three and a half percent down. No it Betty you know it was a you don't why I like which you wouldn't you did I don't remember talking to you about it. I was encouraging to do it right I hit actually you you waited probably a year longer than I would like to senior ways. And you know the problem was for me. The down payment. Really yet that did the down payment which you know how I made my down payment and you'll you'll shoot me for even doing business and I I pulled from my retirement fund is you can hope she just know you can do so up to 101000 with no penalty and so like I did that that's how I got my down payment lacy. There eyesight like Murphy's eyes do I I I felt that at that time when you bought your house. That housing prices were artificially depressed and in you put your thing your hope first conduct victims in 2000 and thirteenth if so at any rate at Texas because they we we would love to export this topic with you are tech's number is 63566. Our website address this financial exchange show will continue this conversation in just a couple of minutes. I guess on FaceBook and follow us on Twitter at TFE show yeah. Breaking business news is always first right here on the financial exchange radio network hi this is chuck Sodom recent studies indicate that in today's busy world more Americans are saving money for retirement through traditional IRAs in employer sponsored plans that's great news for those of you were closing in on retirement the money that you're saving his terrific what I'd like to do is help make sure that you protect assigning a beneficiary to passer assets onto after you've passed is an important part of elder life planning in my firm the Armstrong advisory group hasn't new guide out this month they can help you understand this process it may seem simple but there can be complications called out to get your free guide understanding that traditional IRA beneficiary designations at 803934001. That's 803934001. And he can also download it right now from our website Armstrong advisory dot com sit. He's offered to securities America incorporated member finreg SIPC and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. Perry or shark here with a message for all business owners that are listening to be right now how do like to save up to 90%. On your corporate taxes if so then consider relocating your business to the US Virgin Islands they've got an incredible tax incentive program that numerous businesses have already taken advantage listened to Wayne Bakes executive director of the ETA. Anybody that's involved in the financial markets would it be hedge fund managing managing consulting in the they've done very well it should mean world and entities that are designated services we have civil cost senators and we have several centers are due back office operations and and then we do high value manufacturing where can do manufacturing and and do value added it has large margins and we have entities that do what the boys we've had medical device is a variety of those type of businesses have done very very well. This program is fully sanctioned by the federal government and it will lie your business to expand and grow. Learn more by visiting the EDA at US the guy he DA dot pork. Hi everybody it's very Armstrong and Jake two Lian we're talking about a program called Z rent. Now this is specifically. Designed for those of you who are landlords and you used to collector checks with paper checks are gosh maybe still do. Was he rent allows you to collect checks electronically. Jail is hoping he could spend a little bit of time explaining how easy grant works and why it's a big advantage for landlords. Absolutely vary so we we develops he rained two out of me Holdren now because right now. You know with the landlord when you're getting rain checks. It's low it's unpredictable. You're missing envelope the right line and mostly waiting he might not get all the rent until the tenth or fifteenth of the month furthermore if your landlord on vacation in your race thing you know boxed up to what he does is it really digitize they'll. It makes the ranked electronic payments and allows for roomy cheering for multiple roommates and apartments that's great if you're renting at the college student absolutely. It's predictable it comes at the same time every month. And it's all on me. So the landlords who have been using assisting huge time savings and ornaments you are you still giving the first six months free from landlords the first six months or free and then in addition to that. If you bank at one of the participating banks he ran is always free. Those participating banks are leader being installed messed me up at that any bank could sign up rate make if you at a bank in Vermont to Connecticut. They could sign up and become part is the rent yup you your if you have a community bank that wants to be a member happened Collison will have and sign up and the service will then be free free. All right if you wanna learn more about easy rent. Go to Z rent dot net you give my call if you wanted to 8776917900. If your bank doesn't operate they can sign up for zero it. Go to zero rent dot net or call them told free. 8776917900. Security suffered through securities America income members finreg SIPC and advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Join our brand new tax club by texting the word ferry it's a 63566. To send your first and last name and get involved today you're listening to the financial exchange radio network. You can reduce your corporate tax rate. By 90%. Should you relocate to the United States Virgin Islands. If you'd like to get a free guide as to how to enact this program call 8556223634. That's toll free 855622. 3634. And true to form our text line has lit up as an effort we now call the Darby used excellent. And you don't couple messages that came in that I think are pertinent to the conversation truckers 603 writes my BA loan was zeroed down. Now I have a different perspective on VA loans. VA loans. Those are special programs designed for veterans. And I located as partial compensation. For their willingness to server countries are of a problem would be able to. Wherever probably is just now. ID. People who have never purchased a home and end up picking on the Lenny was just because they're the primary group seems to be having difficulty getting into the housing market. It seems as if colonials are going to be treated differently then generations in the past and I just think it's gonna blow open or face. I don't know the argument you're saying before was that this was the same thing we've done in the past. Well as the fixated we did in 2005. But with the and that was Generation X. that was taking advantage of those programs not baby boomers baby boomers. You know you say what we will but baby boomers and I'm not saying they're great generation by any means. But the fact that matters when they bought houses they had come up the down payment and the guy in the eighties and they took a home equity wants to buy boats. Yeah it's true. Five weight writes this program is similar to the US TA program. That's been around for years and now extends into areas that were not rural and were not qualified. For the USDA. I. I eat you these see the other thing that I think this might do is. The the idea of it is to help people buy houses right that as a whole the Genesis of the program. But isn't going to cause prices to go up even more rapidly because now you're gonna have less qualified people who save zero down payments say. Well I just heard Gary Armstrong talking about this or a down payment program money we don't have to save topless club by house for 400000 dollars this year. So would the there are limits on how much you're able to borrow 400 is the Max so it's it's not like it's going to push prices up if you're looking in like some of the expensive areas. It's eat they eat it won't even affect them like you look at Boston inside 128. What would find me a place for under 400. But it's okay if it he's not going to have an impact on the hottest property markets where will have an impact I think. Is on helping some of those markets that may have lagged behind actually. Well how helping them out. Helping to get cash moving into them. IC so you're thinking maybe like some word eastern mask. It has lagged maybe on South Shore North Shore Lawrence Brockton places like that unit see more housing acquisition yeah I. I think this this is something where beauty of people look at this and say look I can't afford to buy a place inside the once when he loop. But all of a sudden. I see a great place in Walpole that makes sense smear I've got a great place in Rockland that could potentially make sensor may be among the New Hampshire. Paid there's you know place in Hillsborough I've been look at you know things like that where all of a sudden. You say okay I can't go necessarily where I want to go my first choice. The minute gonna find a great second choice it's actually more affordable that I can use this program. The issue you raise some valid points in so far on our pool lined if our poll questions on our website financial exchange showed a com should mass housing provided down payment program for first time home buyers. 31 point 8% of you surprised at 31 point 8% say yes they should. The the thing I would remind you of is. The taxpayers are funding that down payment program you chuck or funding that down payment you're eye of funding that down payment program because that's it's while it's not a gift. If so it's alone at 1% for fifteen years while a ticket that. Hey if a note EU you're not eligible for them program. At any rate when we come back we'll have Wall Street watch and we'll talk about it do battery that we've been waiting for years it's. Coming up very soon that's next on it's it's. Like this on FaceBook and follow us on Twitter. Show breaking business news is always first right here on the financial exchange radio network. This is a special announcement for a landlords chasing down only rent payments and making trips to the bank to deposit checks take a hassle out of red day we see rent leader banks all mine rent collection tool he went automatically deducts tenant's rent and deposited into your account visit WWW duds he ran dot net to learn more would -- rent your payments for each unit to receive regularly on the same day every month tenants pay nothing in the first six months or free for all landlords visit WWW dug see rent dot meant to learn more or call 7816418691. Okay skiers and riders let's take a look at your long range forecast for Mount Snow Vermont. Monday's snow Tuesday snow Wednesday a snow again Thursday snow seriously Friday snow Saturday more snow okay who's been Massa quit my script Carol c'mon that's not what do we value snow every day really. 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Fully approved by congress has been in existence for about 45 years that we have several companies that are doing that Carly and we effectively reduce federal income tax because we do Ameritech's system where we use the federal forms with the money CC territory and a fogleman has allowed us to do that to increase economic development inventory to encourage economic development unit territory sort of allowed us to tweak our tax rates if Europe. Business owner looking for tax breaks talk to the folks at the US VI economic development authority and learn how you can put incredible capital back into your business log onto their website its US VI EDA dot or best US. VI EDA dot org. If you're nearing retirement age and have yet to set up a trust to protect your assets do not change the station for the next sixty seconds. Why do you need to trust numerous reasons not the least of which is eliminating your estate taxes and avoiding costs associated with probate if you're over sixty years old and are preparing for retirement now's the time difficult -- let's tee time as a partner with the law firm of Cushing and Dolan and an expert an elder law they'll walk you through the process step by steps of the your trust to set up properly and efficiently other several kind of trust to consider that a reputable trusts are extremely popular to establish the kinds of protections we're talking about the time has written a new guide out this month to help you understand all the particulars it's called the operations guide to a reputable trusts into tears are free by calling 8668485699. You can also download the guide instantly by visiting the legal exchange showed dot com don't leave this very important process to chance call right now and did your guide at 8668485699. That's 86684856. 99 if you work hard for the past twenty years and enjoy a healthy savings account you're in a solid position to enjoy it later life hi this is chuck -- saving money for your retirement is half the battle but making sure you leave it to the right people that's the other half beneficiary designations are not an afterthought and while most people trying not to think about what happens after they passed it's important is set up your beneficiaries properly to ensure you protect your wealth my firm the Armstrong advisory group has a new guide out this month to help you understand the process of beneficiary designation because believe it or not there can be complications called out to get your free guide understanding traditional IRA beneficiary designations at 803934001. That's 803934001. Or you can download it right now from our website Armstrong advisory. Dot com securities offered to securities America incorporated members Jenrette SAP C and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. Time now for Wall Street watch a look at the market's performance so far today thanks to Darian jog right here on the financial exchange radio network. It would appear that the market is pulling back a little bit today to any particular reasons. Well what's your read on the border right now I don't know if there's anything in particular that stands out I think in general just continuing the volatility. For a number of reasons whether it's some people concerned about tariffs some people about interest rates you know you pick a reason right now there's something for people to while wonder about. It. I wanna go back to our poll question and just go to the website and Tikka get refreshed number our poll question is should mass housing. Provide a down payment program for first time home buyers 25% of you think they should it. 75% evidently saying nobody should not. And then there's there's one text in particular came in at one addressed because rates and cleared people. What happens to the dollars old. If that people don't pay to we the taxpayers foot the bill would not only use the taxpayers foot the bill if the dollars are paid back. You put the bill if they're not paid actually explains. If the money gets paid back if it and let's use the scenario truck where they're borrowing. 121000 dollars over fifteen years in their getting an artificially subsidized rate of 1%. On that 121000 dollar loan that has to be paid back fifteen years. Now what would it normally cost of borrowed money 5% for first. For second mortgage on a house like that. For some. I don't know exact who would do would be on a college alive but caught 5% so that we the taxpayers. Are subsidizing the first time homebuyers because they're getting a rate of 1%. On that 121000 dollar down payment. When the rate should minimal. Be 5% bait most the bankers wouldn't touch the program at all so. If you asked asked a banker at its eightieth. I wouldn't make that only 10% but that's just caught by percent so you're subsidizing this first time home buyer with a 4% now if they walk away. From that. Little Euro in and default on that 121000 dollars the taxpayers else's pain that bill so. The there's a lot of downside to this the view a lot of risk. 8888. Runs the risk of making the lower and housing market even more unaffordable because it makes more unqualified buyers. Instantly qualified to buy a house even though they haven't sacrificed anything in even the heavens it anemic and chucked the programs available to people making up 203000. Dollars a year. So by that. Line you would also say the FHA program shouldn't be in existence. I was never big fan of it and he took advantage of it you know worked well for you. But boy we do with let's say a year when he fraternity Brothers was coming to you today. Saying in the end and look what's happened to the housing market since 2013 when he's set program that we you suggest what your frat Brothers to buy it use that program today. In a perfect world nobody in a perfect world I would have used either. We lived in Denver perfect world. Five years ago track housing public housing prices gone up at five years probably around 3035%. And how much money did you make on that Condrey. Good chunk. 100000 it's a good chunk now you've been a lot a debt. As an analyst at I won't disclose but he chuck did very well but. You the one could argue he's got lucky he took advantage of a little bit of goods into what let's say here here's a. Question so you know there's some areas that have rallied more rapidly than others what if I were an investor what if I was some are saying look I wanna buy my first property. Now wanna go to Revere which still hasn't quite rebounded the way that a lot of the other surrounding markets have. But that if you look at the way things are pushing out. Reveres probably can have a pretty good next five years based on what we've seen from time of the areas that have pushed outwards. You look there and say OK it's next in line after what happened in east Ian Chelsea over the last spot you know. So you sit there and you say yeah I wouldn't necessarily use a program like FHA to go buy a place Ian. You know Somerville they personally probably wouldn't be able to because it's too expensive. But yeah I know I I could find some bargains that might make some sense forming. Not on your re your race a valid points I mean I at a town like Lian and Lawrence and Brockton in. Revered they'll benefit from SB oh yeah and it goes to those towns will be Jennifer five in in that it that's that's the positive side. Might but my I'm still emotionally scarred. From the crisis of 2008 I I've I don't think they'll forget and that eight people need to recognize that there's a pile of people that. Feel yeah oh yeah there's there's a ton an import there are also a lot of people who won't buy it I bet there are a lot of people who won't use this program. Because they feel the same way you'd. 8505. Awaits us exactly that finally says Ameritech's line. Burial although my son saving for a home and would be the first time home buyer I do not want him getting free cash needs to work for. That's the perspective a lot of people like I can understand that you know it's I understand. Tell us about this new battery development you've been talking about this for awhile and I saw a story in the Wall Street Journal bikers for millions that it is. You kind of adding some substance what to what you've been talking to us about the last six months. Yeah and I'm actually I'm talking to my battery guy and I'm hoping to have them on here and and in the next couple weeks now some trying to squared away with his compliance department because there's only so much he can say at the moment. But the big thing is so is that the kinds of batteries we've been using in our. In our cell phones in our cars. They're they're all the same in our laptops they're all the same type of battery there's called a lithium ion battery. And there's a limit as to how effective. With him I am batteries can be as far as how much charge taken hold how quickly they can charge and we're getting close to Max and out some of those capabilities right now. There are a number of additional technologies new technologies that are on the way. Anything from graphite batteries lithium air battery is a whole bunch of different technologies. There are only a couple of years away from prime time you've kind of gone through the prototype phase now in their trying to figure out how to scale these up. But you are with you a couple years of having these. In the big thing that this does the these new types of battery technologies. The two things they can improve our the the battery density which is. A way that you can either reduce the amount of weight if you look at something like a car. Or in the case of a phone just improve the the length of the charge okay. Or the other thing that these new battery types also allow for is much more rapid charge so where is lithium ion batteries being good to charge iPad right now. It takes like six hours to hit full charge to go to charge appear electric car it takes eight hours a fee charged conventionally and that's just not feasible for a lot of people right. The new types of technologies these graphite and in lithium air batteries. You can cut charging times like eighty to 90% in some sense huge it's huge. And costs are coming down to. Yet the the cost will initially be higher just because any new technology so you'll see these first you know they'll show first on luxury vehicles will be on Mercedes cars and on Tesla is. And then it will trickle down to the more mainstream vehicles. But eventually the cost should be a lot cheaper as well as they start to navigate some of the pitfalls production but this is. It if you get to the point where these technologies become mainstream. I think it accelerates the push away from conventional engines. When we come back will be talking about a new Condo tower that was approved for the city of Boston that's next on the financial exchange. Have a question for Berrian jock. Now you can text us at 63566. And take part in the show at any time you start your text through keyword battery and join our exclusive club. Days as the financial exchange radio network. Perry or chart here with a message for all business owners that are listening to me right now how do like to save up to 90%. On your corporate taxes is so they'd consider relocating your business to the US Virgin Islands they've got an incredible tax incentive program that numerous businesses have already taken advantage listened to Wayne Bakes executive director of the EDA. Anybody that's involved in the financial markets would it be hedge fund manager managing consulting in the they've done very well Shimmy wealth and entities that are designated services we have civil call senators and I'll we have several centers are due back office operations and and then we do high value manufacturing where can do manufacturing and and do value added it has large margins and we have entities that do what the boys we've had medical device is a variety of those type of businesses have gotten very very well. This program is fully sanctioned by the federal government and it will lie your business to expand and grow learn more. By visiting the EDA at USB. IE DA dot org. If you're landlord looking to find an easier way to collect rent payments than you need to hear about leader bank's online rant 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 produce 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 the cold as he ran team at 781 at 6418691. That 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 chuck is not in I'm joined today by an estate planning attorney Todd what's key from the law firm of cursing and Dolan with your financial exchange quick tip of the day and Todd we're talking about how herbal herbal trust's operating. A lot of people are afraid that if they transfer money into an irrevocable trust. That they give up control of their assets they have to ask permission to do anything is this a valid concern. You know it's not a valid concern but it's one that I can understand right people in general are gonna say. I heard your vocal trust you lose all control and and for a lot of years that's true and for different kinds of trusts that's true. Not for the kinds of trusts if you're concerned about Medicaid protection this kind of irrevocable trust. You do not lose that kind of control at all what kinds of things can you still do in and year vote Coble trust that you don't have to give up control so let's say you put your house. And lived there you can pay your bills you can ranked it. And you can sell. And you can buying a house with the proceeds and it doesn't even restart and waiting periods it's a wonderful flexibility you can also putting your investment portfolio. And and you don't even limit. The types of investments that you could invest in just because it's inside the trust some people get concerned that their trustee may misbehaved you have the ability to change trustees if that's the case you do we have the ability to change trustees and put on anybody else that you would like so. You have that kind of flexibility as well and you can even change beneficiaries. On the trot so. Folks in valid concern you don't lose control when you put assets in these trust and you don't give anything away. Folks there's a brand new guide out from Cushing and dole in the details these very issues it's available by calling 8668. Horry. 5699. Its title and operations guide to the use of irrevocable trusts and again that number is 8668. Foray. 5699. Or get it online at legal exchange show dot com. The financial exchanges all over New England to go to financial exchange showed dotcom and search for the station closest to you. This is the financial exchange radio network. Evidently Boston needs another hundred neat luxury condominiums because that's what's going in on boils mystery. Yeah just you. We just don't have enough for those as it is right now so this is going to be 484. Foot condominium tower. On boils history the by the way is also going to be. Above the Mass Pike so it's going to be one of those buildings that straddles the highway as you come either into or out of Boston. In this tower they are hoping to start work on later this year after winning approval of the project. Just a couple days ago now and so it's gonna take about a year just to build the deck above the highway. That the building's going to sit on my guess is that that stretch of the plate is not going to be fund drive on for a little bit of that time and it's gonna be two more years before they get get the tower completed so it's about a three year project total. So you're talking you know 20/20 one by the time this thing is finally dawned. I just and think about the cost associated with this project must be enormous. It's I mean anytime we talk about that kind of engineering it's it's going to be like you can't build. You know cheap apartments over the highway it's right you have to build luxury apartments is you can't afford to do anything else and so to 27 Storey tower hundred mate condos going in here five floors of parking and some stores. So little me I'm sure they'll be quite nice probably now is not as nice as one Dalton street which has that you know forty million dollar penthouse that's going now. Hope for an able to see that but the financials and that deals to private contractors early eighties on the on this one. Yet you can't look at that the books on it but I I'm not sure there are gonna make money the I just think about the cost. It's hard to imagine that it be of the sell those condos for enough money to make money is only a hundred needle. Yet it's it's a big chunk of change mean you got to figure average purchase price there. In order to make your numbers were three million but I was gonna say close to four like somewhere in that ballpark just because you know just the engineering feats and guessing that the building is probably the cost somewhere in the ballpark of four to 500 million. Yeah they just to do all the engineering it's it's not going to be easy. 31000. Toys 'R' Us employees no job that no severance that's what happens when your company is bankrupt. Yet it is sad for these employees here obviously. Pretty much being VO hung out to dry as so often happens in these situations. And now they are going to be heading back into the job market good news for a lot of homes that I I do think it's a pretty. Good job market. For retail workers right now meet again think to think about all the signs that we see at Wendy's that Starbucks. Or if you wanna pay make a little bit of a changing go well working and Amazon warehouse if you say look I'd like to do something more along those lines. There are opportunities for these folks and I think that it'll be a relatively quick process for a lot of them to be honest. The day if they wanna make a lateral move I agree with you. If if they wanna go in to a better line of work for them make more money they're gonna have to retrain themselves I got to thinking it let's say you're 35 year old. Store manager for Toys 'R' Us you might be better served by going back to nursing school. Frightened and in Santo came out or are going to become a medical technician or something through trade I'm just coming electrician. Yeah I'm not sure that did the did I would go from toys or rust to working at TJ Maxx. You know I noticed. Just in the interim I kind of look at it that way just say you need some to bridge the gap and get you somewhere I see that this kind of being an opportunity. Sarah surprised when they went under. You know. Do we have a little toy store local community to restoring our town. At places always busy. Unity walk in there there's mothers aunts with strollers and babies and it's not a huge stores to small store it's also got books for sale kids' books that's right buy stuff for migrant children yup. And and it's doing very well. But toys arrests the I don't know what they lost their mode Joseph were web app. And I think Beatles did they taken on a ton of debt through a a bio with what was the Bane I think that bought you know via out there. It in I think they just had too much dead in the changing retail environment just kind of room under. And I just think they couldn't adapt quickly enough just because partly all the debt they have when you don't have any cash flow it's tough for unit near tweak things around like that. Pictures. Word of every Christian in dole and if you're nearing retirement age and you've yet to set up a trust protector assets. Don't change the station for the next sixty seconds why do you need to trust. Numerous reasons not the least of which is eliminating your state taxes in avoiding costs associated with probate if you're over sixty years old. In your prepared for retirement. Now's the time to call Todd Lonsky Todd is a partner with the law firm of Cushing and Dolan. An expert in elder walk the walk you through the process step by step so that you trust is set up properly and efficiently. Now there are several kinds of trusts to consider the irrevocable trusts are extremely popular to establish the kinds protections that we're talking about Anton as new guide out this month. Help me understand all the particulars it's called the operations guide irrevocable trusts in tears for free. All you have to do call 866848. 5699. You can also download the guide instantly by visiting legal exchange showed dot com. Don't believe this very important process to chance Paul right now and get your guide 8668. Foray. 5699. That's 8668. Worry. 5699. You know any time we report a story on scams. It seems like they're targeting senior citizens. And the latest one has to do with how broadcasters truck are using technology. To rip awful people it would what's the with the latest gambit seniors need to be concerned about. Rather there's there's a few of them to be completely honest do you see some. Those are the ones that you see young on the two biggest areas where you see. Seniors losing money on the line and beat tech support so people who vehicle so we're here to help with their computers need you know give us you're your credit card number and or authorize the help. That's a huge one these days. Unless Dwayne de X hope that they just. How does that happen had to get a full caller to an email what happens. You can get either one so phone call or an email and it'll be O was someone from your house called about you know the the tech supporters that he had. And we've you know fixed everything we need to fix everything please send us your credit card number so we can get to work. And you send in the credit card number and there's no tech support company their just go out and using your credit card. To go and buy you know haxor. Bell bottoms or whatever it is they buy I don't know what they bundle the money. You don't when that happened to my wife Hughes she had Yahoo! email account track. And it she used that it was her personal email account she had that for probably 25 years suddenly you receive some of the old AOL addresses that people have still. So she she's at this address for at least fifteen years. And somebody hacked and they figured out what her password was in so she was on the phone trying to figure out. How to get her email back. And yeah and ends up talking to somebody in India and they are trying to get her to give her them purse her credit card number. And Yahoo!. Provided zero support nothing new in and to this day trek a year later she still doesn't have access to or Yahoo! should open up at Gmail account. Out of the dark ages. Is a terrible where Yahoo! was hacked. Demi it Yahoo! had all kinds of problems with their hacked in and did that was a major issue for them but a lot of these etc. but I do not like a year later she. Until I talk about twelve months later. After days in and cheese you know might like she's she's very persistent. She she worked on this and I'm telling you it's twelve months later she still cannot she had a basically try to re re developer address book and I think that it's been a real problem. In an is that the type of thing that happens at a regular occurrence among seniors because like at SeaWorld drive people cores. It is an area in all of these tech companies are not built to deal with those kinds of issues that that they're just dollar and and and they know that they don't have to to be completely honest thing that's that's just not what they do. And it's AM yeah like. For years first tips to lose your email address is like losing your name today is if you'd like. That's a that's a hardship when you lose your ability to communicate you have to start over. I don't deny it it's just they know that they don't need it it's not something they have to worry about its slate. At the end of the day they they're not built for tech support. Well who owns Yahoo! now. Verizon. A department that. But isn't it terrible great inning take about that was your mom right. It and and you know she'd been communicating with family members and everything by that has not only can she don't use that actress anymore jock. The the issue is the they tried to extort her. The need to know of course you know the deterrent bookstore heard it to pay it and fortune I was listening in on a lot of these phone calls I said about Ronald little. Don't give your date of birth though this don't give your street address. The the they're trying to rip you off is just. If it's it's it's it drives me nuts and in the fact that they are success so it's like they're having a lot of success scamming seniors. Yeah it's easy it's unfortunate because they're a lot of seniors either don't have the wherewithal or the knowledge to be able to kind of navigate these issues. And so it's it's really. Really common I mean you. You see this happen very frequently the other big one that was seal on his online dating where someone pretends to be someone on one of these web sites. You know they get to know we over a few months and says oh by the way I'm having surgery can you send me a couple thousand cover the bill. And then they disappear it's awful. That is that. David Dallas is really in correction territory it's down more than 1% the Dow's off 252. Points as we speak the S&P is down twenty points. My name's Barry Armstrong will be back with a another hour of the financial exchange don't forget to participate in our poll question which is. You think Massachusetts. Should be subsidizing down payments it's on our website at Angel street showed dot com. It's not too late to get a great grade and home mortgage leader bank specializes in a wide variety of purchase 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 of faster closing calling 8776917. B 900 that's 8776917900. Or visit leader bank dot com member FDIC's equal housing lender and MLS number 449250. Subject to credit approval leader bank a step ahead. Okay skiers and riders let's take a look at your long range forecast for Mount Snow Vermont it. Monday's snow Tuesday snow Wednesday snow again Thursday snow seriously Friday snow Saturday more snow okay who's been Massa win my script Carol c'mon that's not do without you snow every day really. When you've got the northeast most powerful snowmaking system just two hours from Hartford and you know you can count on great snow all season long and Mount Snow live to get there until now so get yours now at Mount Snow dot com slash saved. If you're landlords looking to find an easier way to collect rent payments than you need to hear about leader bank's own line rent collection product called zero and 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 mostly in their dues 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 Tillman McCall does he ran team at 7816418691. That 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. If you're nearing retirement age and have yet to set up a trust to protect your assets do not change the station for the next sixty seconds. Why do you need to trust numerous reasons not the least of which is eliminating your state taxes and avoiding costs associated with probate if you're over sixty years old and are preparing for retirement now's the time we called Tom Lipsky time as a partner with the law firm of Cushing in Dolan and an expert an elder luck they'll walk you through the process step by steps of your trust to set up properly and efficiently. Now they're several kind of trust to consider a reputable trusts are extremely popular to establish the kinds of protections were talking about Anton has written a new guide out this month to help you understand all the particulars it's called the operations guide to a remarkable trusts into tears are free by calling 8668485699. You can also download the guide instantly by visiting the legal exchange showed dot com don't leave this very important process to chance call right now and did your guide at 8668485699. I air raid. From either a spouse a parent or from someone else and Mike. So little complicated sometimes people who they're going through a difficult time where someone that they know closely as passed away. And they don't know what to do with the money they're inheriting let's talk about first spouse if you inherit money in an IRAs espouse what you have to do. So very simply. That's isn't the easiest version of this apparent money from a spouse. That hire ray can simply become your own irony the money can move into your own account you don't need to start taking withdrawals. Although I will point out you can start taking withdrawals if you choose to you just need to open a different type of virus or before you make any decisions you need to decide. Q I'd need the money York night wade and deferred taxation stale now if you're not a spouse US significantly fewer options as far as what you're able to do. Correct if you are not the spouse and your inheriting a money. You must open up and inherited IRA. And that means you have to start taking money out the account immediately the first year you inherit that IRA. You have to take a required minimum distribution now there's a whole different tax table associated with this or it's not as bad as they're Euro seven the Euro taking BR MD. But the money does need to start coming out immediately. Folks the guide is titled understanding traditional fiery beneficiary designations it's available to add zero charge. All you have to do is call 80393. 4001. Or you can go online Armstrong advisory dot com and download it for free there again that number is 800. 3934001. Or you can get it on line. At Armstrong advisory dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. 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 bank a call 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. Very our chart here with a message for all business owners that are listening to me right now how do like to save up to 90%. On your corporate taxes. If so then consider relocating your business to the US Virgin Islands they've got an incredible tax incentive program that numerous businesses have already taken advantage listened to Wayne Bakes executive director of the EDA. Anybody that's involved in the financial markets would it be hedge fund managing managing consulting in the they've done very well it should mean world and entities that are designated services we have civil cost senators that we have several centers that do back office operations and and then we do high value manufacturing where can do manufacturing and in due value added it has large margins and we have entities that do what the boys we've had medical device is a variety of those type of businesses have done very very well. This program is fully sanctioned by the federal government and it will lie your business to expand and grow learn more. By visiting ETA at the US VI. PDA dot org. Do they are better than one that everyone knows that that's where offering to balance the one taking. You can he had a cash and wildcat mountains in that same day and it's the only thing. They're just twenty minutes apart in the number ones found in meat. Do you know anything. Once again WR downhill this winner at added tax and wild cat nap. Cricket dot com for more information hi this is Barry 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 leader bank is offering in east savings account providing free online banking with a one point 25%. Annual percentage yield this is an online product only and there's no minimum balance required so log on to leader bank dot com and sign up today this rate may change without notice that don't delay log -- to leader bank dot com get all the information about this great offer and sign up today before the rates change. Free online banking with leader bank's new. 25% annual percentage yield and no minimum balance and remember this product is only available online so logon to leader bank dot com right now that's leader bank dot com leader bank a step ahead. And me. This is the financial exchange with Barry Armstrong and shot so I doubt. You're exclusive look at business and financial news affecting your day you're sick leave your world and stay informed and up to. About economic and market trends plus give breaking business news every day. And now the financial exchange with the Barry Armstrong and chunks. It's really quite remarkable that our economy is so strongly look at the unemployment rate hits it levels that are. Indicated very strong economy people are reentering the workforce. Wages are starting to go up albeit too slowly. And we're doing all that at a time when fewer homes are being built per household. Then at almost any time in US history hi everybody it's Berrian truck with you here on a Monday. And I just find this to be quite remarkable that in this strong economy. Builders are not. Not not to these additional enticement there's recent not enough of an enticement to get ship builders to build spec homes. I think the the big thing is is the lack of labor to be completely honest. You think is that's the biggest contributing back I think it is today I'd I don't think it has been the last couple years but I think today it's like a labor. Seoul five years ago. It was a lack of demand right up I think he got five years ago we you do we were. Quit when did the market turned what did we finish sucking up all the excess inventory was two years ago four years ago I'd say about five point when he 122013. Somewhere in that ballpark all right I think you lose the the market stocks pretty soft at thirteen and it. No I mean did you like I got out bid like three or four times. He did yeah so I got to the bottom was a Latin would you agree that the box the housing market was eleven yeah I think probably thirteen is where. The teams were those in the it really started to turn it seems like. And then 141516. Seemed lakers kind of clicking on all cylinders so during that. Time rarely used it to this day contractors are saying he would be here at the contributing factors if I talked to a contractor. If the if you find one. One in the contractors are getting old and they shut down their businesses during 2008 and they just said I'm never gonna do this again and Andy and their date went home. To their to your point they're saying labor shortages three. The land is expensive and for the government has increased regulation but if you talk to a contractor they wanna put in a new kitchen. Think if to pull something like 45 different permits and you have to give inspections from. 45 different agencies within your own town that's expensive that adds a lot of cost to your project. Yes it's a it's a huge cost in in we've seen these cost go up significantly. You know in in recent years as well so like these have always been there on view is continue to see new regulations. Coming in and actually and I was taking a look here for 2011 through 2016 this is just data that I have right now. 12011 through 26 teen regulatory cost increased by about 30% during that time to pretty much all that was then passed on. To the eventual buyer or new home prices that time were up 34%. And so. The total cost actually. The total regulatory cost of a new single family on this according to the national association of homebuilders. From our article in the Wall Street Journal for about a year ago. Is currently in 2016. It was just shy of 84000 dollars actually. So that's Weis don't see anybody building 200000 oral. Pretty much right or even a 300 like the only way these builders can make any money is if they're building these five bedroom colonial that they sell for million bucks. Yup and in those types of the the cost that are included in there. Any thing from again Colin permits hooking up to sewer hook me up to get all those different things factor is regulatory cost so you know hooking up to sewer you don't think of that as a regulatory cost. But it is the town charge you okay here's alleged in a cost in order to complete that hook. And it's assault cost you don't see it's not like and play without drapes has good play on words are at their sunk cost him usually you don't get to. You know it's not like we put in a pool for you to enjoy putting in new patio and kitchen yet to enjoy it now this is just to toilet works when it's supposed to. The little Asian life he the other issue it would bring up is if we talked about this in the first hour show that is. Some states including Massachusetts. Are helping first time home buyers with they're down payment Massachusetts is offering a program. Where they will make a level to a first time home buyer in the amount of 3%. And that's the down payment and then be home buyer can use the FHA program Padilla that 97%. They apply. Not having any skin in the game allows home buyers to buy a property with zero money down. The way the Massachusetts program works in Connecticut has some corporate all states have similar programs. The down payment is a fifteen year second mortgage with a fixed interest rate of 1% and no additional fees. The loan amount is capped at 3% of the purchase price which cannot exceed 400000 dollars for single family home. Wore a condominium unit. Now I think this creates a moral hazard and I think what it's going to dues help overheat the market for sub 400000 homes. I also believe. That decreases the incentive for people to save for their down payment. I'm not gonna say it's not gonna target millenniums that they tend to beat the people that are out there trying to buy personal and it's available for people. With incomes up to a 103400. Dollars to 85000 dollars of income in Worcester County in 67000. Dollars and Berkshire County. My my feeling on this. Is we're kind of doing what we did way back in 2005. All over again zero money down. Loans now the difference between now and 2005 folks is these loans are actually being moderate. If they're making treaty happened job making sure it happens good credit score in order to appeal to move this program. But nonetheless. People today. In between 2018. Are able to buy a home using these types of programs. With zero money down I think it's gonna blow open her face and stick around long enough to watch it blow her face. Our poll question today is should mass housing provide a down payment program for first time home buyers. Our website address in order to participate as financial exchange showed dot com the polls and up for power and thus far Tucker last time I looked. It will lose about 21% 20% twenty point 4% of our listeners. Think that yes mass housing should be providing. These subsidies for first time home buyers. And evidently is something wrong with our poll is you see that Tucker yeah it's a little plug here this morning. Democrats to a 105%. Which makes it that someone's voting twice here. So we'll have to get some authorities on the case of this cult 20% saying yes let's all now they'll get it actually be 25% you know maybe maybe it's under counting one side and over counting the other Italian wolf. Anyway if you have strong feelings on this I'd like to you ask news I would invite you to vote on our website financial exchange showed a com. I know many of you like to text the program. In our text number is 63566. We are actually bringing back eat trivia content straight talker. Yet bring him back trivia answer segment sir I don't know we'll do we'll double break in animal bring tribute back next segment and it's he had to obvious text line now. The obvious look at 413 says I say go Charlie Baker helped the millennial skid into homes you know there's one of the things. I was talked into a friend of mine at Lambert from the cape this morning. End we're both kind of of the opinion you know we've we both voted for sharply. In I'm surprised that he would allow something like this to happen. It doesn't seem contrary it would of this Hispanic Charlie would wanted to. I don't know if you look at it from the perspective of it gets people to potentially stay here because their views and not pray or study here they don't pick up and go and had somewhere cheaper anyways. And they may view it as a good investment saying look if we get them to stay in here it's good for that property tax revenue in the long run as well. Well at any rate. A leave it to the audience to decide to dinner tech's number 63566. In a website address this financial exchange and a count. Going back to our conversation regarding dogs in United Airlines that was another heated debate that we had last week. United Airlines decided to prop charter a private jet to fly home the dog that was mistakenly sent to Japan last. If I were that dog's parents and I would have said put him on a boat can you not put that dog on another plane I don't trust you with. Don't put dead dog on a plane put him on a boat put him on a car put him on a train do not put him on another plane because I know what happens to dogs on united flights a car to the yet what what was the name of the floating cars that. One that doesn't exist the one public to show in the sixties or something and all you can go go or something like that there were no that was the name of that that chitty chitty bang bang. You Rhode Tucker in all it was a life. The the stock is down today. Less than the market. As it was at a flying car floating car can't remember. You think this has any impact on their stock long term resistance in the short term. The that the dog situation. Yes and I think it's a non factor for them from it from a stock price perspective I mean you mind this is like that they've had like. For these in the last year and that's on top of the the guy who got beat up getting dragged off the plane. And so lazy don't think it eight year Europe's assessment is this will not change consumer behavior downwards. Which you like. If they don't really care about individual passengers right there they're more concerned about corporate travel yeah I mean with with any major. Carrier. They don't care about the person who flies once a year and coach they care about people who buy first class tickets or repeat business customers. If you are if you're flying once twice even if they're flying less than ten times a year in coached. They don't really care about you you're not a meaningful contributor to revenue. Editor Tim can't. Macy's. There could make it a couple moves to compete with TJ Maxx or talk about Macy's when we return if you're stockholder and Macy's secured employee of Macy's stay with us because we might have good news on the horizon as relates to Macy's that's our next topic on the financial exchange. The financial exchanges lied on FaceBook and YouTube watch Berrian chuck discuss the issues of the day and see which one smiles the most. Is financial exchange radio network if you're sixty years of age or older and have an existing trust or in the process of preparing one please give me your on divided attention for the next sixty seconds there many types of trust the people use to protect their assets but irrevocable trusts are very common to enhance the specific protections that lots of families want including the possibility of eliminating estate taxes. If you are unsure about whether your current trust does what it needs to do to protect the acid you've worked a lifetime for and make this one phone call Todd Lowenstein post of the legal exchange joke and an expert and a below with the firm of Cushing and Dolan has been helping families just like yours with Thursday claiming needs for over thirty years and is new guide this month would give you the peace of mind you need if you're -- isn't done yet the guide is called an operations guide to a remarkable trusts data right now by calling 8668485699. You can also download the guide instantly by visiting our website at legal exchange showed dot com. Learn how to protect your assets toll 668485699. And get your free guide that's 8668485699. Hi this is chuck Sodom recent studies indicate that in today's busy world more Americans are saving money for retirement through traditional IRAs in employer sponsored plans that's great news for those of you were closing in on retirement the money that you're saving is terrific what I'd like to do is help make sure that you protect assigning a beneficiary to passer assets onto after you've passed is an important part of elder life planning and my firm the Armstrong advisory group hasn't new guide out this month they can help you understand this process it may seem simple but there can be complications called out to get your free guide understanding that traditional IRA beneficiary designations at 803934001. That's 803934001. And he can also download it right now from our website Armstrong advisory dot com. Securities offered to securities America incorporated members finreg SIPC and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Hi this is Gary Armstrong and I 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 got another one that is surely worth your time to check out your bank is offering an. 25%. Annual percentage yield this is an online product only and there's no minimum balance required to log on to leader bank dot com and sign up today is rate may change without notice so don't delay logon to leader bank dot com get all the information about this great offer and sign up today before the rates change. Three online banking with leader bank's new. 25%. Annual percentage yield and no minimum balance and remember this product is only available online so logon to leader bank dot com right now that's leader bank dot com Peter bank step ahead. Number FDIC number from Alex fees may reduce their tax breaks subject to change without notice and may change at current account is opened. Earlier chart here with a message for all business owners that are listening to me right now how do like to save up to 90%. On your corporate taxes is so they'd consider relocating your business to the US Virgin Islands we've got an incredible tax incentive program that numerous businesses have already taken advantage listened to Wayne Bakes executive director of the EDA. Anybody that's involved in the financial markets would it be hedge fund managing managing consulting in the they've done very well Shimmy wealth and entities that are designated services we have several cost senators that we have several centers that do back office operations and and then we do high value manufacturing where can do manufacturing and in due value added it has large margins and we have entities that do what the boys we've had medical device is a variety of those type of businesses have done very very well. This program is fully sanctioned by the federal government and it will lie your business to expand and grow. Learn more by visiting the EDA at US VI. EDA dot org. We wanna hear through the thanks Steward diaries 263566. And let us know what you think about the stories we discussed your team to the financial exchange radio network. We'll Macy's seems to be. Do it all right here. The they've coupled changes they're making a book and at their stock I remember when this industry knew about seventeen dollars a share their ups Tony night. Yeah they they seem to be making some changes that may give them a little longer life then some of their competitors. A couple big notable ones for them number one they're adding mobile check out to all of their stores. By the end of the year and so this does that mean exactly. I would imagine what it means that you'll be able to walk out on your phone walked through with your phone scan bar codes as you go through and put you know items in your cart. And then you get to go to a special counter. Where is the tags will be removed. By by an associate their C still to go through a counter and in one way shape or form but at least you got unloading counting all of your items there necessarily. That's not back it. It's improvement. Don't think it's better test done to date it is great that that's not that's not exciting. I wanna be at the walked in and walked out I don't talk to him but what about Macy's backstage. That that actually leave the the their this is a basically a copycat TJX. Yet that they're trying to copy that that business model here. And pretty much recreate that kind of treasure hunt bargain basement tied shopping experience. It's it's it's interesting I mean there's nothing original there doing there. You know but the big thing is TJX has in in anyone who has worked there anyone who knows the retail industry will tell you. TJX has the best buyers in the business they're they're buyer training school. Is widely thought of as the gold standard not just for you know clothing retail but for anything retail just because of they are they are as good as it gets in terms of they just train their people on how to spot trends and how to buy merchandise better than anyone else. Macy's doesn't have that. Near Macy's it's it's not their core bread and butter now what they do IPO chaotic but I just. A look at this and yet they'll have some good sales and I'm sure that they'll they'll pro and make some money on it adds don't know for two game changer. Roca mines and extinct extinct so Tucker mental assault bought this new trivia contest that we are. Bringing back Corey re your reinvigorating trivia. Deborah him back trivia it's gonna be sponsored by it's obvious here ruled to be giving away. If fifty dollar dive views gift card every day in the second hour of our show in shock. Take away. Yes he can text in two or w.'s text line at 63566. This brought to you. In part by w.s northern Italian steakhouse have got five locations in the Boston area including. Brand new one in Braintree at the South Shore plaza in Dhabi is open daily for lunch and dinner. And on Sundays for brunch and the perfect place to host next special event you can visit W stay in Boston Foxboro Winfield Chestnut Hill. Or that newest location in Braintree in our trivia question they were doing some housing related trivia. What percentage of home buyers finance their home purchase in 27 team. Tough when he got to be right on the money with this you can't say. 12% when you mean thirteen you can't say twenty when he means when he won you've got to be right on the money what percentage of home buyers. Finance their home purchase in 2017 and text us at the w.s text line it's 63. 566. We're giving away with this. We're given away more than a dollar of 85% are way. Nike gets on top opponents don't and nobody is right now we're not given millennial down payments were not given text people hints. If that's how it is it's. I don't get you get a fifty dollar gift card if he wins so once again text us at 63566. And you get a fifty dollar gift card to w.'s. You're the first person with the right answer. What if they've never texted this before Tucker don't they have to put in Berry at the beginning yet maybe in Texas before just type the the word very. 263566. With your first and last name and you'll have to do a once when you do that tyrannical. A thing about solid my car. I don't know why am thing about not owning a vehicle going forward I don't believe that was early public leadership we will what are you gonna do bike. No lift you see this deal that there are offering oh you're younger you're going in on this. Well listen to that deal in been in it I guess the only hesitation happens I don't know if it's permanent but for 400 dollars a month. I can get sixty writes that that takes care of old money automobile needs for 400 dollar I can't maintain a car for 400. Except only qualify as if the rides are under fifteen dollars each. Rule. Now. So I wanna take a long ride. Yes it does you can't go from Boston New York under that you can go from Boston to Connecticut you can't go even from Boston Worcester. So this is pretty much if you live in Cambridge and wanna commute into Boston. You can use this but it. This is still the end of Karl ownership though because you don't gonna have to out. You eat like seriously for my wife and I we don't need to Carson this program we keep each sign up for this week itself one of our cars. And we could use a lift because they. For most of my rides great it's like you would what are the Balkan you're right strive to and from the office right yeah fifteen minutes. Those rural less than fifteen dollar ride. You know only I I think this is. I this is going to. Further erode individual car ownership and this is they're doing this why the stuff to pay driver imagine what happens when there are paired driver anymore. Yet that that's where you start getting into okay. You pay in this isn't that the CEO of lift talked about. Look you purchase by the mile. You're transportation needs and and that's how you go about it cities say okay this month I wanna buy a thousand miles next month I wanna by 2000 miles. And you go through it by that process instead of owning a car it's it's where we are going. This one does this gets them some early adopters around the edges it's still I think the fifteen dollar Max is still somewhat limiting his what that's a short ride in it also means like if if prices are surging. You need it won't necessarily apply for that either so it's it's going to be around the margins that this makes sense. But as they start to get a little bit more proficient out and scale up. It's it's common it is common. How much does it cost operated car it if you vote with the average car payments 400 bucks for five dollars five OK so 500 dollars to operate just that the payment. Then what another hundred dollars a month for insurance hundred for insurance to wondered for gas probably an average another hundred for maintenance so when your all in your probably close to a thousand bucks a month. It didn't we read in major cities it's over a thousand dollars a month daily tech or any factor in parking I'm sure it's probably if you're in a major city 11112100. Bucks a month. A tightly get a lot of list rides for 12100 bucks a month. Yeah you'd think if you're living in the city right in your. Bouncing around. Wouldn't wouldn't you be better off with this I mean I have to keep my most people in the city don't have a car anyways. You know they they take the subway or they take the ball you know like when Ali drive out of the Mass Pike police don't tell me people don't have cars and I. ED TE drive around is. When it doesn't matter what the year in Springfield Whittier in Austin pot traffic. There is in I think that's just because. Again are all of our construction seems to go towards getting more cars on the road instead of finding more efficient ways to actually transport people cars are the least efficient way. Geometrically to move people around it's one person in a big you know when he by six space. So if they're doing this now when they're paying drivers. And cost has got to come down even will go for the most they need to keep some profits. Bash has. It literally didn't come back we're talk about who gets your individual retirement counting your 401K plan when he kicked the bucket. When you're on the wrong side of the grass what happens to your IRA that's next to the fact. The financial exchanges and live on FaceBook so make sure to like your page and once the guys break down the latest on the market every day beginning at ten on the financial exchange radio network. Hi this is very Armstrong and a speaking to business owners everywhere who listen to this program the United States Virgin Islands are great place to locate a business they have a tax incentive program offered by the economic development authority that could help save up to 90%. Going your federal income tax here's Wayne bigs executive director of ETA. This is a program us. Fully approved by congress has been in existence for about 45 years that we have several companies that are doing that Carly and we effectively reduce federal income tax because we do Ameritech's system where we use of federal forms with the money CC territory at a fogleman has allowed us to do that to increase economic development inventory to encourage economic development unit territory sort of allowed us that we cut tax rates if. Europe business owner looking for tax breaks to talk to the folks at the US VI economic development authority and learn how you can put incredible capital back into your business log onto their website its US. DI ED a dot or best US. VI EDA dot or. Okay skiers and riders let's take a look at your long range forecast for Mount Snow Vermont. Monday's snow Tuesday no Wednesday a snow again Thursday no seriously Friday snow Saturday more snow okay who's been messed up when my script Carol c'mon that's not do without you know every day really. When you got the northeast most powerful snowmaking system just two hours from Hartford and you know you can count on grades LLC along. Mount Snow live Digg gets around don't mountains and get yours now at Mount Snow dot com slash. Ain't if you're nearing retirement age and have yet to set up a trust to protect your assets do not change the station for the next sixty seconds. Why do you need to trust numerous reasons not the least of which is eliminating your state taxes and avoiding costs associated with probate if you're over sixty years old and are preparing for retirement now's the time we called Todd lets you taught as a partner with the law firm of Cushing in Dolan and an expert an elder luck they'll walk you through the process step by steps of your trust to set up properly and efficiently. Now they're several kind of trust to consider. But reputable trusts are extremely popular to establish the kinds of protections were talking about Anton has written a new guide out this month to help you understand all the particulars it's called the operations guide to a reputable trusts into tears are free Michael and 8668485699. You can also download the guide instantly by visiting the legal exchange showed dot com don't leave this very important process to chance call right now and did your guide at 8668485699. That's 8668485699. Better than one that everyone knows that that's where I bring to mountains and one. You can add cash and a blouse that mounts in the paint on the they're just twenty minute aren't and number one's in the know how my. Now he's the one WR downhill this cleaner and added tax and clouds and that. You know it can't dot com for more and. I. Hi this is chuck is not in I'm joined today by an estate planning attorney Todd lots key. From the offer of cursing and Dolan with your financial exchange quick tip of the day and Todd were talking about how are hopeful trust's operating. A lot of people are afraid that if they transfer money into an irrevocable trust. That they give up control of their assets they have to ask permission to do anything is this a valid concern. You know it's not a valid concern but it's one that I can understand right people in general are gonna say. I heard your vocal trust you lose all control and and for a lot of years that's true and for different kinds of trusts that's true. Not for the kinds of trusts if you're concerned about Medicaid protection. This kind of irrevocable trust. You do not lose that kind of control at all what kinds of things can you still do in a near mobile trust that you don't have to give up control so let's say you put your house. And lived there you can pay your bills. You can rent it. And you can sell. And you combine other house with the proceeds and it doesn't even restart and waiting periods it's a wonderful flexibility you can also putting your investment portfolio. And and you don't even limit. The types of investments that you could invest in just hesitant by the trust some people get concerned that their trustee may misbehaved you have the ability to change trustees if that's the case you do have the ability to change trustees and put on anybody else that you would like so. You have that kind of flexibility as well and you can even change beneficiaries. On the trust so. Folks in valid concern you don't lose control when you put assets in these trust and you don't give anything away. Folks there's a brand new guide out from Cushing and dole in the details these very issues it's available by calling 8668. Horry. 5699. Its title and operations guide to the use of irrevocable trusts and again that number is 8668. Or eight. 5699. Or get it online at legal exchange show dot com. It's hard to dial a phone or send an email list to dumb but it's easy day text we've got a new tech sign up and running and you can tell us what you think right now but texting us and 63566. You skewered Barry and join our exclusive club this is the financial exchange radio network. This segment of the financial exchange brought to you in part by a leader bank it's not too late to get a great rate on a home mortgage. And leader bank has some of the most competitive rates around so call 8776917900. Or. Visit leader bank dot com for more information equal leader bank is equal housing lender member FDIC and MLS 449250. So truck had a question about individual retirement accounts yes. My wife and I each have diaries and we've named each other's then fissures that one of us will die before the other. And then we not necessarily. Well yes he played tragic. Whenever they you went when we die and we leave that we've got five kids right. And we've named all five kids is equal beneficiaries of our retirement accounts. What happens if one of those kids. Died before we did that which is the pub it's not likely but it's a possibility. Yeah I in in it is something that you need to plan for because. Again weird things happen in this world. And so they're there to general. Ways that. The accounts would be distributed if that were the case okay the first is what's called per capita in what that means is that if one child had pre deceased you. They are benefit gets spread effectively through the other beneficiaries that are still alive at the time so so their kids they'll get the money. It would be no B per capita would mean so let's say the US and I'll use just the number two just as it makes the map the easy OK if you had two kids and one pre deceased you then surviving child. It's all would get everything. OK okay. If you had three kids and one pre deceased in the surviving two children would get 50% each. So there's no way to get that money through a migrant children there is another designation that instead of being called per capita is called per store piece and what that does. Is instead of that deceased child's benefit. Beneficiary info going. To be on the other beneficiaries. It simply goes through. The family tree to the grandkids and so what would happen in your case you've got five kids what would happen. Four would get their normal 20%. In the and the grandkids for the one who pre deceased you would get that additional 20%. It so you just need to make sure that you're aware of how your accounts are set up and in which one. Is designated sometimes estate planning attorneys will make sure that you designate a certain type of vanity history view what would you recommend it. I mean it's personal choice. OK she's just lay it out for your clients to let that matches yet it's it's a personal choice most typically wanna go the purse to appease route just the grandchildren don't get just inherited that's that's the most common that you typically see. But there are somewhere in the though they don't necessarily do that. Gear you ever hear the Sun City retirement plan Chuck Norris sun city state plan. I've heard of Sun City I haven't heard the Sun City estate plan. We could what's the big retirement community in in Lakeland Florida villages to villages yes relived all kinds of problems with well. We all kinds of stuff well it there the reason I bring it up it is in these retirement communities the standard joke is. Bet the U when you do your state plan and you want your check to the funeral home to bounce it and if you spend all your money til it's gone. But what what happens actually let's say you know because a lot of older people are broke and what happens if you're on your uncle your mom your dad. Dies and they still have a mortgage. And the field twenty grand on a car alone and they had 101000 dollars in credit card debt do I pay that it is in you have to do is more like it happened you know that is to me. Gee do you have to pay those bills. You know it's it's funny because everyone always has always you know. Not says but people always joke about well when I get you know my inheritance for mine my parents are my grandparents you know that'll be my retirement plan. And that's what a lot of people kind of near a joke about getting right but the fact is you see an awful lot more people leaving debt. Then than really most people realize it's it's something that is actually pretty common. And happens a little bit more frequently. And so what you see actually nearly half the seniors die owning less than 101000 dollars in financial assets of over 50% of people. Die with next enough. And so what happens if this is the case for you typically. You are not responsible for their deaths in their debts in most case it's okay. The debts are owed by their states in some cases if the state doesn't have enough assets in order to pay the bills some just won't get paid so that knocked it past everything along to you but if there are assets in the estate to offset those debts you will have to pay those most likely then. With those assets before taking the net. Back to you know you're gonna need a lawyer you're gonna need a whole bunch feel like it's it's a process to deal with that. Get a lawyer worked through the process there but if someone has more debt than assets most of the time you're not gonna have to assume those doubts. I if you're successful business owner you know that this is the time a year we see a full walks in and says. He had a good year you'll five million bucks in corporate tax ten million dollars in corporate tax. And then not only deal to the Fed's you'll another two million to the state who were your businesses located. If you're sick of paying excessively high corporate taxes and personal taxes for that matter. Think about moving your business to the United States Virgin Islands there's three islands of Saint John saint Thomas and saint Corey. And if you re locate your company to one of those three islands you might be eligible for a 90% reduction. In your corporate taxes and in your personal taxes. If you'd like to get an informational guide can run by your chief compliance officer and buy your yours CFO in your chief legal counselor. Call this number I'll give you the number you call Bill Bailey the package and then you do your own due diligence. The phone number's 855622. 3634. Stole for 8556223634. If you have a successful and profitable business it is something you might wanna consider lot dozens of business owners have done this if not hundreds. And it saved 90%. On their taxes both personal and corporate. Beautiful number one last time it 855622. 3634. Eight. Track eight is fiduciary rule is a dead or alive I thought that went into law last year didn't. In good launcher. It's now in limbo as the fifth Circuit Court of Appeals. Overturned the deal well fiduciary rule in a split decision. Eight this could end up making its way all the way the Supreme Court to be completely honest when it's all is gonna explain what the fiduciary rules for the benefit so what it is it was a rule put in place by the Department of Labor that the first part went into effect right around last July as the ones and what it stated. Was that if you are a aid in advisor. Who is advising people on retirement accounts. You have to abide by the fiduciary standard meaning you have to do what is in your client's best interest. Right because most advisors work with retirement accounts effectively applied to every advisor. Nearly the number of advise you don't handle retirement accounts is zero so. It is pretty much said. Look if you are going to act you know in this role in this business. You have to abide by this rule and it caused a whole bunch. Paperwork for a lot of advisors it caused. A number of products to effectively be pulled because they did not necessarily. Academic realized says it's raised it increasing as they are all clients that's a big thing for small clients increase the expenses. And so this kind of puts it into limbo at this point. But to be honest at that the kind of that the cat's out of the bag somewhat because there's been so much talk about in the last year. The first question most people last when they go to meet with someone is RU a fiduciary. You know it's it's kind of like he you can't hide it at this. Not make sense makes cents. They we have a new trivia contest and it's sponsored by dot -- will you view it figuring you announce the winner after the break here Tucker is that that it. Yeah we'll check NC forgot of one are now you paying attention right now I'm prints and from Coca. We don't pay attention you paid attention Dario have in the next segment in the next segment were talk about why if you are over the age of forty. And work we've got some good news for big surprises and positive surprises for workers who were over the age of forty today that's our next topic. On the financial exchange. I vote on our daily poll question. Had financial exchange showed dot com while you're there buyer of the media player and watch the show while you work this case the financial exchange radio network. Hi this is chuck Sodom recent studies indicate that in today's busy world more Americans are saving money for retirement through traditional IRAs in employer sponsored plans that's great news for those of you were closing in on retirement the money that you're saving his terrific what I'd like to do is help make sure that you protect assigning a beneficiary to passer assets onto after you've passed is an important part of elder life planning in my firm the Armstrong advisory group hasn't new guide out this month they can help you understand this process it may seem simple but there can be complications called out to get your free guide understanding that traditional IRA beneficiary designations at 803934001. That's 803934001. And he can also download it right now from our website Armstrong advisory dot com sit. Result for two securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. Hi this is very Armstrong and I'm speaking to business owners everywhere who listen to this program the United States Virgin Islands are great place to locate a business daily tax incentive program offered by the economic development authority that could help save up to 90%. On your federal income tax here's Wayne big executive director of EDA. This is a program is fully approved by congress has been in existence about 45 years that we have several companies that are doing that currently and we effectively reduce federal income tax because we do Ameritech system where we use of federal foremost with the money CC territory and a fogleman has allowed us to do that to increase economic development inventory to encourage economic development unit territory sort of allowed us that we cut tax rates if you're. Business owner looking for tax breaks talk to the folks at the US VI economic development authority and learn how you can put incredible capital back into your business log onto their website its US VI EDA dot or best US. VI EDA dot or. This is a special announcement for a landlords chasing down only rent payments and making trips to the bank to deposit checks take a hassle out of rent today with zero leader banks all mine rent collection tool -- automatically deducts tenant's rent and deposited into your account visit WWW duds he ran dot net to learn more we see rent your payments for each unit to receive regularly on the same day every month tenants pay nothing in the first six months or free throw landlords visit WWW dug see rent dot meant to learn more or call 7816418691. Okay skiers and riders let's take a look at your long range forecast for Mount Snow Vermont. Monday's snow Tuesday snow Wednesday snow again Thursday snow seriously Friday no Saturday more snow okay who's been Massa win my script Carol c'mon that's not do we value snow every day really. When you are in the northeast most powerful snowmaking system just hours from Hartford and you know you can count on great snell all season long. Mount Snow live to get around still mounds and get yours now at Mount Snow dot com slash states. If you're sixty years of age or older and have an existing trust or in the process of preparing one please give me your on divided attention for the next sixty seconds there many types of trust the people use to protect their assets and irrevocable trusts are very common to enhance the specific protections that lots of families want including the possibility of eliminating estate taxes. If you are unsure about whether your current trust does what it needs to do to protect the acid you've worked a lifetime for and make this one phone call Todd Lowenstein most of the legal exchange show and an expert an elder luck with the firm of Cushing and Nolan has been helping families just like yours with Thursday claiming needs for over thirty years and is new guide this month would give you the peace of mind you need if you're claiming isn't done yet the guy has called an operations guide to irrevocable trusts did it right now by calling 8668485699. You can also download the guide instantly by visiting our website at legal exchange showed dot com. Learn how to protect your assets toll 668485699. And get your free guide that's 8668485699. Security suffered through securities America each member finreg SIPC an advisory services arbiters securities America advisors think Gary Armstrong representatives Armstrong advisory group in the securities America companies are unaffiliated it's hard to dial a phone or send an email with too dumb but it's easy to text we've got and tech sign up and running when you can tell us what you think right now by texting us at 63566. The skewered Barry and join our exclusive club this is the financial exchange radio network. Trivia is coming back. We have a winner for today's question. We certainly do deep question was what percentage of home buyers finance their home purchases and when he seventeen interest 80%. And Nathan from Merrimack New Hampshire had the correct answer and isn't takes away fifty dollar gift card de Rios as a result of his right answers so congratulations. Nathan so 12% paid cash. 12% paid cash. So they'll be probably people retire you sell your house. In. You know in in the city and then you move to the deeper you moved to the lakers them like that new pay cash for that still on that you see you see a lot of international money kept coming and all cash as well. Welcome and excellence and excellence so explain to us Bain Capital. Bain and company now. Thinks that workers over the age of forty have a bright future Coca. Yeah pretty much what they are saying is that it's when you know have an economic environment like we do today where. Quality workers are scarce and the ads like you go and try to hire now on it's it's tough it'll take you 68 months to find. Qualified employees because most qualified workers they already have jobs. And so the argument that they're making is that look especially if you're in your forties you may actually have skills that a lot of people don't and so you can actually end up being. In demand here and so you may see. You know kind of a revitalized workforce north of the age of forty whereas. You know some folks they got north of fifty started to be near discriminated against from an H perspective now. You may see some of that going away. So do you think that employers. Will be more likely to. Allow their older workers to work part time because what I talked to all the work and I say older workers and talking. And it all over the age of sixty. They still wanna work that they may not wanna work 607080. Hours a week anymore you know they might wanna cut back is still stay in the game but they only wanna work 25 are so we don't wanna work four days a week as opposed to five and there or worked seven. Clock at night I've seen from a lot of folks you know it NFC their employers giving them flexibility. In a lot of cases where they say OK and go from forty hours a week down to 32 this year in the two more years later yeah I'm gonna go down to just three days a week. And then you know they might kick around after you know 34 years then finally say you know what I'm I'm finally done hours go down to a couple you know down you see that progression quite a bit. East news. It is a rumor circulating. That Warren Buffett's gonna by Southwest Airlines. Or five point big chunk that now. He actually could afford to buy the whole thing it's 35 billion dollar company. It's trading at sixty dollars why in the world would Warren Buffett wanna buy an -- I I've never looked at airlines being a particularly profitable business. I think the big thing is just with all the consolidation that's happened in that industry. It there's not much competition and when you look at what Warren Buffett typically looks for in businesses. He likes what we call wide moat businesses businesses with a big barriers to entry. You try to start their lineup in the United States right now here you you you're dead on arrival on merely used you're not going anywhere it's it's next to impossible. Because the economies of scale that the big guys have. I I think that. EE could make some sense from that perspective. I saw the the Boston planning and development agency voted five nothing. To approve the incentive package to Amazon so they're gonna give Amazon five million bucks to create 2000 jobs in the seaport. Yeah five million dollars for 2000 jobs. And this is going to be five million dollars over a fifteen year period so let's do some math on this and just kind of see what the numbers look like so. That's ticket pessimistic view and say that. The Amazon workers make what he what do you wanna call per year. I'd say Amazon 'cause I know what they're putting in that facility so used 200000 here to focus because that's the you're gonna have guys in there that are Macon. Millions per year that you're the the engineers that they're gonna hire their entry level engineer struck are going to be like 12150. So those 2000 jobs each year are gonna generate about twenty million dollars in state income tax reform. It per year so over the does that you ought to be is that big that doesn't go to the city it goes to the state. Ghost in the state if you look at the way it works from the city's perspective they're saying hey if we get this company near other companies will come in afterwards and pay higher property taxes that's the big thing they're looking. Now but in only that it it bothers me they that this happens because you know the guide its hiring in grown as business. They would draft picks remember drafting in any tax breaks when they started their business and it their their big employer. It with this does is eat he did that extend Liberty Mutual wants to do big deal right they're gonna go to the state its its corporate welfare and I don't know that it's ET do you think this is good forest long term I mean I don't get any corporate tax breaks right now granted I only. Higher maybe two or three people a year that. I mean need it just. Evidently it reeks it's almost like bribery or corruption you know. So here's the way I look at it do you think Amazon being in Boston. Is a net benefit to the city. I do. In and I know this has been going on for years is that the and I think attack after taking the long term this is positive. My perspective on it is it should be illegal they gave the corporate. The just save all the states that you get in all the cities. You can't make tax deals with these companies because what ends up happening you've seen this before army times that we reported on. Well they made this tax deal GE rate they made a deal and they they're not honoring it we we reported tonight and there are not getting the benefit them. I understand that why why have it be at all right what white did mass mutual. I think the big reason they got to deal. And I think. The big reason that you give a company like this benefits is because you sees that it's going to be good for the region overall in the long run. But then then you know Connecticut's gonna have to do the same thing or New Hampshire is gonna have to do the same thing you have all these I don't know we always want site to compete right. We do but it Mikey I'd rather see them compete on the quality of the workforce. And the education level or how do they do that higher how they do that. Just eat demonstrate that hate we got smarter kids are public school system is better than their public school system. So if you hire somebody who high school diploma. You're getting a better work than you might get out of Mississippi River is terrible educations they make the argument spend the money on those programs as opposed to on bringing companies in. Yeah I like it if you said to all states the year no longer allowed to do this race and you can't just can't disarm Massachusetts. And then say to Connecticut it's okay if they do you have to say across the board. No more special deals because the special deal struck a cost you money that. That five million bucks that's coming out of your pocket it's coming out of my pocket we're paying five million dollars so like magic word we're not really. So be it. In elegantly you're in you're saying we're not really because forget that 2002000 job at the lake. We're we're not paying anything extra run at the jobs come in its covering at fort one. I'd rather see street baseball I'd rather see a system where. There are no special deals for Connecticut their special deals for New Hampshire in the special deals for masters is just a level playing field. And you compete based on the intellect of your workforce. Maybe geographically it has an impact but this began as on HQ to rate some some states gonna spend billions of dollars to get HQ to. And really. In a such should be making that decision based on educated work force and ability to grow their businesses opposed to winning hits some corporate welfare reform tax breaks. I just look at it okay what are the spirit just just just my opinion NBA decided to wonder if we gotta go so. That's what it's what I. Pay the the Dow is off 292. Point it is pretty good sized correction the recipes down even more than that yes at least 37 points. And oil is trading at 61 dollars a barrel. It's very chuck and Tucker's signing off for today from the financial exchange have a great day.